Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'D | ' | ' |
Entity Registrant Name | 'DOMINION RESOURCES INC /VA/ | ' | ' |
Entity Central Index Key | '0000715957 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 581,483,227 | ' |
Entity Well Known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $32,100,000,000 |
Virginia Electric and Power Company | ' | ' | ' |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'VEL - PE | ' | ' |
Entity Registrant Name | 'VIRGINIA ELECTRIC & POWER CO | ' | ' |
Entity Central Index Key | '0000103682 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 274,723 | ' |
Entity Well Known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $0 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Operating Revenue | $13,120 | $12,835 | [1] | $13,765 | [1] | |
Operating Expenses | ' | ' | ' | |||
Electric fuel and other energy-related purchases | 3,885 | 3,645 | [1] | 3,942 | [1] | |
Purchased electric capacity | 358 | 387 | [1] | 454 | [1] | |
Purchased gas | 1,331 | 1,177 | [1] | 1,764 | [1] | |
Other operations and maintenance | 2,459 | 3,091 | [1] | 3,178 | [1] | |
Depreciation, depletion and amortization | 1,208 | 1,127 | [1] | 1,018 | [1] | |
Other taxes | 563 | 550 | [1] | 529 | [1] | |
Total operating expenses | 9,804 | 9,977 | [1] | 10,885 | [1] | |
Income from operations | 3,316 | 2,858 | [1] | 2,880 | [1] | |
Other income | 265 | 223 | [1] | 178 | [1] | |
Interest and related charges | 877 | 816 | [1] | 796 | [1] | |
Income from continuing operations including noncontrolling interests before income taxes | 2,704 | 2,265 | [1] | 2,262 | [1] | |
Income tax expense | 892 | [2] | 811 | [1],[2] | 778 | [1],[2] |
Income from continuing operations including noncontrolling interests | 1,812 | 1,454 | [1] | 1,484 | [1] | |
Income (loss) from discontinued operations | -92 | -1,125 | [1],[3] | -58 | [1],[3] | |
Net income including noncontrolling interests | 1,720 | 329 | [1] | 1,426 | [1] | |
Noncontrolling interests | 23 | 27 | [1] | 18 | [1] | |
Net income attributable to Dominion | 1,697 | 302 | [1] | 1,408 | [1] | |
Amounts attributable to Dominion: | ' | ' | ' | |||
Income from continuing operations, net of tax | 1,789 | [4] | 1,427 | [1],[4] | 1,466 | [1] |
Loss from discontinued operations, net of tax | -92 | -1,125 | [1] | -58 | [1] | |
Net income attributable to Dominion | 1,697 | 302 | [1] | 1,408 | [1] | |
Earnings Per Common Share-Basic: | ' | ' | ' | |||
Income from continuing operations (in dollars per share) | $3.09 | [4] | $2.49 | [1],[4] | $2.56 | [1] |
Loss from discontinued operations (in dollars per share) | ($0.16) | [4] | ($1.96) | [1],[4] | ($0.10) | [1] |
Net income attributable to Dominion (in dollars per share) | $2.93 | $0.53 | [1] | $2.46 | [1] | |
Earnings Per Common Share-Diluted: | ' | ' | ' | |||
Income from continuing operations (in dollars per share) | $3.09 | [4] | $2.49 | [1],[4] | $2.55 | [1] |
Loss from discontinued operations (in dollars per share) | ($0.16) | [4] | ($1.96) | [1],[4] | ($0.10) | [1] |
Net income attributable to Dominion (in dollars per share) | $2.93 | $0.53 | [1] | $2.45 | [1] | |
Dividends declared per common share | $2.25 | $2.11 | [1] | $1.97 | [1] | |
Virginia Electric and Power Company | ' | ' | ' | |||
Operating Revenue | 7,295 | 7,226 | 7,246 | |||
Operating Expenses | ' | ' | ' | |||
Electric fuel and other energy-related purchases | 2,304 | 2,368 | 2,506 | |||
Purchased electric capacity | 358 | 386 | 452 | |||
Affiliated suppliers | 290 | 305 | 306 | |||
Other | 1,161 | 1,161 | 1,437 | |||
Depreciation, depletion and amortization | 853 | 782 | 718 | |||
Other taxes | 249 | 232 | 222 | |||
Total operating expenses | 5,215 | 5,234 | 5,641 | |||
Income from operations | 2,080 | 1,992 | 1,605 | |||
Other income | 86 | 96 | 88 | |||
Interest and related charges | 369 | 385 | 331 | |||
Income from continuing operations including noncontrolling interests before income taxes | 1,797 | 1,703 | 1,362 | |||
Income tax expense | 659 | [5] | 653 | [5] | 540 | [5] |
Net income attributable to Dominion | 1,138 | 1,050 | 822 | |||
Amounts attributable to Dominion: | ' | ' | ' | |||
Net income attributable to Dominion | 1,138 | 1,050 | 822 | |||
Preferred dividends | 17 | 16 | 17 | |||
Balance available for common stock | $1,121 | $1,034 | $805 | |||
[1] | Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3 to the Consolidated Financial Statements. EPS amounts reflect the per share impact of the recast of $1.92 and $0.06 for 2012 and 2011, respectively. | |||||
[2] | In 2012, Dominion’s current federal income tax expense for continuing and discontinued operations includes a $195 million benefit related to a carryback of its 2012 net operating loss. In 2011, Dominion’s deferred federal income tax expense includes the recognition of a $346 million benefit, including $51 million related to discontinued operations, for its 2011 net operating loss expected to be used to reduce taxable income in future years. | |||||
[3] | Includes income tax benefit of $43 million, $692 million, and $33 million in 2013, 2012 and 2011, respectively. For 2012, includes impairment charges of $1.6 billion related to Brayton Point and Kincaid. See Note 6 for additional information. | |||||
[4] | Amounts attributable to Dominion's common shareholders. | |||||
[5] | In 2011, Virginia Power’s deferred federal income tax expense includes a $54 million benefit related to a portion of its 2011 net operating loss that is expected to be used in future years. Also, Virginia Power’s current federal income tax expense reflects the amounts of its 2011 net operating losses realized through its participation in a tax sharing agreement with Dominion and its subsidiaries. |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Parenthetical) (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
EPS impact of recast Brayton Point and Kincaid discontinued operations | $1.92 | $0.06 |
Discontinued operation tax expense | $692,000,000 | $33,000,000 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Net income including noncontrolling interests | $1,720 | $329 | [1] | $1,426 | [1] |
Net income attributable to Dominion | 1,697 | 302 | [1] | 1,408 | [1] |
Other comprehensive income (loss), net of taxes: | ' | ' | ' | ||
Net deferred gains (losses) on derivatives-hedging activities, net of tax | -243 | -8 | -67 | ||
Changes in unrealized net gains (losses) on investment securities, net of tax | 203 | 108 | 11 | ||
Changes in net unrecognized pension and other postretirement benefit costs, net of tax | 516 | -330 | -231 | ||
Amounts reclassified to net income: | ' | ' | ' | ||
Net derivative (gains) losses-hedging activities, net of tax | 77 | -60 | -38 | ||
Net realized gains on investment securities, net of tax | -55 | -25 | 6 | ||
Net pension and other postretirement benefit costs, net of tax | 55 | 48 | 39 | ||
Total other comprehensive income income (loss) | 553 | -267 | -280 | ||
Comprehensive income including noncontrolling interests | 2,273 | 62 | 1,146 | ||
Comprehensive income attributable to noncontrolling interests | 23 | 27 | 18 | ||
Comprehensive income | 2,250 | 35 | 1,128 | ||
Virginia Electric and Power Company | ' | ' | ' | ||
Net income attributable to Dominion | 1,138 | 1,050 | 822 | ||
Other comprehensive income (loss), net of taxes: | ' | ' | ' | ||
Net deferred gains (losses) on derivatives-hedging activities, net of tax | 6 | -5 | -6 | ||
Changes in unrealized net gains (losses) on investment securities, net of tax | 20 | 13 | 2 | ||
Amounts reclassified to net income: | ' | ' | ' | ||
Net derivative (gains) losses-hedging activities, net of tax | 0 | 2 | -1 | ||
Net realized gains on investment securities, net of tax | -3 | -4 | 0 | ||
Total other comprehensive income income (loss) | 23 | 6 | -5 | ||
Comprehensive income | $1,161 | $1,056 | $817 | ||
[1] | Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3 to the Consolidated Financial Statements. EPS amounts reflect the per share impact of the recast of $1.92 and $0.06 for 2012 and 2011, respectively. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net deferred gains (losses) on derivatives-hedging activities, tax | $161 | $5 | $48 |
Changes in unrealized net gains (losses) on investment securities, tax | -136 | -68 | -7 |
Changes in net unrecognized pension and other postretirement benefit costs, tax | -341 | 209 | 147 |
Net derivative (gains) losses-hedging activities, tax | -53 | 34 | 28 |
Net realized (gains) losses on investment securities, tax | 35 | 16 | -4 |
Net pension and other postretirement benefit costs, tax | -39 | -32 | -25 |
Virginia Electric and Power Company | ' | ' | ' |
Net deferred gains (losses) on derivatives-hedging activities, tax | -3 | 3 | 3 |
Changes in unrealized net gains (losses) on investment securities, tax | -13 | -7 | -1 |
Net derivative (gains) losses-hedging activities, tax | 0 | -2 | 0 |
Net realized (gains) losses on investment securities, tax | $2 | $2 | $0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Current Assets | ' | ' | ||
Cash and cash equivalents | $316 | $248 | ||
Customer receivables | 1,695 | 1,621 | ||
Other receivables | 141 | 96 | ||
Inventories: | ' | ' | ||
Materials and supplies | 689 | 684 | ||
Fossil fuel | 393 | 467 | ||
Gas stored | 94 | 108 | ||
Derivative assets | 687 | 518 | ||
Margin Deposit Assets | 620 | 212 | ||
Prepayments | 192 | 326 | ||
Regulatory assets | 217 | [1] | 203 | [1] |
Deferred income taxes | 778 | 573 | ||
Other | 335 | 287 | ||
Total current assets | 5,940 | 5,140 | ||
Investments | ' | ' | ||
Nuclear decommissioning trust funds | 3,903 | 3,330 | ||
Investment in equity method affiliates | 916 | 558 | ||
Other | 283 | 303 | ||
Total investments | 5,102 | 4,191 | ||
Property, Plant and Equipment | ' | ' | ||
Property, plant and equipment | 46,969 | 43,364 | ||
Property, plant and equipment, VIE | 0 | 957 | ||
Accumulated depreciation, depletion and amortization | -14,341 | -13,548 | ||
Total property, plant and equipment, net | 32,628 | 30,773 | ||
Deferred Charges and Other Assets | ' | ' | ||
Goodwill | 3,086 | [2] | 3,130 | [2] |
Pension and other postretirement benefit assets | 942 | 702 | ||
Intangible assets, net | 560 | 536 | ||
Regulatory assets | 1,228 | 1,717 | ||
Other | 610 | 649 | ||
Total deferred charges and other assets | 6,426 | 6,734 | ||
Total assets | 50,096 | 46,838 | ||
Current Liabilities | ' | ' | ||
Securities due within one year | 1,519 | 1,363 | ||
Securities due within one year, VIE | 0 | 860 | ||
Short-term debt | 1,927 | 2,412 | ||
Accounts payable | 1,168 | 1,137 | ||
Accrued interest, payroll and taxes | 609 | 636 | ||
Derivative liabilities | 828 | 510 | ||
Regulatory liabilities | 128 | [3] | 136 | [3] |
Other | 943 | 845 | ||
Total current liabilities | 6,994 | 7,763 | ||
Long-Term Debt | ' | ' | ||
Long-term debt | 16,877 | 15,478 | ||
Junior subordinated notes | 1,373 | 1,373 | ||
Remarketable Subordinated Notes, Noncurrent | 1,080 | 0 | ||
Total long-term debt | 19,330 | 16,851 | ||
Deferred Credits and Other Liabilities | ' | ' | ||
Deferred income taxes and investment tax credits | 7,114 | 5,800 | ||
Asset retirement obligations | 1,484 | 1,641 | ||
Pension and other postretirement benefit liabilities | 481 | 1,831 | ||
Regulatory liabilities | 2,001 | 1,514 | ||
Other | 793 | 556 | ||
Total deferred credits and other liabilities | 11,873 | 11,342 | ||
Total liabilities | 38,197 | 35,956 | ||
Subsidiary Preferred Stock Not Subject To Mandatory Redemption | 257 | 257 | ||
Equity | ' | ' | ||
Common stock-no par | 5,783 | [4] | 5,493 | [4] |
Other paid-in capital | 0 | 162 | ||
Retained earnings | 6,183 | 5,790 | ||
Accumulated other comprehensive loss | -324 | -877 | ||
Total common shareholders' equity | 11,642 | 10,568 | ||
Noncontrolling interest | 0 | 57 | ||
Total equity | 11,642 | 10,625 | ||
Total liabilities and equity | 50,096 | 46,838 | ||
Virginia Electric and Power Company | ' | ' | ||
Current Assets | ' | ' | ||
Cash and cash equivalents | 16 | 28 | ||
Customer receivables | 946 | 849 | ||
Other receivables | 78 | 51 | ||
Inventories: | ' | ' | ||
Materials and supplies | 418 | 385 | ||
Fossil fuel | 390 | 404 | ||
Prepayments | 32 | 23 | ||
Regulatory assets | 128 | 119 | ||
Deferred income taxes | 87 | 92 | ||
Other | 68 | 30 | ||
Total current assets | 2,163 | 1,981 | ||
Investments | ' | ' | ||
Nuclear decommissioning trust funds | 1,765 | 1,515 | ||
Other | 12 | 14 | ||
Total investments | 1,777 | 1,529 | ||
Property, Plant and Equipment | ' | ' | ||
Property, plant and equipment | 32,848 | 30,631 | ||
Accumulated depreciation, depletion and amortization | -10,580 | -10,014 | ||
Total property, plant and equipment, net | 22,268 | 20,617 | ||
Deferred Charges and Other Assets | ' | ' | ||
Intangible assets, net | 193 | 181 | ||
Regulatory assets | 417 | 396 | ||
Other | 143 | 107 | ||
Total deferred charges and other assets | 753 | 684 | ||
Total assets | 26,961 | 24,811 | ||
Current Liabilities | ' | ' | ||
Securities due within one year | 58 | 418 | ||
Short-term debt | 842 | 992 | ||
Accounts payable | 479 | 430 | ||
Payables to affiliates | 69 | 67 | ||
Affiliated current borrowings | 97 | 435 | ||
Accrued interest, payroll and taxes | 218 | 204 | ||
Derivative liabilities | 12 | 33 | ||
Customer deposits | 95 | 100 | ||
Regulatory liabilities | 41 | 32 | ||
Other | 306 | 296 | ||
Total current liabilities | 2,217 | 3,007 | ||
Long-Term Debt | ' | ' | ||
Total long-term debt | 7,974 | 6,251 | ||
Deferred Credits and Other Liabilities | ' | ' | ||
Deferred income taxes and investment tax credits | 4,137 | 3,879 | ||
Asset retirement obligations | 689 | 705 | ||
Regulatory liabilities | 1,597 | 1,285 | ||
Other | 292 | 194 | ||
Total deferred credits and other liabilities | 6,715 | 6,063 | ||
Total liabilities | 16,906 | 15,321 | ||
Subsidiary Preferred Stock Not Subject To Mandatory Redemption | 257 | 257 | ||
Equity | ' | ' | ||
Common stock-no par | 5,738 | [5] | 5,738 | [5] |
Other paid-in capital | 1,113 | 1,113 | ||
Retained earnings | 2,899 | 2,357 | ||
Accumulated other comprehensive loss | 48 | 25 | ||
Total common shareholders' equity | 9,798 | 9,233 | ||
Total equity | 9,798 | 9,233 | ||
Total liabilities and equity | $26,961 | $24,811 | ||
[1] | Current regulatory assets are presented in other current assets in Dominion's Consolidated Balance Sheets. | |||
[2] | Goodwill amounts do not contain any accumulated impairment losses. | |||
[3] | Current regulatory liabilities are presented in other current liabilities in Dominion's Consolidated Balance Sheets. | |||
[4] | 1 billion shares authorized; 581 million shares and 576 million shares outstanding at December 31, 2013 and 2012, respectively. | |||
[5] | shares authorized at December 31, 2013 and 2012; 274,723 shares outstanding at December 31, 2013 and 2012. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Allowance - Customer Receivables | $25 | $28 |
Allowance - Other | 4 | 4 |
Common Stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares outstanding | 581,000,000 | 576,000,000 |
Virginia Electric and Power Company | ' | ' |
Allowance - Customer Receivables | 11 | 10 |
Allowance - Other | $2 | $3 |
Common Stock, shares authorized | 500,000 | 500,000 |
Common stock, shares outstanding | 274,723 | 274,723 |
Consolidated_Statements_Equity
Consolidated Statements Equity (USD $) | Total | Common Stock | Other Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Common Shareholders' Equity | Noncontrolling Interests | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | |||
In Millions, unless otherwise specified | Common Stock | Other Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |||||||||||
Beginning Balance, value at Dec. 31, 2010 | $11,997 | $5,715 | $194 | $6,418 | ($330) | $11,997 | $0 | $8,507 | $5,738 | $1,111 | $1,634 | $24 | |||
Beginning Balance (in shares) at Dec. 31, 2010 | ' | 581 | ' | ' | ' | ' | ' | ' | 275 | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income including noncontrolling interests | 1,426 | [1] | ' | ' | 1,425 | ' | 1,425 | 1 | ' | ' | ' | ' | ' | ||
Net income attributable to Dominion | 1,408 | [1] | ' | ' | ' | ' | ' | ' | 822 | ' | ' | 822 | ' | ||
Consolidation of non-controlling interests | [2] | 61 | ' | ' | ' | ' | ' | 61 | ' | ' | ' | ' | ' | ||
Consolidation of noncontrolling interests, (in shares) | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Consolidation of noncontrolling interests, value | 49 | 49 | ' | ' | ' | 49 | ' | ' | ' | ' | ' | ' | |||
Stock awards and stock options exercised (net of change in unearned compensation) (in shares) | ' | -13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Stock awards and stock options exercised (net of change in unearned compensation), value | -601 | -601 | ' | ' | ' | -601 | ' | ' | ' | ' | ' | ' | |||
Stock repurchases (in shares) | [3] | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock repurchases, value | [3] | 0 | 17 | -17 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ||
Tax benefit from stock awards and stock options exercised | 2 | ' | 2 | ' | ' | 2 | ' | ' | ' | ' | ' | ' | |||
Dividends | -1,151 | ' | ' | -1,146 | [4] | ' | -1,146 | -5 | -574 | ' | ' | -574 | ' | ||
Tax benefit from stock awards and stock options exercised | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other comprehensive income, net of tax | -280 | ' | ' | ' | -280 | -280 | ' | -5 | ' | ' | ' | -5 | |||
Beginning Balance, value at Dec. 31, 2011 | 11,503 | 5,180 | 179 | 6,697 | -610 | 11,446 | 57 | 8,750 | 5,738 | ' | 1,882 | 19 | |||
Ending Balance (shares) at Dec. 31, 2011 | ' | 570 | ' | ' | ' | ' | ' | ' | 275 | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income including noncontrolling interests | 501 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income attributable to Dominion | 494 | ' | ' | ' | ' | ' | ' | 243 | ' | ' | ' | ' | |||
Beginning Balance, value at Mar. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning Balance, value at Dec. 31, 2011 | 11,503 | 5,180 | 179 | 6,697 | -610 | 11,446 | 57 | 8,750 | 5,738 | 1,111 | 1,882 | 19 | |||
Beginning Balance (in shares) at Dec. 31, 2011 | ' | 570 | ' | ' | ' | ' | ' | ' | 275 | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income including noncontrolling interests | 329 | [1] | ' | ' | 318 | ' | 318 | 11 | ' | ' | ' | ' | ' | ||
Net income attributable to Dominion | 302 | [1] | ' | ' | ' | ' | ' | ' | 1,050 | ' | ' | 1,050 | ' | ||
Consolidation of noncontrolling interests, (in shares) | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Consolidation of noncontrolling interests, value | 246 | 246 | ' | ' | ' | 246 | ' | ' | ' | ' | ' | ' | |||
Stock awards and stock options exercised (net of change in unearned compensation) (in shares) | ' | -1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Stock awards and stock options exercised (net of change in unearned compensation), value | 26 | 26 | ' | ' | ' | 26 | ' | ' | ' | ' | ' | ' | |||
Other stock issuances (in shares) | [3] | ' | -1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other stock issuances, value | [3] | 14 | 41 | -27 | ' | ' | 14 | ' | ' | ' | ' | ' | ' | ||
Tax benefit from stock awards and stock options exercised | 10 | ' | 10 | ' | ' | 10 | ' | ' | ' | ' | ' | ' | |||
Dividends | -1,236 | ' | ' | -1,225 | [4] | ' | -1,225 | -11 | -575 | ' | ' | -575 | ' | ||
Tax benefit from stock awards and stock options exercised | 8 | ' | ' | ' | ' | ' | ' | 2 | ' | 2 | ' | ' | |||
Other comprehensive income, net of tax | -267 | ' | ' | ' | -267 | -267 | ' | 6 | ' | ' | ' | 6 | |||
Beginning Balance, value at Dec. 31, 2012 | 10,625 | 5,493 | 162 | 5,790 | -877 | 10,568 | 57 | 9,233 | 5,738 | 1,113 | 2,357 | 25 | |||
Ending Balance (shares) at Dec. 31, 2012 | ' | 576 | ' | ' | ' | ' | ' | ' | 275 | ' | ' | ' | |||
Beginning Balance, value at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income including noncontrolling interests | -652 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income attributable to Dominion | -659 | ' | ' | ' | ' | ' | ' | 220 | ' | ' | ' | ' | |||
Beginning Balance, value at Dec. 31, 2012 | 10,625 | ' | ' | ' | ' | ' | ' | 9,233 | 5,738 | ' | ' | ' | |||
Ending Balance (shares) at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | 275 | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income including noncontrolling interests | 502 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income attributable to Dominion | 495 | ' | ' | ' | ' | ' | ' | 287 | ' | ' | ' | ' | |||
Beginning Balance, value at Mar. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Beginning Balance, value at Dec. 31, 2012 | 10,625 | 5,493 | 162 | 5,790 | -877 | 10,568 | 57 | 9,233 | 5,738 | ' | 2,357 | 25 | |||
Beginning Balance (in shares) at Dec. 31, 2012 | ' | 576 | ' | ' | ' | ' | ' | ' | 275 | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income including noncontrolling interests | 1,720 | ' | ' | 1,714 | ' | 1,714 | 6 | ' | ' | ' | ' | ' | |||
Net income attributable to Dominion | 1,697 | ' | ' | ' | ' | ' | ' | 1,138 | ' | ' | 1,138 | ' | |||
Consolidation of noncontrolling interests, (in shares) | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Consolidation of noncontrolling interests, value | 278 | 278 | ' | ' | ' | 278 | ' | ' | ' | ' | ' | ' | |||
Stock awards and stock options exercised (net of change in unearned compensation), value | 12 | 12 | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | |||
Other stock issuances (in shares) | [5] | ' | -1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other stock issuances, value | [5] | 7 | 15 | -8 | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ||
Present value of stock purchase contract payments related to RSNs(5) | [6] | -156 | ' | -154 | -2 | ' | -156 | ' | ' | ' | ' | ' | ' | ||
Fairless lease buyout | [7] | -72 | -15 | ' | ' | ' | -15 | -57 | ' | ' | ' | ' | ' | ||
Dividends | -1,325 | ' | ' | -1,319 | [4] | ' | -1,319 | -6 | -596 | ' | ' | -596 | ' | ||
Tax benefit from stock awards and stock options exercised | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other comprehensive income, net of tax | 553 | ' | ' | ' | 553 | 553 | ' | 23 | ' | ' | ' | 23 | |||
Beginning Balance, value at Dec. 31, 2013 | 11,642 | 5,783 | 0 | 6,183 | -324 | 11,642 | 0 | 9,798 | 5,738 | 1,113 | 2,899 | 48 | |||
Ending Balance (shares) at Dec. 31, 2013 | ' | 581 | ' | ' | ' | ' | ' | ' | 275 | ' | ' | ' | |||
Beginning Balance, value at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income including noncontrolling interests | [8] | 435 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net income attributable to Dominion | 431 | [8] | ' | ' | ' | ' | ' | ' | 199 | ' | ' | ' | ' | ||
Beginning Balance, value at Dec. 31, 2013 | $11,642 | ' | ' | ' | ' | ' | ' | $9,798 | $5,738 | $1,113 | ' | ' | |||
Ending Balance (shares) at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | 275 | ' | ' | ' | |||
[1] | Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3 to the Consolidated Financial Statements. EPS amounts reflect the per share impact of the recast of $1.92 and $0.06 for 2012 and 2011, respectively. | ||||||||||||||
[2] | See Note 15 for consolidation of a VIE in October 2011. | ||||||||||||||
[3] | Contains shares issued in excess of principal amounts related to converted securities. See Note 17 for further information on convertible securities. | ||||||||||||||
[4] | Includes subsidiary preferred dividends related to noncontrolling interests of $17 million, $16 million and $17 million in 2013 and 2012 and 2011, respectively. | ||||||||||||||
[5] | Primarily includes $28 million in shares issued in excess of principal amounts related to converted securities. See Note 17 for further information on convertible securities. | ||||||||||||||
[6] | See Note 17 for further information. | ||||||||||||||
[7] | See Note 15 for further information. | ||||||||||||||
[8] | Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3. |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Preferred dividends related to noncontrolling interest | $17 | $16 | $17 |
Shares issued in excess of principal amounts related to converted securities | $28 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | ||||||
Operating Activities | ' | ' | ' | ' | ' | ' | ||
Net income including noncontrolling interests | $1,720 | $329 | [1] | $1,426 | [1] | ' | ' | ' |
Net income (loss) attributable to Dominion | 1,697 | 302 | [1] | 1,408 | [1] | 1,138 | 1,050 | 822 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ||
Impairment of generation assets | 48 | 2,089 | 283 | 0 | 0 | 228 | ||
Net reserves (payments) related to rate refunds | -5 | -151 | 3 | -5 | -151 | 3 | ||
Depreciation, depletion and amortization (including nuclear fuel) | 1,390 | 1,443 | 1,288 | 1,016 | 927 | 838 | ||
Deferred income taxes and investment tax credits | 737 | 246 | 756 | 240 | 502 | 496 | ||
Gains on the sale of assets | -122 | -81 | 0 | ' | ' | ' | ||
Other adjustments | -129 | -164 | -207 | -63 | -70 | -93 | ||
Changes in: | ' | ' | ' | ' | ' | ' | ||
Accounts receivable | -98 | 292 | 365 | -124 | 126 | 76 | ||
Affiliated accounts receivable and payable | ' | ' | ' | 3 | -2 | -7 | ||
Inventories | -29 | 33 | -185 | -19 | 8 | -200 | ||
Deferred fuel and purchased gas costs, net | 102 | 368 | -3 | 93 | 378 | 12 | ||
Prepayments | 123 | -85 | -19 | -9 | 18 | 24 | ||
Accounts payable | 50 | -61 | -413 | 15 | 19 | -117 | ||
Accrued interest, payroll and taxes | -27 | -12 | -216 | 14 | -22 | 12 | ||
Increase (Decrease) in Margin Deposits Outstanding | -414 | 45 | -71 | ' | ' | ' | ||
Other operating assets and liabilities | 87 | -154 | -24 | 30 | -77 | -70 | ||
Net cash provided by operating activities | 3,433 | 4,137 | 2,983 | 2,329 | 2,706 | 2,024 | ||
Investing Activities | ' | ' | ' | ' | ' | ' | ||
Plant construction and other property additions (including nuclear fuel) | -4,104 | -4,145 | -3,652 | -2,394 | -2,082 | -1,885 | ||
Purchases of nuclear fuel | ' | ' | ' | -139 | -206 | -205 | ||
Purchases of securities | ' | ' | ' | -603 | -638 | -1,057 | ||
Proceeds from sales of securities | ' | ' | ' | 572 | 626 | 1,030 | ||
Proceeds from sales of securities | 1,476 | 1,356 | 1,757 | ' | ' | ' | ||
Purchases of securities | -1,493 | -1,392 | -1,824 | ' | ' | ' | ||
Proceeds from the sale of Brayton Point, Kincaid and equity method investment in Elwood | 465 | 0 | 0 | ' | ' | ' | ||
Proceeds from Blue Racer | 33 | 58 | 55 | ' | ' | ' | ||
Restricted cash equivalents | 25 | 108 | 259 | 2 | 22 | 137 | ||
Other | 13 | 118 | 139 | -39 | -4 | 33 | ||
Net cash used in investing activities | -3,458 | -3,840 | -3,321 | -2,601 | -2,282 | -1,947 | ||
Financing Activities | ' | ' | ' | ' | ' | ' | ||
Issuance (repayment) of short-term debt, net | -485 | 598 | 429 | -151 | 98 | 294 | ||
Issuance of short-term notes | 400 | 400 | 0 | ' | ' | ' | ||
Repayment of short-term notes | -400 | 0 | 0 | ' | ' | ' | ||
Issuance (repayment) of affiliated current borrowings, net | ' | ' | ' | -338 | 248 | 85 | ||
Issuance and remarketing of long-term debt | 4,135 | 1,500 | 2,320 | 1,835 | 450 | 235 | ||
Repayment and repurchase of long-term debt, including redemption premiums | -1,245 | -1,675 | -637 | ' | ' | ' | ||
Repayment and repurchase of long-term debt | -258 | 0 | 0 | -470 | -641 | -91 | ||
Acquisition of Juniper noncontrolling interest in Fairless | -923 | 0 | 0 | ' | ' | ' | ||
Issuance of common stock | 278 | 265 | 38 | ' | ' | ' | ||
Repurchase of common stock | 0 | 0 | -601 | ' | ' | ' | ||
Common dividend payments | -1,302 | -1,209 | -1,129 | -579 | -559 | -557 | ||
Subsidiary preferred dividend payments | -17 | -16 | -17 | -17 | -16 | -17 | ||
Other | -90 | -14 | -25 | -20 | -5 | -2 | ||
Net cash provided by (used in) financing activities | 93 | -151 | 378 | 260 | -425 | -53 | ||
Increase in cash and cash equivalents | 68 | 146 | 40 | -12 | -1 | 24 | ||
Cash and cash equivalents at beginning of year | 248 | 102 | 62 | 28 | 29 | 5 | ||
Cash and cash equivalents at end of year | 316 | 248 | 102 | 16 | 28 | 29 | ||
Supplemental Cash Flow Information | ' | ' | ' | ' | ' | ' | ||
Interest and related charges, excluding capitalized amounts | 852 | 913 | 920 | 328 | 376 | 376 | ||
Income taxes | 56 | -58 | 166 | 427 | 225 | -27 | ||
Significant noncash investing and financing activities: | ' | ' | ' | ' | ' | ' | ||
Accrued capital expenditures | 375 | 388 | 328 | 276 | 242 | 199 | ||
Consolidation of VIE - assets at fair value | 0 | 0 | 957 | ' | ' | ' | ||
Consolidation of VIE - debt | $0 | $0 | $896 | ' | ' | ' | ||
[1] | Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3 to the Consolidated Financial Statements. EPS amounts reflect the per share impact of the recast of $1.92 and $0.06 for 2012 and 2011, respectively. |
Nature_of_Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of Operations | ' |
NATURE OF OPERATIONS | |
Dominion, headquartered in Richmond, Virginia, is one of the nation's largest producers and transporters of energy. Dominion's operations are conducted through various subsidiaries, including Virginia Power, a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and North Carolina. Virginia Power is a member of PJM, an RTO, and its electric transmission facilities are integrated into the PJM wholesale electricity markets. All of Virginia Power's common stock is owned by Dominion. Dominion's operations also include a regulated interstate natural gas transmission pipeline and underground storage system in the Northeast, mid-Atlantic and Midwest states, an LNG import, transport and storage facility in Maryland and regulated gas transportation and distribution operations in Ohio and West Virginia. Dominion's nonregulated operations include merchant generation, energy marketing and price risk management activities and retail energy marketing operations. | |
In the second quarter of 2013, Dominion commenced a restructuring of its producer services business. The restructuring will result in the termination of natural gas trading and certain energy marketing activities. The restructuring is intended to reduce producer services' earnings volatility, and is not expected to have a material impact on Dominion's business. | |
Dominion manages its daily operations through three primary operating segments: DVP, Dominion Generation and Dominion Energy. Dominion also reports a Corporate and Other segment, which includes its corporate, service company and other functions (including unallocated debt) and the net impact of operations that are discontinued, which is discussed in Note 3. In addition, Corporate and Other includes specific items attributable to Dominion's operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or allocating resources among the segments. | |
Virginia Power manages its daily operations through two primary operating segments: DVP and Dominion Generation. It also reports a Corporate and Other segment that primarily includes specific items attributable to its operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or allocating resources among the segments. See Note 25 for further discussion of Dominion's and Virginia Power's operating segments. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Significant Accounting Policies | ' | |||
SIGNIFICANT ACCOUNTING POLICIES | ||||
General | ||||
Dominion and Virginia Power make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses and cash flows for the periods presented. Actual results may differ from those estimates. | ||||
Dominion's and Virginia Power's Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of their respective majority-owned subsidiaries and those VIEs where Dominion has been determined to be the primary beneficiary. | ||||
Dominion and Virginia Power report certain contracts, instruments and investments at fair value. See Note 6 for further information on fair value measurements. | ||||
Dominion maintains pension and other postretirement benefit plans. Virginia Power participates in certain of these plans. See Note 21 for further information on these plans. | ||||
Certain amounts in the 2012 and 2011 Consolidated Financial Statements and footnotes have been reclassified to conform to the 2013 presentation for comparative purposes. The reclassifications did not affect the Companies' net income, total assets, liabilities, equity or cash flows. | ||||
Amounts disclosed for Dominion are inclusive of Virginia Power, where applicable. | ||||
Operating Revenue | ||||
Operating revenue is recorded on the basis of services rendered, commodities delivered or contracts settled and includes amounts yet to be billed to customers. The Companies collect sales, consumption and consumer utility taxes; however, these amounts are excluded from revenue. Dominion's customer receivables at December 31, 2013 and 2012 included $555 million and $411 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity and natural gas delivered but not yet billed to its utility customers. Virginia Power's customer receivables at December 31, 2013 and 2012 included $395 million and $348 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity delivered but not yet billed to its customers. | ||||
The primary types of sales and service activities reported as operating revenue for Dominion are as follows: | ||||
• | Regulated electric sales consist primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services; | |||
• | Nonregulated electric sales consist primarily of sales of electricity at market-based rates and contracted fixed rates, and associated derivative activity; | |||
• | Regulated gas sales consist primarily of state-regulated retail natural gas sales and related distribution services; | |||
• | Nonregulated gas sales consist primarily of sales of natural gas production at market-based rates and contracted fixed prices, sales of gas purchased from third parties, gas trading and marketing revenue and associated derivative activity; | |||
• | Gas transportation and storage consists primarily of regulated sales of gathering, transmission, distribution and storage services and associated derivative activity. Also included are regulated gas distribution charges to retail distribution service customers opting for alternate suppliers; and | |||
• | Other revenue consists primarily of sales of NGL production and condensate, extracted products and associated derivative activity. Other revenue also includes miscellaneous service revenue from electric and gas distribution operations, and gas processing and handling revenue. | |||
The primary types of sales and service activities reported as operating revenue for Virginia Power are as follows: | ||||
• | Regulated electric sales consist primarily of state-regulated retail electric sales and federally-regulated wholesale electric sales and electric transmission services; and | |||
• | Other revenue consists primarily of miscellaneous service revenue from electric distribution operations and miscellaneous revenue from generation operations, including sales of capacity and other commodities. | |||
Electric Fuel, Purchased Energy and Purchased Gas-Deferred Costs | ||||
Where permitted by regulatory authorities, the differences between Virginia Power's actual electric fuel and purchased energy expenses and Dominion's purchased gas expenses and the related levels of recovery for these expenses in current rates are deferred and matched against recoveries in future periods. The deferral of costs in excess of current period fuel rate recovery is recognized as a regulatory asset, while rate recovery in excess of current period fuel expenses is recognized as a regulatory liability. | ||||
Of the cost of fuel used in electric generation and energy purchases to serve utility customers, approximately 84% is currently subject to deferred fuel accounting, while substantially all of the remaining amount is subject to recovery through similar mechanisms. | ||||
Income Taxes | ||||
A consolidated federal income tax return is filed for Dominion and its subsidiaries, including Virginia Power. In addition, where applicable, combined income tax returns for Dominion and its subsidiaries are filed in various states; otherwise, separate state income tax returns are filed. Virginia Power participates in an intercompany tax sharing agreement with Dominion and its subsidiaries, and its current income taxes are based on its taxable income or loss, determined on a separate company basis. | ||||
Accounting for income taxes involves an asset and liability approach. Deferred income tax assets and liabilities are provided, representing future effects on income taxes for temporary differences between the bases of assets and liabilities for financial reporting and tax purposes. Dominion and Virginia Power establish a valuation allowance when it is more-likely-than-not that all, or a portion, of a deferred tax asset will not be realized. Where the treatment of temporary differences is different for rate-regulated operations, a regulatory asset is recognized if it is probable that future revenues will be provided for the payment of deferred tax liabilities. | ||||
Dominion and Virginia Power recognize positions taken, or expected to be taken, in income tax returns that are more-likely-than-not to be realized, assuming that the position will be examined by tax authorities with full knowledge of all relevant information. | ||||
If it is not more-likely-than-not that a tax position, or some portion thereof, will be sustained, the related tax benefits are not recognized in the financial statements. Unrecognized tax benefits may result in an increase in income taxes payable, a reduction of income tax refunds receivable or changes in deferred taxes. Also, when uncertainty about the deductibility of an amount is limited to the timing of such deductibility, the increase in income taxes payable (or reduction in tax refunds receivable) is accompanied by a decrease in deferred tax liabilities. Except when such amounts are presented net with amounts receivable from or amounts prepaid to tax authorities, noncurrent income taxes payable related to unrecognized tax benefits are classified in other deferred credits and other liabilities on the consolidated balance sheets and current payables are included in accrued interest, payroll and taxes on the consolidated balance sheets. | ||||
Dominion and Virginia Power recognize changes in estimated interest payable on net underpayments of income taxes in interest expense. Changes in interest receivable related to net overpayments of income taxes and estimated penalties that may result from the settlement of some uncertain tax positions are recognized in other income. In its Consolidated Statements of Income for 2013, Dominion recognized interest income of $3 million and interest expense of $10 million and no penalties. In 2012, Dominion recognized interest income of $8 million and interest expense of $3 million and a reduction in penalties of less than $1 million. In 2011, Dominion recognized interest income of $12 million and interest expense of $7 million and a reduction in penalties of less than $1 million. Dominion had accrued interest receivable of $5 million, interest payable of $15 million and penalties payable of less than $1 million at December 31, 2013 and interest receivable of $5 million, interest payable of $10 million and penalties payable of less than $1 million at December 31, 2012. | ||||
Virginia Power's interest and penalties were immaterial in 2013 and 2012. In 2011, Virginia Power recognized interest income of $12 million, and penalties were immaterial. | ||||
At December 31, 2013, Virginia Power's Consolidated Balance Sheet included $3 million of state income taxes receivable, $22 million of federal and state income taxes payable, $12 million of noncurrent state income taxes receivable and $28 million of noncurrent federal and state income taxes payable. | ||||
At December 31, 2012, Virginia Power's Consolidated Balance Sheet included $10 million of federal income taxes payable and $36 million of noncurrent federal and state income taxes payable. | ||||
Investment tax credits are recognized by nonregulated operations in the year qualifying property is placed in service. For regulated operations, investment tax credits are deferred and amortized over the service lives of the properties giving rise to the credits. Production tax credits are recognized as energy is generated and sold. | ||||
Cash and Cash Equivalents | ||||
Current banking arrangements generally do not require checks to be funded until they are presented for payment. At December 31, 2013 and 2012, Dominion's accounts payable included $38 million and $53 million, respectively, of checks outstanding but not yet presented for payment. At December 31, 2013 and 2012, Virginia Power's accounts payable included $21 million and $30 million, respectively, of checks outstanding but not yet presented for payment. For purposes of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash on hand, cash in banks and temporary investments purchased with an original maturity of three months or less. | ||||
Derivative Instruments | ||||
Dominion and Virginia Power use derivative instruments such as futures, swaps, forwards, options and FTRs to manage the commodity, currency exchange and financial market risks of their business operations. | ||||
All derivatives, other than those for which an exception applies, are reported in the Consolidated Balance Sheets at fair value. Derivative contracts representing unrealized gain positions and purchased options are reported as derivative assets. Derivative contracts representing unrealized losses and options sold are reported as derivative liabilities. One of the exceptions to fair value accounting, normal purchases and normal sales, may be elected when the contract satisfies certain criteria, including a requirement that physical delivery of the underlying commodity is probable. Expenses and revenues resulting from deliveries under normal purchase contracts and normal sales contracts, respectively, are included in earnings at the time of contract performance. | ||||
Dominion and Virginia Power do not offset amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. Dominion had margin assets of $620 million and $212 million associated with cash collateral at December 31, 2013 and 2012, respectively. Dominion had margin liabilities of $2 million and $4 million associated with cash collateral at December 31, 2013 and 2012, respectively. Virginia Power had margin assets of $11 million and $18 million associated with cash collateral at December 31, 2013 and 2012, respectively. Virginia Power's margin liabilities associated with cash collateral were not material at December 31, 2013 and 2012. See Note 7 for further information about offsetting derivatives. | ||||
To manage price risk, Dominion and Virginia Power hold certain derivative instruments that are not held for trading purposes and are not designated as hedges for accounting purposes. However, to the extent the Companies do not hold offsetting positions for such derivatives, they believe these instruments represent economic hedges that mitigate their exposure to fluctuations in commodity prices, interest rates and foreign exchange rates. As part of Dominion's strategy to market energy and manage related risks, it also manages a portfolio of commodity-based financial derivative instruments held for trading purposes. Dominion uses established policies and procedures to manage the risks associated with price fluctuations in these energy commodities and uses various derivative instruments to reduce risk by creating offsetting market positions. | ||||
Statement of Income Presentation: | ||||
• | Derivatives Held for Trading Purposes: All income statement activity, including amounts realized upon settlement, is presented in operating revenue on a net basis. | |||
• | Derivatives Not Held for Trading Purposes: All income statement activity, including amounts realized upon settlement, is presented in operating revenue, operating expenses or interest and related charges based on the nature of the underlying risk. | |||
In Virginia Power's generation operations, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities for jurisdictions subject to cost-based rate regulation. Realized gains or losses on the derivative instruments are generally recognized when the related transactions impact earnings. | ||||
DERIVATIVE INSTRUMENTS DESIGNATED AS HEDGING INSTRUMENTS | ||||
Dominion and Virginia Power designate a portion of their derivative instruments as either cash flow or fair value hedges for accounting purposes. For all derivatives designated as hedges, Dominion and Virginia Power formally document the relationship between the hedging instrument and the hedged item, as well as the risk management objective and the strategy for using the hedging instrument. The Companies assess whether the hedging relationship between the derivative and the hedged item is highly effective at offsetting changes in cash flows or fair values both at the inception of the hedging relationship and on an ongoing basis. Any change in the fair value of the derivative that is not effective at offsetting changes in the cash flows or fair values of the hedged item is recognized currently in earnings. Also, the Companies may elect to exclude certain gains or losses on hedging instruments from the assessment of hedge effectiveness, such as gains or losses attributable to changes in the time value of options or changes in the difference between spot prices and forward prices, thus requiring that such changes be recorded currently in earnings. Hedge accounting is discontinued prospectively for derivatives that cease to be highly effective hedges. For derivative instruments that are accounted for as fair value hedges or cash flow hedges, the cash flows from the derivatives and from the related hedged items are classified in operating cash flows. | ||||
Cash Flow Hedges-A majority of Dominion's and Virginia Power's hedge strategies represents cash flow hedges of the variable price risk associated with the purchase and sale of electricity, natural gas and other energy-related products. The Companies also use foreign currency contracts to hedge the variability in foreign exchange rates and interest rate swaps to hedge their exposure to variable interest rates on long-term debt. For transactions in which Dominion and Virginia Power are hedging the variability of cash flows, changes in the fair value of the derivatives are reported in AOCI, to the extent they are effective at offsetting changes in the hedged item. Any derivative gains or losses reported in AOCI are reclassified to earnings when the forecasted item is included in earnings, or earlier, if it becomes probable that the forecasted transaction will not occur. For cash flow hedge transactions, hedge accounting is discontinued if the occurrence of the forecasted transaction is no longer probable. | ||||
Fair Value Hedges-Dominion also uses fair value hedges to mitigate the fixed price exposure inherent in certain firm commodity commitments and commodity inventory. In addition, Dominion and Virginia Power have designated interest rate swaps as fair value hedges on certain fixed rate long-term debt to manage interest rate exposure. For fair value hedge transactions, changes in the fair value of the derivative are generally offset currently in earnings by the recognition of changes in the hedged item's fair value. Derivative gains and losses from the hedged item are reclassified to earnings when the hedged item is included in earnings, or earlier, if the hedged item no longer qualifies for hedge accounting. Hedge accounting is discontinued if the hedged item no longer qualifies for hedge accounting. | ||||
See Note 6 for further information about fair value measurements and associated valuation methods for derivatives. See Note 7 for further information on derivatives. | ||||
Property, Plant and Equipment | ||||
Property, plant and equipment is recorded at lower of original cost or fair value, if impaired. Capitalized costs include labor, materials and other direct and indirect costs such as asset retirement costs, capitalized interest and, for certain operations subject to cost-of-service rate regulation, AFUDC and overhead costs. The cost of repairs and maintenance, including minor additions and replacements, is generally charged to expense as it is incurred. | ||||
In 2013, 2012 and 2011, Dominion capitalized interest costs and AFUDC to property, plant and equipment of $66 million, $91 million and $85 million, respectively. In 2013, 2012 and 2011, Virginia Power capitalized AFUDC to property, plant and equipment of $33 million, $31 million and $31 million, respectively. Under Virginia law, certain Virginia jurisdictional projects qualify for current recovery of AFUDC through rate adjustment clauses. AFUDC on these projects is calculated and recorded as a regulatory asset and is not capitalized to property, plant and equipment. In 2013, 2012 and 2011, Virginia Power recorded $32 million, $37 million and $20 million of AFUDC related to these projects, respectively. | ||||
For property subject to cost-of-service rate regulation, including Virginia Power electric distribution, electric transmission, and generation property and for certain Dominion natural gas property, the undepreciated cost of such property, less salvage value, is generally charged to accumulated depreciation at retirement. Cost of removal collections from utility customers not representing AROs are recorded as regulatory liabilities. For property subject to cost-of-service rate regulation that will be retired or abandoned significantly before the end of its useful life, the net carrying value is reclassified from plant-in-service when it becomes probable it will be retired or abandoned. | ||||
For Dominion and Virginia Power property that is not subject to cost-of-service rate regulation, including nonutility property, cost of removal not associated with AROs is charged to expense as incurred. The Companies also record gains and losses upon retirement based upon the difference between the proceeds received, if any, and the property's net book value at the retirement date. | ||||
Depreciation of property, plant and equipment is computed on the straight-line method based on projected service lives. Dominion's and Virginia Power's average composite depreciation rates on utility property, plant and equipment are as follows: | ||||
Year Ended December 31, | 2013 | 2012 | 2011 | |
(percent) | ||||
Dominion | ||||
Generation | 2.71 | 2.62 | 2.68 | |
Transmission | 2.36 | 2.17 | 2.26 | |
Distribution | 3.13 | 3.17 | 3.19 | |
Storage | 2.43 | 2.59 | 2.64 | |
Gas gathering and processing | 2.39 | 2.49 | 2.52 | |
General and other | 3.82 | 4.55 | 4.66 | |
Virginia Power | ||||
Generation | 2.71 | 2.62 | 2.68 | |
Transmission | 2.28 | 1.98 | 2.03 | |
Distribution | 3.33 | 3.32 | 3.33 | |
General and other | 3.51 | 4.32 | 4.38 | |
Dominion's nonutility property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives: | ||||
Asset | Estimated Useful Lives | |||
Merchant generation-nuclear | 44 years | |||
Merchant generation-other | 15-36 years | |||
General and other | 5-59 years | |||
Nuclear fuel used in electric generation is amortized over its estimated service life on a units-of-production basis. Dominion and Virginia Power report the amortization of nuclear fuel in electric fuel and other energy-related purchases expense in their Consolidated Statements of Income and in depreciation and amortization in their Consolidated Statements of Cash Flows. | ||||
Long-Lived and Intangible Assets | ||||
Dominion and Virginia Power perform an evaluation for impairment whenever events or changes in circumstances indicate that the carrying amount of long-lived assets or intangible assets with finite lives may not be recoverable. A long-lived or intangible asset is written down to fair value if the sum of its expected future undiscounted cash flows is less than its carrying amount. Intangible assets with finite lives are amortized over their estimated useful lives. See Note 6 for a discussion of impairments related to certain long-lived assets and intangible assets with finite lives. | ||||
Regulatory Assets and Liabilities | ||||
The accounting for Dominion's regulated gas and Virginia Power's regulated electric operations differs from the accounting for nonregulated operations in that they are required to reflect the effect of rate regulation in their Consolidated Financial Statements. For regulated businesses subject to federal or state cost-of-service rate regulation, regulatory practices that assign costs to accounting periods may differ from accounting methods generally applied by nonregulated companies. When it is probable that regulators will permit the recovery of current costs through future rates charged to customers, these costs that otherwise would be expensed by nonregulated companies are deferred as regulatory assets. Likewise, regulatory liabilities are recognized when it is probable that regulators will require customer refunds through future rates or when revenue is collected from customers for expenditures that have yet to be incurred. Generally, regulatory assets and liabilities are amortized into income over the period authorized by the regulator. | ||||
The Companies evaluate whether or not recovery of their regulatory assets through future rates is probable and make various assumptions in their analyses. The expectations of future recovery are generally based on orders issued by regulatory commissions or historical experience, as well as discussions with applicable regulatory authorities. If recovery of a regulatory asset is determined to be less than probable, it will be written off in the period such assessment is made. | ||||
Asset Retirement Obligations | ||||
Dominion and Virginia Power recognize AROs at fair value as incurred or when sufficient information becomes available to | ||||
determine a reasonable estimate of the fair value of future retirement activities to be performed. These amounts are generally capitalized as costs of the related tangible long-lived assets. Since relevant market information is not available, fair value is estimated using discounted cash flow analyses. At least annually, the Companies evaluate the key assumptions underlying their AROs including estimates of the amounts and timing of future cash flows associated with retirement activities. AROs are adjusted when significant changes in these assumptions are identified. Dominion reports accretion of AROs and depreciation on asset retirement costs associated with its natural gas pipeline and storage well assets as an adjustment to the related regulatory liabilities when revenue is recoverable from customers for AROs. Virginia Power reports accretion of AROs and depreciation on asset retirement costs associated with decommissioning its nuclear power stations as an adjustment to the regulatory liability for certain jurisdictions. Accretion of all other AROs and depreciation of all other asset retirement costs is reported in other operations and maintenance expense and depreciation expense in the Consolidated Statements of Income. | ||||
Amortization of Debt Issuance Costs | ||||
Dominion and Virginia Power defer and amortize debt issuance costs and debt premiums or discounts over the expected lives of the respective debt issues, considering maturity dates and, if applicable, redemption rights held by others. As permitted by regulatory authorities, gains or losses resulting from the refinancing of debt allocable to utility operations subject to cost-based rate regulation are deferred and amortized over the lives of the new issuances. | ||||
Investments | ||||
MARKETABLE EQUITY AND DEBT SECURITIES | ||||
Dominion accounts for and classifies investments in marketable equity and debt securities as trading or available-for-sale securities. Virginia Power classifies investments in marketable equity and debt securities as available-for-sale securities. | ||||
• | Trading securities include marketable equity and debt securities held by Dominion in rabbi trusts associated with certain deferred compensation plans. These securities are reported in other investments in the Consolidated Balance Sheets at fair value with net realized and unrealized gains and losses included in other income in the Consolidated Statements of Income. | |||
• | Available-for-sale securities include all other marketable equity and debt securities, primarily comprised of securities held in the nuclear decommissioning trusts. These investments are reported at fair value in nuclear decommissioning trust funds in the Consolidated Balance Sheets. Net realized and unrealized gains and losses (including any other-than-temporary impairments) on investments held in Virginia Power's nuclear decommissioning trusts are recorded to a regulatory liability for certain jurisdictions subject to cost-based regulation. For all other available-for-sale securities, including those held in Dominion's merchant generation nuclear decommissioning trusts, net realized gains and losses (including any other-than-temporary impairments) are included in other income and unrealized gains and losses are reported as a component of AOCI, after-tax. | |||
In determining realized gains and losses for marketable equity and debt securities, the cost basis of the security is based on the specific identification method. | ||||
NON-MARKETABLE INVESTMENTS | ||||
Dominion and Virginia Power account for illiquid and privately held securities for which market prices or quotations are not readily available under either the equity or cost method. Non-marketable investments include: | ||||
• | Equity method investments when Dominion and Virginia Power have the ability to exercise significant influence, but not control, over the investee. Dominion's investments are included in investments in equity method affiliates and Virginia Power's investments are included in other investments in their Consolidated Balance Sheets. Dominion and Virginia Power record equity method adjustments in other income in the Consolidated Statements of Income including: their proportionate share of investee income or loss, gains or losses resulting from investee capital transactions, amortization of certain differences between the carrying value and the equity in the net assets of the investee at the date of investment and other adjustments required by the equity method. | |||
• | Cost method investments when Dominion and Virginia Power do not have the ability to exercise significant influence over the investee. Dominion's and Virginia Power's investments are included in other investments and nuclear decommissioning trust funds. | |||
OTHER-THAN-TEMPORARY IMPAIRMENT | ||||
Dominion and Virginia Power periodically review their investments to determine whether a decline in fair value should be considered other-than-temporary. If a decline in fair value of any security is determined to be other-than-temporary, the security is written down to its fair value at the end of the reporting period. | ||||
Decommissioning Trust Investments-Special Considerations | ||||
• | The recognition provisions of the FASB's other-than-temporary impairment guidance apply only to debt securities classified as available-for-sale or held-to-maturity, while the presentation and disclosure requirements apply to both debt and equity securities. | |||
• | Debt Securities- Using information obtained from their nuclear decommissioning trust fixed-income investment managers, Dominion and Virginia Power record in earnings any unrealized loss for a debt security when the manager intends to sell the debt security or it is more-likely-than-not that the manager will have to sell the debt security before recovery of its fair value up to its cost basis. If that is not the case, but the debt security is deemed to have experienced a credit loss, the Companies record the credit loss in earnings and any remaining portion of the unrealized loss in AOCI. Credit losses are evaluated primarily by considering the credit ratings of the issuer, prior instances of non-performance by the issuer and other factors. | |||
• | Equity securities and other investments- Dominion's and Virginia Power's method of assessing other-than-temporary declines requires demonstrating the ability to hold individual securities for a period of time sufficient to allow for the anticipated recovery in their market value prior to the consideration of the other criteria mentioned above. Since the Companies have limited ability to oversee the day-to-day management of nuclear decommissioning trust fund investments, they do not have the ability to ensure investments are held through an anticipated recovery period. Accordingly, they consider all equity and other securities as well as non-marketable investments held in nuclear decommissioning trusts with market values below their cost bases to be other-than-temporarily impaired. | |||
Inventories | ||||
Materials and supplies and fossil fuel inventories are valued primarily using the weighted-average cost method. Stored gas inventory used in East Ohio gas distribution operations is valued using the LIFO method. Under the LIFO method, stored gas inventory was valued at $7 million and $24 million at December 31, 2013 and December 31, 2012, respectively. Based on the average price of gas purchased during 2013 and 2012, the cost of replacing the current portion of stored gas inventory exceeded the amount stated on a LIFO basis by approximately $77 million and $69 million, respectively. Stored gas inventory held by Hope and certain nonregulated gas operations is valued using the weighted-average cost method. | ||||
Gas Imbalances | ||||
Natural gas imbalances occur when the physical amount of natural gas delivered from, or received by, a pipeline system or storage facility differs from the contractual amount of natural gas delivered or received. Dominion values these imbalances due to, or from, shippers and operators at an appropriate index price at period end, subject to the terms of its tariff for regulated entities. Imbalances are primarily settled in-kind. Imbalances due to Dominion from other parties are reported in other current assets and imbalances that Dominion owes to other parties are reported in other current liabilities in the Consolidated Balance Sheets. | ||||
Goodwill | ||||
Dominion evaluates goodwill for impairment annually as of April 1 and whenever an event occurs or circumstances change in the interim that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. |
Dispositions
Dispositions | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Dispositions | ' | |||||||||||
DISPOSITIONS | ||||||||||||
Sale of Illinois Gas Contracts | ||||||||||||
In June 2013, Dominion completed the sale of Illinois Gas Contracts. The sales price was approximately $32 million, subject to post-closing adjustments. The sale resulted in a gain of approximately $29 million ($18 million after-tax) net of a $3 million write-off of goodwill, and is included in other operations and maintenance expense in Dominion's Consolidated Statement of Income. The sale of Illinois Gas Contracts did not qualify for discontinued operations classification as it is not considered a component under applicable accounting guidance. | ||||||||||||
Sale of Brayton Point, Kincaid and Equity Method Investment in Elwood | ||||||||||||
In March 2013, Dominion entered into an agreement with Energy Capital Partners to sell Brayton Point, Kincaid, and its equity method investment in Elwood. | ||||||||||||
In the first and second quarters of 2013, Brayton Point's and Kincaid's assets and liabilities to be disposed were classified as held for sale and adjusted to their estimated fair value less cost to sell, resulting in impairment charges totaling $48 million ($28 million after-tax), which are included in discontinued operations in Dominion's Consolidated Statements of Income. In both periods, Dominion used the market approach to estimate the fair value of Brayton Point's and Kincaid's long-lived assets. These were considered Level 2 fair value measurements given that they were based on the agreed-upon sales price. | ||||||||||||
Dominion's 50% interest in Elwood was an equity method investment and therefore, in accordance with applicable accounting guidance, the carrying amount of this investment was not classified as held for sale nor were the equity earnings from this investment reported as discontinued operations. | ||||||||||||
In August 2013, Dominion completed the sale and received proceeds of approximately $465 million, net of transaction costs. The sale resulted in a $35 million ($25 million after-tax) gain attributable to its equity method investment in Elwood, which is included in other income in Dominion's Consolidated Statement of Income, which was partially offset by a $17 million ($18 million after-tax) loss attributable to Brayton Point and Kincaid, which includes a $16 million write-off of goodwill and is reflected in loss from discontinued operations in Dominion's Consolidated Statement of Income. See Note 6 for other impairments related to these power stations. | ||||||||||||
The following table presents selected information regarding the results of operations of Brayton Point and Kincaid, which are reported as discontinued operations in Dominion's Consolidated Statements of Income: | ||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||
(millions) | ||||||||||||
Operating revenue | $ | 304 | $ | 258 | $ | 380 | ||||||
Loss before income taxes | (135 | ) | (1) | (1,768 | ) | (2) | (57 | ) | ||||
(1) Includes $64 million of charges related to the defeasance of Brayton Point debt and the early redemption of Kincaid debt in 2013. See Note 17 for more information. | ||||||||||||
(2) Includes a long-lived asset impairment charge of $1.6 billion. | ||||||||||||
Sale of Salem Harbor and State Line | ||||||||||||
In August 2012, Dominion completed the sale of Salem Harbor. In the second quarter of 2012, the assets and liabilities to be disposed were classified as held for sale and adjusted to their estimated fair value less cost to sell. Also during the second quarter of 2012, Dominion completed the sale of State Line, which ceased operations in March 2012. See Note 6 for impairments related to these power stations. | ||||||||||||
The following table presents selected information regarding the results of operations of Salem Harbor and State Line, which are reported as discontinued operations in Dominion's Consolidated Statements of Income: | ||||||||||||
Year Ended December 31, | 2012 | 2011 | ||||||||||
(millions) | ||||||||||||
Operating revenue | $ | 57 | $ | 233 | ||||||||
Loss before income taxes(1) | (49 | ) | (34 | ) | ||||||||
-1 | Includes long-lived asset impairment charges of $55 million in 2011. |
Operating_Revenue
Operating Revenue | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Regulated and Unregulated Operating Revenue [Abstract] | ' | |||||||||
Operating Revenue | ' | |||||||||
OPERATING REVENUE | ||||||||||
Dominion's and Virginia Power's operating revenue consists of the following: | ||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | |||||||
(millions) | ||||||||||
Dominion | ||||||||||
Electric sales: | ||||||||||
Regulated | $ | 7,193 | $ | 7,102 | $ | 7,114 | ||||
Nonregulated | 2,511 | 2,483 | 2,721 | |||||||
Gas sales: | ||||||||||
Regulated | 323 | 250 | 287 | |||||||
Nonregulated | 930 | 1,071 | 1,634 | |||||||
Gas transportation and storage | 1,535 | 1,401 | 1,506 | |||||||
Other | 628 | 528 | 503 | |||||||
Total operating revenue | $ | 13,120 | $ | 12,835 | $ | 13,765 | ||||
Virginia Power | ||||||||||
Regulated electric sales | $ | 7,193 | $ | 7,102 | $ | 7,114 | ||||
Other | 102 | 124 | 132 | |||||||
Total operating revenue | $ | 7,295 | $ | 7,226 | $ | 7,246 | ||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||
INCOME TAXES | |||||||||||||||||||
Judgment and the use of estimates are required in developing the provision for income taxes and reporting of tax-related assets and liabilities. The interpretation of tax laws involves uncertainty, since tax authorities may interpret the laws differently. Dominion and Virginia Power are routinely audited by federal and state tax authorities. Ultimate resolution of income tax matters may result in favorable or unfavorable impacts to net income and cash flows, and adjustments to tax-related assets and liabilities could be material. | |||||||||||||||||||
On January 2, 2013, U.S. federal legislation was enacted that provides an extension of the 50% bonus depreciation allowance for qualifying capital expenditures incurred through 2013. | |||||||||||||||||||
In September 2013, the IRS issued final regulations that provide guidance to taxpayers on the treatment of amounts paid to acquire, produce or improve tangible property, including whether expenditures should be deducted as repairs or capitalized and depreciated on tax returns. The final regulations include a number of safe harbor tax accounting methods which a taxpayer may choose to elect and, if adopted, will not be challenged by the IRS. In addition, the IRS reissued certain temporary regulations that were also issued concurrently as proposed regulations regarding property dispositions. The final regulations are effective for tax years beginning on or after January 1, 2014. Although changes in tax accounting methods would be effective prospectively, implementation of certain changes will require a calculation of the cumulative effect of the change on prior years. Under IRS procedural guidance issued in January 2014, if such cumulative effect increases taxable income, it is includible in taxable income over a four-year period, beginning with the year of the change. However, if such cumulative effect decreases taxable income, the entire amount is includible in taxable income in the year of the change. | |||||||||||||||||||
Dominion and Virginia Power have evaluated tax accounting method changes that may be elected or required by the final regulations. At December 31, 2013, $17 million of deferred tax liabilities have been classified as current in the Companies’ Consolidated Balance Sheets, representing cumulative adjustment amounts expected to be reflected in income for tax purposes during the twelve months ending December 31, 2014. Tax accounting method changes in 2014 are not expected to materially affect the Companies’ cash flows, results of operations or financial condition. | |||||||||||||||||||
Continuing Operations | |||||||||||||||||||
Details of income tax expense for continuing operations including noncontrolling interests were as follows: | |||||||||||||||||||
Dominion(1) | Virginia Power(2) | ||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||
(millions) | |||||||||||||||||||
Current: | |||||||||||||||||||
Federal | $ | 317 | $ | 43 | $ | 31 | $ | 357 | $ | 70 | $ | (35 | ) | ||||||
State | 110 | 84 | 16 | 62 | 81 | 79 | |||||||||||||
Total current expense | 427 | 127 | 47 | 419 | 151 | 44 | |||||||||||||
Deferred: | |||||||||||||||||||
Federal | 497 | 645 | 685 | 224 | 482 | 484 | |||||||||||||
State | (31 | ) | 40 | 48 | 17 | 21 | 13 | ||||||||||||
Total deferred expense | 466 | 685 | 733 | 241 | 503 | 497 | |||||||||||||
Amortization of deferred investment tax credits | (1 | ) | (1 | ) | (2 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||
Total income tax expense | $ | 892 | $ | 811 | $ | 778 | $ | 659 | $ | 653 | $ | 540 | |||||||
-1 | In 2012, Dominion’s current federal income tax expense for continuing and discontinued operations includes a $195 million benefit related to a carryback of its 2012 net operating loss. In 2011, Dominion’s deferred federal income tax expense includes the recognition of a $346 million benefit, including $51 million related to discontinued operations, for its 2011 net operating loss expected to be used to reduce taxable income in future years. | ||||||||||||||||||
-2 | In 2011, Virginia Power’s deferred federal income tax expense includes a $54 million benefit related to a portion of its 2011 net operating loss that is expected to be used in future years. Also, Virginia Power’s current federal income tax expense reflects the amounts of its 2011 net operating losses realized through its participation in a tax sharing agreement with Dominion and its subsidiaries. | ||||||||||||||||||
For continuing operations including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to Dominion's and Virginia Power's effective income tax rate as follows: | |||||||||||||||||||
Dominion | Virginia Power | ||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||
U.S. statutory rate | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % | |||||||
Increases (reductions) resulting from: | |||||||||||||||||||
State taxes, net of federal benefit | 2.1 | 4.2 | 1.9 | 3.1 | 3.9 | 4.4 | |||||||||||||
Valuation allowances | (0.1 | ) | (0.7 | ) | — | — | — | — | |||||||||||
Investment and production tax credits | (2.4 | ) | (0.5 | ) | (0.6 | ) | (0.2 | ) | — | — | |||||||||
AFUDC - equity | (0.6 | ) | (0.9 | ) | (0.6 | ) | (0.8 | ) | (0.9 | ) | (0.8 | ) | |||||||
Employee stock ownership plan deduction | (0.6 | ) | (0.7 | ) | (0.6 | ) | — | — | — | ||||||||||
Other, net | (0.4 | ) | (0.6 | ) | (0.7 | ) | (0.4 | ) | 0.3 | 1.1 | |||||||||
Effective tax rate | 33 | % | 35.8 | % | 34.4 | % | 36.7 | % | 38.3 | % | 39.7 | % | |||||||
Dominion's effective tax rate in 2012 reflects a $20 million reduction of a valuation allowance related to state operating loss carryforwards attributable to Fairless. After considering the results of Fairless’ operations in recent years and a forecast of future operating results reflecting Dominion’s planned purchase of the facility, Dominion concluded that it was more likely than not that the tax benefit of the operating losses would be realized. Dominion acquired Fairless in 2013 and will continue to evaluate the likelihood of realizing these tax benefits on a quarterly basis. | |||||||||||||||||||
The Companies' deferred income taxes consist of the following: | |||||||||||||||||||
Dominion | Virginia Power | ||||||||||||||||||
At December 31, | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
(millions) | |||||||||||||||||||
Deferred income taxes: | |||||||||||||||||||
Total deferred income tax assets | $ | 2,142 | $ | 2,505 | $ | 462 | $ | 466 | |||||||||||
Total deferred income tax liabilities | 8,463 | 7,716 | 4,498 | 4,238 | |||||||||||||||
Total net deferred income tax liabilities | $ | 6,321 | $ | 5,211 | $ | 4,036 | $ | 3,772 | |||||||||||
Total deferred income taxes: | |||||||||||||||||||
Plant and equipment, primarily depreciation method and basis differences | $ | 5,383 | $ | 4,601 | $ | 3,628 | $ | 3,394 | |||||||||||
Nuclear decommissioning | 1,136 | 994 | 441 | 407 | |||||||||||||||
Deferred state income taxes | 606 | 474 | 285 | 265 | |||||||||||||||
Federal benefit of deferred state income taxes | (212 | ) | (166 | ) | (100 | ) | (93 | ) | |||||||||||
Deferred fuel, purchased energy and gas costs | (33 | ) | 3 | (50 | ) | (16 | ) | ||||||||||||
Pension benefits | 435 | 231 | (52 | ) | (17 | ) | |||||||||||||
Other postretirement benefits | (78 | ) | (171 | ) | (3 | ) | (7 | ) | |||||||||||
Loss and credit carryforwards | (797 | ) | (656 | ) | (106 | ) | (77 | ) | |||||||||||
Valuation allowances | 69 | 93 | — | — | |||||||||||||||
Partnership basis differences | 125 | 174 | — | — | |||||||||||||||
Other | (313 | ) | (366 | ) | (7 | ) | (84 | ) | |||||||||||
Total net deferred income tax liabilities | $ | 6,321 | $ | 5,211 | $ | 4,036 | $ | 3,772 | |||||||||||
At December 31, 2013, Dominion had the following deductible loss and credit carryforwards: | |||||||||||||||||||
• | Federal loss carryforwards of $1.2 billion that expire if unutilized during the period 2021 through 2033; | ||||||||||||||||||
• | Federal investment tax credits of $58 million that expire if unutilized through 2033; | ||||||||||||||||||
• | Federal production and other tax credits of $45 million that expire if unutilized during the period 2031 through 2033; | ||||||||||||||||||
• | State loss carryforwards of $1.5 billion that expire if unutilized during the period 2014 through 2033. A valuation allowance on $763 million of these carryforwards has been established; | ||||||||||||||||||
• | State minimum tax credits of $133 million that do not expire; and | ||||||||||||||||||
• | State investment tax credits of $7 million that expire if unutilized through 2017. | ||||||||||||||||||
At December 31, 2013, Virginia Power had the following deductible loss and credit carryforwards: | |||||||||||||||||||
• | Federal loss carryforwards of $282 million that expire if unutilized during the period 2031 through 2033; | ||||||||||||||||||
• | Federal production and other tax credits of $5 million that expire if unutilized during the period 2031 through 2033; and | ||||||||||||||||||
• | State loss carryforwards of $2 million that expire if unutilized during the period 2031 through 2033. | ||||||||||||||||||
A reconciliation of changes in the Companies' unrecognized tax benefits follows: | |||||||||||||||||||
Dominion | Virginia Power | ||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
(millions) | |||||||||||||||||||
Balance at January 1 | $ | 293 | $ | 347 | $ | 307 | $ | 57 | $ | 114 | $ | 117 | |||||||
Increases-prior period positions | 17 | 28 | 127 | 12 | 4 | 22 | |||||||||||||
Decreases-prior period positions | (99 | ) | (106 | ) | (119 | ) | (42 | ) | (80 | ) | (51 | ) | |||||||
Increases-current period positions | 30 | 43 | 64 | 14 | 24 | 47 | |||||||||||||
Decreases-current period positions | (5 | ) | — | (21 | ) | — | — | (21 | ) | ||||||||||
Settlements with tax authorities | (2 | ) | (4 | ) | — | (2 | ) | (4 | ) | — | |||||||||
Expiration of statutes of limitations | (12 | ) | (15 | ) | (11 | ) | — | (1 | ) | — | |||||||||
Balance at December 31 | $ | 222 | $ | 293 | $ | 347 | $ | 39 | $ | 57 | $ | 114 | |||||||
Certain unrecognized tax benefits, or portions thereof, if recognized, would affect the effective tax rate. Changes in these unrecognized tax benefits may result from remeasurement of amounts expected to be realized, settlements with tax authorities and expiration of statutes of limitations. For Dominion and its subsidiaries, these unrecognized tax benefits were $126 million, $167 million and $184 million at December 31, 2013, 2012 and 2011, respectively. For Dominion, the change in these unrecognized tax benefits decreased income tax expense by $29 million in 2013 and increased income tax expense by $1 million and $51 million in 2012 and 2011, respectively. For Virginia Power, these unrecognized tax benefits were $8 million, $13 million and $20 million at December 31, 2013, 2012 and 2011, respectively. For Virginia Power, the change in these unrecognized tax benefits increased income tax expense by $4 million, $1 million and $6 million in 2013, 2012 and 2011, respectively. | |||||||||||||||||||
In January 2012, the Appellate Division of the IRS informed Dominion that the Joint Committee had completed its review of the settlement of tax years 2004 and 2005 for Dominion and its consolidated subsidiaries. Since the measurement of unrecognized tax benefits in 2011 considered the results of completed settlement negotiations, Dominion’s results of operations in 2012 were not affected. | |||||||||||||||||||
In April 2012, the IRS issued its Revenue Agent Report for Dominion’s consolidated tax returns for tax years 2006 and 2007, reflecting the resolution of all issues except one that was subsequently settled in 2012. | |||||||||||||||||||
The IRS examination of tax years 2008, 2009 and 2010 began in the first quarter of 2012 and was later expanded to include the examination of the 2011 tax year. The audit concluded in late 2013, resulting in a payment of $46 million. However, the amount of a refund previously received by Dominion for its carryback of 2008 losses to 2007 was adjusted. The loss carryback, as adjusted, has been submitted to the Joint Committee for review. Dominion anticipates resolution of this matter early in 2014 with no further adjustments. Accordingly, except for 2007 and 2008, the earliest tax year remaining open for examination of Dominion’s federal tax returns is 2012. | |||||||||||||||||||
Effective for its 2014 tax year, Dominion has been accepted into the CAP. The CAP is a method of identifying and resolving tax issues through open, cooperative, and transparent interaction between the IRS and taxpayers prior to the filing of a return. Through the CAP, Dominion will have the opportunity to resolve complex tax matters with the IRS before filing its federal income tax returns, thus achieving certainty for such tax return filing positions accepted by the IRS. Under a Pre-CAP plan, the IRS audit of tax years 2012 and 2013 will begin in early 2014. | |||||||||||||||||||
With the audit protection afforded tax accounting method changes implemented under the September 2013 IRS regulations, settlement negotiations and expiration of statutes of limitations, it is reasonably possible that unrecognized tax benefits could decrease in 2014 by up to $115 million for Dominion and up to $25 million for Virginia Power. If such changes were to occur, other than revisions of the accrual for interest on tax underpayments and overpayments, earnings could increase by up to $65 million for Dominion and $7 million for Virginia Power. | |||||||||||||||||||
Otherwise, with regard to 2013 and prior years, Dominion and Virginia Power cannot estimate the range of reasonably possible changes to unrecognized tax benefits that may occur in 2014. | |||||||||||||||||||
For each of the major states in which Dominion operates, the earliest tax year remaining open for examination is as follows: | |||||||||||||||||||
State | Earliest | ||||||||||||||||||
Open Tax | |||||||||||||||||||
Year | |||||||||||||||||||
Pennsylvania | 2010 | ||||||||||||||||||
Connecticut | 2010 | ||||||||||||||||||
Massachusetts | 2008 | ||||||||||||||||||
Virginia(1) | 2010 | ||||||||||||||||||
West Virginia | 2010 | ||||||||||||||||||
-1 | Virginia is the only state considered major for Virginia Power's operations. | ||||||||||||||||||
Dominion and Virginia Power are also obligated to report adjustments resulting from IRS settlements to state tax authorities. In addition, if Dominion utilizes operating losses or tax credits generated in years for which the statute of limitations has expired, such amounts are subject to examination. | |||||||||||||||||||
Discontinued Operations | |||||||||||||||||||
Details of income tax expense for discontinued operations were as follows: | |||||||||||||||||||
Dominion | |||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||
(millions) | |||||||||||||||||||
Current: | |||||||||||||||||||
Federal | (274 | ) | (248 | ) | (41 | ) | |||||||||||||
State | (41 | ) | (6 | ) | (17 | ) | |||||||||||||
Total current benefit | (315 | ) | (254 | ) | (58 | ) | |||||||||||||
Deferred: | |||||||||||||||||||
Federal | 232 | (368 | ) | 10 | |||||||||||||||
State | 40 | (70 | ) | 15 | |||||||||||||||
Total deferred expense (benefit) | 272 | (438 | ) | 25 | |||||||||||||||
Total income tax benefit | (43 | ) | (692 | ) | (33 | ) | |||||||||||||
Dominion's effective tax rate for 2013 reflects the impact of goodwill written off in the sale of Kincaid and Brayton Point that is not deductible for tax purposes. | |||||||||||||||||||
Dominion's effective tax rate for 2011 reflects an expectation that State Line's deferred tax assets, including 2011 operating losses, will not be realized in State Line's separately filed state tax returns. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. However, the use of a mid-market pricing convention (the mid-point between bid and ask prices) is permitted. Fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. This includes not only the credit standing of counterparties involved and the impact of credit enhancements but also the impact of Dominion's and Virginia Power's own nonperformance risk on their liabilities. Fair value measurements assume that the transaction occurs in the principal market for the asset or liability (the market with the most volume and activity for the asset or liability from the perspective of the reporting entity), or in the absence of a principal market, the most advantageous market for the asset or liability (the market in which the reporting entity would be able to maximize the amount received or minimize the amount paid). Dominion and Virginia Power apply fair value measurements to certain assets and liabilities including commodity and interest rate derivative instruments, and nuclear decommissioning trust and other investments including those held in Dominion's rabbi, pension and other postretirement benefit plan trusts, in accordance with the requirements described above. The Companies apply credit adjustments to their derivative fair values in accordance with the requirements described above. These credit adjustments are currently not material to the derivative fair values. | |||||||||||||
Inputs and Assumptions | |||||||||||||
The Companies maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is based on actively-quoted market prices, if available. In the absence of actively-quoted market prices, price information is sought from external sources, including broker quotes and industry publications. When evaluating pricing information provided by brokers and other pricing services, they consider whether the broker is willing and able to trade at the quoted price, if the broker quotes are based on an active market or an inactive market and the extent to which brokers are utilizing a particular model if pricing is not readily available. If pricing information from external sources is not available, or if the Companies believe that observable pricing is not indicative of fair value, judgment is required to develop the estimates of fair value. In those cases they must estimate prices based on available historical and near-term future price information and certain statistical methods, including regression analysis, that reflect their market assumptions. | |||||||||||||
Dominion's and Virginia Power's commodity derivative valuations are prepared by the ERM department. The ERM department reports directly to the Companies' CFO. The ERM department creates daily mark-to-market valuations for the Companies' derivative transactions using computer-based statistical models. The inputs that go into the market valuations are transactional information stored in the systems of record and market pricing information that resides in data warehouse databases. The majority of forward prices are automatically uploaded into the data warehouse databases from various third-party sources. Inputs obtained from third-party sources are evaluated for reliability considering the reputation, independence, market presence, and methodology used by the third-party. If forward prices are not available from third-party sources, then the ERM department models the forward prices based on other available market data. A team consisting of risk management and risk quantitative analysts meets each business day to assess the validity of market prices and mark-to-market valuations. During this meeting, the changes in mark-to-market valuations from period to period are examined and qualified against historical expectations. If any discrepancies are identified during this process, the mark-to-market valuations or the market pricing information is evaluated further and adjusted, if necessary. | |||||||||||||
For options and contracts with option-like characteristics where observable pricing information is not available from external sources, the Companies generally use a modified Black-Scholes Model that considers time value, the volatility of the underlying commodities and other relevant assumptions when estimating fair value. The Companies use other option models under special circumstances, including a Spread Approximation Model when contracts include different commodities or commodity locations and a Swing Option Model when contracts allow either the buyer or seller the ability to exercise within a range of quantities. For contracts with unique characteristics, the Companies may estimate fair value using a discounted cash flow approach deemed appropriate in the circumstances and applied consistently from period to period. For individual contracts, the use of different valuation models or assumptions could have a significant effect on the contract's estimated fair value. | |||||||||||||
The inputs and assumptions used in measuring fair value include the following: | |||||||||||||
For commodity and foreign currency derivative contracts: | |||||||||||||
• | Forward commodity prices | ||||||||||||
• | Forward foreign currency prices | ||||||||||||
• | Transaction prices | ||||||||||||
• | Price volatility | ||||||||||||
• | Price correlation | ||||||||||||
• | Mean reversion | ||||||||||||
• | Volumes | ||||||||||||
• | Commodity location | ||||||||||||
• | Load shaping | ||||||||||||
• | Usage factors | ||||||||||||
• | Interest rates | ||||||||||||
• | Credit quality of counterparties and Dominion and Virginia Power | ||||||||||||
• | Credit enhancements | ||||||||||||
• | Time value | ||||||||||||
For interest rate derivative contracts: | |||||||||||||
• | Interest rate curves | ||||||||||||
• | Credit quality of counterparties and Dominion and Virginia Power | ||||||||||||
• | Volumes | ||||||||||||
• | Credit enhancements | ||||||||||||
• | Time value | ||||||||||||
For investments: | |||||||||||||
• | Quoted securities prices and indices | ||||||||||||
• | Securities trading information including volume and restrictions | ||||||||||||
• | Maturity | ||||||||||||
• | Interest rates | ||||||||||||
• | Credit quality | ||||||||||||
• | NAV (for alternative investments and common/collective trust funds) | ||||||||||||
Dominion and Virginia Power regularly evaluate and validate the inputs used to estimate fair value by a number of methods, including review and verification of models, as well as various market price verification procedures such as the use of pricing services and multiple broker quotes to support the market price of the various commodities and investments in which the Companies transact. | |||||||||||||
