REGULATORY ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2015

The following table summarizes the regulatory asset balances at December 31, 2015 and 2014:



(In thousands)	2015		2014
Regulatory Assets:
Current:
Revenue accruals (including accrued interest of $265 and $120 as of December 31, 2015 and 2014, respectively) (a)	$	14,736	$	5,393
Non-current:
Revenue accruals (including accrued interest of $153 and $75 as of December 31, 2015 and 2014, respectively) (a)	25,670		12,387
ITCTransmission ADIT Deferral (net of accumulated amortization of $38,886 and $35,856 as of December 31, 2015 and 2014, respectively)	21,716		24,746
METC ADIT Deferral (net of accumulated amortization of $21,228 and $18,869 as of December 31, 2015 and 2014, respectively)	21,228		23,587
METC Regulatory Deferrals (net of accumulated amortization of $6,943 and $6,172 as of December 31, 2015 and 2014, respectively)	8,486		9,257
Income taxes recoverable related to AFUDC equity	103,465		87,168
ITC Great Plains start-up, development and pre-construction (b)	12,577		14,054
Pensions and postretirement	18,981		34,151
Income taxes recoverable related to implementation of the Michigan Corporate Income Tax	8,869		8,869
Accrued asset removal costs	12,117		7,337
Other	267		2,156
Total non-current	233,376		223,712

Total	$	248,112	$	229,105

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(a)	Refer to discussion of revenue accruals in Note 4 under “Cost-Based Formula Rates with True-Up Mechanism.” Our Regulated Operating Subsidiaries do not earn a return on the balance of these regulatory assets, but do accrue interest carrying costs, which are subject to rate recovery along with the principal amount of the revenue accrual.


(b)	Refer to discussion of ITC Great Plains start-up, development and pre-construction in Note 4 under “ITC Great Plains Start-Up, Development and Pre-Construction Regulatory Assets.”

The following table summarizes the regulatory liability balances at December 31, 2015 and 2014:



(In thousands)	2015		2014
Regulatory Liabilities:
Current:
Revenue deferrals (including accrued interest of $1,698 and $1,853 as of December 31, 2015 and 2014, respectively) (a)	$	36,639	$	39,972
Refund related to the formula rate template modifications (including accrued interest of $864 as of December 31, 2015) (b)	8,154		—
Other	171		—
Total current	44,964		39,972
Non-current:
Revenue deferrals (including accrued interest of $101 and $541 as of December 31, 2015 and 2014, respectively) (a)	6,331		33,911
Accrued asset removal costs	70,233		70,705
Refund related to the formula rate template modifications (including accrued interest of $36 as of December 31, 2015) (b)	2,270		—
Estimated potential refund related to return on equity complaints (including accrued interest of $5,979 and $870 as of December 31, 2015 and 2014, respectively) (c)	167,977		47,780
Excess state income tax deductions	7,823		7,504
Other	154		170
Total non-current	254,788		160,070

Total	$	299,752	$	200,042

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(a)	Refer to discussion of revenue deferrals in Note 4 under “Cost-Based Formula Rates with True-Up Mechanism.” Our Regulated Operating Subsidiaries accrue interest on the true-up amounts which will be refunded through rates along with the principal amount of revenue deferrals in future periods.


(b)	Refer to discussion of the refund in Note 4 under “MISO Formula Rate Template Modifications Filing.”


(c)	Refer to discussion of the estimated potential refund in Note 16 under “Rate of Return on Equity and Capital Structure Complaints.”