The following table summarizes our regulatory asset and liability balances as of December 31, 2013 and 2012 (in millions):



	December 31, 2013		December 31, 2012
Current regulatory assets	$	66	$	18
Non-current regulatory assets	325		253
Total regulatory assets(a)	$	391	$	271

Current regulatory liabilities	$	123	$	4
Non-current regulatory liabilities	332		66
Total regulatory liabilities(b)	$	455	$	70

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(a)	Includes an $88 million increase since December 31, 2012 (net of related amortization of $5 million) associated with TGP’s sale of certain natural gas facilities located offshore in the Gulf of Mexico and onshore in the state of Louisiana.

(b)

During the second quarter of 2013, we began applying regulatory accounting to the Trans Mountain pipeline systems due to a newly negotiated long-term tolling agreement approved by the system’s regulator that went into effect in April 2013. The primary impact of applying regulatory accounting was the reclassification of approximately $362 million of current and long-term deferred credits to regulatory liabilities. We expect this regulatory liability to be refunded to rate-payers over approximately the next four years. As of December 31, 2013, $113 million remains classified as a current regulatory liability.