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PART II
ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Regulatory Liabilities
Current Regulatory Liabilities
At December 31, 2015 and 2014, the Utility had current regulatory liabilities of $676 million and $261 million, respectively.
At December 31, 2015, the current regulatory liabilities consisted primarily of a $400 million bill credit to the Utility’s
natural gas customers resulting from the Penalty Decision. (See Note 13 below.) Current regulatory liabilities are
included within current liabilities-other in the Consolidated Balance Sheets.
Long -Term Regulatory Liabilities
Long-term regulatory liabilities are comprised of the following:
BalanceatDecember
(inmillions)
Costofremovalobligations()
RecoveriesinexcessofAROs()
Publicpurposeprograms()
Other
Totallong-termregulatoryliabilities
() Representsthecumulativedifferencesbetweenassetremovalcostsrecordedandamountscollectedinratesforexpected
assetremovalcosts
() RepresentsthecumulativedifferencesbetweenAROexpensesandamountscollectedinratesDecommissioningcosts
relatedtotheUtility’snuclearfacilitiesarerecoveredthroughratesandareplacedinnucleardecommissioningtrustsThis
regulatoryliabilityalsorepresentsthedeferralofrealizedandunrealizedgainsandlossesonthesenucleardecommissioning
trustinvestments(SeeNotebelow)
() Representsamountsreceivedfromcustomersdesignatedforpublicpurposeprogramcostsexpectedtobeincurredbeyond
thenextmonthsprimarilyrelatedtoenergyefficiencyprograms
Regulatory Balancing Accounts
The Utility tracks (1) dierences between the Utility’s
authorized revenue requirement and customer billings,
and (2) dierences between incurred costs and customer
billings. To the extent these dierences are probable of
recovery or refund over the next 12 months, the Utility
records a current regulatory balancing account receivable
or payable. Regulatory balancing accounts that the Utility
expects to collect or refund over a period exceeding
12 months are recorded as other noncurrent assets –
regulatory assets or noncurrent liabilities – regulatory
liabilities, respectively, in the Consolidated Balance Sheets.
These dierences do not have an impact on net income.
Balancing accounts will fluctuate during the year based on
seasonal electric and gas usage and the timing of when
costs are incurred and customer revenues are collected.
Current regulatory balancing accounts receivable and payable are comprised of the following:
Receivable
BalanceatDecember
(inmillions)
Electricdistribution
Utilitygeneration
Gasdistribution
Energyprocurement
Publicpurposeprograms
Other
Totalregulatorybalancingaccountsreceivable