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Acquisitions and Dispositions (Tables) | Nov. 18, 2019
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Schedule of Business Acquisitions, by Acquisition | The following table presents significant completed acquisitions of wholly-owned merchant solar projects by Dominion Energy.
Completed Acquisition Date |  | Seller |  | Number of Projects |  |  | Project Location |  |  | Project Name(s) |  |  | Initial Acquisition (millions) (1) |  | Project Cost (millions) (2) |  | Date of Commercial Operations |  | MW Capacity |
February 2017 |  | Community Energy Solar, LLC |  |  | 1 |  |  |  | Virginia |  |  |  | Amazon Solar Farm Virginia—Southhampton |  |  | $ | 29 |  |  | $ | 205 |  |  | December 2017 |  |  | 100 |
March 2017 |  | Solar Frontier Americas Holding LLC |  |  | 1 (3) |  |  |  | California |  |  |  | Midway II |  |  |  | 77 |  |  |  | 78 |  |  | June 2017 |  |  | 30 |
May 2017 |  | Cypress Creek Renewables, LLC |  |  | 1 |  |  |  | North Carolina |  |  |  | IS37 |  |  |  | 154 |  |  |  | 160 |  |  | June 2017 |  |  | 79 |
June 2017 |  | Hecate Energy Virginia C&C LLC |  |  | 1 |  |  |  | Virginia |  |  |  | Clarke County |  |  |  | 16 |  |  |  | 16 |  |  | August 2017 |  |  | 10 |
June 2017 |  | Strata Solar Development, LLC/Moorings Farm 2 Holdco, LLC |  |  | 2 |  |  |  | North Carolina |  |  |  | Fremont, Moorings 2 |  |  |  | 20 |  |  |  | 20 |  |  | November 2017 |  |  | 10 |
September 2017 |  | Hecate Energy Virginia C&C LLC |  |  | 1 |  |  |  | Virginia |  |  |  | Cherrydale |  |  |  | 40 |  |  |  | 41 |  |  | November 2017 |  |  | 20 |
October 2017 |  | Strata Solar Development, LLC |  |  | 2 |  |  |  | North Carolina |  |  |  | Clipperton, Pikeville |  |  |  | 20 |  |  |  | 21 |  |  | November 2017 |  |  | 10 |
(1) | The purchase price was primarily allocated to Property, Plant and Equipment.
(2) | Includes acquisition cost.
(3) | In April 2017, Dominion Energy discontinued efforts on the acquisition of the additional 20 MW solar project from Solar Frontier Americas Holding LLC.
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information reflects the consolidated results of operations of Dominion Energy assuming the SCANA Combination had taken place on January 1, 2018. The unaudited pro forma financial information has been presented for illustrative purposes only and may change as Dominion Energy finalizes its valuation of certain assets acquired and liabilities assumed at the acquisition date. The unaudited pro forma financial information is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of the combined company.
|  | Twelve Months Ended December 31, |
|  | 2018 (1) |
(millions, except EPS) |  |  |
Operating Revenue |  | $ | 17,505 |
Net income attributable to Dominion Energy |  |  | 2,081 |
Earnings Per Common Share – Basic |  | $ | 2.78 |
Earnings Per Common Share – Diluted |  | $ | 2.77 |
(1) | Amounts include adjustments for non-recurring costs directly related to the SCANA Combination.
