Note 3— Regulatory Matters

The following table sets forth the components of our regulatory assets and liabilities on our consolidated balance sheet (in thousands).

Regulatory Assets and Liabilities

	March 31, 2015			December 31, 2014
Regulatory Assets:
Current:
Under recovered fuel costs	$	323		$	2,618
Current portion of long-term regulatory assets	8,327			8,134
Regulatory assets, current	8,650			10,752
Long-term:
Pension and other postretirement benefits(1)	108,341			111,121
Income taxes	47,101			47,177
Deferred construction accounting costs(2)	15,389			15,521
Unamortized loss on reacquired debt	10,236			10,405
Unsettled derivative losses — electric segment	10,155			9,037
System reliability — vegetation management	4,025			5,337
Storm costs(3)	4,009			4,183
Asset retirement obligation	5,413			5,145
Customer programs	5,280			5,253
Unamortized loss on interest rate derivative	932			943
Deferred operating and maintenance expense	661			910
Under recovered fuel costs	—			640
Current portion of long-term regulatory assets	(8,327		)	(8,134		)
Other	1,732			2,179
Regulatory assets, long-term	204,947			209,717
Total Regulatory Assets	$	213,597		$	220,469

	March 31, 2015			December 31, 2014
Regulatory Liabilities:
Current:
Over recovered fuel costs	$	2,058		$	4,227
Current portion of long-term regulatory liabilities	3,501			3,671
Regulatory liabilities, current	5,559			7,898
Long-term:
Costs of removal	92,259			90,527
SWPA payment for Ozark Beach lost generation	16,064			16,744
Income taxes	11,406			11,451
Deferred construction accounting costs — fuel(4)	7,809			7,849
Unamortized gain on interest rate derivative	3,159			3,201
Pension and other postretirement benefits	2,011			2,369
Over recovered fuel costs	4,096			1
Current portion of long-term regulatory liabilities	(3,501		)	(3,671		)
Regulatory liabilities, long-term	133,303			128,471
Total Regulatory Liabilities	$	138,862		$	136,369

(1)

Primarily consists of unfunded pension and other postretirement benefits (OPEB) liability. See Note 8.

(2)

Reflects deferrals resulting from 2005 regulatory plan relating to Iatan 1, Iatan 2 and Plum Point. These amounts are being recovered over the life of the plants.

(3)

Reflects ice storm costs incurred in 2007 and costs incurred as a result of the May 2011 tornado including an accrued carrying charge and deferred depreciation totaling $3.2 million at March 31, 2015.

(4)

Resulting from regulatory plan requiring deferral of the fuel and purchased power impacts of Iatan 2.