Levels | |||||||||||||
The Companies also utilize the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: | |||||||||||||
•Level 1-Quoted prices (unadjusted) in active markets for identical assets and liabilities that they have the ability to access at the measurement date. Instruments categorized in Level 1 primarily consist of financial instruments such as the majority of exchange-traded derivatives, and exchange-listed equities, mutual funds and certain Treasury securities held in nuclear decommissioning trust funds for Dominion and Virginia Power and rabbi and benefit plan trust funds for Dominion. | |||||||||||||
•Level 2-Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 primarily include non-exchange traded derivatives such as over-the-counter commodity forwards and swaps, interest rate swaps, foreign currency forwards and options, restricted cash equivalents, and certain Treasury securities, money market funds, common/collective trust funds, and corporate, state and municipal debt securities held in nuclear decommissioning trust funds for Dominion and Virginia Power and rabbi and benefit plan trust funds for Dominion. | |||||||||||||
•Level 3-Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability. Instruments categorized in Level 3 for Dominion and Virginia Power consist of long-dated commodity derivatives, FTRs and other modeled commodity derivatives. Additional instruments categorized in Level 3 for Dominion include NGLs and natural gas peaking options and alternative investments, consisting of investments in partnerships, joint ventures and other alternative investments, held in benefit plan trust funds. | |||||||||||||
The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. In these cases, the lowest level input that is significant to a fair value measurement in its entirety determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. | |||||||||||||
For derivative contracts, Dominion and Virginia Power recognize transfers among Level 1, Level 2 and Level 3 based on fair values as of the first day of the month in which the transfer occurs. Transfers out of Level 3 represent assets and liabilities that were previously classified as Level 3 for which the inputs became observable for classification in either Level 1 or Level 2. Because the activity and liquidity of commodity markets vary substantially between regions and time periods, the availability of observable inputs for substantially the full term and value of the Companies' over-the-counter derivative contracts is subject to change. | |||||||||||||
Level 3 Valuations | |||||||||||||
Fair value measurements are categorized as Level 3 when a significant amount of price or other inputs that are considered to be unobservable are used in their valuations. Long-dated commodity derivatives are generally based on unobservable inputs due to the length of time to settlement and the absence of market activity and are therefore categorized as Level 3. For NGL derivatives, market illiquidity requires a valuation based on proxy markets that do not always correlate to the actual instrument, therefore they are categorized as Level 3. FTRs are categorized as Level 3 fair value measurements because the only relevant pricing available comes from ISO auctions, which are generally not considered to be liquid markets. Other modeled commodity derivatives have unobservable inputs in their valuation, mostly due to non-transparent and illiquid markets. Alternative investments are categorized as Level 3 due to the absence of quoted market prices, illiquidity and the long-term nature of these assets. These investments are generally valued using NAV based on the proportionate share of the fair value as determined by reference to the most recent audited fair value financial statements or fair value statements provided by the investment manager adjusted for any significant events occurring between the investment manager's and the Companies' measurement date. | |||||||||||||
Dominion and Virginia Power enter into certain physical and financial forwards and futures, options, and full requirements contracts, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards, futures, and full requirements contracts. The discounted cash flow model for forwards and futures calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return, and credit spreads. Full requirements contracts add load shaping and usage factors in addition to the discounted cash flow model inputs. An option model is used to value Level 3 physical and financial options. The option model calculates mark-to-market valuations using variations of the Black-Scholes option model. The inputs into the models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, price correlations, mean reversion speeds, the original sales prices, and volumes. For Level 3 fair value measurements, the forward market prices, the implied price volatilities, price correlations, load shaping, mean reversion speeds, and usage factors are considered unobservable. The unobservable inputs are developed and substantiated using historical information, available market data, third-party data, and statistical analysis. Periodically, inputs to valuation models are reviewed and revised as needed, based on historical information, updated market data, market liquidity and relationships, and changes in third-party pricing sources. | |||||||||||||
The following table presents Dominion's and Virginia Power's quantitative information about Level 3 fair value measurements. The range and weighted average are presented in dollars for market price inputs, years for mean reversion speeds, and percentages for price volatility, price correlations, load shaping, and usage factors. | |||||||||||||
Fair Value (millions) | Valuation Techniques | Unobservable Input | Range | Weighted Average(1) | |||||||||
At December 31, 2013 | |||||||||||||
Assets: | |||||||||||||
Physical and Financial Forwards and Futures: | |||||||||||||
Natural Gas(2) | $ | 14 | Discounted Cash Flow | Market Price (per Dth) | (5) | (2) - 5 | 2 | ||||||
FTRs (3) | 2 | Discounted Cash Flow | Market Price (per MWh) | (5) | (1) - 5 | — | |||||||
Liquids(4) | 6 | Discounted Cash Flow | Market Price (per Gal) | (5) | 3-Jan | 1 | |||||||
Physical and Financial Options: | |||||||||||||
Natural Gas(2) | 4 | Option Model | Market Price (per Dth) | (5) | 5-Mar | 4 | |||||||
Price Volatility | (6) | 14% - 36% | 20 | % | |||||||||
Price Correlation | (7) | (9%) - 100% | 36 | % | |||||||||
Mean Reversion | (8) | .01 - 1 | 0.53 | ||||||||||
Full Requirements Contracts: | |||||||||||||
Electricity | 6 | Discounted Cash Flow | Market Price (per MWh) | (5) | 10 - 406 | (11) | 42 | ||||||
Load Shaping | (9) | 0% - 10% | 7 | % | |||||||||
Usage Factor | (10) | 11% - 29% | 16 | % | |||||||||
Total assets | $ | 32 | |||||||||||
Liabilities: | |||||||||||||
Physical and Financial Forwards and Futures: | |||||||||||||
Natural Gas(2) | $ | 19 | Discounted Cash Flow | Market Price (per Dth) | (5) | (2) - 30 | 1 | ||||||
Electricity | 1 | Discounted Cash Flow | Market Price (per MWh) | (5) | 28 - 240 | (11) | 39 | ||||||
FTRs(3) | 9 | Discounted Cash Flow | Market Price (per MWh) | (5) | (1) - 5 | 1 | |||||||
Liquids(4) | 11 | Discounted Cash Flow | Market Price (per Gal) | (5) | 3-Jan | 1 | |||||||
Physical and Financial Options: | |||||||||||||
Natural Gas(2) | 8 | Option Model | Market Price (per Dth) | (5) | 11-Mar | 7 | |||||||
Price Volatility | (6) | 14% - 36% | 20 | % | |||||||||
Price Correlation | (7) | (9%) - 100% | 36 | % | |||||||||
Mean Reversion | (8) | .01-1 | 0.53 | ||||||||||
Total liabilities | $ | 48 | |||||||||||
-1 | Averages weighted by volume. | ||||||||||||
-2 | Includes basis. | ||||||||||||
-3 | Information represents Virginia Power's quantitative information about Level 3 fair value measurements. | ||||||||||||
-4 | Includes NGLs. | ||||||||||||
-5 | Represents market prices beyond defined terms for Levels 1 and 2. | ||||||||||||
-6 | Represents volatilities unrepresented in published markets. | ||||||||||||
-7 | Represents intra-price correlations for which markets do not exist. | ||||||||||||
-8 | Represents mean-reverting property in price simulation modeling. | ||||||||||||
-9 | Converts block monthly loads to 24-hour load shapes. | ||||||||||||
-10 | Represents expected increase (decrease) in sales volumes compared to historical usage. | ||||||||||||
-11 | The range in market prices is the result of large variability in hourly power prices during peak and off-peak hours. | ||||||||||||
Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: | |||||||||||||
Significant Unobservable Inputs | Position | Change to Input | Impact on Fair Value Measurement | ||||||||||
Market Price | Buy | Increase (decrease) | Gain (loss) | ||||||||||
Market Price | Sell | Increase (decrease) | Loss (gain) | ||||||||||
Price Volatility | Buy | Increase (decrease) | Gain (loss) | ||||||||||
Price Volatility | Sell | Increase (decrease) | Loss (gain) | ||||||||||
Price Correlation | Buy | Increase (decrease) | Loss (gain) | ||||||||||
Price Correlation | Sell | Increase (decrease) | Gain (loss) | ||||||||||
Load Shaping | Sell(1) | Increase (decrease) | Loss (gain) | ||||||||||
Usage Factor | Sell(2) | Increase (decrease) | Gain (loss) | ||||||||||
Mean Reversion | Buy | Increase (decrease) | Loss (gain) | ||||||||||
Mean Reversion | Sell | Increase (decrease) | Gain (loss) | ||||||||||
-1 | Assumes the contract is in a gain position and load increases during peak hours. | ||||||||||||
-2 | Assumes the contract is in a gain position. | ||||||||||||
Nonrecurring Fair Value Measurements | |||||||||||||
Natural Gas Facilities | |||||||||||||
In June 2013, Dominion purchased certain natural gas infrastructure facilities that were previously leased from third parties. The purchase price was based on terms in the lease, which exceeded current market pricing. As a result of the purchase price and expected losses, Dominion recorded an impairment charge of $49 million ($29 million after-tax) in other operations and maintenance expense in its Consolidated Statements of Income, to write down the long-lived assets to their estimated fair values of less than $1 million. As management was not aware of any recent market transactions for comparable assets with sufficient transparency to develop a market approach to fair value, Dominion used the income approach (discounted cash flows) to estimate the fair value of the assets in this impairment test. This was considered a Level 3 fair value measurement due to the use of significant unobservable inputs, including estimates of future production and other commodity prices. | |||||||||||||
MERCHANT POWER STATIONS | |||||||||||||
In the third quarter of 2012, Dominion decided to pursue the sale of Brayton Point and Kincaid, as well as its 50% interest in Elwood, which is an equity method investment. Since Dominion was unlikely to operate the Brayton Point and Kincaid facilities through their estimated useful lives, Dominion evaluated these power stations for recoverability under a probability weighted approach and concluded that the carrying values of these facilities were not impaired as of September 30, 2012. | |||||||||||||
At December 31, 2012, Dominion updated its recoverability analysis for Brayton Point and Kincaid to reflect bids received and an updated probability weighting. As a result of this updated evaluation, Dominion recorded an impairment charge of approximately $1.6 billion ($1.0 billion after-tax), which is included in loss from discontinued operations in its Consolidated Statement of Income, to write down Brayton Point’s and Kincaid's long-lived assets to their estimated fair value of approximately $216 million. Dominion used a market approach to estimate the fair value of Brayton Point’s and Kincaid's long-lived assets. This was considered a Level 2 fair value measurement given it was based on bids received. | |||||||||||||
See Note 3 for information regarding the sale of Brayton Point, Kincaid and Dominion's equity method investment in Elwood, including an additional impairment. | |||||||||||||
In April 2011, Dominion announced it would pursue a sale of Kewaunee since it was not able to move forward with its original plan to grow its nuclear fleet in the Midwest to take advantage of economies of scale. Dominion was unable to find a buyer for the facility. In addition, the power purchase agreements for the two utilities that contracted to buy Kewaunee's generation expired in December 2013 at a time of low wholesale electricity prices in the region. At September 30, 2012, Dominion expected that it would permanently cease generation operations at Kewaunee in 2013 and commence decommissioning of the facility. As a result, Dominion evaluated Kewaunee for impairment since it was more likely than not that Kewaunee would be retired before the end of its previously estimated useful life. As management was not aware of any recent market transactions for comparable assets with sufficient transparency to develop a market approach to fair value, Dominion used the income approach (discounted cash flows) to estimate the fair value of Kewaunee's long-lived assets. This was considered a Level 3 fair value measurement due to the use of significant unobservable inputs including estimates of future power and other commodity prices. | |||||||||||||
As a result of this evaluation in September 2012, Dominion recorded impairment and other charges of $435 million ($281 million after-tax) largely reflected in other operations and maintenance expense in its Consolidated Statement of Income. This primarily reflects a $378 million ($244 million after-tax) charge for the full impairment of Kewaunee's long-lived assets, a write down of materials and supplies inventories of $33 million ($21 million after-tax), and a $24 million ($16 million after-tax) charge related to severance costs. | |||||||||||||
The decision to decommission Kewaunee was approved by Dominion's Board of Directors in October 2012 after consideration of the factors discussed above, which made it uneconomic for Kewaunee to continue operations. Kewaunee ceased operations and decommissioning activities commenced in May 2013. | |||||||||||||
During March 2011, Dominion determined that it was unlikely that State Line would participate in the May 2011 PJM capacity base residual auction that would commit State Line's capacity from June 2014 through May 2015. This determination reflected an expectation that margins for coal-fired generation will remain compressed in the 2014 and 2015 period in combination with the expectation that State Line may be impacted during the same time period by environmental regulations that would likely require significant capital expenditures. As a result, Dominion evaluated State Line for impairment since it was more likely than not that State Line would be retired before the end of its previously estimated useful life. As a result of this evaluation, Dominion recorded an impairment charge of $55 million ($39 million after-tax), which is now reflected in loss from discontinued operations in its Consolidated Statement of Income, to write down State Line's long-lived assets to their estimated fair value of less than $1 million. State Line was retired in March 2012 and sold in the second quarter of 2012. | |||||||||||||
As management was not aware of any recent market transactions for comparable assets with sufficient transparency to develop a market approach to fair value, Dominion used the income approach (discounted cash flows) to estimate the fair value of State Line's long-lived assets. This was considered a Level 3 fair value measurement due to the use of significant unobservable inputs including estimates of future power and other commodity prices. | |||||||||||||
In the second quarter of 2012, an agreement was reached to sell Salem Harbor and the assets and liabilities to be disposed were classified as held for sale and adjusted to their estimated fair value less cost to sell. This resulted in a pre-tax charge of $27 million ($16 million after-tax), which is included in loss from discontinued operations in Dominion's Consolidated Statement of Income. This was considered a Level 2 fair value measurement as it was based on the negotiated sales price. Salem Harbor was sold in the third quarter of 2012. | |||||||||||||
EMISSIONS ALLOWANCES | |||||||||||||
In the third quarter of 2011, Dominion and Virginia Power evaluated their SO2 emissions allowances not expected to be consumed by generating units for potential impairment due to the EPA's issuance of CSAPR as discussed in Note 22. Prior to the issuance of CSAPR, Dominion and Virginia Power held $57 million and $43 million, respectively, of SO2 emissions allowances obtained for ARP and CAIR compliance. Due to CSAPR's establishment of a new allowance program and the elimination of CAIR, Dominion and Virginia Power had more SO2 emissions allowances than needed for ARP compliance. As a result of this evaluation, Dominion and Virginia Power recorded an impairment charge to write down these emissions allowances to their estimated fair value of less than $1 million. For Dominion, the $57 million ($34 million after-tax) charge was recorded partially in other operations and maintenance expense ($43 million, $26 million after-tax) and partially in loss from discontinued operations ($14 million, $8 million after-tax) in its Consolidated Statement of Income. For Virginia Power, the $43 million ($26 million after-tax) charge was recorded in other operations and maintenance expense in its Consolidated Statement of Income. | |||||||||||||
To estimate the value of these emissions allowances, Dominion utilized a market approach by obtaining broker quotes to validate CSAPR's impact on emissions allowance prices. However, due to limited market activity for future SO2 vintage year allowances, this was considered a Level 3 fair value measurement. | |||||||||||||
Recurring Fair Value Measurements | |||||||||||||
Fair value measurements are separately disclosed by level within the fair value hierarchy with a separate reconciliation of fair value measurements categorized as Level 3. Fair value disclosures for assets held in Dominion's pension and other postretirement benefit plans are presented in Note 21. | |||||||||||||
DOMINION | |||||||||||||
The following table presents Dominion's assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(millions) | |||||||||||||
At December 31, 2013 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 3 | $ | 718 | $ | 32 | $ | 753 | |||||
Interest rate | — | 137 | — | 137 | |||||||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large Cap | 2,417 | — | — | 2,417 | |||||||||
Other | 79 | — | — | 79 | |||||||||
Non-U.S.: | |||||||||||||
Large Cap | 13 | — | — | 13 | |||||||||
Fixed Income: | |||||||||||||
Corporate debt instruments | — | 345 | — | 345 | |||||||||
U.S. Treasury securities and agency debentures | 415 | 175 | — | 590 | |||||||||
State and municipal | — | 343 | — | 343 | |||||||||
Other | — | 3 | — | 3 | |||||||||
Cash equivalents and other | — | 103 | — | 103 | |||||||||
Restricted cash equivalents | — | 8 | — | 8 | |||||||||
Total assets | $ | 2,927 | $ | 1,832 | $ | 32 | $ | 4,791 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 3 | $ | 1,051 | $ | 48 | $ | 1,102 | |||||
Total liabilities | $ | 3 | $ | 1,051 | $ | 48 | $ | 1,102 | |||||
At December 31, 2012 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 12 | $ | 639 | $ | 84 | $ | 735 | |||||
Interest rate | — | 93 | — | 93 | |||||||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large Cap | 1,973 | — | — | 1,973 | |||||||||
Other | 59 | — | — | 59 | |||||||||
Non-U.S.: | |||||||||||||
Large Cap | 12 | — | — | 12 | |||||||||
Fixed Income: | |||||||||||||
Corporate debt instruments | — | 325 | — | 325 | |||||||||
U.S. Treasury securities and agency debentures | 391 | 152 | — | 543 | |||||||||
State and municipal | — | 315 | — | 315 | |||||||||
Other | — | 7 | — | 7 | |||||||||
Cash equivalents and other | 13 | 67 | — | 80 | |||||||||
Restricted cash equivalents | — | 33 | — | 33 | |||||||||
Total assets | $ | 2,460 | $ | 1,631 | $ | 84 | $ | 4,175 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 8 | $ | 528 | $ | 59 | $ | 595 | |||||
Interest rate | — | 66 | — | 66 | |||||||||
Total liabilities | $ | 8 | $ | 594 | $ | 59 | $ | 661 | |||||
-1 | Includes investments held in the nuclear decommissioning and rabbi trusts. | ||||||||||||
The following table presents the net change in Dominion's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(millions) | |||||||||||||
Balance at January 1, | $ | 25 | $ | (71 | ) | $ | (50 | ) | |||||
Total realized and unrealized gains (losses): | |||||||||||||
Included in earnings | (9 | ) | (15 | ) | (77 | ) | |||||||
Included in other comprehensive income (loss) | 1 | 101 | 14 | ||||||||||
Included in regulatory assets/liabilities | (9 | ) | 30 | (42 | ) | ||||||||
Settlements | (23 | ) | 47 | 88 | |||||||||
Transfers out of Level 3 | (1 | ) | (67 | ) | (4 | ) | |||||||
Balance at December 31, | $ | (16 | ) | $ | 25 | $ | (71 | ) | |||||
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | $ | — | $ | 42 | $ | 22 | |||||||
The following table presents Dominion's gains and losses included in earnings in the Level 3 fair value category: | |||||||||||||
Operating | Electric Fuel | Purchased | Total | ||||||||||
Revenue | and Energy | Gas | |||||||||||
Purchases | |||||||||||||
(millions) | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Total gains (losses) included in earnings | $ | 11 | $ | (19 | ) | $ | (1 | ) | $ | (9 | ) | ||
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | 1 | — | (1 | ) | — | ||||||||
Year Ended December 31, 2012 | |||||||||||||
Total gains (losses) included in earnings | $ | 35 | $ | (50 | ) | $ | — | $ | (15 | ) | |||
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | 42 | — | — | 42 | |||||||||
Year Ended December 31, 2011 | |||||||||||||
Total gains (losses) included in earnings | $ | (32 | ) | $ | (45 | ) | $ | — | $ | (77 | ) | ||
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | 22 | — | — | 22 | |||||||||
VIRGINIA POWER | |||||||||||||
The following table presents Virginia Power's assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(millions) | |||||||||||||
At December 31, 2013 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 3 | $ | 2 | $ | 5 | |||||
Interest rate | — | 48 | — | 48 | |||||||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large Cap | 1,021 | — | — | 1,021 | |||||||||
Other | 36 | — | — | 36 | |||||||||
Fixed Income: | |||||||||||||
Corporate debt instruments | — | 191 | — | 191 | |||||||||
U.S. Treasury securities and agency debentures | 146 | 66 | — | 212 | |||||||||
State and municipal | — | 164 | — | 164 | |||||||||
Cash equivalents and other | — | 31 | — | 31 | |||||||||
Restricted cash equivalents | — | 8 | — | 8 | |||||||||
Total assets | $ | 1,203 | $ | 511 | $ | 2 | $ | 1,716 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 3 | $ | 9 | $ | 12 | |||||
Total Liabilities | $ | — | $ | 3 | $ | 9 | $ | 12 | |||||
At December 31, 2012 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 1 | $ | 5 | $ | 6 | |||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large Cap | 779 | — | — | 779 | |||||||||
Other | 27 | — | — | 27 | |||||||||
Fixed Income: | |||||||||||||
Corporate debt instruments | — | 196 | — | 196 | |||||||||
U.S. Treasury securities and agency debentures | 168 | 66 | — | 234 | |||||||||
State and municipal | — | 118 | — | 118 | |||||||||
Other | — | 1 | — | 1 | |||||||||
Cash equivalents and other | 7 | 31 | — | 38 | |||||||||
Restricted cash equivalents | — | 10 | — | 10 | |||||||||
Total assets | $ | 981 | $ | 423 | $ | 5 | $ | 1,409 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 6 | $ | 3 | $ | 9 | |||||
Interest rate | — | 25 | — | 25 | |||||||||
Total Liabilities | $ | — | $ | 31 | $ | 3 | $ | 34 | |||||
-1 | Includes investments held in the nuclear decommissioning and rabbi trusts. | ||||||||||||
The following table presents the net change in Virginia Power's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(millions) | |||||||||||||
Balance at January 1, | $ | 2 | $ | (28 | ) | $ | 14 | ||||||
Total realized and unrealized gains (losses): | |||||||||||||
Included in earnings | (17 | ) | (50 | ) | (45 | ) | |||||||
Included in regulatory assets/liabilities | (9 | ) | 30 | (42 | ) | ||||||||
Settlements | 17 | 50 | 45 | ||||||||||
Balance at December 31, | $ | (7 | ) | $ | 2 | $ | (28 | ) | |||||
The gains and losses included in earnings in the Level 3 fair value category, including any attributable to the change in unrealized gains and losses relating to assets still held at the reporting date, were classified in electric fuel and other energy-related purchases expense in Virginia Power's Consolidated Statements of Income for the years ended December 31, 2013, 2012 and 2011. There were no unrealized gains and losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
Substantially all of Dominion's and Virginia Power's financial instruments are recorded at fair value, with the exception of the instruments described below that are reported at historical cost. Estimated fair values have been determined using available market information and valuation methodologies considered appropriate by management. The carrying amount of cash and cash equivalents, customer and other receivables, short-term debt and accounts payable are representative of fair value because of the short-term nature of these instruments. For Dominion's and Virginia Power's financial instruments that are not recorded at fair value, the carrying amounts and fair values are as follows: | |||||||||||||
At December 31, | 2013 | 2012 | |||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||
Amount | Fair Value(1) | Amount | Fair Value(1) | ||||||||||
(millions) | |||||||||||||
Dominion | |||||||||||||
Long-term debt, including securities due within one year(2) | $ | 18,396 | $ | 19,887 | $ | 16,841 | $ | 19,898 | |||||
Long-term debt, including securities due within one year - VIE(3) | — | — | 860 | 864 | |||||||||
Junior subordinated notes(3) | 1,373 | 1,394 | 1,373 | 1,430 | |||||||||
Remarketable subordinated notes(3) | 1,080 | 1,192 | — | — | |||||||||
Subsidiary preferred stock(4) | 257 | 261 | 257 | 255 | |||||||||
Virginia Power | |||||||||||||
Long-term debt, including securities due within one year(2) | $ | 8,032 | $ | 8,897 | $ | 6,669 | $ | 8,270 | |||||
Preferred stock(4) | 257 | 261 | 257 | 255 | |||||||||
-1 | Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. | ||||||||||||
-2 | Carrying amount includes amounts which represent the unamortized discount and premium. At December 31, 2013, and 2012, includes the valuation of certain fair value hedges associated with Dominion's fixed rate debt, of approximately $55 million and $93 million, respectively. | ||||||||||||
-3 | Carrying amount includes amounts which represent the unamortized discount or premium. | ||||||||||||
-4 | Includes deferred issuance expenses of $2 million at December 31, 2013 and 2012. |
Derivatives_and_Hedge_Accounti
Derivatives and Hedge Accounting Activities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivatives and Hedge Accounting Activities | ' | ||||||||||||||||||||||||
DERIVATIVES AND HEDGE ACCOUNTING ACTIVITIES | |||||||||||||||||||||||||
Dominion and Virginia Power are exposed to the impact of market fluctuations in the price of electricity, natural gas and other energy-related products they market and purchase, as well as currency exchange and interest rate risks of their business operations. The Companies use derivative instruments to manage exposure to these risks, and designate certain derivative instruments as fair value or cash flow hedges for accounting purposes. As discussed in Note 2, for jurisdictions subject to cost-based rate regulation, changes in the fair value of derivatives are deferred as regulatory assets or regulatory liabilities until the related transactions impact earnings. See Note 6 for further information about fair value measurements and associated valuation methods for derivatives. | |||||||||||||||||||||||||
Derivative assets and liabilities are presented gross on Dominion's and Virginia Power's Consolidated Balance Sheets. Dominion's and Virginia Power's derivative contracts include both over-the-counter transactions and those that are executed on an exchange or other trading platform (exchange contracts) and centrally cleared. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Exchange contracts utilize a financial intermediary, exchange, or clearinghouse to enter, execute, or clear the transactions. Certain over-the-counter and exchange contracts contain contractual rights of setoff through master netting arrangements, derivative clearing agreements, and contract default provisions. In addition, the contracts are subject to conditional rights of setoff through counterparty nonperformance, insolvency, or other conditions. | |||||||||||||||||||||||||
In general, most over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral for over-the-counter and exchange contracts include cash, letters of credit, and in some cases other forms of security, none of which are subject to restrictions. Cash collateral is used in the table below to offset derivative assets and liabilities. Certain accounts receivable and accounts payable recognized on Dominion's and Virginia Power's Consolidated Balance Sheets, as well as letters of credit and other forms of security, all of which are not included in the tables below, are subject to offset under master netting or similar arrangements and would reduce the net exposure. | |||||||||||||||||||||||||
DOMINION | |||||||||||||||||||||||||
The tables below present Dominion's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 137 | $ | — | $ | 137 | $ | 93 | $ | — | $ | 93 | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 240 | — | 240 | 290 | — | 290 | |||||||||||||||||||
Exchange | 506 | — | 506 | 416 | — | 416 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 883 | — | 883 | 799 | — | 799 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 7 | — | 7 | 29 | — | 29 | |||||||||||||||||||
Total(1) | $ | 890 | $ | — | $ | 890 | $ | 828 | $ | — | $ | 828 | |||||||||||||
-1 | At December 31, 2013, the total derivative asset balance contains $687 million of current assets, which is presented in current derivative assets, in Dominion’s Consolidated Balance Sheet, and $203 million of noncurrent assets, which is presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheet. At December 31, 2012, the total derivative asset balance contains $518 million of current assets, which is presented in current derivative assets in Dominion’s Consolidated Balance Sheet and $310 million of noncurrent assets, which is presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheet. | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet | ||||||||||||||||||||||||
Net Amounts of Assets Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amounts | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amounts | ||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 137 | $ | — | $ | — | $ | 137 | $ | 93 | $ | 19 | $ | — | $ | 74 | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 240 | 63 | — | 177 | 290 | 97 | — | 193 | |||||||||||||||||
Exchange | 506 | 505 | — | 1 | 416 | 350 | 4 | 62 | |||||||||||||||||
Total | $ | 883 | $ | 568 | $ | — | $ | 315 | $ | 799 | $ | 466 | $ | 4 | $ | 329 | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | — | $ | — | $ | — | $ | 66 | $ | — | $ | 66 | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 262 | — | 262 | 191 | — | 191 | |||||||||||||||||||
Exchange | 838 | — | 838 | 393 | — | 393 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 1,100 | — | 1,100 | 650 | — | 650 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 2 | — | 2 | 11 | — | 11 | |||||||||||||||||||
Total(1) | $ | 1,102 | $ | — | $ | 1,102 | $ | 661 | $ | — | $ | 661 | |||||||||||||
-1 | At December 31, 2013, the total derivative liability balance contains $828 million of current liabilities, which is presented in current derivative liabilities in Dominion’s Consolidated Balance Sheet, and $274 million of noncurrent liabilities, which is presented in the other deferred credits and other liabilities in Dominion’s Consolidated Balance Sheet. At December 31, 2012, the total derivative liability balance contains $510 million of current liabilities, which is presented in current derivative liabilities in Dominion’s Consolidated Balance Sheet and $151 million of noncurrent liabilities, which is presented in other deferred credits and other liabilities in Dominion’s Consolidated Balance Sheet. | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet | ||||||||||||||||||||||||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Paid | Net Amounts | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Paid | Net Amounts | ||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | — | $ | — | $ | — | $ | — | $ | 66 | $ | 19 | $ | — | $ | 47 | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 262 | 63 | 69 | 130 | 191 | 97 | 20 | 74 | |||||||||||||||||
Exchange | 838 | 505 | 333 | — | 393 | 350 | 43 | — | |||||||||||||||||
Total | $ | 1,100 | $ | 568 | $ | 402 | $ | 130 | $ | 650 | $ | 466 | $ | 63 | $ | 121 | |||||||||
The following table presents the volume of Dominion's derivative activity as of December 31, 2013. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. | |||||||||||||||||||||||||
Current | Noncurrent | ||||||||||||||||||||||||
Natural Gas (bcf): | |||||||||||||||||||||||||
Fixed price(1) | 116 | 19 | |||||||||||||||||||||||
Basis(1) | 466 | 281 | |||||||||||||||||||||||
Electricity (MWh): | |||||||||||||||||||||||||
Fixed price(1) | 14,814,767 | 14,935,144 | |||||||||||||||||||||||
FTRs | 41,316,345 | 437,384 | |||||||||||||||||||||||
Capacity (MW) | 83,050 | 18,300 | |||||||||||||||||||||||
Liquids (gallons)(2) | 151,200,000 | — | |||||||||||||||||||||||
Interest rate | $ | 2,050,000,000 | $ | 750,000,000 | |||||||||||||||||||||
-1 | Includes options. | ||||||||||||||||||||||||
-2 | Includes NGLs and oil. | ||||||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, gains or losses on hedging instruments determined to be ineffective and amounts excluded from the assessment of effectiveness were not material. Amounts excluded from the assessment of effectiveness include gains or losses attributable to changes in the time value of options and changes in the differences between spot prices and forward prices. | |||||||||||||||||||||||||
The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion's Consolidated Balance Sheet at December 31, 2013: | |||||||||||||||||||||||||
AOCI | Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | Maximum | |||||||||||||||||||||||
After-Tax | Term | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Commodities: | |||||||||||||||||||||||||
Gas | $ | (3 | ) | $ | (3 | ) | 28 months | ||||||||||||||||||
Electricity | (172 | ) | (124 | ) | 36 months | ||||||||||||||||||||
Other | (3 | ) | (3 | ) | 29 months | ||||||||||||||||||||
Interest rate | (110 | ) | (7 | ) | 364 months | ||||||||||||||||||||
Total | $ | (288 | ) | $ | (137 | ) | |||||||||||||||||||
The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., anticipated sales) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in market prices and interest rates. | |||||||||||||||||||||||||
Fair Value and Gains and Losses on Derivative Instruments | |||||||||||||||||||||||||
The following tables present the fair values of Dominion's derivatives and where they are presented in its Consolidated Balance Sheets: | |||||||||||||||||||||||||
Fair Value - | Fair Value - | Total | |||||||||||||||||||||||
Derivatives | Derivatives | Fair | |||||||||||||||||||||||
under | not under | Value | |||||||||||||||||||||||
Hedge | Hedge | ||||||||||||||||||||||||
Accounting | Accounting | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 49 | $ | 522 | $ | 571 | |||||||||||||||||||
Interest rate | 116 | — | 116 | ||||||||||||||||||||||
Total current derivative assets | 165 | 522 | 687 | ||||||||||||||||||||||
Noncurrent Assets | |||||||||||||||||||||||||
Commodity | 28 | 154 | 182 | ||||||||||||||||||||||
Interest rate | 21 | — | 21 | ||||||||||||||||||||||
Total noncurrent derivative assets(1) | 49 | 154 | 203 | ||||||||||||||||||||||
Total derivative assets | $ | 214 | $ | 676 | $ | 890 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 267 | $ | 561 | $ | 828 | |||||||||||||||||||
Total current derivative liabilities | 267 | 561 | 828 | ||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Commodity | 119 | 155 | 274 | ||||||||||||||||||||||
Total noncurrent derivative liabilities(2) | 119 | 155 | 274 | ||||||||||||||||||||||
Total derivative liabilities | $ | 386 | $ | 716 | $ | 1,102 | |||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 103 | $ | 379 | $ | 482 | |||||||||||||||||||
Interest rate | 36 | — | 36 | ||||||||||||||||||||||
Total current derivative assets | 139 | 379 | 518 | ||||||||||||||||||||||
Noncurrent Assets | |||||||||||||||||||||||||
Commodity | 130 | 123 | 253 | ||||||||||||||||||||||
Interest rate | 57 | — | 57 | ||||||||||||||||||||||
Total noncurrent derivative assets(1) | 187 | 123 | 310 | ||||||||||||||||||||||
Total derivative assets | $ | 326 | $ | 502 | $ | 828 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 103 | $ | 341 | $ | 444 | |||||||||||||||||||
Interest rate | 66 | — | 66 | ||||||||||||||||||||||
Total current derivative liabilities | 169 | 341 | 510 | ||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Commodity | 58 | 93 | 151 | ||||||||||||||||||||||
Total noncurrent derivative liabilities(2) | 58 | 93 | 151 | ||||||||||||||||||||||
Total derivative liabilities | $ | 227 | $ | 434 | $ | 661 | |||||||||||||||||||
-1 | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion's Consolidated Balance Sheets. | ||||||||||||||||||||||||
-2 | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion's Consolidated Balance Sheets. | ||||||||||||||||||||||||
The following tables present the gains and losses on Dominion's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: | |||||||||||||||||||||||||
Derivatives in cash flow hedging | Amount of | Amount of | Increase | ||||||||||||||||||||||
relationships | Gain (Loss) | Gain (Loss) | (Decrease) | ||||||||||||||||||||||
Recognized | Reclassified | in | |||||||||||||||||||||||
in AOCI on | from AOCI | Derivatives | |||||||||||||||||||||||
Derivatives | to Income | Subject to | |||||||||||||||||||||||
(Effective | Regulatory | ||||||||||||||||||||||||
Portion)(1) | Treatment(2) | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (58 | ) | ||||||||||||||||||||||
Purchased gas | (47 | ) | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | (10 | ) | |||||||||||||||||||||||
Total commodity | $ | (481 | ) | $ | (115 | ) | $ | 5 | |||||||||||||||||
Interest rate(3) | 77 | (15 | ) | 81 | |||||||||||||||||||||
Total | $ | (404 | ) | $ | (130 | ) | $ | 86 | |||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | 188 | |||||||||||||||||||||||
Purchased gas | (75 | ) | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | (17 | ) | |||||||||||||||||||||||
Total commodity | $ | 71 | $ | 96 | $ | 10 | |||||||||||||||||||
Interest rate(3) | (84 | ) | (2 | ) | (35 | ) | |||||||||||||||||||
Total | $ | (13 | ) | $ | 94 | $ | (25 | ) | |||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | 153 | |||||||||||||||||||||||
Purchased gas | (78 | ) | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | (2 | ) | |||||||||||||||||||||||
Purchased electric capacity | 1 | ||||||||||||||||||||||||
Total commodity | $ | 137 | $ | 74 | $ | (20 | ) | ||||||||||||||||||
Interest rate(3) | (252 | ) | (8 | ) | (143 | ) | |||||||||||||||||||
Total | $ | (115 | ) | $ | 66 | $ | (163 | ) | |||||||||||||||||
-1 | Amounts deferred into AOCI have no associated effect in Dominion's Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion's Consolidated Statements of Income. | ||||||||||||||||||||||||
-3 | Amounts recorded in Dominion's Consolidated Statements of Income are classified in interest and related charges. | ||||||||||||||||||||||||
Derivatives not designated as hedging | Amount of Gain (Loss) Recognized in Income on Derivatives(1) | ||||||||||||||||||||||||
instruments | |||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (45 | ) | $ | 168 | $ | 111 | ||||||||||||||||||
Purchased gas | (9 | ) | (14 | ) | (35 | ) | |||||||||||||||||||
Electric fuel and other energy-related purchases | (29 | ) | (40 | ) | (45 | ) | |||||||||||||||||||
Interest rate(2) | — | 17 | (5 | ) | |||||||||||||||||||||
Total | $ | (83 | ) | $ | 131 | $ | 26 | ||||||||||||||||||
-1 | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion's Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Amounts recorded in Dominion's Consolidated Statements of Income are classified in interest and related charges. | ||||||||||||||||||||||||
VIRGINIA POWER | |||||||||||||||||||||||||
The tables below present Virginia Power's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 48 | $ | — | $ | 48 | $ | — | $ | — | $ | — | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 4 | — | 4 | 6 | — | 6 | |||||||||||||||||||
Exchange | 1 | — | 1 | — | — | — | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 53 | — | 53 | 6 | — | 6 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | — | — | — | — | — | — | |||||||||||||||||||
Total(1) | $ | 53 | $ | — | $ | 53 | $ | 6 | $ | — | $ | 6 | |||||||||||||
-1 | At December 31, 2013, the total derivative asset balance contains $53 million of current assets, which is presented in other current assets in Virginia Power’s Consolidated Balance Sheet. At December 31, 2012, the total derivative asset balance contains $6 million of current assets, which is presented in other current assets in Virginia Power’s Consolidated Balance Sheet. | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet | ||||||||||||||||||||||||
Net Amounts of Assets Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amounts | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amounts | ||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 48 | $ | — | $ | — | $ | 48 | $ | — | $ | — | $ | — | $ | — | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 4 | 4 | — | — | 6 | 3 | — | 3 | |||||||||||||||||
Exchange | 1 | — | — | 1 | — | — | — | — | |||||||||||||||||
Total | $ | 53 | $ | 4 | $ | — | $ | 49 | $ | 6 | $ | 3 | $ | — | $ | 3 | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | — | $ | — | $ | — | $ | 25 | $ | — | $ | 25 | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 12 | — | 12 | 7 | — | 7 | |||||||||||||||||||
Exchange | — | — | — | 2 | — | 2 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 12 | — | 12 | 34 | — | 34 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | — | — | — | — | — | — | |||||||||||||||||||
Total(1) | $ | 12 | $ | — | $ | 12 | $ | 34 | $ | — | $ | 34 | |||||||||||||
-1 | At December 31, 2013, the total derivative liability balance contains $12 million of current liabilities, which is presented in current derivative liabilities in Virginia Power’s Consolidated Balance Sheet. At December 31, 2012, the total derivative liability balance contains $33 million of current liabilities, which is presented in current derivative liabilities in Virginia Power’s Consolidated Balance Sheet and $1 million of noncurrent derivative liabilities, which is presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheet. | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet | ||||||||||||||||||||||||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Paid | Net Amounts | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Paid | Net Amounts | ||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | — | $ | — | $ | — | $ | — | $ | 25 | $ | — | $ | — | $ | 25 | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 12 | 4 | 7 | 1 | 7 | 3 | — | 4 | |||||||||||||||||
Exchange | — | — | — | — | 2 | — | 2 | — | |||||||||||||||||
Total | $ | 12 | $ | 4 | $ | 7 | $ | 1 | $ | 34 | $ | 3 | $ | 2 | $ | 29 | |||||||||
The following table presents the volume of Virginia Power's derivative activity at December 31, 2013. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. | |||||||||||||||||||||||||
Current | Noncurrent | ||||||||||||||||||||||||
Natural Gas (bcf): | |||||||||||||||||||||||||
Fixed price | 15 | — | |||||||||||||||||||||||
Basis | 7 | — | |||||||||||||||||||||||
Electricity (MWh): | |||||||||||||||||||||||||
Fixed price | 624,800 | — | |||||||||||||||||||||||
FTRs | 39,186,609 | — | |||||||||||||||||||||||
Capacity (MW) | 75,500 | 18,300 | |||||||||||||||||||||||
Interest rate | $ | 600,000,000 | $ | — | |||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, gains or losses on hedging instruments determined to be ineffective and amounts excluded from the assessment of effectiveness were not material. Amounts excluded from the assessment of effectiveness include gains or losses attributable to the time value of options and changes in the differences between spot prices and forward prices. | |||||||||||||||||||||||||
Fair Value and Gains and Losses on Derivative Instruments | |||||||||||||||||||||||||
The following tables present the fair values of Virginia Power's derivatives and where they are presented in its Consolidated Balance Sheets: | |||||||||||||||||||||||||
Fair Value - | Fair Value - | Total | |||||||||||||||||||||||
Derivatives | Derivatives | Fair | |||||||||||||||||||||||
under | not under | Value | |||||||||||||||||||||||
Hedge | Hedge | ||||||||||||||||||||||||
Accounting | Accounting | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 2 | $ | 3 | $ | 5 | |||||||||||||||||||
Interest rate | 48 | 48 | |||||||||||||||||||||||
Total current derivative assets(1) | 50 | 3 | 53 | ||||||||||||||||||||||
Total derivative assets | $ | 50 | $ | 3 | $ | 53 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 1 | $ | 11 | $ | 12 | |||||||||||||||||||
Total current derivative liabilities | 1 | 11 | 12 | ||||||||||||||||||||||
Total derivative liabilities | $ | 1 | $ | 11 | $ | 12 | |||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 1 | $ | 5 | $ | 6 | |||||||||||||||||||
Total current derivative assets(1) | 1 | 5 | 6 | ||||||||||||||||||||||
Total derivative assets | $ | 1 | $ | 5 | $ | 6 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 5 | $ | 3 | $ | 8 | |||||||||||||||||||
Interest rate | 25 | — | 25 | ||||||||||||||||||||||
Total current derivative liabilities | $ | 30 | $ | 3 | $ | 33 | |||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Commodity | 1 | — | 1 | ||||||||||||||||||||||
Total noncurrent derivative liabilities(2) | 1 | — | 1 | ||||||||||||||||||||||
Total derivative liabilities | $ | 31 | $ | 3 | $ | 34 | |||||||||||||||||||
-1 | Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. | ||||||||||||||||||||||||
-2 | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power's Consolidated Balance Sheets. | ||||||||||||||||||||||||
The following tables present the gains and losses on Virginia Power's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: | |||||||||||||||||||||||||
Derivatives in cash flow hedging | Amount of Gain | Amount of | Increase | ||||||||||||||||||||||
relationships | (Loss) | Gain (Loss) | (Decrease) in | ||||||||||||||||||||||
Recognized in | Reclassified | Derivatives | |||||||||||||||||||||||
AOCI on | from AOCI to | Subject to | |||||||||||||||||||||||
Derivatives | Income | Regulatory | |||||||||||||||||||||||
(Effective | Treatment(2) | ||||||||||||||||||||||||
Portion)(1) | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | — | |||||||||||||||||||||||
Total commodity | $ | — | $ | — | $ | 5 | |||||||||||||||||||
Interest rate(3) | 9 | — | 81 | ||||||||||||||||||||||
Total | $ | 9 | $ | — | $ | 86 | |||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | (4 | ) | ||||||||||||||||||||||
Total commodity | $ | (2 | ) | $ | (4 | ) | $ | 10 | |||||||||||||||||
Interest rate(3) | (6 | ) | — | (35 | ) | ||||||||||||||||||||
Total | $ | (8 | ) | $ | (4 | ) | $ | (25 | ) | ||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | (1 | ) | ||||||||||||||||||||||
Purchased electric capacity | 1 | ||||||||||||||||||||||||
Total commodity | $ | (3 | ) | $ | — | $ | (20 | ) | |||||||||||||||||
Interest rate(3) | (6 | ) | 1 | (143 | ) | ||||||||||||||||||||
Total | $ | (9 | ) | $ | 1 | $ | (163 | ) | |||||||||||||||||
-1 | Amounts deferred into AOCI have no associated effect in Virginia Power's Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power's Consolidated Statements of Income. | ||||||||||||||||||||||||
-3 | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in interest and related charges. | ||||||||||||||||||||||||
Derivatives not designated as hedging | Amount of Gain (Loss) Recognized | ||||||||||||||||||||||||
instruments | in Income on Derivatives(1) | ||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity(2) | $ | (16 | ) | $ | (50 | ) | $ | (45 | ) | ||||||||||||||||
Interest rate(3) | — | — | (5 | ) | |||||||||||||||||||||
Total | $ | (16 | ) | $ | (50 | ) | $ | (50 | ) | ||||||||||||||||
-1 | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power's Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. | ||||||||||||||||||||||||
-3 | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in interest and related charges. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Earnings Per Share | ' | |||||||||
EARNINGS PER SHARE | ||||||||||
The following table presents the calculation of Dominion's basic and diluted EPS: | ||||||||||
2013 | 2012 | 2011 | ||||||||
(millions, except EPS) | ||||||||||
Net income attributable to Dominion | $ | 1,697 | $ | 302 | $ | 1,408 | ||||
Average shares of common stock outstanding-Basic | 578.7 | 572.9 | 573.1 | |||||||
Net effect of dilutive securities(1) | 0.8 | 1 | 1.5 | |||||||
Average shares of common stock outstanding-Diluted | 579.5 | 573.9 | 574.6 | |||||||
Earnings Per Common Share-Basic | $ | 2.93 | $ | 0.53 | $ | 2.46 | ||||
Earnings Per Common Share-Diluted | $ | 2.93 | $ | 0.53 | $ | 2.45 | ||||
-1 | Dilutive securities consist primarily of contingently convertible senior notes. See Note 17 for more information. | |||||||||
Dominion's 2013 Series A Equity Units and 2013 Series B Equity Units issued in June 2013 are potentially dilutive securities but were excluded from the calculation of diluted EPS for the year ended December 31, 2013. See Note 17 for more information. There were no potentially dilutive securities excluded from the calculation of diluted EPS for the years ended December 31, 2012 and 2011. |
Investments
Investments | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||
Investments | ' | |||||||||||||
INVESTMENTS | ||||||||||||||
DOMINION | ||||||||||||||
Equity and Debt Securities | ||||||||||||||
RABBI TRUST SECURITIES | ||||||||||||||
Marketable equity and debt securities and cash equivalents held in Dominion's rabbi trusts and classified as trading totaled $107 million and $95 million at December 31, 2013 and 2012, respectively. Cost-method investments held in Dominion's rabbi trusts totaled $10 million and $14 million at December 31, 2013 and 2012, respectively. | ||||||||||||||
DECOMMISSIONING TRUST SECURITIES | ||||||||||||||
Dominion holds marketable equity and debt securities (classified as available-for-sale), cash equivalents and cost method investments in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. Dominion's decommissioning trust funds are summarized below: | ||||||||||||||
Amortized | Total | Total | Fair | |||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||
Gains (1) | Losses (1) | |||||||||||||
(millions) | ||||||||||||||
2013 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S.: | ||||||||||||||
Large Cap | $ | 1,183 | $ | 1,194 | $ | — | $ | 2,377 | ||||||
Other | 49 | 23 | — | 72 | ||||||||||
Marketable debt securities: | ||||||||||||||
Corporate debt instruments | 332 | 16 | (3 | ) | 345 | |||||||||
U.S. Treasury securities and agency debentures | 589 | 8 | (10 | ) | 587 | |||||||||
State and municipal | 297 | 11 | (5 | ) | 303 | |||||||||
Other | 3 | — | — | 3 | ||||||||||
Cost method investments | 106 | — | — | 106 | ||||||||||
Cash equivalents and other(2) | 110 | — | — | 110 | ||||||||||
Total | $ | 2,669 | $ | 1,252 | $ | (18 | ) | (3) | $ | 3,903 | ||||
2012 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S.: | ||||||||||||||
Large Cap | $ | 1,210 | $ | 732 | $ | — | $ | 1,942 | ||||||
Other | 40 | 13 | — | 53 | ||||||||||
Marketable debt securities: | ||||||||||||||
Corporate debt instruments | 295 | 30 | — | 325 | ||||||||||
U.S. Treasury securities and agency debentures | 523 | 19 | (2 | ) | 540 | |||||||||
State and municipal | 248 | 26 | — | 274 | ||||||||||
Other | 6 | 1 | — | 7 | ||||||||||
Cost method investments | 117 | — | — | 117 | ||||||||||
Cash equivalents and other(2) | 72 | — | — | 72 | ||||||||||
Total | $ | 2,511 | $ | 821 | $ | (2 | ) | (3) | $ | 3,330 | ||||
-1 | Included in AOCI and the decommissioning trust regulatory liability as discussed in Note 2. | |||||||||||||
-2 | Includes pending sales of securities of $11 million and pending purchases of securities of $6 million at December 31, 2013 and 2012, respectively. | |||||||||||||
-3 | The fair value of securities in an unrealized loss position was $604 million and $195 million at December 31, 2013 and 2012, respectively. | |||||||||||||
The fair value of Dominion's marketable debt securities held in nuclear decommissioning trust funds at December 31, 2013 by contractual maturity is as follows: | ||||||||||||||
Amount | ||||||||||||||
(millions) | ||||||||||||||
Due in one year or less | $ | 128 | ||||||||||||
Due after one year through five years | 357 | |||||||||||||
Due after five years through ten years | 362 | |||||||||||||
Due after ten years | 391 | |||||||||||||
Total | $ | 1,238 | ||||||||||||
Presented below is selected information regarding Dominion's marketable equity and debt securities held in nuclear decommissioning trust funds: | ||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||
(millions) | ||||||||||||||
Proceeds from sales | $ | 1,476 | $ | 1,356 | $ | 1,757 | ||||||||
Realized gains(1) | 157 | 98 | 79 | |||||||||||
Realized losses(1) | 33 | 33 | 92 | |||||||||||
-1 | Includes realized gains and losses recorded to the decommissioning trust regulatory liability as discussed in Note 2. | |||||||||||||
Dominion recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows: | ||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||
(millions) | ||||||||||||||
Total other-than-temporary impairment losses(1) | $ | 31 | $ | 26 | $ | 75 | ||||||||
Losses recorded to decommissioning trust regulatory liability | (13 | ) | (10 | ) | (24 | ) | ||||||||
Losses recognized in other comprehensive income (before taxes) | (10 | ) | (2 | ) | (3 | ) | ||||||||
Net impairment losses recognized in earnings | $ | 8 | $ | 14 | $ | 48 | ||||||||
-1 | Amounts include other-than-temporary impairment losses for debt securities of $18 million, $4 million and $6 million at December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Equity Method Investments | ||||||||||||||
Investments that Dominion accounts for under the equity method of accounting are as follows: | ||||||||||||||
Company | Ownership% | Investment Balance | Description | |||||||||||
As of December 31, | 2013 | 2012 | ||||||||||||
(millions) | ||||||||||||||
Blue Racer Midstream LLC | 50 | % | $ | 510 | $ | 39 | Midstream gas and related services | |||||||
Fowler I Holdings LLC | 50 | % | 149 | 158 | Wind-powered merchant generation facility | |||||||||
NedPower Mount Storm LLC | 50 | % | 131 | 137 | Wind-powered merchant generation facility | |||||||||
Iroquois Gas Transmission System, LP | 24.72 | % | 105 | 102 | Gas transmission system | |||||||||
Elwood Energy LLC(1) | — | % | — | 117 | Natural gas-fired merchant generation peaking facility | |||||||||
Other(2) | various | 21 | 5 | |||||||||||
Total | $ | 916 | $ | 558 | ||||||||||
(1) Following the 2013 sale of Elwood, at December 31, 2013, Dominion retained a 0.5% cost method investment. At December 31, 2012, Dominion owned 50% and Elwood was therefore considered an equity method investment. | ||||||||||||||
(2) Dominion has a $50 million commitment to invest in clean power and technology businesses through 2018. | ||||||||||||||
Dominion's equity earnings on these investments totaled $14 million, $25 million and $35 million in 2013, 2012 and 2011, respectively. Dominion received distributions from these investments of $33 million, $58 million and $55 million in 2013, 2012, and 2011, respectively. As of December 31, 2013 and 2012, the carrying amount of Dominion's investments exceeded Dominion's share of underlying equity in net assets by approximately $36 million and $30 million, respectively. $28 million of the differences relate to Dominion's investments in wind projects and primarily reflect its capitalized interest during construction and the excess of its cash contributions over the book value of development assets contributed by Dominion's partners for these projects, which are being amortized over the useful lives of the underlying assets. The remaining $8 million of differences reflect equity method goodwill and are not being amortized. | ||||||||||||||
BLUE RACER | ||||||||||||||
In December 2012, Dominion formed a joint venture with Caiman to provide midstream services to natural gas producers operating in the Utica Shale region in Ohio and portions of Pennsylvania. The joint venture, Blue Racer, is an equal partnership between Dominion and Caiman, with Dominion contributing midstream assets and Caiman contributing private equity capital. In return for its December 2012 contribution of assets to the joint venture, Dominion received a 50% interest in Blue Racer and received $115 million in cash proceeds, resulting in a gain of $72 million ($43 million after-tax), net of transaction fees of $9 million, which is recorded in other operations and maintenance expense in Dominion's Consolidated Statement of Income. | ||||||||||||||
In March 2013, Dominion sold Line TL-404 to Blue Racer and received approximately $47 million in cash proceeds resulting in an approximately $25 million ($14 million after-tax) gain. Phase 1 of the Natrium natural gas processing and fractionation facility was completed in the second quarter of 2013 and was contributed to Blue Racer in the third quarter of 2013, resulting in an increased equity method investment in Blue Racer of $473 million. Also in the third quarter of 2013, Dominion sold Line TPL-2A and Line TL-388 to Blue Racer and received approximately $83 million in cash proceeds resulting in an approximately $75 million ($42 million after-tax) gain. In the fourth quarter of 2013, Dominion sold the Western System to Blue Racer for $30 million in cash proceeds resulting in an approximately $4 million ($2 million after-tax) gain. Dominion NGL Pipelines, LLC was contributed in January 2014 to Blue Racer prior to commencement of service, resulting in an increased equity method investment of $155 million. | ||||||||||||||
The joint venture is leveraging Dominion's existing presence in the Utica region with significant additional new capacity designed to meet producer needs as the Utica Shale acreage is developed. Midstream services offered include gathering, processing, fractionation, and NGL transportation and marketing. In addition to the assets already sold or contributed, Dominion expects to sell additional East Ohio gathering assets to Blue Racer. | ||||||||||||||
VIRGINIA POWER | ||||||||||||||
Virginia Power holds marketable equity and debt securities (classified as available-for-sale), cash equivalents and cost method investments in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. Virginia Power's decommissioning trust funds are summarized below: | ||||||||||||||
Amortized | Total | Total | Fair | |||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||
Gains (1) | Losses (1) | |||||||||||||
(millions) | ||||||||||||||
2013 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S.: | ||||||||||||||
Large Cap | $ | 506 | $ | 514 | $ | — | $ | 1,020 | ||||||
Other | 25 | 11 | — | 36 | ||||||||||
Marketable debt securities: | ||||||||||||||
Corporate debt instruments | 185 | 8 | (2 | ) | 191 | |||||||||
U.S. Treasury securities and agency debentures | 214 | 1 | (3 | ) | 212 | |||||||||
State and municipal | 163 | 4 | (4 | ) | 163 | |||||||||
Cost method investments | 106 | — | — | 106 | ||||||||||
Cash equivalents and other(2) | 37 | — | — | 37 | ||||||||||
Total | $ | 1,236 | $ | 538 | $ | (9 | ) | (3) | $ | 1,765 | ||||
2012 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S.: | ||||||||||||||
Large Cap | $ | 481 | $ | 298 | $ | — | $ | 779 | ||||||
Other | 20 | 7 | — | 27 | ||||||||||
Marketable debt securities: | ||||||||||||||
Corporate debt instruments | 179 | 17 | — | 196 | ||||||||||
U.S. Treasury securities and agency debentures | 231 | 4 | (1 | ) | 234 | |||||||||
State and municipal | 106 | 11 | — | 117 | ||||||||||
Other | 1 | — | — | 1 | ||||||||||
Cost method investments | 117 | — | — | 117 | ||||||||||
Cash equivalents and other(2) | 44 | — | — | 44 | ||||||||||
Total | $ | 1,179 | $ | 337 | $ | (1 | ) | (3) | $ | 1,515 | ||||
-1 | Included in AOCI and the decommissioning trust regulatory liability as discussed in Note 2. | |||||||||||||
-2 | Includes pending sales of securities of $6 million at December 31, 2013 and 2012. | |||||||||||||
-3 | The fair value of securities in an unrealized loss position was $299 million and $104 million at December 31, 2013 and 2012, respectively. | |||||||||||||
The fair value of Virginia Power's debt securities at December 31, 2013, by contractual maturity is as follows: | ||||||||||||||
Amount | ||||||||||||||
(millions) | ||||||||||||||
Due in one year or less | $ | 31 | ||||||||||||
Due after one year through five years | 163 | |||||||||||||
Due after five years through ten years | 196 | |||||||||||||
Due after ten years | 176 | |||||||||||||
Total | $ | 566 | ||||||||||||
Presented below is selected information regarding Virginia Power's marketable equity and debt securities. | ||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||
(millions) | ||||||||||||||
Proceeds from sales | $ | 572 | $ | 626 | $ | 1,030 | ||||||||
Realized gains(1) | 52 | 42 | 34 | |||||||||||
Realized losses(1) | 14 | 11 | 34 | |||||||||||
-1 | Includes realized gains and losses recorded to the decommissioning trust regulatory liability as discussed in Note 2. | |||||||||||||
Virginia Power recorded other-than-temporary impairment losses on investments as follows: | ||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||
(millions) | ||||||||||||||
Total other-than-temporary impairment losses(1) | $ | 15 | $ | 11 | $ | 29 | ||||||||
Losses recorded to decommissioning trust regulatory liability | (13 | ) | (10 | ) | (24 | ) | ||||||||
Losses recorded in other comprehensive income (before taxes) | (1 | ) | — | (1 | ) | |||||||||
Net impairment losses recognized in earnings | $ | 1 | $ | 1 | $ | 4 | ||||||||
-1 | Amounts include other-than-temporary impairment losses for debt securities of $9 million, $2 million and $4 million at December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
OTHER INVESTMENTS | ||||||||||||||
Dominion and Virginia Power hold restricted cash and cash equivalent balances that primarily consist of money market fund investments held in trust for the purpose of funding certain qualifying construction projects. At December 31, 2013 and 2012, Dominion had $11 million and $37 million, respectively, and Virginia Power had $8 million and $10 million, respectively, of restricted cash and cash equivalents. These balances are presented in Other Current Assets and Other Investments in the Consolidated Balance Sheets. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property, Plant and Equipment, Net [Abstract] | ' | ||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||||||
Major classes of property, plant and equipment and their respective balances for the Companies are as follows: | |||||||||||||
At December 31, | 2013 | 2012 | |||||||||||
(millions) | |||||||||||||
Dominion | |||||||||||||
Utility: | |||||||||||||
Generation | $ | 14,018 | $ | 13,707 | |||||||||
Transmission | 8,686 | 7,799 | |||||||||||
Distribution | 11,714 | 11,071 | |||||||||||
Storage | 2,190 | 2,137 | |||||||||||
Nuclear fuel | 1,375 | 1,277 | |||||||||||
Gas gathering and processing | 787 | 803 | |||||||||||
General and other | 812 | 803 | |||||||||||
Other-including plant under construction | 3,261 | 2,232 | |||||||||||
Total utility | 42,843 | 39,829 | |||||||||||
Nonutility: | |||||||||||||
Merchant generation-nuclear | 1,153 | 1,163 | |||||||||||
Merchant generation-other(1) | 1,328 | 1,289 | |||||||||||
Nuclear fuel | 770 | 775 | |||||||||||
Other-including plant under construction | 875 | 1,265 | |||||||||||
Total nonutility | 4,126 | 4,492 | |||||||||||
Total property, plant and equipment | $ | 46,969 | $ | 44,321 | |||||||||
Virginia Power | |||||||||||||
Utility: | |||||||||||||
Generation | $ | 14,018 | $ | 13,707 | |||||||||
Transmission | 4,959 | 4,261 | |||||||||||
Distribution | 9,103 | 8,701 | |||||||||||
Nuclear fuel | 1,375 | 1,277 | |||||||||||
General and other | 668 | 659 | |||||||||||
Other-including plant under construction | 2,719 | 2,017 | |||||||||||
Total utility | 32,842 | 30,622 | |||||||||||
Nonutility-other | 6 | 9 | |||||||||||
Total property, plant and equipment | $ | 32,848 | $ | 30,631 | |||||||||
-1 | 2012 amount includes $957 million due to consolidation of a VIE. See Note 15 for further information. | ||||||||||||
Jointly-Owned Power Stations | |||||||||||||
Dominion's and Virginia Power's proportionate share of jointly-owned power stations at December 31, 2013 is as follows: | |||||||||||||
Bath | North | Clover | Millstone | ||||||||||
County | Anna Units 1 and 2(1) | Power | Unit 3(2) | ||||||||||
Pumped | Station(1) | ||||||||||||
Storage | |||||||||||||
Station(1) | |||||||||||||
(millions, except percentages) | |||||||||||||
Ownership interest | 60 | % | 88.4 | % | 50 | % | 93.5 | % | |||||
Plant in service | $ | 1,038 | $ | 2,486 | $ | 568 | $ | 1,007 | |||||
Accumulated depreciation | (536 | ) | (1,109 | ) | (199 | ) | (262 | ) | |||||
Nuclear fuel | — | 597 | — | 388 | |||||||||
Accumulated amortization of nuclear fuel | — | (434 | ) | — | (283 | ) | |||||||
Plant under construction | 23 | 76 | 6 | 69 | |||||||||
-1 | Units jointly owned by Virginia Power. | ||||||||||||
-2 | Unit jointly owned by Dominion. | ||||||||||||
The co-owners are obligated to pay their share of all future construction expenditures and operating costs of the jointly-owned facilities in the same proportion as their respective ownership interest. Dominion and Virginia Power report their share of operating costs in the appropriate operating expense (electric fuel and other energy-related purchases, other operations and maintenance, depreciation, depletion and amortization and other taxes, etc.) in the Consolidated Statements of Income. | |||||||||||||
Assignment of Marcellus Acreage | |||||||||||||
In December 2013, DTI closed on agreements with two natural gas producers to convey approximately 100,000 acres of Marcellus Shale development rights underneath several of its natural gas storage fields. The agreements provide for payments to DTI, subject to customary adjustments, of approximately $200 million over a period of nine years, and an overriding royalty interest in gas produced from the acreage. In 2013, Dominion received approximately $100 million in cash proceeds, resulting in an approximately $20 million ($12 million-after tax) gain and approximately $80 million deferred revenue, which will be recognized over the remaining terms of the agreements. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||
Goodwill | ||||||||||||||||||||
The changes in Dominion's carrying amount and segment allocation of goodwill are presented below: | ||||||||||||||||||||
Dominion | Dominion | DVP | Corporate | Total | ||||||||||||||||
Generation | Energy | and | ||||||||||||||||||
Other(1) | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Balance at December 31, 2011(2) | $ | 1,503 | (3) | $ | 712 | $ | 926 | (3) | $ | — | $ | 3,141 | ||||||||
Asset disposition adjustment | — | (11 | ) | (5) | — | — | (11 | ) | ||||||||||||
Balance at December 31, 2012(2) | $ | 1,503 | $ | 701 | $ | 926 | $ | — | $ | 3,130 | ||||||||||
Asset disposition adjustment | (19 | ) | (4) | (25 | ) | (5) | — | — | (44 | ) | ||||||||||
Balance at December 31, 2013(2) | $ | 1,484 | $ | 676 | $ | 926 | $ | — | $ | 3,086 | ||||||||||
-1 | Goodwill recorded at the Corporate and Other segment is allocated to the primary operating segments for goodwill impairment testing purposes. | |||||||||||||||||||
-2 | Goodwill amounts do not contain any accumulated impairment losses. | |||||||||||||||||||
-3 | Recast to reflect nonregulated retail energy marketing operations in the Dominion Generation segment. | |||||||||||||||||||
-4 | See Note 3 for a discussion of Dominion's dispositions and related goodwill write-offs. | |||||||||||||||||||
-5 | Related to assets sold or contributed to Blue Racer. | |||||||||||||||||||
Other Intangible Assets | ||||||||||||||||||||
Dominion's and Virginia Power's other intangible assets are subject to amortization over their estimated useful lives. Dominion's amortization expense for intangible assets was $72 million, $82 million and $78 million for 2013, 2012 and 2011, respectively. In 2013, Dominion acquired $81 million of intangible assets, primarily representing software, with an estimated weighted-average amortization period of approximately 10 years. Amortization expense for Virginia Power's intangible assets was $22 million for 2013, 2012, and 2011. In 2013, Virginia Power acquired $14 million of intangible assets, primarily representing software, with an estimated weighted-average amortization period of 5 years. The components of intangible assets are as follows: | ||||||||||||||||||||
At December 31, | 2013 | 2012 | ||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||
Amount | Amount | |||||||||||||||||||
(millions) | ||||||||||||||||||||
Dominion | ||||||||||||||||||||
Software, licenses and other | $ | 867 | $ | 308 | $ | 859 | $ | 327 | ||||||||||||
Emissions allowances | 3 | 2 | 5 | 1 | ||||||||||||||||
Total | $ | 870 | $ | 310 | $ | 864 | $ | 328 | ||||||||||||
Virginia Power | ||||||||||||||||||||
Software, licenses and other | $ | 271 | $ | 78 | $ | 303 | $ | 122 | ||||||||||||
Total | $ | 271 | $ | 78 | $ | 303 | $ | 122 | ||||||||||||
Annual amortization expense for these intangible assets is estimated to be as follows: | ||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||
(millions) | ||||||||||||||||||||
Dominion | $ | 69 | $ | 59 | $ | 50 | $ | 40 | $ | 29 | ||||||||||
Virginia Power | $ | 21 | $ | 15 | $ | 12 | $ | 9 | $ | 5 | ||||||||||
Regulatory_Assets_and_Liabilit
Regulatory Assets and Liabilities | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ||||||
Regulatory Assets and Liabilities | ' | ||||||
REGULATORY ASSETS AND LIABILITIES | |||||||
Regulatory assets and liabilities include the following: | |||||||
At December 31, | 2013 | 2012 | |||||
(millions) | |||||||
Dominion | |||||||
Regulatory assets: | |||||||
Deferred rate adjustment clause costs(1) | $ | 89 | $ | 55 | |||
Unrecovered gas costs(2) | 50 | 59 | |||||
Virginia sales taxes(3) | 46 | 37 | |||||
Derivatives(4) | 16 | — | |||||
Plant retirement(5) | 1 | 25 | |||||
Other | 15 | 27 | |||||
Regulatory assets-current(6) | 217 | 203 | |||||
Unrecognized pension and other postretirement benefit costs(7) | 706 | 1,210 | |||||
Deferred rate adjustment clause costs(1) | 287 | 173 | |||||
Income taxes recoverable through future rates(8) | 155 | 140 | |||||
Derivatives(4) | 16 | 105 | |||||
Other postretirement benefit costs(9) | 12 | 21 | |||||
Plant retirement(5) | 10 | 11 | |||||
Other | 42 | 57 | |||||
Regulatory assets-non-current | 1,228 | 1,717 | |||||
Total regulatory assets | $ | 1,445 | $ | 1,920 | |||
Regulatory liabilities: | |||||||
PIPP(10) | $ | 76 | $ | 100 | |||
Deferred cost of fuel used in electric generation(11) | 24 | 7 | |||||
Other | 28 | 29 | |||||
Regulatory liabilities-current(12) | 128 | 136 | |||||
Provision for future cost of removal and AROs(13) | 1,028 | 985 | |||||
Decommissioning trust(14) | 693 | 501 | |||||
Unrecognized pension and other postretirement benefit costs(7) | 174 | 2 | |||||
Deferred cost of fuel used in electric generation(11) | 90 | 13 | |||||
Other | 16 | 13 | |||||
Regulatory liabilities-non-current | 2,001 | 1,514 | |||||
Total regulatory liabilities | $ | 2,129 | $ | 1,650 | |||
Virginia Power | |||||||
Regulatory assets: | |||||||
Deferred rate adjustment clause costs(1) | $ | 62 | $ | 51 | |||
Virginia sales taxes(3) | 46 | 37 | |||||
Derivatives(4) | 16 | — | |||||
Plant retirement(5) | 1 | 25 | |||||
Other | 3 | 6 | |||||
Regulatory assets-current | 128 | 119 | |||||
Deferred rate adjustment clause costs(1) | 227 | 127 | |||||
Income taxes recoverable through future rates(8) | 124 | 110 | |||||
Derivatives(4) | 16 | 105 | |||||
Plant retirement(5) | 10 | 11 | |||||
Other | 40 | 43 | |||||
Regulatory assets-non-current | 417 | 396 | |||||
Total regulatory assets | $ | 545 | $ | 515 | |||
Regulatory liabilities: | |||||||
Deferred cost of fuel used in electric generation(11) | $ | 24 | $ | 7 | |||
Other | 17 | 25 | |||||
Regulatory liabilities-current | 41 | 32 | |||||
Provision for future cost of removal(13) | 807 | 763 | |||||
Decommissioning trust(14) | 693 | 501 | |||||
Deferred cost of fuel used in electric generation(11) | 90 | 14 | |||||
Other | 7 | 7 | |||||
Regulatory liabilities-non-current | 1,597 | 1,285 | |||||
Total regulatory liabilities | $ | 1,638 | $ | 1,317 | |||
-1 | Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. See Note 13 for more information. | ||||||
(2) Reflects unrecovered gas costs at Dominion's regulated gas operations, which are recovered through annual filings with the applicable regulatory authority. | |||||||
-3 | Amounts to be recovered through an annual surcharge to reimburse Virginia Power for incremental sales taxes being incurred due to the repeal of the public service company sales tax exemption in Virginia. | ||||||
-4 | As discussed under Derivative Instruments in Note 2, for jurisdictions subject to cost-based rate regulation, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities as they are expected to be recovered from or refunded to customers. | ||||||
-5 | Reflects costs anticipated to be recovered in North Carolina base rates for certain coal units expected to be retired. | ||||||
(6) Current regulatory assets are presented in other current assets in Dominion's Consolidated Balance Sheets. | |||||||
-7 | Represents unrecognized pension and other postretirement benefit costs expected to be recovered through future rates generally over the expected remaining service period of plan participants by certain of Dominion's rate-regulated subsidiaries. | ||||||
-8 | Amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity and depreciation of property, plant and equipment for which deferred income taxes were not recognized for ratemaking purposes, including amounts attributable to tax rate changes. | ||||||
-9 | Primarily reflects costs recognized in excess of amounts included in regulated rates charged by Dominion's regulated gas operations before rates were updated to reflect a change in accounting method for other postretirement benefit costs. | ||||||
-10 | Under PIPP, eligible customers can receive energy assistance based on their ability to pay. The difference between the customer's total bill and the PIPP plan amount is deferred and collected or returned annually under the PIPP rider according to East Ohio tariff provisions. See Note 13 for more information regarding PIPP. | ||||||
-11 | Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Virginia Power's generation operations. For 2013, amount includes approximately $5 million related to DOE claims. See Note 13 for more information. | ||||||
(12) Current regulatory liabilities are presented in other current liabilities in Dominion's Consolidated Balance Sheets. | |||||||
-13 | Rates charged to customers by the Companies' regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. | ||||||
-14 | Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power's utility nuclear generation stations, in excess of the related ARO. | ||||||
At December 31, 2013, approximately $129 million of Dominion's and $63 million of Virginia Power's regulatory assets represented past expenditures on which they do not currently earn a return. The majority of these expenditures are expected to be recovered within the next two years. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | |
Dec. 31, 2013 | ||
Regulatory Matters [Abstract] | ' | |
Regulatory Matters | ' | |
REGULATORY MATTERS | ||
Regulatory Matters Involving Potential Loss Contingencies | ||
As a result of issues generated in the ordinary course of business, Dominion and Virginia Power are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders, or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters for which the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss does not represent the Companies' maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on Dominion's or Virginia Power's financial position, liquidity or results of operations. | ||
FERC - Electric | ||
Under the Federal Power Act, FERC regulates wholesale sales and transmission of electricity in interstate commerce by public utilities. Dominion's merchant generators sell electricity in the PJM, MISO and ISO-NE wholesale markets under Dominion's market-based sales tariffs authorized by FERC. Virginia Power purchases and, under its FERC market-based rate authority, sells electricity in the wholesale market. In addition, Virginia Power has FERC approval of a tariff to sell wholesale power at capped rates based on its embedded cost of generation. This cost-based sales tariff could be used to sell to loads within or outside Virginia Power's service territory. Any such sales would be voluntary. | ||
Rates | ||
In April 2008, FERC granted an application for Virginia Power's electric transmission operations to establish a forward-looking formula rate mechanism that updates transmission rates on an annual basis and approved an ROE of 11.4%, effective as of January 1, 2008. The formula rate is designed to recover the expected revenue requirement for each calendar year and is updated based on actual costs. The FERC-approved formula method, which is based on projected costs, allows Virginia Power to earn a current return on its growing investment in electric transmission infrastructure. | ||
In July 2008, Virginia Power filed an application with FERC requesting a revision to its revenue requirement to reflect an additional ROE incentive adder for eleven electric transmission enhancement projects. Under the proposal, the cost of transmission service would increase to include an ROE incentive adder for each of the eleven projects, beginning the date each project enters commercial operation (but not before January 1, 2009). Virginia Power proposed an incentive of 1.5% for four of the projects (including the Meadow Brook-to-Loudoun and Carson-to-Suffolk lines, which were completed in 2011) and an incentive of 1.25% for the other seven projects. In August 2008, FERC approved the proposal, effective September 1, 2008, the incentives were included in the PJM Tariff, and billing for the incentives was made accordingly. In 2012, PJM canceled one of the eleven projects with an estimated cost of $7 million. The total cost for the other ten projects included in Virginia Power's formula rate for 2014 is $857 million and the remaining projects were completed by 2012. Numerous parties sought rehearing of the FERC order in August 2008. In May 2012, FERC issued an order denying the rehearing requests. In July 2012, the North Carolina Commission filed an appeal of the FERC orders with the U.S. Court of Appeals for the Fourth Circuit. In January 2014, the court rejected the appeal and affirmed FERC's decision granting the incentives. | ||
In March 2010, ODEC and NCEMC filed a complaint with FERC against Virginia Power claiming that approximately $223 million in transmission costs related to specific projects were unjust, unreasonable and unduly discriminatory or preferential and should be excluded from Virginia Power's transmission formula rate. ODEC and NCEMC requested that FERC establish procedures to determine the amount of costs for each applicable project that should be excluded from Virginia Power's rates. In October 2010, FERC issued an order dismissing the complaint in part and established hearings and settlement procedures on the remaining part of the complaint. In February 2012, Virginia Power submitted to FERC a settlement agreement to resolve all issues set for hearing. All transmission customer parties to the proceeding joined the settlement. The Virginia Commission, North Carolina Commission and Public Staff of the North Carolina Commission, while not parties to the settlement, have agreed to not oppose the settlement. The settlement was accepted by FERC in May 2012 and provides for payment by Virginia Power to the transmission customer parties collectively of $250,000 per year for ten years and resolves all matters other than allocation of the incremental cost of certain underground transmission facilities, which has been briefed pursuant to FERC's May 2012 order and awaits FERC action. While Virginia Power cannot predict the outcome of the briefing, it is not expected to have a material effect on results of operations. | ||
Other Regulatory Matters | ||
Electric Regulation in Virginia | ||
The Regulation Act enacted in 2007 instituted a cost-of-service rate model, ending Virginia's planned transition to retail competition for electric supply service to most classes of customers. | ||
The Regulation Act authorizes stand-alone rate adjustment clauses for recovery of costs for new generation projects, FERC-approved transmission costs, environmental compliance, conservation and energy efficiency programs and renewable energy programs, and also constitutes statutory provisions directing Virginia Power to file annual fuel cost recovery cases with the Virginia Commission. As amended, it provides for enhanced returns on capital expenditures on specific newly proposed generation projects. | ||
If the Virginia Commission's future rate decisions, including actions relating to Virginia Power's rate adjustment clause filings, differ materially from Virginia Power's expectations, it may adversely affect its results of operations, financial condition and cash flows. | ||
2013 Biennial Review | ||
Pursuant to the Regulation Act, in March 2013, Virginia Power submitted its base rate filings and accompanying schedules in support of the Virginia Commission's 2013 biennial review of Virgina Power's rates, terms and conditions, as well as of Virginia Power's earnings for 2011 and 2012 test periods. The Virginia Power earnings test analysis reviewed by the Virginia Commission reflected an ROE of 10.30% on its generation and distribution services earnings for the combined test periods. | ||
In November 2013, the Virginia Commission issued its 2013 Biennial Review Order. After deciding eleven contested earnings test adjustments, the Virginia Commission ruled that Virginia Power earned on average an ROE of approximately 10.25% on its generation and distribution services for the combined 2011 and 2012 test periods. Because this ROE was more than 50 basis points below Virginia Power’s authorized ROE of 10.9%, the Virginia Commission authorized the deferred recovery, for earnings test purposes, of $23 million in costs related to asset impairments with early retirement decisions, severe weather events, and natural disasters to be amortized over the 2013 calendar year. The Virginia Commission did not order a base rate increase because Virginia Power had previously waived its right to any such increase, and because it determined that Virginia Power had a revenue sufficiency of approximately $280 million when projecting the annual revenues generated by base rates to the revenues required to cover costs of service and earn a fair return. As part of its revenue sufficiency determination, the Virginia Commission also made findings on eleven rate case adjustments, in addition to changes to the cost of capital and capital structure, which resulted in changes to Virginia Power’s rate year revenues and expenses, and Virginia Power’s rate base for generation and distribution, for the rate year beginning January 1, 2014. Virginia Power incurred a $55 million ($37 million after-tax) charge in connection with the 2013 Biennial Review Order. | ||
In its 2013 Biennial Review Order, the Virginia Commission also set the ROE that will be used in Virginia Power’s 2015 biennial review earnings test analysis for earnings on generation and distribution services for the combined 2013 and 2014 test periods, and that will be applied to Riders R, S, W, B, BW, C1A, and C2A. Pursuant to the Regulation Act, Virginia Power’s authorized ROE can be no lower than the average of the returns reported for the three previous years by not less than a majority of comparable utilities in the Southeastern U.S., subject to certain limitations as described in the Regulation Act. Following this statutory peer group analysis, the Virginia Commission determined that the peer group floor ROE for Virginia Power was 9.89%. It further held, declining to increase or decrease Virginia Power’s combined rate of return based on performance, that Virginia Power’s ROE for earnings test purposes in its 2015 biennial review and for rate adjustment clause purposes is 10.0%, consistent with its determination that Virginia Power’s market cost of equity is 10.0%. | ||
Virginia Fuel Expenses | ||
In May 2013, Virginia Power submitted its annual fuel factor filing to the Virginia Commission, proposing an increase of approximately $162 million in fuel revenue for the rate year beginning July 1, 2013. In June 2013, the Virginia Commission issued an order approving the rate. | ||
In November 2013, the Virginia Commission approved Virginia Power’s voluntary request to reduce Virginia Power’s currently-approved fuel factor rate from 2.942 ¢/kWh to 2.572 ¢/kWh effective for usage on and after December 1, 2013, due to an expected over-recovery of fuel costs. This request is expected to reduce Virginia Power’s anticipated fuel recoveries through June 30, 2014 by more than $140 million. At December 31, 2013, Virginia Power's Consolidated Balance Sheets reflected $24 million of other current liabilities and $85 million of noncurrent regulatory liabilities related to the over-recovered fuel costs. | ||
Rate Adjustment Clauses | ||
Below is a discussion of significant riders associated with various Virginia Power projects: | ||
• | In 2012, the Virginia Commission approved the conversion of the Altavista, Hopewell, and Southampton power stations to biomass, and in conjunction approved Rider B. Virginia Power proposed an approximately $16 million revenue requirement for the rate year beginning April 1, 2014. This case is pending. | |
• | In 2013, the Virginia Commission approved Virginia Power's request to construct and operate Brunswick County, and in conjunction approved the associated transmission facilities and Rider BW. Virginia Power proposed an approximately $101 million revenue requirement for the rate year beginning September 1, 2014. This case is pending. | |
• | The Virginia Commission previously approved Rider S in conjunction with the Virginia City Hybrid Energy Center. Virginia Power proposed an approximately $248 million revenue requirement for the rate year beginning April 1, 2014. This case is pending. | |
• | The Virginia Commission previously approved Rider W in conjunction with Warren County. Virginia Power proposed an approximately $101 million total revenue requirement for the rate year beginning April 1, 2014. This case is pending. | |
• | The Virginia Commission approved Riders C1A and C2A in connection with various DSM programs. The requested revenue requirements are approximately $1 million for Rider C1A and approximately $35 million for Rider C2A. This case is pending. | |
• | In May 2013, Virginia Power filed for an adjustment to its current Rider T1 with the Virginia Commission for the rate year beginning September 1, 2013, which reflects a total revenue requirement of approximately $404 million. In July 2013, the Virginia Commission issued an order approving the rate. | |
Bremo Power Station | ||
In September 2013, the Virginia Commission issued its final order approving an amended and reissued CPCN that would allow Virginia Power to convert Bremo Units 3 and 4 from using coal to natural gas as their fuel source. The proposed conversion will preserve 227 MW (net) of existing capacity and is expected to cost approximately $53 million, excluding financing costs. | ||
North Anna | ||
Virginia Power is considering the construction of a third nuclear unit at a site located at North Anna. In April 2013, Virginia Power decided to replace the reactor design previously selected for a potential unit with ESBWR technology. | ||
If Virginia Power decides to build a new unit, it must first receive a COL from the NRC, the approval of the Virginia Commission and certain environmental permits and other approvals. Virginia Power filed the first of its two-part amendment to the COL application with the NRC in July 2013 to reflect the ESBWR technology, and filed the second part of the amendment in December 2013. A COL is expected in 2015. Virginia Power has not yet committed to building a new nuclear unit at North Anna. | ||
