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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark one)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2024

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

 

 

Commission File

Number

 

Exact name of registrants as specified in their charters, address of

principal executive offices and registrants’ telephone number

 

I.R.S. Employer

Identification Number

 

 

 

 

 

001-08489

 

DOMINION ENERGY, INC.

 

54-1229715

 

 

 

 

 

000-55337

 

VIRGINIA ELECTRIC AND POWER COMPANY

 

54-0418825

 

 

 

 

 

 

 

120 Tredegar Street

Richmond, Virginia 23219

(804) 819-2284

 

 

 

State or other jurisdiction of incorporation or organization of the registrants: Virginia

 

Securities registered pursuant to Section 12(b) of the Act:

 

Registrant

Trading Symbol

Title of Each Class

Name of Each Exchange

on Which Registered

DOMINION ENERGY, INC.

D

Common Stock, no par value

New York Stock Exchange

 

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Dominion Energy, Inc. Yes No Virginia Electric and Power Company Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Dominion Energy, Inc. Yes No Virginia Electric and Power Company Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Dominion Energy, Inc.

 

Large accelerated filer

 

Accelerated filer

Emerging growth company

Non-accelerated filer

 

Smaller reporting company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Virginia Electric and Power Company

 

Large accelerated filer

 

Accelerated filer

Emerging growth company

Non-accelerated filer

 

Smaller reporting company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Dominion Energy, Inc. Yes No Virginia Electric and Power Company Yes No

At April 26, 2024, the latest practicable date for determination, Dominion Energy, Inc. had 838,210,685 shares of common stock outstanding and Virginia Electric and Power Company had 324,245 shares of common stock outstanding. Dominion Energy, Inc. is the sole holder of Virginia Electric and Power Company’s common stock.

This combined Form 10-Q represents separate filings by Dominion Energy, Inc. and Virginia Electric and Power Company. Information contained herein relating to an individual registrant is filed by that registrant on its own behalf. Virginia Electric and Power Company makes no representation as to the information relating to Dominion Energy, Inc.’s other operations.

 

VIRGINIA ELECTRIC AND POWER COMPANY MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b) OF FORM 10-Q AND IS FILING THIS FORM 10-Q UNDER THE REDUCED DISCLOSURE FORMAT.

 

 

1


COMBINED INDEX

 

 

 

Page

Number

 

Glossary of Terms

3

 

 

 

 

PART I. Financial Information

 

 

 

 

Item 1.

Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

58

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

74

Item 4.

Controls and Procedures

75

 

 

 

 

PART II. Other Information

 

 

 

 

Item 1.

Legal Proceedings

76

Item 1A.

Risk Factors

76

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

76

Item 5.

Other Information

76

Item 6.

Exhibits

77

 

 

 

 

2


 

GLOSSARY OF TERMS

The following abbreviations or acronyms used in this Form 10-Q are defined below:

 

Abbreviation or Acronym

 

Definition

2017 Tax Reform Act

 

An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (previously known as The Tax Cuts and Jobs Act) enacted on December 22, 2017

2021 Triennial Review

 

Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the four successive 12-month test periods beginning January 1, 2017 and ending December 31, 2020

2023 Biennial Review

 

Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the two successive 12-month test periods beginning January 1, 2021 and ending December 31, 2022 and prospective rate base setting for the succeeding annual periods beginning January 1, 2024 and ending December 31, 2025

2025 Biennial Review

 

Future Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the two successive 12-month test periods beginning January 1, 2023 and ending December 31, 2024 and prospective rate base setting for the succeeding annual periods beginning January 1, 2026 and ending December 31, 2027

ACE Rule

 

Affordable Clean Energy Rule

AES

 

The legal entity The AES Corporation, one or more of its consolidated subsidiaries, or the entirety of The AES Corporation and its consolidated subsidiaries

AFUDC

 

Allowance for funds used during construction

AOCI

 

Accumulated other comprehensive income (loss)

ARO

 

Asset retirement obligation

Atlantic Coast Pipeline

 

Atlantic Coast Pipeline, LLC, a limited liability company owned by Dominion Energy and Duke Energy

Atlantic Coast Pipeline Project

 

A previously proposed approximately 600-mile natural gas pipeline running from West Virginia through Virginia to North Carolina which would have been owned by Dominion Energy and Duke Energy

bcf

 

Billion cubic feet

BHE

 

The legal entity, Berkshire Hathaway Energy Company, one or more of its consolidated subsidiaries (including Eastern Energy Gas Holdings, LLC, Northeast Midstream Partners, LP and Cove Point effective November 2020), or the entirety of Berkshire Hathaway Energy Company and its consolidated subsidiaries

Birdseye

 

Birdseye Renewable Energy, LLC

BOEM

 

Bureau of Ocean Energy Management

CAA

 

Clean Air Act

CCR

 

Coal combustion residual

CCRO

 

Customer credit reinvestment offset

CEO

 

Chief Executive Officer

CERCLA

 

Comprehensive Environmental Response, Compensation and Liability Act of 1980, also known as Superfund

CFIUS

 

The Committee on Foreign Investment in the U.S.

