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Regulatory Assets and Liabilities | 6 Months Ended
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Jun. 30, 2020
Regulatory Assets and Liabilities Disclosure [Abstract] |
Regulatory Assets and Liabilities | Regulatory Assets and Liabilities Regulatory Assets SCE's regulatory assets included on the consolidated balance sheets are:
(in millions) | June 30, 2020 |  | December 31, 2019
Current: |  |  |
Regulatory balancing and memorandum accounts | $ | 1,443 |  |  | $ | 798 |
Power contracts | 228 |  |  | 189 |
Other | 21 |  |  | 22 |
Total current | 1,692 |  |  | 1,009 |
Long-term: |  |  |
Deferred income taxes, net of liabilities | 4,231 |  |  | 4,026 |
Pensions and other postretirement benefits | 83 |  |  | 87 |
Power contracts | 361 |  |  | 434 |
Unamortized investments, net of accumulated amortization | 117 |  |  | 119 |
Unamortized loss on reacquired debt | 138 |  |  | 142 |
Regulatory balancing and memorandum accounts | 1,331 |  |  | 981 |
Environmental remediation | 233 |  |  | 237 |
Other | 34 |  |  | 62 |
Total long-term | 6,528 |  |  | 6,088 |
Total regulatory assets | $ | 8,220 |  |  | $ | 7,097 |
Regulatory Liabilities SCE's regulatory liabilities included on the consolidated balance sheets are:
(in millions) | June 30, 2020 |  | December 31, 2019
Current: |  |  |
Regulatory balancing and memorandum accounts | $ | 846 |  |  | $ | 883 |
Energy derivatives | — |  |  | 80 |
Other | 11 |  |  | 9 |
Total current | 857 |  |  | 972 |
Long-term: |  |  |
Cost of removal | 2,649 |  |  | 2,674 |
Re-measurement of deferred taxes | 2,352 |  |  | 2,424 |
Recoveries in excess of ARO liabilities1 | 1,600 |  |  | 1,569 |
Regulatory balancing and memorandum accounts | 1,337 |  |  | 1,261 |
Other postretirement benefits | 423 |  |  | 416 |
Other | 34 |  |  | 41 |
Total long-term | 8,395 |  |  | 8,385 |
Total regulatory liabilities | $ | 9,252 |  |  | $ | 9,357 |
1 Represents the cumulative differences between ARO expenses and amounts collected in rates primarily for the decommissioning of SCE's nuclear generation facilities. Decommissioning costs recovered through rates are primarily placed in nuclear decommissioning trusts. This regulatory liability also represents the deferral of realized and unrealized gains and losses on the nuclear decommissioning trust investments. See Note 10 for further discussion. Net Regulatory Balancing and Memorandum Accounts The following table summarizes the significant components of regulatory balancing and memorandum accounts included in the above tables of regulatory assets and liabilities:
(in millions) | June 30, 2020 |  | December 31, 2019
Asset (liability) |  |  |
Energy resource recovery account | $ | (355) |  |  | $ | (23) |
Portfolio allocation balancing account | 745 |  |  | 537 |
New system generation balancing account | 31 |  |  | 85 |
Public purpose programs and energy efficiency programs | (1,322) |  |  | (1,244) |
Base revenue requirement balancing account | 239 |  |  | (328) |
Greenhouse gas auction revenue and low carbon fuel standard revenue | (23) |  |  | (196) |
FERC balancing accounts | 32 |  |  | (127) |
Wildfire-related memorandum accounts1 | 1,179 |  |  | 868 |
COVID-19-related memorandum accounts2 | 49 |  |  | — |
Other | 16 |  |  | 63 |
Asset (liability) | $ | 591 |  |  | $ | (365) |
1 The wildfire-related memorandum accounts regulatory assets represent wildfire-related costs that are probable of future recovery from customers, subject to a reasonableness review. The Fire Hazard Prevention Memorandum Account ("FHPMA") is used to track costs related to fire safety and to implement fire prevention corrective action measures in extreme and very high fire threat areas. A Catastrophic Event Memorandum Account ("CEMA") is used to track costs related to restoring service and damage repair, upon declaration of disasters by state or federal authorities. The Wildfire Expense Memorandum Account ("WEMA") is used to track incremental wildfire insurance costs and uninsured wildfire-related financing, legal and claims costs. During 2019, the CPUC approved a Wildfire Mitigation Plan memorandum account to track costs incurred to implement SCE's Wildfire Mitigation Plan that are not currently reflected in SCE's revenue requirements, a Grid Safety and Resiliency Program Memorandum Account ("GSRPMA") to track the costs of SCE's GS&RP that are incremental to costs approved for recovery in SCE's 2018 GRC and a fire risk mitigation memorandum account to track costs related to the reduction of fire risk that are incremental to the amount in SCE's any other revenue requirement. 2 In July 2020, the CPUC approved establishment of the COVID-19 Pandemic Protection Memorandum Account ("CPPMA"), to track incremental consumer protection costs for residential and small commercial customers. A CEMA is used to track other incremental COVID-19 costs, including costs of sequestering employees at essential work locations. Both memorandum accounts were effective beginning March 2020.

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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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