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Investments (Tables) | 9 Months Ended
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Sep. 30, 2020
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds | Dominion Energy’s decommissioning trust funds are summarized below:
|  | Amortized Cost |  |  | Total Unrealized Gains |  |  | Total Unrealized Losses |  |  | Allowance for Credit Losses |  |  | Fair Value |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities:(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 1,735 |  |  | $ | 2,517 |  |  | $ | (73 | ) |  | $ | — |  |  | $ | 4,179 |
Fixed income securities:(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt instruments |  |  | 569 |  |  |  | 49 |  |  |  | (1 | ) |  |  | — |  |  |  | 617 |
Government securities |  |  | 1,128 |  |  |  | 64 |  |  |  | (1 | ) |  |  | — |  |  |  | 1,191 |
Common/collective trust funds |  |  | 138 |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 142 |
Insurance contracts |  |  | 227 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 227 |
Cash equivalents and other(3) |  |  | 1 |  |  |  | 1 |  |  |  | (1 | ) |  |  | — |  |  |  | 1 |
Total |  | $ | 3,798 |  |  | $ | 2,635 |  |  | $ | (76 | ) | (4) | $ | — |  | (5) | $ | 6,357 |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities:(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 1,807 |  |  | $ | 2,451 |  |  | $ | (20 | ) |  |  |  |  |  | $ | 4,238 |
Fixed income securities:(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt instruments |  |  | 434 |  |  |  | 29 |  |  |  | — |  |  |  |  |  |  |  | 463 |
Government securities |  |  | 1,108 |  |  |  | 39 |  |  |  | (2 | ) |  |  |  |  |  |  | 1,145 |
Common/collective trust funds |  |  | 115 |  |  |  | 4 |  |  |  | — |  |  |  |  |  |  |  | 119 |
Insurance contracts |  |  | 214 |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 214 |
Cash equivalents and other(3) |  |  | 13 |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 13 |
Total |  | $ | 3,691 |  |  | $ | 2,523 |  |  | $ | (22 | ) | (4) |  |  |  |  | $ | 6,192 |
(1) | Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability.
(2) | Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Effective January 2020, changes in allowance for credit losses are included in other income.
(3) | Includes pending purchases of securities of $36 million and $1 million at September 30, 2020 and December 31, 2019, respectively.
(4) | The fair value of securities in an unrealized loss position was $523 million and $298 million at September 30, 2020 and December 31, 2019, respectively.
(5) | The allowance for credit losses associated with fixed income securities decreased from March 31, 2020 by $21 million. These recoveries are a result of improvements in credit spreads experienced in the market between March 31, 2020 and June 30, 2020. There were no further changes in the allowance for credit losses between June 30, 2020 and September 30, 2020.
Unrealized Gain Loss on Equity | The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy’s nuclear decommissioning trusts is summarized below:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gains recognized during the period |  | $ | 308 |  |  | $ | 40 |  |  | $ | 20 |  |  | $ | 610 |
Less: Net gains recognized during the period on securities sold during the period |  |  | (15 | ) |  |  | (17 | ) |  |  | (6 | ) |  |  | (61 | )
Unrealized gains recognized during the period on securities still held at September 30, 2020 and 2019(1) |  | $ | 293 |  |  | $ | 23 |  |  | $ | 14 |  |  | $ | 549 |
(1) | Included in other income and the nuclear decommissioning trust regulatory liability.
Investments Classified by Contractual Maturity Date | The fair value of Dominion Energy’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at September 30, 2020 by contractual maturity is as follows:
|  | Amount |
(millions) |  |  |  |
Due in one year or less |  | $ | 194 |
Due after one year through five years |  |  | 503 |
Due after five years through ten years |  |  | 485 |
Due after ten years |  |  | 768 |
Total |  | $ | 1,950 |
Marketable Securities | Presented below is selected information regarding Dominion Energy’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales |  | $ | 1,208 |  |  | $ | 429 |  |  | $ | 2,868 |  |  | $ | 1,311 |
Realized gains(1) |  |  | 48 |  |  |  | 53 |  |  |  | 188 |  |  |  | 152 |
Realized losses(1) |  |  | 29 |  |  |  | 25 |  |  |  | 159 |  |  |  | 75 |
(1) | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.