East Ohio |
Schedule Of Discontinued Operation Statement of Income | The following table represents selected information regarding the results of operations of East Ohio, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Statements of Income:
|  | Year Ended December 31, 2018 |  |  | Year Ended December 31, 2017 |  |  | Year Ended December 31, 2016 |
(millions) |  |  |  |  |  |  |  |  |
Operating revenue |  | $ | 729 |  |  | $ | 728 |  |  | $ | 677 |
Depreciation and amortization |  |  | 76 |  |  |  | 71 |  |  |  | 55 |
Other operating expenses |  |  | 444 |  |  |  | 428 |  |  |  | 397 |
Other income |  |  | 72 |  |  |  | 50 |  |  |  | 49 |
Interest and related charges |  |  | 37 |  |  |  | 33 |  |  |  | 25 |
Income tax expense |  |  | 53 |  |  |  | 86 |  |  |  | 87 |
Net income from discontinued operations |  |  | 191 |  |  |  | 160 |  |  |  | 162 |
Schedule Of Discontinued Operation Consolidated Balance sheet | The carrying amounts of major classes of assets and liabilities relating to East Ohio, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets were as follows:
|  | At December 31, 2018 |  |  | At December 31, 2017 |
(millions) |  |  |  |  |  |
Current assets of discontinued operations (1) |  | $ | 423 |  |  | $ | 341 |
Investments |  |  | 2 |  |  |  | 2 |
Property, plant and equipment, net |  |  | 3,669 |  |  |  | 3,402 |
Regulatory assets |  |  | 711 |  |  |  | 511 |
Other deferred charges and other assets, including goodwill and intangible assets |  |  | 1,275 |  |  |  | 1,319 |
Noncurrent assets of discontinued operations |  |  | 5,657 |  |  |  | 5,234 |
Current liabilities of discontinued operations |  |  | 1,262 |  |  |  | 951 |
Long-term debt |  |  | 1,300 |  |  |  | 1,415 |
Deferred income taxes and investment tax credits |  |  | 716 |  |  |  | 645 |
Regulatory liabilities |  |  | 747 |  |  |  | 689 |
Other deferred credits and liabilities |  |  | 108 |  |  |  | 110 |
Noncurrent liabilities of discontinued operations |  |  | 2,871 |  |  |  | 2,859 |
(1) Includes cash and cash equivalents of $9 million and $3 million as of December 31, 2018 and 2017, respectively.
Schedule Of Capital Expenditures And Significant Non Cash | Capital expenditures and significant noncash items relating to East Ohio included the following:
|  | Year Ended December 31, 2018 |  |  | Year Ended December 31, 2017 |  |  | Year Ended December 31, 2016 |
(millions) |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 352 |  |  | $ | 348 |  |  | $ | 352 |
Significant noncash items |  |  |  |  |  |  |  |  |  |  |  |
Accrued capital expenditures |  |  | 5 |  |  |  | 8 |  |  |  | 17 |
DGP |
Schedule Of Discontinued Operation Statement of Income | The following table represents selected information regarding the results of operations of DGP, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Statements of Income:
|  | Year Ended December 31, 2018 |  |  | Year Ended December 31, 2017 |  |  | Year Ended December 31, 2016 |
(millions) |  |  |  |  |  |  |  |  |
Operating revenue |  | $ | 220 |  |  | $ | 114 |  |  | $ | 69 |
Depreciation and amortization |  |  | 15 |  |  |  | 15 |  |  |  | 14 |
Impairment of assets and related charges |  |  | 219 |  |  |  | - |  |  |  | - |
Other operating expenses |  |  | 206 |  |  |  | 91 |  |  |  | 72 |
Income tax expense (benefit) |  |  | (53 | ) |  |  | 5 |  |  |  | (7 | )
Net income (loss) from discontinued operations |  | $ | (167 | ) |  | $ | 3 |  |  | $ | (10 | )
Schedule Of Discontinued Operation Consolidated Balance sheet | The carrying amounts of major classes of assets and liabilities relating to DGP, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets were as follows:
|  | At December 31, 2018 |  |  | At December 31, 2017 |
(millions) |  |  |  |  |  |
Current assets of discontinued operations (1) |  | $ | 21 |  |  | $ | 17 |
Noncurrent assets of discontinued operations (2) |  |  | 192 |  |  |  | 419 |
Current liabilities of discontinued operations |  |  | 11 |  |  |  | 18 |
Deferred income taxes and investment tax credits |  |  | - |  |  |  | 34 |
Other deferred credits and liabilities |  |  | 25 |  |  |  | 24 |
Noncurrent liabilities of discontinued operations |  |  | 25 |  |  |  | 58 |
(1) Includes cash and cash equivalents of less than a million dollars as of December 31, 2018 and 2017, respectively. (2) Primarily property, plant and equipment, net​​​​​​​.