In May 2013, BREDL filed a motion with the NRC ASLB to reopen the COL adjudicatory proceeding relating to North Anna based on new information, citing the change in reactor technology. The motion did not propose any new contentions but asked that either (i) the proceeding be restarted from the beginning by submittal of a new application and renoticing in the Federal Register, or (ii) the proceeding be reopened pending submittal of new contentions, which BREDL would be given an extended amount of time to file. | ||
In July 2013, the ASLB issued an order holding BREDL’s motion in abeyance. The ASLB noted that because BREDL proposed no contentions, it could not determine whether any portion of the motion falls within the ASLB’s jurisdiction, which is currently limited to ruling on a September 2011 petition filed by BREDL to reopen the COL proceeding related to seismic issues. In January 2014, Virginia Power informed the ASLB and parties that the Company’s assessment of seismic issues was complete. Under a previous ruling of the ASLB, BREDL will have a period of 60 days from the time Virginia Power informs the NRC and parties that its seismic assessment is complete to submit a motion to reopen the proceeding on this topic. | ||
Legislation has been proposed that would limit the portion of costs incurred by an investor-owned electric utility between July 1, 2007 and December 31, 2013, in developing a nuclear power facility or an offshore wind project that are recoverable from Virginia jurisdictional and non-jurisdictional customers through a future rate adjustment clause to a maximum of 30% of such amount. Virginia Power has deferred or capitalized costs totaling $570 million as of December 31, 2013 related to the development of a third nuclear unit site located at North Anna. If this proposed legislation is enacted, 70% of the costs previously deferred or capitalized would be recovered from Virginia jurisdictional and non-jurisdictional ratepayers as part of the 2013 and 2014 base rates. Upon enactment, Virginia Power would recognize 70% of the costs previously deferred or capitalized against net income in 2014. The remaining deferred or capitalized costs, as well as costs incurred after December 31, 2013, would continue to be eligible for inclusion in a future rate adjustment clause. | ||
Electric Transmission Projects | ||
In January 2013, a notice of appeal was filed with the Supreme Court of Virginia by a private party regarding the Virginia Commission's December 2012 order granting a CPCN and authorizing construction of the Waxpool-Brambleton-BECO line. In October 2013, the Supreme Court of Virginia issued an opinion affirming the Virginia Commission’s decision. | ||
In October 2013, Virginia Power applied for a CPCN to rebuild within existing rights-of-way its existing 500 kV Loudoun-Pleasant View transmission line in Loudoun County. As stated in the application, the project is needed to address NERC Reliability Standards violations projected to occur in 2016 and to replace aging transmission facilities. This case is pending. | ||
In November 2013, the Virginia Commission issued an order granting Virginia Power a CPCN to construct approximately 7 miles of new overhead 500 kV transmission line from the existing Surry Switching Station in Surry County to a new Skiffes Creek Switching Station in James City County, and approximately 20 miles of new 230 kV transmission line in James City County, York County, and the City of Newport News from the proposed new Skiffes Creek Switching Station to Virginia Power’s existing Whealton Substation in the City of Hampton. In December 2013, Virginia Power filed a motion for reconsideration to the Virginia Commission and a notice to appeal the Virginia Commission's order to the Supreme Court of Virginia. The Virginia Commission granted reconsideration and ordered a hearing, which was held in January 2014. The matter is pending at the Virginia Commission. The projected in-service date for this transmission project has been delayed until December 2015 at the earliest. | ||
Ohio Regulation | ||
PIR Program | ||
In 2008, East Ohio began PIR, aimed at replacing approximately 20% of its pipeline system, or approximately 4,100 miles, over a 25-year period. In February 2013, East Ohio filed an application with the Ohio Commission to adjust the cost recovery charge for costs associated with PIR investments for the calendar year 2012 and cumulatively. The application includes total gross plant investment for 2012 of $148 million, cumulative gross plant investment of $511 million, and a revenue requirement of $67 million. The Ohio Commission issued an order approving the rates in April 2013. In May 2013, the approved PIR cost recovery rates became effective. | ||
In November 2013, East Ohio filed a notice to adjust the PIR cost recovery for 2013 costs. The filing reflects projected gross plant investment for 2013 of $170 million, cumulative gross plant investment of $681 million and an estimated revenue requirement of approximately $90 million. This case is pending. | ||
PIPP Plus Program | ||
Under the Ohio PIPP Plus Program, eligible customers can receive energy assistance based on their ability to pay their bill. The difference between the customer's total bill and the PIPP payment plan amount is deferred and collected under the PIPP rider in accordance with the rules of the Ohio Commission. In July 2013, the Ohio Commission approved East Ohio's annual update of the PIPP Rider, which reflects the refund over the next year of an over-recovery of accumulated arrearages of approximately $91 million as of March 31, 2013, net of projected deferred program costs of approximately $54 million for the period from April 2013 through June 2014. | ||
FERC Regulation | ||
DTI Fuel Settlement | ||
In mid-2013, DTI received concerns about its fuel retainage percentages and apparent over-recovery of fuel costs during certain time periods reflected in its annual fuel reports. In December 2013, DTI submitted for FERC approval a stipulation and agreement addressing, among other things, reductions in its fuel retainage percentages. | ||
In February 2014, FERC approved the stipulation and agreement. DTI will implement the reduced fuel retainage percentages effective March 1, 2014. DTI will also provide refunds with interest to each settling customer reflecting the value of the actual quantities of fuel retained from that party between January 1, 2014 and the March 1, 2014 implementation date. This agreement is expected to reduce DTI’s revenues by approximately $35 million in 2014. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Asset Retirement Obligation [Abstract] | ' | |||
Asset Retirement Obligations | ' | |||
ASSET RETIREMENT OBLIGATIONS | ||||
AROs represent obligations that result from laws, statutes, contracts and regulations related to the eventual retirement of certain of Dominion's and Virginia Power's long-lived assets. Dominion's and Virginia Power's AROs are primarily associated with the decommissioning of their nuclear generation facilities. In addition, Dominion's AROs include plugging and abandonment of gas and oil wells, interim retirements of natural gas gathering, transmission, distribution and storage pipeline components, and the future abatement of asbestos expected to be disturbed in the Companies' generation facilities. | ||||
The Companies have also identified, but not recognized, AROs related to retirement of Dominion's LNG facility, Dominion's gas storage wells in its underground natural gas storage network, certain Virginia Power electric transmission and distribution assets located on property with easements, rights of way, franchises and lease agreements, Virginia Power's hydroelectric generation facilities and the abatement of certain asbestos not expected to be disturbed in the Companies' generation facilities. The Companies currently do not have sufficient information to estimate a reasonable range of expected retirement dates for any of these assets since the economic lives of these assets can be extended indefinitely through regular repair and maintenance and they currently have no plans to retire any of these assets. As a result, a settlement date is not determinable for these assets and AROs for these assets will not be reflected in the Consolidated Financial Statements until sufficient information becomes available to determine a reasonable estimate of the fair value of the activities to be performed. The Companies continue to monitor operational and strategic developments to identify if sufficient information exists to reasonably estimate a retirement date for these assets. The changes to AROs during 2012 and 2013 were as follows: | ||||
Amount | ||||
(millions) | ||||
Dominion | ||||
AROs at December 31, 2011(1) | $ | 1,398 | ||
Obligations incurred during the period | 24 | |||
Obligations settled during the period | (13 | ) | ||
Revisions in estimated cash flows(2) | 242 | |||
Accretion | 77 | |||
Other | (23 | ) | ||
AROs at December 31, 2012(1) | $ | 1,705 | ||
Obligations incurred during the period | 13 | |||
Obligations settled during the period | (68 | ) | ||
Revisions in estimated cash flows(3) | (129 | ) | ||
Accretion | 86 | |||
Other | (29 | ) | ||
AROs at December 31, 2013(1) | $ | 1,578 | ||
Virginia Power | ||||
AROs at December 31, 2011(4) | $ | 625 | ||
Obligations incurred during the period | 18 | |||
Obligations settled during the period | (1 | ) | ||
Revisions in estimated cash flows(5) | 41 | |||
Accretion | 34 | |||
Other | (12 | ) | ||
AROs at December 31, 2012 | $ | 705 | ||
Obligations incurred during the period | 2 | |||
Obligations settled during the period | (2 | ) | ||
Revisions in estimated cash flows(3) | (52 | ) | ||
Accretion | 38 | |||
Other | (2 | ) | ||
AROs at December 31, 2013 | $ | 689 | ||
-1 | Includes $15 million, $64 million and $94 million reported in other current liabilities at December 31, 2011, 2012, and 2013, respectively. | |||
-2 | Primarily reflects the accelerated timing of the decommissioning of Kewaunee that began in 2013. | |||
-3 | Primarily reflects lower anticipated nuclear decommissioning costs. | |||
-4 | Includes $1 million reported in other current liabilities. | |||
-5 | Primarily reflects the effect of higher anticipated nuclear decommissioning costs. | |||
Dominion and Virginia Power have established trusts dedicated to funding the future decommissioning of their nuclear plants. At December 31, 2013 and 2012, the aggregate fair value of Dominion's trusts, consisting primarily of equity and debt securities, totaled $3.9 billion and $3.3 billion, respectively. At December 31, 2013 and 2012, the aggregate fair value of Virginia Power's trusts, consisting primarily of debt and equity securities, totaled $1.8 billion and $1.5 billion, respectively. |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2013 | |
Variable Interest Entities [Abstract] | ' |
Variable Interest Entities | ' |
VARIABLE INTEREST ENTITIES | |
The primary beneficiary of a VIE is required to consolidate the VIE and to disclose certain information about its significant variable interests in the VIE. The primary beneficiary of a VIE is the entity that has both 1) the power to direct the activities that most significantly impact the entity's economic performance and 2) the obligation to absorb losses or receive benefits from the entity that could potentially be significant to the VIE. | |
Virginia Power has long-term power and capacity contracts with four non-utility generators with an aggregate summer generation capacity of approximately 870 MW. These contracts contain certain variable pricing mechanisms in the form of partial fuel reimbursement that Virginia Power considers to be variable interests. After an evaluation of the information provided by these entities, Virginia Power was unable to determine whether they were VIEs. However, the information they provided, as well as Virginia Power's knowledge of generation facilities in Virginia, enabled Virginia Power to conclude that, if they were VIEs, it would not be the primary beneficiary. This conclusion reflects Virginia Power's determination that its variable interests do not convey the power to direct the most significant activities that impact the economic performance of the entities during the remaining terms of Virginia Power's contracts and for the years the entities are expected to operate after its contractual relationships expire. The contracts expire at various dates ranging from 2015 to 2021. Virginia Power is not subject to any risk of loss from these potential VIEs other than its remaining purchase commitments which totaled $864 million as of December 31, 2013. Virginia Power paid $217 million, $214 million, and $211 million for electric capacity and $98 million, $83 million, and $125 million for electric energy to these entities for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Virginia Power purchased shared services from DRS, an affiliated VIE, of approximately $331 million, $328 million, and $389 million for the years ended December 31, 2013, 2012 and 2011, respectively. Virginia Power determined that it is not the most closely associated entity with DRS and therefore not the primary beneficiary. DRS provides accounting, legal, finance and certain administrative and technical services to all Dominion subsidiaries, including Virginia Power. Virginia Power has no obligation to absorb more than its allocated share of DRS costs. | |
Through August 2013, Dominion leased the Fairless generating facility in Pennsylvania from Juniper, the lessor, which began commercial operations in June 2004. Dominion made annual lease payments of approximately $53 million. | |
Juniper was formed in 2003 as a limited partnership and was organized for the purpose of acquiring and constructing a number of assets for lease. Such assets were financed with proceeds from the issuance of bank debt, privately placed long-term debt and partnership capital received from Juniper's general and limited partners. Dominion had no voting equity interest in Juniper. Because Juniper had been subject to the business scope exception, Dominion was not required to evaluate whether Juniper was a VIE prior to October 2011. | |
Through September 30, 2011, Juniper held various power plant leases, including Fairless. In October 2011, the last lease other than Fairless expired and the related asset was sold by Juniper. With Fairless being its sole remaining asset, Juniper no longer qualified as a business as of October 2011, which required that Dominion determine whether Juniper was a VIE. Dominion concluded Juniper was a VIE because the entity's capitalization was insufficient to support its operations, the power to direct the most significant activities of the entity was not held by the equity holders, and Dominion guaranteed a portion of the residual value of Fairless. The activities that most significantly impacted Juniper's economic performance related to the operation of Fairless. The decisions related to the operations of Fairless were made by Dominion and as such, Dominion was considered the primary beneficiary. | |
Accordingly, Dominion consolidated Juniper in October 2011 and recorded, at fair value, approximately $957 million of property, plant and equipment, $896 million of debt and $61 million of noncontrolling interests. The debt was non-recourse to Dominion and was secured by Juniper's assets. The annual lease payments made by Dominion to Juniper for Fairless were eliminated in the Consolidated Statements of Income and were excluded from the lease commitments table in Note 22 to the Consolidated Financial Statements in Dominion’s and Virginia Power’s Annual Report on Form 10-K for the year ended December 31, 2012. Dominion did not provide any financial or other support to Juniper that it was not previously contractually required to provide. | |
In August 2013, the lease expired and Dominion purchased Fairless for $923 million from Juniper per the terms of the lease agreement. However, as Dominion had previously consolidated Juniper, the purchase was accounted for as an equity transaction to acquire the noncontrolling interests from Juniper for $923 million, while Dominion retained control of Fairless. The acquisition resulted in the removal of securities due within one year-VIE and noncontrolling interests from Dominion's Consolidated Balance Sheet during 2013. |
ShortTerm_Debt_And_Credit_Agre
Short-Term Debt And Credit Agreements | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Short-term Debt, Other Disclosures [Abstract] | ' | |||||||||||||
Short-Term Debt And Credit Agreements | ' | |||||||||||||
SHORT-TERM DEBT AND CREDIT AGREEMENTS | ||||||||||||||
Dominion and Virginia Power use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In addition, Dominion utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by commodity prices, hedging levels, Dominion's credit ratings and the credit quality of its counterparties. | ||||||||||||||
DOMINION | ||||||||||||||
Commercial paper and letters of credit outstanding, as well as capacity available under credit facilities, were as follows: | ||||||||||||||
Facility | Outstanding | Outstanding | Facility | |||||||||||
Limit | Commercial | Letters of | Capacity | |||||||||||
Paper | Credit | Available | ||||||||||||
(millions) | ||||||||||||||
At December 31, 2013 | ||||||||||||||
Joint revolving credit facility(1) | $ | 3,000 | $ | 1,927 | $ | — | $ | 1,073 | ||||||
Joint revolving credit facility(2) | 500 | — | 11 | 489 | ||||||||||
Total | $ | 3,500 | $ | 1,927 | (3) | $ | 11 | $ | 1,562 | |||||
At December 31, 2012 | ||||||||||||||
Joint revolving credit facility(1) | $ | 3,000 | $ | 2,412 | $ | — | $ | 588 | ||||||
Joint revolving credit facility(2) | 500 | — | 26 | 474 | ||||||||||
Total | $ | 3,500 | $ | 2,412 | (3) | $ | 26 | $ | 1,062 | |||||
-1 | Effective September 2013, the maturity date was extended from September 2017 to September 2018. This credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion of letters of credit. | |||||||||||||
-2 | Effective September 2013, the maturity date for $400 million of the $500 million committed capacity was extended from September 2017 to September 2018. Also effective September 2013, the maturity date for the remaining $100 million was extended from September 2016 to September 2018. This credit facility can be used to support bank borrowings, commercial paper and letter of credit issuances. | |||||||||||||
-3 | The weighted-average interest rates of the outstanding commercial paper supported by Dominion's credit facilities were 0.33% and 0.49% at December 31, 2013 and 2012, respectively. | |||||||||||||
VIRGINIA POWER | ||||||||||||||
Virginia Power's short-term financing is supported by two joint revolving credit facilities with Dominion. These credit facilities are being used for working capital, as support for the combined commercial paper programs of Dominion and Virginia Power and for other general corporate purposes. | ||||||||||||||
Virginia Power's share of commercial paper and letters of credit outstanding, as well as its capacity available under its joint credit facilities with Dominion, were as follows: | ||||||||||||||
Facility Sub-limit | Outstanding Commercial Paper | Outstanding Letters of Credit | Facility Sub-limit Capacity Available | |||||||||||
(millions) | ||||||||||||||
At December 31, 2013 | ||||||||||||||
Joint revolving credit facility(1) | $ | 1,000 | $ | 842 | $ | — | $ | 158 | ||||||
Joint revolving credit facility(2) | 250 | — | 1 | 249 | ||||||||||
Total | $ | 1,250 | $ | 842 | (3) | $ | 1 | $ | 407 | |||||
At December 31, 2012 | ||||||||||||||
Joint revolving credit facility(1) | $ | 1,000 | $ | 992 | $ | — | $ | 8 | ||||||
Joint revolving credit facility(2) | 250 | — | 2 | 248 | ||||||||||
Total | $ | 1,250 | $ | 992 | (3) | $ | 2 | $ | 256 | |||||
-1 | Effective September 2013, the maturity date was extended from September 2017 to September 2018. This credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. Virginia Power's current sub-limit under this credit facility can be increased or decreased multiple times per year. | |||||||||||||
-2 | Effective September 2013, the maturity date for $400 million of the $500 million committed capacity was extended from September 2017 to September 2018. Also effective September 2013, the maturity date for the remaining $100 million was extended from September 2016 to September 2018. This credit facility can be used to support bank borrowings, commercial paper and letter of credit issuances. Virginia Power's current sub-limit under this credit facility can be increased or decreased multiple times per year. | |||||||||||||
-3 | The weighted-average interest rates of the outstanding commercial paper supported by these credit facilities were 0.33% and 0.47% at December 31, 2013 and 2012, respectively. | |||||||||||||
In addition to the credit facility commitments mentioned above, Virginia Power also has a $120 million credit facility. Effective September 2013, the maturity date was extended from September 2017 to September 2018. As of December 31, 2013, this facility supports approximately $119 million of certain variable rate tax-exempt financings of Virginia Power. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||||||||||||
Long-Term Debt | ' | |||||||||||||||||||||
LONG-TERM DEBT | ||||||||||||||||||||||
At December 31, | 2013 Weighted- | 2013 | 2012 | |||||||||||||||||||
average | ||||||||||||||||||||||
Coupon(1) | ||||||||||||||||||||||
(millions, except percentages) | ||||||||||||||||||||||
Virginia Electric and Power Company: | ||||||||||||||||||||||
Unsecured Senior Notes: | ||||||||||||||||||||||
1.2% to 8.625%, due 2013 to 2018 | 5.09 | % | $ | 2,138 | $ | 2,306 | ||||||||||||||||
2.75% to 8.875%, due 2019 to 2043 | 5.25 | % | 4,993 | 3,408 | ||||||||||||||||||
Tax-Exempt Financings(2): | ||||||||||||||||||||||
Variable rates, due 2016 to 2041 | 0.98 | % | 606 | 454 | ||||||||||||||||||
1.5% to 5.6%, due 2022 to 2040 | 3.16 | % | 306 | 508 | ||||||||||||||||||
Virginia Electric and Power Company total principal | $ | 8,043 | $ | 6,676 | ||||||||||||||||||
Securities due within one year | 4.1 | % | (58 | ) | (418 | ) | ||||||||||||||||
Unamortized discount and premium, net | (11 | ) | (7 | ) | ||||||||||||||||||
Virginia Electric and Power Company total long-term debt | $ | 7,974 | $ | 6,251 | ||||||||||||||||||
Dominion Resources, Inc.: | ||||||||||||||||||||||
Unsecured Senior Notes: | ||||||||||||||||||||||
Variable rates, due 2013 and 2014 | 0.37 | % | $ | 400 | $ | 400 | ||||||||||||||||
1.4% to 7.195%, due 2013 to 2018 | 4.03 | % | 3,291 | 3,541 | ||||||||||||||||||
2.75% to 8.875%, due 2019 to 2042(3) | 5.64 | % | 4,599 | 4,599 | ||||||||||||||||||
Unsecured Convertible Senior Notes, 2.125%, due 2023(4) | 43 | 82 | ||||||||||||||||||||
Tax-Exempt Financing, variable rate, due 2041(5) | 1.12 | % | 75 | — | ||||||||||||||||||
Unsecured Junior Subordinated Notes Payable to Affiliated Trusts, 7.83% and 8.4%, due 2027 and 2031 | 8.4 | % | 10 | 268 | ||||||||||||||||||
Enhanced Junior Subordinated Notes: | ||||||||||||||||||||||
7.5% and 8.375%, due 2064 and 2066 | 8.11 | % | 985 | 985 | ||||||||||||||||||
Variable rate, due 2066 | 2.58 | % | 380 | 380 | ||||||||||||||||||
Remarketable Subordinated Notes, 1.07% and 1.18%, due 2019 and 2021 | 1.13 | % | 1,100 | — | ||||||||||||||||||
Unsecured Debentures and Senior Notes(6): | ||||||||||||||||||||||
5.0% and 6.625%, due 2013 and 2014 | 5 | % | 600 | 622 | ||||||||||||||||||
6.8% and 6.875%, due 2026 and 2027 | 6.81 | % | 89 | 89 | ||||||||||||||||||
Dominion Gas Holdings, LLC: | ||||||||||||||||||||||
Unsecured Senior Notes, 1.05% to 4.8%, due 2016 to 2043 | 3.13 | % | 1,200 | — | ||||||||||||||||||
Dominion Energy, Inc.: | ||||||||||||||||||||||
Secured Senior Notes: | ||||||||||||||||||||||
5.03% to 5.78%, due 2013(7) | — | 842 | ||||||||||||||||||||
7.33%, due 2020(8) | — | 145 | ||||||||||||||||||||
Tax-Exempt Financings: | ||||||||||||||||||||||
2.25% to 5.75%, due 2033 to 2042(9) | 2.38 | % | 27 | 284 | ||||||||||||||||||
Variable rate, due 2041(5) | — | 75 | ||||||||||||||||||||
Virginia Electric and Power Company total principal (from above) | 8,043 | 6,676 | ||||||||||||||||||||
Dominion Resources, Inc. total principal | $ | 20,842 | $ | 18,988 | ||||||||||||||||||
Fair value hedge valuation(10) | 55 | 93 | ||||||||||||||||||||
Securities due within one year(11) | 2.95 | % | (1,519 | ) | (2,223 | ) | ||||||||||||||||
Unamortized discount and premium, net | (48 | ) | (7 | ) | ||||||||||||||||||
Dominion Resources, Inc. total long-term debt | $ | 19,330 | $ | 16,851 | ||||||||||||||||||
-1 | Represents weighted-average coupon rates for debt outstanding as of December 31, 2013. | |||||||||||||||||||||
-2 | These financings relate to certain pollution control equipment at Virginia Power's generating facilities. Certain variable rate tax-exempt financings are supported by a $120 million credit facility that terminates in September 2018. | |||||||||||||||||||||
-3 | At the option of holders, $510 million of Dominion's 5.25% senior notes due 2033 and $600 million of Dominion's 8.875% senior notes due 2019 are subject to redemption at 100% of the principal amount plus accrued interest in August 2015 and January 2014, respectively. | |||||||||||||||||||||
-4 | Convertible into a combination of cash and shares of Dominion's common stock at any time when the closing price of common stock equals 120% of the applicable conversion price or higher for at least 20 out of the last 30 consecutive trading days ending on the last trading day of the previous calendar quarter. At the option of holders on December 15, 2018, these securities are subject to redemption at 100% of the principal amount plus accrued interest. These senior notes have been callable by Dominion since December 15, 2011. | |||||||||||||||||||||
-5 | Debt issued by the MDFA on behalf of Brayton Point. In connection with the sale of Brayton Point, the sole obligor under the bonds was changed from Brayton Point to Dominion in June 2013. | |||||||||||||||||||||
-6 | Represents debt assumed by Dominion from the merger of its former CNG subsidiary. | |||||||||||||||||||||
-7 | Juniper notes issued in 2004 and consolidated in October 2011 due to Dominion becoming the primary beneficiary of this VIE. This amount excludes $18 million of unamortized premium in 2012. The debt was non-recourse to Dominion and was secured by Juniper's assets. Dominion's purchase of Fairless in August 2013 resulted in the removal of the debt from Dominion's Consolidated Balance Sheet. See Note 15 for additional information. | |||||||||||||||||||||
-8 | Represented debt associated with Kincaid. The debt was non-recourse to Dominion and was secured by the facility's assets and revenue. In connection with the sale of Kincaid, the notes were redeemed in May 2013 for approximately $185 million, including a make-whole premium and accrued interest. | |||||||||||||||||||||
-9 | In 2012 included debt issued by the MDFA on behalf of Brayton Point. In connection with the sale of Brayton Point, three series of bonds totaling approximately $257 million were defeased in June 2013. In June 2013, Brayton Point delivered approximately $284 million to fund an irrevocable trust for the purpose of paying maturing principal and interest due through and including the earliest redemption dates of the bonds in 2016 and 2019. | |||||||||||||||||||||
-10 | Represents the valuation of certain fair value hedges associated with Dominion's fixed rate debt. | |||||||||||||||||||||
-11 | Includes $14 million fair value hedge valuation in 2013 and $23 million of net unamortized premium and fair value hedge valuation in 2012. | |||||||||||||||||||||
Based on stated maturity dates rather than early redemption dates that could be elected by instrument holders, the scheduled principal payments of long-term debt at December 31, 2013, were as follows: | ||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||
(millions, except percentages) | ||||||||||||||||||||||
Virginia Power | $ | 58 | $ | 211 | $ | 476 | $ | 679 | $ | 850 | $ | 5,769 | $ | 8,043 | ||||||||
Weighted-average Coupon | 4.1 | % | 5.39 | % | 5.25 | % | 5.44 | % | 4.17 | % | 4.78 | % | ||||||||||
Dominion | ||||||||||||||||||||||
Unsecured Senior Notes | $ | 1,465 | $ | 960 | $ | 1,752 | $ | 1,303 | $ | 1,350 | $ | 10,523 | $ | 17,353 | ||||||||
Tax-Exempt Financings | 40 | — | 19 | 75 | — | 880 | 1,014 | |||||||||||||||
Unsecured Junior Subordinated Notes Payable to Affiliated Trusts | — | — | — | — | — | 10 | 10 | |||||||||||||||
Enhanced Junior Subordinated Notes | — | — | — | — | — | 1,365 | 1,365 | |||||||||||||||
Remarketable Subordinated Notes | — | — | — | — | — | 1,100 | 1,100 | |||||||||||||||
Total | $ | 1,505 | $ | 960 | $ | 1,771 | $ | 1,378 | $ | 1,350 | $ | 13,878 | $ | 20,842 | ||||||||
Weighted-average Coupon | 2.95 | % | 4.45 | % | 3.51 | % | 4.55 | % | 4.99 | % | 4.9 | % | ||||||||||
Dominion's and Virginia Power's short-term credit facilities and long-term debt agreements contain customary covenants and default provisions. As of December 31, 2013, there were no events of default under these covenants. | ||||||||||||||||||||||
In February 2014, Virginia Power issued $350 million of 3.45% senior notes, and $400 million of 4.45% senior notes, that mature in 2024, and 2044, respectively. | ||||||||||||||||||||||
Convertible Securities | ||||||||||||||||||||||
At December 31, 2013, Dominion had $43 million of outstanding contingent convertible senior notes that are convertible by holders into a combination of cash and shares of Dominion's common stock under certain circumstances. The conversion feature requires that the principal amount of each note be repaid in cash, while amounts payable in excess of the principal amount will be paid in common stock. The conversion rate is subject to adjustment without limitation upon certain events such as subdivisions, splits, combinations of common stock or the issuance to all common stock holders of certain common stock rights, warrants or options and certain dividend increases. As of December 31, 2013, the conversion rate had been adjusted to 29.8780 shares of common stock per $1,000 principal amount of senior notes, which represents a conversion price of $33.47, primarily due to individual dividend payments above the level paid at issuance. If the outstanding notes as of December 31, 2013 were all converted, it would result in the issuance of approximately 600 thousand additional shares of common stock. In January 2014, Dominion's Board of Directors declared dividends payable March 20, 2014 of 60 cents per share of common stock which will increase the conversion rate to 29.9961 effective as of February 26, 2014. | ||||||||||||||||||||||
The senior notes are eligible for conversion during any calendar quarter when the closing price of Dominion's common stock was equal to or higher than 120% of the conversion price for at least 20 out of the last 30 consecutive trading days of the preceding quarter, the notes are called for redemption by Dominion and upon the occurrence of certain other conditions. During 2013, the senior notes were eligible for conversion and approximately $39 million of the notes were converted by holders into $28 million of common stock. The senior notes are eligible for conversion during the first quarter of 2014. Beginning in 2007, the notes have been eligible for contingent interest if the average trading price as defined in the indenture equals or exceeds 120% of the principal amount of the senior notes. Holders have the right to require Dominion to purchase these senior notes for cash at 100% of the principal amount plus accrued interest in December 2018, or if Dominion undergoes certain fundamental changes. The senior notes have been callable by Dominion since December 15, 2011. | ||||||||||||||||||||||
Junior Subordinated Notes Payable to Affiliated Trusts | ||||||||||||||||||||||
In previous years, Dominion established several subsidiary capital trusts, each as a finance subsidiary of Dominion, which holds 100% of the voting interests. The trusts sold capital securities representing preferred beneficial interests and 97% beneficial ownership in the assets held by the trusts. In exchange for the funds realized from the sale of the capital securities and common securities that represent the remaining 3% beneficial ownership interest in the assets held by the capital trusts, Dominion issued various junior subordinated notes. The junior subordinated notes constitute 100% of each capital trust's assets. Each trust must redeem its capital securities when their respective junior subordinated notes are repaid at maturity or if redeemed prior to maturity. | ||||||||||||||||||||||
In January 2013, Dominion repaid its $258 million 7.83% unsecured junior subordinated debentures and redeemed all 250 thousand units of the $250 million 7.83% Dominion Resources Capital Trust I capital securities due December 1, 2027. The securities were redeemed at a price of $1,019.58 per capital security plus accrued and unpaid distributions. | ||||||||||||||||||||||
The following table provides summary information about the capital securities and junior subordinated notes outstanding as of December 31, 2013: | ||||||||||||||||||||||
Date Established | Capital Trust | Units | Rate | Capital Securities Amount | Common Securities Amount | |||||||||||||||||
(thousands) | (millions) | |||||||||||||||||||||
Jan-01 | Dominion Resources Capital Trust III(1) | 10 | 8.4 | % | $ | 10 | $ | 0.3 | ||||||||||||||
-1 | $10 million-Dominion Resources, Inc. 8.4% Debentures due 1/15/2031 were held as assets by the capital trust. | |||||||||||||||||||||
Interest charges related to Dominion's junior subordinated notes payable to affiliated trusts were $1 million for the year ended December 31, 2013 and $21 million for the years ended December 31, 2012 and 2011. | ||||||||||||||||||||||
Enhanced Junior Subordinated Notes | ||||||||||||||||||||||
In June 2006 and September 2006, Dominion issued $300 million of June 2006 hybrids and $500 million of September 2006 hybrids, respectively. The June 2006 hybrids will bear interest at 7.5% per year until June 30, 2016. Thereafter, they will bear interest at the three-month LIBOR plus 2.825%, reset quarterly. Beginning September 30, 2011, the September 2006 hybrids bear interest at the three-month LIBOR plus 2.3%, reset quarterly. Previously, interest was fixed at 6.3% per year. | ||||||||||||||||||||||
In June 2009, Dominion issued $685 million of 8.375% June 2009 hybrids. The June 2009 hybrids are listed on the NYSE under the symbol DRU. | ||||||||||||||||||||||
Dominion may defer interest payments on the hybrids on one or more occasions for up to 10 consecutive years. If the interest payments on the hybrids are deferred, Dominion may not make distributions related to its capital stock, including dividends, redemptions, repurchases, liquidation payments or guarantee payments during the deferral period. Also, during the deferral period, Dominion may not make any payments on or redeem or repurchase any debt securities that are equal in right of payment with, or subordinated to, the hybrids. | ||||||||||||||||||||||
Dominion executed RCCs in connection with its issuance of all of the hybrids described above. Under the terms of the RCCs, Dominion covenants to and for the benefit of designated covered debtholders, as may be designated from time to time, that Dominion shall not redeem, repurchase, or defease all or any part of the hybrids, and shall not cause its majority owned subsidiaries to purchase all or any part of the hybrids, on or before their applicable RCC termination date, unless, subject to certain limitations, during the 180 days prior to such activity, Dominion has received a specified amount of proceeds as set forth in the RCCs from the sale of qualifying securities that have equity-like characteristics that are the same as, or more equity-like than the applicable characteristics of the hybrids at that time, as more fully described in the RCCs. In September 2011, Dominion amended the RCCs of the June 2006 hybrids and September 2006 hybrids to expand the measurement period for consideration of proceeds from the sale of common stock issuances from 180 days to 365 days. The proceeds Dominion receives from the replacement offering, adjusted by a predetermined factor, must equal or exceed the redemption or repurchase price. | ||||||||||||||||||||||
In December 2011, Dominion purchased and canceled approximately $16 million of the September 2006 hybrids. In February 2012, Dominion launched a tender offer to purchase up to $150 million of additional September 2006 hybrids. In the first quarter of 2012, Dominion purchased and canceled approximately $86 million of the September 2006 hybrids primarily as a result of this tender offer, which expired in March 2012. In the second quarter of 2012, Dominion purchased and canceled approximately $2 million of the September 2006 hybrids. All purchases were conducted in compliance with the RCC. | ||||||||||||||||||||||
From time to time, Dominion may reduce its outstanding debt and level of interest expense through redemption of debt securities prior to maturity and repurchases in the open market, in privately negotiated transactions, through additional tender offers or otherwise. | ||||||||||||||||||||||
Remarketable Subordinated Notes | ||||||||||||||||||||||
In June 2013, Dominion issued $550 million of 2013 Series A 6.125% Equity Units and $550 million of 2013 Series B 6% Equity Units, initially in the form of Corporate Units. The Corporate Units are listed on the NYSE under the symbols DCUA and DCUB, respectively. | ||||||||||||||||||||||
Each Corporate Unit consists of a stock purchase contract and 1/20 interest in a RSN issued by Dominion. The stock purchase contracts obligate the holders to purchase shares of Dominion common stock at a future settlement date prior to the relevant RSN maturity date. The purchase price to be paid under the stock purchase contracts is $50 per Corporate Unit and the number of shares to be purchased will be determined under a formula based upon the average closing price of Dominion common stock near the settlement date. The RSNs are pledged as collateral to secure the purchase of common stock under the related stock purchase contracts. | ||||||||||||||||||||||
Dominion makes quarterly interest payments on the RSNs and quarterly contract adjustment payments on the stock purchase contracts, at the rates described below. Dominion may defer payments on the stock purchase contracts and the RSNs for one or more consecutive periods but generally not beyond the purchase contract settlement date. If payments are deferred, Dominion may not make any cash distributions related to its capital stock, including dividends, redemptions, repurchases, liquidation payments or guarantee payments. Also, during the deferral period, Dominion may not make any payments on or redeem or repurchase any debt securities that are equal in right of payment with, or subordinated to, the RSNs. | ||||||||||||||||||||||
Dominion has recorded the present value of the stock purchase contract payments as a liability offset by a charge to additional paid-in capital in equity. Interest payments on the RSNs are recorded as interest expense and stock purchase contract payments are charged against the liability. Accretion of the stock purchase contract liability is recorded as imputed interest expense. In calculating diluted EPS, Dominion applies the treasury stock method to the Equity Units. These securities did not have an effect on diluted EPS for the year ended 2013. | ||||||||||||||||||||||
Under the terms of the stock purchase contracts, assuming no anti-dilution or other adjustments, Dominion will issue between 8.4 million and 9.9 million shares of its common stock in both April 2016 and July 2016. A total of 22.5 million shares of Dominion's common stock has been reserved for issuance in connection with the stock purchase contracts. | ||||||||||||||||||||||
Selected information about Dominion's Equity Units is presented below: | ||||||||||||||||||||||
Issuance Date | Units Issued | Total Net Proceeds | Total Long-term Debt | RSN Annual Interest Rate | Stock Purchase Contract Annual Rate | Stock Purchase Contract Liability(1) | Stock Purchase Settlement Date | RSN Maturity Date | ||||||||||||||
(millions, except interest rates) | ||||||||||||||||||||||
6/7/13 | 11 | $ | 533.5 | $ | 550 | 1.07 | % | 5.055 | % | $ | 76.7 | 4/1/16 | 4/1/21 | |||||||||
6/7/13 | 11 | $ | 553.5 | $ | 550 | 1.18 | % | 4.82 | % | $ | 79.3 | 7/1/16 | 7/1/19 | |||||||||
-1 | Payments of $17 million were made in 2013. The stock purchase contract liability was $139 million at December 31, 2013. | |||||||||||||||||||||
Regulated Natural Gas Financing Plans | ||||||||||||||||||||||
In September 2013, Dominion announced the formation of Dominion Gas, a first tier wholly-owned subsidiary holding company for the majority of Dominion’s regulated natural gas businesses. Specifically, Dominion transferred direct ownership of East Ohio, DTI and Dominion Iroquois, the latter of which holds a 24.72% general partnership interest in Iroquois, to Dominion Gas on September 30, 2013. Dominion intends to seek approval from the West Virginia Commission in 2014 for the transfer of direct ownership of Hope to Dominion Gas. Dominion Gas issued $1.2 billion principal amount of unsecured senior notes in a private placement in October 2013 and will be the primary financing entity for Dominion’s regulated natural gas businesses. Dominion Gas expects to become an SEC registrant in 2014. Dominion Gas used the proceeds from this offering to acquire intercompany long-term notes from Dominion and to repay a portion of its intercompany revolving credit agreement balances with Dominion. |
Preferred_Stock
Preferred Stock | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ||||||
Preferred Stock | ' | ||||||
PREFERRED STOCK | |||||||
Dominion is authorized to issue up to 20 million shares of preferred stock; however, none were issued and outstanding at December 31, 2013 or 2012. | |||||||
Virginia Power is authorized to issue up to 10 million shares of preferred stock, $100 liquidation preference, and had 2.59 million preferred shares issued and outstanding at December 31, 2013 and 2012. Upon involuntary liquidation, dissolution or winding-up of Virginia Power, each share would be entitled to receive $100 plus accrued cumulative dividends. | |||||||
Holders of Virginia Power's outstanding preferred stock are not entitled to voting rights except under certain provisions of the amended and restated articles of incorporation and related provisions of Virginia law restricting corporate action, upon default in dividends or in special statutory proceedings and as required by Virginia law (such as mergers, consolidations, sales of assets, dissolution and changes in voting rights or priorities of preferred stock). | |||||||
Presented below are the series of Virginia Power preferred stock that were outstanding as of December 31, 2013: | |||||||
Dividend | Issued and Outstanding Shares | Entitled Per Share Upon Liquidation | |||||
(thousands) | |||||||
$5.00 | 107 | $ | 112.5 | ||||
4.04 | 13 | 102.27 | |||||
4.2 | 15 | 102.5 | |||||
4.12 | 32 | 103.73 | |||||
4.8 | 73 | 101 | |||||
7.05 | 500 | 100 | |||||
6.98 | 600 | 100 | |||||
Flex Money Market Preferred 12/02, Series A | 1,250 | 100 | (1) | ||||
Total | 2,590 | ||||||
-1 | Effective March 20, 2011 the rate was reset to 6.12% until March 20, 2014 after which the rate was due to be reset through an auction process. However, in February 2014, Virginia Power provided irrevocable notice to redeem the stock on March 20, 2014 at a price of $100 per share plus accumulated and unpaid dividends. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Shareholders' Equity | ' | ||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||
Issuance of Common Stock | |||||||||||||
DOMINION | |||||||||||||
Dominion maintains Dominion Direct® and a number of employee savings plans through which contributions may be invested in Dominion's common stock. These shares may either be newly issued or purchased on the open market with proceeds contributed to these plans. In January 2012, Dominion began issuing new common shares for these direct stock purchase plans. In January 2014, Dominion began purchasing its common stock on the open market for these plans. | |||||||||||||
During 2013, Dominion issued approximately 5.4 million shares of common stock through various programs. Dominion received cash proceeds of $278 million from the issuance of 4.7 million of such shares through Dominion Direct and employee savings plans. | |||||||||||||
In January 2012, Dominion filed a new SEC shelf registration for the sale of debt and equity securities including the ability to sell common stock through an at the market program. Dominion entered into four separate Sales Agency Agreements to effect sales under the program. However, with the exception of issuing approximately $317 million in equity through employee savings plans, direct stock purchase and dividend reinvestment plans, converted securities and other employee and director benefit plans, Dominion did not issue common stock in 2013. | |||||||||||||
VIRGINIA POWER | |||||||||||||
In 2013, 2012 and 2011, Virginia Power did not issue any shares of its common stock to Dominion. | |||||||||||||
Shares Reserved for Issuance | |||||||||||||
At December 31, 2013, Dominion had approximately 48 million shares reserved and available for issuance for Dominion Direct®, employee stock awards, employee savings plans, director stock compensation plans, contingent convertible senior notes and issuance in connection with stock purchase contracts. See Note 17 for more information. | |||||||||||||
Repurchase of Common Stock | |||||||||||||
Dominion did not repurchase any shares in 2013 or 2012 and does not plan to repurchase shares during 2014, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock and purchases of common stock on the open market in 2014 for direct stock purchase plans, which do not count against its stock repurchase authorization. | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Presented in the table below is a summary of AOCI by component: | |||||||||||||
At December 31, | 2013 | 2012 | |||||||||||
(millions) | |||||||||||||
Dominion | |||||||||||||
Net deferred losses on derivatives-hedging activities, net of tax of $196 and $87 | $ | (288 | ) | $ | (122 | ) | |||||||
Net unrealized gains on nuclear decommissioning trust funds, net of tax of $(307) and $(206) | 474 | 326 | |||||||||||
Net unrecognized pension and other postretirement benefit costs, net of tax of $365 and $745 | (510 | ) | (1,081 | ) | |||||||||
Total AOCI | $ | (324 | ) | $ | (877 | ) | |||||||
Virginia Power | |||||||||||||
Net deferred losses on derivatives-hedging activities, net of tax of $-- and $3 | $ | — | $ | (6 | ) | ||||||||
Net unrealized gains on nuclear decommissioning trust funds, net of tax of $(30) and $(19) | 48 | 31 | |||||||||||
Total AOCI | $ | 48 | $ | 25 | |||||||||
The following table presents Dominion’s changes in AOCI by component, net of tax: | |||||||||||||
Deferred gains and losses on derivatives-hedging activities | Unrealized gains and losses on investment securities | Unrecognized pension and other postretirement benefit costs | Total | ||||||||||
(millions) | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Beginning balance | $ | (122 | ) | $ | 326 | $ | (1,081 | ) | $ | (877 | ) | ||
Other comprehensive income before reclassifications: gains (losses) | (243 | ) | 203 | 516 | 476 | ||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | 77 | (55 | ) | 55 | 77 | ||||||||
Net current period other comprehensive income (loss) | (166 | ) | 148 | 571 | 553 | ||||||||
Ending balance | $ | (288 | ) | $ | 474 | $ | (510 | ) | $ | (324 | ) | ||
(1) See table below for details about these reclassifications. | |||||||||||||
The following table presents Dominion’s reclassifications out of AOCI by component: | |||||||||||||
Details about AOCI components | Amounts reclassified from AOCI | Affected line item in the Consolidated Statements of Income | |||||||||||
(millions) | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | |||||||||||||
Commodity contracts | $ | 58 | Operating revenue | ||||||||||
47 | Purchased gas | ||||||||||||
10 | Electric fuel and other energy-related purchases | ||||||||||||
Interest rate contracts | 15 | Interest and related charges | |||||||||||
Total | 130 | ||||||||||||
Tax | (53 | ) | Income tax expense | ||||||||||
Total, net of tax | $ | 77 | |||||||||||
Unrealized (gains) and losses on investment securities: | |||||||||||||
Realized (gain) loss on sale of securities | $ | (98 | ) | Other income | |||||||||
Impairment | 8 | Other income | |||||||||||
Total | (90 | ) | |||||||||||
Tax | 35 | Income tax expense | |||||||||||
Total, net of tax | $ | (55 | ) | ||||||||||
Unrecognized pension and other postretirement benefit costs: | |||||||||||||
Prior-service costs (credits) | $ | (8 | ) | Other operations and maintenance | |||||||||
Actuarial losses | 102 | Other operations and maintenance | |||||||||||
Total | 94 | ||||||||||||
Tax | (39 | ) | Income tax expense | ||||||||||
Total, net of tax | $ | 55 | |||||||||||
The following table presents Virginia Power’s changes in AOCI by component, net of tax: | |||||||||||||
Deferred gains and losses on derivatives-hedging activities | Unrealized gains and losses on nuclear decommissioning trust funds | Total | |||||||||||
(millions) | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Beginning balance | $ | (6 | ) | $ | 31 | $ | 25 | ||||||
Other comprehensive income before reclassifications: gains (losses) | 6 | 20 | 26 | ||||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | — | (3 | ) | (3 | ) | ||||||||
Net current period other comprehensive income (loss) | 6 | 17 | 23 | ||||||||||
Ending balance | $ | — | $ | 48 | $ | 48 | |||||||
(1) See table below for details about these reclassifications. | |||||||||||||
The following table presents Virginia Power’s reclassifications out of AOCI by component: | |||||||||||||
Details about AOCI components | Amounts reclassified from AOCI | Affected line item in the Consolidated Statements of Income | |||||||||||
(millions) | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Unrealized (gains) and losses on investment securities: | |||||||||||||
Realized (gain) loss on sale of securities | $ | (6 | ) | Other income | |||||||||
Impairment | 1 | Other income | |||||||||||
Total | (5 | ) | |||||||||||
Tax | 2 | Income tax expense | |||||||||||
Total, net of tax | $ | (3 | ) | ||||||||||
Stock-Based Awards | |||||||||||||
The 2005 Incentive Compensation Plan permits stock-based awards that include restricted stock, performance grants, goal-based stock, stock options, and stock appreciation rights. The Non-Employee Directors Compensation Plan permits grants of restricted stock and stock options. Under provisions of both plans, employees and non-employee directors may be granted options to purchase common stock at a price not less than its fair market value at the date of grant with a maximum term of eight years. Option terms are set at the discretion of the CGN Committee of the Board of Directors or the Board of Directors itself, as provided under each plan. At December 31, 2013, approximately 32 million shares were available for future grants under these plans. | |||||||||||||
Dominion measures and recognizes compensation expense relating to share-based payment transactions over the vesting period based on the fair value of the equity or liability instruments issued. Dominion's results for the years ended December 31, 2013, 2012 and 2011 include $31 million, $25 million, and $39 million, respectively, of compensation costs and $11 million, $8 million, and $13 million, respectively of income tax benefits related to Dominion's stock-based compensation arrangements. Stock-based compensation cost is reported in other operations and maintenance expense in Dominion's Consolidated Statements of Income. Excess tax benefits are classified as a financing cash flow. During the years ended December 31, 2013, 2012, and 2011, Dominion realized less than $1 million, $10 million and $2 million, respectively, of excess tax benefits from the vesting of restricted stock awards and exercise of stock options. | |||||||||||||
STOCK OPTIONS | |||||||||||||
The following table provides a summary of changes in amounts of stock options outstanding as of and for the years ended December 31, 2012 and 2011. There were no stock options outstanding in 2013. No options were granted under any plan in 2013, 2012 or 2011. | |||||||||||||
Shares | Weighted - | Weighted - | Aggregated | ||||||||||
average | average | Intrinsic | |||||||||||
Exercise Price | Remaining | Value(1) | |||||||||||
Contractual | |||||||||||||
Life | |||||||||||||
(thousands) | (years) | (millions) | |||||||||||
Outstanding and exercisable at December 31, 2010 | 1,810 | $ | 31.76 | 20 | |||||||||
Exercised | (1,174 | ) | $ | 32.46 | $ | 17 | |||||||
Forfeited/expired | (8 | ) | $ | 31.57 | |||||||||
Outstanding and exercisable at December 31, 2011 | 628 | $ | 30.81 | $ | 14 | ||||||||
Exercised | (622 | ) | $ | 30.79 | $ | 13 | |||||||
Forfeited/expired | (6 | ) | $ | 32.26 | |||||||||
Outstanding and exercisable at December 31, 2012 | — | $ | — | $ | — | ||||||||
-1 | Intrinsic value represents the difference between the exercise price of the option and the market value of Dominion's stock. | ||||||||||||
Dominion issues new shares to satisfy any stock option exercises. Dominion received cash proceeds from the exercise of stock options of approximately $19 million, and $38 million in the years ended December 31, 2012 and 2011, respectively. | |||||||||||||
RESTRICTED STOCK | |||||||||||||
Restricted stock grants are made to officers under Dominion's LTIP and may also be granted to certain key non-officer employees from time to time. The fair value of Dominion's restricted stock awards is equal to the closing price of Dominion's stock on the date of grant. New shares are issued for restricted stock awards on the date of grant and generally vest over a three-year service period. The following table provides a summary of restricted stock activity for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Shares | Weighted | ||||||||||||
- average | |||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
(thousands) | |||||||||||||
Nonvested at December 31, 2010 | 1,476 | $ | 38.2 | ||||||||||
Granted | 299 | 43.68 | |||||||||||
Vested | (617 | ) | 40.72 | ||||||||||
Cancelled and forfeited | (25 | ) | 36.29 | ||||||||||
Converted from goal-based stock to restricted stock | 168 | 30.99 | |||||||||||
Nonvested at December 31, 2011 | 1,301 | $ | 37.37 | ||||||||||
Granted | 390 | 51.14 | |||||||||||
Vested | (596 | ) | 33.31 | ||||||||||
Cancelled and forfeited | (10 | ) | 42.99 | ||||||||||
Nonvested at December 31, 2012 | 1,085 | $ | 44.46 | ||||||||||
Granted | 312 | 54.7 | |||||||||||
Vested | (356 | ) | 39 | ||||||||||
Cancelled and forfeited | (34 | ) | 51.11 | ||||||||||
Nonvested at December 31, 2013 | 1,007 | $ | 49.35 | ||||||||||
As of December 31, 2013, unrecognized compensation cost related to nonvested restricted stock awards totaled $21 million and is expected to be recognized over a weighted-average period of 1.8 years. The fair value of restricted stock awards that vested was $20 million, $30 million, and $28 million in 2013, 2012 and 2011, respectively. Employees may elect to have shares of restricted stock withheld upon vesting to satisfy tax withholding obligations. The number of shares withheld will vary for each employee depending on the vesting date fair market value of Dominion stock and the applicable federal, state and local tax withholding rates. | |||||||||||||
GOAL-BASED STOCK | |||||||||||||
Goal-based stock awards are granted under Dominion's LTIP to officers who have not achieved a certain targeted level of share ownership, in lieu of cash-based performance grants. Goal-based stock awards may also be made to certain key non-officer employees from time to time. Current outstanding goal-based shares include awards granted to officers in February 2012 and February 2013. | |||||||||||||
The issuance of awards is based on the achievement of two performance metrics during a two-year period: TSR relative to that of companies listed as members of the Philadelphia Utility Index as of the end of the performance period and ROIC. The actual number of shares issued will vary between zero and 200% of targeted shares depending on the level of performance metrics achieved. The fair value of goal-based stock is equal to the closing price of Dominion's stock on the date of grant. Goal-based stock awards granted to key non-officer employees convert to restricted stock at the end of the two-year performance period and generally vest three years from the original grant date. Awards to officers vest at the end of the two-year performance period. All goal-based stock awards are settled by issuing new shares. | |||||||||||||
After the performance period for the February 2010 grants ended on December 31, 2011, the CGN Committee determined the actual performance against metrics established for those awards. For awards to officers, 9 thousand shares of the outstanding goal-based stock awards were converted to 15 thousand non-restricted shares and issued to the officers. | |||||||||||||
After the performance period for the February 2011 grants ended on December 31, 2012, the CGN Committee determined the actual performance against metrics established for those awards. For awards to officers, 3 thousand shares of the outstanding goal-based stock awards were converted to 2 thousand non-restricted shares and issued to the officers. | |||||||||||||
The following table provides a summary of goal-based stock activity for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Targeted | Weighted | ||||||||||||
Number of | - average | ||||||||||||
Shares | Grant | ||||||||||||
Date Fair | |||||||||||||
Value | |||||||||||||
(thousands) | |||||||||||||
Nonvested at December 31, 2010 | 161 | $ | 31.79 | ||||||||||
Granted | 3 | 43.54 | |||||||||||
Vested | (20 | ) | 34.62 | ||||||||||
Cancelled and forfeited | (132 | ) | 30.99 | ||||||||||
Nonvested at December 31, 2011 | 12 | $ | 39.19 | ||||||||||
Granted | 1 | 52.48 | |||||||||||
Vested | (9 | ) | 37.46 | ||||||||||
Nonvested at December 31, 2012 | 4 | $ | 45.6 | ||||||||||
Granted | 4 | 54.17 | |||||||||||
Vested | (2 | ) | 43.54 | ||||||||||
Cancelled and forfeited | (1 | ) | 43.54 | ||||||||||
Nonvested at December 31, 2013 | 5 | $ | 53.85 | ||||||||||
At December 31, 2013, the targeted number of shares expected to be issued under the February 2012 and February 2013 awards was approximately 5 thousand. In January 2014, the CGN Committee determined the actual performance against metrics established for the February 2012 awards with a performance period that ended December 31, 2013. Based on that determination, the total number of shares to be issued under the February 2012 goal-based stock awards was approximately 1 thousand. | |||||||||||||
As of December 31, 2013, unrecognized compensation cost related to nonvested goal-based stock awards was not material. | |||||||||||||
CASH-BASED PERFORMANCE GRANTS | |||||||||||||
Cash-based performance grants are made to Dominion's officers under Dominion's LTIP. The actual payout of cash-based performance grants will vary between zero and 200% of the targeted amount based on the level of performance metrics achieved. | |||||||||||||
In February 2010, a cash-based performance grant was made to officers. A portion of the grant, representing $14 million was paid in December 2011, based on the achievement of two performance metrics during 2010 and 2011: ROIC and TSR relative to that of a peer group of companies. The total amount of the award under the grant was $20 million and the remaining $6 million of the grant was paid in February 2012. | |||||||||||||
In February 2011, a cash-based performance grant was made to officers. A portion of the grant, representing $6 million was paid in December 2012, based on the achievement of two performance metrics during 2011 and 2012: ROIC and TSR relative to that of a peer group of companies. The total amount of the award under the grant was $8 million and the remaining $2 million of the grant was paid in February 2013. | |||||||||||||
In February 2012, a cash-based performance grant was made to officers. A portion of the grant, representing the initial payout of $8 million was paid in December 2013, based on the achievement of two performance metrics during 2012 and 2013: TSR relative to that of companies listed as members of the Philadelphia Utility Index as of the end of the performance period and ROIC. The total expected award under the grant is $12 million and the remaining portion of the grant is expected to be paid by March 15, 2014. At December 31, 2013, a liability of $4 million had been accrued for the remaining portion of the award. | |||||||||||||
In February 2013, a cash-based performance grant was made to officers. Payout of the performance grant is expected to occur by March 15, 2015 based on the achievement of two performance metrics during 2013 and 2014: TSR relative to that of companies listed as members of the Philadelphia Utility Index as of the end of the performance period and ROIC. At December 31, 2013, the targeted amount of the grant was $13 million and a liability of $6 million had been accrued for this award. |
Dividend_Restrictions
Dividend Restrictions | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | ' |
Dividend Restrictions | ' |
DIVIDEND RESTRICTIONS | |
The Virginia Commission may prohibit any public service company, including Virginia Power, from declaring or paying a dividend to an affiliate if found to be detrimental to the public interest. At December 31, 2013, the Virginia Commission had not restricted the payment of dividends by Virginia Power. | |
Certain agreements associated with Dominion's and Virginia Power's credit facilities contain restrictions on the ratio of debt to total capitalization. These limitations did not restrict Dominion's or Virginia Power's ability to pay dividends or receive dividends from their subsidiaries at December 31, 2013. | |
See Note 17 for a description of potential restrictions on dividend payments by Dominion in connection with the deferral of interest payments on junior subordinated notes and equity units, initially in the form of corporate units. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | ||||||||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | |||||||||||||||||||||||||||||||
DOMINION | |||||||||||||||||||||||||||||||
Dominion provides certain retirement benefits to eligible active employees, retirees and qualifying dependents. Under the terms of its benefit plans, Dominion reserves the right to change, modify or terminate the plans. From time to time in the past, benefits have changed, and some of these changes have reduced benefits. | |||||||||||||||||||||||||||||||
Dominion maintains qualified noncontributory defined benefit pension plans covering virtually all employees. Retirement benefits are based primarily on years of service, age and the employee's compensation. Dominion's funding policy is to contribute annually an amount that is in accordance with the provisions of ERISA. The pension program also provides benefits to certain retired executives under a company-sponsored nonqualified employee benefit plan. The nonqualified plan is funded through contributions to a grantor trust. Dominion also provides retiree healthcare and life insurance benefits with annual employee premiums based on several factors such as age, retirement date and years of service. | |||||||||||||||||||||||||||||||
Pension and other postretirement benefit costs are affected by employee demographics (including age, compensation levels and years of service), the level of contributions made to the plans and earnings on plan assets. These costs may also be affected by changes in key assumptions, including expected long-term rates of return on plan assets, discount rates, healthcare cost trend rates and the rate of compensation increases. | |||||||||||||||||||||||||||||||
Dominion uses December 31 as the measurement date for all of its employee benefit plans. Dominion uses the market-related value of pension plan assets to determine the expected return on plan assets, a component of net periodic pension cost. The market-related value recognizes changes in fair value on a straight-line basis over a four-year period, which reduces year-to-year volatility. Changes in fair value are measured as the difference between the expected and actual plan asset returns, including dividends, interest and realized and unrealized investment gains and losses. Since the market-related value recognizes changes in fair value over a four-year period, the future market-related value of pension plan assets will be impacted as previously unrecognized changes in fair value are recognized. | |||||||||||||||||||||||||||||||
Dominion's pension and other postretirement benefit plans hold investments in trusts to fund employee benefit payments. Aggregate actual returns for Dominion's pension and other postretirement plan assets were $959 million in 2013 and $743 million in 2012, versus expected returns of $554 million and $509 million, respectively. Differences between actual and expected returns on plan assets are accumulated and amortized during future periods. As such, any investment-related declines in these trusts will result in future increases in the periodic cost recognized for such employee benefit plans and will be included in the determination of the amount of cash to be contributed to the employee benefit plans. | |||||||||||||||||||||||||||||||
The Medicare Act introduced a federal subsidy to sponsors of retiree healthcare benefit plans that provide a prescription drug benefit that is at least actuarially equivalent to Medicare Part D. Dominion determined that the prescription drug benefit offered under its other postretirement benefit plans is at least actuarially equivalent to Medicare Part D. Dominion received a federal subsidy of $5 million for each of 2013 and 2012. Effective January 1, 2013, Dominion changed its method of receiving the subsidy under Medicare Part D for retiree prescription drug coverage from the Retiree Drug Subsidy to the EGWP. This change reduced other postretirement benefit costs by approximately $20 million annually beginning in 2012. As a result of the adoption of the EGWP, Dominion will begin to receive an increased level of Medicare Part D subsidies, in the form of reduced costs rather than a direct reimbursement, over the next few years. | |||||||||||||||||||||||||||||||
Dominion remeasured all of its pension and other postretirement benefit plans in the second quarter of 2013. The remeasurement resulted in a reduction in the pension benefit obligation of approximately $354 million and a reduction in the accumulated postretirement benefit obligation of approximately $78 million. The impact of the remeasurement on net periodic benefit cost (credit) was recognized prospectively from the remeasurement date and reduced net periodic benefit cost for 2013 by approximately $36 million, excluding the impacts of curtailments. The discount rate used for the remeasurement was 4.80% for the pension plans and 4.70% for the other postretirement benefit plans. All other assumptions used for the remeasurement were consistent with the measurement as of December 31, 2012. | |||||||||||||||||||||||||||||||
In the fourth quarter of 2013, Dominion remeasured its other postretirement benefit plans as a result of a plan amendment that changed medical coverage for certain Medicare-eligible retirees effective April 2014. The remeasurement resulted in a reduction in the accumulated postretirement benefit obligation of approximately $220 million. The impact of the remeasurement on net periodic benefit cost (credit) was recognized prospectively from the remeasurement date and reduced net periodic benefit cost for 2013 by approximately $8 million. The amendment is expected to reduce net periodic benefit cost by $40 million to $60 million for each of the next five years. The discount rate used for the remeasurement was 4.80%. All other assumptions used for the remeasurement were consistent with the measurement as of December 31, 2012. | |||||||||||||||||||||||||||||||
Funded Status | |||||||||||||||||||||||||||||||
The following table summarizes the changes in Dominion's pension plan and other postretirement benefit plan obligations and plan assets and includes a statement of the plans' funded status: | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
(millions, except percentages) | |||||||||||||||||||||||||||||||
Changes in benefit obligation: | |||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 6,125 | $ | 4,981 | $ | 1,719 | $ | 1,493 | |||||||||||||||||||||||
Service cost | 131 | 116 | 43 | 44 | |||||||||||||||||||||||||||
Interest cost | 271 | 268 | 73 | 79 | |||||||||||||||||||||||||||
Benefits paid | (229 | ) | (208 | ) | (75 | ) | (88 | ) | |||||||||||||||||||||||
Actuarial (gains) losses during the year | (650 | ) | 967 | (170 | ) | 191 | |||||||||||||||||||||||||
Plan amendments(1) | 1 | 1 | (220 | ) | 1 | ||||||||||||||||||||||||||
Settlements and curtailments(2) | (24 | ) | — | (16 | ) | (6 | ) | ||||||||||||||||||||||||
Special termination benefits | — | — | 1 | — | |||||||||||||||||||||||||||
Medicare Part D reimbursement | — | — | 5 | 5 | |||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 5,625 | $ | 6,125 | $ | 1,360 | $ | 1,719 | |||||||||||||||||||||||
Changes in fair value of plan assets: | |||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 5,553 | $ | 5,145 | $ | 1,156 | $ | 1,042 | |||||||||||||||||||||||
Actual return on plan assets | 781 | 611 | 178 | 132 | |||||||||||||||||||||||||||
Employer contributions | 8 | 5 | 12 | 16 | |||||||||||||||||||||||||||
Benefits paid | (229 | ) | (208 | ) | (31 | ) | (34 | ) | |||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 6,113 | $ | 5,553 | $ | 1,315 | $ | 1,156 | |||||||||||||||||||||||
Funded status at end of year | $ | 488 | $ | (572 | ) | $ | (45 | ) | $ | (563 | ) | ||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets at December 31: | |||||||||||||||||||||||||||||||
Noncurrent pension and other postretirement benefit assets | $ | 913 | $ | 701 | $ | 29 | $ | 1 | |||||||||||||||||||||||
Other current liabilities | (15 | ) | (2 | ) | (3 | ) | (4 | ) | |||||||||||||||||||||||
Noncurrent pension and other postretirement benefit liabilities | (410 | ) | (1,271 | ) | (71 | ) | (560 | ) | |||||||||||||||||||||||
Net amount recognized | $ | 488 | $ | (572 | ) | $ | (45 | ) | $ | (563 | ) | ||||||||||||||||||||
Significant assumptions used to determine benefit obligations as of December 31: | |||||||||||||||||||||||||||||||
Discount rate(3) | 5.20%/5.30% | 4.4 | % | 5.00%/5.10% | 4.4 | % | |||||||||||||||||||||||||
Weighted average rate of increase for compensation | 4.21 | % | 4.21 | % | 4.22 | % | 4.22 | % | |||||||||||||||||||||||
-1 | Relates to a plan amendment that changed medical coverage for certain Medicare-eligible retirees. | ||||||||||||||||||||||||||||||
-2 | 2013 amounts relate primarily to the decommissioning of Kewaunee. 2012 amount relates to the sale of Salem Harbor. | ||||||||||||||||||||||||||||||
-3 | Pension rates are 5.20% for the gas union plans and 5.30% for the nonunion and other union plans. OPEB rates are 5.00% for the gas union plans and 5.10% for the nonunion and other union plans. | ||||||||||||||||||||||||||||||
The ABO for all of Dominion's defined benefit pension plans was $5.1 billion and $5.5 billion at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||
Under its funding policies, Dominion evaluates plan funding requirements annually, usually in the fourth quarter after receiving updated plan information from its actuary. Based on the funded status of each plan and other factors, Dominion determines the amount of contributions for the current year, if any, at that time. During 2013, Dominion made no contributions to its qualified defined benefit pension plans and no contributions are currently expected in 2014. In July 2012, the Moving Ahead for Progress in the 21st Century Act was signed into law. This Act includes an increase in the interest rates used to determine plan sponsors' pension contributions for required funding purposes. These new interest rates are expected to reduce required pension contributions through 2015. Dominion believes that required pension contributions will rise subsequent to 2015, resulting in little net impact to cumulative required contributions over a 10-year period. | |||||||||||||||||||||||||||||||
Certain regulatory authorities have held that amounts recovered in utility customers' rates for other postretirement benefits, in excess of benefits actually paid during the year, must be deposited in trust funds dedicated for the sole purpose of paying such benefits. Accordingly, certain of Dominion's subsidiaries fund other postretirement benefit costs through VEBAs. Dominion's remaining subsidiaries do not prefund other postretirement benefit costs but instead pay claims as presented. Dominion expects to contribute approximately $12 million to the Dominion VEBAs in 2014. | |||||||||||||||||||||||||||||||
Dominion does not expect any pension or other postretirement plan assets to be returned to the Company during 2014. | |||||||||||||||||||||||||||||||
The following table provides information on the benefit obligations and fair value of plan assets for plans with a benefit obligation in excess of plan assets: | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||
As of December 31, | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
Benefit obligation | $ | 4,978 | $ | 5,462 | $ | 1,233 | $ | 1,591 | |||||||||||||||||||||||
Fair value of plan assets | 4,553 | 4,189 | 1,158 | 1,027 | |||||||||||||||||||||||||||
The following table provides information on the ABO and fair value of plan assets for pension plans with an ABO in excess of plan assets: | |||||||||||||||||||||||||||||||
As of December 31, | 2013 | 2012 | |||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 114 | $ | 4,850 | |||||||||||||||||||||||||||
Fair value of plan assets | — | 4,189 | |||||||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
2014 | $ | 264 | $ | 91 | |||||||||||||||||||||||||||
2015 | 269 | 93 | |||||||||||||||||||||||||||||
2016 | 283 | 96 | |||||||||||||||||||||||||||||
2017 | 300 | 98 | |||||||||||||||||||||||||||||
2018 | 319 | 100 | |||||||||||||||||||||||||||||
2019-2023 | 1,868 | 507 | |||||||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||||||
Dominion's overall objective for investing its pension and other postretirement plan assets is to achieve appropriate long-term rates of return commensurate with prudent levels of risk. To minimize risk, funds are broadly diversified among asset classes, investment strategies and investment advisors. The strategic target asset allocations for its pension funds are 28% U.S. equity, 18% non-U.S. equity, 33% fixed income, 3% real estate and 18% other alternative investments. U.S. equity includes investments in large-cap, mid-cap and small-cap companies located in the United States. Non-U.S. equity includes investments in large-cap and small-cap companies located outside of the United States including both developed and emerging markets. A common/collective trust fund is a pooled fund operated by a bank or trust company for investment of the assets of various organizations and individuals in a well-diversified portfolio. Fixed income includes corporate debt instruments of companies from diversified industries and U.S. Treasuries. The U.S. equity, non-U.S. equity and fixed income investments are in individual securities as well as mutual funds. Common/collective trust funds are funds of grouped assets that follow various investment strategies. Real estate includes equity REITs and investments in partnerships. Other alternative investments include partnership investments in private equity, debt and hedge funds that follow several different strategies. | |||||||||||||||||||||||||||||||
Strategic investment policies are established for Dominion's prefunded benefit plans based upon periodic asset/liability studies. Factors considered in setting the investment policy include employee demographics, liability growth rates, future discount rates, the funded status of the plans and the expected long-term rate of return on plan assets. Deviations from the plans' strategic allocation are a function of Dominion's assessments regarding short-term risk and reward opportunities in the capital markets and/or short-term market movements which result in the plans' actual asset allocations varying from the strategic target asset allocations. Through periodic rebalancing, actual allocations are brought back in line with the target. Future asset/liability studies will focus on strategies to further reduce pension and other postretirement plan risk, while still achieving attractive levels of returns. Financial derivatives may be used to obtain or manage market exposures and to hedge assets and liabilities. | |||||||||||||||||||||||||||||||
For fair value measurement policies and procedures related to pension and other postretirement benefit plan assets, see Note 6. | |||||||||||||||||||||||||||||||
The fair values of Dominion's pension plan assets by asset category are as follows: | |||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||
Pension Plans | |||||||||||||||||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
Cash equivalents | $ | 53 | $ | 126 | — | $ | 179 | — | $ | 195 | — | $ | 195 | ||||||||||||||||||
U.S. equity: | |||||||||||||||||||||||||||||||
Large Cap | 1,220 | — | — | 1,220 | 927 | 104 | — | 1,031 | |||||||||||||||||||||||
Other | 514 | — | — | 514 | 425 | 99 | — | 524 | |||||||||||||||||||||||
Non-U.S. equity: | |||||||||||||||||||||||||||||||
Large Cap | 308 | — | — | 308 | 313 | 68 | — | 381 | |||||||||||||||||||||||
Other | 391 | — | — | 391 | 228 | 167 | — | 395 | |||||||||||||||||||||||
Common/collective trust funds | — | 1,387 | — | 1,387 | — | — | — | — | |||||||||||||||||||||||
Fixed income: | |||||||||||||||||||||||||||||||
Corporate debt instruments | 43 | 451 | — | 494 | 27 | 1,026 | — | 1,053 | |||||||||||||||||||||||
U.S. Treasury securities and agency debentures | 2 | 229 | — | 231 | 331 | 304 | — | 635 | |||||||||||||||||||||||
State and municipal | 69 | 107 | — | 176 | 1 | 71 | — | 72 | |||||||||||||||||||||||
Other securities | 7 | 50 | — | 57 | 5 | 43 | — | 48 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||
REITs | 32 | — | — | 32 | 29 | — | — | 29 | |||||||||||||||||||||||
Partnerships | — | — | 227 | 227 | — | — | 321 | 321 | |||||||||||||||||||||||
Other alternative investments: | |||||||||||||||||||||||||||||||
Private equity | — | — | 530 | 530 | — | — | 456 | 456 | |||||||||||||||||||||||
Debt | — | — | 180 | 180 | — | — | 192 | 192 | |||||||||||||||||||||||
Hedge funds | — | — | 187 | 187 | — | — | 221 | 221 | |||||||||||||||||||||||
Total | $ | 2,639 | $ | 2,350 | $ | 1,124 | $ | 6,113 | $ | 2,286 | $ | 2,077 | $ | 1,190 | $ | 5,553 | |||||||||||||||
The fair values of Dominion's other postretirement plan assets by asset category are as follows: | |||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||
Other Postretirement Plans | |||||||||||||||||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
Cash equivalents | $ | 3 | $ | 14 | $ | — | $ | 17 | $ | — | $ | 13 | $ | — | $ | 13 | |||||||||||||||
U.S. equity: | |||||||||||||||||||||||||||||||
Large Cap | 472 | — | — | 472 | 378 | 5 | — | 383 | |||||||||||||||||||||||
Other | 26 | — | — | 26 | 21 | 45 | — | 66 | |||||||||||||||||||||||
Non-U.S. equity: | |||||||||||||||||||||||||||||||
Large Cap | 111 | — | — | 111 | 93 | 3 | — | 96 | |||||||||||||||||||||||
Other | 20 | — | — | 20 | 11 | 8 | — | 19 | |||||||||||||||||||||||
Common/collective trust funds | — | 502 | — | 502 | — | — | — | — | |||||||||||||||||||||||
Fixed income: | |||||||||||||||||||||||||||||||
Corporate debt instruments | 2 | 23 | — | 25 | 1 | 160 | — | 161 | |||||||||||||||||||||||
U.S. Treasury securities and agency debentures | — | 12 | — | 12 | 16 | 266 | — | 282 | |||||||||||||||||||||||
State and municipal | 4 | 5 | — | 9 | — | 9 | — | 9 | |||||||||||||||||||||||
Other securities | — | 3 | — | 3 | — | 2 | — | 2 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||
REITs | 2 | — | — | 2 | 1 | — | — | 1 | |||||||||||||||||||||||
Partnerships | — | — | 19 | 19 | — | — | 24 | 24 | |||||||||||||||||||||||
Other alternative investments: | |||||||||||||||||||||||||||||||
Private equity | — | — | 60 | 60 | — | — | 58 | 58 | |||||||||||||||||||||||
Debt | — | — | 27 | 27 | — | — | 31 | 31 | |||||||||||||||||||||||
Hedge funds | — | — | 10 | 10 | — | — | 11 | 11 | |||||||||||||||||||||||
Total | $ | 640 | $ | 559 | $ | 116 | $ | 1,315 | $ | 521 | $ | 511 | $ | 124 | $ | 1,156 | |||||||||||||||
The following table presents the changes in Dominion's pension and other postretirement plan assets that are measured at fair value and included in the Level 3 fair value category: | |||||||||||||||||||||||||||||||
Fair Value Measurements using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||
Pension Plans | Other Postretirement Plans | ||||||||||||||||||||||||||||||
Real Estate | Private Equity | Debt | Hedge Funds | Total | Real Estate | Private Equity | Debt | Hedge Funds | Total | ||||||||||||||||||||||
Balance at December 31, 2010 | $ | 271 | $ | 400 | $ | 262 | $ | 345 | $ | 1,278 | $ | 22 | $ | 61 | $ | 40 | $ | 17 | $ | 140 | |||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 38 | 70 | 10 | 10 | 128 | 3 | 11 | 1 | — | 15 | |||||||||||||||||||||
Relating to assets sold during the period | (8 | ) | (34 | ) | (10 | ) | (15 | ) | (67 | ) | — | (4 | ) | (1 | ) | (1 | ) | (6 | ) | ||||||||||||
Purchases | 57 | 76 | 34 | 48 | 215 | 3 | 8 | 3 | 2 | 16 | |||||||||||||||||||||
Sales | (54 | ) | (64 | ) | (53 | ) | (98 | ) | (269 | ) | (4 | ) | (13 | ) | (7 | ) | (4 | ) | (28 | ) | |||||||||||
Balance at December 31, 2011 | $ | 304 | $ | 448 | $ | 243 | $ | 290 | $ | 1,285 | $ | 24 | $ | 63 | $ | 36 | $ | 14 | $ | 137 | |||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 21 | 46 | 17 | 21 | 105 | 1 | 3 | 4 | 1 | 9 | |||||||||||||||||||||
Relating to assets sold during the period | (8 | ) | (41 | ) | (11 | ) | (2 | ) | (62 | ) | — | (1 | ) | — | — | (1 | ) | ||||||||||||||
Purchases | 35 | 79 | 15 | — | 129 | 2 | 6 | 1 | — | 9 | |||||||||||||||||||||
Sales | (31 | ) | (76 | ) | (72 | ) | (88 | ) | (267 | ) | (3 | ) | (13 | ) | (10 | ) | (4 | ) | (30 | ) | |||||||||||
Balance at December 31, 2012 | $ | 321 | $ | 456 | $ | 192 | $ | 221 | $ | 1,190 | $ | 24 | $ | 58 | $ | 31 | $ | 11 | $ | 124 | |||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 15 | 98 | 32 | 21 | 166 | (2 | ) | 6 | 3 | 1 | 8 | ||||||||||||||||||||
Relating to assets sold during the period | (36 | ) | (48 | ) | (34 | ) | (4 | ) | (122 | ) | 1 | 3 | — | 1 | 5 | ||||||||||||||||
Purchases | 6 | 115 | 32 | — | 153 | 1 | 7 | 2 | — | 10 | |||||||||||||||||||||
Sales | (79 | ) | (91 | ) | (42 | ) | (51 | ) | (263 | ) | (5 | ) | (14 | ) | (9 | ) | (3 | ) | (31 | ) | |||||||||||
Balance at December 31, 2013 | $ | 227 | $ | 530 | $ | 180 | $ | 187 | $ | 1,124 | $ | 19 | $ | 60 | $ | 27 | $ | 10 | $ | 116 | |||||||||||
Investments in Common/Collective Trust Funds in Dominion’s pension and other postretirement plans are stated at fair value as determined by the issuer of the Common/Collective Trust Funds based on the fair value of the underlying investments. The Common/Collective Trusts do not have any unfunded commitments, and do not have any applicable liquidation periods or defined terms/periods to be held. The majority of the Common/Collective Trust Funds have limited withdrawal or redemption rights during the term of the investment. Strategies of the Common/Collective Trust Funds are as follows: | |||||||||||||||||||||||||||||||
• | Wells Fargo Closed End Bond Trust-The Fund invests in stocks, bonds or a combination of both. Shares of the Fund are traded on a stock exchange and are subject to market risk like stocks, bonds and mutual funds. The Fund may invest in a less liquid portfolio of stocks and bonds because the fund does not need to sell securities to meet shareholder redemptions as mutual funds in order to keep a percentage of its portfolio in cash to pay back investors who withdraw shares. | ||||||||||||||||||||||||||||||
• | JPMorgan Core Bond Trust-The Fund seeks to maximize total return by investing primarily in a diversified portfolio of intermediate- and long-term debt securities. The Fund invests primarily in investment-grade bonds; it generally maintains an average weighted maturity between four and 12 years. It may shorten its average weighted maturity if deemed appropriate for temporary defensive purposes. | ||||||||||||||||||||||||||||||
• | SSgA Russell 2000 Value Index Common Trust-The Fund measures the performance of the small-cap value segment of the U.S. equity universe. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics. | ||||||||||||||||||||||||||||||
• | SSgA Daily MSCI Emerging Markets Index Non-Lending Fund-The Fund seeks an investment return that approximates as closely as practicable, before expenses, the performance of the MSCI Emerging Markets Index over the long term. The Fund may invest directly or indirectly in securities and other instruments, including in other pooled investment vehicles sponsored or managed by, or otherwise affiliated with the Trustee (State Street Bank and Trust Company). | ||||||||||||||||||||||||||||||
• | SSgA Daily MSCI ACWI Ex-USA Index Non-Lending Fund-The Fund seeks an investment return that approximates as closely as practicable, before expenses, the performance of the MSCI ACWI Ex-USA Index over the long term. The Fund may invest directly or indirectly in securities and other instruments, including in other pooled investment vehicles sponsored or managed by, or otherwise affiliated with the Trustee (State Street Bank and Trust Company). | ||||||||||||||||||||||||||||||
• | SSgA S&P 400 MidCap Index - The Fund seeks an investment return that approximates as closely as practicable, before expenses, the performance of its benchmark index (the Index) over the long term. The S&P MidCap 400 is comprised of approximately 400 U.S. mid-cap securities and accounts for approximately 7% coverage of the U.S. stock market capitalization. SSgA will typically attempt to invest in the equity securities comprising the Index, in approximately the same proportions as they are represented in the Index. | ||||||||||||||||||||||||||||||
• | JPMorgan Chase Bank U.S. Active Core Plus Equity Fund-The Fund seeks to outperform the S&P 500 Index (the Benchmark), gross of fees, over a market cycle. The Fund invests primarily in a portfolio of long and short positions in equity securities of large and mid capitalization U.S. companies with characteristics similar to those of the Benchmark. | ||||||||||||||||||||||||||||||
• | Mondrian International Small Cap Equity Fund-The Fund’s investment objective is long-term total return. The Fund primarily invests in equity securities of non-U.S. small capitalization companies that, in the investment manager’s opinion, are undervalued at the time of purchase based on fundamental value analysis employed by the investment manager. | ||||||||||||||||||||||||||||||
Net Periodic Benefit Cost | |||||||||||||||||||||||||||||||
The components of the provision for net periodic benefit cost and amounts recognized in other comprehensive income and regulatory assets and liabilities are as follows: | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
(millions, except percentages) | |||||||||||||||||||||||||||||||
Service cost | $ | 131 | $ | 116 | $ | 108 | $ | 43 | $ | 44 | $ | 48 | |||||||||||||||||||
Interest cost | 271 | 268 | 258 | 73 | 79 | 94 | |||||||||||||||||||||||||
Expected return on plan assets | (462 | ) | (430 | ) | (440 | ) | (92 | ) | (79 | ) | (79 | ) | |||||||||||||||||||
Amortization of prior service (credit) cost | 3 | 3 | 3 | (15 | ) | (13 | ) | (13 | ) | ||||||||||||||||||||||
Amortization of net actuarial loss | 165 | 132 | 96 | 7 | 6 | 12 | |||||||||||||||||||||||||
Settlements and curtailments(1) | (2 | ) | — | — | (15 | ) | (4 | ) | 1 | ||||||||||||||||||||||
Special termination benefits | — | — | — | 1 | — | — | |||||||||||||||||||||||||
Net periodic benefit cost | $ | 106 | $ | 89 | $ | 25 | $ | 2 | $ | 33 | $ | 63 | |||||||||||||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | |||||||||||||||||||||||||||||||
Current year net actuarial (gain) loss | $ | (968 | ) | $ | 786 | $ | 534 | $ | (255 | ) | $ | 139 | $ | (157 | ) | ||||||||||||||||
Prior service (credit) cost | 1 | — | — | (215 | ) | 1 | (70 | ) | |||||||||||||||||||||||
Settlements and curtailments(1) | (22 | ) | — | — | (7 | ) | (2 | ) | (1 | ) | |||||||||||||||||||||
Less amounts included in net periodic benefit cost: | |||||||||||||||||||||||||||||||
Amortization of net actuarial loss | (165 | ) | (132 | ) | (96 | ) | (7 | ) | (6 | ) | (12 | ) | |||||||||||||||||||
Amortization of prior service credit (cost) | (3 | ) | (3 | ) | (3 | ) | 15 | 13 | 13 | ||||||||||||||||||||||
Total recognized in other comprehensive income and regulatory assets and liabilities | $ | (1,157 | ) | $ | 651 | $ | 435 | $ | (469 | ) | $ | 145 | $ | (227 | ) | ||||||||||||||||
Significant assumptions used to determine periodic cost: | |||||||||||||||||||||||||||||||
Discount rate | 4.40% - 4.80% | 5.5 | % | 5.9 | % | 4.40% - 4.80% | 5.5 | % | 5.9 | % | |||||||||||||||||||||
Expected long-term rate of return on plan assets | 8.5 | % | 8.5 | % | 8.5 | % | 7.75 | % | 7.75 | % | 7.75 | % | |||||||||||||||||||
Weighted average rate of increase for compensation | 4.21 | % | 4.21 | % | 4.61 | % | 4.22 | % | 4.22 | % | 4.62 | % | |||||||||||||||||||