Virginia Electric and Power Company |
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds | Virginia Power’s decommissioning trust funds are summarized below:
|  | Amortized Cost |  |  | Total Unrealized Gains |  |  | Total Unrealized Losses |  |  | Allowance for Credit Losses |  |  | Fair Value |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities:(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 919 |  |  | $ | 1,161 |  |  | $ | (48 | ) |  | $ | — |  |  | $ | 2,032 |
Fixed income securities:(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt instruments |  |  | 324 |  |  |  | 28 |  |  |  | — |  |  |  | — |  |  |  | 352 |
Government securities |  |  | 463 |  |  |  | 23 |  |  |  | (1 | ) |  |  | — |  |  |  | 485 |
Common/collective trust funds |  |  | 45 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 45 |
Cash equivalents and other(3) |  |  | 19 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19 |
Total |  | $ | 1,770 |  |  | $ | 1,212 |  |  | $ | (49 | ) | (4) | $ | — |  | (5) | $ | 2,933 |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities:(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 894 |  |  | $ | 1,144 |  |  | $ | (11 | ) |  |  |  |  |  | $ | 2,027 |
Fixed income securities:(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt instruments |  |  | 241 |  |  |  | 15 |  |  |  | — |  |  |  |  |  |  |  | 256 |
Government securities |  |  | 534 |  |  |  | 14 |  |  |  | (2 | ) |  |  |  |  |  |  | 546 |
Common/collective trust funds |  |  | 51 |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 51 |
Cash equivalents and other |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 1 |
Total |  | $ | 1,721 |  |  | $ | 1,173 |  |  | $ | (13 | ) | (4) |  |  |  |  | $ | 2,881 |
(1) | Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability.
(2) | Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Effective January 2020, changes in allowance for credit losses are included in other income.
(3) | Includes pending sales of securities o f $5 million at September 30, 2020.
(4) | The fair value of securities in an unrealized loss position was $283 million and $185 million at September 30, 2020 and December 31, 2019, respectively.
(5) | The allowance for credit losses associated with fixed income securities decreased from March 31, 2020 by $12 million. These recoveries are a result of improvements in credit spreads experienced in the market between March 31, 2020 and June 30, 2020. There were no further changes in the allowance for credit losses between June 30, 2020 and September 30, 2020.
Unrealized Gain Loss on Equity | The portion of unrealized gains and losses that relates to equity securities held within Virginia Power’s nuclear decommissioning trusts is summarized below:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) recognized during the period |  | $ | 138 |  |  | $ | 30 |  |  | $ | (16 | ) |  | $ | 286 |
Less: Net gains recognized during the period on securities sold during the period |  |  | (6 | ) |  |  | (7 | ) |  |  | (3 | ) |  |  | (15 | )
Unrealized gains (losses) recognized during the period on securities still held at September 30, 2020 and 2019(1) |  | $ | 132 |  |  | $ | 23 |  |  | $ | (19 | ) |  | $ | 271 |
(1) | Included in other income and the nuclear decommissioning trust regulatory liability.
Investments Classified by Contractual Maturity Date | The fair value of Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at September 30, 2020 by contractual maturity is as follows:
|  | Amount |
(millions) |  |  |  |
Due in one year or less |  | $ | 66 |
Due after one year through five years |  |  | 234 |
Due after five years through ten years |  |  | 268 |
Due after ten years |  |  | 314 |
Total |  | $ | 882 |
Marketable Securities | Presented below is selected information regarding Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales |  | $ | 164 |  |  | $ | 230 |  |  | $ | 694 |  |  | $ | 677 |
Realized gains(1) |  |  | 18 |  |  |  | 21 |  |  |  | 73 |  |  |  | 46 |
Realized losses(1) |  |  | 10 |  |  |  | 6 |  |  |  | 58 |  |  |  | 18 |
(1) | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.

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