Summary
This 8-K/A filing from Dominion Energy, Inc. serves as an amendment to their January 29, 2018, 8-K filing, primarily to update preliminary unaudited earnings for the fourth quarter and full year of 2017. The key adjustment relates to the accounting treatment of deferred taxes in light of the 2017 U.S. tax reform act. Specifically, Dominion Energy revised its reported net income attributable to the company downwards for both periods. For the three months ended December 31, 2017, net income decreased from $1,449 million to $1,312 million. For the twelve months ended December 31, 2017, net income was revised from $3,136 million to $2,999 million. These adjustments, along with corresponding per-share figures, are a result of how the company remeasured deferred taxes following the tax reform. Importantly, these changes do not impact the company's previously reported non-GAAP operating earnings or its 2018 operating earnings guidance.
Key Highlights
- 1Amendment to prior 8-K filing dated January 29, 2018, concerning 2017 preliminary earnings.
- 2Revision to reported GAAP net income attributable to Dominion Energy for Q4 2017 and full year 2017 due to U.S. tax reform.
- 3Q4 2017 net income revised downwards from $1,449 million to $1,312 million.
- 4Full year 2017 net income revised downwards from $3,136 million to $2,999 million.
- 5Adjustments stem from the remeasurement of deferred taxes related to the 2017 U.S. tax reform act.
- 6Non-GAAP operating earnings and 2018 operating earnings guidance remain unchanged.
- 7Revised earnings release kits and supplemental schedules will be published on February 27, 2018.