The following are balances and a brief description of the regulatory assets and liabilities at December 31:



	2011			2010
	(In millions)
Assets
Recoverable pension and postretirement costs:
Pension	$	2,208		$	1,742
Postretirement costs	778			624
Asset retirement obligation	420			336
Recoverable Michigan income taxes	324			383
Recoverable income taxes related to securitized regulatory assets	316			400
Choice incentive mechanism	166			105
Accrued PSCR/GCR revenue	147			52
Cost to achieve Performance Excellence Process	116			137
Other recoverable income taxes	81			85
Unamortized loss on reacquired debt	64			65
Recoverable restoration expense	58			19
Deferred environmental costs	49			41
Recoverable uncollectible expense	42			90
Enterprise Business Systems costs	18			21
Recoverable revenue decoupling	18			5
Other	48			53
	4,853			4,158
Less amount included in current assets	(314		)	(100		)
	$	4,539		$	4,058

Securitized regulatory assets	$	577		$	729



	2011			2010
	(In millions)
Liabilities
Asset removal costs	$	419		$	479
Refundable Michigan income taxes	—			418
Renewable energy	192			125
Refundable revenue decoupling	127			47
Negative pension offset	120			129
Refundable income taxes	66			77
Energy Optimization	34			27
Refundable uncollectible expense	31			—
Accrued PSCR/GCR refund	26			8
Low Income Energy Efficiency Fund	26			—
Fermi 2 refueling outage	23			3
Refundable self implemented rates	1			52
Refundable costs under PA 141	—			33
Refundable restoration expense	—			15
Other	8			9
	1,073			1,422
Less amount included in current liabilities	(54		)	(94		)
	$	1,019		$	1,328