Our regulatory assets and liabilities result from our application of the provisions of Topic 980 and are reflected on our Balance Sheet. Current regulatory assets are included in Exchange gas offset and Prepayments and other. Current regulatory liabilities are included in Exchange gas offset. These balances are presented on our Balance Sheet on a gross basis and are recoverable or refundable over various periods. Below are the details of our regulatory assets and liabilities as of December 31, 2017 and 2016:



	2017		2016
	(Thousands of Dollars)
Current regulatory assets:
Levelized depreciation	$	4,707	$	3,864
Total current regulatory assets	4,707		3,864
Noncurrent regulatory assets:
Grossed-up deferred taxes on equity funds used during construction	6,598		13,051
Levelized depreciation	16,149		21,849
Total noncurrent regulatory assets	22,747		34,900
Total regulatory assets	$	27,454	$	38,764
Current regulatory liabilities:
Fuel recovery	$	1,539	$	1,466
Noncurrent regulatory liabilities:
Postretirement benefits	34,089		30,587
Deferred taxes-liability	206,547		—
Asset retirement obligations, net	5,868		130
Total noncurrent regulatory liabilities	246,504		30,717
Total regulatory liabilities	$	248,043	$	32,183