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Regulatory Assets and Liabilities | 12 Months Ended
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Dec. 31, 2021
Regulated Operations [Abstract] |
REGULATORY ASSETS AND LIABILITIES | REGULATORY ASSETS AND LIABILITIES The Company has recorded regulatory assets and liabilities (in millions) that it expects to pass through to its customers in accordance with, and subject to, regulatory provisions as follows:
December 31, | 2021 |  | 2020 |  | Recovery/Refund Period
Regulatory assets |  |  |
Current regulatory assets: |  |  |  |  |
El Salvador energy pass through costs recovery | $ | 80 |  |  | $ | 40 |  |  | Quarterly
Other | 88 |  |  | 73 |  |  | 1 year
Total current regulatory assets | 168 |  |  | 113 |  |  |
Noncurrent regulatory assets: |  |  |  |  |
AES Indiana and AES Ohio defined benefit pension obligations (1) | 191 |  |  | 244 |  |  | Various
AES Indiana deferred fuel and purchased power costs | 84 |  |  | — |  |  | To be determined
AES Indiana environmental costs | 76 |  |  | 81 |  |  | Various
AES Indiana Petersburg Units 1 and 2 retirement costs | 300 |  |  | 75 |  |  | Over life of assets
AES Indiana deferred Midwest ISO costs | 48 |  |  | 61 |  |  | 5 years
Other | 135 |  |  | 126 |  |  | Various
Total noncurrent regulatory assets | 834 |  |  | 587 |  |  |
Total regulatory assets | $ | 1,002 |  |  | $ | 700 |  |  |
Regulatory liabilities |  |  |  |  |
Current regulatory liabilities: |  |  |  |  |
Overcollection of costs to be passed back to customers | $ | 18 |  |  | $ | 47 |  |  | 1 year
Other | 1 |  |  | 1 |  |  | Various
Total current regulatory liabilities | 19 |  |  | 48 |  |  |
Noncurrent regulatory liabilities: |  |  |  |  |
AES Indiana and AES Ohio accrued costs of removal and AROs | 868 |  |  | 863 |  |  | Over life of assets
AES Indiana and AES Ohio income taxes payable to customers through rates | 158 |  |  | 174 |  |  | Various
Other | 30 |  |  | 21 |  |  | Various
Total noncurrent regulatory liabilities | 1,056 |  |  | 1,058 |  |  |
Total regulatory liabilities | $ | 1,075 |  |  | $ | 1,106 |  |  |
_____________________________ (1)Past expenditures on which the Company earns a rate of return. Our regulatory assets and current regulatory liabilities primarily consist of under or overcollection of costs that are generally non-controllable, such as purchased electricity, energy transmission, fuel costs, and other sector costs. These costs are recoverable or refundable as defined by the laws and regulations in our markets. Our regulatory assets also include defined pension and postretirement benefit obligations equal to the previously unrecognized actuarial gains and losses and prior service costs that are expected to be recovered through future rates. Additionally, our regulatory assets include the carrying value of AES Indiana's Petersburg Unit 1 at its retirement date and the expected carrying value of Petersburg Unit 2 at its anticipated retirement date, which are amortized over the life of the assets beginning on the dates of retirement. Other current and noncurrent regulatory assets primarily consist of: •Undercollections on rate riders such as wholesale margin sharing and demand side management costs at AES Indiana and energy efficiency and transmission costs at AES Ohio; •Unamortized premiums reacquired or redeemed on long-term debt at AES Indiana, which are amortized over the lives of the original issuances; and •OVEC costs, vegetation management costs, and storm costs at AES Ohio. Our noncurrent regulatory liabilities primarily consist of obligations for removal costs which do not have an associated legal retirement obligation. Our noncurrent regulatory liabilities also include deferred income taxes related to differences in income recognition between tax laws and accounting methods, which will be passed through to our regulated customers via a decrease in future retail rates. In the accompanying Consolidated Balance Sheets, current regulatory assets and liabilities are reflected in Other current assets and Accrued and other liabilities, respectively, and noncurrent regulatory assets and liabilities are reflected in Other noncurrent assets and Other noncurrent liabilities, respectively. All of the regulatory assets and liabilities as of December 31, 2021 and December 31, 2020 are related to the US and Utilities SBU.

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- Definition The entire disclosure for detailed information about regulatory assets and liabilities, including current and noncurrent assets created when regulatory agencies permit the deferral of costs to the balance sheet that would otherwise be required to appear on the company's income statement and would be charged against current expenses or revenues, as well as current and noncurrent liabilities created when regulatory agencies permit. + References No definition available. + Details
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