Dominion Power 2005 Annual Report Download - page 73

Note 11. Investment Securities
We hold marketable debt and equity securities in nuclear decom-
missioning trust funds, retained interests from prior securitizations
of financial assets and subordinated notes related to certain collat-
eralized debt obligations, all of which are classified as available-
for-sale. In addition, we hold marketable debt and equity securities,
which are classified as trading, in rabbi trusts associated with
certain deferred compensation plans.
Available-for-sale securities as of December 31, 2005 and
2004 are summarized below:
To t al To t a l
Unrealized Unrealized
Gains Losses
Fair Included Included
Value in AOCI in AOCI
(millions)
2005
Equity securities $1,598 $296 $25
Debt securities 1,157 11 8
Total $2,755 $307 $33
2004
Equity securities $1,229 $240 $12
Debt securities 1,044 20 1
Total $2,273 $260 $13
The following table presents the fair value and gross unrealized
losses of our available-for-sale securities, aggregated by investment
category and the length of time the securities have been in a con-
tinuous loss position, at December 31, 2005:
Equity Securities Debt Securities
Fair Unrealized Fair Unrealized
Value Losses Value Losses
(millions)
Less than 12 months $168 $17 $430 $7
12 months or more 38 8 40 1
Total $206 $25 $470 $8
Debt securities backed by mortgages and loans do not have
stated contractual maturities as borrowers have the right to call or
repay obligations with or without call or prepayment penalties. At
December 31, 2005, these debt securities totaled $285 million.
The fair value of all other debt securities at December 31, 2005 by
contractual maturity are as follows:
Amount
(millions)
Due in one year or less $40
Due after one year through five years 260
Due after five years through ten years 290
Due after ten years 282
Total $872
Presented below is selected information regarding the sales
of investment securities. In determining realized gains and losses,
the cost of these securities was determined on a specific identifica-
tion basis.
Year Ended December 31, 2005 2004 2003
(millions)
Available-for-sale securities:
Proceeds from sales $754 $463 $832
Realized gains 46 57 62
Realized losses 49 90 102
Trading securities:
Net unrealized gain 6412
Note 12. Property, Plant and Equipment
Major classes of property, plant and equipment and their respective
balances are:
At December 31, 2005 2004
(millions)
Total utility 26,161 25,307
Nonutility
Exploration and production properties being amortized:
Proved 9,929 8,246
Unproved 753 653
Unproved exploration and production properties
not being amortized 1,022 970
Merchant generation — nuclear 1,109 997
Merchant generation — other 1,612 1,268
Nuclear fuel 361 271
Other — including plant under construction 1,116 951
Total nonutility 15,902 13,356
Total property, plant and equipment $42,063 $38,663
Costs of unproved properties capitalized under the full cost
method of accounting that were excluded from amortization
at December 31, 2005 and the years in which such excluded
costs were incurred, are as follows:
Years
To t al 2 0 0 5 2004 2003 Prior
(millions)
Property acquisition costs $ 637 $ 89 $ 33 $22 $493
Exploration costs 221 93 67 20 41
Capitalized interest 164 44 39 45 36
Total $1,022 $226 $139 $87 $570
Dominion 2005 71
Utility
Generation $10,243 $10,135
Transmission 3,570 3,464
Distribution 8,408 8,024
Storage 947 1,023
Nuclear fuel 870 795
Gas gathering and processing 433 418
General and other 736 774
Plant under construction 954 674