CFO

 

Chief Financial Officer

CO2

 

Carbon dioxide

Companies

 

Dominion Energy and Virginia Power, collectively

Contracted Energy

 

Contracted Energy operating segment

3


 

Cooling degree days

 

Units measuring the extent to which the average daily temperature is greater than 65 degrees Fahrenheit, or 75 degrees Fahrenheit in DESC’s service territory, calculated as the difference between 65 or 75 degrees, as applicable, and the average temperature for that day

Cove Point

 

Cove Point LNG, LP (formerly known as Dominion Energy Cove Point LNG, LP)

CPCN

 

Certificate of Public Convenience and Necessity

CVOW Commercial Project

 

A proposed 2.6 GW wind generation facility 27 miles off the coast of Virginia Beach, Virginia in federal waters adjacent to the CVOW Pilot Project and associated interconnection facilities in and around Virginia Beach, Virginia

CVOW Pilot Project

 

A 12 MW wind generation facility 27 miles off the coast of Virginia Beach, Virginia in federal waters

CWA

 

Clean Water Act

DES

 

Dominion Energy Services, Inc.

DESC

 

The legal entity, Dominion Energy South Carolina, Inc., one or more of its consolidated entities or operating segment, or the entirety of Dominion Energy South Carolina, Inc. and its consolidated entities

DGI

 

Dominion Generation, Inc.

DOE

 

U.S. Department of Energy

Dominion Energy

 

The legal entity, Dominion Energy, Inc., one or more of its consolidated subsidiaries (other than Virginia Power) or operating segments, or the entirety of Dominion Energy, Inc. and its consolidated subsidiaries

Dominion Energy Direct®

 

A dividend reinvestment and open enrollment direct stock purchase plan

Dominion Energy South Carolina

 

Dominion Energy South Carolina operating segment

Dominion Energy Virginia

 

Dominion Energy Virginia operating segment

Dominion Privatization

 

Dominion Utility Privatization, LLC, a joint venture between Dominion Energy and Patriot

DSM

 

Demand-side management

Dth

 

Dekatherm

Duke Energy

 

The legal entity, Duke Energy Corporation, one or more of its consolidated subsidiaries, or the entirety of Duke Energy Corporation and its consolidated subsidiaries

Eagle Solar

 

Eagle Solar, LLC, a wholly-owned subsidiary of DGI

East Ohio

 

The East Ohio Gas Company (a subsidiary of Enbridge effective March 2024)

East Ohio Transaction

 

The sale by Dominion Energy to Enbridge of all issued and outstanding capital stock in Dominion Energy Questar Corporation and its consolidated subsidiaries, which following a reorganization included East Ohio and Dominion Energy Gas Distribution, LLC, pursuant to a purchase and sale agreement entered into on September 5, 2023, which was completed on March 6, 2024

Enbridge

 

The legal entity, Enbridge Inc., one or more of its consolidated subsidiaries (including Enbridge Elephant Holdings, LLC, Enbridge Parrot Holdings, LLC, and Enbridge Quail Holdings, LLC), or the entirety of Enbridge Inc. and its consolidated subsidiaries

EPA

 

U.S. Environmental Protection Agency

EPS

 

Earnings per common share

FCC

 

Federal Communications Commission

FERC

 

Federal Energy Regulatory Commission

Fitch

 

Fitch Ratings Ltd.

