| 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) | September 30, 2026 | | December 31, 2025 | Pension benefits | $ | 341 | | | $ | 400 | | | Environmental compliance costs | 1,145 | | | 1,158 | | | Price risk management | 90 | | | 100 | | Catastrophic event memorandum account | 526 | | | 666 | | Wildfire-related accounts | 1,458 | | | 1,626 | | | Deferred income taxes | 7,211 | | | 6,157 | | | Financing costs | 192 | | | 202 | | SB 901 securitization | 4,960 | | | 5,089 | | | Other | 608 | | | 583 | | | Total noncurrent regulatory assets | $ | 16,531 | | | $ | 15,981 | |
Regulatory Liabilities
Noncurrent regulatory liabilities are comprised of the following: | | | | | | | | | | | | | Balance at | | (in millions) | September 30, 2026 | | December 31, 2025 | Cost of removal obligations | $ | 10,070 | | | $ | 9,488 | | Public purpose programs | 1,158 | | | 1,169 | | Employee benefit plans | 1,061 | | | 1,043 | | Transmission tower wireless licenses | 246 | | | 257 | | SB 901 securitization | 5,676 | | | 6,010 | | Wildfire self-insurance | 1,024 | | | 1,035 | | | Other | 1,134 | | | 1,186 | | Total noncurrent regulatory liabilities | $ | 20,369 | | | $ | 20,188 | |
Regulatory Balancing Accounts
Current regulatory balancing accounts receivable and payable are comprised of the following: | | | | | | | | | | | | | Balance at | | (in millions) | September 30, 2026 | | December 31, 2025 | Electric distribution | $ | 1,416 | | | $ | 1,465 | | Electric transmission | 147 | | | 122 | | Gas distribution and transmission | 743 | | | 142 | | Energy procurement | 1,496 | | | 2,711 | | Public purpose programs | 135 | | | 151 | | Wildfire-related accounts | 91 | | | 84 | | Residential uncollectibles balancing accounts | 162 | | | 278 | | Catastrophic event memorandum account | 27 | | | 181 | | | Other | 629 | | | 1,166 | | | Total regulatory balancing accounts receivable | $ | 4,846 | | | $ | 6,300 | |
| | | | | | | | | | | | | Balance at | | (in millions) | September 30, 2026 | | December 31, 2025 | Electric transmission | $ | — | | | $ | 37 | | Gas distribution and transmission | 2 | | | 78 | | Energy procurement | 572 | | | 1,502 | | Public purpose programs | 603 | | | 472 | | | SFGO sale | 60 | | | 83 | | Wildfire-related accounts | 521 | | | 338 | | Nuclear decommissioning adjustment mechanism | — | | | 1 | | | Other | 648 | | | 608 | | | Total regulatory balancing accounts payable | $ | 2,406 | | | $ | 3,119 | |
For more information, see Note 3 of the Notes to the Consolidated Financial Statements in Item 8 of the 2025 Form 10-K.
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