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Investments (Tables) | Nov. 18, 2019
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Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds | decommissioning costs for its nuclear plants. Dominion Energy’s decommissioning trust funds are summarized below:
|  | Amortized Cost |  |  | Total Unrealized Gains |  |  | Total Unrealized Losses |  |  | Fair Value |
(millions) |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 1,741 |  |  | $ | 1,640 |  |  | $ | (51 | ) |  | $ | 3,330 |
Fixed income securities: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt instruments |  |  | 435 |  |  |  | 5 |  |  |  | (9 | ) |  |  | 431 |
Government securities |  |  | 1,092 |  |  |  | 17 |  |  |  | (12 | ) |  |  | 1,097 |
Common/collective trust funds |  |  | 76 |  |  |  | — |  |  |  | — |  |  |  | 76 |
Cash equivalents and other (3) |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 4 |
Total |  | $ | 3,348 |  |  | $ | 1,662 |  |  | $ | (72 | ) (4) |  | $ | 4,938 |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 1,569 |  |  | $ | 1,857 |  |  | $ | — |  |  | $ | 3,426 |
Fixed income securities: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt instruments |  |  | 430 |  |  |  | 15 |  |  |  | (1 | ) |  |  | 444 |
Government securities |  |  | 1,039 |  |  |  | 27 |  |  |  | (5 | ) |  |  | 1,061 |
Common/collective trust funds |  |  | 60 |  |  |  | — |  |  |  | — |  |  |  | 60 |
Cost method investments |  |  | 68 |  |  |  | — |  |  |  | — |  |  |  | 68 |
Cash equivalents and other (3) |  |  | 34 |  |  |  | — |  |  |  | — |  |  |  | 34 |
Total |  | $ | 3,200 |  |  | $ | 1,899 |  |  | $ | (6 | ) (4) |  | $ | 5,093 |
(1) | Effective January 2018, unrealized gains and losses on equity securities, including those previously classified as cost method investments, are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(2) | Unrealized gains and losses on equity securities (for 2017) and fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(3) | Includes pending sales of securities of $5 million at December 31, 2017.
(4) | The fair value of securities in an unrealized loss position was $833 million and $565 million at December 31, 2018 and 2017, respectively.
Unrealized Gain Loss on Equity | The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy’s nuclear decommissioning trusts is summarized below:
|  | Twelve Months Ended December 31, 2018 |
(millions) |  |  |
Net losses recognized during the period |  | $ | (245 | )
Less: Net gains recognized during the period on securities sold during the period |  |  | (58 | )
Unrealized losses recognized during the period on securities still held at December 31, 2018 (1) |  | $ | (303 | )
(1) | Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Investments Classified by Contractual Maturity Date | The fair value of Dominion Energy’s debt securities with readily determinable fair values held in nuclear decommissioning trust funds at December 31, 2018 by contractual maturity is as follows:
|  | Amount |
(millions) |  |  |
Due in one year or less |  | $ | 167 |
Due after one year through five years |  |  | 389 |
Due after five years through ten years |  |  | 376 |
Due after ten years |  |  | 672 |
Total |  | $ | 1,604 |
Marketable Securities | Presented below is selected information regarding Dominion Energy’s equity and debt securities with readily determinable fair values held in nuclear decommissioning trust funds.
Year Ended December 31, |  | 2018 |  |  | 2017 |  |  | 2016 |
(millions) |  |  |  |  |  |  |  |  |
Proceeds from sales |  | $ | 1,804 |  |  | $ | 1,831 |  |  | $ | 1,422 |
Realized gains (1) |  |  | 140 |  |  |  | 166 |  |  |  | 128 |
Realized losses (1) |  |  | 91 |  |  |  | 71 |  |  |  | 55 |
(1) | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Other-Than-Temporary Impairment Losses | Dominion Energy recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows:
Year Ended December 31, |  | 2018 |  |  | 2017 |  |  | 2016 |
(millions) |  |  |  |  |  |  |  |  |
Total other-than-temporary impairment losses (1) |  | $ | 30 |  |  | $ | 44 |  |  | $ | 51 |
Losses recorded to the nuclear decommissioning trust regulatory liability |  |  | — |  |  |  | (16 | ) |  |  | (16 | )
Losses recognized in other comprehensive income (before taxes) |  |  | (30 | ) |  |  | (5 | ) |  |  | (12 | )
Net impairment losses recognized in earnings |  | $ | — |  |  | $ | 23 |  |  | $ | 23 |
(1) | Amounts include other-than-temporary impairment losses for debt securities of $ 5 million and $ 13 million at December 31, 2017 and 2016, respectively.
