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Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2016
Asset Retirement Obligation [Abstract]  
Asset Retirement Obligations
ASSET RETIREMENT OBLIGATIONS
AROs represent obligations that result from laws, statutes, contracts and regulations related to the eventual retirement of certain of the Companies' long-lived assets. Dominion's and Virginia Power's AROs are primarily associated with the decommissioning of their nuclear generation facilities and ash pond and landfill closures. Dominion Gas' AROs primarily include plugging and abandonment of gas and oil wells and the interim retirement of natural gas gathering, transmission, distribution and storage pipeline components.
The Companies have also identified, but not recognized, AROs related to the retirement of Dominion's LNG facility, Dominion's and Dominion Gas' storage wells in their underground natural gas storage network, certain Virginia Power electric transmission and distribution assets located on property with easements, rights of way, franchises and lease agreements, Virginia Power's hydroelectric generation facilities and the abatement of certain asbestos not expected to be disturbed in Dominion's and Virginia Power's generation facilities. The Companies currently do not have sufficient information to estimate a reasonable range of expected retirement dates for any of these assets since the economic lives of these assets can be extended indefinitely through regular repair and maintenance and they currently have no plans to retire or dispose of any of these assets. As a result, a settlement date is not determinable for these assets and AROs for these assets will not be reflected in the Consolidated Financial Statements until sufficient information becomes available to determine a reasonable estimate of the fair value of the activities to be performed. The Companies continue to monitor operational and strategic developments to identify if sufficient information exists to reasonably estimate a retirement date for these assets. The changes to AROs during 2015 and 2016 were as follows:
 
 
Amount

(millions)
 
Dominion
 
AROs at December 31, 2014
$
1,714

Obligations incurred during the period(1)
315

Obligations settled during the period
(106
)
Revisions in estimated cash flows(1)
88

Accretion
93

Other
(1
)
AROs at December 31, 2015(2)
$
2,103

Obligations incurred during the period(3)
204

Obligations settled during the period
(171
)
Revisions in estimated cash flows(1)
245

Accretion
104

AROs at December 31, 2016(2)
$
2,485

Virginia Power
 

AROs at December 31, 2014
$
855

Obligations incurred during the period(1)
289

Obligations settled during the period
(39
)
Revisions in estimated cash flows(1)
92

Accretion
50

AROs at December 31, 2015
$
1,247

Obligations incurred during the period
9

Obligations settled during the period
(115
)
Revisions in estimated cash flows(1)
245

Accretion
57

AROs at December 31, 2016
$
1,443

Dominion Gas
 

AROs at December 31, 2014
$
147

Obligations incurred during the period
5

Obligations settled during the period
(6
)
Revisions in estimated cash flows
(5
)
Accretion
9

Other
(1
)
AROs at December 31, 2015(4)
$
149

Obligations incurred during the period
6

Obligations settled during the period
(8
)
Revisions in estimated cash flows
—

Accretion
9

AROs at December 31, 2016(4)
$
156

(1)
Primarily reflects future ash pond and landfill closure costs at certain utility generation facilities. See Note 22 for further information.
(2)
Includes $216 million and $249 million reported in other current liabilities at December 31, 2015, and 2016, respectively.
(3)
Primarily reflects AROs assumed in the Dominion Questar Combination. See Note 3 for further information.
(4)
Includes $137 million and $147 million reported in other deferred credits and other liabilities, with the remainder recorded in other current liabilities, at December 31, 2015 and 2016, respectively.

Dominion and Virginia Power have established trusts dedicated to funding the future decommissioning of their nuclear plants. At December 31, 2016 and 2015, the aggregate fair value of Dominion's trusts, consisting primarily of equity and debt securities, totaled $4.5 billion and $4.2 billion, respectively. At December 31, 2016 and 2015, the aggregate fair value of Virginia Power's trusts, consisting primarily of debt and equity securities, totaled $2.1 billion and $1.9 billion, respectively.