Healthcare cost trend rate(2) | 7 | % | 7 | % | 7 | % | |||||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)(2) | 4.6 | % | 4.6 | % | 4.6 | % | |||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate(2) | 2062 | 2061 | 2060 | ||||||||||||||||||||||||||||
-1 | 2013 amount relates primarily to the decommissioning of Kewaunee. 2012 amount relates to the sale of Salem Harbor. | ||||||||||||||||||||||||||||||
-2 | Assumptions used to determine periodic cost for the following year. | ||||||||||||||||||||||||||||||
The components of AOCI and regulatory assets and liabilities that have not been recognized as components of periodic benefit (credit) cost are as follows: | |||||||||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||||||||
Postretirement | |||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||
At December 31, | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
Net actuarial (gain) loss | $ | 1,709 | $ | 2,865 | $ | (40 | ) | $ | 229 | ||||||||||||||||||||||
Prior service (credit) cost | 10 | 11 | (271 | ) | (71 | ) | |||||||||||||||||||||||||
Total(1) | $ | 1,719 | $ | 2,876 | $ | (311 | ) | $ | 158 | ||||||||||||||||||||||
-1 | As of December 31, 2013, of the $1.7 billion and $(311) million related to pension benefits and other postretirement benefits, $1.0 billion and $(156) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2012, of the $2.9 billion and $158 million related to pension benefits and other postretirement benefits, $1.8 billion and $69 million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. | ||||||||||||||||||||||||||||||
The following table provides the components of AOCI and regulatory assets and liabilities as of December 31, 2013 that are expected to be amortized as components of periodic benefit cost in 2014: | |||||||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
Net actuarial loss | $ | 112 | $ | 2 | |||||||||||||||||||||||||||
Prior service (credit) cost | 3 | (28 | ) | ||||||||||||||||||||||||||||
Dominion determines the expected long-term rates of return on plan assets for its pension plans and other postretirement benefit plans by using a combination of: | |||||||||||||||||||||||||||||||
• | Expected inflation and risk-free interest rate assumptions; | ||||||||||||||||||||||||||||||
• | Historical return analysis to determine long term historic returns as well as historic risk premiums for various asset classes; | ||||||||||||||||||||||||||||||
• | Expected future risk premiums, asset volatilities and correlations; | ||||||||||||||||||||||||||||||
• | Forecasts of an independent investment advisor; | ||||||||||||||||||||||||||||||
• | Forward-looking return expectations derived from the yield on long-term bonds and the expected long-term returns of major stock market indices; and | ||||||||||||||||||||||||||||||
• | Investment allocation of plan assets. | ||||||||||||||||||||||||||||||
Dominion determines discount rates from analyses of AA/Aa rated bonds with cash flows matching the expected payments to be made under its plans. | |||||||||||||||||||||||||||||||
Assumed healthcare cost trend rates have a significant effect on the amounts reported for Dominion's retiree healthcare plans. A one percentage point change in assumed healthcare cost trend rates would have had the following effects: | |||||||||||||||||||||||||||||||
Other Postretirement Benefits | |||||||||||||||||||||||||||||||
One percentage point increase | One percentage point decrease | ||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
Effect on net periodic cost for 2014 | $ | 16 | $ | (18 | ) | ||||||||||||||||||||||||||
Effect on other postretirement benefit obligation at December 31, 2013 | 140 | (118 | ) | ||||||||||||||||||||||||||||
An internal committee selects the final assumptions used for Dominion's pension and other postretirement plans, including discount rates, expected long-term rates of return and healthcare cost trend rates. | |||||||||||||||||||||||||||||||
Defined Contribution Plans | |||||||||||||||||||||||||||||||
In addition, Dominion sponsors defined contribution employee savings plans. During 2013, 2012 and 2011, Dominion recognized $40 million, $40 million and $38 million, respectively, as employer matching contributions to these plans. | |||||||||||||||||||||||||||||||
VIRGINIA POWER | |||||||||||||||||||||||||||||||
Virginia Power participates in the Dominion Pension Plan, a defined benefit pension plan sponsored by Dominion that provides benefits to multiple Dominion subsidiaries. Retirement benefits payable under this plan are based primarily on years of service, age and the employee's compensation. As a participating employer, Virginia Power is subject to Dominion's funding policy, which is to contribute annually an amount that is in accordance with the provisions of ERISA. During 2013 and 2012 Virginia Power made no contributions to the plan and no contributions are currently expected in 2014. Virginia Power's net periodic pension cost related to this pension plan was $96 million, $72 million and $50 million in 2013, 2012 and 2011, respectively. Employee compensation is the basis for determining Virginia Power's share of total pension costs. | |||||||||||||||||||||||||||||||
Virginia Power also participates in the Dominion Retiree Health and Welfare Plan, a plan sponsored by Dominion that provides certain retiree healthcare and life insurance benefits to multiple Dominion subsidiaries. Annual employee premiums are based on several factors such as age, retirement date and years of service. Virginia Power's net periodic benefit cost related to this plan was $5 million, $13 million and $23 million in 2013, 2012 and 2011, respectively. Employee headcount is the basis for determining Virginia Power's share of total other postretirement benefit costs. | |||||||||||||||||||||||||||||||
Certain regulatory authorities have held that amounts recovered in rates for other postretirement benefits, in excess of benefits actually paid during the year, must be deposited in trust funds dedicated for the sole purpose of paying such benefits. Accordingly, Virginia Power funds other postretirement benefit costs through a VEBA. During 2013 and 2012, Virginia Power made no contributions to the VEBA and does not expect to contribute to the VEBA in 2014. | |||||||||||||||||||||||||||||||
Dominion holds investments in trusts to fund employee benefit payments for its pension and other postretirement benefit plans, in which Virginia Power's employees participate. Any investment-related declines in these trusts will result in future increases in the periodic cost recognized for such employee benefit plans and will be included in the determination of the amount of cash that Virginia Power will provide to Dominion for its share of employee benefit plan contributions. | |||||||||||||||||||||||||||||||
Virginia Power also participates in Dominion-sponsored defined contribution employee savings plans that cover substantially all employees. During 2013, 2012 and 2011, Virgina Power recognized $16 million, $15 million and $14 million, respectively, as employer matching contributions to these plans. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||||
Commitments and Contingencies | ' | |||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||
As a result of issues generated in the ordinary course of business, Dominion and Virginia Power are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions, or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations for which the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies' maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on Dominion's or Virginia Power's financial position, liquidity or results of operations. | ||||||||||||||||||||||
Environmental Matters | ||||||||||||||||||||||
Dominion and Virginia Power are subject to costs resulting from a number of federal, state and local laws and regulations designed to protect human health and the environment. These laws and regulations affect future planning and existing operations. They can result in increased capital, operating and other costs as a result of compliance, remediation, containment and monitoring obligations. | ||||||||||||||||||||||
AIR | ||||||||||||||||||||||
The CAA, as amended, is a comprehensive program utilizing a broad range of regulatory tools to protect and preserve the nation's air quality. At a minimum, states are required to establish regulatory programs to address all requirements of the CAA. However, states may choose to develop regulatory programs that are more restrictive. Many of Dominion's and Virginia Power's facilities are subject to the CAA's permitting and other requirements. | ||||||||||||||||||||||
In December 2011, the EPA issued MATS for coal and oil-fired electric utility steam generating units. The rule establishes strict emission limits for mercury, particulate matter as a surrogate for toxic metals and hydrogen chloride as a surrogate for acid gases. The rule includes a limited use provision for oil-fired units with annual capacity factors under 8% that provides an exemption from emission limits, and allows compliance with operational work practice standards. Compliance will be required by April 16, 2015, with certain limited exceptions. In December 2011, Virginia Power recorded a $228 million ($139 million after-tax) charge reflecting plant balances that are not expected to be recovered in future periods due to the anticipated retirement of certain regulated coal units, primarily as a result of the issuance of the final MATS. During the fourth quarter of 2013, Virginia Power recorded charges totaling $26 million ($16 million after-tax) for certain exit activities associated with these coal units, including the cost of employee severance, vendor contract termination, and inventory not expected to be used or usable at other stations. | ||||||||||||||||||||||
The EPA established CAIR with the intent to require significant reductions in SO2 and NOX emissions from electric generating facilities. In July 2008, the U.S. Court of Appeals for the D.C. Circuit issued a ruling vacating CAIR. In December 2008, the Court denied rehearing, but also issued a decision to remand CAIR to the EPA. In July 2011, the EPA issued a replacement rule for CAIR, called CSAPR, that required 28 states to reduce power plant emissions that cross state lines. CSAPR established new SO2 and NOx emissions cap and trade programs that were completely independent of the current ARP. Specifically, CSAPR required reductions in SO2 and NOx emissions from fossil fuel-fired electric generating units of 25 MW or more through annual NOx emissions caps, NOx emissions caps during the ozone season (May 1 through September 30) and annual SO2 emission caps with differing requirements for two groups of affected states. | ||||||||||||||||||||||
Following numerous petitions by industry participants for review and motions for stay, the U.S. Court of Appeals for the D.C. Circuit issued a ruling in December 2011 to stay CSAPR pending judicial review. In February and June 2012, the EPA issued technical revisions to CSAPR that were not material to Dominion. In August 2012, the court vacated CSAPR in its entirety and ordered the EPA to implement CAIR until a valid replacement rule is issued. In October 2012, the EPA filed a petition requesting a rehearing of the court's decision, which was denied in January 2013. The mandate vacating CSAPR was issued in February 2013. In March 2013, the EPA and several environmental groups filed petitions with the U.S. Supreme Court requesting review of the decision to vacate and remand CSAPR. In June 2013, the U.S. Supreme Court granted the EPA's petition seeking review of the D.C. Circuit's decision that vacated and remanded CSAPR. With respect to Dominion's generation fleet, the cost to comply with CAIR is not expected to be material. Future outcomes of litigation and/or any additional action to issue a revised rule could affect the assessment regarding cost of compliance. | ||||||||||||||||||||||
In May 2012, the EPA issued final designations for the 75-ppb ozone air quality standard. Several Dominion electric generating facilities are located in areas impacted by this standard. As part of the standard, states will be required to develop and implement plans to address sources emitting pollutants which contribute to the formation of ozone. Until the states have developed implementation plans, Dominion is unable to predict whether or to what extent the new rules will ultimately require additional controls. | ||||||||||||||||||||||
In February 2008, Dominion received a request for information pursuant to Section 114 of the CAA from the EPA. The request concerned historical operating changes and capital improvements undertaken at State Line and Kincaid. In April 2009, Dominion received a second request for information. Dominion provided information in response to both requests. Also in April 2009, Dominion received a Notice and Finding of Violations from the EPA claiming violations of the CAA New Source Review requirements, NSPS, the Title V permit program and the stations' respective State Implementation Plans. In May 2010, Dominion received a request for information pursuant to Section 114 of the CAA from the EPA. The request concerned historical operating changes and capital improvements undertaken at Brayton Point. | ||||||||||||||||||||||
Dominion believes that it complied with applicable laws and the EPA regulations and interpretations in effect at the time the work in question took place. Dominion entered into settlement discussions with the U.S. government and reached an agreement to settle the allegations. In April 2013, the U.S. government lodged a consent decree and complaint with the U.S. District Court for the Central District of Illinois that resolves all alleged violations at State Line, Kincaid and Brayton Point. The settlement mandates the closure of State Line, installation of certain control technology at Kincaid and Brayton Point, the achievement of certain emissions limitations, payment of a civil penalty of $3 million and funding of $10 million in environmental mitigation projects. In July 2013, the court entered the consent decree, concluding the enforcement action. Dominion previously accrued a liability of $13 million related to this matter. State Line ceased operations in March 2012 and was sold in June 2012. The installation of pollution control technology was in progress at Kincaid and had been completed at Brayton Point. In August 2013, Dominion sold Kincaid and Brayton Point. Under the terms of the sale transaction, Dominion retained the $13 million liability associated with the settlement agreement. Dominion has paid the civil penalty and is implementing the environmental mitigation projects. | ||||||||||||||||||||||
WATER | ||||||||||||||||||||||
The CWA, as amended, is a comprehensive program requiring a broad range of regulatory tools including a permit program to authorize and regulate discharges to surface waters with strong enforcement mechanisms. Dominion and Virginia Power must comply with applicable aspects of the CWA programs at their operating facilities. | ||||||||||||||||||||||
In September 2010, Millstone's NPDES permit was reissued under the CWA. The conditions of the permit require an evaluation of control technologies that could result in additional expenditures in the future. The report summarizing the results of the evaluation was submitted in August 2012 and is under review by the Connecticut Department of Energy and Environmental Protection. Dominion cannot currently predict the outcome of this review. In October 2010, the permit issuance was appealed to the state court by a private plaintiff. The permit is expected to remain in effect during the appeal. Dominion is currently unable to make an estimate of the potential financial statement impacts related to this matter. | ||||||||||||||||||||||
SOLID AND HAZARDOUS WASTE | ||||||||||||||||||||||
The CERCLA, as amended, provides for immediate response and removal actions coordinated by the EPA in the event of threatened releases of hazardous substances into the environment and authorizes the U.S. government either to clean up sites at which hazardous substances have created actual or potential environmental hazards or to order persons responsible for the situation to do so. Under the CERCLA, as amended, generators and transporters of hazardous substances, as well as past and present owners and operators of contaminated sites, can be jointly, severally and strictly liable for the cost of cleanup. These potentially responsible parties can be ordered to perform a cleanup, be sued for costs associated with an EPA-directed cleanup, voluntarily settle with the U.S. government concerning their liability for cleanup costs, or voluntarily begin a site investigation and site remediation under state oversight. | ||||||||||||||||||||||
From time to time, Dominion or Virginia Power may be identified as a potentially responsible party to a Superfund site. The EPA (or a state) can either allow such a party to conduct and pay for a remedial investigation, feasibility study and remedial action or conduct the remedial investigation and action itself and then seek reimbursement from the potentially responsible parties. Each party can be held jointly, severally and strictly liable for the cleanup costs. These parties can also bring contribution actions against each other and seek reimbursement from their insurance companies. As a result, Dominion or Virginia Power may be responsible for the costs of remedial investigation and actions under the Superfund law or other laws or regulations regarding the remediation of waste. Except as noted below, the Companies do not believe this will have a material effect on results of operations, financial condition and/or cash flows. | ||||||||||||||||||||||
In September 2011, the EPA issued a UAO to Virginia Power and 22 other parties, ordering specific remedial action of certain areas at the Ward Transformer Superfund site located in Raleigh, North Carolina. Virginia Power does not believe it is a liable party under CERCLA based on its alleged connection to the site. In November 2011, Virginia Power and a number of other parties notified the EPA that they are declining to undertake the work set forth in the UAO. | ||||||||||||||||||||||
The EPA may seek to enforce a UAO in court pursuant to its enforcement authority under CERCLA, and may seek recovery of its costs in undertaking removal or remedial action. If the court determines that a respondent failed to comply with the UAO without sufficient cause, the EPA may also seek civil penalties of up to $37,500 per day for the violation and punitive damages of up to three times the costs incurred by the EPA as a result of the party's failure to comply with the UAO. Virginia Power is currently unable to make an estimate of the potential financial statement impacts related to the Ward Transformer matter. | ||||||||||||||||||||||
Dominion has determined that it is associated with 17 former manufactured gas plant sites, three of which pertain to Virginia Power. Studies conducted by other utilities at their former manufactured gas plant sites have indicated that those sites contain coal tar and other potentially harmful materials. None of the former sites with which Dominion and Virginia Power are associated is under investigation by any state or federal environmental agency. At one of the former sites, Dominion is conducting a state-approved post closure groundwater monitoring program and an environmental land use restriction has been recorded. Another site has been accepted into a state-based voluntary remediation program. Dominion is currently evaluating the nature and extent of the contamination from this site as well as potential remedial options. Preliminary costs for options under evaluation for the site range from $1 million to $22 million. A remedy has not been selected. Due to the uncertainty surrounding the other sites, Dominion is unable to make an estimate of the potential financial statement impacts. | ||||||||||||||||||||||
CLIMATE CHANGE LEGISLATION AND REGULATION | ||||||||||||||||||||||
Massachusetts, Rhode Island, Connecticut, and Maryland, among other states, have joined RGGI, a multi-state effort to reduce CO2 emissions in the Northeast implemented through state specific regulations. Under the initiative, aggregate CO2 emissions from power plants in participating states are required to be stabilized at current levels from 2009 to 2015. Further reductions from current levels would be required to be phased in starting in 2016 such that by 2019 there would be a 10% reduction in participating state power plant CO2 emissions. During 2012, RGGI underwent a program review, and in February 2013, revisions to the RGGI model rule were issued that include a reduction of the regional CO2 emissions cap from 165 million tons to 91 million tons beginning in January 2014, with an additional 2.5% reduction per year through 2020. The revisions also include changes to compliance demonstration requirements for regulated entities, offset and cost containment mechanisms. Most of the RGGI states have completed the regulatory and/or legislative processes required to amend existing state regulations to implement the RGGI program changes. However, as a result of the recent sales of several power plants located in these states, Dominion does not expect that RGGI will have a material effect on operations, financial condition, and/or cash flows. | ||||||||||||||||||||||
In December 2009, the EPA issued their Final Endangerment and Cause or Contribute Findings for Greenhouse Gases under Section 202(a) of the Clean Air Act, finding that GHGs “endanger both the public health and the public welfare of current and future generations.” On April 1, 2010, the EPA and the Department of Transportation's National Highway Safety Administration announced a joint final rule establishing a program that will dramatically reduce GHG emissions and improve fuel economy for new cars and trucks sold in the United States. These rules took effect in January 2011 and established GHG emissions as regulated pollutants under the CAA. | ||||||||||||||||||||||
In May 2010, the EPA issued the Final Prevention of Significant Deterioration and Title V Greenhouse Gas Tailoring Rule that, combined with prior actions, require Dominion and Virginia Power to obtain permits for GHG emissions for new and modified facilities over certain size thresholds, and meet best available control technology for GHG emissions. The EPA has issued draft guidance for GHG permitting, including best available control technology. | ||||||||||||||||||||||
In April 2012, the EPA published proposed NSPS for GHG emissions for new electric generating units. This proposed rule set national emission standards for new coal, oil, integrated gasification, and combined cycle units larger than 25MW. The | ||||||||||||||||||||||
proposed rule covered CO2 only and does not apply to existing sources. The proposed rule also does not apply to any new or | ||||||||||||||||||||||
existing biomass units. In June 2013, the President of the U.S. released a Climate Action Plan focusing on ways to meet the national GHG reduction goal of 17% from 2005 levels by 2020. Pursuant to the Presidential Memorandum issued in conjunction with the Climate Action Plan, the EPA withdrew the April 2012 proposal and re-proposed the NSPS standards for new sources on January 8, 2014 and is expected to finalize the rule in 2014 or early 2015. The Presidential Memorandum also directed the EPA to propose a rule for reconstructed, modified and existing sources of GHG emissions no later than June 2014, and issue a final rule no later than June 2015, to provide guidelines to the states to achieve the required GHG reductions. Dominion currently cannot predict with certainty the direct or indirect financial impact on operations from these rule revisions, but believes the expenditures to comply with any new requirements could be material. | ||||||||||||||||||||||
In October 2013, the U.S. Supreme Court granted petitions filed by several industry groups, states, and the Chamber of Commerce seeking review of the D.C. Circuit Court's June 2012 decision upholding the EPA’s regulation of GHG under the CAA. The court’s decision could potentially impact EPA's continued implementation of current Prevention of Significant Deterioration regulations applicable to stationary sources in relation to GHG. It is not anticipated, however, that the court's decision would affect the EPA’s development of the GHG NSPS rules for new sources, or existing sources, as the authority for those rules comes from a different section of the CAA than what is at issue in the Supreme Court case. It is uncertain at this time whether the court’s decision will have any material impact on Dominion's operations. | ||||||||||||||||||||||
In July 2011, the EPA signed a final rule deferring the need for Prevention of Significant Deterioration and Title V permitting for CO2 emissions for biomass projects. This rule temporarily deferred for a period of up to 3 years the consideration of CO2 emissions from biomass projects when determining whether a stationary source meets the Prevention of Significant Deterioration and Title V applicability thresholds, including those for the application of best available control technology. In July 2013, the U.S. Court of Appeals for the D.C. Circuit vacated this rule; however a mandate making this decision effective has not been issued. Virginia Power converted three coal-fired generating stations, Altavista, Hopewell and Southampton, to biomass during the CO2 deferral period. It is unclear how the court's decision will affect biomass sources that were permitted during the deferral period, however the expenditures to comply with any new requirements could be material. | ||||||||||||||||||||||
Natrium and Blue Racer | ||||||||||||||||||||||
In January 2011, Dominion announced the development of a natural gas processing and fractionation facility in Natrium, West Virginia, and in July 2011 it executed a contract for the construction of the first phase of the facility. The first phase of the project is fully contracted and was placed into service in May 2013. In August 2013, the Natrium natural gas processing and fractionation facility was contributed to the Blue Racer joint venture. In September 2013, the Natrium facility was shut down following a fire at the plant. It returned to service in January 2014. There was no material impact on Dominion’s financial condition, results of operations, and/or cash flows. | ||||||||||||||||||||||
MF Global | ||||||||||||||||||||||
Prior to October 31, 2011, certain of Dominion's subsidiaries executed certain commodity transactions on exchanges using MF Global, an FCM registered with the CFTC. In order to secure its potential exposure on these commodity transactions, Dominion posted certain required margin collateral with MF Global. The parent company of MF Global, MF Global Holdings Ltd., filed for bankruptcy relief under Chapter 11 of the U.S. Bankruptcy Code on October 31, 2011. On the same date, the U.S. District Court for the Southern District of New York appointed a trustee to oversee the liquidation of MF Global pursuant to the Securities Investor Protection Act. | ||||||||||||||||||||||
In accordance with court-approved procedures, Dominion transferred to other FCMs all open positions executed using MF Global. The initial margin posted for these open positions at October 31, 2011 was approximately $73 million. Dominion had received approximately $17 million of this amount through the liquidation process as of December 31, 2012. In January 2013, Dominion sold the remaining claims of approximately $56 million to a third party at a small discount. | ||||||||||||||||||||||
Nuclear Matters | ||||||||||||||||||||||
In March 2011, a magnitude 9.0 earthquake and subsequent tsunami caused significant damage at the Fukushima Daiichi nuclear power station in northeast Japan. These events have resulted in significant nuclear safety reviews required by the NRC and industry groups such as INPO. Like other U.S. nuclear operators, Dominion has been gathering supporting data and participating in industry initiatives focused on the ability to respond to and mitigate the consequences of design-basis and beyond-design-basis events at its stations. | ||||||||||||||||||||||
In July 2011, an NRC task force provided initial recommendations based on its review of the Fukushima Daiichi accident and in October 2011 the NRC staff prioritized these recommendations into Tiers 1, 2 and 3, with the Tier 1 recommendations consisting of actions which the staff determined should be started without unnecessary delay. In December 2011, the NRC Commissioners approved the agency staff's prioritization and recommendations, and that same month an appropriations act directed the NRC to require reevaluation of external hazards (not limited to seismic and flooding hazards) as soon as possible. | ||||||||||||||||||||||
Based on the prioritized recommendations, in March 2012, the NRC issued orders and information requests requiring specific reviews and actions to all operating reactors, construction permit holders and combined license holders based on the lessons learned from the Fukushima Daiichi event. The orders applicable to Dominion require implementation of safety enhancements related to mitigation strategies to respond to extreme natural events resulting in the loss of power at plants, and enhancing spent fuel pool instrumentation. The orders require prompt implementation of the safety enhancements and completion of implementation within two refueling outages or by December 31, 2016, whichever comes first. Implementation of these enhancements is currently in progress. The information requests issued by the NRC request each reactor to reevaluate the seismic and flooding hazards at their site using present-day methods and information, conduct walkdowns of their facilities to ensure protection against the hazards in their current design basis, and to reevaluate their emergency communications systems and staffing levels. Dominion and Virginia Power do not currently expect that compliance with the NRC's March 2012 orders and information requests will materially impact their financial position, results of operations or cash flows during the approximately four-year implementation period. The NRC staff is evaluating the implementation of the longer term Tier 2 and Tier 3 recommendations. Dominion and Virginia Power are currently unable to estimate the potential financial impacts related to compliance with Tier 2 and Tier 3 recommendations. | ||||||||||||||||||||||
Nuclear Operations | ||||||||||||||||||||||
Nuclear Decommissioning - Minimum Financial Assurance | ||||||||||||||||||||||
The NRC requires nuclear power plant owners to annually update minimum financial assurance amounts for the future decommissioning of their nuclear facilities. Decommissioning involves the decontamination and removal of radioactive contaminants from a nuclear power station once operations have ceased, in accordance with standards established by the NRC. The 2013 calculation for the NRC minimum financial assurance amount, aggregated for Dominion's and Virginia Power's nuclear units, excluding joint owners' assurance amounts and Millstone Unit 1 and Kewaunee, as those units are in a decommissioning state, was $2.8 billion and $1.8 billion, respectively, and has been satisfied by a combination of the funds being collected and deposited in the nuclear decommissioning trusts and the real annual rate of return growth of the funds allowed by the NRC. The 2013 NRC minimum financial assurance amounts above were calculated using preliminary December 31, 2013 U.S. Bureau of Labor Statistics indices. Dominion believes that the amounts currently available in its decommissioning trusts and their expected earnings will be sufficient to cover expected decommissioning costs for the Millstone and Kewaunee units. Virginia Power also believes that the decommissioning funds and their expected earnings for the Surry and North Anna units will be sufficient to cover expected decommissioning costs, particularly when combined with future ratepayer collections and contributions to these decommissioning trusts, if such future collections and contributions are required. This reflects a positive long-term outlook for trust fund investment returns as the decommissioning of the units will not be complete for decades. Dominion and Virginia Power will continue to monitor these trusts to ensure they meet the NRC minimum financial assurance requirement, which may include, if needed, the use of parent company guarantees, surety bonding or other financial guarantees recognized by the NRC. See Note 6 to the Consolidated Financial Statements for additional information on Kewaunee. | ||||||||||||||||||||||
Nuclear Insurance | ||||||||||||||||||||||
The Price-Anderson Amendments Act of 1988 provides the public up to $13.6 billion of liability protection per nuclear incident, via obligations required of owners of nuclear power plants, and allows for an inflationary provision adjustment every five years. Dominion and Virginia Power have purchased $375 million of coverage from commercial insurance pools for each reactor site with the remainder provided through a mandatory industry retrospective rating plan. In the event of a nuclear incident at any licensed nuclear reactor in the U.S., the Companies could be assessed up to $127 million for each of their licensed reactors not to exceed $19 million per year per reactor. There is no limit to the number of incidents for which this retrospective premium can be assessed. | ||||||||||||||||||||||
Effective June 7, 2013 for Kewaunee and July 1, 2013 for Millstone and Virginia Power's nuclear units, the levels of nuclear property insurance coverage were reduced to the following: | ||||||||||||||||||||||
Coverage | ||||||||||||||||||||||
(billions) | ||||||||||||||||||||||
Dominion | ||||||||||||||||||||||
Millstone | $ | 1.7 | ||||||||||||||||||||
Kewaunee | 1.06 | |||||||||||||||||||||
Virginia Power(1) | ||||||||||||||||||||||
Surry | $ | 1.7 | ||||||||||||||||||||
North Anna | 1.7 | |||||||||||||||||||||
-1 | Surry and North Anna share a blanket property limit of $450 million. | |||||||||||||||||||||
The Companies' nuclear property insurance coverage for Millstone, Surry and North Anna exceeds the NRC minimum requirement for nuclear power plant licensees of $1.06 billion per reactor site. Kewaunee meets the NRC minimum requirement of $1.06 billion. This includes coverage for premature decommissioning and functional total loss. The NRC requires that the proceeds from this insurance be used first, to return the reactor to and maintain it in a safe and stable condition and second, to decontaminate the reactor and station site in accordance with a plan approved by the NRC. Nuclear property insurance is provided by NEIL, a mutual insurance company, and is subject to retrospective premium assessments in any policy year in which losses exceed the funds available to the insurance company. Dominion's and Virginia Power's maximum retrospective premium assessment for the current policy period is $71 million and $39 million, respectively. Based on the severity of the incident, the Board of Directors of the nuclear insurer has the discretion to lower or eliminate the maximum retrospective premium assessment. Dominion and Virginia Power have the financial responsibility for any losses that exceed the limits or for which insurance proceeds are not available because they must first be used for stabilization and decontamination. | ||||||||||||||||||||||
Millstone and Virginia Power also purchase accidental outage insurance from NEIL to mitigate certain expenses, including replacement power costs, associated with the prolonged outage of a nuclear unit due to direct physical damage. Under this program, the Companies are subject to a retrospective premium assessment for any policy year in which losses exceed funds available to NEIL. Dominion's and Virginia Power's maximum retrospective premium assessment for the current policy period is $19 million and $9 million, respectively. | ||||||||||||||||||||||
During 2013, Kewaunee ceased power production and commenced decommissioning activities. Effective February 1, 2013, Kewaunee's accidental outage policy for replacement power costs was canceled. | ||||||||||||||||||||||
ODEC, a part owner of North Anna, and Massachusetts Municipal and Green Mountain, part owners of Millstone's Unit 3, are responsible to Dominion and Virginia Power for their share of the nuclear decommissioning obligation and insurance premiums on applicable units, including any retrospective premium assessments and any losses not covered by insurance. | ||||||||||||||||||||||
Spent Nuclear Fuel | ||||||||||||||||||||||
Dominion and Virginia Power entered into contracts with the DOE for the disposal of spent nuclear fuel under provisions of the Nuclear Waste Policy Act of 1982. The DOE failed to begin accepting the spent fuel on January 31, 1998, the date provided by the Nuclear Waste Policy Act and by the Companies' contracts with the DOE. The Companies have previously received damages award payments and settlement payments related to these contracts. | ||||||||||||||||||||||
In 2012, Dominion and Virginia Power resolved additional claims for damages incurred at Millstone, Kewaunee, Surry and North Anna with the Authorized Representative of the Attorney General. The Companies entered into settlement agreements that resolved claims for damages incurred through December 31, 2010, and also provide for periodic payments after that date for damages incurred through December 31, 2013. Initial settlement payments in the amounts of $20 million for Millstone, $6 million for Kewaunee and $75 million for Surry and North Anna were received in the fourth quarter of 2012. In the fourth quarter of 2013, Dominion received payment of approximately $5 million for resolution of claims incurred at Millstone for the period January 1, 2011 through June 30, 2012. The government has formally accepted an offer of settlement for resolution of claims incurred at Kewaunee in the amount of approximately $2 million for the period January 1, 2011 through December 31, 2012, and payment is expected in the first quarter of 2014. By mutual agreement of the parties, the settlement agreements are extendable to provide for resolution of damages incurred after 2013. | ||||||||||||||||||||||
The Companies continue to recognize receivables for certain spent nuclear fuel-related costs that they believe are probable of recovery from the DOE. Dominion's receivables for spent nuclear fuel-related costs totaled $79 million and $36 million at December 31, 2013 and 2012, respectively. Virginia Power's receivables for spent nuclear fuel-related costs totaled $50 million and $26 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||
Pursuant to a November 2013 decision of the U.S Court of Appeals for the District of Columbia Circuit, in January 2014 the Secretary of the DOE sent a recommendation to the U.S. Congress to adjust to zero the current fee of $1 per MWh for electricity paid by civilian nuclear power generators for disposal of spent nuclear fuel. The government continues to pursue further judicial review of the November 2013 decision and until such time as the processes specified in the Nuclear Waste Policy Act for adjustment of the fee are completed, civilian nuclear power generators, including the Companies, are required to pay the waste fee. In 2013, Dominion and Virginia Power recognized fees of $44 million and $27 million, respectively. | ||||||||||||||||||||||
The Companies will continue to manage their spent fuel until it is accepted by the DOE. | ||||||||||||||||||||||
Long-Term Purchase Agreements | ||||||||||||||||||||||
At December 31, 2013, Virginia Power had the following long-term commitments that are noncancelable or are cancelable only under certain conditions, and that third parties have used to secure financing for the facilities that will provide the contracted goods or services: | ||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||
(millions) | ||||||||||||||||||||||
Purchased electric capacity(1) | $ | 336 | $ | 316 | $ | 253 | $ | 159 | $ | 104 | $ | 163 | $ | 1,331 | ||||||||
-1 | Commitments represent estimated amounts payable for capacity under power purchase contracts with qualifying facilities and independent power producers, the last of which ends in 2021. Capacity payments under the contracts are generally based on fixed dollar amounts per month, subject to escalation using broad-based economic indices. At December 31, 2013, the present value of Virginia Power's total commitment for capacity payments is $1.1 billion. Capacity payments totaled $345 million, $337 million, and $338 million, and energy payments totaled $236 million, $214 million, and $275 million for 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
Lease Commitments | ||||||||||||||||||||||
Dominion and Virginia Power lease various facilities, vehicles and equipment primarily under operating leases. Payments under certain leases are escalated based on an index such as the consumer price index. Future minimum lease payments under noncancelable operating and capital leases that have initial or remaining lease terms in excess of one year as of December 31, 2013 are as follows: | ||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||
(millions) | ||||||||||||||||||||||
Dominion | $ | 63 | $ | 60 | $ | 51 | $ | 43 | $ | 37 | $ | 87 | $ | 341 | ||||||||
Virginia Power | $ | 27 | $ | 26 | $ | 21 | $ | 17 | $ | 14 | $ | 27 | $ | 132 | ||||||||
Rental expense for Dominion totaled $101 million, $112 million, and $155 million for 2013, 2012 and 2011, respectively. Rental expense for Virginia Power totaled $42 million, $48 million, and $50 million for 2013, 2012, and 2011, respectively. The majority of rental expense is reflected in other operations and maintenance expense in the Consolidated Statements of Income. | ||||||||||||||||||||||
Guarantees, Surety Bonds and Letters of Credit | ||||||||||||||||||||||
DOMINION | ||||||||||||||||||||||
At December 31, 2013, Dominion had issued $69 million of guarantees, primarily to support equity method investees. No significant amounts related to these guarantees have been recorded. As of December 31, 2013, Dominion's exposure under these guarantees was $39 million, primarily related to certain reserve requirements associated with non-recourse financing. | ||||||||||||||||||||||
In addition to the above guarantees, Dominion and its partners, Shell and BP, may be required to make additional periodic equity contributions to NedPower and Fowler Ridge in connection with certain funding requirements associated with their respective non-recourse financings. As of December 31, 2013, Dominion's maximum remaining cumulative exposure under these equity funding agreements is $90 million through 2019 and its maximum annual future contributions could range from approximately $4 million to $19 million. | ||||||||||||||||||||||
Dominion also enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. To the extent that a liability subject to a guarantee has been incurred by one of Dominion's consolidated subsidiaries, that liability is included in the Consolidated Financial Statements. Dominion is not required to recognize liabilities for guarantees issued on behalf of its subsidiaries unless it becomes probable that it will have to perform under the guarantees. Terms of the guarantees typically end once obligations have been paid. Dominion currently believes it is unlikely that it would be required to perform or otherwise incur any losses associated with guarantees of its subsidiaries' obligations. | ||||||||||||||||||||||
At December 31, 2013, Dominion had issued the following subsidiary guarantees: | ||||||||||||||||||||||
Stated Limit | Value(1) | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||
Subsidiary debt(2) | $ | 27 | $ | 27 | ||||||||||||||||||
Commodity transactions(3) | 3,158 | 403 | ||||||||||||||||||||
Nuclear obligations(4) | 232 | 68 | ||||||||||||||||||||
Cove Point(5) | 335 | — | ||||||||||||||||||||
Other(6) | 669 | 108 | ||||||||||||||||||||
Total | $ | 4,421 | $ | 606 | ||||||||||||||||||
-1 | Represents the estimated portion of the guarantee's stated limit that is utilized as of December 31, 2013 based upon prevailing economic conditions and fact patterns specific to each guarantee arrangement. For those guarantees related to obligations that are recorded as liabilities by Dominion's subsidiaries, the value includes the recorded amount. | |||||||||||||||||||||
-2 | Guarantee of debt of a DEI subsidiary. In the event of default by the subsidiary, Dominion would be obligated to repay such amounts. | |||||||||||||||||||||
-3 | Guarantees related to energy trading and marketing activities and other commodity commitments of certain subsidiaries, including subsidiaries of Virginia Power and DEI. These guarantees were provided to counterparties in order to facilitate physical and financial transactions in gas, oil, electricity, pipeline capacity, transportation and related commodities and services. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion would be obligated to satisfy such obligation. Dominion and its subsidiaries receive similar guarantees as collateral for credit extended to others. The value provided includes certain guarantees that do not have stated limits. | |||||||||||||||||||||
-4 | Guarantees related to certain DEI subsidiaries' potential retrospective premiums that could be assessed if there is a nuclear incident under Dominion's nuclear insurance programs and guarantees for a DEI subsidiary's and Virginia Power's commitment to buy nuclear fuel. Excludes Dominion's agreement to provide up to $150 million and $60 million to two DEI subsidiaries to pay the operating expenses of Millstone and Kewaunee, respectively, in the event of a prolonged outage, as part of satisfying certain NRC requirements concerned with ensuring adequate funding for the operations of nuclear power stations. The agreement for Kewaunee also provides for funds through the completion of decommissioning. | |||||||||||||||||||||
-5 | Guarantees related to Cove Point, including agreements to support terminal service and transportation agreements as well as an engineering, procurement and construction contract for new liquefaction facilities. Includes certain guarantees that do not have stated limits. | |||||||||||||||||||||
-6 | Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations and construction projects. Also includes guarantees related to certain DEI subsidiaries' obligations for equity capital contributions and energy generation associated with Fowler Ridge and NedPower. | |||||||||||||||||||||
Additionally, as of December 31, 2013 Dominion had purchased $147 million of surety bonds and authorized the issuance of letters of credit by financial institutions of $11 million to facilitate commercial transactions by its subsidiaries with third parties. Under the terms of surety bonds, Dominion is obligated to indemnify the respective surety bond company for any amounts paid. | ||||||||||||||||||||||
VIRGINIA POWER | ||||||||||||||||||||||
As of December 31, 2013, Virginia Power had issued $14 million of guarantees primarily to support tax-exempt debt issued through conduits. Virginia Power had also purchased $59 million of surety bonds for various purposes, including providing workers' compensation coverage, and authorized the issuance of letters of credit by financial institutions of $1 million to facilitate commercial transactions by its subsidiaries with third parties. Under the terms of surety bonds, Virginia Power is obligated to indemnify the respective surety bond company for any amounts paid. | ||||||||||||||||||||||
Indemnifications | ||||||||||||||||||||||
As part of commercial contract negotiations in the normal course of business, Dominion and Virginia Power may sometimes agree to make payments to compensate or indemnify other parties for possible future unfavorable financial consequences resulting from specified events. The specified events may involve an adverse judgment in a lawsuit or the imposition of additional taxes due to a change in tax law or interpretation of the tax law. Dominion and Virginia Power are unable to develop an estimate of the maximum potential amount of future payments under these contracts because events that would obligate them have not yet occurred or, if any such event has occurred, they have not been notified of its occurrence. However, at December 31, 2013, Dominion and Virginia Power believe future payments, if any, that could ultimately become payable under these contract provisions, would not have a material impact on their results of operations, cash flows or financial position. |
Credit_Risk
Credit Risk | 12 Months Ended |
Dec. 31, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Credit Risk | ' |
CREDIT RISK | |
Credit risk is the risk of financial loss if counterparties fail to perform their contractual obligations. In order to minimize overall credit risk, credit policies are maintained, including the evaluation of counterparty financial condition, collateral requirements and the use of standardized agreements that facilitate the netting of cash flows associated with a single counterparty. In addition, counterparties may make available collateral, including letters of credit or cash held as margin deposits, as a result of exceeding agreed-upon credit limits, or may be required to prepay the transaction. | |
Dominion and Virginia Power maintain a provision for credit losses based on factors surrounding the credit risk of their customers, historical trends and other information. Management believes, based on credit policies and the December 31, 2013 provision for credit losses, that it is unlikely that a material adverse effect on financial position, results of operations or cash flows would occur as a result of counterparty nonperformance. | |
GENERAL | |
DOMINION | |
As a diversified energy company, Dominion transacts primarily with major companies in the energy industry and with commercial and residential energy consumers. These transactions principally occur in the Northeast, mid-Atlantic and Midwest regions of the U.S. Dominion does not believe that this geographic concentration contributes significantly to its overall exposure to credit risk. In addition, as a result of its large and diverse customer base, Dominion is not exposed to a significant concentration of credit risk for receivables arising from electric and gas utility operations. | |
Dominion's exposure to credit risk is concentrated primarily within its energy marketing and price risk management activities, as Dominion transacts with a smaller, less diverse group of counterparties and transactions may involve large notional volumes and potentially volatile commodity prices. Energy marketing and price risk management activities include trading of energy-related commodities, marketing of merchant generation output, structured transactions and the use of financial contracts for enterprise-wide hedging purposes. Gross credit exposure for each counterparty is calculated as outstanding receivables plus any unrealized on- or off-balance sheet exposure, taking into account contractual netting rights. Gross credit exposure is calculated prior to the application of any collateral. At December 31, 2013, Dominion's credit exposure totaled $263 million. Of this amount, investment grade counterparties, including those internally rated, represented 63%. No counterparty exposure exceeded 6% of Dominion's total exposure. | |
VIRGINIA POWER | |
Virginia Power sells electricity and provides distribution and transmission services to customers in Virginia and northeastern North Carolina. Management believes that this geographic concentration risk is mitigated by the diversity of Virginia Power's customer base, which includes residential, commercial and industrial customers, as well as rural electric cooperatives and municipalities. Credit risk associated with trade accounts receivable from energy consumers is limited due to the large number of customers. Virginia Power's exposure to potential concentrations of credit risk results primarily from sales to wholesale customers. Virginia Power's gross credit exposure for each counterparty is calculated as outstanding receivables plus any unrealized on- or off-balance sheet exposure, taking into account contractual netting rights. Gross credit exposure is calculated prior to the application of collateral. At December 31, 2013, Virginia Power's exposure to potential concentrations of credit risk was not considered material. | |
CREDIT-RELATED CONTINGENT PROVISIONS | |
The majority of Dominion's derivative instruments contain credit-related contingent provisions. These provisions require Dominion to provide collateral upon the occurrence of specific events, primarily a credit downgrade. If the credit-related contingent features underlying these instruments that are in a liability position and not fully collateralized with cash were fully triggered as of December 31, 2013 and 2012, Dominion would have been required to post an additional $146 million and $110 million, respectively, of collateral to its counterparties. The collateral that would be required to be posted includes the impacts of any offsetting asset positions and any amounts already posted for derivatives, non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. Dominion had posted $76 million in collateral at December 31, 2013 and $4 million in collateral at December 31, 2012, related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. The collateral posted includes any amounts paid related to non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. The aggregate fair value of all derivative instruments with credit-related contingent provisions that are in a liability position and not fully collateralized with cash as of December 31, 2013 and 2012 was $169 million and $163 million, respectively, which does not include the impact of any offsetting asset positions. Credit-related contingent provisions for Virginia Power were not material as of December 31, 2013 and 2012. See Note 7 for further information about derivative instruments. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Related Party Transactions [Abstract] | ' | |||||||||
Related-Party Transactions | ' | |||||||||
RELATED-PARTY TRANSACTIONS | ||||||||||
Virginia Power engages in related-party transactions primarily with other Dominion subsidiaries (affiliates). Virginia Power's receivable and payable balances with affiliates are settled based on contractual terms or on a monthly basis, depending on the nature of the underlying transactions. Virginia Power is included in Dominion's consolidated federal income tax return and participates in certain Dominion benefit plans. A discussion of significant related-party transactions follows. | ||||||||||
Transactions with Affiliates | ||||||||||
Virginia Power transacts with affiliates for certain quantities of natural gas and other commodities in the ordinary course of business. Virginia Power also enters into certain commodity derivative contracts with affiliates. Virginia Power uses these contracts, which are principally comprised of commodity swaps, to manage commodity price risks associated with purchases of natural gas. | ||||||||||
As of December 31, 2013 and 2012, Virginia Power's derivative liabilities with affiliates were not material. | ||||||||||
DRS and other affiliates provide accounting, legal, finance and certain administrative and technical services to Virginia Power. In addition, Virginia Power provides certain services to affiliates, including charges for facilities and equipment usage. Presented below are significant transactions with DRS and other affiliates: | ||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | |||||||
(millions) | ||||||||||
Commodity purchases from affiliates | $ | 417 | $ | 368 | $ | 376 | ||||
Services provided by affiliates | 415 | 399 | 393 | |||||||
Services provided to affiliates | 21 | 19 | 21 | |||||||
In the fourth quarter of 2011, a subsidiary of Virginia Power purchased nuclear fuel-related inventory from an affiliate for $39 million for future use at its nuclear generation stations. | ||||||||||
Virginia Power has borrowed funds from Dominion under short-term borrowing arrangements. There were $97 million and $243 million in short-term demand note borrowings from Dominion as of December 31, 2013 and 2012, respectively. Virginia Power's outstanding borrowings, net of repayments, under the Dominion money pool for its nonregulated subsidiaries totaled $192 million as of December 31, 2012. There were no borrowings as of December 31, 2013. Interest charges related to Virginia Power's borrowings from Dominion were immaterial for the years ended December 31, 2013, 2012 and 2011. | ||||||||||
There were no issuances of Virginia Power's common stock to Dominion in 2013, 2012 or 2011. |
Operating_Segments
Operating Segments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ||||||||||||||||||
Operating Segments | ' | ||||||||||||||||||
OPERATING SEGMENTS | |||||||||||||||||||
Dominion and Virginia Power are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies' primary operating segments is as follows: | |||||||||||||||||||
Primary Operating | Description of Operations | Dominion | Virginia | ||||||||||||||||
Segment | Power | ||||||||||||||||||
DVP | Regulated electric distribution | X | X | ||||||||||||||||
Regulated electric transmission | X | X | |||||||||||||||||
Dominion Generation | Regulated electric fleet | X | X | ||||||||||||||||
Merchant electric fleet | X | ||||||||||||||||||
Nonregulated retail energy marketing (electric and gas)(1) | X | ||||||||||||||||||
Dominion Energy | Gas transmission and storage | X | |||||||||||||||||
Gas distribution and storage | X | ||||||||||||||||||
LNG services | X | ||||||||||||||||||
Producer services | X | ||||||||||||||||||
-1 | As a result of Dominion's decision to realign its business units effective for 2013 year-end reporting, nonregulated retail energy marketing operations were moved from DVP to the Dominion Generation segment. | ||||||||||||||||||
In addition to the operating segments above, the Companies also report a Corporate and Other segment. | |||||||||||||||||||
The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or allocating resources among the segments. | |||||||||||||||||||
The Corporate and Other Segment of Dominion includes its corporate, service company and other functions (including unallocated debt) and the net impact of operations that are discontinued, which are discussed in Note 3. In addition, Corporate and Other includes specific items attributable to Dominion's operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or allocating resources among the segments. | |||||||||||||||||||
In the second quarter of 2013, Dominion commenced a restructuring of its producer services business, which aggregates natural gas supply, engages in natural gas trading and marketing activities and natural gas supply management and provides price risk management services to Dominion affiliates. The restructuring resulted in the termination of natural gas trading and certain energy marketing activities. As a result, the earnings impact from natural gas trading and certain energy marketing activities has been included in the Corporate and Other Segment of Dominion. | |||||||||||||||||||
DOMINION | |||||||||||||||||||
In 2013, Dominion reported after-tax net expense of $452 million in the Corporate and Other segment, with $184 million of these net expenses attributable to specific items related to its operating segments. | |||||||||||||||||||
The net expenses for specific items in 2013 primarily related to the impact of the following items: | |||||||||||||||||||
• | A $135 million ($92 million after-tax) net loss from discontinued operations of Brayton Point and Kincaid, including debt extinguishment of $64 million ($38 million after-tax) related to the sale, impairment charges of $48 million ($28 million after-tax), a $17 million ($18 million after-tax) loss on the sale which includes a $16 million write-off of goodwill, and a $6 million ($8 million after-tax) loss from operations, attributable to Dominion Generation; and | ||||||||||||||||||
• | A $182 million ($109 million after-tax) net loss, including a $55 million ($33 million after-tax) impairment charge related to certain natural gas infrastructure assets and a $127 million ($76 million after-tax) loss related to the producer services business discussed above, attributable to Dominion Energy; partially offset by | ||||||||||||||||||
• | An $81 million ($49 million after-tax) net gain on investments held in nuclear decommissioning trust funds, attributable to Dominion Generation. | ||||||||||||||||||
In 2012, Dominion reported after-tax net expense of $1.7 billion in the Corporate and Other segment, with $1.5 billion of these net expenses attributable to specific items related to its operating segments. | |||||||||||||||||||
The net expenses for specific items in 2012 primarily related to the impact of the following items: | |||||||||||||||||||
• | A $1.7 billion ($1.1 billion after-tax) net loss from discontinued operations, including impairment charges, of Brayton Point and Kincaid, which were sold in 2013, attributable to Dominion Generation; | ||||||||||||||||||
• | A $467 million ($303 million after-tax) net loss, including impairment charges, primarily resulting from management's decision to cease operations and begin decommissioning Kewaunee in 2013, attributable to Dominion Generation; | ||||||||||||||||||
• | An $87 million ($53 million after-tax) charge reflecting restoration costs associated with damage caused by severe storms, attributable to DVP; and | ||||||||||||||||||
• | A $49 million ($22 million after-tax) loss from discontinued operations of State Line and Salem Harbor which were sold in 2012, attributable to Dominion Generation. | ||||||||||||||||||
In 2011, Dominion reported after-tax net expense of $607 million for specific items in the Corporate and Other segment, with $364 million of these net expenses attributable to specific items related to its operating segments. | |||||||||||||||||||
The net expenses for specific items in 2011 primarily related to the impact of the following items: | |||||||||||||||||||
• | A $228 million ($139 million after-tax) charge reflecting plant balances that are not expected to be recovered in future periods due to the anticipated retirement of certain utility coal-fired generating units, attributable to Dominion Generation; | ||||||||||||||||||
• | A $96 million ($59 million after-tax) charge reflecting restoration costs associated with damage caused by Hurricane Irene, primarily attributable to DVP; | ||||||||||||||||||
• | A $66 million ($39 million after-tax) loss from the operations of Kewaunee, attributable to Dominion Generation; | ||||||||||||||||||
• | A $57 million ($33 million after-tax) net loss from discontinued operations of Brayton Point and Kincaid, which were sold in 2013, attributable to Dominion Generation; | ||||||||||||||||||
• | A $43 million ($26 million after-tax) charge related to the impairment of SO2 emissions allowances not expected to be consumed due to CSAPR, attributable to Dominion Generation; and | ||||||||||||||||||
• | A $34 million ($25 million after-tax) loss from discontinued operations of State Line and Salem Harbor which were sold in 2012, attributable to Dominion Generation. | ||||||||||||||||||
The following table presents segment information pertaining to Dominion's operations: | |||||||||||||||||||
Year Ended December 31, | DVP(1) | Dominion | Dominion | Corporate and | Adjustments & | Consolidated | |||||||||||||
Generation(1)(2) | Energy | Other(2) | Eliminations(1) | Total | |||||||||||||||
(millions) | |||||||||||||||||||
2013 | |||||||||||||||||||
Total revenue from external customers | $ | 1,825 | $ | 8,445 | $ | 1,783 | $ | 3 | $ | 1,064 | $ | 13,120 | |||||||
Intersegment revenue | 9 | 68 | 1,063 | 609 | (1,749 | ) | — | ||||||||||||
Total operating revenue | 1,834 | 8,513 | 2,846 | 612 | (685 | ) | 13,120 | ||||||||||||
Depreciation, depletion and amortization | 427 | 518 | 228 | 35 | — | 1,208 | |||||||||||||
Equity in earnings of equity method investees | — | (14 | ) | 21 | 7 | — | 14 | ||||||||||||
Interest income | — | 66 | 12 | 42 | (66 | ) | 54 | ||||||||||||
Interest and related charges | 175 | 220 | 26 | 522 | (66 | ) | 877 | ||||||||||||
Income taxes | 287 | 483 | 409 | (287 | ) | — | 892 | ||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (92 | ) | — | (92 | ) | |||||||||||
Net income (loss) attributable to Dominion | 475 | 1,031 | 643 | (452 | ) | — | 1,697 | ||||||||||||
Investment in equity method investees | — | 280 | 615 | 21 | — | 916 | |||||||||||||
Capital expenditures | 1,361 | 1,605 | 1,043 | 95 | — | 4,104 | |||||||||||||
Total assets (billions) | 11.9 | 22 | 12.1 | 8.5 | (4.4 | ) | 50.1 | ||||||||||||
2012 | |||||||||||||||||||
Total revenue from external customers | $ | 1,846 | $ | 8,170 | $ | 1,813 | $ | 155 | $ | 851 | $ | 12,835 | |||||||
Intersegment revenue | 9 | 104 | 930 | 608 | (1,651 | ) | — | ||||||||||||
Total operating revenue | 1,855 | 8,274 | 2,743 | 763 | (800 | ) | 12,835 | ||||||||||||
Depreciation, depletion and amortization | 392 | 483 | 216 | 36 | — | 1,127 | |||||||||||||
Equity in earnings of equity method investees | — | 3 | 23 | (1 | ) | — | 25 | ||||||||||||
Interest income | 1 | 65 | 30 | 71 | (106 | ) | 61 | ||||||||||||
Interest and related charges | 187 | 177 | 47 | 511 | (106 | ) | 816 | ||||||||||||
Income taxes | 278 | 576 | 352 | (395 | ) | — | 811 | ||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (1,125 | ) | — | (1,125 | ) | |||||||||||
Net income (loss) attributable to Dominion | 439 | 1,021 | 551 | (1,709 | ) | — | 302 | ||||||||||||
Investment in equity method investees | — | 414 | 141 | 3 | — | 558 | |||||||||||||
Capital expenditures | 1,158 | 1,615 | 1,350 | 22 | — | 4,145 | |||||||||||||
Total assets (billions) | 11.5 | 21.8 | 11.2 | 12.6 | (10.3 | ) | 46.8 | ||||||||||||
2011 | |||||||||||||||||||
Total revenue from external customers | $ | 1,791 | $ | 8,759 | $ | 2,044 | $ | 56 | $ | 1,115 | $ | 13,765 | |||||||
Intersegment revenue | 63 | 123 | 1,077 | 595 | (1,858 | ) | — | ||||||||||||
Total operating revenue | 1,854 | 8,882 | 3,121 | 651 | (743 | ) | 13,765 | ||||||||||||
Depreciation, depletion and amortization | 369 | 413 | 207 | 29 | — | 1,018 | |||||||||||||
Equity in earnings of equity method investees | — | 3 | 23 | 9 | — | 35 | |||||||||||||
Interest income | 10 | 65 | 27 | 71 | (106 | ) | 67 | ||||||||||||
Interest and related charges | 183 | 148 | 57 | 514 | (106 | ) | 796 | ||||||||||||
Income taxes | 264 | 655 | 323 | (464 | ) | — | 778 | ||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (58 | ) | — | (58 | ) | |||||||||||
Net income (loss) attributable to Dominion | 416 | 1,078 | 521 | (607 | ) | — | 1,408 | ||||||||||||
Capital expenditures | 1,091 | 1,593 | 907 | 61 | — | 3,652 | |||||||||||||
(1) Amounts have been recast to reflect nonregulated retail energy marketing operations in the Dominion Generation segment. | |||||||||||||||||||
(2) Segment information for 2012 and 2011 has been recast to reflect Brayton Point and Kincaid as discontinued operations, as discussed in Note 3. | |||||||||||||||||||
At December 31, 2013, 2012, and 2011, none of Dominion's long-lived assets and no significant percentage of its operating revenues were associated with international operations. | |||||||||||||||||||
VIRGINIA POWER | |||||||||||||||||||
The majority of Virginia Power's revenue is provided through tariff rates. Generally, such revenue is allocated for management reporting based on an unbundled rate methodology among Virginia Power's DVP and Dominion Generation segments. | |||||||||||||||||||
In 2013, Virginia Power reported after-tax net expenses of $47 million for specific items attributable to its operating segments in the Corporate and Other segment. | |||||||||||||||||||
The net expenses for specific items in 2013 primarily related to the impact of the following: | |||||||||||||||||||
• | A $40 million ($28 million after-tax) charge in connection with the 2013 Biennial Review Order, attributable to Dominion Generation. | ||||||||||||||||||
In 2012, Virginia Power reported after-tax net expenses of $51 million for specific items attributable to its operating segments in the Corporate and Other segment. | |||||||||||||||||||
The net expenses for specific items in 2012 primarily related to the impact of the following: | |||||||||||||||||||
• | An $87 million ($53 million after-tax) charge reflecting restoration costs associated with damage caused severe storms, attributable to DVP. | ||||||||||||||||||
In 2011, Virginia Power reported after-tax net expenses of $268 million for specific items attributable to its operating segments in the Corporate and Other segment. | |||||||||||||||||||
The net expenses for specific items in 2011 primarily related to the impact of the following: | |||||||||||||||||||
• | A $228 million ($139 million after-tax) charge reflecting plant balances that are not expected to be recovered in future periods due to the anticipated retirement of certain coal-fired generating units, attributable to Dominion Generation; | ||||||||||||||||||
• | A $96 million ($59 million after-tax) charge reflecting restoration costs associated with damage caused by Hurricane Irene, primarily attributable to DVP; and | ||||||||||||||||||
• | A $43 million ($26 million after-tax) charge related to the impairment of SO2 emissions allowances not expected to be consumed due to CSAPR, attributable to Dominion Generation. | ||||||||||||||||||
The following table presents segment information pertaining to Virginia Power's operations: | |||||||||||||||||||
Year Ended December 31, | DVP | Dominion | Corporate and | Adjustments & | Consolidated | ||||||||||||||
Generation | Other | Eliminations | Total | ||||||||||||||||
(millions) | |||||||||||||||||||
2013 | |||||||||||||||||||
Operating revenue | $ | 1,826 | $ | 5,475 | $ | (6 | ) | $ | — | $ | 7,295 | ||||||||
Depreciation and amortization | 427 | 425 | 1 | — | 853 | ||||||||||||||
Interest income | — | 6 | — | — | 6 | ||||||||||||||
Interest and related charges | 175 | 192 | 2 | — | 369 | ||||||||||||||
Income taxes | 286 | 399 | (26 | ) | — | 659 | |||||||||||||
Net income (loss) | 483 | 702 | (47 | ) | — | 1,138 | |||||||||||||
Capital expenditures | 1,360 | 1,173 | — | — | 2,533 | ||||||||||||||
Total assets (billions) | 12 | 15.1 | — | (0.1 | ) | 27 | |||||||||||||
2012 | |||||||||||||||||||
Operating revenue | $ | 1,847 | $ | 5,379 | $ | — | $ | — | $ | 7,226 | |||||||||
Depreciation and amortization | 392 | 390 | — | — | 782 | ||||||||||||||
Interest income | 1 | 7 | — | — | 8 | ||||||||||||||
Interest and related charges | 186 | 199 | — | — | 385 | ||||||||||||||
Income taxes | 277 | 403 | (27 | ) | — | 653 | |||||||||||||
Net income (loss) | 448 | 653 | (51 | ) | — | 1,050 | |||||||||||||
Capital expenditures | 1,142 | 1,146 | — | — | 2,288 | ||||||||||||||
Total assets (billions) | 11.4 | 14.8 | — | (1.4 | ) | 24.8 | |||||||||||||
2011 | |||||||||||||||||||
Operating revenue | $ | 1,793 | $ | 5,546 | $ | (93 | ) | $ | — | $ | 7,246 | ||||||||
Depreciation and amortization | 368 | 350 | — | — | 718 | ||||||||||||||
Interest income | 10 | 8 | — | — | 18 | ||||||||||||||
Interest and related charges | 182 | 199 | (50 | ) | — | 331 | |||||||||||||
Income taxes | 265 | 447 | (172 | ) | — | 540 | |||||||||||||
Net income (loss) | 426 | 664 | (268 | ) | — | 822 | |||||||||||||
Capital expenditures | 1,081 | 1,009 | — | — | 2,090 | ||||||||||||||
Quarterly_Financial_and_Common
Quarterly Financial and Common Stock Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | |||||||||||||||
Quarterly Financial and Common Stock Data (Unaudited) | ' | |||||||||||||||
QUARTERLY FINANCIAL AND COMMON STOCK DATA (UNAUDITED) | ||||||||||||||||
A summary of Dominion's and Virginia Power's quarterly results of operations for the years ended December 31, 2013 and 2012 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 | ||||||||||||||||
First | Second | Third | Fourth | Full Year | ||||||||||||
Quarter | Quarter | Quarter | Quarter (2) | |||||||||||||
(millions, except per share amounts) | ||||||||||||||||
2013 | ||||||||||||||||
Operating revenue | $ | 3,523 | $ | 2,980 | $ | 3,432 | $ | 3,185 | $ | 13,120 | ||||||
Income from operations | 930 | 548 | 1,034 | 804 | 3,316 | |||||||||||
Net income including noncontrolling interests | 502 | 208 | 575 | 435 | 1,720 | |||||||||||
Income from continuing operations(1) | 494 | 272 | 592 | 431 | 1,789 | |||||||||||
Income (loss) from discontinued operations(1) | 1 | (70 | ) | (23 | ) | — | (92 | ) | ||||||||
Net income attributable to Dominion | 495 | 202 | 569 | 431 | 1,697 | |||||||||||
Basic EPS: | ||||||||||||||||
Income from continuing operations(1) | 0.86 | 0.47 | 1.02 | 0.74 | 3.09 | |||||||||||
Income (loss) from discontinued operations(1) | — | (0.12 | ) | (0.04 | ) | — | (0.16 | ) | ||||||||
Net income attributable to Dominion | 0.86 | 0.35 | 0.98 | 0.74 | 2.93 | |||||||||||
Diluted EPS: | ||||||||||||||||
Income from continuing operations(1) | 0.86 | 0.47 | 1.02 | 0.74 | 3.09 | |||||||||||
Income (loss) from discontinued operations(1) | — | (0.12 | ) | (0.04 | ) | — | (0.16 | ) | ||||||||
Net income attributable to Dominion | 0.86 | 0.35 | 0.98 | 0.74 | 2.93 | |||||||||||
Dividends declared per share | 0.5625 | 0.5625 | 0.5625 | 0.5625 | 2.25 | |||||||||||
Common stock prices (intraday high-low) | $58.25 - | $61.85 - | $64.04 - 55.51 | $67.97 - | $67.97 - | |||||||||||
51.92 | 53.79 | 61.36 | 51.92 | |||||||||||||
First | Second | Third | Fourth | Full Year | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2012 | ||||||||||||||||
Operating revenue | $ | 3,397 | $ | 3,005 | $ | 3,332 | $ | 3,101 | $ | 12,835 | ||||||
Income from operations | 918 | 628 | 551 | 761 | 2,858 | |||||||||||
Net income (loss) including noncontrolling interests | 501 | 265 | 215 | (652 | ) | 329 | ||||||||||
Income from continuing operations(1) | 504 | 290 | 261 | 372 | 1,427 | |||||||||||
Income (loss) from discontinued operations(1) | (10 | ) | (32 | ) | (52 | ) | (1,031 | ) | (1,125 | ) | ||||||
Net income attributable to Dominion | 494 | 258 | 209 | (659 | ) | 302 | ||||||||||
Basic EPS: | ||||||||||||||||
Income from continuing operations(1) | 0.88 | 0.51 | 0.45 | 0.65 | 2.49 | |||||||||||
Loss from discontinued operations(1) | (0.02 | ) | (0.06 | ) | (0.09 | ) | (1.80 | ) | (1.96 | ) | ||||||
Net income (loss) attributable to Dominion | 0.86 | 0.45 | 0.36 | (1.15 | ) | 0.53 | ||||||||||
Diluted EPS: | ||||||||||||||||
Income from continuing operations(1) | 0.88 | 0.51 | 0.45 | 0.64 | 2.49 | |||||||||||
Loss from discontinued operations(1) | (0.02 | ) | (0.06 | ) | (0.09 | ) | (1.79 | ) | (1.96 | ) | ||||||
Net income (loss) attributable to Dominion | 0.86 | 0.45 | 0.36 | (1.15 | ) | 0.53 | ||||||||||
Dividends declared per share | 0.5275 | 0.5275 | 0.5275 | 0.5275 | 2.11 | |||||||||||
Common stock prices (intraday high-low) | $53.68 - | $54.69 - | $55.62 - | $53.89 - | $55.62 - | |||||||||||
48.87 | 49.87 | 52.15 | 48.94 | 48.87 | ||||||||||||
-1 | Amounts attributable to Dominion's common shareholders. | |||||||||||||||
-2 | Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3. | |||||||||||||||
Dominion's 2013 results include the impact of the following significant items: | ||||||||||||||||
• | Second quarter results include a $70 million after-tax net loss from discontinued operations of Brayton Point and Kincaid; and a $57 million after-tax net loss, including a $33 million after-tax impairment charge related to certain natural gas infrastructure assets and a $24 million after-tax loss related to the producer services business. | |||||||||||||||
Dominion's 2012 results include the impact of the following significant items: | ||||||||||||||||
• | Fourth quarter results include a $1.0 billion after-tax impairment charge to write down Brayton Point’s and Kincaid's long-lived assets to their estimated fair value. | |||||||||||||||
• | Third quarter results include a $281 million after-tax net loss, including impairment charges, primarily resulting from management's decision to cease operations and begin decommissioning Kewaunee in 2013. | |||||||||||||||
VIRGINIA POWER | ||||||||||||||||
Virginia Power's quarterly results of operations were as follows: | ||||||||||||||||
First | Second | Third | Fourth | Year | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(millions) | ||||||||||||||||
2013 | ||||||||||||||||
Operating revenue | $ | 1,781 | $ | 1,710 | $ | 2,059 | $ | 1,745 | $ | 7,295 | ||||||
Income from operations | 530 | 463 | 679 | 408 | 2,080 | |||||||||||
Net income | 287 | 265 | 387 | 199 | 1,138 | |||||||||||
Balance available for common stock | 283 | 261 | 383 | 194 | 1,121 | |||||||||||
2012 | ||||||||||||||||
Operating revenue | $ | 1,754 | $ | 1,756 | $ | 2,086 | $ | 1,630 | $ | 7,226 | ||||||
Income from operations | 468 | 361 | 746 | 417 | 1,992 | |||||||||||
Net income | 243 | 172 | 415 | 220 | 1,050 | |||||||||||
Balance available for common stock | 239 | 168 | 411 | 216 | 1,034 | |||||||||||
Virginia Power's 2013 results include the impact of the following significant item: | ||||||||||||||||
• | Fourth quarter results include a $28 million after-tax charge resulting from impacts of the 2013 Biennial Review Order. | |||||||||||||||
Virginia Power's 2012 results include the impact of the following significant item: | ||||||||||||||||
• | Second quarter results include a $42 million after-tax charge reflecting restoration costs associated with damage caused by late June summer storms. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policy) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Operating Revenue | ' | |||
Operating Revenue | ||||
Operating revenue is recorded on the basis of services rendered, commodities delivered or contracts settled and includes amounts yet to be billed to customers. The Companies collect sales, consumption and consumer utility taxes; however, these amounts are excluded from revenue. Dominion's customer receivables at December 31, 2013 and 2012 included $555 million and $411 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity and natural gas delivered but not yet billed to its utility customers. Virginia Power's customer receivables at December 31, 2013 and 2012 included $395 million and $348 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity delivered but not yet billed to its customers. | ||||
The primary types of sales and service activities reported as operating revenue for Dominion are as follows: | ||||
• | Regulated electric sales consist primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services; | |||
• | Nonregulated electric sales consist primarily of sales of electricity at market-based rates and contracted fixed rates, and associated derivative activity; | |||
• | Regulated gas sales consist primarily of state-regulated retail natural gas sales and related distribution services; | |||
• | Nonregulated gas sales consist primarily of sales of natural gas production at market-based rates and contracted fixed prices, sales of gas purchased from third parties, gas trading and marketing revenue and associated derivative activity; | |||
• | Gas transportation and storage consists primarily of regulated sales of gathering, transmission, distribution and storage services and associated derivative activity. Also included are regulated gas distribution charges to retail distribution service customers opting for alternate suppliers; and | |||
• | Other revenue consists primarily of sales of NGL production and condensate, extracted products and associated derivative activity. Other revenue also includes miscellaneous service revenue from electric and gas distribution operations, and gas processing and handling revenue. | |||
The primary types of sales and service activities reported as operating revenue for Virginia Power are as follows: | ||||
• | Regulated electric sales consist primarily of state-regulated retail electric sales and federally-regulated wholesale electric sales and electric transmission services; and | |||
• | Other revenue consists primarily of miscellaneous service revenue from electric distribution operations and miscellaneous revenue from generation operations, including sales of capacity and other commodities. | |||
Electric Fuel Purchased Energy and Purchased Gas-Deferred Costs | ' | |||
Electric Fuel, Purchased Energy and Purchased Gas-Deferred Costs | ||||
Where permitted by regulatory authorities, the differences between Virginia Power's actual electric fuel and purchased energy expenses and Dominion's purchased gas expenses and the related levels of recovery for these expenses in current rates are deferred and matched against recoveries in future periods. The deferral of costs in excess of current period fuel rate recovery is recognized as a regulatory asset, while rate recovery in excess of current period fuel expenses is recognized as a regulatory liability. | ||||
Of the cost of fuel used in electric generation and energy purchases to serve utility customers, approximately 84% is currently subject to deferred fuel accounting, while substantially all of the remaining amount is subject to recovery through similar mechanisms. | ||||
Income Taxes | ' | |||
Income Taxes | ||||
A consolidated federal income tax return is filed for Dominion and its subsidiaries, including Virginia Power. In addition, where applicable, combined income tax returns for Dominion and its subsidiaries are filed in various states; otherwise, separate state income tax returns are filed. Virginia Power participates in an intercompany tax sharing agreement with Dominion and its subsidiaries, and its current income taxes are based on its taxable income or loss, determined on a separate company basis. | ||||
Accounting for income taxes involves an asset and liability approach. Deferred income tax assets and liabilities are provided, representing future effects on income taxes for temporary differences between the bases of assets and liabilities for financial reporting and tax purposes. Dominion and Virginia Power establish a valuation allowance when it is more-likely-than-not that all, or a portion, of a deferred tax asset will not be realized. Where the treatment of temporary differences is different for rate-regulated operations, a regulatory asset is recognized if it is probable that future revenues will be provided for the payment of deferred tax liabilities. | ||||
Dominion and Virginia Power recognize positions taken, or expected to be taken, in income tax returns that are more-likely-than-not to be realized, assuming that the position will be examined by tax authorities with full knowledge of all relevant information. | ||||
If it is not more-likely-than-not that a tax position, or some portion thereof, will be sustained, the related tax benefits are not recognized in the financial statements. Unrecognized tax benefits may result in an increase in income taxes payable, a reduction of income tax refunds receivable or changes in deferred taxes. Also, when uncertainty about the deductibility of an amount is limited to the timing of such deductibility, the increase in income taxes payable (or reduction in tax refunds receivable) is accompanied by a decrease in deferred tax liabilities. Except when such amounts are presented net with amounts receivable from or amounts prepaid to tax authorities, noncurrent income taxes payable related to unrecognized tax benefits are classified in other deferred credits and other liabilities on the consolidated balance sheets and current payables are included in accrued interest, payroll and taxes on the consolidated balance sheets. | ||||
Dominion and Virginia Power recognize changes in estimated interest payable on net underpayments of income taxes in interest expense. Changes in interest receivable related to net overpayments of income taxes and estimated penalties that may result from the settlement of some uncertain tax positions are recognized in other income. In its Consolidated Statements of Income for 2013, Dominion recognized interest income of $3 million and interest expense of $10 million and no penalties. In 2012, Dominion recognized interest income of $8 million and interest expense of $3 million and a reduction in penalties of less than $1 million. In 2011, Dominion recognized interest income of $12 million and interest expense of $7 million and a reduction in penalties of less than $1 million. Dominion had accrued interest receivable of $5 million, interest payable of $15 million and penalties payable of less than $1 million at December 31, 2013 and interest receivable of $5 million, interest payable of $10 million and penalties payable of less than $1 million at December 31, 2012. | ||||
Virginia Power's interest and penalties were immaterial in 2013 and 2012. In 2011, Virginia Power recognized interest income of $12 million, and penalties were immaterial. | ||||
At December 31, 2013, Virginia Power's Consolidated Balance Sheet included $3 million of state income taxes receivable, $22 million of federal and state income taxes payable, $12 million of noncurrent state income taxes receivable and $28 million of noncurrent federal and state income taxes payable. | ||||
At December 31, 2012, Virginia Power's Consolidated Balance Sheet included $10 million of federal income taxes payable and $36 million of noncurrent federal and state income taxes payable. | ||||
Investment tax credits are recognized by nonregulated operations in the year qualifying property is placed in service. For regulated operations, investment tax credits are deferred and amortized over the service lives of the properties giving rise to the credits. Production tax credits are recognized as energy is generated and sold. | ||||
Cash and Cash Equivalents | ' | |||
Cash and Cash Equivalents | ||||
Current banking arrangements generally do not require checks to be funded until they are presented for payment. At December 31, 2013 and 2012, Dominion's accounts payable included $38 million and $53 million, respectively, of checks outstanding but not yet presented for payment. At December 31, 2013 and 2012, Virginia Power's accounts payable included $21 million and $30 million, respectively, of checks outstanding but not yet presented for payment. For purposes of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash on hand, cash in banks and temporary investments purchased with an original maturity of three months or less. | ||||
Derivative Instruments | ' | |||
Derivative Instruments | ||||
Dominion and Virginia Power use derivative instruments such as futures, swaps, forwards, options and FTRs to manage the commodity, currency exchange and financial market risks of their business operations. | ||||
All derivatives, other than those for which an exception applies, are reported in the Consolidated Balance Sheets at fair value. Derivative contracts representing unrealized gain positions and purchased options are reported as derivative assets. Derivative contracts representing unrealized losses and options sold are reported as derivative liabilities. One of the exceptions to fair value accounting, normal purchases and normal sales, may be elected when the contract satisfies certain criteria, including a requirement that physical delivery of the underlying commodity is probable. Expenses and revenues resulting from deliveries under normal purchase contracts and normal sales contracts, respectively, are included in earnings at the time of contract performance. | ||||
Dominion and Virginia Power do not offset amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. Dominion had margin assets of $620 million and $212 million associated with cash collateral at December 31, 2013 and 2012, respectively. Dominion had margin liabilities of $2 million and $4 million associated with cash collateral at December 31, 2013 and 2012, respectively. Virginia Power had margin assets of $11 million and $18 million associated with cash collateral at December 31, 2013 and 2012, respectively. Virginia Power's margin liabilities associated with cash collateral were not material at December 31, 2013 and 2012. See Note 7 for further information about offsetting derivatives. | ||||
To manage price risk, Dominion and Virginia Power hold certain derivative instruments that are not held for trading purposes and are not designated as hedges for accounting purposes. However, to the extent the Companies do not hold offsetting positions for such derivatives, they believe these instruments represent economic hedges that mitigate their exposure to fluctuations in commodity prices, interest rates and foreign exchange rates. As part of Dominion's strategy to market energy and manage related risks, it also manages a portfolio of commodity-based financial derivative instruments held for trading purposes. Dominion uses established policies and procedures to manage the risks associated with price fluctuations in these energy commodities and uses various derivative instruments to reduce risk by creating offsetting market positions. | ||||
Statement of Income Presentation: | ||||
• | Derivatives Held for Trading Purposes: All income statement activity, including amounts realized upon settlement, is presented in operating revenue on a net basis. | |||
• | Derivatives Not Held for Trading Purposes: All income statement activity, including amounts realized upon settlement, is presented in operating revenue, operating expenses or interest and related charges based on the nature of the underlying risk. | |||
In Virginia Power's generation operations, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities for jurisdictions subject to cost-based rate regulation. Realized gains or losses on the derivative instruments are generally recognized when the related transactions impact earnings. | ||||