Investments Accounts Under Equity Method of Accounting | Investments that Dominion Energy and Dominion Energy Gas account for under the equity method of accounting are as follows:
Company |  | Ownership% |  |  | Investment Balance |  |  | Description
As of December 31, |  |  |  |  | 2018 |  |  | 2017 |  |  |
(millions) |  |  |  |  |  |  |  |  |  |  |
Dominion Energy |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlantic Coast Pipeline |  |  | 48 | % |  | $ | 820 |  |  | $ | 382 |  |  | Gas transmission system
Blue Racer |  |  | 50 | % |  |  | — |  |  |  | 691 |  |  | Midstream gas and related services
Iroquois |  |  | 50 | % |  |  | 302 |  |  |  | 311 |  |  | Gas transmission system
Fowler Ridge |  |  | 50 | % |  |  | 82 |  |  |  | 81 |  |  | Wind-powered merchant generation facility
Other ( 1 ) |  |  | various |  |  |  | 74 |  |  |  | 79 |  |  |
Total |  |  |  |  |  | $ | 1,278 |  |  | $ | 1,544 |  |  |
Dominion Energy Gas |  |  |  |  |  |  |  |  |  |  |  |  |  |
Iroquois |  |  | 50 | % |  |  | 302 |  |  |  | 311 |  |  | Gas transmission system
White River Hub |  |  | 50 | % |  |  | 37 |  |  |  | 38 |  |  | Gas transmission system
Total |  |  |  |  |  | $ | 339 |  |  | $ | 349 |  |  |
(1) | Liability of less than $1 million and $17 million associated with NedPower recorded to other deferred credits and other liabilities, on the Consolidated Balance Sheets as of December 31, 2018 and 2017, respectively. See additional discussion of NedPower below.
Financial Information Provided Equity Method Investment | Summarized financial information provided to Dominion Energy Gas by Iroquois for 100% of Iroquois at December 31, 2018 and 2017 and for the years ended December 31, 2018, 2017 and 2016 is presented below.
|  | At December 31, 2018 |  |  | At December 31, 2017 |
(millions) |  |  |  |  |  |
Current assets |  | $ | 112 |  |  | $ | 122 |
Noncurrent assets |  |  | 588 |  |  |  | 599 |
Current liabilities |  |  | 165 |  |  |  | 21 |
Noncurrent liabilities |  |  | 193 |  |  |  | 334 |
|  | Year Ended December 31, 2018 |  |  | Year Ended December 31, 2017 |  |  | Year Ended December 31, 2016 |
(millions) |  |  |  |  |  |  |  |  |
Revenues |  | $ | 194 |  |  | $ | 194 |  |  | $ | 195 |
Operating i ncome |  |  | 108 |  |  |  | 110 |  |  |  | 103 |
Net i ncome |  |  | 94 |  |  |  | 93 |  |  |  | 86 |
Summarized financial information provided to Dominion Energy Gas by White River Hub for 100% of White River Hub at December 31, 2018 and 2017, for the years ended December 31, 2018, 2017, and for the period from September 2016, the inception date of common control for Dominion Energy Questar Pipeline as described in Note 3, through December 31, 2016 is presented below.
