Summary
Dominion Energy, Inc. (D) has filed an amended Current Report on Form 8-K/A to provide updated unaudited pro forma financial information related to its anticipated acquisition of SCANA Corporation. This amendment specifically recasts the previously filed 2017 Pro Forma Consolidated Statement of Income to incorporate accounting changes that Dominion Energy adopted effective January 1, 2018. These changes pertain to net periodic pension and other postretirement benefit costs, restricted cash and equivalents, and certain distributions from equity method investees, requiring retrospective application. The filing also includes updated pro forma adjustments to align SCANA's accounting for pension and postretirement benefit costs with Dominion Energy's methodology. While the SCANA business has not yet been fully acquired, Dominion Energy has provided its unaudited condensed consolidated financial statements as of March 31, 2018, and for the three-month periods ended March 31, 2018 and 2017. Investors should note that this filing is primarily an amendment to refine financial reporting in anticipation of the SCANA acquisition, rather than a report on a completed transaction.
Key Highlights
- 1Dominion Energy is amending its previous 8-K filing to update pro forma financial information concerning the anticipated SCANA acquisition.
- 2The amendment includes a recast of the 2017 Pro Forma Consolidated Statement of Income due to the adoption of new accounting guidance by Dominion Energy on January 1, 2018.
- 3The new accounting guidance impacts the reporting of net periodic pension and other postretirement benefit costs, restricted cash and equivalents, and distributions from equity method investees.
- 4Pro forma adjustments are made to conform SCANA's accounting for pension and postretirement benefit costs to Dominion Energy's methodology.
- 5Unaudited financial statements for SCANA Corporation as of March 31, 2018, and for the three months ended March 31, 2018 and 2017, are provided.
- 6The SCANA business acquisition has not yet been completed.
- 7This filing is an amendment to reflect updated financial presentations ahead of the SCANA acquisition's closing.