DERIVATIVE INSTRUMENTS DESIGNATED AS HEDGING INSTRUMENTS | ||||
Dominion and Virginia Power designate a portion of their derivative instruments as either cash flow or fair value hedges for accounting purposes. For all derivatives designated as hedges, Dominion and Virginia Power formally document the relationship between the hedging instrument and the hedged item, as well as the risk management objective and the strategy for using the hedging instrument. The Companies assess whether the hedging relationship between the derivative and the hedged item is highly effective at offsetting changes in cash flows or fair values both at the inception of the hedging relationship and on an ongoing basis. Any change in the fair value of the derivative that is not effective at offsetting changes in the cash flows or fair values of the hedged item is recognized currently in earnings. Also, the Companies may elect to exclude certain gains or losses on hedging instruments from the assessment of hedge effectiveness, such as gains or losses attributable to changes in the time value of options or changes in the difference between spot prices and forward prices, thus requiring that such changes be recorded currently in earnings. Hedge accounting is discontinued prospectively for derivatives that cease to be highly effective hedges. For derivative instruments that are accounted for as fair value hedges or cash flow hedges, the cash flows from the derivatives and from the related hedged items are classified in operating cash flows. | ||||
Cash Flow Hedges-A majority of Dominion's and Virginia Power's hedge strategies represents cash flow hedges of the variable price risk associated with the purchase and sale of electricity, natural gas and other energy-related products. The Companies also use foreign currency contracts to hedge the variability in foreign exchange rates and interest rate swaps to hedge their exposure to variable interest rates on long-term debt. For transactions in which Dominion and Virginia Power are hedging the variability of cash flows, changes in the fair value of the derivatives are reported in AOCI, to the extent they are effective at offsetting changes in the hedged item. Any derivative gains or losses reported in AOCI are reclassified to earnings when the forecasted item is included in earnings, or earlier, if it becomes probable that the forecasted transaction will not occur. For cash flow hedge transactions, hedge accounting is discontinued if the occurrence of the forecasted transaction is no longer probable. | ||||
Fair Value Hedges-Dominion also uses fair value hedges to mitigate the fixed price exposure inherent in certain firm commodity commitments and commodity inventory. In addition, Dominion and Virginia Power have designated interest rate swaps as fair value hedges on certain fixed rate long-term debt to manage interest rate exposure. For fair value hedge transactions, changes in the fair value of the derivative are generally offset currently in earnings by the recognition of changes in the hedged item's fair value. Derivative gains and losses from the hedged item are reclassified to earnings when the hedged item is included in earnings, or earlier, if the hedged item no longer qualifies for hedge accounting. Hedge accounting is discontinued if the hedged item no longer qualifies for hedge accounting. | ||||
See Note 6 for further information about fair value measurements and associated valuation methods for derivatives. See Note 7 for further information on derivatives. | ||||
Property, Plant and Equipment | ' | |||
Property, Plant and Equipment | ||||
Property, plant and equipment is recorded at lower of original cost or fair value, if impaired. Capitalized costs include labor, materials and other direct and indirect costs such as asset retirement costs, capitalized interest and, for certain operations subject to cost-of-service rate regulation, AFUDC and overhead costs. The cost of repairs and maintenance, including minor additions and replacements, is generally charged to expense as it is incurred. | ||||
In 2013, 2012 and 2011, Dominion capitalized interest costs and AFUDC to property, plant and equipment of $66 million, $91 million and $85 million, respectively. In 2013, 2012 and 2011, Virginia Power capitalized AFUDC to property, plant and equipment of $33 million, $31 million and $31 million, respectively. Under Virginia law, certain Virginia jurisdictional projects qualify for current recovery of AFUDC through rate adjustment clauses. AFUDC on these projects is calculated and recorded as a regulatory asset and is not capitalized to property, plant and equipment. In 2013, 2012 and 2011, Virginia Power recorded $32 million, $37 million and $20 million of AFUDC related to these projects, respectively. | ||||
For property subject to cost-of-service rate regulation, including Virginia Power electric distribution, electric transmission, and generation property and for certain Dominion natural gas property, the undepreciated cost of such property, less salvage value, is generally charged to accumulated depreciation at retirement. Cost of removal collections from utility customers not representing AROs are recorded as regulatory liabilities. For property subject to cost-of-service rate regulation that will be retired or abandoned significantly before the end of its useful life, the net carrying value is reclassified from plant-in-service when it becomes probable it will be retired or abandoned. | ||||
For Dominion and Virginia Power property that is not subject to cost-of-service rate regulation, including nonutility property, cost of removal not associated with AROs is charged to expense as incurred. The Companies also record gains and losses upon retirement based upon the difference between the proceeds received, if any, and the property's net book value at the retirement date. | ||||
Depreciation of property, plant and equipment is computed on the straight-line method based on projected service lives. Dominion's and Virginia Power's average composite depreciation rates on utility property, plant and equipment are as follows: | ||||
Year Ended December 31, | 2013 | 2012 | 2011 | |
(percent) | ||||
Dominion | ||||
Generation | 2.71 | 2.62 | 2.68 | |
Transmission | 2.36 | 2.17 | 2.26 | |
Distribution | 3.13 | 3.17 | 3.19 | |
Storage | 2.43 | 2.59 | 2.64 | |
Gas gathering and processing | 2.39 | 2.49 | 2.52 | |
General and other | 3.82 | 4.55 | 4.66 | |
Virginia Power | ||||
Generation | 2.71 | 2.62 | 2.68 | |
Transmission | 2.28 | 1.98 | 2.03 | |
Distribution | 3.33 | 3.32 | 3.33 | |
General and other | 3.51 | 4.32 | 4.38 | |
Dominion's nonutility property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives: | ||||
Asset | Estimated Useful Lives | |||
Merchant generation-nuclear | 44 years | |||
Merchant generation-other | 15-36 years | |||
General and other | 5-59 years | |||
Nuclear fuel used in electric generation is amortized over its estimated service life on a units-of-production basis. Dominion and Virginia Power report the amortization of nuclear fuel in electric fuel and other energy-related purchases expense in their Consolidated Statements of Income and in depreciation and amortization in their Consolidated Statements of Cash Flows. | ||||
Long-Lived and Intangible Assets | ' | |||
Long-Lived and Intangible Assets | ||||
Dominion and Virginia Power perform an evaluation for impairment whenever events or changes in circumstances indicate that the carrying amount of long-lived assets or intangible assets with finite lives may not be recoverable. A long-lived or intangible asset is written down to fair value if the sum of its expected future undiscounted cash flows is less than its carrying amount. Intangible assets with finite lives are amortized over their estimated useful lives. See Note 6 for a discussion of impairments related to certain long-lived assets and intangible assets with finite lives. | ||||
Regulatory Assets and Liabilities | ' | |||
Regulatory Assets and Liabilities | ||||
The accounting for Dominion's regulated gas and Virginia Power's regulated electric operations differs from the accounting for nonregulated operations in that they are required to reflect the effect of rate regulation in their Consolidated Financial Statements. For regulated businesses subject to federal or state cost-of-service rate regulation, regulatory practices that assign costs to accounting periods may differ from accounting methods generally applied by nonregulated companies. When it is probable that regulators will permit the recovery of current costs through future rates charged to customers, these costs that otherwise would be expensed by nonregulated companies are deferred as regulatory assets. Likewise, regulatory liabilities are recognized when it is probable that regulators will require customer refunds through future rates or when revenue is collected from customers for expenditures that have yet to be incurred. Generally, regulatory assets and liabilities are amortized into income over the period authorized by the regulator. | ||||
The Companies evaluate whether or not recovery of their regulatory assets through future rates is probable and make various assumptions in their analyses. The expectations of future recovery are generally based on orders issued by regulatory commissions or historical experience, as well as discussions with applicable regulatory authorities. If recovery of a regulatory asset is determined to be less than probable, it will be written off in the period such assessment is made. | ||||
Asset Retirement Obligations | ' | |||
Asset Retirement Obligations | ||||
Dominion and Virginia Power recognize AROs at fair value as incurred or when sufficient information becomes available to | ||||
determine a reasonable estimate of the fair value of future retirement activities to be performed. These amounts are generally capitalized as costs of the related tangible long-lived assets. Since relevant market information is not available, fair value is estimated using discounted cash flow analyses. At least annually, the Companies evaluate the key assumptions underlying their AROs including estimates of the amounts and timing of future cash flows associated with retirement activities. AROs are adjusted when significant changes in these assumptions are identified. Dominion reports accretion of AROs and depreciation on asset retirement costs associated with its natural gas pipeline and storage well assets as an adjustment to the related regulatory liabilities when revenue is recoverable from customers for AROs. Virginia Power reports accretion of AROs and depreciation on asset retirement costs associated with decommissioning its nuclear power stations as an adjustment to the regulatory liability for certain jurisdictions. Accretion of all other AROs and depreciation of all other asset retirement costs is reported in other operations and maintenance expense and depreciation expense in the Consolidated Statements of Income. | ||||
Amortization of Debt Issuance Costs | ' | |||
Amortization of Debt Issuance Costs | ||||
Dominion and Virginia Power defer and amortize debt issuance costs and debt premiums or discounts over the expected lives of the respective debt issues, considering maturity dates and, if applicable, redemption rights held by others. As permitted by regulatory authorities, gains or losses resulting from the refinancing of debt allocable to utility operations subject to cost-based rate regulation are deferred and amortized over the lives of the new issuances. | ||||
Investments | ' | |||
Investments | ||||
MARKETABLE EQUITY AND DEBT SECURITIES | ||||
Dominion accounts for and classifies investments in marketable equity and debt securities as trading or available-for-sale securities. Virginia Power classifies investments in marketable equity and debt securities as available-for-sale securities. | ||||
• | Trading securities include marketable equity and debt securities held by Dominion in rabbi trusts associated with certain deferred compensation plans. These securities are reported in other investments in the Consolidated Balance Sheets at fair value with net realized and unrealized gains and losses included in other income in the Consolidated Statements of Income. | |||
• | Available-for-sale securities include all other marketable equity and debt securities, primarily comprised of securities held in the nuclear decommissioning trusts. These investments are reported at fair value in nuclear decommissioning trust funds in the Consolidated Balance Sheets. Net realized and unrealized gains and losses (including any other-than-temporary impairments) on investments held in Virginia Power's nuclear decommissioning trusts are recorded to a regulatory liability for certain jurisdictions subject to cost-based regulation. For all other available-for-sale securities, including those held in Dominion's merchant generation nuclear decommissioning trusts, net realized gains and losses (including any other-than-temporary impairments) are included in other income and unrealized gains and losses are reported as a component of AOCI, after-tax. | |||
In determining realized gains and losses for marketable equity and debt securities, the cost basis of the security is based on the specific identification method. | ||||
NON-MARKETABLE INVESTMENTS | ||||
Dominion and Virginia Power account for illiquid and privately held securities for which market prices or quotations are not readily available under either the equity or cost method. Non-marketable investments include: | ||||
• | Equity method investments when Dominion and Virginia Power have the ability to exercise significant influence, but not control, over the investee. Dominion's investments are included in investments in equity method affiliates and Virginia Power's investments are included in other investments in their Consolidated Balance Sheets. Dominion and Virginia Power record equity method adjustments in other income in the Consolidated Statements of Income including: their proportionate share of investee income or loss, gains or losses resulting from investee capital transactions, amortization of certain differences between the carrying value and the equity in the net assets of the investee at the date of investment and other adjustments required by the equity method. | |||
• | Cost method investments when Dominion and Virginia Power do not have the ability to exercise significant influence over the investee. Dominion's and Virginia Power's investments are included in other investments and nuclear decommissioning trust funds. | |||
OTHER-THAN-TEMPORARY IMPAIRMENT | ||||
Dominion and Virginia Power periodically review their investments to determine whether a decline in fair value should be considered other-than-temporary. If a decline in fair value of any security is determined to be other-than-temporary, the security is written down to its fair value at the end of the reporting period. | ||||
Decommissioning Trust Investments-Special Considerations | ||||
• | The recognition provisions of the FASB's other-than-temporary impairment guidance apply only to debt securities classified as available-for-sale or held-to-maturity, while the presentation and disclosure requirements apply to both debt and equity securities. | |||
• | Debt Securities- Using information obtained from their nuclear decommissioning trust fixed-income investment managers, Dominion and Virginia Power record in earnings any unrealized loss for a debt security when the manager intends to sell the debt security or it is more-likely-than-not that the manager will have to sell the debt security before recovery of its fair value up to its cost basis. If that is not the case, but the debt security is deemed to have experienced a credit loss, the Companies record the credit loss in earnings and any remaining portion of the unrealized loss in AOCI. Credit losses are evaluated primarily by considering the credit ratings of the issuer, prior instances of non-performance by the issuer and other factors. | |||
• | Equity securities and other investments- Dominion's and Virginia Power's method of assessing other-than-temporary declines requires demonstrating the ability to hold individual securities for a period of time sufficient to allow for the anticipated recovery in their market value prior to the consideration of the other criteria mentioned above. Since the Companies have limited ability to oversee the day-to-day management of nuclear decommissioning trust fund investments, they do not have the ability to ensure investments are held through an anticipated recovery period. Accordingly, they consider all equity and other securities as well as non-marketable investments held in nuclear decommissioning trusts with market values below their cost bases to be other-than-temporarily impaired. | |||
Inventories | ' | |||
Inventories | ||||
Materials and supplies and fossil fuel inventories are valued primarily using the weighted-average cost method. Stored gas inventory used in East Ohio gas distribution operations is valued using the LIFO method. Under the LIFO method, stored gas inventory was valued at $7 million and $24 million at December 31, 2013 and December 31, 2012, respectively. Based on the average price of gas purchased during 2013 and 2012, the cost of replacing the current portion of stored gas inventory exceeded the amount stated on a LIFO basis by approximately $77 million and $69 million, respectively. Stored gas inventory held by Hope and certain nonregulated gas operations is valued using the weighted-average cost method. | ||||
Gas Imbalances | ' | |||
Gas Imbalances | ||||
Natural gas imbalances occur when the physical amount of natural gas delivered from, or received by, a pipeline system or storage facility differs from the contractual amount of natural gas delivered or received. Dominion values these imbalances due to, or from, shippers and operators at an appropriate index price at period end, subject to the terms of its tariff for regulated entities. Imbalances are primarily settled in-kind. Imbalances due to Dominion from other parties are reported in other current assets and imbalances that Dominion owes to other parties are reported in other current liabilities in the Consolidated Balance Sheets. | ||||
Goodwill | ' | |||
Goodwill | ||||
Dominion evaluates goodwill for impairment annually as of April 1 and whenever an event occurs or circumstances change in the interim that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Schedule of Depreciation Rates | ' | |||
Dominion's and Virginia Power's average composite depreciation rates on utility property, plant and equipment are as follows: | ||||
Year Ended December 31, | 2013 | 2012 | 2011 | |
(percent) | ||||
Dominion | ||||
Generation | 2.71 | 2.62 | 2.68 | |
Transmission | 2.36 | 2.17 | 2.26 | |
Distribution | 3.13 | 3.17 | 3.19 | |
Storage | 2.43 | 2.59 | 2.64 | |
Gas gathering and processing | 2.39 | 2.49 | 2.52 | |
General and other | 3.82 | 4.55 | 4.66 | |
Virginia Power | ||||
Generation | 2.71 | 2.62 | 2.68 | |
Transmission | 2.28 | 1.98 | 2.03 | |
Distribution | 3.33 | 3.32 | 3.33 | |
General and other | 3.51 | 4.32 | 4.38 | |
Schedule of Estimated Useful Life | ' | |||
Dominion's nonutility property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives: | ||||
Asset | Estimated Useful Lives | |||
Merchant generation-nuclear | 44 years | |||
Merchant generation-other | 15-36 years | |||
General and other | 5-59 years |
Dispositions_Tables
Dispositions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Brayton Point and Kincaid | ' | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement Disclosures | ' | |||||||||||
The following table presents selected information regarding the results of operations of Brayton Point and Kincaid, which are reported as discontinued operations in Dominion's Consolidated Statements of Income: | ||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||
(millions) | ||||||||||||
Operating revenue | $ | 304 | $ | 258 | $ | 380 | ||||||
Loss before income taxes | (135 | ) | (1) | (1,768 | ) | (2) | (57 | ) | ||||
(1) Includes $64 million of charges related to the defeasance of Brayton Point debt and the early redemption of Kincaid debt in 2013. See Note 17 for more information. | ||||||||||||
(2) Includes a long-lived asset impairment charge of $1.6 billion. | ||||||||||||
State Line and Salem Harbor | ' | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement Disclosures | ' | |||||||||||
The following table presents selected information regarding the results of operations of Salem Harbor and State Line, which are reported as discontinued operations in Dominion's Consolidated Statements of Income: | ||||||||||||
Year Ended December 31, | 2012 | 2011 | ||||||||||
(millions) | ||||||||||||
Operating revenue | $ | 57 | $ | 233 | ||||||||
Loss before income taxes(1) | (49 | ) | (34 | ) | ||||||||
-1 | Includes long-lived asset impairment charges of $55 million in 2011. |
Operating_Revenue_Tables
Operating Revenue (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Regulated and Unregulated Operating Revenue [Abstract] | ' | |||||||||
Operating Revenue, Table | ' | |||||||||
Dominion's and Virginia Power's operating revenue consists of the following: | ||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | |||||||
(millions) | ||||||||||
Dominion | ||||||||||
Electric sales: | ||||||||||
Regulated | $ | 7,193 | $ | 7,102 | $ | 7,114 | ||||
Nonregulated | 2,511 | 2,483 | 2,721 | |||||||
Gas sales: | ||||||||||
Regulated | 323 | 250 | 287 | |||||||
Nonregulated | 930 | 1,071 | 1,634 | |||||||
Gas transportation and storage | 1,535 | 1,401 | 1,506 | |||||||
Other | 628 | 528 | 503 | |||||||
Total operating revenue | $ | 13,120 | $ | 12,835 | $ | 13,765 | ||||
Virginia Power | ||||||||||
Regulated electric sales | $ | 7,193 | $ | 7,102 | $ | 7,114 | ||||
Other | 102 | 124 | 132 | |||||||
Total operating revenue | $ | 7,295 | $ | 7,226 | $ | 7,246 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||
Income tax expense for continuing operations including noncontrolling interests | ' | ||||||||||||||||||
Details of income tax expense for continuing operations including noncontrolling interests were as follows: | |||||||||||||||||||
Dominion(1) | Virginia Power(2) | ||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||
(millions) | |||||||||||||||||||
Current: | |||||||||||||||||||
Federal | $ | 317 | $ | 43 | $ | 31 | $ | 357 | $ | 70 | $ | (35 | ) | ||||||
State | 110 | 84 | 16 | 62 | 81 | 79 | |||||||||||||
Total current expense | 427 | 127 | 47 | 419 | 151 | 44 | |||||||||||||
Deferred: | |||||||||||||||||||
Federal | 497 | 645 | 685 | 224 | 482 | 484 | |||||||||||||
State | (31 | ) | 40 | 48 | 17 | 21 | 13 | ||||||||||||
Total deferred expense | 466 | 685 | 733 | 241 | 503 | 497 | |||||||||||||
Amortization of deferred investment tax credits | (1 | ) | (1 | ) | (2 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||
Total income tax expense | $ | 892 | $ | 811 | $ | 778 | $ | 659 | $ | 653 | $ | 540 | |||||||
-1 | In 2012, Dominion’s current federal income tax expense for continuing and discontinued operations includes a $195 million benefit related to a carryback of its 2012 net operating loss. In 2011, Dominion’s deferred federal income tax expense includes the recognition of a $346 million benefit, including $51 million related to discontinued operations, for its 2011 net operating loss expected to be used to reduce taxable income in future years. | ||||||||||||||||||
-2 | In 2011, Virginia Power’s deferred federal income tax expense includes a $54 million benefit related to a portion of its 2011 net operating loss that is expected to be used in future years. Also, Virginia Power’s current federal income tax expense reflects the amounts of its 2011 net operating losses realized through its participation in a tax sharing agreement with Dominion and its subsidiaries. | ||||||||||||||||||
Effective income tax | ' | ||||||||||||||||||
For continuing operations including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to Dominion's and Virginia Power's effective income tax rate as follows: | |||||||||||||||||||
Dominion | Virginia Power | ||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||
U.S. statutory rate | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % | |||||||
Increases (reductions) resulting from: | |||||||||||||||||||
State taxes, net of federal benefit | 2.1 | 4.2 | 1.9 | 3.1 | 3.9 | 4.4 | |||||||||||||
Valuation allowances | (0.1 | ) | (0.7 | ) | — | — | — | — | |||||||||||
Investment and production tax credits | (2.4 | ) | (0.5 | ) | (0.6 | ) | (0.2 | ) | — | — | |||||||||
AFUDC - equity | (0.6 | ) | (0.9 | ) | (0.6 | ) | (0.8 | ) | (0.9 | ) | (0.8 | ) | |||||||
Employee stock ownership plan deduction | (0.6 | ) | (0.7 | ) | (0.6 | ) | — | — | — | ||||||||||
Other, net | (0.4 | ) | (0.6 | ) | (0.7 | ) | (0.4 | ) | 0.3 | 1.1 | |||||||||
Effective tax rate | 33 | % | 35.8 | % | 34.4 | % | 36.7 | % | 38.3 | % | 39.7 | % | |||||||
The Companies deferred income taxes components | ' | ||||||||||||||||||
The Companies' deferred income taxes consist of the following: | |||||||||||||||||||
Dominion | Virginia Power | ||||||||||||||||||
At December 31, | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
(millions) | |||||||||||||||||||
Deferred income taxes: | |||||||||||||||||||
Total deferred income tax assets | $ | 2,142 | $ | 2,505 | $ | 462 | $ | 466 | |||||||||||
Total deferred income tax liabilities | 8,463 | 7,716 | 4,498 | 4,238 | |||||||||||||||
Total net deferred income tax liabilities | $ | 6,321 | $ | 5,211 | $ | 4,036 | $ | 3,772 | |||||||||||
Total deferred income taxes: | |||||||||||||||||||
Plant and equipment, primarily depreciation method and basis differences | $ | 5,383 | $ | 4,601 | $ | 3,628 | $ | 3,394 | |||||||||||
Nuclear decommissioning | 1,136 | 994 | 441 | 407 | |||||||||||||||
Deferred state income taxes | 606 | 474 | 285 | 265 | |||||||||||||||
Federal benefit of deferred state income taxes | (212 | ) | (166 | ) | (100 | ) | (93 | ) | |||||||||||
Deferred fuel, purchased energy and gas costs | (33 | ) | 3 | (50 | ) | (16 | ) | ||||||||||||
Pension benefits | 435 | 231 | (52 | ) | (17 | ) | |||||||||||||
Other postretirement benefits | (78 | ) | (171 | ) | (3 | ) | (7 | ) | |||||||||||
Loss and credit carryforwards | (797 | ) | (656 | ) | (106 | ) | (77 | ) | |||||||||||
Valuation allowances | 69 | 93 | — | — | |||||||||||||||
Partnership basis differences | 125 | 174 | — | — | |||||||||||||||
Other | (313 | ) | (366 | ) | (7 | ) | (84 | ) | |||||||||||
Total net deferred income tax liabilities | $ | 6,321 | $ | 5,211 | $ | 4,036 | $ | 3,772 | |||||||||||
Reconciliation of changes in the Companies unrecognized tax benefits | ' | ||||||||||||||||||
A reconciliation of changes in the Companies' unrecognized tax benefits follows: | |||||||||||||||||||
Dominion | Virginia Power | ||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
(millions) | |||||||||||||||||||
Balance at January 1 | $ | 293 | $ | 347 | $ | 307 | $ | 57 | $ | 114 | $ | 117 | |||||||
Increases-prior period positions | 17 | 28 | 127 | 12 | 4 | 22 | |||||||||||||
Decreases-prior period positions | (99 | ) | (106 | ) | (119 | ) | (42 | ) | (80 | ) | (51 | ) | |||||||
Increases-current period positions | 30 | 43 | 64 | 14 | 24 | 47 | |||||||||||||
Decreases-current period positions | (5 | ) | — | (21 | ) | — | — | (21 | ) | ||||||||||
Settlements with tax authorities | (2 | ) | (4 | ) | — | (2 | ) | (4 | ) | — | |||||||||
Expiration of statutes of limitations | (12 | ) | (15 | ) | (11 | ) | — | (1 | ) | — | |||||||||
Balance at December 31 | $ | 222 | $ | 293 | $ | 347 | $ | 39 | $ | 57 | $ | 114 | |||||||
Earliest tax year remaining | ' | ||||||||||||||||||
For each of the major states in which Dominion operates, the earliest tax year remaining open for examination is as follows: | |||||||||||||||||||
State | Earliest | ||||||||||||||||||
Open Tax | |||||||||||||||||||
Year | |||||||||||||||||||
Pennsylvania | 2010 | ||||||||||||||||||
Connecticut | 2010 | ||||||||||||||||||
Massachusetts | 2008 | ||||||||||||||||||
Virginia(1) | 2010 | ||||||||||||||||||
West Virginia | 2010 | ||||||||||||||||||
-1 | Virginia is the only state considered major for Virginia Power's operations. | ||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) from Discontinued Operations [Table Text Block] | ' | ||||||||||||||||||
Details of income tax expense for discontinued operations were as follows: | |||||||||||||||||||
Dominion | |||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||
(millions) | |||||||||||||||||||
Current: | |||||||||||||||||||
Federal | (274 | ) | (248 | ) | (41 | ) | |||||||||||||
State | (41 | ) | (6 | ) | (17 | ) | |||||||||||||
Total current benefit | (315 | ) | (254 | ) | (58 | ) | |||||||||||||
Deferred: | |||||||||||||||||||
Federal | 232 | (368 | ) | 10 | |||||||||||||||
State | 40 | (70 | ) | 15 | |||||||||||||||
Total deferred expense (benefit) | 272 | (438 | ) | 25 | |||||||||||||||
Total income tax benefit | (43 | ) | (692 | ) | (33 | ) |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||||||||
Fair Value, Option, Quantitative Disclosures | ' | ||||||||||||
The following table presents Dominion's and Virginia Power's quantitative information about Level 3 fair value measurements. The range and weighted average are presented in dollars for market price inputs, years for mean reversion speeds, and percentages for price volatility, price correlations, load shaping, and usage factors. | |||||||||||||
Fair Value (millions) | Valuation Techniques | Unobservable Input | Range | Weighted Average(1) | |||||||||
At December 31, 2013 | |||||||||||||
Assets: | |||||||||||||
Physical and Financial Forwards and Futures: | |||||||||||||
Natural Gas(2) | $ | 14 | Discounted Cash Flow | Market Price (per Dth) | (5) | (2) - 5 | 2 | ||||||
FTRs (3) | 2 | Discounted Cash Flow | Market Price (per MWh) | (5) | (1) - 5 | — | |||||||
Liquids(4) | 6 | Discounted Cash Flow | Market Price (per Gal) | (5) | 3-Jan | 1 | |||||||
Physical and Financial Options: | |||||||||||||
Natural Gas(2) | 4 | Option Model | Market Price (per Dth) | (5) | 5-Mar | 4 | |||||||
Price Volatility | (6) | 14% - 36% | 20 | % | |||||||||
Price Correlation | (7) | (9%) - 100% | 36 | % | |||||||||
Mean Reversion | (8) | .01 - 1 | 0.53 | ||||||||||
Full Requirements Contracts: | |||||||||||||
Electricity | 6 | Discounted Cash Flow | Market Price (per MWh) | (5) | 10 - 406 | (11) | 42 | ||||||
Load Shaping | (9) | 0% - 10% | 7 | % | |||||||||
Usage Factor | (10) | 11% - 29% | 16 | % | |||||||||
Total assets | $ | 32 | |||||||||||
Liabilities: | |||||||||||||
Physical and Financial Forwards and Futures: | |||||||||||||
Natural Gas(2) | $ | 19 | Discounted Cash Flow | Market Price (per Dth) | (5) | (2) - 30 | 1 | ||||||
Electricity | 1 | Discounted Cash Flow | Market Price (per MWh) | (5) | 28 - 240 | (11) | 39 | ||||||
FTRs(3) | 9 | Discounted Cash Flow | Market Price (per MWh) | (5) | (1) - 5 | 1 | |||||||
Liquids(4) | 11 | Discounted Cash Flow | Market Price (per Gal) | (5) | 3-Jan | 1 | |||||||
Physical and Financial Options: | |||||||||||||
Natural Gas(2) | 8 | Option Model | Market Price (per Dth) | (5) | 11-Mar | 7 | |||||||
Price Volatility | (6) | 14% - 36% | 20 | % | |||||||||
Price Correlation | (7) | (9%) - 100% | 36 | % | |||||||||
Mean Reversion | (8) | .01-1 | 0.53 | ||||||||||
Total liabilities | $ | 48 | |||||||||||
-1 | Averages weighted by volume. | ||||||||||||
-2 | Includes basis. | ||||||||||||
-3 | Information represents Virginia Power's quantitative information about Level 3 fair value measurements. | ||||||||||||
-4 | Includes NGLs. | ||||||||||||
-5 | Represents market prices beyond defined terms for Levels 1 and 2. | ||||||||||||
-6 | Represents volatilities unrepresented in published markets. | ||||||||||||
-7 | Represents intra-price correlations for which markets do not exist. | ||||||||||||
-8 | Represents mean-reverting property in price simulation modeling. | ||||||||||||
-9 | Converts block monthly loads to 24-hour load shapes. | ||||||||||||
-10 | Represents expected increase (decrease) in sales volumes compared to historical usage. | ||||||||||||
-11 | The range in market prices is the result of large variability in hourly power prices during peak and off-peak hours. | ||||||||||||
Fair Value, Option, Qualitative Disclosures Related to Election | ' | ||||||||||||
Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: | |||||||||||||
Significant Unobservable Inputs | Position | Change to Input | Impact on Fair Value Measurement | ||||||||||
Market Price | Buy | Increase (decrease) | Gain (loss) | ||||||||||
Market Price | Sell | Increase (decrease) | Loss (gain) | ||||||||||
Price Volatility | Buy | Increase (decrease) | Gain (loss) | ||||||||||
Price Volatility | Sell | Increase (decrease) | Loss (gain) | ||||||||||
Price Correlation | Buy | Increase (decrease) | Loss (gain) | ||||||||||
Price Correlation | Sell | Increase (decrease) | Gain (loss) | ||||||||||
Load Shaping | Sell(1) | Increase (decrease) | Loss (gain) | ||||||||||
Usage Factor | Sell(2) | Increase (decrease) | Gain (loss) | ||||||||||
Mean Reversion | Buy | Increase (decrease) | Loss (gain) | ||||||||||
Mean Reversion | Sell | Increase (decrease) | Gain (loss) | ||||||||||
-1 | Assumes the contract is in a gain position and load increases during peak hours. | ||||||||||||
-2 | Assumes the contract is in a gain position. | ||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||
The following table presents Dominion's assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(millions) | |||||||||||||
At December 31, 2013 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 3 | $ | 718 | $ | 32 | $ | 753 | |||||
Interest rate | — | 137 | — | 137 | |||||||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large Cap | 2,417 | — | — | 2,417 | |||||||||
Other | 79 | — | — | 79 | |||||||||
Non-U.S.: | |||||||||||||
Large Cap | 13 | — | — | 13 | |||||||||
Fixed Income: | |||||||||||||
Corporate debt instruments | — | 345 | — | 345 | |||||||||
U.S. Treasury securities and agency debentures | 415 | 175 | — | 590 | |||||||||
State and municipal | — | 343 | — | 343 | |||||||||
Other | — | 3 | — | 3 | |||||||||
Cash equivalents and other | — | 103 | — | 103 | |||||||||
Restricted cash equivalents | — | 8 | — | 8 | |||||||||
Total assets | $ | 2,927 | $ | 1,832 | $ | 32 | $ | 4,791 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 3 | $ | 1,051 | $ | 48 | $ | 1,102 | |||||
Total liabilities | $ | 3 | $ | 1,051 | $ | 48 | $ | 1,102 | |||||
At December 31, 2012 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 12 | $ | 639 | $ | 84 | $ | 735 | |||||
Interest rate | — | 93 | — | 93 | |||||||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large Cap | 1,973 | — | — | 1,973 | |||||||||
Other | 59 | — | — | 59 | |||||||||
Non-U.S.: | |||||||||||||
Large Cap | 12 | — | — | 12 | |||||||||
Fixed Income: | |||||||||||||
Corporate debt instruments | — | 325 | — | 325 | |||||||||
U.S. Treasury securities and agency debentures | 391 | 152 | — | 543 | |||||||||
State and municipal | — | 315 | — | 315 | |||||||||
Other | — | 7 | — | 7 | |||||||||
Cash equivalents and other | 13 | 67 | — | 80 | |||||||||
Restricted cash equivalents | — | 33 | — | 33 | |||||||||
Total assets | $ | 2,460 | $ | 1,631 | $ | 84 | $ | 4,175 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 8 | $ | 528 | $ | 59 | $ | 595 | |||||
Interest rate | — | 66 | — | 66 | |||||||||
Total liabilities | $ | 8 | $ | 594 | $ | 59 | $ | 661 | |||||
-1 | Includes investments held in the nuclear decommissioning and rabbi trusts. | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ||||||||||||
The following table presents the net change in Dominion's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(millions) | |||||||||||||
Balance at January 1, | $ | 25 | $ | (71 | ) | $ | (50 | ) | |||||
Total realized and unrealized gains (losses): | |||||||||||||
Included in earnings | (9 | ) | (15 | ) | (77 | ) | |||||||
Included in other comprehensive income (loss) | 1 | 101 | 14 | ||||||||||
Included in regulatory assets/liabilities | (9 | ) | 30 | (42 | ) | ||||||||
Settlements | (23 | ) | 47 | 88 | |||||||||
Transfers out of Level 3 | (1 | ) | (67 | ) | (4 | ) | |||||||
Balance at December 31, | $ | (16 | ) | $ | 25 | $ | (71 | ) | |||||
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | $ | — | $ | 42 | $ | 22 | |||||||
Fair Value, Unobservable Inputs, Gain (Loss) Included In Earnings | ' | ||||||||||||
The following table presents Dominion's gains and losses included in earnings in the Level 3 fair value category: | |||||||||||||
Operating | Electric Fuel | Purchased | Total | ||||||||||
Revenue | and Energy | Gas | |||||||||||
Purchases | |||||||||||||
(millions) | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Total gains (losses) included in earnings | $ | 11 | $ | (19 | ) | $ | (1 | ) | $ | (9 | ) | ||
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | 1 | — | (1 | ) | — | ||||||||
Year Ended December 31, 2012 | |||||||||||||
Total gains (losses) included in earnings | $ | 35 | $ | (50 | ) | $ | — | $ | (15 | ) | |||
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | 42 | — | — | 42 | |||||||||
Year Ended December 31, 2011 | |||||||||||||
Total gains (losses) included in earnings | $ | (32 | ) | $ | (45 | ) | $ | — | $ | (77 | ) | ||
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | 22 | — | — | 22 | |||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | ' | ||||||||||||
For Dominion's and Virginia Power's financial instruments that are not recorded at fair value, the carrying amounts and fair values are as follows: | |||||||||||||
At December 31, | 2013 | 2012 | |||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||
Amount | Fair Value(1) | Amount | Fair Value(1) | ||||||||||
(millions) | |||||||||||||
Dominion | |||||||||||||
Long-term debt, including securities due within one year(2) | $ | 18,396 | $ | 19,887 | $ | 16,841 | $ | 19,898 | |||||
Long-term debt, including securities due within one year - VIE(3) | — | — | 860 | 864 | |||||||||
Junior subordinated notes(3) | 1,373 | 1,394 | 1,373 | 1,430 | |||||||||
Remarketable subordinated notes(3) | 1,080 | 1,192 | — | — | |||||||||
Subsidiary preferred stock(4) | 257 | 261 | 257 | 255 | |||||||||
Virginia Power | |||||||||||||
Long-term debt, including securities due within one year(2) | $ | 8,032 | $ | 8,897 | $ | 6,669 | $ | 8,270 | |||||
Preferred stock(4) | 257 | 261 | 257 | 255 | |||||||||
-1 | Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. | ||||||||||||
-2 | Carrying amount includes amounts which represent the unamortized discount and premium. At December 31, 2013, and 2012, includes the valuation of certain fair value hedges associated with Dominion's fixed rate debt, of approximately $55 million and $93 million, respectively. | ||||||||||||
-3 | Carrying amount includes amounts which represent the unamortized discount or premium. | ||||||||||||
-4 | Includes deferred issuance expenses of $2 million at December 31, 2013 and 2012. | ||||||||||||
Virginia Electric and Power Company | ' | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||
The following table presents Virginia Power's assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(millions) | |||||||||||||
At December 31, 2013 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 3 | $ | 2 | $ | 5 | |||||
Interest rate | — | 48 | — | 48 | |||||||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large Cap | 1,021 | — | — | 1,021 | |||||||||
Other | 36 | — | — | 36 | |||||||||
Fixed Income: | |||||||||||||
Corporate debt instruments | — | 191 | — | 191 | |||||||||
U.S. Treasury securities and agency debentures | 146 | 66 | — | 212 | |||||||||
State and municipal | — | 164 | — | 164 | |||||||||
Cash equivalents and other | — | 31 | — | 31 | |||||||||
Restricted cash equivalents | — | 8 | — | 8 | |||||||||
Total assets | $ | 1,203 | $ | 511 | $ | 2 | $ | 1,716 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 3 | $ | 9 | $ | 12 | |||||
Total Liabilities | $ | — | $ | 3 | $ | 9 | $ | 12 | |||||
At December 31, 2012 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 1 | $ | 5 | $ | 6 | |||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large Cap | 779 | — | — | 779 | |||||||||
Other | 27 | — | — | 27 | |||||||||
Fixed Income: | |||||||||||||
Corporate debt instruments | — | 196 | — | 196 | |||||||||
U.S. Treasury securities and agency debentures | 168 | 66 | — | 234 | |||||||||
State and municipal | — | 118 | — | 118 | |||||||||
Other | — | 1 | — | 1 | |||||||||
Cash equivalents and other | 7 | 31 | — | 38 | |||||||||
Restricted cash equivalents | — | 10 | — | 10 | |||||||||
Total assets | $ | 981 | $ | 423 | $ | 5 | $ | 1,409 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 6 | $ | 3 | $ | 9 | |||||
Interest rate | — | 25 | — | 25 | |||||||||
Total Liabilities | $ | — | $ | 31 | $ | 3 | $ | 34 | |||||
-1 | Includes investments held in the nuclear decommissioning and rabbi trusts. | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ||||||||||||
The following table presents the net change in Virginia Power's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(millions) | |||||||||||||
Balance at January 1, | $ | 2 | $ | (28 | ) | $ | 14 | ||||||
Total realized and unrealized gains (losses): | |||||||||||||
Included in earnings | (17 | ) | (50 | ) | (45 | ) | |||||||
Included in regulatory assets/liabilities | (9 | ) | 30 | (42 | ) | ||||||||
Settlements | 17 | 50 | 45 | ||||||||||
Balance at December 31, | $ | (7 | ) | $ | 2 | $ | (28 | ) | |||||
Derivatives_and_Hedge_Accounti1
Derivatives and Hedge Accounting Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||||||||
Offsetting Assets | ' | ||||||||||||||||||||||||
The tables below present Dominion's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 137 | $ | — | $ | 137 | $ | 93 | $ | — | $ | 93 | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 240 | — | 240 | 290 | — | 290 | |||||||||||||||||||
Exchange | 506 | — | 506 | 416 | — | 416 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 883 | — | 883 | 799 | — | 799 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 7 | — | 7 | 29 | — | 29 | |||||||||||||||||||
Total(1) | $ | 890 | $ | — | $ | 890 | $ | 828 | $ | — | $ | 828 | |||||||||||||
-1 | At December 31, 2013, the total derivative asset balance contains $687 million of current assets, which is presented in current derivative assets, in Dominion’s Consolidated Balance Sheet, and $203 million of noncurrent assets, which is presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheet. At December 31, 2012, the total derivative asset balance contains $518 million of current assets, which is presented in current derivative assets in Dominion’s Consolidated Balance Sheet and $310 million of noncurrent assets, which is presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheet. | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet | ||||||||||||||||||||||||
Net Amounts of Assets Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amounts | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amounts | ||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 137 | $ | — | $ | — | $ | 137 | $ | 93 | $ | 19 | $ | — | $ | 74 | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 240 | 63 | — | 177 | 290 | 97 | — | 193 | |||||||||||||||||
Exchange | 506 | 505 | — | 1 | 416 | 350 | 4 | 62 | |||||||||||||||||
Total | $ | 883 | $ | 568 | $ | — | $ | 315 | $ | 799 | $ | 466 | $ | 4 | $ | 329 | |||||||||
Offsetting Liabilities | ' | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | — | $ | — | $ | — | $ | 66 | $ | — | $ | 66 | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 262 | — | 262 | 191 | — | 191 | |||||||||||||||||||
Exchange | 838 | — | 838 | 393 | — | 393 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 1,100 | — | 1,100 | 650 | — | 650 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 2 | — | 2 | 11 | — | 11 | |||||||||||||||||||
Total(1) | $ | 1,102 | $ | — | $ | 1,102 | $ | 661 | $ | — | $ | 661 | |||||||||||||
-1 | At December 31, 2013, the total derivative liability balance contains $828 million of current liabilities, which is presented in current derivative liabilities in Dominion’s Consolidated Balance Sheet, and $274 million of noncurrent liabilities, which is presented in the other deferred credits and other liabilities in Dominion’s Consolidated Balance Sheet. At December 31, 2012, the total derivative liability balance contains $510 million of current liabilities, which is presented in current derivative liabilities in Dominion’s Consolidated Balance Sheet and $151 million of noncurrent liabilities, which is presented in other deferred credits and other liabilities in Dominion’s Consolidated Balance Sheet. | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet | ||||||||||||||||||||||||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Paid | Net Amounts | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Paid | Net Amounts | ||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | — | $ | — | $ | — | $ | — | $ | 66 | $ | 19 | $ | — | $ | 47 | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 262 | 63 | 69 | 130 | 191 | 97 | 20 | 74 | |||||||||||||||||
Exchange | 838 | 505 | 333 | — | 393 | 350 | 43 | — | |||||||||||||||||
Total | $ | 1,100 | $ | 568 | $ | 402 | $ | 130 | $ | 650 | $ | 466 | $ | 63 | $ | 121 | |||||||||
Volumes of Derivatives | ' | ||||||||||||||||||||||||
The following table presents the volume of Dominion's derivative activity as of December 31, 2013. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. | |||||||||||||||||||||||||
Current | Noncurrent | ||||||||||||||||||||||||
Natural Gas (bcf): | |||||||||||||||||||||||||
Fixed price(1) | 116 | 19 | |||||||||||||||||||||||
Basis(1) | 466 | 281 | |||||||||||||||||||||||
Electricity (MWh): | |||||||||||||||||||||||||
Fixed price(1) | 14,814,767 | 14,935,144 | |||||||||||||||||||||||
FTRs | 41,316,345 | 437,384 | |||||||||||||||||||||||
Capacity (MW) | 83,050 | 18,300 | |||||||||||||||||||||||
Liquids (gallons)(2) | 151,200,000 | — | |||||||||||||||||||||||
Interest rate | $ | 2,050,000,000 | $ | 750,000,000 | |||||||||||||||||||||
-1 | Includes options. | ||||||||||||||||||||||||
-2 | Includes NGLs and oil. | ||||||||||||||||||||||||
Cash Flow Hedges Included Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion's Consolidated Balance Sheet at December 31, 2013: | |||||||||||||||||||||||||
AOCI | Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | Maximum | |||||||||||||||||||||||
After-Tax | Term | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Commodities: | |||||||||||||||||||||||||
Gas | $ | (3 | ) | $ | (3 | ) | 28 months | ||||||||||||||||||
Electricity | (172 | ) | (124 | ) | 36 months | ||||||||||||||||||||
Other | (3 | ) | (3 | ) | 29 months | ||||||||||||||||||||
Interest rate | (110 | ) | (7 | ) | 364 months | ||||||||||||||||||||
Total | $ | (288 | ) | $ | (137 | ) | |||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | ||||||||||||||||||||||||
The following tables present the fair values of Dominion's derivatives and where they are presented in its Consolidated Balance Sheets: | |||||||||||||||||||||||||
Fair Value - | Fair Value - | Total | |||||||||||||||||||||||
Derivatives | Derivatives | Fair | |||||||||||||||||||||||
under | not under | Value | |||||||||||||||||||||||
Hedge | Hedge | ||||||||||||||||||||||||
Accounting | Accounting | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 49 | $ | 522 | $ | 571 | |||||||||||||||||||
Interest rate | 116 | — | 116 | ||||||||||||||||||||||
Total current derivative assets | 165 | 522 | 687 | ||||||||||||||||||||||
Noncurrent Assets | |||||||||||||||||||||||||
Commodity | 28 | 154 | 182 | ||||||||||||||||||||||
Interest rate | 21 | — | 21 | ||||||||||||||||||||||
Total noncurrent derivative assets(1) | 49 | 154 | 203 | ||||||||||||||||||||||
Total derivative assets | $ | 214 | $ | 676 | $ | 890 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 267 | $ | 561 | $ | 828 | |||||||||||||||||||
Total current derivative liabilities | 267 | 561 | 828 | ||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Commodity | 119 | 155 | 274 | ||||||||||||||||||||||
Total noncurrent derivative liabilities(2) | 119 | 155 | 274 | ||||||||||||||||||||||
Total derivative liabilities | $ | 386 | $ | 716 | $ | 1,102 | |||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 103 | $ | 379 | $ | 482 | |||||||||||||||||||
Interest rate | 36 | — | 36 | ||||||||||||||||||||||
Total current derivative assets | 139 | 379 | 518 | ||||||||||||||||||||||
Noncurrent Assets | |||||||||||||||||||||||||
Commodity | 130 | 123 | 253 | ||||||||||||||||||||||
Interest rate | 57 | — | 57 | ||||||||||||||||||||||
Total noncurrent derivative assets(1) | 187 | 123 | 310 | ||||||||||||||||||||||
Total derivative assets | $ | 326 | $ | 502 | $ | 828 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 103 | $ | 341 | $ | 444 | |||||||||||||||||||
Interest rate | 66 | — | 66 | ||||||||||||||||||||||
Total current derivative liabilities | 169 | 341 | 510 | ||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Commodity | 58 | 93 | 151 | ||||||||||||||||||||||
Total noncurrent derivative liabilities(2) | 58 | 93 | 151 | ||||||||||||||||||||||
Total derivative liabilities | $ | 227 | $ | 434 | $ | 661 | |||||||||||||||||||
-1 | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion's Consolidated Balance Sheets. | ||||||||||||||||||||||||
-2 | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion's Consolidated Balance Sheets. | ||||||||||||||||||||||||
Derivative Instruments Gain (Loss) by Hedging Relationship by Income Statement Location | ' | ||||||||||||||||||||||||
The following tables present the gains and losses on Dominion's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: | |||||||||||||||||||||||||
Derivatives in cash flow hedging | Amount of | Amount of | Increase | ||||||||||||||||||||||
relationships | Gain (Loss) | Gain (Loss) | (Decrease) | ||||||||||||||||||||||
Recognized | Reclassified | in | |||||||||||||||||||||||
in AOCI on | from AOCI | Derivatives | |||||||||||||||||||||||
Derivatives | to Income | Subject to | |||||||||||||||||||||||
(Effective | Regulatory | ||||||||||||||||||||||||
Portion)(1) | Treatment(2) | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (58 | ) | ||||||||||||||||||||||
Purchased gas | (47 | ) | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | (10 | ) | |||||||||||||||||||||||
Total commodity | $ | (481 | ) | $ | (115 | ) | $ | 5 | |||||||||||||||||
Interest rate(3) | 77 | (15 | ) | 81 | |||||||||||||||||||||
Total | $ | (404 | ) | $ | (130 | ) | $ | 86 | |||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | 188 | |||||||||||||||||||||||
Purchased gas | (75 | ) | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | (17 | ) | |||||||||||||||||||||||
Total commodity | $ | 71 | $ | 96 | $ | 10 | |||||||||||||||||||
Interest rate(3) | (84 | ) | (2 | ) | (35 | ) | |||||||||||||||||||
Total | $ | (13 | ) | $ | 94 | $ | (25 | ) | |||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | 153 | |||||||||||||||||||||||
Purchased gas | (78 | ) | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | (2 | ) | |||||||||||||||||||||||
Purchased electric capacity | 1 | ||||||||||||||||||||||||
Total commodity | $ | 137 | $ | 74 | $ | (20 | ) | ||||||||||||||||||
Interest rate(3) | (252 | ) | (8 | ) | (143 | ) | |||||||||||||||||||
Total | $ | (115 | ) | $ | 66 | $ | (163 | ) | |||||||||||||||||
-1 | Amounts deferred into AOCI have no associated effect in Dominion's Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion's Consolidated Statements of Income. | ||||||||||||||||||||||||
-3 | Amounts recorded in Dominion's Consolidated Statements of Income are classified in interest and related charges. | ||||||||||||||||||||||||
Schedule Of Derivatives Not Designated As Hedging Instruments | ' | ||||||||||||||||||||||||
Derivatives not designated as hedging | Amount of Gain (Loss) Recognized in Income on Derivatives(1) | ||||||||||||||||||||||||
instruments | |||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (45 | ) | $ | 168 | $ | 111 | ||||||||||||||||||
Purchased gas | (9 | ) | (14 | ) | (35 | ) | |||||||||||||||||||
Electric fuel and other energy-related purchases | (29 | ) | (40 | ) | (45 | ) | |||||||||||||||||||
Interest rate(2) | — | 17 | (5 | ) | |||||||||||||||||||||
Total | $ | (83 | ) | $ | 131 | $ | 26 | ||||||||||||||||||
-1 | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion's Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Amounts recorded in Dominion's Consolidated Statements of Income are classified in interest and related charges. | ||||||||||||||||||||||||
Virginia Electric and Power Company | ' | ||||||||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||||||||
Offsetting Assets | ' | ||||||||||||||||||||||||
The tables below present Virginia Power's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 48 | $ | — | $ | 48 | $ | — | $ | — | $ | — | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 4 | — | 4 | 6 | — | 6 | |||||||||||||||||||
Exchange | 1 | — | 1 | — | — | — | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 53 | — | 53 | 6 | — | 6 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | — | — | — | — | — | — | |||||||||||||||||||
Total(1) | $ | 53 | $ | — | $ | 53 | $ | 6 | $ | — | $ | 6 | |||||||||||||
-1 | At December 31, 2013, the total derivative asset balance contains $53 million of current assets, which is presented in other current assets in Virginia Power’s Consolidated Balance Sheet. At December 31, 2012, the total derivative asset balance contains $6 million of current assets, which is presented in other current assets in Virginia Power’s Consolidated Balance Sheet. | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet | ||||||||||||||||||||||||
Net Amounts of Assets Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amounts | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amounts | ||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | 48 | $ | — | $ | — | $ | 48 | $ | — | $ | — | $ | — | $ | — | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 4 | 4 | — | — | 6 | 3 | — | 3 | |||||||||||||||||
Exchange | 1 | — | — | 1 | — | — | — | — | |||||||||||||||||
Total | $ | 53 | $ | 4 | $ | — | $ | 49 | $ | 6 | $ | 3 | $ | — | $ | 3 | |||||||||
Offsetting Liabilities | ' | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | — | $ | — | $ | — | $ | 25 | $ | — | $ | 25 | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 12 | — | 12 | 7 | — | 7 | |||||||||||||||||||
Exchange | — | — | — | 2 | — | 2 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 12 | — | 12 | 34 | — | 34 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | — | — | — | — | — | — | |||||||||||||||||||
Total(1) | $ | 12 | $ | — | $ | 12 | $ | 34 | $ | — | $ | 34 | |||||||||||||
-1 | At December 31, 2013, the total derivative liability balance contains $12 million of current liabilities, which is presented in current derivative liabilities in Virginia Power’s Consolidated Balance Sheet. At December 31, 2012, the total derivative liability balance contains $33 million of current liabilities, which is presented in current derivative liabilities in Virginia Power’s Consolidated Balance Sheet and $1 million of noncurrent derivative liabilities, which is presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheet. | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet | ||||||||||||||||||||||||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Paid | Net Amounts | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Paid | Net Amounts | ||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | — | $ | — | $ | — | $ | — | $ | 25 | $ | — | $ | — | $ | 25 | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 12 | 4 | 7 | 1 | 7 | 3 | — | 4 | |||||||||||||||||
Exchange | — | — | — | — | 2 | — | 2 | — | |||||||||||||||||
Total | $ | 12 | $ | 4 | $ | 7 | $ | 1 | $ | 34 | $ | 3 | $ | 2 | $ | 29 | |||||||||
Volumes of Derivatives | ' | ||||||||||||||||||||||||
The following table presents the volume of Virginia Power's derivative activity at December 31, 2013. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. | |||||||||||||||||||||||||
Current | Noncurrent | ||||||||||||||||||||||||
Natural Gas (bcf): | |||||||||||||||||||||||||
Fixed price | 15 | — | |||||||||||||||||||||||
Basis | 7 | — | |||||||||||||||||||||||
Electricity (MWh): | |||||||||||||||||||||||||
Fixed price | 624,800 | — | |||||||||||||||||||||||
FTRs | 39,186,609 | — | |||||||||||||||||||||||
Capacity (MW) | 75,500 | 18,300 | |||||||||||||||||||||||
Interest rate | $ | 600,000,000 | $ | — | |||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | ||||||||||||||||||||||||
The following tables present the fair values of Virginia Power's derivatives and where they are presented in its Consolidated Balance Sheets: | |||||||||||||||||||||||||
Fair Value - | Fair Value - | Total | |||||||||||||||||||||||
Derivatives | Derivatives | Fair | |||||||||||||||||||||||
under | not under | Value | |||||||||||||||||||||||
Hedge | Hedge | ||||||||||||||||||||||||
Accounting | Accounting | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 2 | $ | 3 | $ | 5 | |||||||||||||||||||
Interest rate | 48 | 48 | |||||||||||||||||||||||
Total current derivative assets(1) | 50 | 3 | 53 | ||||||||||||||||||||||
Total derivative assets | $ | 50 | $ | 3 | $ | 53 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 1 | $ | 11 | $ | 12 | |||||||||||||||||||
Total current derivative liabilities | 1 | 11 | 12 | ||||||||||||||||||||||
Total derivative liabilities | $ | 1 | $ | 11 | $ | 12 | |||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 1 | $ | 5 | $ | 6 | |||||||||||||||||||
Total current derivative assets(1) | 1 | 5 | 6 | ||||||||||||||||||||||
Total derivative assets | $ | 1 | $ | 5 | $ | 6 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 5 | $ | 3 | $ | 8 | |||||||||||||||||||
Interest rate | 25 | — | 25 | ||||||||||||||||||||||
Total current derivative liabilities | $ | 30 | $ | 3 | $ | 33 | |||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Commodity | 1 | — | 1 | ||||||||||||||||||||||
Total noncurrent derivative liabilities(2) | 1 | — | 1 | ||||||||||||||||||||||
Total derivative liabilities | $ | 31 | $ | 3 | $ | 34 | |||||||||||||||||||
-1 | Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. | ||||||||||||||||||||||||
-2 | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power's Consolidated Balance Sheets. | ||||||||||||||||||||||||
Derivative Instruments Gain (Loss) by Hedging Relationship by Income Statement Location | ' | ||||||||||||||||||||||||
The following tables present the gains and losses on Virginia Power's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: | |||||||||||||||||||||||||
Derivatives in cash flow hedging | Amount of Gain | Amount of | Increase | ||||||||||||||||||||||
relationships | (Loss) | Gain (Loss) | (Decrease) in | ||||||||||||||||||||||
Recognized in | Reclassified | Derivatives | |||||||||||||||||||||||
AOCI on | from AOCI to | Subject to | |||||||||||||||||||||||
Derivatives | Income | Regulatory | |||||||||||||||||||||||
(Effective | Treatment(2) | ||||||||||||||||||||||||
Portion)(1) | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | — | |||||||||||||||||||||||
Total commodity | $ | — | $ | — | $ | 5 | |||||||||||||||||||
Interest rate(3) | 9 | — | 81 | ||||||||||||||||||||||
Total | $ | 9 | $ | — | $ | 86 | |||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | (4 | ) | ||||||||||||||||||||||
Total commodity | $ | (2 | ) | $ | (4 | ) | $ | 10 | |||||||||||||||||
Interest rate(3) | (6 | ) | — | (35 | ) | ||||||||||||||||||||
Total | $ | (8 | ) | $ | (4 | ) | $ | (25 | ) | ||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | (1 | ) | ||||||||||||||||||||||
Purchased electric capacity | 1 | ||||||||||||||||||||||||
Total commodity | $ | (3 | ) | $ | — | $ | (20 | ) | |||||||||||||||||
Interest rate(3) | (6 | ) | 1 | (143 | ) | ||||||||||||||||||||
Total | $ | (9 | ) | $ | 1 | $ | (163 | ) | |||||||||||||||||
-1 | Amounts deferred into AOCI have no associated effect in Virginia Power's Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power's Consolidated Statements of Income. | ||||||||||||||||||||||||
-3 | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in interest and related charges. | ||||||||||||||||||||||||
Schedule Of Derivatives Not Designated As Hedging Instruments | ' | ||||||||||||||||||||||||
Derivatives not designated as hedging | Amount of Gain (Loss) Recognized | ||||||||||||||||||||||||
instruments | in Income on Derivatives(1) | ||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity(2) | $ | (16 | ) | $ | (50 | ) | $ | (45 | ) | ||||||||||||||||
Interest rate(3) | — | — | (5 | ) | |||||||||||||||||||||
Total | $ | (16 | ) | $ | (50 | ) | $ | (50 | ) | ||||||||||||||||
-1 | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power's Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. | ||||||||||||||||||||||||
-3 | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in interest and related charges. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Earnings Per Share Computation | ' | |||||||||
The following table presents the calculation of Dominion's basic and diluted EPS: | ||||||||||
2013 | 2012 | 2011 | ||||||||
(millions, except EPS) | ||||||||||
Net income attributable to Dominion | $ | 1,697 | $ | 302 | $ | 1,408 | ||||
Average shares of common stock outstanding-Basic | 578.7 | 572.9 | 573.1 | |||||||
Net effect of dilutive securities(1) | 0.8 | 1 | 1.5 | |||||||
Average shares of common stock outstanding-Diluted | 579.5 | 573.9 | 574.6 | |||||||
Earnings Per Common Share-Basic | $ | 2.93 | $ | 0.53 | $ | 2.46 | ||||
Earnings Per Common Share-Diluted | $ | 2.93 | $ | 0.53 | $ | 2.45 | ||||
-1 | Dilutive securities consist primarily of contingently convertible senior notes. See Note 17 for more information. |
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ' | |||||||||||||
Available-For-Sale Securities | ' | |||||||||||||
Dominion's decommissioning trust funds are summarized below: | ||||||||||||||
Amortized | Total | Total | Fair | |||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||
Gains (1) | Losses (1) | |||||||||||||
(millions) | ||||||||||||||
2013 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S.: | ||||||||||||||
Large Cap | $ | 1,183 | $ | 1,194 | $ | — | $ | 2,377 | ||||||
Other | 49 | 23 | — | 72 | ||||||||||
Marketable debt securities: | ||||||||||||||
Corporate debt instruments | 332 | 16 | (3 | ) | 345 | |||||||||
U.S. Treasury securities and agency debentures | 589 | 8 | (10 | ) | 587 | |||||||||
State and municipal | 297 | 11 | (5 | ) | 303 | |||||||||
Other | 3 | — | — | 3 | ||||||||||
Cost method investments | 106 | — | — | 106 | ||||||||||
Cash equivalents and other(2) | 110 | — | — | 110 | ||||||||||
Total | $ | 2,669 | $ | 1,252 | $ | (18 | ) | (3) | $ | 3,903 | ||||
2012 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S.: | ||||||||||||||
Large Cap | $ | 1,210 | $ | 732 | $ | — | $ | 1,942 | ||||||
Other | 40 | 13 | — | 53 | ||||||||||
Marketable debt securities: | ||||||||||||||
Corporate debt instruments | 295 | 30 | — | 325 | ||||||||||
U.S. Treasury securities and agency debentures | 523 | 19 | (2 | ) | 540 | |||||||||
State and municipal | 248 | 26 | — | 274 | ||||||||||
Other | 6 | 1 | — | 7 | ||||||||||
Cost method investments | 117 | — | — | 117 | ||||||||||
Cash equivalents and other(2) | 72 | — | — | 72 | ||||||||||
Total | $ | 2,511 | $ | 821 | $ | (2 | ) | (3) | $ | 3,330 | ||||
-1 | Included in AOCI and the decommissioning trust regulatory liability as discussed in Note 2. | |||||||||||||
-2 | Includes pending sales of securities of $11 million and pending purchases of securities of $6 million at December 31, 2013 and 2012, respectively. | |||||||||||||
-3 | The fair value of securities in an unrealized loss position was $604 million and $195 million at December 31, 2013 and 2012, respectively. | |||||||||||||
Investments Classified by Contractual Maturity Date | ' | |||||||||||||
The fair value of Dominion's marketable debt securities held in nuclear decommissioning trust funds at December 31, 2013 by contractual maturity is as follows: | ||||||||||||||
Amount | ||||||||||||||
(millions) | ||||||||||||||
Due in one year or less | $ | 128 | ||||||||||||
Due after one year through five years | 357 | |||||||||||||
Due after five years through ten years | 362 | |||||||||||||
Due after ten years | 391 | |||||||||||||
Total | $ | 1,238 | ||||||||||||
Marketable Securities | ' | |||||||||||||
Presented below is selected information regarding Dominion's marketable equity and debt securities held in nuclear decommissioning trust funds: | ||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||
(millions) | ||||||||||||||
Proceeds from sales | $ | 1,476 | $ | 1,356 | $ | 1,757 | ||||||||
Realized gains(1) | 157 | 98 | 79 | |||||||||||
Realized losses(1) | 33 | 33 | 92 | |||||||||||
-1 | Includes realized gains and losses recorded to the decommissioning trust regulatory liability as discussed in Note 2. | |||||||||||||
Other Than Temporary Impairment Losses On Investment Securities | ' | |||||||||||||
Dominion recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows: | ||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||
(millions) | ||||||||||||||
Total other-than-temporary impairment losses(1) | $ | 31 | $ | 26 | $ | 75 | ||||||||
Losses recorded to decommissioning trust regulatory liability | (13 | ) | (10 | ) | (24 | ) | ||||||||
Losses recognized in other comprehensive income (before taxes) | (10 | ) | (2 | ) | (3 | ) | ||||||||
Net impairment losses recognized in earnings | $ | 8 | $ | 14 | $ | 48 | ||||||||
-1 | Amounts include other-than-temporary impairment losses for debt securities of $18 million, $4 million and $6 million at December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Investments Accounts Under Equity Method of Accounting | ' | |||||||||||||
Investments that Dominion accounts for under the equity method of accounting are as follows: | ||||||||||||||
Company | Ownership% | Investment Balance | Description | |||||||||||
As of December 31, | 2013 | 2012 | ||||||||||||
(millions) | ||||||||||||||
Blue Racer Midstream LLC | 50 | % | $ | 510 | $ | 39 | Midstream gas and related services | |||||||
Fowler I Holdings LLC | 50 | % | 149 | 158 | Wind-powered merchant generation facility | |||||||||
NedPower Mount Storm LLC | 50 | % | 131 | 137 | Wind-powered merchant generation facility | |||||||||
Iroquois Gas Transmission System, LP | 24.72 | % | 105 | 102 | Gas transmission system | |||||||||
Elwood Energy LLC(1) | — | % | — | 117 | Natural gas-fired merchant generation peaking facility | |||||||||
Other(2) | various | 21 | 5 | |||||||||||
Total | $ | 916 | $ | 558 | ||||||||||
(1) Following the 2013 sale of Elwood, at December 31, 2013, Dominion retained a 0.5% cost method investment. At December 31, 2012, Dominion owned 50% and Elwood was therefore considered an equity method investment. | ||||||||||||||
(2) Dominion has a $50 million commitment to invest in clean power and technology businesses through 2018. | ||||||||||||||
Virginia Electric and Power Company | ' | |||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ' | |||||||||||||
Available-For-Sale Securities | ' | |||||||||||||
Virginia Power's decommissioning trust funds are summarized below: | ||||||||||||||
Amortized | Total | Total | Fair | |||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||
Gains (1) | Losses (1) | |||||||||||||
(millions) | ||||||||||||||
2013 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S.: | ||||||||||||||
Large Cap | $ | 506 | $ | 514 | $ | — | $ | 1,020 | ||||||
Other | 25 | 11 | — | 36 | ||||||||||
Marketable debt securities: | ||||||||||||||
Corporate debt instruments | 185 | 8 | (2 | ) | 191 | |||||||||
U.S. Treasury securities and agency debentures | 214 | 1 | (3 | ) | 212 | |||||||||
State and municipal | 163 | 4 | (4 | ) | 163 | |||||||||
Cost method investments | 106 | — | — | 106 | ||||||||||
Cash equivalents and other(2) | 37 | — | — | 37 | ||||||||||
Total | $ | 1,236 | $ | 538 | $ | (9 | ) | (3) | $ | 1,765 | ||||
2012 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S.: | ||||||||||||||
Large Cap | $ | 481 | $ | 298 | $ | — | $ | 779 | ||||||
Other | 20 | 7 | — | 27 | ||||||||||
Marketable debt securities: | ||||||||||||||
Corporate debt instruments | 179 | 17 | — | 196 | ||||||||||
U.S. Treasury securities and agency debentures | 231 | 4 | (1 | ) | 234 | |||||||||
State and municipal | 106 | 11 | — | 117 | ||||||||||
Other | 1 | — | — | 1 | ||||||||||
Cost method investments | 117 | — | — | 117 | ||||||||||
Cash equivalents and other(2) | 44 | — | — | 44 | ||||||||||
Total | $ | 1,179 | $ | 337 | $ | (1 | ) | (3) | $ | 1,515 | ||||
-1 | Included in AOCI and the decommissioning trust regulatory liability as discussed in Note 2. | |||||||||||||
-2 | Includes pending sales of securities of $6 million at December 31, 2013 and 2012. | |||||||||||||
-3 | The fair value of securities in an unrealized loss position was $299 million and $104 million at December 31, 2013 and 2012, respectively | |||||||||||||
Investments Classified by Contractual Maturity Date | ' | |||||||||||||
The fair value of Virginia Power's debt securities at December 31, 2013, by contractual maturity is as follows: | ||||||||||||||
Amount | ||||||||||||||
(millions) | ||||||||||||||
Due in one year or less | $ | 31 | ||||||||||||
Due after one year through five years | 163 | |||||||||||||
Due after five years through ten years | 196 | |||||||||||||
Due after ten years | 176 | |||||||||||||
Total | $ | 566 | ||||||||||||
Marketable Securities | ' | |||||||||||||
Presented below is selected information regarding Virginia Power's marketable equity and debt securities. | ||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||
(millions) | ||||||||||||||
Proceeds from sales | $ | 572 | $ | 626 | $ | 1,030 | ||||||||
Realized gains(1) | 52 | 42 | 34 | |||||||||||
Realized losses(1) | 14 | 11 | 34 | |||||||||||
-1 | Includes realized gains and losses recorded to the decommissioning trust regulatory liability as discussed in Note 2 | |||||||||||||
Other Than Temporary Impairment Losses On Investment Securities | ' | |||||||||||||
Virginia Power recorded other-than-temporary impairment losses on investments as follows: | ||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||
(millions) | ||||||||||||||
Total other-than-temporary impairment losses(1) | $ | 15 | $ | 11 | $ | 29 | ||||||||
Losses recorded to decommissioning trust regulatory liability | (13 | ) | (10 | ) | (24 | ) | ||||||||
Losses recorded in other comprehensive income (before taxes) | (1 | ) | — | (1 | ) | |||||||||
Net impairment losses recognized in earnings | $ | 1 | $ | 1 | $ | 4 | ||||||||
-1 | Amounts include other-than-temporary impairment losses for debt securities of $9 million, $2 million and $4 million at December 31, 2013, 2012 and 2011, respectively |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property, Plant and Equipment, Net [Abstract] | ' | ||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
Major classes of property, plant and equipment and their respective balances for the Companies are as follows: | |||||||||||||
At December 31, | 2013 | 2012 | |||||||||||
(millions) | |||||||||||||
Dominion | |||||||||||||
Utility: | |||||||||||||
Generation | $ | 14,018 | $ | 13,707 | |||||||||
Transmission | 8,686 | 7,799 | |||||||||||
Distribution | 11,714 | 11,071 | |||||||||||
Storage | 2,190 | 2,137 | |||||||||||
Nuclear fuel | 1,375 | 1,277 | |||||||||||
Gas gathering and processing | 787 | 803 | |||||||||||
General and other | 812 | 803 | |||||||||||
Other-including plant under construction | 3,261 | 2,232 | |||||||||||
Total utility | 42,843 | 39,829 | |||||||||||
Nonutility: | |||||||||||||
Merchant generation-nuclear | 1,153 | 1,163 | |||||||||||
Merchant generation-other(1) | 1,328 | 1,289 | |||||||||||
Nuclear fuel | 770 | 775 | |||||||||||
Other-including plant under construction | 875 | 1,265 | |||||||||||
Total nonutility | 4,126 | 4,492 | |||||||||||
Total property, plant and equipment | $ | 46,969 | $ | 44,321 | |||||||||
Virginia Power | |||||||||||||
Utility: | |||||||||||||
Generation | $ | 14,018 | $ | 13,707 | |||||||||
Transmission | 4,959 | 4,261 | |||||||||||
Distribution | 9,103 | 8,701 | |||||||||||
Nuclear fuel | 1,375 | 1,277 | |||||||||||
General and other | 668 | 659 | |||||||||||
Other-including plant under construction | 2,719 | 2,017 | |||||||||||
Total utility | 32,842 | 30,622 | |||||||||||
Nonutility-other | 6 | 9 | |||||||||||
Total property, plant and equipment | $ | 32,848 | $ | 30,631 | |||||||||
-1 | 2012 amount includes $957 million due to consolidation of a VIE. See Note 15 for further information. | ||||||||||||
Share of Jointly-Owned Power Stations | ' | ||||||||||||
Dominion's and Virginia Power's proportionate share of jointly-owned power stations at December 31, 2013 is as follows: | |||||||||||||
Bath | North | Clover | Millstone | ||||||||||
County | Anna Units 1 and 2(1) | Power | Unit 3(2) | ||||||||||
Pumped | Station(1) | ||||||||||||
Storage | |||||||||||||
Station(1) | |||||||||||||
(millions, except percentages) | |||||||||||||
Ownership interest | 60 | % | 88.4 | % | 50 | % | 93.5 | % | |||||
Plant in service | $ | 1,038 | $ | 2,486 | $ | 568 | $ | 1,007 | |||||
Accumulated depreciation | (536 | ) | (1,109 | ) | (199 | ) | (262 | ) | |||||
Nuclear fuel | — | 597 | — | 388 | |||||||||
Accumulated amortization of nuclear fuel | — | (434 | ) | — | (283 | ) | |||||||
Plant under construction | 23 | 76 | 6 | 69 | |||||||||
-1 | Units jointly owned by Virginia Power. | ||||||||||||
-2 | Unit jointly owned by Dominion. |
Recovered_Sheet1
Goodwill And Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Segment allocation of goodwill | ' | |||||||||||||||||||
The changes in Dominion's carrying amount and segment allocation of goodwill are presented below: | ||||||||||||||||||||
Dominion | Dominion | DVP | Corporate | Total | ||||||||||||||||
Generation | Energy | and | ||||||||||||||||||
Other(1) | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Balance at December 31, 2011(2) | $ | 1,503 | (3) | $ | 712 | $ | 926 | (3) | $ | — | $ | 3,141 | ||||||||
Asset disposition adjustment | — | (11 | ) | (5) | — | — | (11 | ) | ||||||||||||
Balance at December 31, 2012(2) | $ | 1,503 | $ | 701 | $ | 926 | $ | — | $ | 3,130 | ||||||||||
Asset disposition adjustment | (19 | ) | (4) | (25 | ) | (5) | — | — | (44 | ) | ||||||||||
Balance at December 31, 2013(2) | $ | 1,484 | $ | 676 | $ | 926 | $ | — | $ | 3,086 | ||||||||||
-1 | Goodwill recorded at the Corporate and Other segment is allocated to the primary operating segments for goodwill impairment testing purposes. | |||||||||||||||||||
-2 | Goodwill amounts do not contain any accumulated impairment losses. | |||||||||||||||||||
-3 | Recast to reflect nonregulated retail energy marketing operations in the Dominion Generation segment. | |||||||||||||||||||
-4 | See Note 3 for a discussion of Dominion's dispositions and related goodwill write-offs. | |||||||||||||||||||
-5 | Related to assets sold or contributed to Blue Racer. | |||||||||||||||||||
Components of intangible assets | ' | |||||||||||||||||||
The components of intangible assets are as follows: | ||||||||||||||||||||
At December 31, | 2013 | 2012 | ||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||
Amount | Amount | |||||||||||||||||||
(millions) | ||||||||||||||||||||
Dominion | ||||||||||||||||||||
Software, licenses and other | $ | 867 | $ | 308 | $ | 859 | $ | 327 | ||||||||||||
Emissions allowances | 3 | 2 | 5 | 1 | ||||||||||||||||
Total | $ | 870 | $ | 310 | $ | 864 | $ | 328 | ||||||||||||
Virginia Power | ||||||||||||||||||||
Software, licenses and other | $ | 271 | $ | 78 | $ | 303 | $ | 122 | ||||||||||||
Total | $ | 271 | $ | 78 | $ | 303 | $ | 122 | ||||||||||||
Annual amortization expense of intangible assets | ' | |||||||||||||||||||
Annual amortization expense for these intangible assets is estimated to be as follows: | ||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||
(millions) | ||||||||||||||||||||
Dominion | $ | 69 | $ | 59 | $ | 50 | $ | 40 | $ | 29 | ||||||||||
Virginia Power | $ | 21 | $ | 15 | $ | 12 | $ | 9 | $ | 5 | ||||||||||
Regulatory_Assets_and_Liabilit1
Regulatory Assets and Liabilities (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ||||||
Schedule of Regulatory Assets and Liabilities | ' | ||||||
Regulatory assets and liabilities include the following: | |||||||
At December 31, | 2013 | 2012 | |||||
(millions) | |||||||
Dominion | |||||||
Regulatory assets: | |||||||
Deferred rate adjustment clause costs(1) | $ | 89 | $ | 55 | |||
Unrecovered gas costs(2) | 50 | 59 | |||||
Virginia sales taxes(3) | 46 | 37 | |||||
Derivatives(4) | 16 | — | |||||
Plant retirement(5) | 1 | 25 | |||||
Other | 15 | 27 | |||||
Regulatory assets-current(6) | 217 | 203 | |||||
Unrecognized pension and other postretirement benefit costs(7) | 706 | 1,210 | |||||
Deferred rate adjustment clause costs(1) | 287 | 173 | |||||
Income taxes recoverable through future rates(8) | 155 | 140 | |||||
Derivatives(4) | 16 | 105 | |||||
Other postretirement benefit costs(9) | 12 | 21 | |||||
Plant retirement(5) | 10 | 11 | |||||
Other | 42 | 57 | |||||
Regulatory assets-non-current | 1,228 | 1,717 | |||||
Total regulatory assets | $ | 1,445 | $ | 1,920 | |||
Regulatory liabilities: | |||||||
PIPP(10) | $ | 76 | $ | 100 | |||
Deferred cost of fuel used in electric generation(11) | 24 | 7 | |||||
Other | 28 | 29 | |||||
Regulatory liabilities-current(12) | 128 | 136 | |||||
Provision for future cost of removal and AROs(13) | 1,028 | 985 | |||||
Decommissioning trust(14) | 693 | 501 | |||||
Unrecognized pension and other postretirement benefit costs(7) | 174 | 2 | |||||
Deferred cost of fuel used in electric generation(11) | 90 | 13 | |||||
Other | 16 | 13 | |||||
Regulatory liabilities-non-current | 2,001 | 1,514 | |||||
Total regulatory liabilities | $ | 2,129 | $ | 1,650 | |||
Virginia Power | |||||||
Regulatory assets: | |||||||
Deferred rate adjustment clause costs(1) | $ | 62 | $ | 51 | |||
Virginia sales taxes(3) | 46 | 37 | |||||
Derivatives(4) | 16 | — | |||||
Plant retirement(5) | 1 | 25 | |||||
Other | 3 | 6 | |||||
Regulatory assets-current | 128 | 119 | |||||
Deferred rate adjustment clause costs(1) | 227 | 127 | |||||
Income taxes recoverable through future rates(8) | 124 | 110 | |||||
Derivatives(4) | 16 | 105 | |||||
Plant retirement(5) | 10 | 11 | |||||
Other | 40 | 43 | |||||
Regulatory assets-non-current | 417 | 396 | |||||
Total regulatory assets | $ | 545 | $ | 515 | |||
Regulatory liabilities: | |||||||
Deferred cost of fuel used in electric generation(11) | $ | 24 | $ | 7 | |||
Other | 17 | 25 | |||||
Regulatory liabilities-current | 41 | 32 | |||||
Provision for future cost of removal(13) | 807 | 763 | |||||
Decommissioning trust(14) | 693 | 501 | |||||
Deferred cost of fuel used in electric generation(11) | 90 | 14 | |||||
Other | 7 | 7 | |||||
Regulatory liabilities-non-current | 1,597 | 1,285 | |||||
Total regulatory liabilities | $ | 1,638 | $ | 1,317 | |||
-1 | Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. See Note 13 for more information. | ||||||
(2) Reflects unrecovered gas costs at Dominion's regulated gas operations, which are recovered through annual filings with the applicable regulatory authority. | |||||||
-3 | Amounts to be recovered through an annual surcharge to reimburse Virginia Power for incremental sales taxes being incurred due to the repeal of the public service company sales tax exemption in Virginia. | ||||||
-4 | As discussed under Derivative Instruments in Note 2, for jurisdictions subject to cost-based rate regulation, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities as they are expected to be recovered from or refunded to customers. | ||||||
-5 | Reflects costs anticipated to be recovered in North Carolina base rates for certain coal units expected to be retired. | ||||||
(6) Current regulatory assets are presented in other current assets in Dominion's Consolidated Balance Sheets. | |||||||
-7 | Represents unrecognized pension and other postretirement benefit costs expected to be recovered through future rates generally over the expected remaining service period of plan participants by certain of Dominion's rate-regulated subsidiaries. | ||||||
-8 | Amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity and depreciation of property, plant and equipment for which deferred income taxes were not recognized for ratemaking purposes, including amounts attributable to tax rate changes. | ||||||
-9 | Primarily reflects costs recognized in excess of amounts included in regulated rates charged by Dominion's regulated gas operations before rates were updated to reflect a change in accounting method for other postretirement benefit costs. | ||||||
-10 | Under PIPP, eligible customers can receive energy assistance based on their ability to pay. The difference between the customer's total bill and the PIPP plan amount is deferred and collected or returned annually under the PIPP rider according to East Ohio tariff provisions. See Note 13 for more information regarding PIPP. | ||||||
-11 | Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Virginia Power's generation operations. For 2013, amount includes approximately $5 million related to DOE claims. See Note 13 for more information. | ||||||
(12) Current regulatory liabilities are presented in other current liabilities in Dominion's Consolidated Balance Sheets. | |||||||
-13 | Rates charged to customers by the Companies' regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. | ||||||
-14 | Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power's utility nuclear generation stations, in excess of the related ARO. |
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Asset Retirement Obligation [Abstract] | ' | |||
Changes to Asset Retirement Obligations | ' | |||
The changes to AROs during 2012 and 2013 were as follows: | ||||
Amount | ||||
(millions) | ||||
Dominion | ||||
AROs at December 31, 2011(1) | $ | 1,398 | ||
Obligations incurred during the period | 24 | |||
Obligations settled during the period | (13 | ) | ||
Revisions in estimated cash flows(2) | 242 | |||
Accretion | 77 | |||
Other | (23 | ) | ||
AROs at December 31, 2012(1) | $ | 1,705 | ||
Obligations incurred during the period | 13 | |||
Obligations settled during the period | (68 | ) | ||
Revisions in estimated cash flows(3) | (129 | ) | ||
Accretion | 86 | |||
Other | (29 | ) | ||
AROs at December 31, 2013(1) | $ | 1,578 | ||
Virginia Power | ||||
AROs at December 31, 2011(4) | $ | 625 | ||
Obligations incurred during the period | 18 | |||
Obligations settled during the period | (1 | ) | ||
Revisions in estimated cash flows(5) | 41 | |||
Accretion | 34 | |||
Other | (12 | ) | ||
AROs at December 31, 2012 | $ | 705 | ||
Obligations incurred during the period | 2 | |||
Obligations settled during the period | (2 | ) | ||
Revisions in estimated cash flows(3) | (52 | ) | ||
Accretion | 38 | |||
Other | (2 | ) | ||
AROs at December 31, 2013 | $ | 689 | ||
-1 | Includes $15 million, $64 million and $94 million reported in other current liabilities at December 31, 2011, 2012, and 2013, respectively. | |||
-2 | Primarily reflects the accelerated timing of the decommissioning of Kewaunee that began in 2013. | |||
-3 | Primarily reflects lower anticipated nuclear decommissioning costs. | |||
-4 | Includes $1 million reported in other current liabilities. | |||
-5 | Primarily reflects the effect of higher anticipated nuclear decommissioning costs. |
ShortTerm_Debt_And_Credit_Agre1
Short-Term Debt And Credit Agreements (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Short term Debt [Line Items] | ' | |||||||||||||
Commercial paper bank loans and letters of credit outstanding as well as capacity available under credit facilities | ' | |||||||||||||
Commercial paper and letters of credit outstanding, as well as capacity available under credit facilities, were as follows: | ||||||||||||||
Facility | Outstanding | Outstanding | Facility | |||||||||||
Limit | Commercial | Letters of | Capacity | |||||||||||
Paper | Credit | Available | ||||||||||||
(millions) | ||||||||||||||
At December 31, 2013 | ||||||||||||||
Joint revolving credit facility(1) | $ | 3,000 | $ | 1,927 | $ | — | $ | 1,073 | ||||||
Joint revolving credit facility(2) | 500 | — | 11 | 489 | ||||||||||
Total | $ | 3,500 | $ | 1,927 | (3) | $ | 11 | $ | 1,562 | |||||
At December 31, 2012 | ||||||||||||||
Joint revolving credit facility(1) | $ | 3,000 | $ | 2,412 | $ | — | $ | 588 | ||||||
Joint revolving credit facility(2) | 500 | — | 26 | 474 | ||||||||||
Total | $ | 3,500 | $ | 2,412 | (3) | $ | 26 | $ | 1,062 | |||||
-1 | Effective September 2013, the maturity date was extended from September 2017 to September 2018. This credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion of letters of credit. | |||||||||||||
-2 | Effective September 2013, the maturity date for $400 million of the $500 million committed capacity was extended from September 2017 to September 2018. Also effective September 2013, the maturity date for the remaining $100 million was extended from September 2016 to September 2018. This credit facility can be used to support bank borrowings, commercial paper and letter of credit issuances. | |||||||||||||
-3 | The weighted-average interest rates of the outstanding commercial paper supported by Dominion's credit facilities were 0.33% and 0.49% at December 31, 2013 and 2012, respectively. | |||||||||||||
Virginia Electric and Power Company | ' | |||||||||||||
Short term Debt [Line Items] | ' | |||||||||||||
Commercial paper bank loans and letters of credit outstanding as well as capacity available under credit facilities | ' | |||||||||||||
Virginia Power's share of commercial paper and letters of credit outstanding, as well as its capacity available under its joint credit facilities with Dominion, were as follows: | ||||||||||||||
Facility Sub-limit | Outstanding Commercial Paper | Outstanding Letters of Credit | Facility Sub-limit Capacity Available | |||||||||||
(millions) | ||||||||||||||
At December 31, 2013 | ||||||||||||||
Joint revolving credit facility(1) | $ | 1,000 | $ | 842 | $ | — | $ | 158 | ||||||
Joint revolving credit facility(2) | 250 | — | 1 | 249 | ||||||||||
Total | $ | 1,250 | $ | 842 | (3) | $ | 1 | $ | 407 | |||||
At December 31, 2012 | ||||||||||||||
Joint revolving credit facility(1) | $ | 1,000 | $ | 992 | $ | — | $ | 8 | ||||||
Joint revolving credit facility(2) | 250 | — | 2 | 248 | ||||||||||
Total | $ | 1,250 | $ | 992 | (3) | $ | 2 | $ | 256 | |||||
-1 | Effective September 2013, the maturity date was extended from September 2017 to September 2018. This credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. Virginia Power's current sub-limit under this credit facility can be increased or decreased multiple times per year. | |||||||||||||
-2 | Effective September 2013, the maturity date for $400 million of the $500 million committed capacity was extended from September 2017 to September 2018. Also effective September 2013, the maturity date for the remaining $100 million was extended from September 2016 to September 2018. This credit facility can be used to support bank borrowings, commercial paper and letter of credit issuances. Virginia Power's current sub-limit under this credit facility can be increased or decreased multiple times per year. | |||||||||||||
-3 | The weighted-average interest rates of the outstanding commercial paper supported by these credit facilities were 0.33% and 0.47% at December 31, 2013 and 2012, respectively. |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||||||||||||
Long term Debt | ' | |||||||||||||||||||||
At December 31, | 2013 Weighted- | 2013 | 2012 | |||||||||||||||||||
average | ||||||||||||||||||||||
Coupon(1) | ||||||||||||||||||||||
(millions, except percentages) | ||||||||||||||||||||||
Virginia Electric and Power Company: | ||||||||||||||||||||||
Unsecured Senior Notes: | ||||||||||||||||||||||
1.2% to 8.625%, due 2013 to 2018 | 5.09 | % | $ | 2,138 | $ | 2,306 | ||||||||||||||||
2.75% to 8.875%, due 2019 to 2043 | 5.25 | % | 4,993 | 3,408 | ||||||||||||||||||
Tax-Exempt Financings(2): | ||||||||||||||||||||||
Variable rates, due 2016 to 2041 | 0.98 | % | 606 | 454 | ||||||||||||||||||
1.5% to 5.6%, due 2022 to 2040 | 3.16 | % | 306 | 508 | ||||||||||||||||||
Virginia Electric and Power Company total principal | $ | 8,043 | $ | 6,676 | ||||||||||||||||||
Securities due within one year | 4.1 | % | (58 | ) | (418 | ) | ||||||||||||||||
Unamortized discount and premium, net | (11 | ) | (7 | ) | ||||||||||||||||||
Virginia Electric and Power Company total long-term debt | $ | 7,974 | $ | 6,251 | ||||||||||||||||||
Dominion Resources, Inc.: | ||||||||||||||||||||||
Unsecured Senior Notes: | ||||||||||||||||||||||
Variable rates, due 2013 and 2014 | 0.37 | % | $ | 400 | $ | 400 | ||||||||||||||||
1.4% to 7.195%, due 2013 to 2018 | 4.03 | % | 3,291 | 3,541 | ||||||||||||||||||
2.75% to 8.875%, due 2019 to 2042(3) | 5.64 | % | 4,599 | 4,599 | ||||||||||||||||||
Unsecured Convertible Senior Notes, 2.125%, due 2023(4) | 43 | 82 | ||||||||||||||||||||
Tax-Exempt Financing, variable rate, due 2041(5) | 1.12 | % | 75 | — | ||||||||||||||||||
Unsecured Junior Subordinated Notes Payable to Affiliated Trusts, 7.83% and 8.4%, due 2027 and 2031 | 8.4 | % | 10 | 268 | ||||||||||||||||||
Enhanced Junior Subordinated Notes: | ||||||||||||||||||||||
7.5% and 8.375%, due 2064 and 2066 | 8.11 | % | 985 | 985 | ||||||||||||||||||
Variable rate, due 2066 | 2.58 | % | 380 | 380 | ||||||||||||||||||
Remarketable Subordinated Notes, 1.07% and 1.18%, due 2019 and 2021 | 1.13 | % | 1,100 | — | ||||||||||||||||||
Unsecured Debentures and Senior Notes(6): | ||||||||||||||||||||||
5.0% and 6.625%, due 2013 and 2014 | 5 | % | 600 | 622 | ||||||||||||||||||
