REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS (Tables)

3 Months Ended

Mar. 31, 2026

Noncurrent regulatory assets are comprised of the following:


	Balance at
(in millions)	March 31, 2026		December 31, 2025
Pension benefits	$	381	$	400
Environmental compliance costs	1,140		1,158
Price risk management	97		100
Catastrophic event memorandum account	466		666
Wildfire-related accounts	1,360		1,626
Deferred income taxes	6,460		6,157
Financing costs	199		202
SB 901 securitization	5,058		5,089
Other	561		583
Total noncurrent regulatory assets	$	15,722	$	15,981

Noncurrent regulatory liabilities are comprised of the following:


	Balance at
(in millions)	March 31, 2026		December 31, 2025
Cost of removal obligations	$	9,680	$	9,488
Public purpose programs	1,203		1,169
Employee benefit plans	1,049		1,043
Transmission tower wireless licenses	254		257
SB 901 securitization	5,898		6,010
Wildfire self-insurance	1,041		1,035
Other	1,140		1,186
Total noncurrent regulatory liabilities	$	20,265	$	20,188

Current regulatory balancing accounts receivable and payable are comprised of the following:


	Balance at
(in millions)	March 31, 2026		December 31, 2025
Electric distribution	$	2,796	$	1,465
Electric transmission	133		122
Gas distribution and transmission	89		142
Energy procurement	1,184		2,711
Public purpose programs	258		151
Wildfire-related accounts	71		84
Residential uncollectibles balancing accounts	60		278
Catastrophic event memorandum account	27		181
Other	407		1,166
Total regulatory balancing accounts receivable	$	5,025	$	6,300


	Balance at
(in millions)	March 31, 2026		December 31, 2025
Electric transmission	$	9	$	37
Gas distribution and transmission	92		78
Energy procurement	75		1,502
Public purpose programs	492		472
SFGO sale	20		83
Wildfire-related accounts	420		338
Nuclear decommissioning adjustment mechanism	1		1
Other	487		608
Total regulatory balancing accounts payable	$	1,596	$	3,119