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ASSET RETIREMENT OBLIGATIONS | 12 Months Ended
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Dec. 31, 2015
ASSET RETIREMENT OBLIGATIONS |
ASSET RETIREMENT OBLIGATIONS | 19.ASSET RETIREMENT OBLIGATIONS The liability for the expected cash flows as recognized in the financial statements reflected discount rates ranging from 1.7% to 9.4% (2014 - 4.6% to 8.1%). A reconciliation of movements in the Company’s ARO is as follows:
December 31, |  | 2015 |  | 2014
(millions of Canadian dollars) |  |  |  |
Obligations at beginning of year |  | 185 |  | 24
Liabilities incurred |  | 2 |  | 177
Liabilities settled |  | (45) |  | (24)
Change in estimate |  | 30 |  | -
Foreign currency translation adjustment |  | 21 |  | 5
Accretion expense |  | 5 |  | 3
Obligations at end of year |  | 198 |  | 185
Presented as follows: |  |  |  |
Accounts payable and other (Note 16) |  | 9 |  | 53
Other long-term liabilities (Note 18) |  | 189 |  | 132
|  | 198 |  | 185
In 2014, the Company recognized ARO in the amount of $177 million. Of this amount, $74 million related to the decommissioning of certain portions of Line 6B of EEP’s Lakehead System and $103 million related to the Canadian and United States portions of the Line 3 Replacement Program, which is targeted to be completed in 2019, whereby the Company will replace the existing Line 3 pipeline in Canada and the United States.

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7569-110849 + Details
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