6.8% and 6.875%, due 2026 and 2027 | 6.81 | % | 89 | 89 | ||||||||||||||||||
Dominion Gas Holdings, LLC: | ||||||||||||||||||||||
Unsecured Senior Notes, 1.05% to 4.8%, due 2016 to 2043 | 3.13 | % | 1,200 | — | ||||||||||||||||||
Dominion Energy, Inc.: | ||||||||||||||||||||||
Secured Senior Notes: | ||||||||||||||||||||||
5.03% to 5.78%, due 2013(7) | — | 842 | ||||||||||||||||||||
7.33%, due 2020(8) | — | 145 | ||||||||||||||||||||
Tax-Exempt Financings: | ||||||||||||||||||||||
2.25% to 5.75%, due 2033 to 2042(9) | 2.38 | % | 27 | 284 | ||||||||||||||||||
Variable rate, due 2041(5) | — | 75 | ||||||||||||||||||||
Virginia Electric and Power Company total principal (from above) | 8,043 | 6,676 | ||||||||||||||||||||
Dominion Resources, Inc. total principal | $ | 20,842 | $ | 18,988 | ||||||||||||||||||
Fair value hedge valuation(10) | 55 | 93 | ||||||||||||||||||||
Securities due within one year(11) | 2.95 | % | (1,519 | ) | (2,223 | ) | ||||||||||||||||
Unamortized discount and premium, net | (48 | ) | (7 | ) | ||||||||||||||||||
Dominion Resources, Inc. total long-term debt | $ | 19,330 | $ | 16,851 | ||||||||||||||||||
-1 | Represents weighted-average coupon rates for debt outstanding as of December 31, 2013. | |||||||||||||||||||||
-2 | These financings relate to certain pollution control equipment at Virginia Power's generating facilities. Certain variable rate tax-exempt financings are supported by a $120 million credit facility that terminates in September 2018. | |||||||||||||||||||||
-3 | At the option of holders, $510 million of Dominion's 5.25% senior notes due 2033 and $600 million of Dominion's 8.875% senior notes due 2019 are subject to redemption at 100% of the principal amount plus accrued interest in August 2015 and January 2014, respectively. | |||||||||||||||||||||
-4 | Convertible into a combination of cash and shares of Dominion's common stock at any time when the closing price of common stock equals 120% of the applicable conversion price or higher for at least 20 out of the last 30 consecutive trading days ending on the last trading day of the previous calendar quarter. At the option of holders on December 15, 2018, these securities are subject to redemption at 100% of the principal amount plus accrued interest. These senior notes have been callable by Dominion since December 15, 2011. | |||||||||||||||||||||
-5 | Debt issued by the MDFA on behalf of Brayton Point. In connection with the sale of Brayton Point, the sole obligor under the bonds was changed from Brayton Point to Dominion in June 2013. | |||||||||||||||||||||
-6 | Represents debt assumed by Dominion from the merger of its former CNG subsidiary. | |||||||||||||||||||||
-7 | Juniper notes issued in 2004 and consolidated in October 2011 due to Dominion becoming the primary beneficiary of this VIE. This amount excludes $18 million of unamortized premium in 2012. The debt was non-recourse to Dominion and was secured by Juniper's assets. Dominion's purchase of Fairless in August 2013 resulted in the removal of the debt from Dominion's Consolidated Balance Sheet. See Note 15 for additional information. | |||||||||||||||||||||
-8 | Represented debt associated with Kincaid. The debt was non-recourse to Dominion and was secured by the facility's assets and revenue. In connection with the sale of Kincaid, the notes were redeemed in May 2013 for approximately $185 million, including a make-whole premium and accrued interest. | |||||||||||||||||||||
-9 | In 2012 included debt issued by the MDFA on behalf of Brayton Point. In connection with the sale of Brayton Point, three series of bonds totaling approximately $257 million were defeased in June 2013. In June 2013, Brayton Point delivered approximately $284 million to fund an irrevocable trust for the purpose of paying maturing principal and interest due through and including the earliest redemption dates of the bonds in 2016 and 2019. | |||||||||||||||||||||
-10 | Represents the valuation of certain fair value hedges associated with Dominion's fixed rate debt. | |||||||||||||||||||||
-11 | Includes $14 million fair value hedge valuation in 2013 and $23 million of net unamortized premium and fair value hedge valuation in 2012. | |||||||||||||||||||||
Scheduled principal payments of long-term debt | ' | |||||||||||||||||||||
Based on stated maturity dates rather than early redemption dates that could be elected by instrument holders, the scheduled principal payments of long-term debt at December 31, 2013, were as follows: | ||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||
(millions, except percentages) | ||||||||||||||||||||||
Virginia Power | $ | 58 | $ | 211 | $ | 476 | $ | 679 | $ | 850 | $ | 5,769 | $ | 8,043 | ||||||||
Weighted-average Coupon | 4.1 | % | 5.39 | % | 5.25 | % | 5.44 | % | 4.17 | % | 4.78 | % | ||||||||||
Dominion | ||||||||||||||||||||||
Unsecured Senior Notes | $ | 1,465 | $ | 960 | $ | 1,752 | $ | 1,303 | $ | 1,350 | $ | 10,523 | $ | 17,353 | ||||||||
Tax-Exempt Financings | 40 | — | 19 | 75 | — | 880 | 1,014 | |||||||||||||||
Unsecured Junior Subordinated Notes Payable to Affiliated Trusts | — | — | — | — | — | 10 | 10 | |||||||||||||||
Enhanced Junior Subordinated Notes | — | — | — | — | — | 1,365 | 1,365 | |||||||||||||||
Remarketable Subordinated Notes | — | — | — | — | — | 1,100 | 1,100 | |||||||||||||||
Total | $ | 1,505 | $ | 960 | $ | 1,771 | $ | 1,378 | $ | 1,350 | $ | 13,878 | $ | 20,842 | ||||||||
Weighted-average Coupon | 2.95 | % | 4.45 | % | 3.51 | % | 4.55 | % | 4.99 | % | 4.9 | % | ||||||||||
Trust preferred securities and junior subordinated notes outstanding text block | ' | |||||||||||||||||||||
The following table provides summary information about the capital securities and junior subordinated notes outstanding as of December 31, 2013: | ||||||||||||||||||||||
Date Established | Capital Trust | Units | Rate | Capital Securities Amount | Common Securities Amount | |||||||||||||||||
(thousands) | (millions) | |||||||||||||||||||||
Jan-01 | Dominion Resources Capital Trust III(1) | 10 | 8.4 | % | $ | 10 | $ | 0.3 | ||||||||||||||
-1 | $10 million-Dominion Resources, Inc. 8.4% Debentures due 1/15/2031 were held as assets by the capital trust. | |||||||||||||||||||||
Schedule of Capital Units | ' | |||||||||||||||||||||
Selected information about Dominion's Equity Units is presented below: | ||||||||||||||||||||||
Issuance Date | Units Issued | Total Net Proceeds | Total Long-term Debt | RSN Annual Interest Rate | Stock Purchase Contract Annual Rate | Stock Purchase Contract Liability(1) | Stock Purchase Settlement Date | RSN Maturity Date | ||||||||||||||
(millions, except interest rates) | ||||||||||||||||||||||
6/7/13 | 11 | $ | 533.5 | $ | 550 | 1.07 | % | 5.055 | % | $ | 76.7 | 4/1/16 | 4/1/21 | |||||||||
6/7/13 | 11 | $ | 553.5 | $ | 550 | 1.18 | % | 4.82 | % | $ | 79.3 | 7/1/16 | 7/1/19 | |||||||||
-1 | Payments of $17 million were made in 2013. The stock purchase contract liability was $139 million at December 31, 2013. |
Preferred_Stock_Tables
Preferred Stock (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ||||||
Schedule Of Preferred Stock | ' | ||||||
Presented below are the series of Virginia Power preferred stock that were outstanding as of December 31, 2013: | |||||||
Dividend | Issued and Outstanding Shares | Entitled Per Share Upon Liquidation | |||||
(thousands) | |||||||
$5.00 | 107 | $ | 112.5 | ||||
4.04 | 13 | 102.27 | |||||
4.2 | 15 | 102.5 | |||||
4.12 | 32 | 103.73 | |||||
4.8 | 73 | 101 | |||||
7.05 | 500 | 100 | |||||
6.98 | 600 | 100 | |||||
Flex Money Market Preferred 12/02, Series A | 1,250 | 100 | (1) | ||||
Total | 2,590 | ||||||
-1 | Effective March 20, 2011 the rate was reset to 6.12% until March 20, 2014 after which the rate |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ||||||||||||
Accumulated other comprehensive income (loss) | ' | ||||||||||||
Presented in the table below is a summary of AOCI by component: | |||||||||||||
At December 31, | 2013 | 2012 | |||||||||||
(millions) | |||||||||||||
Dominion | |||||||||||||
Net deferred losses on derivatives-hedging activities, net of tax of $196 and $87 | $ | (288 | ) | $ | (122 | ) | |||||||
Net unrealized gains on nuclear decommissioning trust funds, net of tax of $(307) and $(206) | 474 | 326 | |||||||||||
Net unrecognized pension and other postretirement benefit costs, net of tax of $365 and $745 | (510 | ) | (1,081 | ) | |||||||||
Total AOCI | $ | (324 | ) | $ | (877 | ) | |||||||
Virginia Power | |||||||||||||
Net deferred losses on derivatives-hedging activities, net of tax of $-- and $3 | $ | — | $ | (6 | ) | ||||||||
Net unrealized gains on nuclear decommissioning trust funds, net of tax of $(30) and $(19) | 48 | 31 | |||||||||||
Total AOCI | $ | 48 | $ | 25 | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
The following table presents Dominion’s changes in AOCI by component, net of tax: | |||||||||||||
Deferred gains and losses on derivatives-hedging activities | Unrealized gains and losses on investment securities | Unrecognized pension and other postretirement benefit costs | Total | ||||||||||
(millions) | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Beginning balance | $ | (122 | ) | $ | 326 | $ | (1,081 | ) | $ | (877 | ) | ||
Other comprehensive income before reclassifications: gains (losses) | (243 | ) | 203 | 516 | 476 | ||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | 77 | (55 | ) | 55 | 77 | ||||||||
Net current period other comprehensive income (loss) | (166 | ) | 148 | 571 | 553 | ||||||||
Ending balance | $ | (288 | ) | $ | 474 | $ | (510 | ) | $ | (324 | ) | ||
(1) See table below for details about these reclassifications. | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | ||||||||||||
The following table presents Dominion’s reclassifications out of AOCI by component: | |||||||||||||
Details about AOCI components | Amounts reclassified from AOCI | Affected line item in the Consolidated Statements of Income | |||||||||||
(millions) | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | |||||||||||||
Commodity contracts | $ | 58 | Operating revenue | ||||||||||
47 | Purchased gas | ||||||||||||
10 | Electric fuel and other energy-related purchases | ||||||||||||
Interest rate contracts | 15 | Interest and related charges | |||||||||||
Total | 130 | ||||||||||||
Tax | (53 | ) | Income tax expense | ||||||||||
Total, net of tax | $ | 77 | |||||||||||
Unrealized (gains) and losses on investment securities: | |||||||||||||
Realized (gain) loss on sale of securities | $ | (98 | ) | Other income | |||||||||
Impairment | 8 | Other income | |||||||||||
Total | (90 | ) | |||||||||||
Tax | 35 | Income tax expense | |||||||||||
Total, net of tax | $ | (55 | ) | ||||||||||
Unrecognized pension and other postretirement benefit costs: | |||||||||||||
Prior-service costs (credits) | $ | (8 | ) | Other operations and maintenance | |||||||||
Actuarial losses | 102 | Other operations and maintenance | |||||||||||
Total | 94 | ||||||||||||
Tax | (39 | ) | Income tax expense | ||||||||||
Total, net of tax | $ | 55 | |||||||||||
Summary of changes in amounts of stock options outstanding | ' | ||||||||||||
The following table provides a summary of changes in amounts of stock options outstanding as of and for the years ended December 31, 2012 and 2011. There were no stock options outstanding in 2013. No options were granted under any plan in 2013, 2012 or 2011. | |||||||||||||
Shares | Weighted - | Weighted - | Aggregated | ||||||||||
average | average | Intrinsic | |||||||||||
Exercise Price | Remaining | Value(1) | |||||||||||
Contractual | |||||||||||||
Life | |||||||||||||
(thousands) | (years) | (millions) | |||||||||||
Outstanding and exercisable at December 31, 2010 | 1,810 | $ | 31.76 | 20 | |||||||||
Exercised | (1,174 | ) | $ | 32.46 | $ | 17 | |||||||
Forfeited/expired | (8 | ) | $ | 31.57 | |||||||||
Outstanding and exercisable at December 31, 2011 | 628 | $ | 30.81 | $ | 14 | ||||||||
Exercised | (622 | ) | $ | 30.79 | $ | 13 | |||||||
Forfeited/expired | (6 | ) | $ | 32.26 | |||||||||
Outstanding and exercisable at December 31, 2012 | — | $ | — | $ | — | ||||||||
-1 | Intrinsic value represents the difference between the exercise price of the option and the market value of Dominion's stock. | ||||||||||||
Summary of restricted stock activity | ' | ||||||||||||
The following table provides a summary of restricted stock activity for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Shares | Weighted | ||||||||||||
- average | |||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
(thousands) | |||||||||||||
Nonvested at December 31, 2010 | 1,476 | $ | 38.2 | ||||||||||
Granted | 299 | 43.68 | |||||||||||
Vested | (617 | ) | 40.72 | ||||||||||
Cancelled and forfeited | (25 | ) | 36.29 | ||||||||||
Converted from goal-based stock to restricted stock | 168 | 30.99 | |||||||||||
Nonvested at December 31, 2011 | 1,301 | $ | 37.37 | ||||||||||
Granted | 390 | 51.14 | |||||||||||
Vested | (596 | ) | 33.31 | ||||||||||
Cancelled and forfeited | (10 | ) | 42.99 | ||||||||||
Nonvested at December 31, 2012 | 1,085 | $ | 44.46 | ||||||||||
Granted | 312 | 54.7 | |||||||||||
Vested | (356 | ) | 39 | ||||||||||
Cancelled and forfeited | (34 | ) | 51.11 | ||||||||||
Nonvested at December 31, 2013 | 1,007 | $ | 49.35 | ||||||||||
Summary of restricted stock and goal-based stock activity | ' | ||||||||||||
The following table provides a summary of goal-based stock activity for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Targeted | Weighted | ||||||||||||
Number of | - average | ||||||||||||
Shares | Grant | ||||||||||||
Date Fair | |||||||||||||
Value | |||||||||||||
(thousands) | |||||||||||||
Nonvested at December 31, 2010 | 161 | $ | 31.79 | ||||||||||
Granted | 3 | 43.54 | |||||||||||
Vested | (20 | ) | 34.62 | ||||||||||
Cancelled and forfeited | (132 | ) | 30.99 | ||||||||||
Nonvested at December 31, 2011 | 12 | $ | 39.19 | ||||||||||
Granted | 1 | 52.48 | |||||||||||
Vested | (9 | ) | 37.46 | ||||||||||
Nonvested at December 31, 2012 | 4 | $ | 45.6 | ||||||||||
Granted | 4 | 54.17 | |||||||||||
Vested | (2 | ) | 43.54 | ||||||||||
Cancelled and forfeited | (1 | ) | 43.54 | ||||||||||
Nonvested at December 31, 2013 | 5 | $ | 53.85 | ||||||||||
Virginia Electric and Power Company | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
The following table presents Virginia Power’s changes in AOCI by component, net of tax: | |||||||||||||
Deferred gains and losses on derivatives-hedging activities | Unrealized gains and losses on nuclear decommissioning trust funds | Total | |||||||||||
(millions) | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Beginning balance | $ | (6 | ) | $ | 31 | $ | 25 | ||||||
Other comprehensive income before reclassifications: gains (losses) | 6 | 20 | 26 | ||||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | — | (3 | ) | (3 | ) | ||||||||
Net current period other comprehensive income (loss) | 6 | 17 | 23 | ||||||||||
Ending balance | $ | — | $ | 48 | $ | 48 | |||||||
(1) See table below for details about these reclassifications. | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | ||||||||||||
The following table presents Virginia Power’s reclassifications out of AOCI by component: | |||||||||||||
Details about AOCI components | Amounts reclassified from AOCI | Affected line item in the Consolidated Statements of Income | |||||||||||
(millions) | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Unrealized (gains) and losses on investment securities: | |||||||||||||
Realized (gain) loss on sale of securities | $ | (6 | ) | Other income | |||||||||
Impairment | 1 | Other income | |||||||||||
Total | (5 | ) | |||||||||||
Tax | 2 | Income tax expense | |||||||||||
Total, net of tax | $ | (3 | ) |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | ||||||||||||||||||||||||||||||
Pension plan and other postretirement benefit plan obligations and plan assets and includes a statement of the plans funded status | ' | ||||||||||||||||||||||||||||||
The following table summarizes the changes in Dominion's pension plan and other postretirement benefit plan obligations and plan assets and includes a statement of the plans' funded status: | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
(millions, except percentages) | |||||||||||||||||||||||||||||||
Changes in benefit obligation: | |||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 6,125 | $ | 4,981 | $ | 1,719 | $ | 1,493 | |||||||||||||||||||||||
Service cost | 131 | 116 | 43 | 44 | |||||||||||||||||||||||||||
Interest cost | 271 | 268 | 73 | 79 | |||||||||||||||||||||||||||
Benefits paid | (229 | ) | (208 | ) | (75 | ) | (88 | ) | |||||||||||||||||||||||
Actuarial (gains) losses during the year | (650 | ) | 967 | (170 | ) | 191 | |||||||||||||||||||||||||
Plan amendments(1) | 1 | 1 | (220 | ) | 1 | ||||||||||||||||||||||||||
Settlements and curtailments(2) | (24 | ) | — | (16 | ) | (6 | ) | ||||||||||||||||||||||||
Special termination benefits | — | — | 1 | — | |||||||||||||||||||||||||||
Medicare Part D reimbursement | — | — | 5 | 5 | |||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 5,625 | $ | 6,125 | $ | 1,360 | $ | 1,719 | |||||||||||||||||||||||
Changes in fair value of plan assets: | |||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 5,553 | $ | 5,145 | $ | 1,156 | $ | 1,042 | |||||||||||||||||||||||
Actual return on plan assets | 781 | 611 | 178 | 132 | |||||||||||||||||||||||||||
Employer contributions | 8 | 5 | 12 | 16 | |||||||||||||||||||||||||||
Benefits paid | (229 | ) | (208 | ) | (31 | ) | (34 | ) | |||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 6,113 | $ | 5,553 | $ | 1,315 | $ | 1,156 | |||||||||||||||||||||||
Funded status at end of year | $ | 488 | $ | (572 | ) | $ | (45 | ) | $ | (563 | ) | ||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets at December 31: | |||||||||||||||||||||||||||||||
Noncurrent pension and other postretirement benefit assets | $ | 913 | $ | 701 | $ | 29 | $ | 1 | |||||||||||||||||||||||
Other current liabilities | (15 | ) | (2 | ) | (3 | ) | (4 | ) | |||||||||||||||||||||||
Noncurrent pension and other postretirement benefit liabilities | (410 | ) | (1,271 | ) | (71 | ) | (560 | ) | |||||||||||||||||||||||
Net amount recognized | $ | 488 | $ | (572 | ) | $ | (45 | ) | $ | (563 | ) | ||||||||||||||||||||
Significant assumptions used to determine benefit obligations as of December 31: | |||||||||||||||||||||||||||||||
Discount rate(3) | 5.20%/5.30% | 4.4 | % | 5.00%/5.10% | 4.4 | % | |||||||||||||||||||||||||
Weighted average rate of increase for compensation | 4.21 | % | 4.21 | % | 4.22 | % | 4.22 | % | |||||||||||||||||||||||
-1 | Relates to a plan amendment that changed medical coverage for certain Medicare-eligible retirees. | ||||||||||||||||||||||||||||||
-2 | 2013 amounts relate primarily to the decommissioning of Kewaunee. 2012 amount relates to the sale of Salem Harbor. | ||||||||||||||||||||||||||||||
-3 | Pension rates are 5.20% for the gas union plans and 5.30% for the nonunion and other union plans. OPEB rates are 5.00% for the gas union plans and 5.10% for the nonunion and other union plans. | ||||||||||||||||||||||||||||||
Benefit obligation in excess of plan asset | ' | ||||||||||||||||||||||||||||||
The following table provides information on the benefit obligations and fair value of plan assets for plans with a benefit obligation in excess of plan assets: | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||
As of December 31, | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
Benefit obligation | $ | 4,978 | $ | 5,462 | $ | 1,233 | $ | 1,591 | |||||||||||||||||||||||
Fair value of plan assets | 4,553 | 4,189 | 1,158 | 1,027 | |||||||||||||||||||||||||||
Accumulated benefit obligation in excess of plan assets | ' | ||||||||||||||||||||||||||||||
The following table provides information on the ABO and fair value of plan assets for pension plans with an ABO in excess of plan assets: | |||||||||||||||||||||||||||||||
As of December 31, | 2013 | 2012 | |||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 114 | $ | 4,850 | |||||||||||||||||||||||||||
Fair value of plan assets | — | 4,189 | |||||||||||||||||||||||||||||
Benefit payments expected future service | ' | ||||||||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
2014 | $ | 264 | $ | 91 | |||||||||||||||||||||||||||
2015 | 269 | 93 | |||||||||||||||||||||||||||||
2016 | 283 | 96 | |||||||||||||||||||||||||||||
2017 | 300 | 98 | |||||||||||||||||||||||||||||
2018 | 319 | 100 | |||||||||||||||||||||||||||||
2019-2023 | 1,868 | 507 | |||||||||||||||||||||||||||||
Fair values of pension and post retirement plan assets by asset category | ' | ||||||||||||||||||||||||||||||
The fair values of Dominion's pension plan assets by asset category are as follows: | |||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||
Pension Plans | |||||||||||||||||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
Cash equivalents | $ | 53 | $ | 126 | — | $ | 179 | — | $ | 195 | — | $ | 195 | ||||||||||||||||||
U.S. equity: | |||||||||||||||||||||||||||||||
Large Cap | 1,220 | — | — | 1,220 | 927 | 104 | — | 1,031 | |||||||||||||||||||||||
Other | 514 | — | — | 514 | 425 | 99 | — | 524 | |||||||||||||||||||||||
Non-U.S. equity: | |||||||||||||||||||||||||||||||
Large Cap | 308 | — | — | 308 | 313 | 68 | — | 381 | |||||||||||||||||||||||
Other | 391 | — | — | 391 | 228 | 167 | — | 395 | |||||||||||||||||||||||
Common/collective trust funds | — | 1,387 | — | 1,387 | — | — | — | — | |||||||||||||||||||||||
Fixed income: | |||||||||||||||||||||||||||||||
Corporate debt instruments | 43 | 451 | — | 494 | 27 | 1,026 | — | 1,053 | |||||||||||||||||||||||
U.S. Treasury securities and agency debentures | 2 | 229 | — | 231 | 331 | 304 | — | 635 | |||||||||||||||||||||||
State and municipal | 69 | 107 | — | 176 | 1 | 71 | — | 72 | |||||||||||||||||||||||
Other securities | 7 | 50 | — | 57 | 5 | 43 | — | 48 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||
REITs | 32 | — | — | 32 | 29 | — | — | 29 | |||||||||||||||||||||||
Partnerships | — | — | 227 | 227 | — | — | 321 | 321 | |||||||||||||||||||||||
Other alternative investments: | |||||||||||||||||||||||||||||||
Private equity | — | — | 530 | 530 | — | — | 456 | 456 | |||||||||||||||||||||||
Debt | — | — | 180 | 180 | — | — | 192 | 192 | |||||||||||||||||||||||
Hedge funds | — | — | 187 | 187 | — | — | 221 | 221 | |||||||||||||||||||||||
Total | $ | 2,639 | $ | 2,350 | $ | 1,124 | $ | 6,113 | $ | 2,286 | $ | 2,077 | $ | 1,190 | $ | 5,553 | |||||||||||||||
The fair values of Dominion's other postretirement plan assets by asset category are as follows: | |||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||
Other Postretirement Plans | |||||||||||||||||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
Cash equivalents | $ | 3 | $ | 14 | $ | — | $ | 17 | $ | — | $ | 13 | $ | — | $ | 13 | |||||||||||||||
U.S. equity: | |||||||||||||||||||||||||||||||
Large Cap | 472 | — | — | 472 | 378 | 5 | — | 383 | |||||||||||||||||||||||
Other | 26 | — | — | 26 | 21 | 45 | — | 66 | |||||||||||||||||||||||
Non-U.S. equity: | |||||||||||||||||||||||||||||||
Large Cap | 111 | — | — | 111 | 93 | 3 | — | 96 | |||||||||||||||||||||||
Other | 20 | — | — | 20 | 11 | 8 | — | 19 | |||||||||||||||||||||||
Common/collective trust funds | — | 502 | — | 502 | — | — | — | — | |||||||||||||||||||||||
Fixed income: | |||||||||||||||||||||||||||||||
Corporate debt instruments | 2 | 23 | — | 25 | 1 | 160 | — | 161 | |||||||||||||||||||||||
U.S. Treasury securities and agency debentures | — | 12 | — | 12 | 16 | 266 | — | 282 | |||||||||||||||||||||||
State and municipal | 4 | 5 | — | 9 | — | 9 | — | 9 | |||||||||||||||||||||||
Other securities | — | 3 | — | 3 | — | 2 | — | 2 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||
REITs | 2 | — | — | 2 | 1 | — | — | 1 | |||||||||||||||||||||||
Partnerships | — | — | 19 | 19 | — | — | 24 | 24 | |||||||||||||||||||||||
Other alternative investments: | |||||||||||||||||||||||||||||||
Private equity | — | — | 60 | 60 | — | — | 58 | 58 | |||||||||||||||||||||||
Debt | — | — | 27 | 27 | — | — | 31 | 31 | |||||||||||||||||||||||
Hedge funds | — | — | 10 | 10 | — | — | 11 | 11 | |||||||||||||||||||||||
Total | $ | 640 | $ | 559 | $ | 116 | $ | 1,315 | $ | 521 | $ | 511 | $ | 124 | $ | 1,156 | |||||||||||||||
Pension plan and other postretirement plan assets that are measured at fair value and included in the Level 3 fair value category | ' | ||||||||||||||||||||||||||||||
The following table presents the changes in Dominion's pension and other postretirement plan assets that are measured at fair value and included in the Level 3 fair value category: | |||||||||||||||||||||||||||||||
Fair Value Measurements using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||
Pension Plans | Other Postretirement Plans | ||||||||||||||||||||||||||||||
Real Estate | Private Equity | Debt | Hedge Funds | Total | Real Estate | Private Equity | Debt | Hedge Funds | Total | ||||||||||||||||||||||
Balance at December 31, 2010 | $ | 271 | $ | 400 | $ | 262 | $ | 345 | $ | 1,278 | $ | 22 | $ | 61 | $ | 40 | $ | 17 | $ | 140 | |||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 38 | 70 | 10 | 10 | 128 | 3 | 11 | 1 | — | 15 | |||||||||||||||||||||
Relating to assets sold during the period | (8 | ) | (34 | ) | (10 | ) | (15 | ) | (67 | ) | — | (4 | ) | (1 | ) | (1 | ) | (6 | ) | ||||||||||||
Purchases | 57 | 76 | 34 | 48 | 215 | 3 | 8 | 3 | 2 | 16 | |||||||||||||||||||||
Sales | (54 | ) | (64 | ) | (53 | ) | (98 | ) | (269 | ) | (4 | ) | (13 | ) | (7 | ) | (4 | ) | (28 | ) | |||||||||||
Balance at December 31, 2011 | $ | 304 | $ | 448 | $ | 243 | $ | 290 | $ | 1,285 | $ | 24 | $ | 63 | $ | 36 | $ | 14 | $ | 137 | |||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 21 | 46 | 17 | 21 | 105 | 1 | 3 | 4 | 1 | 9 | |||||||||||||||||||||
Relating to assets sold during the period | (8 | ) | (41 | ) | (11 | ) | (2 | ) | (62 | ) | — | (1 | ) | — | — | (1 | ) | ||||||||||||||
Purchases | 35 | 79 | 15 | — | 129 | 2 | 6 | 1 | — | 9 | |||||||||||||||||||||
Sales | (31 | ) | (76 | ) | (72 | ) | (88 | ) | (267 | ) | (3 | ) | (13 | ) | (10 | ) | (4 | ) | (30 | ) | |||||||||||
Balance at December 31, 2012 | $ | 321 | $ | 456 | $ | 192 | $ | 221 | $ | 1,190 | $ | 24 | $ | 58 | $ | 31 | $ | 11 | $ | 124 | |||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 15 | 98 | 32 | 21 | 166 | (2 | ) | 6 | 3 | 1 | 8 | ||||||||||||||||||||
Relating to assets sold during the period | (36 | ) | (48 | ) | (34 | ) | (4 | ) | (122 | ) | 1 | 3 | — | 1 | 5 | ||||||||||||||||
Purchases | 6 | 115 | 32 | — | 153 | 1 | 7 | 2 | — | 10 | |||||||||||||||||||||
Sales | (79 | ) | (91 | ) | (42 | ) | (51 | ) | (263 | ) | (5 | ) | (14 | ) | (9 | ) | (3 | ) | (31 | ) | |||||||||||
Balance at December 31, 2013 | $ | 227 | $ | 530 | $ | 180 | $ | 187 | $ | 1,124 | $ | 19 | $ | 60 | $ | 27 | $ | 10 | $ | 116 | |||||||||||
Net periodic benefit (credit) cost and amounts recognized in other comprehensive income and regulatory assets and liabilities | ' | ||||||||||||||||||||||||||||||
The components of the provision for net periodic benefit cost and amounts recognized in other comprehensive income and regulatory assets and liabilities are as follows: | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
(millions, except percentages) | |||||||||||||||||||||||||||||||
Service cost | $ | 131 | $ | 116 | $ | 108 | $ | 43 | $ | 44 | $ | 48 | |||||||||||||||||||
Interest cost | 271 | 268 | 258 | 73 | 79 | 94 | |||||||||||||||||||||||||
Expected return on plan assets | (462 | ) | (430 | ) | (440 | ) | (92 | ) | (79 | ) | (79 | ) | |||||||||||||||||||
Amortization of prior service (credit) cost | 3 | 3 | 3 | (15 | ) | (13 | ) | (13 | ) | ||||||||||||||||||||||
Amortization of net actuarial loss | 165 | 132 | 96 | 7 | 6 | 12 | |||||||||||||||||||||||||
Settlements and curtailments(1) | (2 | ) | — | — | (15 | ) | (4 | ) | 1 | ||||||||||||||||||||||
Special termination benefits | — | — | — | 1 | — | — | |||||||||||||||||||||||||
Net periodic benefit cost | $ | 106 | $ | 89 | $ | 25 | $ | 2 | $ | 33 | $ | 63 | |||||||||||||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | |||||||||||||||||||||||||||||||
Current year net actuarial (gain) loss | $ | (968 | ) | $ | 786 | $ | 534 | $ | (255 | ) | $ | 139 | $ | (157 | ) | ||||||||||||||||
Prior service (credit) cost | 1 | — | — | (215 | ) | 1 | (70 | ) | |||||||||||||||||||||||
Settlements and curtailments(1) | (22 | ) | — | — | (7 | ) | (2 | ) | (1 | ) | |||||||||||||||||||||
Less amounts included in net periodic benefit cost: | |||||||||||||||||||||||||||||||
Amortization of net actuarial loss | (165 | ) | (132 | ) | (96 | ) | (7 | ) | (6 | ) | (12 | ) | |||||||||||||||||||
Amortization of prior service credit (cost) | (3 | ) | (3 | ) | (3 | ) | 15 | 13 | 13 | ||||||||||||||||||||||
Total recognized in other comprehensive income and regulatory assets and liabilities | $ | (1,157 | ) | $ | 651 | $ | 435 | $ | (469 | ) | $ | 145 | $ | (227 | ) | ||||||||||||||||
Significant assumptions used to determine periodic cost: | |||||||||||||||||||||||||||||||
Discount rate | 4.40% - 4.80% | 5.5 | % | 5.9 | % | 4.40% - 4.80% | 5.5 | % | 5.9 | % | |||||||||||||||||||||
Expected long-term rate of return on plan assets | 8.5 | % | 8.5 | % | 8.5 | % | 7.75 | % | 7.75 | % | 7.75 | % | |||||||||||||||||||
Weighted average rate of increase for compensation | 4.21 | % | 4.21 | % | 4.61 | % | 4.22 | % | 4.22 | % | 4.62 | % | |||||||||||||||||||
Healthcare cost trend rate(2) | 7 | % | 7 | % | 7 | % | |||||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)(2) | 4.6 | % | 4.6 | % | 4.6 | % | |||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate(2) | 2062 | 2061 | 2060 | ||||||||||||||||||||||||||||
-1 | 2013 amount relates primarily to the decommissioning of Kewaunee. 2012 amount relates to the sale of Salem Harbor. | ||||||||||||||||||||||||||||||
-2 | Assumptions used to determine periodic cost for the following year. | ||||||||||||||||||||||||||||||
Components of AOCI and regulatory assets and liabilities that have not been recognized as components of periodic benefit (credit) cost | ' | ||||||||||||||||||||||||||||||
The components of AOCI and regulatory assets and liabilities that have not been recognized as components of periodic benefit (credit) cost are as follows: | |||||||||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||||||||
Postretirement | |||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||
At December 31, | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
Net actuarial (gain) loss | $ | 1,709 | $ | 2,865 | $ | (40 | ) | $ | 229 | ||||||||||||||||||||||
Prior service (credit) cost | 10 | 11 | (271 | ) | (71 | ) | |||||||||||||||||||||||||
Total(1) | $ | 1,719 | $ | 2,876 | $ | (311 | ) | $ | 158 | ||||||||||||||||||||||
-1 | As of December 31, 2013, of the $1.7 billion and $(311) million related to pension benefits and other postretirement benefits, $1.0 billion and $(156) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2012, of the $2.9 billion and $158 million related to pension benefits and other postretirement benefits, $1.8 billion and $69 million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. | ||||||||||||||||||||||||||||||
Components of AOCI and regulatory assets and liabilities that are expected to be amortized as components of periodic benefit cost in 2014 | ' | ||||||||||||||||||||||||||||||
The following table provides the components of AOCI and regulatory assets and liabilities as of December 31, 2013 that are expected to be amortized as components of periodic benefit cost in 2014: | |||||||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
Net actuarial loss | $ | 112 | $ | 2 | |||||||||||||||||||||||||||
Prior service (credit) cost | 3 | (28 | ) | ||||||||||||||||||||||||||||
Effect of one percentage point change on benefit plans | ' | ||||||||||||||||||||||||||||||
A one percentage point change in assumed healthcare cost trend rates would have had the following effects: | |||||||||||||||||||||||||||||||
Other Postretirement Benefits | |||||||||||||||||||||||||||||||
One percentage point increase | One percentage point decrease | ||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
Effect on net periodic cost for 2014 | $ | 16 | $ | (18 | ) | ||||||||||||||||||||||||||
Effect on other postretirement benefit obligation at December 31, 2013 | 140 | (118 | ) | ||||||||||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ' | |||||||||||||||||||||
Nuclear Insurance | ' | |||||||||||||||||||||
Effective June 7, 2013 for Kewaunee and July 1, 2013 for Millstone and Virginia Power's nuclear units, the levels of nuclear property insurance coverage were reduced to the following: | ||||||||||||||||||||||
Coverage | ||||||||||||||||||||||
(billions) | ||||||||||||||||||||||
Dominion | ||||||||||||||||||||||
Millstone | $ | 1.7 | ||||||||||||||||||||
Kewaunee | 1.06 | |||||||||||||||||||||
Virginia Power(1) | ||||||||||||||||||||||
Surry | $ | 1.7 | ||||||||||||||||||||
North Anna | 1.7 | |||||||||||||||||||||
-1 | Surry and North Anna share a blanket property limit of $450 million. | |||||||||||||||||||||
Lease Commitments | ' | |||||||||||||||||||||
Future minimum lease payments under noncancelable operating and capital leases that have initial or remaining lease terms in excess of one year as of December 31, 2013 are as follows: | ||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||
(millions) | ||||||||||||||||||||||
Dominion | $ | 63 | $ | 60 | $ | 51 | $ | 43 | $ | 37 | $ | 87 | $ | 341 | ||||||||
Virginia Power | $ | 27 | $ | 26 | $ | 21 | $ | 17 | $ | 14 | $ | 27 | $ | 132 | ||||||||
Subsidiary guarantees | ' | |||||||||||||||||||||
At December 31, 2013, Dominion had issued the following subsidiary guarantees: | ||||||||||||||||||||||
Stated Limit | Value(1) | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||
Subsidiary debt(2) | $ | 27 | $ | 27 | ||||||||||||||||||
Commodity transactions(3) | 3,158 | 403 | ||||||||||||||||||||
Nuclear obligations(4) | 232 | 68 | ||||||||||||||||||||
Cove Point(5) | 335 | — | ||||||||||||||||||||
Other(6) | 669 | 108 | ||||||||||||||||||||
Total | $ | 4,421 | $ | 606 | ||||||||||||||||||
-1 | Represents the estimated portion of the guarantee's stated limit that is utilized as of December 31, 2013 based upon prevailing economic conditions and fact patterns specific to each guarantee arrangement. For those guarantees related to obligations that are recorded as liabilities by Dominion's subsidiaries, the value includes the recorded amount. | |||||||||||||||||||||
-2 | Guarantee of debt of a DEI subsidiary. In the event of default by the subsidiary, Dominion would be obligated to repay such amounts. | |||||||||||||||||||||
-3 | Guarantees related to energy trading and marketing activities and other commodity commitments of certain subsidiaries, including subsidiaries of Virginia Power and DEI. These guarantees were provided to counterparties in order to facilitate physical and financial transactions in gas, oil, electricity, pipeline capacity, transportation and related commodities and services. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion would be obligated to satisfy such obligation. Dominion and its subsidiaries receive similar guarantees as collateral for credit extended to others. The value provided includes certain guarantees that do not have stated limits. | |||||||||||||||||||||
-4 | Guarantees related to certain DEI subsidiaries' potential retrospective premiums that could be assessed if there is a nuclear incident under Dominion's nuclear insurance programs and guarantees for a DEI subsidiary's and Virginia Power's commitment to buy nuclear fuel. Excludes Dominion's agreement to provide up to $150 million and $60 million to two DEI subsidiaries to pay the operating expenses of Millstone and Kewaunee, respectively, in the event of a prolonged outage, as part of satisfying certain NRC requirements concerned with ensuring adequate funding for the operations of nuclear power stations. The agreement for Kewaunee also provides for funds through the completion of decommissioning. | |||||||||||||||||||||
-5 | Guarantees related to Cove Point, including agreements to support terminal service and transportation agreements as well as an engineering, procurement and construction contract for new liquefaction facilities. Includes certain guarantees that do not have stated limits. | |||||||||||||||||||||
-6 | Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations and construction projects. Also includes guarantees related to certain DEI subsidiaries' obligations for equity capital contributions and energy generation associated with Fowler Ridge and NedPower. | |||||||||||||||||||||
Virginia Electric and Power Company | ' | |||||||||||||||||||||
Loss Contingencies [Line Items] | ' | |||||||||||||||||||||
Long-term Purchase Commitment | ' | |||||||||||||||||||||
At December 31, 2013, Virginia Power had the following long-term commitments that are noncancelable or are cancelable only under certain conditions, and that third parties have used to secure financing for the facilities that will provide the contracted goods or services: | ||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||
(millions) | ||||||||||||||||||||||
Purchased electric capacity(1) | $ | 336 | $ | 316 | $ | 253 | $ | 159 | $ | 104 | $ | 163 | $ | 1,331 | ||||||||
-1 | Commitments represent estimated amounts payable for capacity under power purchase contracts with qualifying facilities and independent power producers, the last of which ends in 2021. Capacity payments under the contracts are generally based on fixed dollar amounts per month, subject to escalation using broad-based economic indices. At December 31, 2013, the present value of Virginia Power's total commitment for capacity payments is $1.1 billion. Capacity payments totaled $345 million, $337 million, and $338 million, and energy payments totaled $236 million, $214 million, and $275 million for 2013, 2012 and 2011, respectively. |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) (Virginia Electric and Power Company) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Virginia Electric and Power Company | ' | |||||||||
Related Party Transaction [Line Items] | ' | |||||||||
Schedules Of Transactions With Affiliates | ' | |||||||||
Presented below are significant transactions with DRS and other affiliates: | ||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | |||||||
(millions) | ||||||||||
Commodity purchases from affiliates | $ | 417 | $ | 368 | $ | 376 | ||||
Services provided by affiliates | 415 | 399 | 393 | |||||||
Services provided to affiliates | 21 | 19 | 21 | |||||||
Operating_Segments_Tables
Operating Segments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ||||||||||||||||||
Segment Reporting Disclosure Other Information | ' | ||||||||||||||||||
A description of the operations included in the Companies' primary operating segments is as follows: | |||||||||||||||||||
Primary Operating | Description of Operations | Dominion | Virginia | ||||||||||||||||
Segment | Power | ||||||||||||||||||
DVP | Regulated electric distribution | X | X | ||||||||||||||||
Regulated electric transmission | X | X | |||||||||||||||||
Dominion Generation | Regulated electric fleet | X | X | ||||||||||||||||
Merchant electric fleet | X | ||||||||||||||||||
Nonregulated retail energy marketing (electric and gas)(1) | X | ||||||||||||||||||
Dominion Energy | Gas transmission and storage | X | |||||||||||||||||
Gas distribution and storage | X | ||||||||||||||||||
LNG services | X | ||||||||||||||||||
Producer services | X | ||||||||||||||||||
-1 | As a result of Dominion's decision to realign its business units effective for 2013 year-end reporting, nonregulated retail energy marketing operations were moved from DVP to the Dominion Generation segment. | ||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||||
The following table presents segment information pertaining to Dominion's operations: | |||||||||||||||||||
Year Ended December 31, | DVP(1) | Dominion | Dominion | Corporate and | Adjustments & | Consolidated | |||||||||||||
Generation(1)(2) | Energy | Other(2) | Eliminations(1) | Total | |||||||||||||||
(millions) | |||||||||||||||||||
2013 | |||||||||||||||||||
Total revenue from external customers | $ | 1,825 | $ | 8,445 | $ | 1,783 | $ | 3 | $ | 1,064 | $ | 13,120 | |||||||
Intersegment revenue | 9 | 68 | 1,063 | 609 | (1,749 | ) | — | ||||||||||||
Total operating revenue | 1,834 | 8,513 | 2,846 | 612 | (685 | ) | 13,120 | ||||||||||||
Depreciation, depletion and amortization | 427 | 518 | 228 | 35 | — | 1,208 | |||||||||||||
Equity in earnings of equity method investees | — | (14 | ) | 21 | 7 | — | 14 | ||||||||||||
Interest income | — | 66 | 12 | 42 | (66 | ) | 54 | ||||||||||||
Interest and related charges | 175 | 220 | 26 | 522 | (66 | ) | 877 | ||||||||||||
Income taxes | 287 | 483 | 409 | (287 | ) | — | 892 | ||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (92 | ) | — | (92 | ) | |||||||||||
Net income (loss) attributable to Dominion | 475 | 1,031 | 643 | (452 | ) | — | 1,697 | ||||||||||||
Investment in equity method investees | — | 280 | 615 | 21 | — | 916 | |||||||||||||
Capital expenditures | 1,361 | 1,605 | 1,043 | 95 | — | 4,104 | |||||||||||||
Total assets (billions) | 11.9 | 22 | 12.1 | 8.5 | (4.4 | ) | 50.1 | ||||||||||||
2012 | |||||||||||||||||||
Total revenue from external customers | $ | 1,846 | $ | 8,170 | $ | 1,813 | $ | 155 | $ | 851 | $ | 12,835 | |||||||
Intersegment revenue | 9 | 104 | 930 | 608 | (1,651 | ) | — | ||||||||||||
Total operating revenue | 1,855 | 8,274 | 2,743 | 763 | (800 | ) | 12,835 | ||||||||||||
Depreciation, depletion and amortization | 392 | 483 | 216 | 36 | — | 1,127 | |||||||||||||
Equity in earnings of equity method investees | — | 3 | 23 | (1 | ) | — | 25 | ||||||||||||
Interest income | 1 | 65 | 30 | 71 | (106 | ) | 61 | ||||||||||||
Interest and related charges | 187 | 177 | 47 | 511 | (106 | ) | 816 | ||||||||||||
Income taxes | 278 | 576 | 352 | (395 | ) | — | 811 | ||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (1,125 | ) | — | (1,125 | ) | |||||||||||
Net income (loss) attributable to Dominion | 439 | 1,021 | 551 | (1,709 | ) | — | 302 | ||||||||||||
Investment in equity method investees | — | 414 | 141 | 3 | — | 558 | |||||||||||||
Capital expenditures | 1,158 | 1,615 | 1,350 | 22 | — | 4,145 | |||||||||||||
Total assets (billions) | 11.5 | 21.8 | 11.2 | 12.6 | (10.3 | ) | 46.8 | ||||||||||||
2011 | |||||||||||||||||||
Total revenue from external customers | $ | 1,791 | $ | 8,759 | $ | 2,044 | $ | 56 | $ | 1,115 | $ | 13,765 | |||||||
Intersegment revenue | 63 | 123 | 1,077 | 595 | (1,858 | ) | — | ||||||||||||
Total operating revenue | 1,854 | 8,882 | 3,121 | 651 | (743 | ) | 13,765 | ||||||||||||
Depreciation, depletion and amortization | 369 | 413 | 207 | 29 | — | 1,018 | |||||||||||||
Equity in earnings of equity method investees | — | 3 | 23 | 9 | — | 35 | |||||||||||||
Interest income | 10 | 65 | 27 | 71 | (106 | ) | 67 | ||||||||||||
Interest and related charges | 183 | 148 | 57 | 514 | (106 | ) | 796 | ||||||||||||
Income taxes | 264 | 655 | 323 | (464 | ) | — | 778 | ||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (58 | ) | — | (58 | ) | |||||||||||
Net income (loss) attributable to Dominion | 416 | 1,078 | 521 | (607 | ) | — | 1,408 | ||||||||||||
Capital expenditures | 1,091 | 1,593 | 907 | 61 | — | 3,652 | |||||||||||||
(1) Amounts have been recast to reflect nonregulated retail energy marketing operations in the Dominion Generation segment. | |||||||||||||||||||
(2) Segment information for 2012 and 2011 has been recast to reflect Brayton Point and Kincaid as discontinued operations, as discussed in Note 3. | |||||||||||||||||||
Virginia Electric and Power Company | ' | ||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ||||||||||||||||||
Segment Reporting Disclosure Other Information | ' | ||||||||||||||||||
The following table presents segment information pertaining to Virginia Power's operations: | |||||||||||||||||||
Year Ended December 31, | DVP | Dominion | Corporate and | Adjustments & | Consolidated | ||||||||||||||
Generation | Other | Eliminations | Total | ||||||||||||||||
(millions) | |||||||||||||||||||
2013 | |||||||||||||||||||
Operating revenue | $ | 1,826 | $ | 5,475 | $ | (6 | ) | $ | — | $ | 7,295 | ||||||||
Depreciation and amortization | 427 | 425 | 1 | — | 853 | ||||||||||||||
Interest income | — | 6 | — | — | 6 | ||||||||||||||
Interest and related charges | 175 | 192 | 2 | — | 369 | ||||||||||||||
Income taxes | 286 | 399 | (26 | ) | — | 659 | |||||||||||||
Net income (loss) | 483 | 702 | (47 | ) | — | 1,138 | |||||||||||||
Capital expenditures | 1,360 | 1,173 | — | — | 2,533 | ||||||||||||||
Total assets (billions) | 12 | 15.1 | — | (0.1 | ) | 27 | |||||||||||||
2012 | |||||||||||||||||||
Operating revenue | $ | 1,847 | $ | 5,379 | $ | — | $ | — | $ | 7,226 | |||||||||
Depreciation and amortization | 392 | 390 | — | — | 782 | ||||||||||||||
Interest income | 1 | 7 | — | — | 8 | ||||||||||||||
Interest and related charges | 186 | 199 | — | — | 385 | ||||||||||||||
Income taxes | 277 | 403 | (27 | ) | — | 653 | |||||||||||||
Net income (loss) | 448 | 653 | (51 | ) | — | 1,050 | |||||||||||||
Capital expenditures | 1,142 | 1,146 | — | — | 2,288 | ||||||||||||||
Total assets (billions) | 11.4 | 14.8 | — | (1.4 | ) | 24.8 | |||||||||||||
2011 | |||||||||||||||||||
Operating revenue | $ | 1,793 | $ | 5,546 | $ | (93 | ) | $ | — | $ | 7,246 | ||||||||
Depreciation and amortization | 368 | 350 | — | — | 718 | ||||||||||||||
Interest income | 10 | 8 | — | — | 18 | ||||||||||||||
Interest and related charges | 182 | 199 | (50 | ) | — | 331 | |||||||||||||
Income taxes | 265 | 447 | (172 | ) | — | 540 | |||||||||||||
Net income (loss) | 426 | 664 | (268 | ) | — | 822 | |||||||||||||
Capital expenditures | 1,081 | 1,009 | — | — | 2,090 | ||||||||||||||
Quarterly_Financial_and_Common1
Quarterly Financial and Common Stock Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||||
Quarterly Financial and Common Stock Data | ' | |||||||||||||||
First | Second | Third | Fourth | Full Year | ||||||||||||
Quarter | Quarter | Quarter | Quarter (2) | |||||||||||||
(millions, except per share amounts) | ||||||||||||||||
2013 | ||||||||||||||||
Operating revenue | $ | 3,523 | $ | 2,980 | $ | 3,432 | $ | 3,185 | $ | 13,120 | ||||||
Income from operations | 930 | 548 | 1,034 | 804 | 3,316 | |||||||||||
Net income including noncontrolling interests | 502 | 208 | 575 | 435 | 1,720 | |||||||||||
Income from continuing operations(1) | 494 | 272 | 592 | 431 | 1,789 | |||||||||||
Income (loss) from discontinued operations(1) | 1 | (70 | ) | (23 | ) | — | (92 | ) | ||||||||
Net income attributable to Dominion | 495 | 202 | 569 | 431 | 1,697 | |||||||||||
Basic EPS: | ||||||||||||||||
Income from continuing operations(1) | 0.86 | 0.47 | 1.02 | 0.74 | 3.09 | |||||||||||
Income (loss) from discontinued operations(1) | — | (0.12 | ) | (0.04 | ) | — | (0.16 | ) | ||||||||
Net income attributable to Dominion | 0.86 | 0.35 | 0.98 | 0.74 | 2.93 | |||||||||||
Diluted EPS: | ||||||||||||||||
Income from continuing operations(1) | 0.86 | 0.47 | 1.02 | 0.74 | 3.09 | |||||||||||
Income (loss) from discontinued operations(1) | — | (0.12 | ) | (0.04 | ) | — | (0.16 | ) | ||||||||
Net income attributable to Dominion | 0.86 | 0.35 | 0.98 | 0.74 | 2.93 | |||||||||||
Dividends declared per share | 0.5625 | 0.5625 | 0.5625 | 0.5625 | 2.25 | |||||||||||
Common stock prices (intraday high-low) | $58.25 - | $61.85 - | $64.04 - 55.51 | $67.97 - | $67.97 - | |||||||||||
51.92 | 53.79 | 61.36 | 51.92 | |||||||||||||
First | Second | Third | Fourth | Full Year | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2012 | ||||||||||||||||
Operating revenue | $ | 3,397 | $ | 3,005 | $ | 3,332 | $ | 3,101 | $ | 12,835 | ||||||
Income from operations | 918 | 628 | 551 | 761 | 2,858 | |||||||||||
Net income (loss) including noncontrolling interests | 501 | 265 | 215 | (652 | ) | 329 | ||||||||||
Income from continuing operations(1) | 504 | 290 | 261 | 372 | 1,427 | |||||||||||
Income (loss) from discontinued operations(1) | (10 | ) | (32 | ) | (52 | ) | (1,031 | ) | (1,125 | ) | ||||||
Net income attributable to Dominion | 494 | 258 | 209 | (659 | ) | 302 | ||||||||||
Basic EPS: | ||||||||||||||||
Income from continuing operations(1) | 0.88 | 0.51 | 0.45 | 0.65 | 2.49 | |||||||||||
Loss from discontinued operations(1) | (0.02 | ) | (0.06 | ) | (0.09 | ) | (1.80 | ) | (1.96 | ) | ||||||
Net income (loss) attributable to Dominion | 0.86 | 0.45 | 0.36 | (1.15 | ) | 0.53 | ||||||||||
Diluted EPS: | ||||||||||||||||
Income from continuing operations(1) | 0.88 | 0.51 | 0.45 | 0.64 | 2.49 | |||||||||||
Loss from discontinued operations(1) | (0.02 | ) | (0.06 | ) | (0.09 | ) | (1.79 | ) | (1.96 | ) | ||||||
Net income (loss) attributable to Dominion | 0.86 | 0.45 | 0.36 | (1.15 | ) | 0.53 | ||||||||||
Dividends declared per share | 0.5275 | 0.5275 | 0.5275 | 0.5275 | 2.11 | |||||||||||
Common stock prices (intraday high-low) | $53.68 - | $54.69 - | $55.62 - | $53.89 - | $55.62 - | |||||||||||
48.87 | 49.87 | 52.15 | 48.94 | 48.87 | ||||||||||||
-1 | Amounts attributable to Dominion's common shareholders. | |||||||||||||||
-2 | Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3. | |||||||||||||||
Virginia Electric and Power Company | ' | |||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||||
Quarterly Financial and Common Stock Data | ' | |||||||||||||||
Virginia Power's quarterly results of operations were as follows: | ||||||||||||||||
First | Second | Third | Fourth | Year | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(millions) | ||||||||||||||||
2013 | ||||||||||||||||
Operating revenue | $ | 1,781 | $ | 1,710 | $ | 2,059 | $ | 1,745 | $ | 7,295 | ||||||
Income from operations | 530 | 463 | 679 | 408 | 2,080 | |||||||||||
Net income | 287 | 265 | 387 | 199 | 1,138 | |||||||||||
Balance available for common stock | 283 | 261 | 383 | 194 | 1,121 | |||||||||||
2012 | ||||||||||||||||
Operating revenue | $ | 1,754 | $ | 1,756 | $ | 2,086 | $ | 1,630 | $ | 7,226 | ||||||
Income from operations | 468 | 361 | 746 | 417 | 1,992 | |||||||||||
Net income | 243 | 172 | 415 | 220 | 1,050 | |||||||||||
Balance available for common stock | 239 | 168 | 411 | 216 | 1,034 | |||||||||||
Significant_Accounting_Policie3
Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policy [Line Items] | ' | ' | ' |
Accrued unbilled revenue | $555 | $411 | ' |
Percentage of fuel currently subject to deferred fuel accounting | 84.00% | ' | ' |
Interest income | 3 | ' | 12 |
Reduction in interest expense | 10 | 3 | 7 |
Income Tax Interest Income | ' | 8 | ' |
Reduction in penalties (less than $1 million) | ' | 1 | 1 |
Accrued interest receivable | 5 | 5 | ' |
Interest and penalties payable | 15 | 10 | ' |
Income tax examination, penalties accrued | 1 | 1 | ' |
Accounts payable for checks outstanding | 38 | 53 | ' |
Margin assets | 620 | 212 | ' |
Margin liabilities | 2 | 4 | ' |
Capitalized interest costs | 66 | 91 | 85 |
Inventory under LIFO method | 7 | 24 | ' |
Amount exceeded on LIFO basis | 77 | 69 | ' |
Virginia Electric and Power Company | ' | ' | ' |
Accounting Policy [Line Items] | ' | ' | ' |
Accrued unbilled revenue | 395 | 348 | ' |
Income Tax Interest Income | ' | ' | 12 |
Income taxes payable | 22 | ' | ' |
Noncurrent federal and state income taxes payable | 28 | 36 | ' |
Accounts payable for checks outstanding | 21 | 30 | ' |
Margin assets | 11 | 18 | ' |
Capitalized interest costs | 33 | 31 | 31 |
AFUDC related to projects | 32 | 37 | 20 |
State | Virginia Electric and Power Company | ' | ' | ' |
Accounting Policy [Line Items] | ' | ' | ' |
Income tax receivable | 3 | ' | ' |
Non current income tax receivable | 12 | ' | ' |
Federal | Virginia Electric and Power Company | ' | ' | ' |
Accounting Policy [Line Items] | ' | ' | ' |
Prepaid federal and state income taxes | ' | $10 | ' |
Significant_Accounting_Policie4
Significant Accounting Policies (Depreciation Rates and Estimated Useful Life) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Generation | ' | ' | ' |
Depreciation rates | 2.71% | 2.62% | 2.68% |
Generation | Virginia Electric and Power Company | ' | ' | ' |
Depreciation rates | 2.71% | 2.62% | 2.68% |
Transmission | ' | ' | ' |
Depreciation rates | 2.36% | 2.17% | 2.26% |
Transmission | Virginia Electric and Power Company | ' | ' | ' |
Depreciation rates | 2.28% | 1.98% | 2.03% |
Distribution | ' | ' | ' |
Depreciation rates | 3.13% | 3.17% | 3.19% |
Distribution | Virginia Electric and Power Company | ' | ' | ' |
Depreciation rates | 3.33% | 3.32% | 3.33% |
Storage | ' | ' | ' |
Depreciation rates | 2.43% | 2.59% | 2.64% |
Gas gathering and processing | ' | ' | ' |
Depreciation rates | 2.39% | 2.49% | 2.52% |
General and other | ' | ' | ' |
Depreciation rates | 3.82% | 4.55% | 4.66% |
General and other | Virginia Electric and Power Company | ' | ' | ' |
Depreciation rates | 3.51% | 4.32% | 4.38% |
Merchant generation-nuclear | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '44 years | ' | ' |
Minimum | General and other | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' | ' |
Minimum | Merchant generation-other | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '15 years | ' | ' |
Maximum | General and other | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '59 years | ' | ' |
Maximum | Merchant generation-other | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '36 years | ' | ' |
Dispositions_Narrative_Details
Dispositions (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 |
Illinois Gas Contracts | Brayton Point and Kincaid | Brayton Point and Kincaid | Loss from Discontinued Operations | Elwood | Elwood | Elwood | |||
Brayton Point and Kincaid | Other Income | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales price | ' | ' | $32 | ' | ' | ' | ' | ' | ' |
Gain on sale | ' | ' | 29 | ' | ' | ' | ' | ' | ' |
After-tax gain on sale | ' | ' | 18 | ' | ' | ' | ' | ' | ' |
Asset disposition adjustment | 44 | 11 | 3 | ' | ' | 16 | ' | ' | ' |
Impairment charge | 1,600 | ' | ' | 48 | 1,600 | ' | ' | ' | ' |
Long-lived assets impairment charges, net of tax | ' | ' | ' | 28 | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' |
Proceeds from sale of equity method investment | ' | ' | ' | ' | ' | ' | 465 | ' | ' |
Gain on sale of investment | ' | ' | ' | ' | ' | ' | ' | ' | 35 |
After tax gain on sale of investment | ' | ' | ' | ' | ' | ' | ' | ' | 25 |
Loss from discontinued operation | ' | ' | ' | ' | -17 | ' | ' | ' | ' |
Loss on discontinued operation, net of tax | ' | ' | ' | ' | ($18) | ' | ' | ' | ' |
Dispositions_Schedule_of_Dispo
Dispositions (Schedule of Disposal Groups, Including Discontinued Operations, Income Statement) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ||
Impairment charge | ' | $1,600 | ' | ' | ||
Brayton Point and Kincaid | ' | ' | ' | ' | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ||
Operating revenue | ' | 304 | 258 | 380 | ||
Loss before income taxes | ' | -135 | [1] | -1,768 | [2] | -57 |
Charges related to early redemption of debt | ' | -64 | ' | ' | ||
Impairment charge | 48 | 1,600 | ' | ' | ||
State Line and Salem Harbor | ' | ' | ' | ' | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ||
Operating revenue | ' | ' | 57 | 233 | ||
Loss before income taxes | ' | ' | -49 | -34 | ||
Impairment charge | ' | ' | ' | $55 | ||
[1] | Includes $64 million of charges related to the defeasance of Brayton Point debt and the early redemption of Kincaid debt in 2013. See Note 17 for more information. | |||||
[2] | Includes a long-lived asset impairment charge of $1.6 billion. |
Operating_Revenue_Operating_Re
Operating Revenue (Operating Revenue) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Electric sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Regulated | ' | ' | ' | ' | ' | ' | ' | ' | $7,193 | $7,102 | $7,114 | |||
Nonregulated | ' | ' | ' | ' | ' | ' | ' | ' | 2,511 | 2,483 | 2,721 | |||
Gas sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Regulated | ' | ' | ' | ' | ' | ' | ' | ' | 323 | 250 | 287 | |||
Nonregulated | ' | ' | ' | ' | ' | ' | ' | ' | 930 | 1,071 | 1,634 | |||
Gas transportation and storage | ' | ' | ' | ' | ' | ' | ' | ' | 1,535 | 1,401 | 1,506 | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | 628 | 528 | 503 | |||
Total operating revenue | 3,185 | [1] | 3,432 | 2,980 | 3,523 | 3,101 | 3,332 | 3,005 | 3,397 | 13,120 | 12,835 | [2] | 13,765 | [2] |
Virginia Electric and Power Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Electric sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Regulated | ' | ' | ' | ' | ' | ' | ' | ' | 7,193 | 7,102 | 7,114 | |||
Gas sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | 102 | 124 | 132 | |||
Total operating revenue | $1,745 | $2,059 | $1,710 | $1,781 | $1,630 | $2,086 | $1,756 | $1,754 | $7,295 | $7,226 | $7,246 | |||
[1] | Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3. | |||||||||||||
[2] | Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3 to the Consolidated Financial Statements. EPS amounts reflect the per share impact of the recast of $1.92 and $0.06 for 2012 and 2011, respectively. |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Deferred tax liabilities classified as current representing cumulative adjustments from tax accounting method changes | $17 | ' | ' |
Operating loss carryforward | ' | 195 | 51 |
Unrecognized tax benefits that would impact effective tax rate | 126 | 167 | 184 |
Change in unrecognized tax benefits | 29 | 1 | -51 |
Decrease of unrecognized tax benefits | 2 | 4 | 0 |
Federal | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforward | 1,200 | ' | ' |
Investment tax credit | 58 | ' | ' |
Tax credits | 45 | ' | ' |
Payment after conclusion of audit | 46 | ' | ' |
Federal | Scenario, Forecast | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Decrease of unrecognized tax benefits | 115 | ' | ' |
Earnings increase as a result of tax settlement | 65 | ' | ' |
State | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforward | 1,500 | ' | ' |
Carryforwards valuation allowance | 763 | ' | ' |
General Business | State | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Tax credits | 133 | ' | ' |
Investment Credit That Expires In 2014 | State | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Tax credits | 7 | ' | ' |
Fairless | State | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Reduction of valuation allowance | ' | 20 | ' |
Virginia Electric and Power Company | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | 8 | 13 | 20 |
Change in unrecognized tax benefits | -4 | -1 | -6 |
Decrease of unrecognized tax benefits | 2 | 4 | 0 |
Virginia Electric and Power Company | Federal | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforward | 282 | ' | ' |
Tax credits | 5 | ' | ' |
Virginia Electric and Power Company | Federal | Scenario, Forecast | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Decrease of unrecognized tax benefits | 25 | ' | ' |
Earnings increase as a result of tax settlement | 7 | ' | ' |
Virginia Electric and Power Company | State | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforward | $2 | ' | ' |
Income_Taxes_Income_Tax_Expens
Income Taxes (Income Tax Expense for Continuing Operations Including Noncontrolling Interests) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Current: | ' | ' | ' | |||
Federal | $317 | [1] | $43 | [1] | $31 | [1] |
State | 110 | [1] | 84 | [1] | 16 | [1] |
Total current expense | 427 | [1] | 127 | [1] | 47 | [1] |
Deferred: | ' | ' | ' | |||
Federal | 497 | [1] | 645 | [1] | 685 | [1] |
State | -31 | [1] | 40 | [1] | 48 | [1] |
Total deferred expense | 466 | [1] | 685 | [1] | 733 | [1] |
Amortization of deferred investment tax credits | -1 | [1] | -1 | [1] | -2 | [1] |
Total income tax expense | 892 | [1] | 811 | [1],[2] | 778 | [1],[2] |
Operating loss carryforward | ' | 195 | 51 | |||
Tax benefit recognized | ' | ' | 346 | |||
Virginia Electric and Power Company | ' | ' | ' | |||
Current: | ' | ' | ' | |||
Federal | 357 | [3] | 70 | [3] | -35 | [3] |
State | 62 | [3] | 81 | [3] | 79 | [3] |
Total current expense | 419 | [3] | 151 | [3] | 44 | [3] |
Deferred: | ' | ' | ' | |||
Federal | 224 | [3] | 482 | [3] | 484 | [3] |
State | 17 | [3] | 21 | [3] | 13 | [3] |
Total deferred expense | 241 | [3] | 503 | [3] | 497 | [3] |
Amortization of deferred investment tax credits | -1 | [3] | -1 | [3] | -1 | [3] |
Total income tax expense | 659 | [3] | 653 | [3] | 540 | [3] |
Tax benefit recognized | ' | ' | $54 | |||
[1] | In 2012, Dominion’s current federal income tax expense for continuing and discontinued operations includes a $195 million benefit related to a carryback of its 2012 net operating loss. In 2011, Dominion’s deferred federal income tax expense includes the recognition of a $346 million benefit, including $51 million related to discontinued operations, for its 2011 net operating loss expected to be used to reduce taxable income in future years. | |||||
[2] | Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3 to the Consolidated Financial Statements. EPS amounts reflect the per share impact of the recast of $1.92 and $0.06 for 2012 and 2011, respectively. | |||||
[3] | In 2011, Virginia Power’s deferred federal income tax expense includes a $54 million benefit related to a portion of its 2011 net operating loss that is expected to be used in future years. Also, Virginia Power’s current federal income tax expense reflects the amounts of its 2011 net operating losses realized through its participation in a tax sharing agreement with Dominion and its subsidiaries. |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Rate as Compared to the Income Tax Expense Recorded in Our Consolidated Statements of Income) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Contingency [Line Items] | ' | ' | ' |
U.S. statutory rate | 35.00% | 35.00% | 35.00% |
Increases (reductions) resulting from: | ' | ' | ' |
State taxes, net of federal benefit | 2.10% | 4.20% | 1.90% |
Valuation allowances | -0.10% | -0.70% | 0.00% |
Investment and production tax credits | -2.40% | -0.50% | -0.60% |
AFUDC - equity | -0.60% | -0.90% | -0.60% |
Employee stock ownership plan deduction | -0.60% | -0.70% | -0.60% |
Other, net | -0.40% | -0.60% | -0.70% |
Effective tax rate | 33.00% | 35.80% | 34.40% |
Virginia Electric and Power Company | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
U.S. statutory rate | 35.00% | 35.00% | 35.00% |
Increases (reductions) resulting from: | ' | ' | ' |
State taxes, net of federal benefit | 3.10% | 3.90% | 4.40% |
Valuation allowances | 0.00% | 0.00% | 0.00% |
Investment and production tax credits | -0.20% | 0.00% | 0.00% |
AFUDC - equity | -0.80% | -0.90% | -0.80% |
Employee stock ownership plan deduction | 0.00% | 0.00% | 0.00% |
Other, net | -0.40% | 0.30% | 1.10% |
Effective tax rate | 36.70% | 38.30% | 39.70% |
Income_Taxes_The_Companies_Def
Income Taxes (The Companies Deferred Income Taxes Components) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Income Tax Contingency [Line Items] | ' | ' |
Total deferred income tax assets | $2,142 | $2,505 |
Total deferred income tax liabilities | 8,463 | 7,716 |
Total deferred income taxes: | ' | ' |
Plant and equipment, primarily depreciation method and basis differences | 5,383 | 4,601 |
Nuclear decommissioning | 1,136 | 994 |
Deferred state income taxes | 606 | 474 |
Federal benefit of deferred state income taxes | -212 | -166 |
Deferred fuel, purchased energy and gas costs | -33 | 3 |
Pension benefits | 435 | 231 |
Other postretirement benefits | -78 | -171 |
Loss and credit carryforwards | -797 | -656 |
Valuation allowances | 69 | 93 |
Partnership basis differences | 125 | 174 |
Other | -313 | -366 |
Total net deferred income tax liabilities | 6,321 | 5,211 |
Virginia Electric and Power Company | ' | ' |
Income Tax Contingency [Line Items] | ' | ' |
Total deferred income tax assets | 462 | 466 |
Total deferred income tax liabilities | 4,498 | 4,238 |
Total deferred income taxes: | ' | ' |
Plant and equipment, primarily depreciation method and basis differences | 3,628 | 3,394 |
Nuclear decommissioning | 441 | 407 |
Deferred state income taxes | 285 | 265 |
Federal benefit of deferred state income taxes | -100 | -93 |
Deferred fuel, purchased energy and gas costs | -50 | -16 |
Pension benefits | -52 | -17 |
Other postretirement benefits | -3 | -7 |
Loss and credit carryforwards | -106 | -77 |
Valuation allowances | 0 | 0 |
Partnership basis differences | 0 | 0 |
Other | -7 | -84 |
Total net deferred income tax liabilities | $4,036 | $3,772 |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Balance at January 1 | $293 | $347 | $307 |
Increases-prior period positions | 17 | 28 | 127 |
Decreases-prior period positions | -99 | -106 | -119 |
Increases-current period positions | 30 | 43 | 64 |
Decreases-current period positions | -5 | 0 | -21 |
Settlements with tax authorities | -2 | -4 | 0 |
Expiration of statutes of limitations | -12 | -15 | -11 |
Balance at December 31 | 222 | 293 | 347 |
Virginia Electric and Power Company | ' | ' | ' |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Balance at January 1 | 57 | 114 | 117 |
Increases-prior period positions | 12 | 4 | 22 |
Decreases-prior period positions | -42 | -80 | -51 |
Increases-current period positions | 14 | 24 | 47 |
Decreases-current period positions | 0 | 0 | -21 |
Settlements with tax authorities | -2 | -4 | 0 |
Expiration of statutes of limitations | 0 | -1 | 0 |
Balance at December 31 | $39 | $57 | $114 |
Income_Taxes_Earliest_Tax_Year
Income Taxes (Earliest Tax Year) (Details) | 12 Months Ended | |
Dec. 31, 2013 | ||
Pennsylvania | ' | |
Operation In Major Geographical Areas Tax Year [Line Items] | ' | |
Earliest Open Tax Year | '2010 | |
Connecticut | ' | |
Operation In Major Geographical Areas Tax Year [Line Items] | ' | |
Earliest Open Tax Year | '2010 | |
Massachusetts | ' | |
Operation In Major Geographical Areas Tax Year [Line Items] | ' | |
Earliest Open Tax Year | '2008 | |
Virginia | ' | |
Operation In Major Geographical Areas Tax Year [Line Items] | ' | |
Earliest Open Tax Year | '2010 | [1] |
West Virginia | ' | |
Operation In Major Geographical Areas Tax Year [Line Items] | ' | |
Earliest Open Tax Year | '2010 | |
[1] | Virginia is the only state considered major for Virginia Power's operations. |
Income_Taxes_Income_Taxes_Sche
Income Taxes Income Taxes (Schedule of Income Tax Expense from Discontinued Operations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | ($274) | ($248) | ($41) |
State | -41 | -6 | -17 |
Total current benefit | -315 | -254 | -58 |
Deferred: | ' | ' | ' |
Federal | 232 | -368 | 10 |
State | 40 | -70 | 15 |
Total deferred expense (benefit) | 272 | -438 | 25 |
Total income tax benefit | ($43) | ($692) | ($33) |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Sep. 30, 2012 | Mar. 31, 2011 | Sep. 30, 2011 | Sep. 30, 2011 | Sep. 30, 2011 | Sep. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2013 |
Kewaunee | Salem Harbor | Elwood | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Gas, Transmission and Distribution Equipment | Gas, Transmission and Distribution Equipment | ||
Utility | Kewaunee | State Line | Emissions allowances | Emissions allowances | Emissions allowances | Emissions allowances | Maximum | Brayton Point | Brayton Point | Fair Value, Measurements, Nonrecurring | |||||
Operating Expense | Operating Expense | Loss from Discontinued Operations | Virginia Electric and Power Company | State Line | Level 2 | Level 3 | |||||||||
Operating Expense | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $49 | ' |
Impairment charge after tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29 | ' |
Estimated fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | 1 |
Ownership percentage | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge | 1,600 | ' | ' | ' | 378 | ' | ' | ' | ' | ' | ' | 1,600 | ' | ' | ' |
Impairment and other charges, net of tax | ' | ' | ' | ' | 281 | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' |
Long lived assets estimated fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 216 | ' | ' |
Number of utilities | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment and other charges | ' | ' | ' | ' | 435 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived assets impairment charges, net of tax | ' | ' | ' | ' | 244 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory write-down | ' | ' | ' | ' | 33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory write down, net of tax | ' | ' | ' | ' | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Severance costs | ' | ' | ' | ' | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Severance costs net of tax | ' | ' | ' | ' | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge | ' | ' | ' | ' | ' | 55 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge, net of tax | ' | ' | ' | ' | ' | 39 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
After tax charge on disposal of assets | ' | ' | 27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pretax charge on disposal of assets | ' | ' | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
So2 emissions allowances obtained for arp cnd cair compliance | ' | ' | ' | ' | ' | ' | ' | 57 | ' | 43 | ' | ' | ' | ' | ' |
Salem Harbor, impairment charge | ' | ' | ' | ' | ' | ' | 14 | 57 | 43 | 43 | ' | ' | ' | ' | ' |
Impairment of intangible assets after tax | ' | ' | ' | ' | ' | ' | $8 | $34 | $26 | $26 | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
Gas | Gas | FTRs | Liquids | Electricity | Electricity | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | |||||||||||||||||||||||||||||||||||||||||
Physical and Financial Forwards and Futures: | Physical and Financial Options: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Full Requirements Contracts: | Minimum | Minimum | Minimum | Minimum | Minimum | Weighted Average | Weighted Average | Weighted Average | Weighted Average | Weighted Average | Maximum | Maximum | Maximum | Maximum | Maximum | Minimum | Minimum | Minimum | Minimum | Minimum | Weighted Average | Weighted Average | Weighted Average | Weighted Average | Weighted Average | Weighted Average | Maximum | Maximum | Maximum | Maximum | Maximum | |||||||||||||||||||||||||||||||||||||||||
Gas | Gas | FTRs | Liquids | Electricity | Gas | Gas | FTRs | Liquids | Electricity | Gas | Gas | FTRs | Liquids | Electricity | Gas | Gas | FTRs | Liquids | Electricity | Gas | Gas | Gas | FTRs | Liquids | Electricity | Gas | Gas | FTRs | Liquids | Electricity | |||||||||||||||||||||||||||||||||||||||||||||||
Physical and Financial Forwards and Futures: | Physical and Financial Options: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Full Requirements Contracts: | Physical and Financial Forwards and Futures: | Physical and Financial Options: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Full Requirements Contracts: | Physical and Financial Forwards and Futures: | Physical and Financial Options: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Full Requirements Contracts: | Physical and Financial Forwards and Futures: | Physical and Financial Options: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Options: | Physical and Financial Options: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Options: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||
Derivative assets | $890,000,000 | [1] | $828,000,000 | [1] | $32,000,000 | $14,000,000 | [2] | $4,000,000 | [2] | $2,000,000 | [3] | $6,000,000 | [4] | ' | $6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||
Derivative liabilities | 1,102,000,000 | [5] | 661,000,000 | [5] | 48,000,000 | 19,000,000 | [2] | 8,000,000 | [2] | 9,000,000 | [3] | 11,000,000 | [4] | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||
Market Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | [6] | 3 | [6] | -1 | [6] | 1 | [6] | 10 | [6] | 2 | [6] | 4 | [6] | 0 | [6] | 1 | [6] | 42 | [6],[7] | 5 | [6] | 5 | [6] | 5 | [6] | 3 | [6] | 406 | [6] | -2 | [6] | 3 | [6] | -1 | [6] | 1 | [6] | 28 | [6] | 1 | [6] | ' | 7 | [6] | 1 | [6] | 1 | [6] | 39 | [6] | 30 | [6] | 11 | [6] | 5 | [6] | 3 | [6] | 240 | [6] | |||||||
Price Volatility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.00% | [8] | ' | ' | ' | ' | 20.00% | [8] | ' | ' | ' | ' | 36.00% | [8] | ' | ' | ' | ' | 14.00% | [8] | ' | ' | ' | ' | ' | 20.00% | [8] | ' | ' | ' | ' | 36.00% | [8] | ' | ' | ' | |||||||||||||||||||||||||||||||
Price Correlation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9.00% | [9] | ' | ' | ' | ' | 36.00% | [9] | ' | ' | ' | ' | 100.00% | [9] | ' | ' | ' | ' | -9.00% | [9] | ' | ' | ' | ' | ' | 36.00% | [9] | ' | ' | ' | ' | 100.00% | [9] | ' | ' | ' | |||||||||||||||||||||||||||||||
Mean Reversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | [10] | ' | ' | ' | ' | $1 | [10] | ' | ' | ' | ' | $1 | [10] | ' | ' | ' | ' | $0.01 | [11] | ' | ' | ' | ' | $1 | [11] | ' | ' | ' | ' | ' | $1 | [11] | ' | ' | ' | |||||||||||||||||||||||||||||||
Load Shaping | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | [12] | ' | ' | ' | ' | 7.00% | [12] | ' | ' | ' | ' | 10.00% | [12] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||
Usage Factor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | [11] | ' | ' | ' | ' | 16.00% | [11] | ' | ' | ' | ' | 29.00% | [11] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||
[1] | At December 31, 2013, the total derivative asset balance contains $687 million of current assets, which is presented in current derivative assets, in Dominion’s Consolidated Balance Sheet, and $203 million of noncurrent assets, which is presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheet. At December 31, 2012, the total derivative asset balance contains $518 million of current assets, which is presented in current derivative assets in Dominion’s Consolidated Balance Sheet and $310 million of noncurrent assets, which is presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheet. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Includes basis. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Information represents Virginia Power's quantitative information about Level 3 fair value measurements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Includes NGLs. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | At December 31, 2013, the total derivative liability balance contains $828 million of current liabilities, which is presented in current derivative liabilities in Dominion’s Consolidated Balance Sheet, and $274 million of noncurrent liabilities, which is presented in the other deferred credits and other liabilities in Dominion’s Consolidated Balance Sheet. At December 31, 2012, the total derivative liability balance contains $510 million of current liabilities, which is presented in current derivative liabilities in Dominion’s Consolidated Balance Sheet and $151 million of noncurrent liabilities, which is presented in other deferred credits and other liabilities in Dominion’s Consolidated Balance Sheet. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Represents market prices beyond defined terms for Levels 1 and 2. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | The range in market prices is the result of large variability in hourly power prices during peak and off-peak hours. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | Represents volatilities unrepresented in published markets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | Represents intra-price correlations for which markets do not exist. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | Represents mean-reverting property in price simulation modeling. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | Represents expected increase (decrease) in sales volumes compared to historical usage. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | Converts block monthly loads to 24-hour load shapes. |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | $890 | [1] | $828 | [1] |
Derivative liabilities | 1,102 | [2] | 661 | [2] |
Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 32 | ' | ||
Derivative liabilities | 48 | ' | ||
Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 4,791 | 4,175 | ||
Total liabilities | 1,102 | 661 | ||
Fair Value, Measurements, Recurring | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 753 | 735 | ||
Derivative liabilities | 1,102 | 595 | ||
Fair Value, Measurements, Recurring | Interest rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 137 | 93 | ||
Derivative liabilities | ' | 66 | ||
Fair Value, Measurements, Recurring | Equity securities: | Large Cap | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 2,417 | [3] | 1,973 | [3] |
Fair Value, Measurements, Recurring | Equity securities: | Large Cap | Non-U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 13 | [3] | 12 | [3] |
Fair Value, Measurements, Recurring | Equity securities: | Other | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 79 | [3] | 59 | [3] |
Fair Value, Measurements, Recurring | Fixed Income: | Corporate debt instruments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 345 | [3] | 325 | [3] |
Fair Value, Measurements, Recurring | Fixed Income: | U.S. Treasury securities and agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 590 | [3] | 543 | [3] |
Fair Value, Measurements, Recurring | Fixed Income: | State and municipal | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 343 | [3] | 315 | [3] |
Fair Value, Measurements, Recurring | Fixed Income: | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 3 | [3] | 7 | [3] |
Fair Value, Measurements, Recurring | Cash equivalents and other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 103 | [3] | 80 | [3] |
Fair Value, Measurements, Recurring | Restricted cash equivalents | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 8 | [3] | 33 | [3] |
Fair Value, Measurements, Recurring | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 2,927 | 2,460 | ||
Total liabilities | 3 | 8 | ||
Fair Value, Measurements, Recurring | Level 1 | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 3 | 12 | ||
Derivative liabilities | 3 | 8 | ||
Fair Value, Measurements, Recurring | Level 1 | Interest rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | 0 | ||
Derivative liabilities | ' | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Large Cap | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 2,417 | [3] | 1,973 | [3] |
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Large Cap | Non-U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 13 | [3] | 12 | [3] |
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Other | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 79 | [3] | 59 | [3] |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income: | Corporate debt instruments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income: | U.S. Treasury securities and agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 415 | [3] | 391 | [3] |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income: | State and municipal | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income: | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 13 | [3] |
Fair Value, Measurements, Recurring | Level 1 | Restricted cash equivalents | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Fair Value, Measurements, Recurring | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 1,832 | 1,631 | ||
Total liabilities | 1,051 | 594 | ||
Fair Value, Measurements, Recurring | Level 2 | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 718 | 639 | ||
Derivative liabilities | 1,051 | 528 | ||
Fair Value, Measurements, Recurring | Level 2 | Interest rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 137 | 93 | ||
Derivative liabilities | ' | 66 | ||
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Large Cap | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Large Cap | Non-U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Other | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income: | Corporate debt instruments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 345 | [3] | 325 | [3] |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income: | U.S. Treasury securities and agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 175 | [3] | 152 | [3] |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income: | State and municipal | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 343 | [3] | 315 | [3] |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income: | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 3 | [3] | 7 | [3] |
Fair Value, Measurements, Recurring | Level 2 | Cash equivalents and other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 103 | [3] | 67 | [3] |
Fair Value, Measurements, Recurring | Level 2 | Restricted cash equivalents | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 8 | [3] | 33 | [3] |
Fair Value, Measurements, Recurring | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 32 | 84 | ||
Total liabilities | 48 | 59 | ||
Fair Value, Measurements, Recurring | Level 3 | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 32 | 84 | ||
Derivative liabilities | 48 | 59 | ||
Fair Value, Measurements, Recurring | Level 3 | Interest rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | 0 | ||
Derivative liabilities | ' | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Large Cap | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Large Cap | Non-U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Other | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Fair Value, Measurements, Recurring | Level 3 | Fixed Income: | Corporate debt instruments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Fair Value, Measurements, Recurring | Level 3 | Fixed Income: | U.S. Treasury securities and agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Fair Value, Measurements, Recurring | Level 3 | Fixed Income: | State and municipal | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Fair Value, Measurements, Recurring | Level 3 | Fixed Income: | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Fair Value, Measurements, Recurring | Level 3 | Cash equivalents and other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Fair Value, Measurements, Recurring | Level 3 | Restricted cash equivalents | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Virginia Electric and Power Company | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 53 | [1] | 6 | [1] |
Derivative liabilities | 12 | [2] | 34 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 1,716 | 1,409 | ||
Total liabilities | 12 | 34 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 5 | 6 | ||
Derivative liabilities | 12 | 9 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Interest rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 48 | ' | ||
Derivative liabilities | ' | 25 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Equity securities: | Large Cap | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 1,021 | [3] | 779 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Equity securities: | Other | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 36 | [3] | 27 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed Income: | Corporate debt instruments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 191 | [3] | 196 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed Income: | U.S. Treasury securities and agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 212 | [3] | 234 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed Income: | State and municipal | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 164 | [3] | 118 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed Income: | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | ' | 1 | [3] | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Cash equivalents and other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 31 | [3] | 38 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Restricted cash equivalents | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 8 | [3] | 10 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 1,203 | 981 | ||
Total liabilities | 0 | 0 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Interest rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | ' | ||
Derivative liabilities | ' | 0 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Large Cap | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 1,021 | [3] | 779 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Other | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 36 | [3] | 27 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed Income: | Corporate debt instruments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed Income: | U.S. Treasury securities and agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 146 | [3] | 168 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed Income: | State and municipal | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed Income: | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | ' | 0 | [3] | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 7 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Restricted cash equivalents | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 511 | 423 | ||
Total liabilities | 3 | 31 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 3 | 1 | ||
Derivative liabilities | 3 | 6 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Interest rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 48 | ' | ||
Derivative liabilities | ' | 25 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Large Cap | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Other | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed Income: | Corporate debt instruments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 191 | [3] | 196 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed Income: | U.S. Treasury securities and agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 66 | [3] | 66 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed Income: | State and municipal | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 164 | [3] | 118 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed Income: | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | ' | 1 | [3] | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Cash equivalents and other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 31 | [3] | 31 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Restricted cash equivalents | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 8 | [3] | 10 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 2 | 5 | ||
Total liabilities | 9 | 3 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 2 | 5 | ||
Derivative liabilities | 9 | 3 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Interest rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | ' | ||
Derivative liabilities | ' | 0 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Large Cap | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Other | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed Income: | Corporate debt instruments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed Income: | U.S. Treasury securities and agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed Income: | State and municipal | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed Income: | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | ' | 0 | [3] | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Cash equivalents and other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [3] | 0 | [3] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Restricted cash equivalents | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | $0 | [3] | $0 | [3] |
[1] | At December 31, 2013, the total derivative asset balance contains $687 million of current assets, which is presented in current derivative assets, in Dominion’s Consolidated Balance Sheet, and $203 million of noncurrent assets, which is presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheet. At December 31, 2012, the total derivative asset balance contains $518 million of current assets, which is presented in current derivative assets in Dominion’s Consolidated Balance Sheet and $310 million of noncurrent assets, which is presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheet. | |||
[2] | At December 31, 2013, the total derivative liability balance contains $828 million of current liabilities, which is presented in current derivative liabilities in Dominion’s Consolidated Balance Sheet, and $274 million of noncurrent liabilities, which is presented in the other deferred credits and other liabilities in Dominion’s Consolidated Balance Sheet. At December 31, 2012, the total derivative liability balance contains $510 million of current liabilities, which is presented in current derivative liabilities in Dominion’s Consolidated Balance Sheet and $151 million of noncurrent liabilities, which is presented in other deferred credits and other liabilities in Dominion’s Consolidated Balance Sheet. | |||
[3] | Includes investments held in the nuclear decommissioning and rabbi trusts. |
Fair_Value_Measurements_Net_Ch
Fair Value Measurements (Net Change in the Assets and Liabilities Measured at Fair Value on a Recurring Basis and Included in the Level 3 Fair Value Category) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ' | ' | ' |
Included in earnings | ($9) | ($15) | ($77) |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | 0 | 42 | 22 |
Commodity | Level 3 | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ' | ' | ' |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | 0 | 42 | 22 |
Commodity | Level 3 | Fair Value, Measurements, Recurring | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ' | ' | ' |
Beginnning balance | 25 | -71 | -50 |
Included in earnings | -9 | -15 | -77 |
Included in other comprehensive income (loss) | 1 | 101 | 14 |
Included in regulatory assets/liabilities | -9 | 30 | -42 |
Settlements | -23 | 47 | 88 |
Transfers out of Level 3 | -1 | -67 | -4 |