Schedule Of Capital Expenditures And Significant Non Cash | Capital expenditures and significant noncash items of DGP included the following:
|  | Year Ended December 31, 2018 |  |  | Year Ended December 31, 2017 |  |  | Year Ended December 31, 2016 |
(millions) |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 6 |  |  | $ | 8 |  |  | $ | 6 |
Significant noncash items |  |  |  |  |  |  |  |  |  |  |  |
Impairment of assets and related charges |  |  | (219 | ) |  |  | - |  |  |  | - |
Dominion Energy Questar Corporation |
Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | The modifications relate primarily to the finalization of Dominion Energy Questar’s 2016 tax return for the period January 1, 2016 through the Dominion Energy Questar Combination, as well as certain regulatory adjustments.
|  | Amount |
(millions) |  |  |
Total current assets |  | $ | 224 |
Investments (1) |  |  | 58 |
Property, plant and equipment, net (2) |  |  | 4,131 |
Goodwill |  |  | 3,111 |
Total deferred charges and other assets, excluding goodwill |  |  | 75 |
Total Assets |  |  | 7,599 |
Total current liabilities (3) |  |  | 793 |
Long-term debt (4) |  |  | 963 |
Deferred income taxes |  |  | 807 |
Regulatory liabilities |  |  | 259 |
Asset retirement obligations |  |  | 160 |
Other deferred credits and other liabilities |  |  | 220 |
Total Liabilities |  |  | 3,202 |
Total purchase price |  |  | 4,397 |
(1) | Includes $40 million for an equity method investment in White River Hub. The fair value adjustment on the equity method investment in White River Hub is considered to be equity method goodwill and is not amortized.
(2) | Nonregulated property, plant and equipment, excluding land, will be depreciated over remaining useful lives primarily ranging from 9 to 18 years.
(3) | Includes $301 million of short-term debt, of which no amounts remain outstanding at December 31, 2018, as well as a $250 million variable interest rate term loan due in August 2017 that was paid in July 2017.
(4) | Unsecured senior and medium-term notes with maturities which range from 2017 to 2048 and bear interest at rates from 2.98% to 7.20%.
SCANA |
Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | The table below shows the preliminary allocation of the purchase price to the assets acquired and liabilities as​​​​​​​sumed at closing to be reflected in Dominion Energy’s Consolidated Balance Sheet in the first quarter of 2019. The allocation is subject to change during the measurement period as additional information is obtained about the facts and circumstances that existed at closing. The allocation of the purchase price excludes certain contracts and intangible assets related to nonregulated operations, including SEMI, equity method investments and certain income tax-related amounts, which will be included as Dominion Energy completes its valuation analysis. As a result, the amount of goodwill included below may change by a material amount as Dominion Energy finalizes the allocation of the purchase price during the first quarter of 2019.
|  | Amount |
(millions) |  |  |  |
Total current assets |  | $ | 1,756 |
Investments |  |  | 213 |
Property, plant and equipment |  |  | 10,982 |
Goodwill |  |  | 2,438 |
Regulatory assets |  |  | 4,219 |
Other deferred charges and other assets, including intangible assets |  |  | 314 |
Total Assets |  |  | 19,922 |
Total current liabilities |  |  | 1,506 |
Long-term debt |  |  | 6,707 |
Deferred income taxes |  |  | 1,097 |
Regulatory liabilities |  |  | 2,664 |
Other deferred credits and other liabilities |  |  | 1,109 |
Total Liabilities |  |  | 13,083 |
Total purchase price |  | $ | 6,839 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information reflects the consolidated results of operations of Dominion Energy assuming the Dominion Energy Questar Combination had taken place on January 1, 2016. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of the combined company.
|  | Twelve Months Ended December 31, |
|  | 2016 (1) |
(millions, except EPS) |  |  |
Operating Revenue |  | $ | 12,497 |
Net income attributable to Dominion Energy |  |  | 2,300 |
Earnings Per Common Share – Basic |  | $ | 3.73 |
Earnings Per Common Share – Diluted |  | $ | 3.73 |
(1) | Amounts include adjustments for non-recurring costs directly related to the Dominion Energy Questar Combination.

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