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REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS | 3 Months Ended
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Mar. 31, 2025
Regulated Operations [Abstract] |
REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS | REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS Regulatory Assets Noncurrent regulatory assets are comprised of the following:
| Balance at
(in millions) | March 31, 2025 |  | December 31, 2024
Pension benefits | $ | 672 |  |  | $ | 673 |
Environmental compliance costs | 1,069 |  |  | 1,172 |
Price risk management | 156 |  |  | 167 |
Catastrophic event memorandum account | 717 |  |  | 742 |
Wildfire-related accounts | 1,602 |  |  | 1,697 |
Deferred income taxes | 4,993 |  |  | 4,771 |
Financing costs | 212 |  |  | 216 |
SB 901 securitization | 5,175 |  |  | 5,194 |
General rate case memorandum accounts | 85 |  |  | 95 |
Other | 870 |  |  | 834 |
Total noncurrent regulatory assets | $ | 15,551 |  |  | $ | 15,561 |
Regulatory Liabilities Noncurrent regulatory liabilities are comprised of the following:
| Balance at
(in millions) | March 31, 2025 |  | December 31, 2024
Cost of removal obligations | $ | 9,126 |  |  | $ | 8,943 |
Public purpose programs | 1,166 |  |  | 1,112 |
Employee benefit plans | 1,092 |  |  | 1,088 |
Transmission tower wireless licenses | 294 |  |  | 306 |
SFGO sale | 59 |  |  | 79 |
SB 901 securitization | 6,203 |  |  | 6,295 |
Wildfire self-insurance | 805 |  |  | 804 |
Other | 892 |  |  | 790 |
Total noncurrent regulatory liabilities | $ | 19,637 |  |  | $ | 19,417 |
Regulatory Balancing Accounts Current regulatory balancing accounts receivable and payable are comprised of the following:
| Balance at
(in millions) | March 31, 2025 |  | December 31, 2024
Electric distribution | $ | 1,823 |  |  | $ | 1,591 |
Electric transmission | 131 |  |  | 117 |
Gas distribution and transmission | 149 |  |  | 387 |
Energy procurement | 961 |  |  | 1,066 |
Public purpose programs | 275 |  |  | 162 |
Wildfire-related accounts | 879 |  |  | 979 |
Insurance premium costs | — |  |  | 38 |
Residential uncollectibles balancing accounts | 72 |  |  | 260 |
Catastrophic event memorandum account | 401 |  |  | 500 |
General rate case memorandum accounts | 835 |  |  | 1,113 |
Other | 326 |  |  | 1,014 |
Total regulatory balancing accounts receivable | $ | 5,852 |  |  | $ | 7,227 |
| Balance at
(in millions) | March 31, 2025 |  | December 31, 2024
Electric transmission | $ | 692 |  |  | $ | 883 |
Gas distribution and transmission | 273 |  |  | 72 |
Energy procurement | 358 |  |  | 329 |
Public purpose programs | 547 |  |  | 882 |
SFGO sale | 21 |  |  | 93 |
Wildfire-related accounts | 225 |  |  | 337 |
Nuclear decommissioning adjustment mechanism | 21 |  |  | 23 |
Other | 438 |  |  | 550 |
Total regulatory balancing accounts payable | $ | 2,575 |  |  | $ | 3,169 |
For more information, see Note 3 of the Notes to the Consolidated Financial Statements in Item 8 of the 2024 Form 10-K.

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- References No definition available. + Details
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