Ending balance | -16 | 25 | -71 |
Commodity | Virginia Electric and Power Company | Level 3 | Fair Value, Measurements, Recurring | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward] | ' | ' | ' |
Beginnning balance | 2 | -28 | 14 |
Included in earnings | -17 | -50 | -45 |
Included in regulatory assets/liabilities | -9 | 30 | -42 |
Settlements | 17 | 50 | 45 |
Ending balance | ($7) | $2 | ($28) |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Gains and Losses Included in the Level 3 Fair Value Category) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Total gains (losses) included in earnings | ($9) | ($15) | ($77) |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | 0 | 42 | 22 |
Operating Revenue | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Total gains (losses) included in earnings | 11 | 35 | -32 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | 1 | 42 | 22 |
Electric Fuel and Energy Purchases | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Total gains (losses) included in earnings | -19 | -50 | -45 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | 0 | 0 | 0 |
Purchased Gas | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Total gains (losses) included in earnings | -1 | 0 | 0 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | ($1) | $0 | $0 |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Long-term debt, including securities due within one year | $20,842 | ' | ||
Subsidiary preferred stock | 257 | 257 | ||
Valuation of certain fair value hedges | 55 | 93 | ||
Deferred issuance expenses | 2 | 2 | ||
Carrying Amount | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Long-term debt, including securities due within one year | 18,396 | [1] | 16,841 | [1] |
Long-term debt - VIEs | 0 | [2] | 860 | [2] |
Junior subordinated notes | 1,373 | [2] | 1,373 | [2] |
Remarketable subordinated notes | 1,080 | [2] | 0 | [2] |
Subsidiary preferred stock | 257 | [3] | 257 | [3] |
Estimated Fair Value | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Long-term debt, including securities due within one year | 19,887 | [1],[4] | 19,898 | [1],[4] |
Long-term debt - VIEs | 0 | [2],[4] | 864 | [2],[4] |
Junior subordinated notes | 1,394 | [2],[4] | 1,430 | [2],[4] |
Remarketable subordinated notes | 1,192 | [2],[4] | 0 | [2],[4] |
Subsidiary preferred stock | 261 | [3],[4] | 255 | [3],[4] |
Virginia Electric and Power Company | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Long-term debt, including securities due within one year | 8,043 | ' | ||
Subsidiary preferred stock | 257 | 257 | ||
Virginia Electric and Power Company | Carrying Amount | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Long-term debt, including securities due within one year | 8,032 | [1] | 6,669 | [1] |
Subsidiary preferred stock | 257 | [3] | 257 | [3] |
Virginia Electric and Power Company | Estimated Fair Value | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Long-term debt, including securities due within one year | 8,897 | [1],[4] | 8,270 | [1],[4] |
Subsidiary preferred stock | $261 | [3],[4] | $255 | [3],[4] |
[1] | Carrying amount includes amounts which represent the unamortized discount and premium. At December 31, 2013, and 2012, includes the valuation of certain fair value hedges associated with Dominion's fixed rate debt, of approximately $55 million and $93 million, respectively. | |||
[2] | Carrying amount includes amounts which represent the unamortized discount or premium. | |||
[3] | Includes deferred issuance expenses of $2 million at December 31, 2013 and 2012. | |||
[4] | Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. |
Derivatives_and_Hedge_Accounti2
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Offsetting Assets [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | $883 | $799 | ||
Total derivatives, not subject to a master netting or similar arrangement | 7 | 29 | ||
Derivative Asset | 890 | [1] | 828 | [1] |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | [1] | 0 | [1] |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 568 | 466 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 4 | ||
Net Amounts | 315 | 329 | ||
Derivative assets, current | 687 | 518 | ||
Derivative assets, noncurrent | 620 | 212 | ||
Current Assets | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Derivative assets, current | 687 | ' | ||
Non Current Derivative Assets | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Derivative assets, noncurrent | 203 | 310 | ||
Current Derivative Assets | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Derivative assets, current | ' | 518 | ||
Interest rate | Over-the-counter | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 137 | 93 | ||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 19 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | ||
Net Amounts | 137 | 74 | ||
Commodity | Over-the-counter | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 240 | 290 | ||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 63 | 97 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | ||
Net Amounts | 177 | 193 | ||
Commodity | Exchange | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 506 | 416 | ||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 505 | 350 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 4 | ||
Net Amounts | 1 | 62 | ||
Virginia Electric and Power Company | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 53 | 6 | ||
Total derivatives, not subject to a master netting or similar arrangement | 0 | 0 | ||
Derivative Asset | 53 | [1] | 6 | [1] |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | [1] | 0 | [1] |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 3 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | ||
Net Amounts | 49 | 3 | ||
Derivative assets, noncurrent | 11 | 18 | ||
Virginia Electric and Power Company | Current Assets | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Derivative assets, current | 53 | 6 | ||
Virginia Electric and Power Company | Interest rate | Over-the-counter | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 48 | 0 | ||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | ||
Net Amounts | 48 | 0 | ||
Virginia Electric and Power Company | Commodity | Over-the-counter | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 4 | 6 | ||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 3 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | ||
Net Amounts | 0 | 3 | ||
Virginia Electric and Power Company | Commodity | Exchange | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 1 | ' | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | ' | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | ' | ||
Net Amounts | $1 | ' | ||
[1] | At December 31, 2013, the total derivative asset balance contains $687 million of current assets, which is presented in current derivative assets, in Dominion’s Consolidated Balance Sheet, and $203 million of noncurrent assets, which is presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheet. At December 31, 2012, the total derivative asset balance contains $518 million of current assets, which is presented in current derivative assets in Dominion’s Consolidated Balance Sheet and $310 million of noncurrent assets, which is presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheet. |
Derivatives_and_Hedge_Accounti3
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Offsetting Liabilities [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | $1,100 | $650 | ||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | [1] | 0 | [1] |
Total derivatives, not subject to a master netting or similar arrangement | 2 | 11 | ||
Derivative liabilities | 1,102 | [1] | 661 | [1] |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 568 | 466 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 402 | 63 | ||
Net Amounts | 130 | 121 | ||
Derivative liabilities | 828 | 510 | ||
Derivative Liability, Noncurrent | 2 | 4 | ||
Current Liabilities | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Derivative liabilities | 828 | 510 | ||
Non Current Derivative Liabilities | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Derivative Liability, Noncurrent | 274 | 151 | ||
Interest rate | Over-the-counter | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 0 | 66 | ||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 19 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 0 | 0 | ||
Net Amounts | 0 | 47 | ||
Commodity | Over-the-counter | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 262 | 191 | ||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 63 | 97 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 69 | 20 | ||
Net Amounts | 130 | 74 | ||
Commodity | Exchange | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 838 | 393 | ||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 505 | 350 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 333 | 43 | ||
Net Amounts | 0 | 0 | ||
Virginia Electric and Power Company | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 12 | 34 | ||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | [1] | 0 | [1] |
Total derivatives, not subject to a master netting or similar arrangement | 0 | 0 | ||
Derivative liabilities | 12 | [1] | 34 | [1] |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 3 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 7 | 2 | ||
Net Amounts | 1 | 29 | ||
Derivative liabilities | 12 | 33 | ||
Virginia Electric and Power Company | Current Liabilities | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Derivative liabilities | 12 | 33 | ||
Virginia Electric and Power Company | Non Current Derivative Liabilities | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Derivative Liability, Noncurrent | ' | 1 | ||
Virginia Electric and Power Company | Interest rate | Over-the-counter | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 0 | 25 | ||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 0 | 0 | ||
Net Amounts | 0 | 25 | ||
Virginia Electric and Power Company | Commodity | Over-the-counter | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 12 | 7 | ||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 3 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 7 | 0 | ||
Net Amounts | 1 | 4 | ||
Virginia Electric and Power Company | Commodity | Exchange | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 0 | 2 | ||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Paid | 0 | 2 | ||
Net Amounts | $0 | $0 | ||
[1] | At December 31, 2013, the total derivative liability balance contains $828 million of current liabilities, which is presented in current derivative liabilities in Dominion’s Consolidated Balance Sheet, and $274 million of noncurrent liabilities, which is presented in the other deferred credits and other liabilities in Dominion’s Consolidated Balance Sheet. At December 31, 2012, the total derivative liability balance contains $510 million of current liabilities, which is presented in current derivative liabilities in Dominion’s Consolidated Balance Sheet and $151 million of noncurrent liabilities, which is presented in other deferred credits and other liabilities in Dominion’s Consolidated Balance Sheet. |
Derivatives_and_Hedge_Accounti4
Derivatives and Hedge Accounting Activities (Volume of our Derivative Activity) (Details) (USD $) | Dec. 31, 2013 | |
In Millions, unless otherwise specified | ||
Current | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Interest rate | $2,050 | |
Current | Natural Gas (bcf): | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (in billion cubic feet and gallons) | 116,000,000,000 | [1] |
Current | Natural Gas (bcf): | Basis | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (in billion cubic feet and gallons) | 466,000,000,000 | [1] |
Current | Electricity (MWh): | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (in Megawatt hours) | 14,814,767 | [1] |
Current | Electricity (MWh): | FTRs | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (in Megawatt hours) | 41,316,345 | |
Current | Capacity (MW) | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Capacity of Electricity (in Megawatts) | 83,050 | |
Current | Liquids (gallons) | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (in billion cubic feet and gallons) | 151,200,000 | [2] |
Noncurrent | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Interest rate | 750 | |
Noncurrent | Natural Gas (bcf): | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (in billion cubic feet and gallons) | 19,000,000,000 | [1] |
Noncurrent | Natural Gas (bcf): | Basis | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (in billion cubic feet and gallons) | 281,000,000,000 | [1] |
Noncurrent | Electricity (MWh): | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (in Megawatt hours) | 14,935,144 | [1] |
Noncurrent | Electricity (MWh): | FTRs | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (in Megawatt hours) | 437,384 | |
Noncurrent | Capacity (MW) | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Capacity of Electricity (in Megawatts) | 18,300 | |
Noncurrent | Liquids (gallons) | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (in billion cubic feet and gallons) | 0 | [2] |
Virginia Electric and Power Company | Current | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Interest rate | 600 | |
Virginia Electric and Power Company | Current | Natural Gas (bcf): | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (in billion cubic feet and gallons) | 15,000,000,000 | |
Virginia Electric and Power Company | Current | Natural Gas (bcf): | Basis | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (in billion cubic feet and gallons) | 7,000,000,000 | |
Virginia Electric and Power Company | Current | Electricity (MWh): | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (in Megawatt hours) | 624,800 | |
Virginia Electric and Power Company | Current | Electricity (MWh): | FTRs | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (in Megawatt hours) | 39,186,609 | |
Virginia Electric and Power Company | Current | Capacity (MW) | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Capacity of Electricity (in Megawatts) | 75,500 | |
Virginia Electric and Power Company | Noncurrent | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Interest rate | $0 | |
Virginia Electric and Power Company | Noncurrent | Natural Gas (bcf): | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (in billion cubic feet and gallons) | 0 | |
Virginia Electric and Power Company | Noncurrent | Natural Gas (bcf): | Basis | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (in billion cubic feet and gallons) | 0 | |
Virginia Electric and Power Company | Noncurrent | Electricity (MWh): | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (in Megawatt hours) | 0 | |
Virginia Electric and Power Company | Noncurrent | Electricity (MWh): | FTRs | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (in Megawatt hours) | 0 | |
Virginia Electric and Power Company | Noncurrent | Capacity (MW) | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Capacity of Electricity (in Megawatts) | 18,300 | |
[1] | Includes options. | |
[2] | Includes NGLs and oil. |
Derivatives_and_Hedge_Accounti5
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Commodity | Commodity | Commodity | Interest rate | ||
Gas | Electricity | Other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' |
AOCI After-Tax | ($288) | ($122) | ($3) | ($172) | ($3) | ($110) |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | ($137) | ' | ($3) | ($124) | ($3) | ($7) |
Maximum Term | ' | ' | '28 months | '36 months | '29 months | '364 months |
Derivatives_and_Hedge_Accounti6
Derivatives and Hedge Accounting Activities (Fair Values of our Derivatives) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | $890 | $828 | ||
Total Fair Value, Liabilities | 1,102 | 661 | ||
Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 687 | 518 | ||
Current Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 571 | 482 | ||
Current Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 116 | 36 | ||
Noncurrent Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 203 | [1] | 310 | [1] |
Noncurrent Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 182 | 253 | ||
Noncurrent Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 21 | 57 | ||
Current Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 828 | 510 | ||
Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 828 | 444 | ||
Current Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | ' | 66 | ||
Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 274 | [2] | 151 | [2] |
Noncurrent Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 274 | 151 | ||
Fair Value - Derivatives under Hedge Accounting | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 214 | 326 | ||
Total Fair Value, Liabilities | 386 | 227 | ||
Fair Value - Derivatives under Hedge Accounting | Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 165 | 139 | ||
Fair Value - Derivatives under Hedge Accounting | Current Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 49 | 103 | ||
Fair Value - Derivatives under Hedge Accounting | Current Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 116 | 36 | ||
Fair Value - Derivatives under Hedge Accounting | Noncurrent Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 49 | [1] | 187 | [1] |
Fair Value - Derivatives under Hedge Accounting | Noncurrent Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 28 | 130 | ||
Fair Value - Derivatives under Hedge Accounting | Noncurrent Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 21 | 57 | ||
Fair Value - Derivatives under Hedge Accounting | Current Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 267 | 169 | ||
Fair Value - Derivatives under Hedge Accounting | Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 267 | 103 | ||
Fair Value - Derivatives under Hedge Accounting | Current Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | ' | 66 | ||
Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 119 | [2] | 58 | [2] |
Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 119 | 58 | ||
Fair Value - Derivatives not under Hedge Accounting | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 676 | 502 | ||
Total Fair Value, Liabilities | 716 | 434 | ||
Fair Value - Derivatives not under Hedge Accounting | Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 522 | 379 | ||
Fair Value - Derivatives not under Hedge Accounting | Current Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 522 | 379 | ||
Fair Value - Derivatives not under Hedge Accounting | Current Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 0 | 0 | ||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 154 | [1] | 123 | [1] |
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 154 | 123 | ||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 0 | 0 | ||
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 561 | 341 | ||
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 561 | 341 | ||
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | ' | 0 | ||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 155 | [2] | 93 | [2] |
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 155 | 93 | ||
Virginia Electric and Power Company | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 53 | 6 | ||
Total Fair Value, Liabilities | 12 | 34 | ||
Virginia Electric and Power Company | Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 53 | [3] | 6 | [3] |
Virginia Electric and Power Company | Current Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 5 | 6 | ||
Virginia Electric and Power Company | Current Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 48 | ' | ||
Virginia Electric and Power Company | Current Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 12 | 33 | ||
Virginia Electric and Power Company | Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 12 | 8 | ||
Virginia Electric and Power Company | Current Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | ' | 25 | ||
Virginia Electric and Power Company | Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | ' | 1 | [4] | |
Virginia Electric and Power Company | Noncurrent Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | ' | 1 | ||
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 50 | 1 | ||
Total Fair Value, Liabilities | 1 | 31 | ||
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 50 | [3] | 1 | [3] |
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Current Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 2 | 1 | ||
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Current Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 48 | ' | ||
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Current Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 1 | 30 | ||
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 1 | 5 | ||
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Current Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | ' | 25 | ||
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | ' | 1 | [4] | |
Virginia Electric and Power Company | Fair Value - Derivatives under Hedge Accounting | Noncurrent Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | ' | 1 | ||
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 3 | 5 | ||
Total Fair Value, Liabilities | 11 | 3 | ||
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 3 | [3] | 5 | [3] |
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Current Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 3 | 5 | ||
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 11 | 3 | ||
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 11 | 3 | ||
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | ' | 0 | ||
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | ' | 0 | [4] | |
Virginia Electric and Power Company | Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | ' | $0 | ||
[1] | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion's Consolidated Balance Sheets. | |||
[2] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion's Consolidated Balance Sheets. | |||
[3] | Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. | |||
[4] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power's Consolidated Balance Sheets. |
Derivatives_and_Hedge_Accounti7
Derivatives and Hedge Accounting Activities (Gains and Losses on our Derivatives in Cash Flow Hedging Relationships) (Details) (Cash Flow Hedges, USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | ($404) | [1] | ($13) | [1] | ($115) | [1] |
Amount of Gain (Loss) Reclassified from AOCI to Income | -130 | 94 | 66 | |||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | 86 | [2] | -25 | [2] | -163 | [2] |
Commodity | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | -481 | [1] | 71 | [1] | 137 | [1] |
Amount of Gain (Loss) Reclassified from AOCI to Income | -115 | 96 | 74 | |||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | 5 | [2] | 10 | [2] | -20 | [2] |
Commodity | Operating Revenue | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Reclassified from AOCI to Income | -58 | 188 | 153 | |||
Commodity | Purchased gas | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Reclassified from AOCI to Income | -47 | -75 | -78 | |||
Commodity | Electric fuel and other energy-related purchases | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Reclassified from AOCI to Income | -10 | -17 | -2 | |||
Commodity | Purchased electric capacity | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Reclassified from AOCI to Income | ' | ' | 1 | |||
Interest rate | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | 77 | [1],[3] | -84 | [1],[3] | -252 | [1],[3] |
Amount of Gain (Loss) Reclassified from AOCI to Income | -15 | [3] | -2 | [3] | -8 | [3] |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | 81 | [2],[3] | -35 | [2],[3] | -143 | [2],[3] |
Virginia Electric and Power Company | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | 9 | [4] | -8 | [4] | -9 | [4] |
Amount of Gain (Loss) Reclassified from AOCI to Income | 0 | -4 | 1 | |||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | 86 | [5] | -25 | [5] | -163 | [5] |
Virginia Electric and Power Company | Commodity | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | 0 | [4] | -2 | [4] | -3 | [4] |
Amount of Gain (Loss) Reclassified from AOCI to Income | 0 | -4 | 0 | |||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | 5 | [5] | 10 | [5] | -20 | [5] |
Virginia Electric and Power Company | Commodity | Electric Fuel and Energy Purchases | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Reclassified from AOCI to Income | 0 | -4 | -1 | |||
Virginia Electric and Power Company | Commodity | Purchased electric capacity | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Reclassified from AOCI to Income | ' | ' | 1 | |||
Virginia Electric and Power Company | Interest rate | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | 9 | [4],[6] | -6 | [4],[6] | -6 | [4],[6] |
Amount of Gain (Loss) Reclassified from AOCI to Income | 0 | [6] | 0 | [6] | 1 | [6] |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | $81 | [5],[6] | ($35) | [5],[6] | ($143) | [5],[6] |
[1] | Amounts deferred into AOCI have no associated effect in Dominion's Consolidated Statements of Income. | |||||
[2] | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion's Consolidated Statements of Income. | |||||
[3] | Amounts recorded in Dominion's Consolidated Statements of Income are classified in interest and related charges. | |||||
[4] | Amounts deferred into AOCI have no associated effect in Virginia Power's Consolidated Statements of Income. | |||||
[5] | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power's Consolidated Statements of Income. | |||||
[6] | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in interest and related charges. |
Derivatives_and_Hedge_Accounti8
Derivatives and Hedge Accounting Activities (Gains and Losses on our Derivatives Not Designated as Hedging Instruments) (Details) (Derivatives not designated as hedging instruments, USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | ($83) | [1] | $131 | [1] | $26 | [1] |
Commodity | Operating Revenue | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | -45 | [1] | 168 | [1] | 111 | [1] |
Commodity | Purchased gas | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | -9 | [1] | -14 | [1] | -35 | [1] |
Commodity | Electric fuel and other energy-related purchases | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | -29 | [1] | -40 | [1] | -45 | [1] |
Interest rate | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | 0 | [1],[2] | 17 | [1],[2] | -5 | [1],[2] |
Virginia Electric and Power Company | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | -16 | [3] | -50 | [3] | -50 | [3] |
Virginia Electric and Power Company | Commodity | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | -16 | [3],[4] | -50 | [3],[4] | -45 | [3],[4] |
Virginia Electric and Power Company | Interest rate | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | $0 | [3],[5] | $0 | [3],[5] | ($5) | [3],[5] |
[1] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion's Consolidated Statements of Income. | |||||
[2] | Amounts recorded in Dominion's Consolidated Statements of Income are classified in interest and related charges. | |||||
[3] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power's Consolidated Statements of Income. | |||||
[4] | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. | |||||
[5] | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in interest and related charges. |
Earnings_Per_Share_Calculation
Earnings Per Share (Calculation of our Basic and Diluted EPS) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income attributable to Dominion | $431 | [1] | $569 | $202 | $495 | ($659) | $209 | $258 | $494 | $1,697 | $302 | [2] | $1,408 | [2] | |
Average shares of common stock outstanding-Basic | ' | ' | ' | ' | ' | ' | ' | ' | 578,700,000 | 572,900,000 | 573,100,000 | ||||
Net effect of potentially dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | [3] | 1,000,000 | [3] | 1,500,000 | [3] | |
Average shares of common stock outstanding-Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 579,500,000 | 573,900,000 | 574,600,000 | ||||
Earnings Per Common Share-Basic (in dollars per share) | $0.74 | [1] | $0.98 | $0.35 | $0.86 | ($1.15) | $0.36 | $0.45 | $0.86 | $2.93 | $0.53 | [2] | $2.46 | [2] | |
Earnings Per Common Share-Diluted (in dollars per share) | $0.74 | [1] | $0.98 | $0.35 | $0.86 | ($1.15) | $0.36 | $0.45 | $0.86 | $2.93 | $0.53 | [2] | $2.45 | [2] | |
Potentially dilutive securities excluded from the calculation of diluted EPS | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ||||
[1] | Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3. | ||||||||||||||
[2] | Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3 to the Consolidated Financial Statements. EPS amounts reflect the per share impact of the recast of $1.92 and $0.06 for 2012 and 2011, respectively. | ||||||||||||||
[3] | Dilutive securities consist primarily of contingently convertible senior notes. See Note 17 for more information. |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Blue Racer | Blue Racer | Blue Racer | Blue Racer | Blue Racer | Blue Racer | Blue Racer | Blue Racer | Blue Racer | Other operations and maintenance expense | Virginia Electric and Power Company | Virginia Electric and Power Company | Categories of Investments, Marketable Securities, Trading Securities | Categories of Investments, Marketable Securities, Trading Securities | Cost method investments | Cost method investments | ||||
Subsequent Event | Pipelines | Pipelines | Pipelines | Blue Racer | |||||||||||||||
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments held in our rabbi trusts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $107 | $95 | $10 | $14 |
Equity earnings on investments | 14 | 25 | 35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company received distribution from Fowler Ridge in connection with non-recourse permanent financing | 33 | 58 | 55 | 115 | ' | 160 | 115 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of Company's investments exceeded its shares of underlying equity | 36 | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized interest during construction | 28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method goodwill | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | 50.00% | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on purchase of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72 | ' | ' | ' | ' | ' | ' |
Gain on purchase of business, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43 | ' | ' | ' | ' | ' | ' |
Transaction costs on sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' |
Cash proceeds received from sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47 | 30 | 83 | ' | ' | ' | ' | ' | ' | ' |
Gain from sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | 4 | 75 | ' | ' | ' | ' | ' | ' | ' |
After tax gain on sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | 2 | 42 | ' | ' | ' | ' | ' | ' | ' |
Increase in equity method investment | ' | ' | ' | ' | 473 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | 155 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash and cash equivalent for funding qualifying projects | $11 | $37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8 | $10 | ' | ' | ' | ' |
Investments_Marketable_Equity_
Investments (Marketable Equity and Debt Securities and Cash Equivalents (Classified as Available-for-sale) and Cost Method Investments in Decommissioning Trust Funds) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Investment Holdings [Line Items] | ' | ' | ||
Total amortized cost basis | $2,669 | $2,511 | ||
Total Unrealized Gains | 1,252 | [1] | 821 | [1] |
Total Unrealized Losses | -18 | [1],[2] | -2 | [1],[2] |
Fair Value | 3,903 | 3,330 | ||
Net assets related to pending sales and purchases of securities | 11 | 6 | ||
Fair value of securities in an unrealized loss position | 604 | 195 | ||
Virginia Electric and Power Company | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Total amortized cost basis | 1,236 | 1,179 | ||
Total Unrealized Gains | 538 | [1] | 337 | [1] |
Total Unrealized Losses | -9 | [1],[3] | -1 | [1],[3] |
Fair Value | 1,765 | 1,515 | ||
Net assets related to pending sales and purchases of securities | 6 | 6 | ||
Fair value of securities in an unrealized loss position | 299 | 104 | ||
Cost method investments | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Other investments and securities, at cost | 106 | 117 | ||
Total Unrealized Gains | 0 | [1] | 0 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | [1] |
Fair Value | 106 | 117 | ||
Cost method investments | Virginia Electric and Power Company | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Other investments and securities, at cost | 106 | 117 | ||
Total Unrealized Gains | 0 | [1] | 0 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | [1] |
Fair Value | 106 | 117 | ||
Cash equivalents and other | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Other investments and securities, at cost | 110 | [4] | 72 | [4] |
Total Unrealized Gains | 0 | [1],[4] | 0 | [1],[4] |
Total Unrealized Losses | 0 | [1],[4] | 0 | [1],[4] |
Fair Value | 110 | [4] | 72 | [4] |
Cash equivalents and other | Virginia Electric and Power Company | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Other investments and securities, at cost | 37 | [5] | 44 | [5] |
Total Unrealized Gains | 0 | [1],[5] | 0 | [1],[5] |
Total Unrealized Losses | 0 | [1],[5] | 0 | [1],[5] |
Fair Value | 37 | [5] | 44 | [5] |
Corporate debt instruments | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost | 332 | 295 | ||
Total Unrealized Gains | 16 | [1] | 30 | [1] |
Total Unrealized Losses | -3 | [1] | 0 | [1] |
Fair Value | 345 | 325 | ||
Corporate debt instruments | Virginia Electric and Power Company | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost | 185 | 179 | ||
Total Unrealized Gains | 8 | [1] | 17 | [1] |
Total Unrealized Losses | -2 | [1] | 0 | [1] |
Fair Value | 191 | 196 | ||
U.S. Treasury securities and agency debentures | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost | 589 | 523 | ||
Total Unrealized Gains | 8 | [1] | 19 | [1] |
Total Unrealized Losses | -10 | [1] | -2 | [1] |
Fair Value | 587 | 540 | ||
U.S. Treasury securities and agency debentures | Virginia Electric and Power Company | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost | 214 | 231 | ||
Total Unrealized Gains | 1 | [1] | 4 | [1] |
Total Unrealized Losses | -3 | [1] | -1 | [1] |
Fair Value | 212 | 234 | ||
State and municipal | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost | 297 | 248 | ||
Total Unrealized Gains | 11 | [1] | 26 | [1] |
Total Unrealized Losses | -5 | [1] | 0 | [1] |
Fair Value | 303 | 274 | ||
State and municipal | Virginia Electric and Power Company | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost | 163 | 106 | ||
Total Unrealized Gains | 4 | [1] | 11 | [1] |
Total Unrealized Losses | -4 | [1] | 0 | [1] |
Fair Value | 163 | 117 | ||
Other | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost | 3 | 6 | ||
Total Unrealized Gains | 0 | [1] | 1 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | [1] |
Fair Value | 3 | 7 | ||
Other | Virginia Electric and Power Company | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost | ' | 1 | ||
Total Unrealized Gains | ' | 0 | [1] | |
Total Unrealized Losses | ' | 0 | [1] | |
Fair Value | ' | 1 | ||
U.S.: | Equity securities: | Large Cap | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost | 1,183 | 1,210 | ||
Total Unrealized Gains | 1,194 | [1] | 732 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | [1] |
Fair Value | 2,377 | 1,942 | ||
U.S.: | Equity securities: | Large Cap | Virginia Electric and Power Company | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost | 506 | 481 | ||
Total Unrealized Gains | 514 | [1] | 298 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | [1] |
Fair Value | 1,020 | 779 | ||
U.S.: | Equity securities: | Other | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost | 49 | 40 | ||
Total Unrealized Gains | 23 | [1] | 13 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | [1] |
Fair Value | 72 | 53 | ||
U.S.: | Equity securities: | Other | Virginia Electric and Power Company | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost | 25 | 20 | ||
Total Unrealized Gains | 11 | [1] | 7 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | [1] |
Fair Value | $36 | $27 | ||
[1] | Included in AOCI and the decommissioning trust regulatory liability as discussed in Note 2. | |||
[2] | The fair value of securities in an unrealized loss position was $604 million and $195 million at December 31, 2013 and 2012, respectively. | |||
[3] | The fair value of securities in an unrealized loss position was $299 million and $104 million at December 31, 2013 and 2012, respectively. | |||
[4] | Includes pending sales of securities of $11 million and pending purchases of securities of $6 million at December 31, 2013 and 2012, respectively. | |||
[5] | Includes pending sales of securities of $6 million at December 31, 2013 and 2012. |
Investments_Fair_Value_of_our_
Investments (Fair Value of our Marketable Debt Securities by Contractual Maturity) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Due in one year or less | $128 |
Due after one year through five years | 357 |
Due after five years through ten years | 362 |
Due after ten years | 391 |
Total | 1,238 |
Virginia Electric and Power Company | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Due in one year or less | 31 |
Due after one year through five years | 163 |
Due after five years through ten years | 196 |
Due after ten years | 176 |
Total | $566 |
Investments_Selected_Informati
Investments (Selected Information Regarding Marketable Equity and Debt Securities) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Available-for-sale securities: | ' | ' | ' | |||
Proceeds from sales | $1,476 | $1,356 | $1,757 | |||
Realized gains | 157 | [1] | 98 | [1] | 79 | [1] |
Realized losses | 33 | [1] | 33 | [1] | 92 | [1] |
Virginia Electric and Power Company | ' | ' | ' | |||
Available-for-sale securities: | ' | ' | ' | |||
Proceeds from sales | 572 | 626 | 1,030 | |||
Realized gains | 52 | [1] | 42 | [1] | 34 | [1] |
Realized losses | $14 | [1] | $11 | [1] | $34 | [1] |
[1] | Includes realized gains and losses recorded to the decommissioning trust regulatory liability as discussed in Note 2. |
Investments_Recorded_OtherThan
Investments (Recorded Other-Than-Temporary Impairment Losses on Investments) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | |||
Total other-than-temporary impairment losses | $31 | $26 | $75 | |||
Losses recorded to decommissioning trust regulatory liability | -13 | -10 | -24 | |||
Losses recognized in other comprehensive income (before taxes) | 10 | 2 | 3 | |||
Net impairment losses recognized in earnings | 8 | 14 | 48 | |||
Other-than-temporary impairment losses for debt securities | 18 | 4 | 6 | |||
Virginia Electric and Power Company | ' | ' | ' | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | |||
Total other-than-temporary impairment losses | 15 | [1] | 11 | [1] | 29 | [1] |
Losses recorded to decommissioning trust regulatory liability | -13 | -10 | -24 | |||
Losses recognized in other comprehensive income (before taxes) | 1 | 0 | 1 | |||
Net impairment losses recognized in earnings | 1 | 1 | 4 | |||
Other-than-temporary impairment losses for debt securities | $9 | $2 | $4 | |||
[1] | Amounts include other-than-temporary impairment losses for debt securities of $9 million, $2 million and $4 million at December 31, 2013, 2012 and 2011, respectively. |
Investments_Investments_Under_
Investments (Investments Under Equity Method of Accounting) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Investment Balance | $916 | $558 | ||
Commitment to invest in clean power and technology | 50 | ' | ||
Blue Racer Midstream LLC | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Ownership% | 50.00% | ' | ||
Investment Balance | 510 | 39 | ||
Description | 'Midstream gas and related services | ' | ||
Fowler I Holdings LLC | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Ownership% | 50.00% | ' | ||
Investment Balance | 149 | 158 | ||
Description | 'Wind-powered merchant generation facility | ' | ||
NedPower Mount Storm LLC | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Ownership% | 50.00% | ' | ||
Investment Balance | 131 | 137 | ||
Description | 'Wind-powered merchant generation facility | ' | ||
Iroquois Gas Transmission System, LP | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Ownership% | 24.72% | ' | ||
Investment Balance | 105 | 102 | ||
Description | 'Gas transmission system | ' | ||
Elwood Energy LLC | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Ownership% | 0.00% | [1] | 50.00% | [1] |
Investment Balance | 0 | [1] | 117 | [1] |
Description | 'Natural gas-fired merchant generation peaking facility | [1] | ' | |
Ownership retained in cost method investment | 0.50% | [1] | ' | |
Other | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Investment Balance | $21 | [2] | $5 | [2] |
[1] | Following the 2013 sale of Elwood, at December 31, 2013, Dominion retained a 0.5% cost method investment. At December 31, 2012, Dominion owned 50% and Elwood was therefore considered an equity method investment. | |||
[2] | Dominion has a $50 million commitment to invest in clean power and technology businesses through 2018. |
Property_Plant_and_Equipment_N
Property, Plant and Equipment (Narrative) (Details) (Oil and Gas Properties, USD $) | 1 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
Natural_Gas_Producer | acre | |
acre | ||
Oil and Gas Properties | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Number of natural gas producers | 2 | ' |
Acres of Marcellus Shale rights | 100,000 | 100,000 |
Agreed upon payments for conveyance of acres of natural gas storage fields | $200 | $200 |
Period for payments related to conveyance of natural gas storage fields | '9 years | ' |
Cash proceeds received from sale | ' | 100 |
Gain from sale | ' | 20 |
After tax gain on sale | ' | 12 |
Deferred Revenue, Additions | ' | $80 |
Property_Plant_and_Equipment_P
Property, Plant and Equipment (Property, Plant and Equipment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Utility: | ' | ' | ||
Generation | $14,018 | $13,707 | ||
Transmission | 8,686 | 7,799 | ||
Distribution | 11,714 | 11,071 | ||
Storage | 2,190 | 2,137 | ||
Nuclear fuel | 1,375 | 1,277 | ||
Gas gathering and processing | 787 | 803 | ||
General and other | 812 | 803 | ||
Other-including plant under construction | 3,261 | 2,232 | ||
Total utility | 42,843 | 39,829 | ||
Nonutility: | ' | ' | ||
Merchant generation-nuclear | 1,153 | 1,163 | ||
Merchant generation-other | 1,328 | [1] | 1,289 | [1] |
Nuclear fuel | 770 | 775 | ||
Other-including plant under construction | 875 | 1,265 | ||
Total nonutility | 4,126 | 4,492 | ||
Total property, plant and equipment | 46,969 | 44,321 | ||
Merchant generation other, due to consolidation of VIE | ' | 957 | ||
Virginia Electric and Power Company | ' | ' | ||
Utility: | ' | ' | ||
Generation | 14,018 | 13,707 | ||
Transmission | 4,959 | 4,261 | ||
Distribution | 9,103 | 8,701 | ||
Nuclear fuel | 1,375 | 1,277 | ||
General and other | 668 | 659 | ||
Other-including plant under construction | 2,719 | 2,017 | ||
Total utility | 32,842 | 30,622 | ||
Nonutility: | ' | ' | ||
Total nonutility | 6 | 9 | ||
Total property, plant and equipment | $32,848 | $30,631 | ||
[1] | 2012 amount includes $957 million due to consolidation of a VIE. See Note 15 for further information. |
Property_Plant_and_Equipment_S
Property, Plant and Equipment (Share of Jointly-Owned Power Stations) (Details) (USD $) | Dec. 31, 2013 | |
In Millions, unless otherwise specified | ||
Millstone Unit 3 | ' | |
Jointly Owned Utility Plant Interests [Line Items] | ' | |
Ownership interest | 93.50% | [1] |
Plant in service | $1,007 | [1] |
Accumulated depreciation | -262 | [1] |
Nuclear fuel | 388 | [1] |
Accumulated amortization of nuclear fuel | -283 | [1] |
Plant under construction | 69 | [1] |
Virginia Electric and Power Company | Bath County Pumped Storage Station | ' | |
Jointly Owned Utility Plant Interests [Line Items] | ' | |
Ownership interest | 60.00% | [2] |
Plant in service | 1,038 | [2] |
Accumulated depreciation | -536 | [2] |
Nuclear fuel | 0 | [2] |
Accumulated amortization of nuclear fuel | 0 | [2] |
Plant under construction | 23 | [2] |
Virginia Electric and Power Company | North Anna | ' | |
Jointly Owned Utility Plant Interests [Line Items] | ' | |
Ownership interest | 88.40% | [2] |
Plant in service | 2,486 | [2] |
Accumulated depreciation | -1,109 | [2] |
Nuclear fuel | 597 | [2] |
Accumulated amortization of nuclear fuel | -434 | [2] |
Plant under construction | 76 | [2] |
Virginia Electric and Power Company | Clover Power Station | ' | |
Jointly Owned Utility Plant Interests [Line Items] | ' | |
Ownership interest | 50.00% | [2] |
Plant in service | 568 | [2] |
Accumulated depreciation | -199 | [2] |
Nuclear fuel | 0 | [2] |
Accumulated amortization of nuclear fuel | 0 | [2] |
Plant under construction | $6 | [2] |
[1] | Unit jointly owned by Dominion. | |
[2] | Units jointly owned by Virginia Power. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Line Items] | ' | ' | ' |
Amortization expense for intangible assets | $72 | $82 | $78 |
Acquisition of intangible assets | 81 | ' | ' |
Weighted-average amortization period (years) | '10 years | ' | ' |
Virginia Electric and Power Company | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Amortization expense for intangible assets | 22 | ' | ' |
Acquisition of intangible assets | $14 | ' | ' |
Weighted-average amortization period (years) | '5 years | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Goodwill) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Goodwill [Roll Forward] | ' | ' | ||
Goodwill, Beginning Balance | $3,130 | [1] | $3,141 | [1] |
Asset disposition adjustment | -44 | -11 | ||
Goodwill, Ending Balance | 3,086 | [1] | 3,130 | [1] |
Dominion Generation | ' | ' | ||
Goodwill [Roll Forward] | ' | ' | ||
Goodwill, Beginning Balance | 1,503 | [1],[2] | 1,503 | [1],[2] |
Asset disposition adjustment | -19 | [3] | 0 | |
Goodwill, Ending Balance | 1,484 | [1] | 1,503 | [1],[2] |
Dominion Energy | ' | ' | ||
Goodwill [Roll Forward] | ' | ' | ||
Goodwill, Beginning Balance | 701 | [1] | 712 | [1] |
Asset disposition adjustment | -25 | [4] | -11 | [4] |
Goodwill, Ending Balance | 676 | [1] | 701 | [1] |
DVP | ' | ' | ||
Goodwill [Roll Forward] | ' | ' | ||
Goodwill, Beginning Balance | 926 | [1] | 926 | [1],[2] |
Asset disposition adjustment | 0 | 0 | ||
Goodwill, Ending Balance | 926 | [1] | 926 | [1] |
Corporate and Other | ' | ' | ||
Goodwill [Roll Forward] | ' | ' | ||
Goodwill, Beginning Balance | 0 | [1],[5] | 0 | [1],[5] |
Asset disposition adjustment | 0 | [5] | 0 | [5] |
Goodwill, Ending Balance | $0 | [1],[5] | $0 | [1],[5] |
[1] | Goodwill amounts do not contain any accumulated impairment losses. | |||
[2] | Recast to reflect nonregulated retail energy marketing operations in the Dominion Generation segment. | |||
[3] | See Note 3 for a discussion of Dominion's dispositions and related goodwill write-offs. | |||
[4] | Related to assets sold or contributed to Blue Racer. | |||
[5] | Goodwill recorded at the Corporate and Other segment is allocated to the primary operating segments for goodwill impairment testing purposes. |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Components of Intangible Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $870 | $864 |
Accumulated Amortization | 310 | 328 |
Virginia Electric and Power Company | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 271 | 303 |
Accumulated Amortization | 78 | 122 |
Software, licenses and other | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 867 | 859 |
Accumulated Amortization | 308 | 327 |
Software, licenses and other | Virginia Electric and Power Company | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 271 | 303 |
Accumulated Amortization | 78 | 122 |
Emissions allowances | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 3 | 5 |
Accumulated Amortization | $2 | $1 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets (Annual Amortization Expense of Intangible Assets) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Finite-Lived Intangible Assets [Line Items] | ' |
2014 | $69 |
2015 | 59 |
2016 | 50 |
2017 | 40 |
2018 | 29 |
Virginia Electric and Power Company | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
2014 | 21 |
2015 | 15 |
2016 | 12 |
2017 | 9 |
2018 | $5 |
Regulatory_Assets_and_Liabilit2
Regulatory Assets and Liabilities (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Regulatory Assets And Liabilities [Line Items] | ' | ' |
Regulatory assets represented past expenditures not earning return | $129 | ' |
Period expenditures expected to be recovered (years) | '2 years | ' |
DOE Claims | 2,129 | 1,650 |
Virginia Electric and Power Company | ' | ' |
Regulatory Assets And Liabilities [Line Items] | ' | ' |
Regulatory assets represented past expenditures not earning return | 63 | ' |
DOE Claims | 1,638 | 1,317 |
DOE Claims | ' | ' |
Regulatory Assets And Liabilities [Line Items] | ' | ' |
DOE Claims | $5 | ' |
Regulatory_Assets_and_Liabilit3
Regulatory Assets and Liabilities (Regulatory Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Deferred rate adjustment clause costs | $89 | [1] | $55 | [1] |
Unrecovered gas costs | 50 | [2] | 59 | [2] |
Virginia sales taxes | 46 | [3] | 37 | [3] |
Derivatives | 16 | [4] | 0 | [4] |
Plant retirement | 1 | [5] | 25 | [5] |
Other | 15 | 27 | ||
Regulatory assets-current | 217 | [6] | 203 | [6] |
Unrecognized pension and other postretirement benefit costs | 706 | [7] | 1,210 | [7] |
Deferred rate adjustment clause costs | 287 | [1] | 173 | [1] |
Income taxes recoverable through future rates | 155 | [8] | 140 | [8] |
Derivatives | 16 | [4] | 105 | [4] |
Other postretirement benefit costs | 12 | [9] | 21 | [9] |
Plant retirement | 10 | [5] | 11 | [5] |
Other | 42 | 57 | ||
Regulatory assets-non-current | 1,228 | 1,717 | ||
Total regulatory assets | 1,445 | 1,920 | ||
PIPP, regulatory liabilities-current | 76 | [10] | 100 | [10] |
Deferred cost of fuel used in electric generation | 24 | [11] | 7 | [11] |
Other | 28 | 29 | ||
Regulatory liabilities-current | 128 | [12] | 136 | [12] |
Provision for future cost of removal and AROs | 1,028 | 985 | ||
Decommissioning trust | 693 | 501 | ||
Unrecognized pension and other postretirement benefit costs | 174 | [7] | 2 | [7] |
Deferred cost of fuel used in electric generation | 90 | [11] | 13 | [11] |
Other | 16 | 13 | ||
Regulatory liabilities-non-current | 2,001 | 1,514 | ||
Total regulatory liabilities | 2,129 | 1,650 | ||
Virginia Electric and Power Company | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Deferred rate adjustment clause costs | 62 | [1] | 51 | [1] |
Virginia sales taxes | 46 | [3] | 37 | [3] |
Derivatives | 16 | [4] | 0 | [4] |
Plant retirement | 1 | [5] | 25 | [5] |
Other | 3 | 6 | ||
Regulatory assets-current | 128 | 119 | ||
Deferred rate adjustment clause costs | 227 | [1] | 127 | [1] |
Income taxes recoverable through future rates | 124 | [8] | 110 | [8] |
Derivatives | 16 | [4] | 105 | [4] |
Plant retirement | 10 | [5] | 11 | [5] |
Other | 40 | 43 | ||
Regulatory assets-non-current | 417 | 396 | ||
Total regulatory assets | 545 | 515 | ||
Deferred cost of fuel used in electric generation | 24 | [11] | 7 | [11] |
Other | 17 | 25 | ||
Regulatory liabilities-current | 41 | 32 | ||
Provision for future cost of removal | 807 | [13] | 763 | [13] |
Decommissioning trust | 693 | [14] | 501 | [14] |
Deferred cost of fuel used in electric generation | 90 | [11] | 14 | [11] |
Other | 7 | 7 | ||
Regulatory liabilities-non-current | 1,597 | 1,285 | ||
Total regulatory liabilities | $1,638 | $1,317 | ||
[1] | Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. See Note 13 for more information. | |||
[2] | Reflects unrecovered gas costs at Dominion's regulated gas operations, which are recovered through annual filings with the applicable regulatory authority. | |||
[3] | Amounts to be recovered through an annual surcharge to reimburse Virginia Power for incremental sales taxes being incurred due to the repeal of the public service company sales tax exemption in Virginia | |||
[4] | As discussed under Derivative Instruments in Note 2, for jurisdictions subject to cost-based rate regulation, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities as they are expected to be recovered from or refunded to customers. | |||
[5] | Reflects costs anticipated to be recovered in North Carolina base rates for certain coal units expected to be retired. | |||
[6] | Current regulatory assets are presented in other current assets in Dominion's Consolidated Balance Sheets. | |||
[7] | Represents unrecognized pension and other postretirement benefit costs expected to be recovered through future rates generally over the expected remaining service period of plan participants by certain of Dominion's rate-regulated subsidiaries. | |||
[8] | Amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity and depreciation of property, plant and equipment for which deferred income taxes were not recognized for ratemaking purposes, including amounts attributable to tax rate changes. | |||
[9] | Primarily reflects costs recognized in excess of amounts included in regulated rates charged by Dominion's regulated gas operations before rates were updated to reflect a change in accounting method for other postretirement benefit costs. | |||
[10] | Under PIPP, eligible customers can receive energy assistance based on their ability to pay. The difference between the customer's total bill and the PIPP plan amount is deferred and collected or returned annually under the PIPP rider according to East Ohio tariff provisions. See Note 13 for more information regarding PIPP. | |||
[11] | Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Virginia Power's generation operations. For 2013, amount includes approximately $5 million related to DOE claims. See Note 13 for more information. | |||
[12] | Current regulatory liabilities are presented in other current liabilities in Dominion's Consolidated Balance Sheets. | |||
[13] | Rates charged to customers by the Companies' regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. | |||
[14] | Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power's utility nuclear generation stations, in excess of the related ARO. |
Regulatory_Matters_Narrative_D
Regulatory Matters (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-12 | Mar. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 01, 2008 | Jul. 31, 2008 | Nov. 30, 2013 | 31-May-13 | Dec. 31, 2013 | Oct. 31, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Sep. 30, 2013 | Jul. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Jun. 30, 2013 | Nov. 30, 2013 | Jun. 30, 2013 | 31-May-13 | Aug. 31, 2013 | Aug. 31, 2013 | 31-May-13 | Jul. 31, 2008 | Jul. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Feb. 28, 2013 | Dec. 31, 2008 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | |
Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | East Ohio | East Ohio | East Ohio | East Ohio | East Ohio | DTI | ||||
Project | Project | Virginia Regulation | Virginia Regulation | Virginia Regulation | Loudoun- Pleasant View Transmission | Surry Switching Station Transmission Line | Transmission Line from Skiffes Creek Switching Station to Wheaton Substation | Bremo Power Station | North Anna | North Anna | Minimum | Rider B | Rider BW | Rider S | Rider W | Rider C1A | Rider C2A | Rider T1 | 1.5% Incentive rate for projects | 1.25% Incentive rate for projects | Other Current Liabilities | Noncurrent Regulatory Liability | PIR Program | PIR Program | PIR Program | PIPP Plus Program | PIPP Plus Program | |||||||||||
Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Surry Switching Station Transmission Line | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Project | Project | Virginia Regulation | Virginia Regulation | Ohio Regulation | Ohio Regulation | Ohio Regulation | Ohio Regulation | Ohio Regulation | ||||||||||||||||
kV | kV | kV | MW | Part | Virginia Regulation | mi | Scenario, Forecast | |||||||||||||||||||||||||||||||
mi | mi | |||||||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approved ROE | ' | ' | ' | ' | ' | ' | 11.40% | ' | ' | ' | ' | 10.90% | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of electric transmission projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 7 | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive for 4 electric transmission enhancement projects | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive for 7 electric transmission enhancement projects | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of electric transmission projects cancelled | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated cost of project abandonment | ' | ' | ' | ' | ' | ' | $7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of transmission projects approved | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated cost for electric transmission projects | ' | ' | ' | ' | ' | ' | 857,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs claimed to be unjust and excluded from transmission formula rate | ' | ' | ' | ' | 223,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential settlement required annual payment for 10 years | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement payment duration | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earned ROE percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.25% | ' | 10.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis points below authorized ROE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of deferred recovery costs authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of revenue sufficiency | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 280,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charge related to Biennial Review Order | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restoration costs net of tax | ' | ' | ' | ' | ' | 28,000,000 | ' | ' | ' | ' | ' | ' | ' | 37,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Peer group floor ROE, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.89% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market cost of equity, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proposed increase decrease revenue requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approved fuel factor rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.02942 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Requested fuel factor rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.02572 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of expected reduction in anticipated fuel recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities related to fuel recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,000,000 | 85,000,000 | ' | ' | ' | ' | ' | ' |
Proposed revenue requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,000,000 | ' | 248,000,000 | 101,000,000 | ' | ' | 404,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proposed revenue requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101,000,000 | ' | ' | 1,000,000 | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capacity of Electricity (in Megawatts) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 227 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected cost of proposed conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of parts of amendment to COL application | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period after completion of seismic assessment to submit motion to reopen proceeding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of development costs incurred that are recoverable through future rate adjustment clause | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plant construction and other property additions (including nuclear fuel) | 4,104,000,000 | 4,145,000,000 | 3,652,000,000 | ' | ' | ' | 2,394,000,000 | 2,082,000,000 | 1,885,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 570,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Projected amount of capitalized costs recovered, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
KV Line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | 500 | 230 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Length of Transmission line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage replacement of pipeline system | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' |
Miles of pipeline identified to be replaced | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100 | ' | ' | ' |
Period for pipeline replacement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25 years | ' | ' | ' |
Total plant investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170,000,000 | 148,000,000 | ' | ' | ' | ' |
Cumulative gross plant investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 681,000,000 | 511,000,000 | ' | ' | ' | ' |
Approved revenue requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000,000 | 67,000,000 | ' | ' | ' | ' |
Refund of overrecovery of accumulated arrearages | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,000,000 | ' | ' |
Recovery of projected deferred program costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,000,000 | ' |
Amount that agreement could reduce revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $35,000,000 |
Asset_Retirement_Obligations_N
Asset Retirement Obligations (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Retirement Obligations [Line Items] | ' | ' |
Fair value, primarily of equity and debt securities | $3,900,000,000 | $3,300,000,000 |
Nuclear decommissioning trust funds | 3,903,000,000 | 3,330,000,000 |
Virginia Electric and Power Company | ' | ' |
Asset Retirement Obligations [Line Items] | ' | ' |
Nuclear decommissioning trust funds | $1,765,000,000 | $1,515,000,000 |
Asset_Retirement_Obligations_C
Asset Retirement Obligations (Changes to AROs) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ' | ||
AROs, Beginning balance | $1,705 | [1] | $1,398 | [1] | ' |
Obligations incurred during the period | 13 | 24 | ' | ||
Obligations settled during the period | -68 | -13 | ' | ||
Revisions in estimated cash flows | -129 | [2] | 242 | [3] | ' |
Accretion | -86 | -77 | ' | ||
Other | -29 | -23 | ' | ||
AROs , Ending balance | 1,578 | [1] | 1,705 | [1] | ' |
Other current liabilities | 94 | 64 | 15 | ||
Virginia Electric and Power Company | ' | ' | ' | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ' | ||
AROs, Beginning balance | 705 | 625 | [4] | ' | |
Obligations incurred during the period | 2 | 18 | ' | ||
Obligations settled during the period | -2 | -1 | ' | ||
Revisions in estimated cash flows | -52 | [2] | 41 | [5] | ' |
Accretion | -38 | -34 | ' | ||
Other | -2 | -12 | ' | ||
AROs , Ending balance | 689 | 705 | ' | ||
Asset retirement obligation | ' | $1 | ' | ||
[1] | Includes $15 million, $64 million and $94 million reported in other current liabilities at December 31, 2011, 2012, and 2013, respectively. | ||||
[2] | Primarily reflects lower anticipated nuclear decommissioning costs. | ||||
[3] | Primarily reflects the accelerated timing of the decommissioning of Kewaunee that began in 2013. | ||||
[4] | Includes $1 million reported in other current liabilities. | ||||
[5] | Primarily reflects the effect of higher anticipated nuclear decommissioning costs. |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 110 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2013 | Aug. 31, 2013 | Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Juniper | Juniper | Juniper | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | ||||
MW | |||||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate generation capacity from long-term power and capacity contracts (MW) | ' | ' | ' | ' | ' | ' | 870 | ' | ' |
Contracts exprity date start range | ' | ' | ' | ' | ' | ' | '2015 | ' | ' |
Contracts exprity date end range | ' | ' | ' | ' | ' | ' | '2021 | ' | ' |
Remaining purchase commitments | ' | ' | ' | ' | ' | ' | $900,000,000 | ' | ' |
Payment for electric capacity | ' | ' | ' | ' | ' | ' | 217,000,000 | 214,000,000 | 211,000,000 |
Payment for electric energy | ' | ' | ' | ' | ' | ' | 98,000,000 | 83,000,000 | 125,000,000 |
Shared services purchased | ' | ' | ' | ' | ' | ' | 331,000,000 | 328,000,000 | 389,000,000 |
Annual lease payments | ' | ' | ' | ' | 53,000,000 | ' | ' | ' | ' |
Fair value of property plant and equipment | ' | ' | ' | ' | ' | 957,000,000 | ' | ' | ' |
Amount of debt expected to be recorded from consolidation | ' | ' | ' | ' | ' | 896,000,000 | ' | ' | ' |
Amount of non-controlling interest expected to be recorded from consolidation | ' | ' | ' | ' | ' | 61,000,000 | ' | ' | ' |
Acquisition of Juniper noncontrolling interest in Fairless | $923,000,000 | $0 | $0 | $923,000,000 | ' | ' | ' | ' | ' |
ShortTerm_Debt_And_Credit_Agre2
Short-Term Debt And Credit Agreements (Commercial Paper, Bank Loans, and Letters of Credit Outstanding, as well as Capacity Available Under Credit Facilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Short term Debt [Line Items] | ' | ' | ||
Facility Limit | $3,500,000,000 | $3,500,000,000 | ||
Outstanding Commercial Paper | 1,927,000,000 | [1] | 2,412,000,000 | [1] |
Outstanding Letters of Credit | 11,000,000 | 26,000,000 | ||
Facility Capacity Available | 1,562,000,000 | 1,062,000,000 | ||
Weighted-average interest rates of the outstanding commercial paper | 0.33% | 0.49% | ||
Virginia Electric and Power Company | ' | ' | ||
Short term Debt [Line Items] | ' | ' | ||
Facility Limit | 1,250,000,000 | 1,250,000,000 | ||
Outstanding Commercial Paper | 842,000,000 | [2] | 992,000,000 | [2] |
Outstanding Letters of Credit | 1,000,000 | 2,000,000 | ||
Facility Capacity Available | 407,000,000 | 256,000,000 | ||
Weighted-average interest rates of the outstanding commercial paper | 0.33% | 0.47% | ||
Credit facility | 120,000,000 | ' | ||
Credit Facility 1.5 Billion | ' | ' | ||
Short term Debt [Line Items] | ' | ' | ||
Facility Limit | 3,000,000,000 | [3] | 3,000,000,000 | [3] |
Outstanding Commercial Paper | 1,927,000,000 | [3] | 2,412,000,000 | [3] |
Outstanding Letters of Credit | 0 | [3] | 0 | [3] |
Facility Capacity Available | 1,073,000,000 | [3] | 588,000,000 | [3] |
Credit facility, to support letters of credit | 1,500,000,000 | ' | ||
Credit Facility 1.5 Billion | Virginia Electric and Power Company | ' | ' | ||
Short term Debt [Line Items] | ' | ' | ||
Facility Limit | 1,000,000,000 | [4] | 1,000,000,000 | [4] |
Outstanding Commercial Paper | 842,000,000 | [4] | 992,000,000 | [4] |
Outstanding Letters of Credit | 0 | [4] | 0 | [4] |
Facility Capacity Available | 158,000,000 | [4] | 8,000,000 | [4] |
Credit facility, to support letters of credit | 1,500,000,000 | ' | ||
Credit Facility 500 million | ' | ' | ||
Short term Debt [Line Items] | ' | ' | ||
Facility Limit | 500,000,000 | [5] | 500,000,000 | [5] |
Outstanding Commercial Paper | 0 | [5] | 0 | [5] |
Outstanding Letters of Credit | 11,000,000 | [5] | 26,000,000 | [5] |
Facility Capacity Available | 489,000,000 | [5] | 474,000,000 | [5] |
Amount of committed capacity extended | 400,000,000 | ' | ||
Amount of capacity not extended | 100,000,000 | ' | ||
Credit Facility 500 million | Virginia Electric and Power Company | ' | ' | ||
Short term Debt [Line Items] | ' | ' | ||
Facility Limit | 250,000,000 | [6] | 250,000,000 | [6] |
Outstanding Commercial Paper | 0 | [6] | 0 | [6] |
Outstanding Letters of Credit | 1,000,000 | [6] | 2,000,000 | [6] |
Facility Capacity Available | 249,000,000 | [6] | 248,000,000 | [6] |
Tax-Exempt Financings | Virginia Electric and Power Company | ' | ' | ||
Short term Debt [Line Items] | ' | ' | ||
Variable rate tax-exempt financings | $119,000,000 | ' | ||
[1] | The weighted-average interest rates of the outstanding commercial paper supported by Dominion's credit facilities were 0.33% and 0.49% at December 31, 2013 and 2012, respectively. | |||
[2] | The weighted-average interest rates of the outstanding commercial paper supported by these credit facilities were 0.33% and 0.47% at December 31, 2013 and 2012, respectively. | |||
[3] | Effective September 2013, the maturity date was extended from September 2017 to September 2018. This credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion of letters of credit. | |||
[4] | Effective September 2013, the maturity date was extended from September 2017 to September 2018. This credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. Virginia Power's current sub-limit under this credit facility can be increased or decreased multiple times per year. | |||
[5] | Effective September 2013, the maturity date for $400 million of the $500 million committed capacity was extended from September 2017 to September 2018. Also effective September 2013, the maturity date for the remaining $100 million was extended from September 2016 to September 2018. This credit facility can be used to support bank borrowings, commercial paper and letter of credit issuances. | |||
[6] | Effective September 2013, the maturity date for $400 million of the $500 million committed capacity was extended from September 2017 to September 2018. Also effective September 2013, the maturity date for the remaining $100 million was extended from September 2016 to September 2018. This credit facility can be used to support bank borrowings, commercial paper and letter of credit issuances. Virginia Power's current sub-limit under this credit facility can be increased or decreased multiple times per year. |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||||||
Jan. 31, 2013 | Sep. 30, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Jul. 31, 2016 | Apr. 30, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Jul. 01, 2006 | Jun. 30, 2006 | Feb. 28, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Sep. 30, 2006 | Jun. 30, 2010 | Jun. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 22, 2013 | Jan. 31, 2013 | Jan. 31, 2014 | Feb. 26, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | |
Iroquois Gas Transmission System, L.P. | Scenario, Forecast | Scenario, Forecast | Scenario, Forecast | Scenario, Forecast | Scenario, Forecast | Capital Unit, Class A | Capital Unit, Class A | Capital Unit, Class B | Capital Unit, Class B | Common Stock | June 2006 hybrids | June 2006 hybrids | September 2006 hybrids | September 2006 hybrids | September 2006 hybrids | September 2006 hybrids | September 2006 hybrids | September 2006 hybrids | June 2009 hybrids | June 2009 hybrids | Convertible Debt | Enhanced Junior Subordinated Notes | Enhanced Junior Subordinated Notes | Enhanced Junior Subordinated Notes | Senior Notes | 7.83% Debentures due 12/1/2027 | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | ||||
Minimum | Minimum | Maximum | Maximum | Unsecured Senior Notes | Senior Notes | Senior Notes | ||||||||||||||||||||||||||||
Senior Notes Maturing in 2024 | Senior Notes Maturing in 2044 | |||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding contingent convertible senior notes | ' | ' | $43,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion rate adjustment (shares) | ' | ' | $29.88 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal Amount of Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price (per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $33.47 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of stock issued if all converted | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared payable (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60 | ' | ' | ' |
Conversion rate (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30.00 | ' | ' |
Average trading price principal amount of the senior notes | ' | ' | 120.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum consecutive trading days | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum consecutive trading days | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes converted by holders | ' | ' | 39,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued in excess of principal amounts related to converted securities | ' | ' | 28,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption rate | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interest, ownership percentage by parent | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beneficial ownership percentage | ' | ' | 97.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beneficial ownership interest | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage in capital trust assets | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Junior subordinated notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | 500,000,000 | ' | 685,000,000 | ' | ' | ' | ' | ' | 258,000,000 | ' | ' | ' | ' |
RSN Annual Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.83% | 7.50% | ' | ' | ' | ' | 2.30% | 6.30% | 8.38% | ' | ' | ' | ' | ' | ' | 7.83% | ' | ' | 3.45% | 4.45% |
Redemption of units of Dominion Resources Capital Trust I capital securities | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dominion Resources Capital Trust I capital securities | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate of Dominion Resources Capital Trust I capital securities | 7.83% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price per capital security | $1,019.58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 21,000,000 | 21,000,000 | ' | ' | ' | ' | ' | ' |
Deferral | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for consideration of proceeds (days) | ' | '180 days | '365 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchased and cancelled of junior subordinated notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 86,000,000 | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tender offer to purchase additional hybrids | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 550,000,000 | ' | 550,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment rate on Equity Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.13% | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage interest on RSN issued by Dominion | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price to be paid under stock purchase contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares to be issued under purchase contracts | ' | ' | ' | ' | ' | 8,400,000 | 8,400,000 | 9,900,000 | 9,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares reserved and available for issuance | ' | ' | 22,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General partnership interest in Iroquois | ' | ' | ' | 24.72% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,200,000,000 | ' | ' | ' | $350,000,000 | $400,000,000 |
LongTerm_Debt_Total_Long_Term_
Long-Term Debt (Total Long Term Debt) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | Jun. 30, 2013 | |
1.4% to 7.195%, due 2013 to 2018 | 2.75% to 8.875% due 2018 to 2042 | Unsecured Convertible Senior Notes, 2.125%, due 2023 | Unsecured Junior Subordinated Notes Payable to Affiliated Trusts, 7.83% and 8.4%, due 2027 and 2031 | 7.5% and 8.375%, due 2064 and 2066 | Remarketable Subordinated Notes, 1.07% and 1.18%, due 2019 and 2021 | 5.0% and 6.625%, due 2013 and 2014 | 6.8% and 6.875%, due 2026 and 2027 | Secured Senior Notes, 5.13% to 5.78%, due 2013 | Secured Senior Note, 7.33%, due 2020 | 2.25% to 5.75%, due 2033 to 2042 | 5.25% Senior Notes Due 2033 | 8.875% Senior Notes Due 2019 | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Tax-Exempt Financings | Tax-Exempt Financings | Tax-Exempt Financings | Tax-Exempt Financings | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Kincaid Power Station | Brayton Point | ||||
Variable rates, due 2013 and 2014 | Variable rates, due 2013 and 2014 | 1.4% to 7.195%, due 2013 to 2018 | 1.4% to 7.195%, due 2013 to 2018 | 2.75% to 8.875% due 2018 to 2042 | 2.75% to 8.875% due 2018 to 2042 | Unsecured Convertible Senior Notes, 2.125%, due 2023 | Unsecured Convertible Senior Notes, 2.125%, due 2023 | Remarketable Subordinated Notes, 1.07% and 1.18%, due 2019 and 2021 | Remarketable Subordinated Notes, 1.07% and 1.18%, due 2019 and 2021 | 5.0% and 6.625%, due 2013 and 2014 | 5.0% and 6.625%, due 2013 and 2014 | 6.8% and 6.875%, due 2026 and 2027 | 6.8% and 6.875%, due 2026 and 2027 | Unsecured Senior Notes, 1.05% to 4.8%, due 2016 to 2043 | Unsecured Senior Notes, 1.05% to 4.8%, due 2016 to 2043 | Secured Senior Notes, 5.13% to 5.78%, due 2013 | Secured Senior Notes, 5.13% to 5.78%, due 2013 | Secured Senior Note, 7.33%, due 2020 | Secured Senior Note, 7.33%, due 2020 | Variable rate, due 2041 | Variable rate, due 2041 | 2.25% to 5.75%, due 2033 to 2042 | 2.25% to 5.75%, due 2033 to 2042 | Variable rate, due 2041 | Variable rate, due 2041 | Unsecured Junior Subordinated Notes Payable to Affiliated Trusts, 7.83% and 8.4%, due 2027 and 2031 | Unsecured Junior Subordinated Notes Payable to Affiliated Trusts, 7.83% and 8.4%, due 2027 and 2031 | 7.5% and 8.375%, due 2064 and 2066 | 7.5% and 8.375%, due 2064 and 2066 | Enhanced Junior Subordinated Notes, variable rate, due 2066 | Enhanced Junior Subordinated Notes, variable rate, due 2066 | Line of Credit | 1.2% to 8.625%, due 2013 to 2018 | 2.75% to 8.875%, due 2019 to 2043 | 1.5% to 5.6%, due 2022 to 2040 | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Tax-Exempt Financings | Tax-Exempt Financings | Tax-Exempt Financings | Tax-Exempt Financings | Secured Senior Note, 7.33%, due 2020 | Tax-Exempt Financings | |||||||||||||||||||
1.2% to 8.625%, due 2013 to 2018 | 1.2% to 8.625%, due 2013 to 2018 | 2.75% to 8.875%, due 2019 to 2043 | 2.75% to 8.875%, due 2019 to 2043 | Variable rates, due 2016 to 2041 | Variable rates, due 2016 to 2041 | 1.5% to 5.6%, due 2022 to 2040 | 1.5% to 5.6%, due 2022 to 2040 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total principal, including VIE | $20,842,000,000 | $18,988,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000,000 | $400,000,000 | $3,291,000,000 | $3,541,000,000 | $4,599,000,000 | $4,599,000,000 | $43,000,000 | $82,000,000 | $1,100,000,000 | $0 | $600,000,000 | $622,000,000 | $89,000,000 | $89,000,000 | $1,200,000,000 | $0 | $0 | $842,000,000 | $0 | $145,000,000 | $75,000,000 | $0 | $27,000,000 | $284,000,000 | $0 | $75,000,000 | $10,000,000 | $268,000,000 | $985,000,000 | $985,000,000 | $380,000,000 | $380,000,000 | $8,043,000,000 | $6,676,000,000 | ' | ' | ' | ' | $2,138,000,000 | $2,306,000,000 | $4,993,000,000 | $3,408,000,000 | $606,000,000 | $454,000,000 | $306,000,000 | $508,000,000 | ' | ' |
Securities due within one year, including VIE | -1,519,000,000 | -2,223,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -58,000,000 | -418,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized discount and premium, net | -48,000,000 | -7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,000,000 | -7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long term debt, including VIE | 19,330,000,000 | 16,851,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,974,000,000 | 6,251,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value hedge valuation | 55,000,000 | 93,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 Weighted- average Coupon | 2.95% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.37% | ' | 4.03% | ' | 5.64% | ' | ' | ' | 1.13% | ' | 5.00% | ' | 6.81% | ' | 3.13% | ' | ' | ' | ' | ' | 1.12% | ' | 2.38% | ' | ' | ' | 8.40% | ' | 8.11% | ' | 2.58% | ' | 4.10% | ' | ' | ' | ' | ' | 5.09% | ' | 5.25% | ' | 0.98% | ' | 3.16% | ' | ' | ' |
Debt instrument interest rate minimum | ' | ' | ' | 1.40% | 2.75% | ' | 7.83% | 7.50% | 1.07% | 5.00% | 6.80% | 5.03% | ' | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.20% | 2.75% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate maximum | ' | ' | ' | 7.20% | 8.88% | ' | 8.40% | 8.38% | 1.18% | 6.63% | 6.88% | 5.78% | ' | 5.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.63% | 8.75% | 5.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, to support letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 510,000,000 | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RSN Annual Interest Rate | ' | ' | ' | ' | ' | 2.13% | ' | ' | ' | ' | ' | ' | 7.33% | ' | 5.25% | 8.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2033 | '2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption percentage of principal and accrued interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of the applicable conversion price | 120.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum consecutive trading days | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum consecutive trading days | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption percentage of principal amount | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized premium | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of notes redeemed | 1,245,000,000 | 1,675,000,000 | 637,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 185,000,000 | ' |
Amount of bonds defeased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 257,000,000 |
Amount delivered to fund irrevocable trust | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 284,000,000 |
Unamortized premium and discount | $14,000,000 | $23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Based_on_Stated_
Long-Term Debt (Based on Stated Maturity Dates Rather than Early Redemption Dates that Could be Elected by Instrument Holders) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
2014 | $1,505 |
2015 | 960 |
2016 | 1,771 |
2017 | 1,378 |
2018 | 1,350 |
Thereafter | 13,878 |
Total | 20,842 |
Virginia Electric and Power Company | ' |
Debt Instrument [Line Items] | ' |
2014 | 58 |
2015 | 211 |
2016 | 476 |
2017 | 679 |
2018 | 850 |
Thereafter | 5,769 |
Total | 8,043 |
2014 | ' |
Debt Instrument [Line Items] | ' |
Weighted-average Coupon | 2.95% |
2014 | Virginia Electric and Power Company | ' |
Debt Instrument [Line Items] | ' |
Weighted-average Coupon | 4.10% |
2015 | ' |
Debt Instrument [Line Items] | ' |
Weighted-average Coupon | 4.45% |
2015 | Virginia Electric and Power Company | ' |
Debt Instrument [Line Items] | ' |
Weighted-average Coupon | 5.39% |
2016 | ' |
Debt Instrument [Line Items] | ' |
Weighted-average Coupon | 3.51% |
2016 | Virginia Electric and Power Company | ' |
Debt Instrument [Line Items] | ' |
Weighted-average Coupon | 5.25% |
2017 | ' |
Debt Instrument [Line Items] | ' |
Weighted-average Coupon | 4.55% |
2017 | Virginia Electric and Power Company | ' |
Debt Instrument [Line Items] | ' |
Weighted-average Coupon | 5.44% |
2018 | ' |
Debt Instrument [Line Items] | ' |
Weighted-average Coupon | 4.99% |
2018 | Virginia Electric and Power Company | ' |
Debt Instrument [Line Items] | ' |
Weighted-average Coupon | 4.17% |
Thereafter | ' |
Debt Instrument [Line Items] | ' |
Weighted-average Coupon | 4.90% |
Thereafter | Virginia Electric and Power Company | ' |
Debt Instrument [Line Items] | ' |
Weighted-average Coupon | 4.78% |
Unsecured Senior Notes | ' |
Debt Instrument [Line Items] | ' |
2014 | 1,465 |
2015 | 960 |
2016 | 1,752 |
2017 | 1,303 |
2018 | 1,350 |
Thereafter | 10,523 |
Total | 17,353 |
Tax-Exempt Financings | ' |
Debt Instrument [Line Items] | ' |
2014 | 40 |
2015 | 0 |
2016 | 19 |
2017 | 75 |
2018 | 0 |
Thereafter | 880 |
Total | 1,014 |
Unsecured Junior Subordinated Notes Payable to Affiliated Trusts | ' |
Debt Instrument [Line Items] | ' |
2014 | 0 |
2015 | 0 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
Thereafter | 10 |
Total | 10 |
Enhanced Junior Subordinated Notes | ' |
Debt Instrument [Line Items] | ' |
2014 | 0 |
2015 | 0 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
Thereafter | 1,365 |
Total | 1,365 |
Remarketable Subordinated Notes | ' |
Debt Instrument [Line Items] | ' |
2014 | 0 |
2015 | 0 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
Thereafter | 1,100 |
Total | $1,100 |
LongTerm_Debt_Trust_Preferred_
Long-Term Debt (Trust Preferred Securities and Junior Subordinated Notes Outstanding) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | ||
Share data in Thousands, unless otherwise specified | Jan-01 | 8.4% Debentures due 1/15/2031 | ||||
Dominion Resources Capital Trust III | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ||
Date Established | ' | ' | 'January 2001 | ' | ||
Units | ' | ' | 10 | ' | ||
Rate | ' | ' | 8.40% | ' | ||
Capital Securities Amount | ' | ' | $10,000,000 | ' | ||
Common Securities Amount | 5,783,000,000 | [1] | 5,493,000,000 | [1] | 300,000 | ' |
Junior subordinated notes | ' | ' | ' | $10,000,000 | ||
RSN Annual Interest Rate | ' | ' | ' | 8.40% | ||
Debt instrument maturity date | ' | ' | ' | 15-Jan-31 | ||
[1] | 1 billion shares authorized; 581 million shares and 576 million shares outstanding at December 31, 2013 and 2012, respectively. |
LongTerm_Debt_Long_Term_Debt_S
Long-Term Debt Long Term Debt (Schedule of Equity Units) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||||
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Jun. 07, 2013 | Sep. 30, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Sep. 30, 2013 | Jun. 07, 2013 | |||
Capital Unit, Class A | Capital Unit, Class A | Capital Unit, Class A | Capital Unit, Class B | Capital Unit, Class B | Capital Unit, Class B | |||||
Remarketable Subordinated Notes | Remarketable Subordinated Notes | Remarketable Subordinated Notes | Remarketable Subordinated Notes | |||||||
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Units Issued | ' | 0 | ' | ' | 0 | ' | ' | |||
Total Net Proceeds | ' | $533,500,000 | ' | ' | $553,500,000 | ' | ' | |||
Total Long-term Debt | ' | ' | ' | 550,000,000 | ' | ' | 550,000,000 | |||
RSN Annual Interest Rate | ' | ' | 1.07% | ' | ' | 1.18% | ' | |||
Stock Purchase Contract Annual Rate | ' | 5.06% | ' | ' | 4.82% | ' | ' | |||
Stock Purchase Contract Liability | 139,000,000 | [1] | 76,700,000 | [1] | ' | ' | 79,300,000 | [1] | ' | ' |
Total payments | $17,000,000 | ' | ' | ' | ' | ' | ' | |||
[1] | Payments of $17 million were made in 2013. The stock purchase contract liability was $139 million at December 31, 2013. |
Preferred_Stock_Narrative_Deta
Preferred Stock (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Class of Stock [Line Items] | ' | ' |
Preferred stock shares authorized | 20,000,000 | ' |
Preferred stock shares issued | 0 | 0 |
Virginia Electric and Power Company | ' | ' |
Class of Stock [Line Items] | ' | ' |
Preferred stock shares authorized | 10,000,000 | ' |
Preferred stock shares issued | 2,590,000 | 2,590,000 |
Preferred stock shares outstanding | 2,590,000 | 2,590,000 |
Entitled Per Share Upon Liquidation | 100 | ' |
Preferred_Stock_Preferred_Stoc
Preferred Stock Preferred Stock (Schedule of Preferred Stock) (Details) (Virginia Electric and Power Company, USD $) | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2014 | ||
$5.00 | $4.04 | $4.20 | $4.12 | $4.80 | $7.05 | $6.98 | Flex Money Market Preferred 12/02, Series A | Flex Money Market Preferred 12/02, Series A | ||||
Subsequent Event | ||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Dividend | ' | $5 | $4.04 | $4.20 | $4.12 | $4.80 | $7.05 | $6.98 | ' | ' | ||
Issued and Outstanding Shares | 2,590 | 107 | 13 | 15 | 32 | 73 | 500 | 600 | 1,250 | ' | ||
Entitled Per Share Upon Liquidation | $100 | $112.50 | $102.27 | $102.50 | $103.73 | $101 | $100 | $100 | $100 | [1] | $100 | [1] |
Dividend rate | 6.12% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Effective March 20, 2011 the rate was reset to 6.12% until March 20, 2014 after which the rate was due to be reset through an auction process. However, in February 2014, Virginia Power provided irrevocable notice to redeem the stock on March 20, 2014 at a price of $100 per share plus accumulated and unpaid dividends. |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2007 | Feb. 28, 2013 | Feb. 28, 2012 | Feb. 28, 2011 | Feb. 28, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Agreement | Dominion Direct, Employee Stock Awards, Employee Savings Plans, Director Stock Compensation Plans, and Contingent Convertible Senior Notes | Stock-Based Awards | Restricted Stock | Restricted Stock | Restricted Stock | Goal-Based Stock | Goal-Based Stock | Goal-Based Stock | Cash-Based Performance Grant | Cash-Based Performance Grant | Cash-Based Performance Grant | February 2011 Awards | February 2011 Awards | February 2011 Awards | February 2011 Awards | February 2012 Awards | February 2012 Awards | February 2013 Awards | Dominion Direct, employee savings plans | ||||
Performance_Metric | Officer | Officer | Performance_Metric | Performance_Metric | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares issued | ' | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700,000 |
