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Short-Term Debt and Credit Agreements | 12 Months Ended
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Dec. 31, 2016
Short-term Debt, Other Disclosures [Abstract] |
Short-Term Debt and Credit Agreements | S HORT-T ERM D EBT AND C REDIT A GREEMENTS The Companies use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In January 2016, Dominion expanded its short-term funding resources through a $1.0 billion increase to one of its joint revolving credit facility limits. In addition, Dominion utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by commodity prices, hedging levels, Dominion's credit ratings and the credit quality of its counterparties. Dominion Commercial paper and letters of credit outstanding, as well as capacity available under credit facilities, were as follows:
| Facility Limit |  | Outstanding Commercial Paper |  |  | Outstanding Letters of Credit |  | Facility Capacity Available |
(millions) |  |  |  |  |
At December 31, 2016 |  |  |  |  |
Joint revolving credit facility(1)(2) | $ | 5,000 |  | $ | 3,155 |  |  | $ | — |  | $ | 1,845 |
Joint revolving credit facility(1) | 500 |  | — |  |  | 85 |  | 415 |
Total | $ | 5,500 |  | $ | 3,155 |  | (3) | $ | 85 |  | $ | 2,260 |
At December 31, 2015 |  |  |  |  |  |  |  |  |
Joint revolving credit facility(1) | $ | 4,000 |  | $ | 3,353 |  |  | $ | — |  | $ | 647 |
Joint revolving credit facility(1) | 500 |  | 156 |  |  | 59 |  | 285 |
Total | $ | 4,500 |  | $ | 3,509 |  | (3) | $ | 59 |  | $ | 932 |
(1) | In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit.
(2) | In January 2016, this facility limit was increased from $4.0 billion to $5.0 billion.
(3) | The weighted-average interest rates of the outstanding commercial paper supported by Dominion’s credit facilities were 1.05% and 0.62% at December 31, 2016 and 2015, respectively.
Dominion Questar’s revolving multi-year and 364-day credit facilities with limits of $500 million and $250 million, respectively, were terminated in October 2016. Questar Gas’ short-term financing is supported by the two joint revolving credit facilities discussed above with Dominion, Virginia Power and Dominion Gas, to which Questar Gas was added as a borrower in November 2016, with an initial aggregate sub-limit of $250 million. In December 2016, Questar Gas entered into a commercial paper program pursuant to which it began accessing the commercial paper markets. In addition to the credit facilities mentioned above, SBL Holdco has $30 million of credit facilities which have a stated maturity date of December 2017 with automatic one-year renewals through the maturity of the SBL Holdco term loan agreement in 2023. As of December 31, 2016, no amounts were outstanding under these facilities. Virginia Power Virginia Power’s short-term financing is supported through its access as co-borrower to the two joint revolving credit facilities. These credit facilities can be used for working capital, as support for the combined commercial paper programs of the Companies and for other general corporate purposes. Virginia Power's share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion, Dominion Gas and Questar Gas were as follows:
| Facility Limit(1) |  | Outstanding Commercial Paper |  |  | Outstanding Letters of Credit |
(millions) |  |  |  |
At December 31, 2016 |  |  |  |
Joint revolving credit facility(1)(2) | $ | 5,000 |  | $ | 65 |  |  | $ | — |
Joint revolving credit facility(1) | 500 |  | — |  |  | 1 |
Total | $ | 5,500 |  | $ | 65 |  | (3) | $ | 1 |
At December 31, 2015 |  |  |  |  |  |  |
Joint revolving credit facility(1) | $ | 4,000 |  | $ | 1,500 |  |  | $ | — |
Joint revolving credit facility(1) | 500 |  | 156 |  |  | — |
Total | $ | 4,500 |  | $ | 1,656 |  | (3) | $ | — |
(1) | The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion, Dominion Gas and Questar Gas. Sub-limits for Virginia Power are set within the facility limit but can be changed at the option of Dominion, Dominion Gas and Questar Gas multiple times per year. At December 31, 2016, the sub-limit for Virginia Power was an aggregate $2.0 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
(2) | In January 2016, this facility limit was increased from $4.0 billion to $5.0 billion.
(3) | The weighted-average interest rates of the outstanding commercial paper supported by these credit facilities were 0.97% and 0.60% at December 31, 2016 and 2015, respectively.
In addition to the credit facility commitments mentioned above, Virginia Power also has a $100 million credit facility. In May 2016, the maturity date for this credit facility was extended from April 2019 to April 2020. In October 2016, this facility was reduced from $120 million to $100 million. As of December 31, 2016, this facility supports $100 million of certain variable rate tax-exempt financings of Virginia Power. Dominion Gas Dominion Gas’ short-term financing is supported by its access as co-borrower to the two joint revolving credit facilities. These credit facilities can be used for working capital, as support for the combined commercial paper programs of the Companies and for other general corporate purposes. Dominion Gas' share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion, Virginia Power and Questar Gas were as follows:
| Facility Limit(1) |  | Outstanding Commercial Paper |  |  | Outstanding Letters of Credit |
(millions) |  |  |  |
At December 31, 2016 |  |  |  |
Joint revolving credit facility(1) | $ | 1,000 |  | $ | 460 |  |  | $ | — |
Joint revolving credit facility(1) | 500 |  | — |  |  | — |
Total | $ | 1,500 |  | $ | 460 |  | (2) | $ | — |
At December 31, 2015 |  |  |  |  |  |  |
Joint revolving credit facility(1) | $ | 1,000 |  | $ | 391 |  |  | $ | — |
Joint revolving credit facility(1) | 500 |  | — |  |  | — |
Total | $ | 1,500 |  | $ | 391 |  | (2) | $ | — |
(1) | A maximum of a combined $1.5 billion of the facilities is available to Dominion Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion, Virginia Power and Questar Gas. Sub-limits for Dominion Gas are set within the facility limit but can be changed at the option of the Companies multiple times per year. In November 2016, the aggregate sub-limit for Dominion Gas was decreased from $750 million to $500 million. If Dominion Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. In May 2016, the maturity dates for these facilities were extended from April 2019 to April 2020. These credit facilities can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit.
(2) | The weighted-average interest rate of the outstanding commercial paper supported by these credit facilities was 1.00% and 0.63% at December 31, 2016 and 2015, respectively.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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