FTRs

 

Financial transmission rights

GAAP

 

U.S. generally accepted accounting principles

4


 

GHG

 

Greenhouse gas

GTSA

 

Virginia Grid Transformation and Security Act of 2018

GW

 

Gigawatt

Heating degree days

 

Units measuring the extent to which the average daily temperature is less than 65 degrees Fahrenheit, or 60 degrees Fahrenheit in DESC’s service territory, calculated as the difference between 65 or 60 degrees, as applicable, and the average temperature for that day

IRA

 

An Act to Provide for Reconciliation Pursuant to Title II of Senate Concurrent Resolution 14 of the 117th Congress (also known as the Inflation Reduction Act of 2022) enacted on August 16, 2022

ISO

 

Independent system operator

Jones Act

 

The Coastwise Merchandise Statute (commonly known as the Jones Act) 46 U.S.C. §55102 regulating U.S. maritime commerce

kV

 

Kilovolt

MD&A

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

MGD

 

Million gallons per day

Millstone

 

Millstone nuclear power station

Moody’s

 

Moody’s Investors Service

MW

 

Megawatt

MWh

 

Megawatt hour

Natural Gas Rate Stabilization Act

 

Legislation effective February 2005 designed to improve and maintain natural gas service infrastructure to meet the needs of customers in South Carolina

NAV

 

Net asset value

NND Project

 

V.C. Summer Units 2 and 3 nuclear development project under which DESC and Santee Cooper undertook to construct two Westinghouse AP1000 Advanced Passive Safety nuclear units in Jenkinsville, South Carolina

North Anna

 

North Anna nuclear power station

North Carolina Commission

 

North Carolina Utilities Commission

NOX

 

Nitrogen oxide

Ohio Commission

 

Public Utilities Commission of Ohio

Order 1000

 

Order issued by FERC adopting requirements for electric transmission planning, cost allocation and development

OSWP

 

OSW Project LLC, a proposed limited liability company to be owned by Virginia Power at formation and subsequently owned by Virginia Power and Stonepeak

ozone season

 

The period May 1st through September 30th, as determined on a federal level

Patriot

 

Patriot Utility Privatizations, LLC, a joint venture between Foundation Infrastructure Partners, LLC and John Hancock Life Insurance Company (U.S.A.) and affiliates

PFAS

 

Per- and polyfluorinated substances, a group of widely used chemicals that break down very slowly over time in the environment

PJM

 

PJM Interconnection, LLC

PSD

 

Prevention of significant deterioration

PSNC

 

Public Service Company of North Carolina, Incorporated, doing business as Dominion Energy North Carolina

5


 

PSNC Transaction

 

The proposed sale by Dominion Energy to Enbridge of all of its membership interests in Fall North Carolina Holdco LLC and its consolidated subsidiaries, which following a reorganization includes PSNC, pursuant to a purchase and sale agreement entered into on September 5, 2023

Questar Gas

 

Questar Gas Company, doing business as Dominion Energy Utah, Dominion Energy Wyoming and Dominion Energy Idaho

Questar Gas Transaction

 

The proposed sale by Dominion Energy to Enbridge of all of its membership interests in Fall West Holdco LLC and its consolidated subsidiaries, which following a reorganization includes Questar Gas, Wexpro, Wexpro II Company, Wexpro Development Company, Dominion Energy Wexpro Services Company, Questar InfoComm Inc. and Dominion Gas Projects Company, LLC, pursuant to a purchase and sale agreement entered into on September 5, 2023

RGGI

 

Regional Greenhouse Gas Initiative

Rider CCR

 

A rate adjustment clause associated with the recovery of costs related to the removal of CCR at certain power stations

Rider CE

 

A rate adjustment clause associated with the recovery of costs related to certain renewable generation, energy storage and related transmission facilities in Virginia, certain small-scale distributed generation projects and related transmission facilities and, beginning May 2024, power purchase agreements for the energy, capacity, ancillary services and renewable energy credits owned by third parties

Rider GT

 

A rate adjustment clause associated with the recovery of costs associated with electric distribution grid transformation projects that the Virginia Commission has approved as authorized by the GTSA

Rider T1

 

A rate adjustment clause to recover the difference between revenues produced from transmission rates included in base rates, and the new total revenue requirement developed annually for the rate years effective September 1

ROE

 

Return on equity

RTO

 

Regional transmission organization

Santee Cooper

 

South Carolina Public Service Authority

SCANA

 

The legal entity, SCANA Corporation, one or more of its consolidated subsidiaries, or the entirety of SCANA Corporation and its consolidated subsidiaries

SCANA Combination

 

Dominion Energy’s acquisition of SCANA completed on January 1, 2019 pursuant to the terms of the agreement and plan of merger entered on January 2, 2018 between Dominion Energy and SCANA

SCANA Merger Approval Order

 

Final order issued by the South Carolina Commission on December 21, 2018 setting forth its approval of the SCANA Combination

SCDOR

 

South Carolina Department of Revenue

SEC

 

U.S. Securities and Exchange Commission

Series B Preferred Stock

 

Dominion Energy’s 4.65% Series B Fixed-Rate Cumulative Redeemable Perpetual Preferred Stock, without par value, with a liquidation preference of $1,000 per share

Series C Preferred Stock

 

Dominion Energy’s 4.35% Series C Fixed-Rate Cumulative Redeemable Perpetual Preferred Stock, without par value, with a liquidation preference of $1,000 per share

South Carolina Commission

 

Public Service Commission of South Carolina

Standard & Poor’s

 

Standard & Poor’s Ratings Services, a division of S&P Global Inc.