|  | At December 31, 2018 |  |  | At December 31, 2017 |
(millions) |  |  |  |  |  |
Current assets |  | $ | 3 |  |  | $ | 3 |
Noncurrent assets |  |  | 41 |  |  |  | 42 |
Current liabilities |  |  | 2 |  |  |  | 1 |
|  | Year Ended December 31, 2018 |  |  | Year Ended December 31, 2017 |  |  | Period Ended December 31, 2016 |
(millions) |  |  |  |  |  |  |  |  |
Revenues |  | $ | 12 |  |  | $ | 10 |  |  | $ | 3 |
Operating i ncome |  |  | 8 |  |  |  | 7 |  |  |  | 2 |
Net i ncome |  |  | 8 |  |  |  | 7 |  |  |  | 2 |
Virginia Electric and Power Company |
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds | decommissioning costs for its nuclear plants. Virginia Power’s decommissioning trust funds are summarized below:
|  | Amortized Cost |  |  | Total Unrealized Gains |  |  | Total Unrealized Losses |  |  | Fair Value |
(millions) |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 858 |  |  | $ | 751 |  |  | $ | (24 | ) |  | $ | 1,585 |
Fixed income securities: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt instruments |  |  | 224 |  |  |  | 2 |  |  |  | (5 | ) |  |  | 221 |
Government securities |  |  | 504 |  |  |  | 7 |  |  |  | (5 | ) |  |  | 506 |
Common/collective trust funds |  |  | 51 |  |  |  | — |  |  |  | — |  |  |  | 51 |
Cash equivalents and other (3) |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | 6 |
Total |  | $ | 1,643 |  |  | $ | 760 |  |  | $ | (34 | ) (4) |  | $ | 2,369 |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 734 |  |  | $ | 831 |  |  | $ | — |  |  | $ | 1,565 |
Fixed income securities: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt instruments |  |  | 216 |  |  |  | 8 |  |  |  | — |  |  |  | 224 |
Government securities |  |  | 482 |  |  |  | 13 |  |  |  | (2 | ) |  |  | 493 |
Common/collective trust funds |  |  | 27 |  |  |  | — |  |  |  | — |  |  |  | 27 |
Cost method investments |  |  | 68 |  |  |  | — |  |  |  | — |  |  |  | 68 |
Cash equivalents and other (3) |  |  | 22 |  |  |  | — |  |  |  | — |  |  |  | 22 |
Total |  | $ | 1,549 |  |  | $ | 852 |  |  | $ | (2 | ) (4) |  | $ | 2,399 |
(1) | Effective January 2018, unrealized gains and losses on equity securities, including those previously classified as cost method investments, are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(2) | Unrealized gains and losses on equity securities (for 2017) and fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(3) | Includes pending sales of securities of $6 million at both December 31, 2018 and 2017.
(4) | The fair value of securities in an unrealized loss position was $404 million and $234 million at December 31, 2018 and 2017, respectively.
Unrealized Gain Loss on Equity | The portion of unrealized gains and losses that relates to equity securities held within Virginia Power’s nuclear decommissioning trusts is summarized below:
|  | Twelve Months Ended December 31, 2018 |
(millions) |  |  |
Net losses recognized during the period |  | $ | (105 | )
Less: Net gains recognized during the period on securities sold during the period |  |  | (32 | )
Unrealized losses recognized during the period on securities still held at December 31, 2018 (1) |  | $ | (137 | )
(1) | Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Investments Classified by Contractual Maturity Date | The fair value of Virginia Power’s debt securities with readily determinable fair values held in nuclear decommissioning trust funds at December 31, 2018, by contractual maturity is as follows:
|  | Amount |
(millions) |  |  |
Due in one year or less |  | $ | 54 |
Due after one year through five years |  |  | 156 |
Due after five years through ten years |  |  | 210 |
Due after ten years |  |  | 358 |
Total |  | $ | 778 |
Marketable Securities | Presented below is selected information regarding Virginia Power’s equity and debt securities with readily determinable fair values held in nuclear decommissioning trust funds.
Year Ended December 31, |  | 2018 |  |  | 2017 |  |  | 2016 |
(millions) |  |  |  |  |  |  |  |  |
Proceeds from sales |  | $ | 887 |  |  | $ | 849 |  |  | $ | 733 |
Realized gains (1) |  |  | 60 |  |  |  | 75 |  |  |  | 63 |
Realized losses (1) |  |  | 27 |  |  |  | 30 |  |  |  | 27 |
(1) | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Other-Than-Temporary Impairment Losses | Virginia Power recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows:
Year Ended December 31, |  | 2018 |  |  | 2017 |  |  | 2016 |
(millions) |  |  |  |  |  |  |  |  |
Total other-than-temporary impairment losses (1) |  | $ | 15 |  |  | $ | 20 |  |  | $ | 26 |
Losses recorded to the nuclear decommissioning trust regulatory liability |  |  | — |  |  |  | (16 | ) |  |  | (16 | )
Losses recognized in other comprehensive income (before taxes) |  |  | (15 | ) |  |  | (2 | ) |  |  | (7 | )
Net impairment losses recognized in earnings |  | $ | — |  |  | $ | 2 |  |  | $ | 3 |
(1) | Amounts include other-than-temporary impairment losses for debt securities of $ 2 million and $ 8 million at December 31, 2017 and 2016 , respectively.

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