Cash proceeds | ' | $278 | $265 | $38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of sales agency agreements | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected issuance of common stock in 2012 through employee savings plans, direct stock purchase and dividend reinvestment plans, and other employee and director benefit plans | ' | 317 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares reserved and available for issuance | ' | 22,500,000 | ' | ' | 48,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares were available for future grants | ' | ' | ' | ' | ' | 32,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation cost related to stock-based compensation | ' | 31 | 25 | 39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit from stock awards and stock options exercised | ' | 11 | 8 | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefits from the vesting of restricted stock awards | ' | 1 | 10 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash proceeds from the exercise of stock options | ' | ' | 19 | 38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to nonvested awards | ' | ' | ' | ' | ' | ' | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected weighted-average period recognized for the unrecognized compensation cost | ' | ' | ' | ' | ' | ' | '1 year 9 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of restricted stock awards that vested | ' | ' | ' | ' | ' | ' | 20 | 30 | 28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of performance metrics | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance metrics period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued minimum percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued maximum percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock awards granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000 | 9,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares converted to one class to another | ' | ' | ' | ' | ' | ' | ' | ' | 168,000 | 1,000 | 2,000 | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Targeted shares expected to be issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash-based performance grants minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Cash-based performance grants maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Cash based performance grant actual payout | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 6 | 6 | 14 | 8 | ' | ' | ' |
Cash-based performance grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 20 | ' | ' | ' | ' | 13 | ' |
Cash based performance grant liability accrued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 6 | ' |
Cash based performance grants, total expected award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12 | ' | ' |
Shareholders_Equity_Accumulate
Shareholders' Equity (Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Net unrealized losses on derivatives-hedging activities, net of tax | ($288) | ($122) |
Net unrealized gains on nuclear decommissioning trust funds, net of tax | 474 | 326 |
Net unrecognized pension and other postretirement benefit costs, net of tax | -510 | -1,081 |
Total AOCI | -324 | -877 |
Net unrealized gains on derivatives-hedging activities, tax | -196 | -87 |
Net unrealized gains on nuclear decommissioning trust funds, tax | 307 | 206 |
Net unrecognized pension and other postretirement benefit costs, tax | -365 | -745 |
Virginia Electric and Power Company | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Net unrealized losses on derivatives-hedging activities, net of tax | 0 | -6 |
Net unrealized gains on nuclear decommissioning trust funds, net of tax | 48 | 31 |
Total AOCI | 48 | 25 |
Net unrealized gains on derivatives-hedging activities, tax | 0 | -3 |
Net unrecognized pension and other postretirement benefit costs, tax | $30 | $19 |
Shareholders_Equity_Schedule_o
Shareholders' Equity (Schedule of Components of Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | |
Beginning balance | ($877) | ' | ' | |
Other comprehensive income before reclassifications: gains (losses) | 476 | ' | ' | |
Amounts reclassified from accumulated other comprehensive income: (gains) losses | 77 | [1] | ' | ' |
Total other comprehensive income income (loss) | 553 | -267 | -280 | |
Ending balance | -324 | -877 | ' | |
Deferred gains and losses on derivatives-hedging activities | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | |
Beginning balance | -122 | ' | ' | |
Other comprehensive income before reclassifications: gains (losses) | -243 | ' | ' | |
Amounts reclassified from accumulated other comprehensive income: (gains) losses | 77 | [1] | ' | ' |
Total other comprehensive income income (loss) | -166 | ' | ' | |
Ending balance | -288 | ' | ' | |
Unrealized gains and losses on investment securities | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | |
Beginning balance | 326 | ' | ' | |
Other comprehensive income before reclassifications: gains (losses) | 203 | ' | ' | |
Amounts reclassified from accumulated other comprehensive income: (gains) losses | -55 | [1] | ' | ' |
Total other comprehensive income income (loss) | 148 | ' | ' | |
Ending balance | 474 | ' | ' | |
Unrecognized pension and other postretirement benefit costs | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | |
Beginning balance | -1,081 | ' | ' | |
Other comprehensive income before reclassifications: gains (losses) | 516 | ' | ' | |
Amounts reclassified from accumulated other comprehensive income: (gains) losses | 55 | [1] | ' | ' |
Total other comprehensive income income (loss) | 571 | ' | ' | |
Ending balance | -510 | ' | ' | |
Virginia Electric and Power Company | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | |
Beginning balance | 25 | ' | ' | |
Other comprehensive income before reclassifications: gains (losses) | 26 | ' | ' | |
Amounts reclassified from accumulated other comprehensive income: (gains) losses | -3 | [1] | ' | ' |
Total other comprehensive income income (loss) | 23 | 6 | -5 | |
Ending balance | 48 | 25 | ' | |
Virginia Electric and Power Company | Deferred gains and losses on derivatives-hedging activities | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | |
Beginning balance | -6 | ' | ' | |
Other comprehensive income before reclassifications: gains (losses) | 6 | ' | ' | |
Amounts reclassified from accumulated other comprehensive income: (gains) losses | 0 | [1] | ' | ' |
Total other comprehensive income income (loss) | 6 | ' | ' | |
Ending balance | 0 | ' | ' | |
Virginia Electric and Power Company | Unrealized gains and losses on investment securities | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | |
Beginning balance | 31 | ' | ' | |
Other comprehensive income before reclassifications: gains (losses) | 20 | ' | ' | |
Amounts reclassified from accumulated other comprehensive income: (gains) losses | -3 | [1] | ' | ' |
Total other comprehensive income income (loss) | 17 | ' | ' | |
Ending balance | $48 | ' | ' | |
[1] | See table below for details about these reclassifications. |
Shareholders_Equity_Schedule_o1
Shareholders' Equity (Schedule of Reclassifications out of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating Revenue | $3,185 | [1] | $3,432 | $2,980 | $3,523 | $3,101 | $3,332 | $3,005 | $3,397 | $13,120 | $12,835 | [2] | $13,765 | [2] | |
Purchased gas | ' | ' | ' | ' | ' | ' | ' | ' | 1,331 | 1,177 | [2] | 1,764 | [2] | ||
Electric fuel and other energy-related purchases | ' | ' | ' | ' | ' | ' | ' | ' | 3,885 | 3,645 | [2] | 3,942 | [2] | ||
Interest and related charges | ' | ' | ' | ' | ' | ' | ' | ' | 877 | 816 | [2] | 796 | [2] | ||
Income from continuing operations including noncontrolling interests before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 2,704 | 2,265 | [2] | 2,262 | [2] | ||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -892 | [3] | -811 | [2],[3] | -778 | [2],[3] | |
Income from continuing operations including noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 1,812 | 1,454 | [2] | 1,484 | [2] | ||
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 265 | 223 | [2] | 178 | [2] | ||
Impairment | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 14 | 48 | ||||
Deferred gains and losses on derivatives-hedging activities | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Income from continuing operations including noncontrolling interests before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 130 | ' | ' | ||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -53 | ' | ' | ||||
Income from continuing operations including noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 77 | ' | ' | ||||
Unrealized gains and losses on investment securities | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Income from continuing operations including noncontrolling interests before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -90 | ' | ' | ||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 35 | ' | ' | ||||
Income from continuing operations including noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -55 | ' | ' | ||||
Other income | ' | ' | ' | ' | ' | ' | ' | ' | -98 | ' | ' | ||||
Impairment | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ||||
Unrecognized pension and other postretirement benefit costs | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Income from continuing operations including noncontrolling interests before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 94 | ' | ' | ||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -39 | ' | ' | ||||
Income from continuing operations including noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 55 | ' | ' | ||||
Prior-service costs (credits) | ' | ' | ' | ' | ' | ' | ' | ' | -8 | ' | ' | ||||
Actuarial losses | ' | ' | ' | ' | ' | ' | ' | ' | 102 | ' | ' | ||||
Commodity | Deferred gains and losses on derivatives-hedging activities | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 58 | ' | ' | ||||
Purchased gas | ' | ' | ' | ' | ' | ' | ' | ' | 47 | ' | ' | ||||
Electric fuel and other energy-related purchases | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ||||
Interest rate | Deferred gains and losses on derivatives-hedging activities | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Interest and related charges | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ||||
Virginia Electric and Power Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating Revenue | 1,745 | 2,059 | 1,710 | 1,781 | 1,630 | 2,086 | 1,756 | 1,754 | 7,295 | 7,226 | 7,246 | ||||
Electric fuel and other energy-related purchases | ' | ' | ' | ' | ' | ' | ' | ' | 2,304 | 2,368 | 2,506 | ||||
Interest and related charges | ' | ' | ' | ' | ' | ' | ' | ' | 369 | 385 | 331 | ||||
Income from continuing operations including noncontrolling interests before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,797 | 1,703 | 1,362 | ||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -659 | [4] | -653 | [4] | -540 | [4] | |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 86 | 96 | 88 | ||||
Impairment | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 4 | ||||
Virginia Electric and Power Company | Unrealized gains and losses on investment securities | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Income from continuing operations including noncontrolling interests before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -5 | ' | ' | ||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ||||
Income from continuing operations including noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -3 | ' | ' | ||||
Other income | ' | ' | ' | ' | ' | ' | ' | ' | -6 | ' | ' | ||||
Impairment | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ||||
[1] | Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3. | ||||||||||||||
[2] | Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3 to the Consolidated Financial Statements. EPS amounts reflect the per share impact of the recast of $1.92 and $0.06 for 2012 and 2011, respectively. | ||||||||||||||
[3] | In 2012, Dominion’s current federal income tax expense for continuing and discontinued operations includes a $195 million benefit related to a carryback of its 2012 net operating loss. In 2011, Dominion’s deferred federal income tax expense includes the recognition of a $346 million benefit, including $51 million related to discontinued operations, for its 2011 net operating loss expected to be used to reduce taxable income in future years. | ||||||||||||||
[4] | In 2011, Virginia Power’s deferred federal income tax expense includes a $54 million benefit related to a portion of its 2011 net operating loss that is expected to be used in future years. Also, Virginia Power’s current federal income tax expense reflects the amounts of its 2011 net operating losses realized through its participation in a tax sharing agreement with Dominion and its subsidiaries. |
Shareholders_Equity_Summary_of
Shareholders' Equity (Summary of Changes in Amounts of Stock Options Outstanding) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Outstanding and exercisable beginning, Shares | 628 | ' | ' |
Exercised, Shares | -622 | ' | -1,174 |
Forfeited/expired, Shares | -6 | ' | -8 |
Outstanding and exercisable ending, Shares | 0 | 1,810 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Outstanding and exercisable beginning, Weighted-average Exercise Price | $30.81 | ' | ' |
Exercised, Weighted-average Exercise Price | $30.79 | $32.46 | ' |
Forfeited/expired, Weighted-average Exercise Price | $32.26 | $31.57 | ' |
Outstanding and exercisable ending, Weighted-average Exercise Price | $0 | $31.76 | ' |
Outstanding and exercisable beginning, Aggregated Intrinsic Value | $14 | ' | ' |
Exercised, Aggregated Intrinsic Value | 13 | ' | 17 |
Outstanding and exercisable ending, Aggregated Intrinsic Value | $0 | $20 | ' |
Shareholders_Equity_Summary_of1
Shareholders' Equity (Summary of Restricted Stock and Goal-Based Stock Activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Nonvested beginning, Shares | 1,085 | 1,301 | 1,476 |
Granted, Shares | 312 | 390 | 299 |
Vested, Shares | -356 | -596 | -617 |
Cancelled and forfeited, Shares | -34 | -10 | -25 |
Converted from goal-based stock to restricted stock, Shares | ' | ' | 168 |
Nonvested ending, Shares | 1,007 | 1,085 | 1,301 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Nonvested beginning, Weighted Average Grant Date Fair Value | $44.46 | $37.37 | $38.20 |
Granted, Weighted Average Grant Date Fair Value | $54.70 | $51.14 | $43.68 |
Vested, Weighted Average Grant Date Fair Value | $39 | $33.31 | $40.72 |
Cancelled and forfeited, Weighted Average Grant Date Fair Value | $51.11 | $42.99 | $36.29 |
Converted from goal-based stock to restricted stock, Weighted - average Grant Date Fair Value | ' | ' | $30.99 |
Nonvested ending, Weighted Average Grant Date Fair Value | $49.35 | $44.46 | $37.37 |
Goal-Based Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Nonvested beginning, Shares | 4 | 12 | 161 |
Granted, Shares | 4 | 1 | 3 |
Vested, Shares | -2 | -9 | -20 |
Cancelled and forfeited, Shares | -1 | ' | -132 |
Converted from goal-based stock to restricted stock, Shares | 1 | ' | ' |
Nonvested ending, Shares | 5 | 4 | 12 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Nonvested beginning, Weighted Average Grant Date Fair Value | $45.60 | $39.19 | $31.79 |
Granted, Weighted Average Grant Date Fair Value | $54.17 | $52.48 | $43.54 |
Vested, Weighted Average Grant Date Fair Value | $43.54 | $37.46 | $34.62 |
Cancelled and forfeited, Weighted Average Grant Date Fair Value | $43.54 | ' | $30.99 |
Nonvested ending, Weighted Average Grant Date Fair Value | $53.85 | $45.60 | $39.19 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' | ' | ||||
Actual return on plan assets | ' | ' | $959,000,000 | $743,000,000 | ' | ||||
Expected return on pension and other postretirement plan assets | ' | ' | 554,000,000 | 509,000,000 | ' | ||||
Federal subsidy received | ' | ' | 5,000,000 | ' | ' | ||||
Decrease in other postretirement benefit obligations due to federal subsidy | ' | ' | 20,000,000 | ' | ' | ||||
Reduction in accumulated postretirement benefit obligation | 220,000,000 | ' | 220,000,000 | ' | ' | ||||
Reduction in net periodic benefit cost for next year | 8,000,000 | 36,000,000 | ' | ' | ' | ||||
Period for reduction in net periodic benefit cost | ' | ' | '5 years | ' | ' | ||||
Accumulated benefit obligation | 5,100,000,000 | ' | 5,100,000,000 | 5,500,000,000 | ' | ||||
Cumulative required contribution period (years) | ' | ' | '10 years | ' | ' | ||||
Expected contribution to voluntary employees beneficiary association | ' | ' | 12,000,000 | ' | ' | ||||
Percentage coverage of US stock market | ' | ' | 7.00% | ' | ' | ||||
Employer contributions | ' | ' | 40,000,000 | 40,000,000 | 38,000,000 | ||||
U.S. equity: | ' | ' | ' | ' | ' | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' | ' | ||||
Defined benefit plan, actual plan asset allocations | 28.00% | ' | 28.00% | ' | ' | ||||
Non-U.S. equity: | ' | ' | ' | ' | ' | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' | ' | ||||
Defined benefit plan, actual plan asset allocations | 18.00% | ' | 18.00% | ' | ' | ||||
Fixed Income | ' | ' | ' | ' | ' | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' | ' | ||||
Defined benefit plan, actual plan asset allocations | 33.00% | ' | 33.00% | ' | ' | ||||
Real estate: | ' | ' | ' | ' | ' | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' | ' | ||||
Defined benefit plan, actual plan asset allocations | 3.00% | ' | 3.00% | ' | ' | ||||
Other alternative investments | ' | ' | ' | ' | ' | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' | ' | ||||
Defined benefit plan, actual plan asset allocations | 18.00% | ' | 18.00% | ' | ' | ||||
Virginia Electric and Power Company | ' | ' | ' | ' | ' | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' | ' | ||||
Employer contributions | ' | ' | 16,000,000 | 15,000,000 | 14,000,000 | ||||
Net periodic benefit cost | ' | ' | 96,000,000 | 72,000,000 | 50,000,000 | ||||
Virginia Electric and Power Company | Dominion Retiree Health And Welfare Plan | ' | ' | ' | ' | ' | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' | ' | ||||
Net periodic benefit cost | ' | ' | 5,000,000 | 13,000,000 | 23,000,000 | ||||
Minimum | ' | ' | ' | ' | ' | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' | ' | ||||
Expected reduction in net periodic benefit cost | ' | ' | 40,000,000 | ' | ' | ||||
Investment grade bonds average weighted maturity period | ' | ' | '4 years | ' | ' | ||||
Maximum | ' | ' | ' | ' | ' | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' | ' | ||||
Expected reduction in net periodic benefit cost | ' | ' | 60,000,000 | ' | ' | ||||
Investment grade bonds average weighted maturity period | ' | ' | '12 years | ' | ' | ||||
Pension Benefits | ' | ' | ' | ' | ' | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' | ' | ||||
Expected return on pension and other postretirement plan assets | ' | ' | 462,000,000 | 430,000,000 | 440,000,000 | ||||
Medicare Part D reimbursement | ' | 354,000,000 | ' | ' | ' | ||||
Reduction in accumulated postretirement benefit obligation | -22,000,000 | [1] | ' | -22,000,000 | [1] | 0 | [1] | 0 | [1] |
Discount rate | ' | 4.80% | ' | ' | ' | ||||
Net periodic benefit cost | ' | ' | 106,000,000 | 89,000,000 | 25,000,000 | ||||
Other Postretirement Benefits | ' | ' | ' | ' | ' | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' | ' | ||||
Expected return on pension and other postretirement plan assets | ' | ' | 92,000,000 | 79,000,000 | 79,000,000 | ||||
Medicare Part D reimbursement | ' | 78,000,000 | ' | ' | ' | ||||
Reduction in accumulated postretirement benefit obligation | -7,000,000 | [1] | ' | -7,000,000 | [1] | -2,000,000 | [1] | -1,000,000 | [1] |
Discount rate | 4.80% | 4.70% | 4.80% | ' | ' | ||||
Net periodic benefit cost | ' | ' | $2,000,000 | $33,000,000 | $63,000,000 | ||||
[1] | 2013 amount relates primarily to the decommissioning of Kewaunee. 2012 amount relates to the sale of Salem Harbor. |
Employee_Benefit_Plans_Pension
Employee Benefit Plans (Pension Plan and Other Postretirement Benefit Plan Obligations and Plan Assets and Includes a Statement of the Plans Funded Status) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Changes in fair value of plan assets: | ' | ' | ' | ' | ||
Actual return on plan assets | ' | $959 | $743 | ' | ||
Employer contributions | ' | 40 | 40 | 38 | ||
Pension Benefits | ' | ' | ' | ' | ||
Changes in benefit obligation: | ' | ' | ' | ' | ||
Service cost | ' | 131 | 116 | 108 | ||
Interest cost | ' | 271 | 268 | 258 | ||
Medicare Part D reimbursement | 354 | ' | ' | ' | ||
Changes in fair value of plan assets: | ' | ' | ' | ' | ||
Discount rate | 4.80% | ' | ' | ' | ||
Other Postretirement Benefits | ' | ' | ' | ' | ||
Changes in benefit obligation: | ' | ' | ' | ' | ||
Service cost | ' | 43 | 44 | 48 | ||
Interest cost | ' | 73 | 79 | 94 | ||
Medicare Part D reimbursement | 78 | ' | ' | ' | ||
Changes in fair value of plan assets: | ' | ' | ' | ' | ||
Discount rate | 4.70% | 4.80% | ' | ' | ||
Changes In Benefit Obligation | Pension Benefits | ' | ' | ' | ' | ||
Changes in benefit obligation: | ' | ' | ' | ' | ||
Benefit obligation at beginning of year | ' | 6,125 | 4,981 | ' | ||
Service cost | ' | 131 | 116 | ' | ||
Interest cost | ' | 271 | 268 | ' | ||
Benefits paid | ' | -229 | -208 | ' | ||
Actuarial (gains) losses during the year | ' | -650 | 967 | ' | ||
Plan amendments | ' | 1 | [1] | 1 | [1] | ' |
Settlements and curtailments | ' | -24 | [2] | 0 | [2] | ' |
Special termination benefits | ' | 0 | 0 | ' | ||
Medicare Part D reimbursement | ' | 0 | 0 | ' | ||
Benefit obligation at end of year | ' | 5,625 | 6,125 | ' | ||
Changes In Benefit Obligation | Other Postretirement Benefits | ' | ' | ' | ' | ||
Changes in benefit obligation: | ' | ' | ' | ' | ||
Benefit obligation at beginning of year | ' | 1,719 | 1,493 | ' | ||
Service cost | ' | 43 | 44 | ' | ||
Interest cost | ' | 73 | 79 | ' | ||
Benefits paid | ' | -75 | -88 | ' | ||
Actuarial (gains) losses during the year | ' | -170 | 191 | ' | ||
Plan amendments | ' | -220 | [1] | 1 | [1] | ' |
Settlements and curtailments | ' | -16 | [2] | -6 | [2] | ' |
Special termination benefits | ' | 1 | 0 | ' | ||
Medicare Part D reimbursement | ' | 5 | 5 | ' | ||
Benefit obligation at end of year | ' | 1,360 | 1,719 | ' | ||
Changes In Fair Value Of Plan Assets | Pension Benefits | ' | ' | ' | ' | ||
Changes in fair value of plan assets: | ' | ' | ' | ' | ||
Fair value of plan assets at beginning of year | ' | 5,553 | 5,145 | ' | ||
Actual return on plan assets | ' | 781 | 611 | ' | ||
Employer contributions | ' | 8 | 5 | ' | ||
Benefits paid | ' | -229 | -208 | ' | ||
Fair value of plan assets at end of year | ' | 6,113 | 5,553 | ' | ||
Funded status at end of year | ' | 488 | -572 | ' | ||
Changes In Fair Value Of Plan Assets | Other Postretirement Benefits | ' | ' | ' | ' | ||
Changes in fair value of plan assets: | ' | ' | ' | ' | ||
Fair value of plan assets at beginning of year | ' | 1,156 | 1,042 | ' | ||
Actual return on plan assets | ' | 178 | 132 | ' | ||
Employer contributions | ' | 12 | 16 | ' | ||
Benefits paid | ' | -31 | -34 | ' | ||
Fair value of plan assets at end of year | ' | 1,315 | 1,156 | ' | ||
Funded status at end of year | ' | -45 | -563 | ' | ||
Level 1 | Pension Benefits | ' | ' | ' | ' | ||
Changes in fair value of plan assets: | ' | ' | ' | ' | ||
Noncurrent pension and other postretirement benefit assets | ' | 913 | 701 | ' | ||
Other current liabilities | ' | -15 | -2 | ' | ||
Noncurrent pension and other postretirement benefit liabilities | ' | -410 | -1,271 | ' | ||
Net amount recognized | ' | 488 | -572 | ' | ||
Level 1 | Other Postretirement Benefits | ' | ' | ' | ' | ||
Changes in fair value of plan assets: | ' | ' | ' | ' | ||
Noncurrent pension and other postretirement benefit assets | ' | 29 | 1 | ' | ||
Other current liabilities | ' | -3 | -4 | ' | ||
Noncurrent pension and other postretirement benefit liabilities | ' | -71 | -560 | ' | ||
Net amount recognized | ' | ($45) | ($563) | ' | ||
Level 2 | Pension Benefits | ' | ' | ' | ' | ||
Changes in fair value of plan assets: | ' | ' | ' | ' | ||
Discount rate | ' | ' | 4.40% | [3] | ' | |
Weighted average rate of increase for compensation | ' | 4.21% | 4.21% | ' | ||
Level 2 | Other Postretirement Benefits | ' | ' | ' | ' | ||
Changes in fair value of plan assets: | ' | ' | ' | ' | ||
Discount rate | ' | ' | 4.40% | [3] | ' | |
Weighted average rate of increase for compensation | ' | 4.22% | 4.22% | ' | ||
Minimum | Level 2 | Pension Benefits | ' | ' | ' | ' | ||
Changes in fair value of plan assets: | ' | ' | ' | ' | ||
Discount rate | ' | 5.20% | [3] | ' | ' | |
Minimum | Level 2 | Other Postretirement Benefits | ' | ' | ' | ' | ||
Changes in fair value of plan assets: | ' | ' | ' | ' | ||
Discount rate | ' | 5.00% | [3] | ' | ' | |
Maximum | Level 2 | Pension Benefits | ' | ' | ' | ' | ||
Changes in fair value of plan assets: | ' | ' | ' | ' | ||
Discount rate | ' | 5.30% | [3] | ' | ' | |
Maximum | Level 2 | Other Postretirement Benefits | ' | ' | ' | ' | ||
Changes in fair value of plan assets: | ' | ' | ' | ' | ||
Discount rate | ' | 5.10% | [3] | ' | ' | |
[1] | Relates to a plan amendment that changed medical coverage for certain Medicare-eligible retirees. | |||||
[2] | 2013 amounts relate primarily to the decommissioning of Kewaunee. 2012 amount relates to the sale of Salem Harbor. | |||||
[3] | Pension rates are 5.20% for the gas union plans and 5.30% for the nonunion and other union plans. OPEB rates are 5.00% for the gas union plans and 5.10% for the nonunion and other union plans. |
Employee_Benefit_Plans_Benefit
Employee Benefit Plans (Benefit Obligation in Excess of Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Pension Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Benefit obligation | $4,978 | $5,462 |
Fair value of plan assets | 4,553 | 4,189 |
Other Postretirement Plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Benefit obligation | 1,233 | 1,591 |
Fair value of plan assets | $1,158 | $1,027 |
Employee_Benefit_Plans_Accumul
Employee Benefit Plans (Accumulated Benefit Obligation in Excess of Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | ' |
Accumulated benefit obligation | $114 | $4,850 |
Fair value of plan assets | $0 | $4,189 |
Employee_Benefit_Plans_Benefit1
Employee Benefit Plans (Benefit Payments Expected Future Service) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Pension Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $264 |
2015 | 269 |
2016 | 283 |
2017 | 300 |
2018 | 319 |
2019-2023 | 1,868 |
Other Postretirement Plans | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 91 |
2015 | 93 |
2016 | 96 |
2017 | 98 |
2018 | 100 |
2019-2023 | $507 |
Employee_Benefit_Plans_Fair_va
Employee Benefit Plans (Fair values of pension and post retirement plan assets by asset category) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Pension Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | $6,113 | $5,553 |
Pension Benefits | Cash equivalents and other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 179 | 195 |
Pension Benefits | U.S. equity: | Large Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 1,220 | 1,031 |
Pension Benefits | U.S. equity: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 514 | 524 |
Pension Benefits | Non-U.S. equity: | Large Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 308 | 381 |
Pension Benefits | Non-U.S. equity: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 391 | 395 |
Pension Benefits | Common/collective trust funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 1,387 | 0 |
Pension Benefits | Fixed Income: | Corporate debt instruments | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 494 | 1,053 |
Pension Benefits | Fixed Income: | U.S. Treasury securities and agency debentures | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 231 | 635 |
Pension Benefits | Fixed Income: | State and municipal | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 176 | 72 |
Pension Benefits | Fixed Income: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 57 | 48 |
Pension Benefits | Real estate: | REITs | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 32 | 29 |
Pension Benefits | Real estate: | Partnerships | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 227 | 321 |
Pension Benefits | Other alternative investments: | Private equity | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 530 | 456 |
Pension Benefits | Other alternative investments: | Debt | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 180 | 192 |
Pension Benefits | Other alternative investments: | Hedge funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 187 | 221 |
Pension Benefits | Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 2,639 | 2,286 |
Pension Benefits | Level 1 | Cash equivalents and other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 53 | 0 |
Pension Benefits | Level 1 | U.S. equity: | Large Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 1,220 | 927 |
Pension Benefits | Level 1 | U.S. equity: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 514 | 425 |
Pension Benefits | Level 1 | Non-U.S. equity: | Large Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 308 | 313 |
Pension Benefits | Level 1 | Non-U.S. equity: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 391 | 228 |
Pension Benefits | Level 1 | Common/collective trust funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 1 | Fixed Income: | Corporate debt instruments | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 43 | 27 |
Pension Benefits | Level 1 | Fixed Income: | U.S. Treasury securities and agency debentures | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 2 | 331 |
Pension Benefits | Level 1 | Fixed Income: | State and municipal | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 69 | 1 |
Pension Benefits | Level 1 | Fixed Income: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 7 | 5 |
Pension Benefits | Level 1 | Real estate: | REITs | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 32 | 29 |
Pension Benefits | Level 1 | Real estate: | Partnerships | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 1 | Other alternative investments: | Private equity | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 1 | Other alternative investments: | Debt | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 1 | Other alternative investments: | Hedge funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 2,350 | 2,077 |
Pension Benefits | Level 2 | Cash equivalents and other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 126 | 195 |
Pension Benefits | Level 2 | U.S. equity: | Large Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 104 |
Pension Benefits | Level 2 | U.S. equity: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 99 |
Pension Benefits | Level 2 | Non-U.S. equity: | Large Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 68 |
Pension Benefits | Level 2 | Non-U.S. equity: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 167 |
Pension Benefits | Level 2 | Common/collective trust funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 1,387 | 0 |
Pension Benefits | Level 2 | Fixed Income: | Corporate debt instruments | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 451 | 1,026 |
Pension Benefits | Level 2 | Fixed Income: | U.S. Treasury securities and agency debentures | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 229 | 304 |
Pension Benefits | Level 2 | Fixed Income: | State and municipal | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 107 | 71 |
Pension Benefits | Level 2 | Fixed Income: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 50 | 43 |
Pension Benefits | Level 2 | Real estate: | REITs | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 2 | Real estate: | Partnerships | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 2 | Other alternative investments: | Private equity | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 2 | Other alternative investments: | Debt | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 2 | Other alternative investments: | Hedge funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 1,124 | 1,190 |
Pension Benefits | Level 3 | Cash equivalents and other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 3 | U.S. equity: | Large Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 3 | U.S. equity: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 3 | Non-U.S. equity: | Large Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 3 | Non-U.S. equity: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 3 | Common/collective trust funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 3 | Fixed Income: | Corporate debt instruments | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 3 | Fixed Income: | U.S. Treasury securities and agency debentures | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 3 | Fixed Income: | State and municipal | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 3 | Fixed Income: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 3 | Real estate: | REITs | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Pension Benefits | Level 3 | Real estate: | Partnerships | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 227 | 321 |
Pension Benefits | Level 3 | Other alternative investments: | Private equity | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 530 | 456 |
Pension Benefits | Level 3 | Other alternative investments: | Debt | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 180 | 192 |
Pension Benefits | Level 3 | Other alternative investments: | Hedge funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 187 | 221 |
Other Postretirement Plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 1,315 | 1,156 |
Other Postretirement Plans | Cash equivalents and other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 17 | 13 |
Other Postretirement Plans | U.S. equity: | Large Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 472 | 383 |
Other Postretirement Plans | U.S. equity: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 26 | 66 |
Other Postretirement Plans | Non-U.S. equity: | Large Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 111 | 96 |
Other Postretirement Plans | Non-U.S. equity: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 20 | 19 |
Other Postretirement Plans | Common/collective trust funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 502 | 0 |
Other Postretirement Plans | Fixed Income: | Corporate debt instruments | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 25 | 161 |
Other Postretirement Plans | Fixed Income: | U.S. Treasury securities and agency debentures | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 12 | 282 |
Other Postretirement Plans | Fixed Income: | State and municipal | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 9 | 9 |
Other Postretirement Plans | Fixed Income: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 3 | 2 |
Other Postretirement Plans | Real estate: | REITs | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 2 | 1 |
Other Postretirement Plans | Real estate: | Partnerships | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 19 | 24 |
Other Postretirement Plans | Other alternative investments: | Private equity | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 60 | 58 |
Other Postretirement Plans | Other alternative investments: | Debt | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 27 | 31 |
Other Postretirement Plans | Other alternative investments: | Hedge funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 10 | 11 |
Other Postretirement Plans | Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 640 | 521 |
Other Postretirement Plans | Level 1 | Cash equivalents and other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 3 | 0 |
Other Postretirement Plans | Level 1 | U.S. equity: | Large Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 472 | 378 |
Other Postretirement Plans | Level 1 | U.S. equity: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 26 | 21 |
Other Postretirement Plans | Level 1 | Non-U.S. equity: | Large Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 111 | 93 |
Other Postretirement Plans | Level 1 | Non-U.S. equity: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 20 | 11 |
Other Postretirement Plans | Level 1 | Common/collective trust funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 1 | Fixed Income: | Corporate debt instruments | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 2 | 1 |
Other Postretirement Plans | Level 1 | Fixed Income: | U.S. Treasury securities and agency debentures | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 16 |
Other Postretirement Plans | Level 1 | Fixed Income: | State and municipal | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 4 | 0 |
Other Postretirement Plans | Level 1 | Fixed Income: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 1 | Real estate: | REITs | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 2 | 1 |
Other Postretirement Plans | Level 1 | Real estate: | Partnerships | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 1 | Other alternative investments: | Private equity | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 1 | Other alternative investments: | Debt | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 1 | Other alternative investments: | Hedge funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 559 | 511 |
Other Postretirement Plans | Level 2 | Cash equivalents and other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 14 | 13 |
Other Postretirement Plans | Level 2 | U.S. equity: | Large Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 5 |
Other Postretirement Plans | Level 2 | U.S. equity: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 45 |
Other Postretirement Plans | Level 2 | Non-U.S. equity: | Large Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 3 |
Other Postretirement Plans | Level 2 | Non-U.S. equity: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 8 |
Other Postretirement Plans | Level 2 | Common/collective trust funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 502 | 0 |
Other Postretirement Plans | Level 2 | Fixed Income: | Corporate debt instruments | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 23 | 160 |
Other Postretirement Plans | Level 2 | Fixed Income: | U.S. Treasury securities and agency debentures | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 12 | 266 |
Other Postretirement Plans | Level 2 | Fixed Income: | State and municipal | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 5 | 9 |
Other Postretirement Plans | Level 2 | Fixed Income: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 3 | 2 |
Other Postretirement Plans | Level 2 | Real estate: | REITs | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 2 | Real estate: | Partnerships | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 2 | Other alternative investments: | Private equity | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 2 | Other alternative investments: | Debt | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 2 | Other alternative investments: | Hedge funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 116 | 124 |
Other Postretirement Plans | Level 3 | Cash equivalents and other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 3 | U.S. equity: | Large Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 3 | U.S. equity: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 3 | Non-U.S. equity: | Large Cap | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 3 | Non-U.S. equity: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 3 | Common/collective trust funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 3 | Fixed Income: | Corporate debt instruments | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 3 | Fixed Income: | U.S. Treasury securities and agency debentures | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 3 | Fixed Income: | State and municipal | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 3 | Fixed Income: | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 3 | Real estate: | REITs | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 0 | 0 |
Other Postretirement Plans | Level 3 | Real estate: | Partnerships | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 19 | 24 |
Other Postretirement Plans | Level 3 | Other alternative investments: | Private equity | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 60 | 58 |
Other Postretirement Plans | Level 3 | Other alternative investments: | Debt | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | 27 | 31 |
Other Postretirement Plans | Level 3 | Other alternative investments: | Hedge funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan assets by asset category | $10 | $11 |
Employee_Benefit_Plans_Pension1
Employee Benefit Plans (Pension plan and other postretirement plan assets that are measured at fair value and included in the Level 3 fair value category) (Details) (Level 3, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits | ' | ' | ' |
Changes in fair value of plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | $1,190 | $1,285 | $1,278 |
Actual return on plan assets: | ' | ' | ' |
Relating to assets still held at the reporting date | 166 | 105 | 128 |
Relating to assets sold during the period | -122 | -62 | -67 |
Purchases | 153 | 129 | 215 |
Sales | -263 | -267 | -269 |
Fair value of plan assets at end of year | 1,124 | 1,190 | 1,285 |
Pension Benefits | Real estate: | ' | ' | ' |
Changes in fair value of plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 321 | 304 | 271 |
Actual return on plan assets: | ' | ' | ' |
Relating to assets still held at the reporting date | 15 | 21 | 38 |
Relating to assets sold during the period | -36 | -8 | -8 |
Purchases | 6 | 35 | 57 |
Sales | -79 | -31 | -54 |
Fair value of plan assets at end of year | 227 | 321 | 304 |
Pension Benefits | Private equity | ' | ' | ' |
Changes in fair value of plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 456 | 448 | 400 |
Actual return on plan assets: | ' | ' | ' |
Relating to assets still held at the reporting date | 98 | 46 | 70 |
Relating to assets sold during the period | -48 | -41 | -34 |
Purchases | 115 | 79 | 76 |
Sales | -91 | -76 | -64 |
Fair value of plan assets at end of year | 530 | 456 | 448 |
Pension Benefits | Debt | ' | ' | ' |
Changes in fair value of plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 192 | 243 | 262 |
Actual return on plan assets: | ' | ' | ' |
Relating to assets still held at the reporting date | 32 | 17 | 10 |
Relating to assets sold during the period | -34 | -11 | -10 |
Purchases | 32 | 15 | 34 |
Sales | -42 | -72 | -53 |
Fair value of plan assets at end of year | 180 | 192 | 243 |
Pension Benefits | Hedge funds | ' | ' | ' |
Changes in fair value of plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 221 | 290 | 345 |
Actual return on plan assets: | ' | ' | ' |
Relating to assets still held at the reporting date | 21 | 21 | 10 |
Relating to assets sold during the period | -4 | -2 | -15 |
Purchases | 0 | 0 | 48 |
Sales | -51 | -88 | -98 |
Fair value of plan assets at end of year | 187 | 221 | 290 |
Other Postretirement Plans | ' | ' | ' |
Changes in fair value of plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 124 | 137 | 140 |
Actual return on plan assets: | ' | ' | ' |
Relating to assets still held at the reporting date | 8 | 9 | 15 |
Relating to assets sold during the period | 5 | -1 | -6 |
Purchases | 10 | 9 | 16 |
Sales | -31 | -30 | -28 |
Fair value of plan assets at end of year | 116 | 124 | 137 |
Other Postretirement Plans | Real estate: | ' | ' | ' |
Changes in fair value of plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 24 | 24 | 22 |
Actual return on plan assets: | ' | ' | ' |
Relating to assets still held at the reporting date | -2 | 1 | 3 |
Relating to assets sold during the period | 1 | 0 | 0 |
Purchases | 1 | 2 | 3 |
Sales | -5 | -3 | -4 |
Fair value of plan assets at end of year | 19 | 24 | 24 |
Other Postretirement Plans | Private equity | ' | ' | ' |
Changes in fair value of plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 58 | 63 | 61 |
Actual return on plan assets: | ' | ' | ' |
Relating to assets still held at the reporting date | 6 | 3 | 11 |
Relating to assets sold during the period | 3 | -1 | -4 |
Purchases | 7 | 6 | 8 |
Sales | -14 | -13 | -13 |
Fair value of plan assets at end of year | 60 | 58 | 63 |
Other Postretirement Plans | Debt | ' | ' | ' |
Changes in fair value of plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 31 | 36 | 40 |
Actual return on plan assets: | ' | ' | ' |
Relating to assets still held at the reporting date | 3 | 4 | 1 |
Relating to assets sold during the period | 0 | 0 | -1 |
Purchases | 2 | 1 | 3 |
Sales | -9 | -10 | -7 |
Fair value of plan assets at end of year | 27 | 31 | 36 |
Other Postretirement Plans | Hedge funds | ' | ' | ' |
Changes in fair value of plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 11 | 14 | 17 |
Actual return on plan assets: | ' | ' | ' |
Relating to assets still held at the reporting date | 1 | 1 | 0 |
Relating to assets sold during the period | 1 | 0 | -1 |
Purchases | 0 | 0 | 2 |
Sales | -3 | -4 | -4 |
Fair value of plan assets at end of year | $10 | $11 | $14 |
Employee_Benefit_Plans_Net_Per
Employee Benefit Plans (Net Periodic Benefit (Credit) Cost and Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Expected return on plan assets | ($554) | ($509) | ' | |||
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | ' | ' | ' | |||
Settlements and curtailments | 220 | ' | ' | |||
Pension Benefits | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Service cost | 131 | 116 | 108 | |||
Interest cost | 271 | 268 | 258 | |||
Expected return on plan assets | -462 | -430 | -440 | |||
Amortization of prior service (credit) cost | 3 | 3 | 3 | |||
Amortization of net actuarial loss | 165 | 132 | 96 | |||
Settlements and curtailments | -2 | [1] | 0 | [1] | 0 | [1] |
Special termination benefits | 0 | 0 | 0 | |||
Net periodic benefit cost | 106 | 89 | 25 | |||
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | ' | ' | ' | |||
Current year net actuarial (gain) loss | -968 | 786 | 534 | |||
Prior service (credit) cost | 1 | 0 | 0 | |||
Settlements and curtailments | -22 | [1] | 0 | [1] | 0 | [1] |
Amortization of net actuarial loss | 165 | 132 | 96 | |||
Amortization of prior service credit (cost) | -3 | -3 | -3 | |||
Total recognized in other comprehensive income and regulatory assets and liabilities | -1,157 | 651 | 435 | |||
Significant assumptions used to determine periodic cost: | ' | ' | ' | |||
Discount rate | ' | 5.50% | 5.90% | |||
Expected long-term rate of return on plan assets | 8.50% | 8.50% | 8.50% | |||
Weighted average rate of increase for compensation | 4.21% | 4.21% | 4.61% | |||
Other Postretirement Plans | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Service cost | 43 | 44 | 48 | |||
Interest cost | 73 | 79 | 94 | |||
Expected return on plan assets | -92 | -79 | -79 | |||
Amortization of prior service (credit) cost | -15 | -13 | -13 | |||
Amortization of net actuarial loss | 7 | 6 | 12 | |||
Settlements and curtailments | -15 | [1] | -4 | [1] | 1 | [1] |
Special termination benefits | -1 | ' | 0 | |||
Net periodic benefit cost | 2 | 33 | 63 | |||
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | ' | ' | ' | |||
Current year net actuarial (gain) loss | -255 | 139 | -157 | |||
Prior service (credit) cost | -215 | 1 | -70 | |||
Settlements and curtailments | -7 | [1] | -2 | [1] | -1 | [1] |
Amortization of net actuarial loss | 7 | 6 | 12 | |||
Amortization of prior service credit (cost) | 15 | 13 | 13 | |||
Total recognized in other comprehensive income and regulatory assets and liabilities | ($469) | $145 | ($227) | |||
Significant assumptions used to determine periodic cost: | ' | ' | ' | |||
Discount rate | ' | 5.50% | 5.90% | |||
Expected long-term rate of return on plan assets | 7.75% | 7.75% | 7.75% | |||
Weighted average rate of increase for compensation | 4.22% | 4.22% | 4.62% | |||
Healthcare cost trend rate | 7.00% | [2] | 7.00% | [2] | 7.00% | [2] |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.60% | [2] | 4.60% | [2] | 4.60% | [2] |
Year that the rate reaches the ultimate trend rate | '2062 | [2] | '2061 | [2] | '2060 | [2] |
Minimum | Pension Benefits | ' | ' | ' | |||
Significant assumptions used to determine periodic cost: | ' | ' | ' | |||
Discount rate | 4.40% | ' | ' | |||
Minimum | Other Postretirement Plans | ' | ' | ' | |||
Significant assumptions used to determine periodic cost: | ' | ' | ' | |||
Discount rate | 4.40% | ' | ' | |||
Maximum | Pension Benefits | ' | ' | ' | |||
Significant assumptions used to determine periodic cost: | ' | ' | ' | |||
Discount rate | 4.80% | ' | ' | |||
Maximum | Other Postretirement Plans | ' | ' | ' | |||
Significant assumptions used to determine periodic cost: | ' | ' | ' | |||
Discount rate | 4.80% | ' | ' | |||
[1] | 2013 amount relates primarily to the decommissioning of Kewaunee. 2012 amount relates to the sale of Salem Harbor. | |||||
[2] | Assumptions used to determine periodic cost for the following year. |
Employee_Benefit_Plans_AOCI_an
Employee Benefit Plans (AOCI and regulatory assets and liabilities that have not been recognized as components of periodic benefit (credit) cost) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Net actuarial (gain) loss | ($324) | ($877) | ||
Pension Benefits | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Net actuarial (gain) loss | 1,709 | 2,865 | ||
Prior service (credit) cost | 10 | 11 | ||
Total | 1,719 | [1] | 2,876 | [1] |
Related expenses | 1,700 | 2,900 | ||
Amount included in AOCI | 1,000 | 1,800 | ||
Other Postretirement Plans | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Net actuarial (gain) loss | -40 | 229 | ||
Prior service (credit) cost | -271 | -71 | ||
Total | -311 | [1] | 158 | [1] |
Related expenses | -311 | 158 | ||
Amount included in AOCI | ($156) | $69 | ||
[1] | As of December 31, 2013, of the $1.7 billion and $(311) million related to pension benefits and other postretirement benefits, $1.0 billion and $(156) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2012, of the $2.9 billion and $158 million related to pension benefits and other postretirement benefits, $1.8 billion and $69 million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components of AOCI and Regulatory Assets and Liabilities) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net actuarial loss | ($165) | ($132) | ($96) |
Prior service (credit) cost | -3 | -3 | -3 |
Pension Benefits | Scenario, Forecast | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net actuarial loss | 112 | ' | ' |
Prior service (credit) cost | 3 | ' | ' |
Other Postretirement Plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net actuarial loss | -7 | -6 | -12 |
Prior service (credit) cost | 15 | 13 | 13 |
Other Postretirement Plans | Scenario, Forecast | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net actuarial loss | 2 | ' | ' |
Prior service (credit) cost | ($28) | ' | ' |
Employee_Benefit_Plans_Effect_
Employee Benefit Plans (Effect of One Percentage Point Change on Benefit Plans) (Details) (Other Postretirement Plans, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Other Postretirement Plans | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Effect of one percentage point increase on total of service and interest cost components | $16 |
Effect of one percentage point increase on other postretirement benefit obligation | 140 |
Effect of one percentage point decrease on total of service and interest cost components | -18 |
Effect of one percentage point decrease on other postretirement benefit obligation | ($118) |
Commitments_and_Contingencies_1
Commitments and Contingencies (Environmental Matters) (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | |||||||
Jun. 30, 2013 | Feb. 28, 2013 | Apr. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2011 | Dec. 31, 2013 | Apr. 25, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | |
T | MW | Party | Site | T | Clean Air Act | Clean Air Act | Clean Air Act | Remedial options | Virginia Electric and Power Company | Virginia Electric and Power Company | ||
Group | Site | |||||||||||
MW | ||||||||||||
State | ||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charge reflecting plant balances not expected to be recovered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $228,000,000 | $26,000,000 |
Charge reflecting plant balances not expected to be recovered, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 139,000,000 | 16,000,000 |
Number of states under EPA Replacement Rule | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ' | ' | ' |
Emissions of fossil fuel fired electric generating units | ' | ' | 25 | ' | ' | ' | 25 | ' | ' | ' | ' | ' |
Number of groups of affected states | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Estimate of possible loss | ' | ' | ' | ' | ' | ' | ' | 13,000,000 | 3,000,000 | ' | ' | ' |
Amount of environmental mitigation projects | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' |
Number of parties ordered specific remedial action | ' | ' | ' | 22 | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum civil penalties per day | ' | ' | ' | ' | 37,500 | ' | ' | ' | ' | ' | ' | ' |
Number of former manufactured gas plant sites | ' | ' | ' | ' | 17 | ' | ' | ' | ' | ' | ' | 3 |
Preliminary costs for options under evaluation for the site, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' |
Preliminary costs for options under evaluation for the site, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22,000,000 | ' | ' |
Percentage Reduction In CO2 Emissions | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CO2 Emissions Cap | ' | 91,000,000 | ' | ' | ' | 165,000,000 | ' | ' | ' | ' | ' | ' |
Percent further emission reduction goals in participating state power plant CO2 emissions | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' |
National GHC reduction goal, percentage | 17.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for consideration of CO2 emissions for biomass projects | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (MF Global) (Details) (MF Global Bankruptcy, USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2011 |
MF Global Bankruptcy | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Initial margin posted | ' | ' | $73 |
Margin received to date | ' | 17 | ' |
Remaining margin claims sold to 3rd party | $56 | ' | ' |
Commitments_and_Contingencies_3
Commitments and Contingencies (Nuclear Operations) (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||
Nov. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Spent Nuclear Fuel | Spent Nuclear Fuel | Millstone Unit 1 | Kewaunee | Kewaunee | Millstone | Millstone | Nuclear Plant | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | |||
Spent Nuclear Fuel | Spent Nuclear Fuel | Kewaunee | Surry and North Anna | ||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Coverage that exceeds NRC minimum requirement | ' | $1,060,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum financial assurance | ' | ' | ' | ' | 2,800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000,000 | ' |
Liability protection under Price-Anderson Act | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,600,000,000 | ' | ' | ' | ' | ' |
Amount of coverage purchased from commercial insurance pools | ' | 375,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount that could be assessed for each licensed reactor | ' | 127,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount that could be assessed for each licensed reactor per reactor | ' | 19,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum assessment for premiums on insurance policy | ' | 71,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 39,000,000 | ' | ' | ' | ' |
Maximum assessment for insurance policy | ' | 19,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | ' | ' | ' | ' |
Payments for legal settlements | ' | ' | ' | ' | ' | ' | 6,000,000 | 5,000,000 | 20,000,000 | ' | ' | ' | ' | ' | 75,000,000 |
Litigation Settlement, Amount | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables | ' | ' | 79,000,000 | 36,000,000 | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | 26,000,000 | ' | ' |
Current fee per kWh for electricity paid by civilian nuclear power generators | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Waste fee recognized | ' | $44,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $27,000,000 | ' | ' | ' | ' |
Commitments_and_Contingencies_4
Commitments and Contingencies (Nuclear Insurance) (Details) (USD $) | Dec. 31, 2013 | |
Millstone | ' | |
Guarantor Obligations [Line Items] | ' | |
Property insurance coverage | $1,700,000 | |
Kewaunee | ' | |
Guarantor Obligations [Line Items] | ' | |
Property insurance coverage | 1,060,000 | |
Surry | Virginia Electric and Power Company | ' | |
Guarantor Obligations [Line Items] | ' | |
Property insurance coverage | 1,700,000 | [1] |
North Anna | Virginia Electric and Power Company | ' | |
Guarantor Obligations [Line Items] | ' | |
Property insurance coverage | 1,700,000 | [1] |
Surry and North Anna | ' | |
Guarantor Obligations [Line Items] | ' | |
Coverage amount | $450,000,000 | |
[1] | Surry and North Anna share a blanket property limit of $450 million. |
Commitment_and_Contingencies_S
Commitment and Contingencies (Schedule of Long Term Purchase Commitments) (Details) (Virginia Electric and Power Company, USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | |
Present value of total commitment for capacity payments | $1,100,000,000 | ' | ' | |
Purchased electric capacity | ' | ' | ' | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' | |
2014 | 336,000,000 | [1] | ' | ' |
2015 | 316,000,000 | [1] | ' | ' |
2016 | 253,000,000 | [1] | ' | ' |
2017 | 159,000,000 | [1] | ' | ' |
2018 | 104,000,000 | [1] | ' | ' |
Thereafter | 163,000,000 | [1] | ' | ' |
Total | 1,331,000,000 | [1] | ' | ' |
Payments | 345,000,000 | 337,000,000 | 338,000,000 | |
Energy payments | ' | ' | ' | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' | |
Payments | $236,000,000 | $214,000,000 | $275,000,000 | |
[1] | Commitments represent estimated amounts payable for capacity under power purchase contracts with qualifying facilities and independent power producers, the last of which ends in 2021. Capacity payments under the contracts are generally based on fixed dollar amounts per month, subject to escalation using broad-based economic indices. At December 31, 2013, the present value of Virginia Power's total commitment for capacity payments is $1.1 billion. Capacity payments totaled $345 million, $337 million, and $338 million, and energy payments totaled $236 million, $214 million, and $275 million for 2013, 2012 and 2011, respectively. |
Commitments_and_Contingencies_5
Commitments and Contingencies (Lease Commitments) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Loss Contingencies [Line Items] | ' |
2014 | $63 |
2015 | 60 |
2016 | 51 |
2017 | 43 |
2018 | 37 |
Thereafter | 87 |
Total | 341 |
Virginia Electric and Power Company | ' |
Loss Contingencies [Line Items] | ' |
2014 | 27 |
2015 | 26 |
2016 | 21 |
2017 | 17 |
2018 | 14 |
Thereafter | 27 |
Total | $132 |
Commitments_and_Contingencies_6
Commitments and Contingencies (Lease Commitments) (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Loss Contingencies [Line Items] | ' | ' | ' |
Rental expense | $101 | $112 | $155 |
Virginia Electric and Power Company | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Rental expense | $42 | $48 | $50 |
Commitments_and_Contingencies_7
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Narrative) (Details) (USD $) | Dec. 31, 2013 |
Guarantor Obligations [Line Items] | ' |
Exposure under guarantees | $4,421,000,000 |
Purchased surety bonds | 147,000,000 |
Standby Letters of Credit | ' |
Guarantor Obligations [Line Items] | ' |
Authorized standby letters of credit with financial institutions | 11,000,000 |
Minimum | ' |
Guarantor Obligations [Line Items] | ' |
Annual future contributions | 4,000,000 |
Maximum | ' |
Guarantor Obligations [Line Items] | ' |
Annual future contributions | 19,000,000 |
Third Party and Equity Method Investee | ' |
Guarantor Obligations [Line Items] | ' |
Estimate of possible loss | 69,000,000 |
Exposure under guarantees | 39,000,000 |
Third Party and Equity Method Investee | Through 2019 | ' |
Guarantor Obligations [Line Items] | ' |
Exposure under guarantees | 90,000,000 |
Virginia Electric and Power Company | ' |
Guarantor Obligations [Line Items] | ' |
Purchased Surety Bonds | 59,000,000 |
Authorized issuance of standby letters of credit | 1,000,000 |
Virginia Electric and Power Company | Tax-Exempt Financings | ' |
Guarantor Obligations [Line Items] | ' |
Estimate of possible loss | $14,000,000 |
Commitments_and_Contingencies_8
Commitments and Contingencies (Subsidiary Guarantees) (Details) (USD $) | Dec. 31, 2013 | |
In Millions, unless otherwise specified | ||
Guarantor Obligations [Line Items] | ' | |
Stated Limit | $4,421 | |
Value | 606 | [1] |
Debt | ' | |
Guarantor Obligations [Line Items] | ' | |
Stated Limit | 27 | [2] |
Value | 27 | [1],[2] |
Commodity transactions | ' | |
Guarantor Obligations [Line Items] | ' | |
Stated Limit | 3,158 | [2] |
Value | 403 | [1],[2] |
Nuclear obligations | ' | |
Guarantor Obligations [Line Items] | ' | |
Stated Limit | 232 | [3] |
Value | 68 | [1],[3] |
Other | ' | |
Guarantor Obligations [Line Items] | ' | |
Stated Limit | 669 | [4] |
Value | 108 | [1],[4] |
Cove Point | Nuclear obligations | ' | |
Guarantor Obligations [Line Items] | ' | |
Stated Limit | 335 | [5] |
Value | 0 | [1],[5] |
Millstone | Nuclear obligations | ' | |
Guarantor Obligations [Line Items] | ' | |
Stated Limit | 150 | |
Kewaunee | Nuclear obligations | ' | |
Guarantor Obligations [Line Items] | ' | |
Stated Limit | $60 | |
[1] | Represents the estimated portion of the guarantee's stated limit that is utilized as of December 31, 2013 based upon prevailing economic conditions and fact patterns specific to each guarantee arrangement. For those guarantees related to obligations that are recorded as liabilities by Dominion's subsidiaries, the value includes the recorded amount. | |
[2] | Guarantee of debt of a DEI subsidiary. In the event of default by the subsidiary, Dominion would be obligated to repay such amounts. | |
[3] | Guarantees related to certain DEI subsidiaries' potential retrospective premiums that could be assessed if there is a nuclear incident under Dominion's nuclear insurance programs and guarantees for a DEI subsidiary's and Virginia Power's commitment to buy nuclear fuel. Excludes Dominion's agreement to provide up to $150 million and $60 million to two DEI subsidiaries to pay the operating expenses of Millstone and Kewaunee, respectively, in the event of a prolonged outage, as part of satisfying certain NRC requirements concerned with ensuring adequate funding for the operations of nuclear power stations. The agreement for Kewaunee also provides for funds through the completion of decommissioning. | |
[4] | Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations and construction projects. Also includes guarantees related to certain DEI subsidiaries' obligations for equity capital contributions and energy generation associated with Fowler Ridge and NedPower. | |
[5] | Guarantees related to Cove Point, including agreements to support terminal service and transportation agreements as well as an engineering, procurement and construction contract for new liquefaction facilities. Includes certain guarantees that do not have stated limits. |
Credit_Risk_Narrative_Details
Credit Risk (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Concentration Risk [Line Items] | ' | ' |
Gross credit exposure | $263 | ' |
Additional collateral to be posted if the credit-related contingent features were triggered | 146 | 110 |
Collateral already posted | 76 | 4 |
Fair value of all derivative instruments not fully collateralized | $169 | $163 |
Investment Grade | Investment Grade Counterparties | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration of credit risk | 63.00% | ' |
Investment Grade | CounterpartyA | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration of credit risk | 6.00% | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (Virginia Electric and Power Company, USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Commodity purchases from affiliates | ' | $417 | $368 | $376 |
Services provided by affiliates | ' | 415 | 399 | 393 |
Services provided to affiliates | ' | 21 | 19 | 21 |
Purchased nuclear fuel-related inventory | 39 | ' | ' | ' |
Outstanding borrowings, net of repayments, under the Dominion money pool for Virginia Power's nonregulated subsidiaries | ' | ' | 192 | ' |
Dominion | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Short term demand note borrowings | ' | $97 | $243 | ' |
Operating_Segments_Narrative_D
Operating Segments (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | $9,804 | $9,977 | [1] | $10,885 | [1] | ||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 92 | 1,125 | [1],[2] | 58 | [1],[2] | ||
Impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | 1,600 | ' | ' | ||||
Asset disposition adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 44 | 11 | ' | ||||
Loss from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 92 | 1,125 | [1] | 58 | [1] | ||
Income from operations | 804 | [3] | 1,034 | 548 | 930 | 761 | 551 | 628 | 918 | 3,316 | 2,858 | [1] | 2,880 | [1] | |
Corporate and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 452 | 1,700 | 607 | ||||
Net expenses attributable to other operating segments | ' | ' | ' | ' | ' | ' | ' | ' | 184 | 1,500 | 364 | ||||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 92 | [4] | 1,125 | [4] | 58 | [4] | |
Asset disposition adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [5] | 0 | [5] | ' | ||
Dominion Generation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [4],[6] | 0 | [4],[6] | 0 | [4],[6] | |
Asset disposition adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 19 | [7] | 0 | ' | |||
Net gain on investments | ' | ' | ' | ' | ' | ' | ' | ' | 81 | ' | ' | ||||
Net gain on investments after tax | ' | ' | ' | ' | ' | ' | ' | ' | 49 | ' | ' | ||||
Impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 228 | ||||
Asset impairment, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 139 | ||||
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -66 | ||||
Operating income after tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -39 | ||||
Impairment of emissions allowances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43 | ||||
Impairment of emissions net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26 | ||||
Dominion Generation | Brayton Point Kincaid And Elwood Power Stations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700 | ' | ||||
Impairment charge | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ||||
Loss from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100 | ' | ||||
DVP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [6] | 0 | [6] | 0 | [6] | |
Asset disposition adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ||||
Charge related to Biennial Review Order | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87 | 96 | ||||
Restoration costs net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53 | 59 | ||||
Dominion Energy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Asset disposition adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 25 | [8] | 11 | [8] | ' | ||
Loss from operations | ' | ' | ' | ' | ' | ' | ' | ' | 182 | ' | ' | ||||
Loss from operations after tax | ' | ' | ' | ' | ' | ' | ' | ' | 109 | ' | ' | ||||
Impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | 55 | ' | ' | ||||
Impairment charge after tax | ' | ' | 33 | ' | ' | ' | ' | ' | 33 | ' | ' | ||||
Loss from producer services business | ' | ' | ' | ' | ' | ' | ' | ' | 127 | ' | ' | ||||
Loss from producer services business after tax | ' | ' | 24 | ' | ' | ' | ' | ' | 76 | ' | ' | ||||
Brayton Point and Kincaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss before income taxes | ' | ' | 70 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Brayton Point and Kincaid | Dominion Generation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 135 | ' | 57 | ||||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 92 | ' | ' | ||||
Amount of debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 64 | ' | ' | ||||
Amount of debt extinguishment after tax | ' | ' | ' | ' | ' | ' | ' | ' | 38 | ' | ' | ||||
Impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | 48 | ' | ' | ||||
Long-lived assets impairment charges, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ||||
Loss from discontinued operation | ' | ' | ' | ' | ' | ' | ' | ' | 17 | ' | ' | ||||
Loss on discontinued operation, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' | ||||
Asset disposition adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 16 | ' | ' | ||||
Loss from operations | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ||||
Loss from operations after tax | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ||||
Loss from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33 | ||||
Brayton Point and Kincaid | Dominion Energy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss from operations after tax | ' | ' | 57 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Kewaunee | Dominion Generation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 467 | ' | ||||
Loss from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 303 | ' | ||||
State Line and Salem Harbor | Dominion Generation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49 | 34 | ||||
Loss from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22 | 25 | ||||
Virginia Electric and Power Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 5,215 | 5,234 | 5,641 | ||||
Restoration costs net of tax | 28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Asset impairment, net of tax | ' | ' | ' | ' | ' | ' | 42 | ' | ' | ' | ' | ||||
Income from operations | 408 | 679 | 463 | 530 | 417 | 746 | 361 | 468 | 2,080 | 1,992 | 1,605 | ||||
Virginia Electric and Power Company | Corporate and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 47 | 51 | 268 | ||||
Virginia Electric and Power Company | Dominion Generation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Charge related to Biennial Review Order | ' | ' | ' | ' | ' | ' | ' | ' | 40 | ' | ' | ||||
Restoration costs net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ||||
Impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 228 | ||||
Impairment charge, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 139 | ||||
Impairment of emissions allowances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43 | ||||
Impairment of emissions net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26 | ||||
Virginia Electric and Power Company | DVP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Charge related to Biennial Review Order | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87 | 96 | ||||
Restoration costs net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | $53 | $59 | ||||
[1] | Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3 to the Consolidated Financial Statements. EPS amounts reflect the per share impact of the recast of $1.92 and $0.06 for 2012 and 2011, respectively. | ||||||||||||||
[2] | Includes income tax benefit of $43 million, $692 million, and $33 million in 2013, 2012 and 2011, respectively. For 2012, includes impairment charges of $1.6 billion related to Brayton Point and Kincaid. See Note 6 for additional information. | ||||||||||||||
[3] | Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3. | ||||||||||||||
[4] | Segment information for 2012 and 2011 has been recast to reflect Brayton Point and Kincaid as discontinued operations, as discussed in Note 3. | ||||||||||||||
[5] | Goodwill recorded at the Corporate and Other segment is allocated to the primary operating segments for goodwill impairment testing purposes. | ||||||||||||||
[6] | Amounts have been recast to reflect nonregulated retail energy marketing operations in the Dominion Generation segment. | ||||||||||||||
[7] | See Note 3 for a discussion of Dominion's dispositions and related goodwill write-offs. | ||||||||||||||
[8] | Related to assets sold or contributed to Blue Racer. |
Operating_Segment_Schedule_of_
Operating Segment (Schedule of Segment Reporting Information, by Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Revenue | $3,185 | [1] | $3,432 | $2,980 | $3,523 | $3,101 | $3,332 | $3,005 | $3,397 | $13,120 | $12,835 | [2] | $13,765 | [2] | ||
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 13,120 | 12,835 | 13,765 | |||||
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,208 | 1,127 | 1,018 | |||||
Equity in earnings of equity method investees | ' | ' | ' | ' | ' | ' | ' | ' | 14 | 25 | 35 | |||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 54 | 61 | 67 | |||||
Interest and related charges | ' | ' | ' | ' | ' | ' | ' | ' | 877 | 816 | 796 | |||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 892 | [3] | 811 | [2],[3] | 778 | [2],[3] | ||
Loss from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -92 | -1,125 | [2],[4] | -58 | [2],[4] | |||
Net income (loss) attributable to Dominion | 431 | [1] | 569 | 202 | 495 | -659 | 209 | 258 | 494 | 1,697 | 302 | [2] | 1,408 | [2] | ||
Investment in equity method affiliates | 916 | ' | ' | ' | 558 | ' | ' | ' | 916 | 558 | ' | |||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 4,104 | 4,145 | 3,652 | |||||
Total assets | 50,096 | ' | ' | ' | 46,838 | ' | ' | ' | 50,096 | 46,838 | ' | |||||
Intersegment revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
DVP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,825 | [5] | 1,846 | [5] | 1,791 | [5] | ||
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,834 | [5] | 1,855 | [5] | 1,854 | [5] | ||
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 427 | [5] | 392 | [5] | 369 | [5] | ||
Equity in earnings of equity method investees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [5] | 0 | [5] | 0 | [5] | ||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [5] | 1 | [5] | 10 | [5] | ||
Interest and related charges | ' | ' | ' | ' | ' | ' | ' | ' | 175 | [5] | 187 | [5] | 183 | [5] | ||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 287 | [5] | 278 | [5] | 264 | [5] | ||
Loss from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [5] | 0 | [5] | 0 | [5] | ||
Net income (loss) attributable to Dominion | ' | ' | ' | ' | ' | ' | ' | ' | 475 | [5] | 439 | [5] | 416 | [5] | ||
Investment in equity method affiliates | 0 | [5] | ' | ' | ' | 0 | [5] | ' | ' | ' | 0 | [5] | 0 | [5] | ' | |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,361 | [5] | 1,158 | [5] | 1,091 | [5] | ||
Total assets | 11,900 | [5] | ' | ' | ' | 11,500 | [5] | ' | ' | ' | 11,900 | [5] | 11,500 | [5] | ' | |
DVP | Intersegment revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 9 | [5] | 9 | [5] | 63 | [5] | ||
Dominion Generation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 8,445 | [5],[6] | 8,170 | [5],[6] | 8,759 | [5],[6] | ||
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 8,513 | [5],[6] | 8,274 | [5],[6] | 8,882 | [5],[6] | ||
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 518 | [5],[6] | 483 | [5],[6] | 413 | [5],[6] | ||
Equity in earnings of equity method investees | ' | ' | ' | ' | ' | ' | ' | ' | -14 | [5],[6] | 3 | [5],[6] | 3 | [5],[6] | ||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 66 | [5],[6] | 65 | [5],[6] | 65 | [5],[6] | ||
Interest and related charges | ' | ' | ' | ' | ' | ' | ' | ' | 220 | [5],[6] | 177 | [5],[6] | 148 | [5],[6] | ||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 483 | [5],[6] | 576 | [5],[6] | 655 | [5],[6] | ||
Loss from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [5],[6] | 0 | [5],[6] | 0 | [5],[6] | ||
Net income (loss) attributable to Dominion | ' | ' | ' | ' | ' | ' | ' | ' | 1,031 | [5],[6] | 1,021 | [5],[6] | 1,078 | [5],[6] | ||
Investment in equity method affiliates | 280 | [5],[6] | ' | ' | ' | 414 | [5],[6] | ' | ' | ' | 280 | [5],[6] | 414 | [5],[6] | ' | |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,605 | [5],[6] | 1,615 | [5],[6] | 1,593 | [5],[6] | ||
Total assets | 22,000 | [5],[6] | ' | ' | ' | 21,800 | [5],[6] | ' | ' | ' | 22,000 | [5],[6] | 21,800 | [5],[6] | ' | |
Dominion Generation | Intersegment revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 68 | [5],[6] | 104 | [5],[6] | 123 | [5],[6] | ||
Dominion Energy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,783 | 1,813 | 2,044 | |||||
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,846 | 2,743 | 3,121 | |||||
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 228 | 216 | 207 | |||||
Equity in earnings of equity method investees | ' | ' | ' | ' | ' | ' | ' | ' | 21 | 23 | 23 | |||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 30 | 27 | |||||
Interest and related charges | ' | ' | ' | ' | ' | ' | ' | ' | 26 | 47 | 57 | |||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 409 | 352 | 323 | |||||
Loss from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Net income (loss) attributable to Dominion | ' | ' | ' | ' | ' | ' | ' | ' | 643 | 551 | 521 | |||||
Investment in equity method affiliates | 615 | ' | ' | ' | 141 | ' | ' | ' | 615 | 141 | ' | |||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,043 | 1,350 | 907 | |||||
Total assets | 12,100 | ' | ' | ' | 11,200 | ' | ' | ' | 12,100 | 11,200 | ' | |||||
Dominion Energy | Intersegment revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,063 | 930 | 1,077 | |||||
Corporate and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 3 | [6] | 155 | [6] | 56 | [6] | ||
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 612 | [6] | 763 | [6] | 651 | [6] | ||
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 35 | [6] | 36 | [6] | 29 | [6] | ||
Equity in earnings of equity method investees | ' | ' | ' | ' | ' | ' | ' | ' | 7 | [6] | -1 | [6] | 9 | [6] | ||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 42 | [6] | 71 | [6] | 71 | [6] | ||
Interest and related charges | ' | ' | ' | ' | ' | ' | ' | ' | 522 | [6] | 511 | [6] | 514 | [6] | ||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -287 | [6] | -395 | [6] | -464 | [6] | ||
Loss from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -92 | [6] | -1,125 | [6] | -58 | [6] | ||
Net income (loss) attributable to Dominion | ' | ' | ' | ' | ' | ' | ' | ' | -452 | [6] | -1,709 | [6] | -607 | [6] | ||
Investment in equity method affiliates | 21 | [6] | ' | ' | ' | 3 | [6] | ' | ' | ' | 21 | [6] | 3 | [6] | ' | |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 95 | [6] | 22 | [6] | 61 | [6] | ||
Total assets | 8,500 | [6] | ' | ' | ' | 12,600 | [6] | ' | ' | ' | 8,500 | [6] | 12,600 | [6] | ' | |
Corporate and Other | Intersegment revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 609 | [6] | 608 | [6] | 595 | [6] | ||
Adjustments & Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,064 | [5] | 851 | [5] | 1,115 | [5] | ||
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | -685 | [5] | -800 | [5] | -743 | [5] | ||
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [5] | 0 | [5] | 0 | [5] | ||
Equity in earnings of equity method investees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [5] | 0 | [5] | 0 | [5] | ||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -66 | [5] | -106 | [5] | -106 | [5] | ||
Interest and related charges | ' | ' | ' | ' | ' | ' | ' | ' | -66 | [5] | -106 | [5] | -106 | [5] | ||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [5] | 0 | [5] | 0 | [5] | ||
Loss from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [5] | 0 | [5] | 0 | [5] | ||
Net income (loss) attributable to Dominion | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [5] | 0 | [5] | 0 | [5] | ||
Investment in equity method affiliates | 0 | [5] | ' | ' | ' | 0 | [5] | ' | ' | ' | 0 | [5] | 0 | [5] | ' | |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [5] | 0 | [5] | 0 | [5] | ||
Total assets | -4,400 | [5] | ' | ' | ' | -10,300 | [5] | ' | ' | ' | -4,400 | [5] | -10,300 | [5] | ' | |
Adjustments & Eliminations | Intersegment revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | -1,749 | [5] | -1,651 | [5] | -1,858 | [5] | ||
Virginia Electric and Power Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Revenue | 1,745 | 2,059 | 1,710 | 1,781 | 1,630 | 2,086 | 1,756 | 1,754 | 7,295 | 7,226 | 7,246 | |||||
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 7,295 | 7,226 | 7,246 | |||||
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 853 | 782 | 718 | |||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 8 | 18 | |||||
Interest and related charges | ' | ' | ' | ' | ' | ' | ' | ' | 369 | 385 | 331 | |||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 659 | [7] | 653 | [7] | 540 | [7] | ||
Net income (loss) attributable to Dominion | 199 | 387 | 265 | 287 | 220 | 415 | 172 | 243 | 1,138 | 1,050 | 822 | |||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,533 | 2,288 | 2,090 | |||||
Total assets | 26,961 | ' | ' | ' | 24,811 | ' | ' | ' | 26,961 | 24,811 | ' | |||||
Virginia Electric and Power Company | DVP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,826 | 1,847 | 1,793 | |||||
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 427 | 392 | 368 | |||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1 | 10 | |||||
Interest and related charges | ' | ' | ' | ' | ' | ' | ' | ' | 175 | 186 | 182 | |||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 286 | 277 | 265 | |||||
Net income (loss) attributable to Dominion | ' | ' | ' | ' | ' | ' | ' | ' | 483 | 448 | 426 | |||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,360 | 1,142 | 1,081 | |||||
Total assets | 12,000 | ' | ' | ' | 11,400 | ' | ' | ' | 12,000 | 11,400 | ' | |||||
Virginia Electric and Power Company | Dominion Generation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 5,475 | 5,379 | 5,546 | |||||
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 425 | 390 | 350 | |||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 7 | 8 | |||||
Interest and related charges | ' | ' | ' | ' | ' | ' | ' | ' | 192 | 199 | 199 | |||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 399 | 403 | 447 | |||||
Net income (loss) attributable to Dominion | ' | ' | ' | ' | ' | ' | ' | ' | 702 | 653 | 664 | |||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,173 | 1,146 | 1,009 | |||||
Total assets | 15,100 | ' | ' | ' | 14,800 | ' | ' | ' | 15,100 | 14,800 | ' | |||||
Virginia Electric and Power Company | Corporate and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | -6 | 0 | -93 | |||||
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | 0 | |||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Interest and related charges | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 0 | -50 | |||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -26 | -27 | -172 | |||||
Net income (loss) attributable to Dominion | ' | ' | ' | ' | ' | ' | ' | ' | -47 | -51 | -268 | |||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Total assets | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | |||||
Virginia Electric and Power Company | Adjustments & Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Interest and related charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Net income (loss) attributable to Dominion | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Total assets | ($100) | ' | ' | ' | ($1,400) | ' | ' | ' | ($100) | ($1,400) | ' | |||||
[1] | Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3. | |||||||||||||||
[2] | Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3 to the Consolidated Financial Statements. EPS amounts reflect the per share impact of the recast of $1.92 and $0.06 for 2012 and 2011, respectively. | |||||||||||||||
[3] | In 2012, Dominion’s current federal income tax expense for continuing and discontinued operations includes a $195 million benefit related to a carryback of its 2012 net operating loss. In 2011, Dominion’s deferred federal income tax expense includes the recognition of a $346 million benefit, including $51 million related to discontinued operations, for its 2011 net operating loss expected to be used to reduce taxable income in future years. | |||||||||||||||
[4] | Includes income tax benefit of $43 million, $692 million, and $33 million in 2013, 2012 and 2011, respectively. For 2012, includes impairment charges of $1.6 billion related to Brayton Point and Kincaid. See Note 6 for additional information. | |||||||||||||||
[5] | Amounts have been recast to reflect nonregulated retail energy marketing operations in the Dominion Generation segment. | |||||||||||||||
[6] | Segment information for 2012 and 2011 has been recast to reflect Brayton Point and Kincaid as discontinued operations, as discussed in Note 3. | |||||||||||||||
[7] | In 2011, Virginia Power’s deferred federal income tax expense includes a $54 million benefit related to a portion of its 2011 net operating loss that is expected to be used in future years. Also, Virginia Power’s current federal income tax expense reflects the amounts of its 2011 net operating losses realized through its participation in a tax sharing agreement with Dominion and its subsidiaries. |
Quarterly_Financial_and_Common2
Quarterly Financial and Common Stock Data (Unaudited) (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Brayton Point and Kincaid | Kewaunee | Virginia Electric and Power Company | Virginia Electric and Power Company | Dominion Energy | Dominion Energy | Dominion Energy | Dominion Generation | Dominion Generation | Dominion Generation | Dominion Generation | Dominion Generation | Brayton Point Kincaid And Elwood Power Stations | Brayton Point Kincaid And Elwood Power Stations | ||
Brayton Point and Kincaid | Brayton Point and Kincaid | Brayton Point and Kincaid | Kewaunee | Virginia Electric and Power Company | Dominion Generation | Dominion Generation | |||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss before income taxes | ' | ($70) | ' | ' | ' | ' | ' | ' | ' | ($135) | ($57) | ($467) | ' | ' | ($1,700) |
Loss from operations after tax | ' | ' | ' | ' | ' | ' | 109 | 57 | ' | 8 | ' | ' | ' | ' | ' |
Impairment charge after tax | ' | ' | ' | ' | ' | 33 | 33 | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from producer services business after tax | ' | ' | ' | ' | ' | 24 | 76 | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge | 1,600 | ' | ' | ' | ' | ' | ' | ' | ' | 48 | ' | ' | ' | 1,000 | ' |
Impairment and other charges | ' | ' | 281 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restoration costs net of tax | ' | ' | ' | 28 | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' | ' |
Asset impairment, net of tax | ' | ' | ' | ' | $42 | ' | ' | ' | $139 | ' | ' | ' | ' | ' | ' |
Quarterly_Financial_and_Common3
Quarterly Financial and Common Stock Data (Unaudited) (Quarterly Financial and Common Stock Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Operating Revenue | $3,185 | [1] | $3,432 | $2,980 | $3,523 | $3,101 | $3,332 | $3,005 | $3,397 | $13,120 | $12,835 | [2] | $13,765 | [2] | ||||||||
Income from operations | 804 | [1] | 1,034 | 548 | 930 | 761 | 551 | 628 | 918 | 3,316 | 2,858 | [2] | 2,880 | [2] | ||||||||
Net income including noncontrolling interests | 435 | [1] | 575 | 208 | 502 | -652 | 215 | 265 | 501 | 1,720 | 329 | [2] | 1,426 | [2] | ||||||||
Income from continuing operations | 431 | [1],[3] | 592 | [3] | 272 | [3] | 494 | [3] | 372 | [3] | 261 | [3] | 290 | [3] | 504 | [3] | 1,789 | [3] | 1,427 | [2],[3] | 1,466 | [2] |
Income (loss) from discontinued operations | 0 | [1],[3] | -23 | [3] | -70 | [3] | 1 | [3] | -1,031 | [3] | -52 | [3] | -32 | [3] | -10 | [3] | -92 | [3] | -1,125 | [3] | ' | |
Net income (loss) attributable to Dominion | 431 | [1] | 569 | 202 | 495 | -659 | 209 | 258 | 494 | 1,697 | 302 | [2] | 1,408 | [2] | ||||||||
Income from continuing operations - basic (in dollars per share) | $0.74 | [1],[3] | $1.02 | [3] | $0.47 | [3] | $0.86 | [3] | $0.65 | [3] | $0.45 | [3] | $0.51 | [3] | $0.88 | [3] | $3.09 | [3] | $2.49 | [2],[3] | $2.56 | [2] |
Income (loss) from discontinued operations - basic (in dollars per share) | $0 | [1],[3] | ($0.04) | [3] | ($0.12) | [3] | $0 | [3] | ($1.80) | [3] | ($0.09) | [3] | ($0.06) | [3] | ($0.02) | [3] | ($0.16) | [3] | ($1.96) | [2],[3] | ($0.10) | [2] |
Net income attributable to Dominion (in dollars per share) | $0.74 | [1] | $0.98 | $0.35 | $0.86 | ($1.15) | $0.36 | $0.45 | $0.86 | $2.93 | $0.53 | [2] | $2.46 | [2] | ||||||||
Income from continuing operations - diluted (in dollars per share) | $0.74 | [1],[3] | $1.02 | [3] | $0.47 | [3] | $0.86 | [3] | $0.64 | [3] | $0.45 | [3] | $0.51 | [3] | $0.88 | [3] | $3.09 | [3] | $2.49 | [2],[3] | $2.55 | [2] |
Income (loss) from discontinued operations - diluted (in dollars per share) | $0 | [1],[3] | ($0.04) | [3] | ($0.12) | [3] | $0 | [3] | ($1.79) | [3] | ($0.09) | [3] | ($0.06) | [3] | ($0.02) | [3] | ($0.16) | [3] | ($1.96) | [2],[3] | ($0.10) | [2] |
Net income attributable to Dominion - diluted (in dollars per share) | $0.74 | [1] | $0.98 | $0.35 | $0.86 | ($1.15) | $0.36 | $0.45 | $0.86 | $2.93 | $0.53 | [2] | $2.45 | [2] | ||||||||
Dividends declared per common share | $0.56 | [1] | $0.56 | $0.56 | $0.56 | $0.53 | $0.53 | $0.53 | $0.53 | $2.25 | $2.11 | [2] | $1.97 | [2] | ||||||||
Virginia Electric and Power Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Operating Revenue | 1,745 | 2,059 | 1,710 | 1,781 | 1,630 | 2,086 | 1,756 | 1,754 | 7,295 | 7,226 | 7,246 | |||||||||||
Income from operations | 408 | 679 | 463 | 530 | 417 | 746 | 361 | 468 | 2,080 | 1,992 | 1,605 | |||||||||||
Net income (loss) attributable to Dominion | 199 | 387 | 265 | 287 | 220 | 415 | 172 | 243 | 1,138 | 1,050 | 822 | |||||||||||
Balance available for common stock | $194 | $383 | $261 | $283 | $216 | $411 | $168 | $239 | $1,121 | $1,034 | $805 | |||||||||||
Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Share Price | $67.97 | $64.04 | $61.85 | $58.25 | $53.89 | $55.62 | $54.69 | $53.68 | $67.97 | $53.89 | ' | |||||||||||
Common stock market value (high) | ' | ' | ' | ' | ' | ' | ' | ' | $67.97 | $55.62 | ' | |||||||||||
Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Share Price | $61.36 | $55.51 | $53.79 | $51.92 | $48.94 | $52.15 | $49.87 | $48.87 | $61.36 | $48.94 | ' | |||||||||||
Common stock market value (low) | ' | ' | ' | ' | ' | ' | ' | ' | $51.92 | $48.87 | ' | |||||||||||
[1] | Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3. | |||||||||||||||||||||
[2] | Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3 to the Consolidated Financial Statements. EPS amounts reflect the per share impact of the recast of $1.92 and $0.06 for 2012 and 2011, respectively. | |||||||||||||||||||||
[3] | Amounts attributable to Dominion's common shareholders. |