Stonepeak

 

The legal entity Stonepeak Partners, LLC, one or more of its affiliated investment vehicles (including Dunedin Members, LLC) or the entirety of Stonepeak Partners, LLC and its affiliated investment vehicles

Summer

 

V.C. Summer nuclear power station

Surry

 

Surry nuclear power station

Utah Commission

 

Utah Public Service Commission

VCEA

 

Virginia Clean Economy Act of March 2020

6


 

VEBA

 

Voluntary Employees’ Beneficiary Association

VIE

 

Variable interest entity

Virginia Commission

 

Virginia State Corporation Commission

Virginia Power

 

The legal entity, Virginia Electric and Power Company, one or more of its consolidated subsidiaries or operating segment, or the entirety of Virginia Electric and Power Company and its consolidated subsidiaries

VPFS

 

Virginia Power Fuel Securitization, LLC

Wexpro

 

The legal entity, Wexpro Company, one or more of its consolidated subsidiaries, or the entirety of Wexpro Company and its consolidated subsidiaries

Wyoming Commission

 

Wyoming Public Service Commission

7


 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

(millions, except per share amounts)

 

 

 

 

 

 

Operating Revenue

 

$

3,632

 

 

$

3,883

 

Operating Expenses

 

 

 

 

 

 

   Electric fuel and other energy-related purchases

 

 

959

 

 

 

1,022

 

   Purchased electric capacity

 

 

12

 

 

 

8

 

   Purchased gas

 

 

120

 

 

 

123

 

   Other operations and maintenance

 

 

856

 

 

 

742

 

   Depreciation and amortization

 

 

621

 

 

 

622

 

   Other taxes

 

 

202

 

 

 

191

 

   Impairment of assets and other charges

 

 

30

 

 

 

98

 

   Losses (gains) on sales of assets

 

 

(1

)

 

 

(2

)

Total operating expenses

 

 

2,799

 

 

 

2,804

 

Income from operations

 

 

833

 

 

 

1,079

 

Other income (expense)

 

 

435

 

 

 

276

 

Interest and related charges

 

 

574

 

 

 

479

 

Income from continuing operations including noncontrolling
     interests before income tax expense

 

 

694

 

 

 

876

 

Income tax expense

 

 

134

 

 

 

176

 

Net Income From Continuing Operations

 

 

560

 

 

 

700

 

Net Income From Discontinued Operations(1)

 

 

114

 

 

 

281

 

Net Income Including Noncontrolling Interests

 

 

674

 

 

 

981

 

Noncontrolling Interests

 

 

 

 

 

 

Net Income Attributable to Dominion Energy

 

$

674

 

 

$

981

 

Amounts attributable to Dominion Energy

 

 

 

 

 

 

Net income from continuing operations

 

$

560

 

 

$

700

 

Net income from discontinued operations

 

 

114

 

 

 

281

 

Net income attributable to Dominion Energy

 

$

674

 

 

$

981

 

EPS - Basic

 

 

 

 

 

 

Net income from continuing operations

 

$

0.64

 

 

$

0.81

 

Net income from discontinued operations

 

 

0.14

 

 

 

0.34

 

Net income attributable to Dominion Energy

 

$

0.78

 

 

$

1.15

 

EPS - Diluted

 

 

 

 

 

 

Net income from continuing operations

 

$

0.64

 

 

$

0.81

 

Net income from discontinued operations

 

 

0.14

 

 

 

0.34

 

Net income attributable to Dominion Energy

 

$

0.78

 

 

$

1.15

 

 

(1)
Includes income tax expense of $51 million and $56 million for the three months ended March 31, 2024 and 2023, respectively.

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

8


 

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

Net income including noncontrolling interests

 

$

674

 

 

$

981

 

Other comprehensive income (loss), net of taxes:

 

 

 

 

 

 

Net deferred gains (losses) on derivatives-hedging
    activities
(1)

 

 

7

 

 

 

(9

)

Changes in unrealized net gains (losses) on investment
    securities
(2)

 

 

(26

)

 

 

17

 

Changes in net unrecognized pension and other
    postretirement benefit costs
(3)

 

 

(237

)

 

 

 

Amounts reclassified to net income (loss):

 

 

 

 

 

 

Net derivative (gains) losses-hedging activities(4)

 

 

7

 

 

 

8

 

Net realized (gains) losses on investment securities(5)

 

 

6

 

 

 

1

 

Net pension and other postretirement benefit costs
    (credits)
(6)

 

 

5

 

 

 

(11

)

Changes in other comprehensive income from equity
    method investees
(7)

 

 

 

 

 

1

 

Total other comprehensive income (loss)

 

 

(238

)

 

 

7

 

Comprehensive income including noncontrolling interests

 

 

436

 

 

 

988

 

Comprehensive income attributable to noncontrolling
    interests

 

 

 

 

 

 

Comprehensive income attributable to Dominion Energy

 

$

436

 

 

$

988

 

 

(1) Net of $(1) million and $3 million tax for the three months ended March 31, 2024 and 2023, respectively.

(2) Net of $10 million and $(7) million tax for the three months ended March 31, 2024 and 2023, respectively.

(3) Net of $84 million and $— million tax for the three months ended March 31, 2024 and 2023, respectively.

(4) Net of $(4) million and $(3) million tax for the three months ended March 31, 2024 and 2023, respectively.

(5) Net of $(2) million and $(1) million tax for the three months ended March 31, 2024 and 2023, respectively.

(6) Net of $(1) million and $4 million tax for the three months ended March 31, 2024 and 2023, respectively.

(7) Net of $— million and $— million tax for the three months ended March 31, 2024 and 2023, respectively.

 

 

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

 

9


 

DOMINION ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

March 31, 2024

 

 

December 31, 2023(1)

 

(millions)

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

265

 

 

$

184

 

Customer receivables (less allowance for doubtful accounts of $39 and $38)

 

 

2,148

 

 

 

2,251

 

Other receivables (less allowance for doubtful accounts of $1 at both periods)

 

 

241

 

 

 

258

 

Inventories

 

 

1,719

 

 

 

1,698

 

Regulatory assets(2)

 

 

1,092

 

 

 

1,309

 

Other(2)

 

 

1,018

 

 

 

1,158

 

Current assets held for sale

 

 

9,706

 

 

 

18,529

 

Total current assets

 

 

16,189

 

 

 

25,387

 

Investments

 

 

 

 

 

 

Nuclear decommissioning trust funds

 

 

7,418

 

 

 

6,946

 

Investment in equity method affiliates

 

 

137

 

 

 

268

 

Other

 

 

339

 

 

 

324

 

Total investments

 

 

7,894

 

 

 

7,538

 

Property, Plant and Equipment

 

 

 

 

 

 

Property, plant and equipment

 

 

85,497

 

 

 

83,417

 

Accumulated depreciation and amortization

 

 

(24,941

)

 

 

(24,637

)

Total property, plant and equipment, net

 

 

60,556

 

 

 

58,780

 

Deferred Charges and Other Assets

 

 

 

 

 

 

Goodwill

 

 

4,143

 

 

 

4,143

 

Regulatory assets(2)

 

 

7,859

 

 

 

8,356

 

Other

 

 

5,364

 

 

 

4,828

 

Total deferred charges and other assets

 

 

17,366

 

 

 

17,327

 

Total assets

 

$

102,005

 

 

$

109,032

 

 

(1) Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.

(2) See Note 15 for amounts attributable to VIEs.

 

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

10


 

DOMINION ENERGY, INC.

CONSOLIDATED BALANCE SHEETS—(Continued)

(Unaudited)

 

 

 

March 31, 2024

 

 

December 31, 2023(1)

 

(millions)

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

Securities due within one year(2)

 

$

2,344

 

 

$

6,589

 

Supplemental credit facility borrowings

 

 

450

 

 

 

450

 

Short-term debt

 

 

3,626

 

 

 

3,956

 

Accounts payable

 

 

721

 

 

 

921

 

Accrued interest, payroll and taxes(2)

 

 

1,286

 

 

 

1,075

 

Regulatory liabilities

 

 

512

 

 

 

522

 

Other(3)

 

 

2,093

 

 

 

2,078

 

Current liabilities held for sale