The regulatory assets and regulatory liabilities resulting from our application of the provisions of Topic 980, included in the accompanying Consolidated Balance Sheet at December 31, 2021 and 2020 are as follows (in thousands):


Regulatory Assets	2021		2020










Current regulatory assets:
Fuel cost	$	61,312	$	34,149
Electric power cost	25,961		7,826
ARO	16,029		16,029
Deferred cash out	6,192		—
Asset retirement costs - Eminence	4,857		4,857
Total current regulatory assets	114,351		62,861
Non-current regulatory assets:
ARO	126,270		123,436
Deferred cash out	41,082		70,023
Grossed-up deferred taxes on equity funds used during construction	34,660		36,089
Asset retirement costs - Eminence	27,788		31,741
Slug Catcher	6,292		6,429
Other	16,989		14,152
Total non-current regulatory assets	253,081		281,870
Total regulatory assets	$	367,432	$	344,731


Regulatory Liabilities	2021		2020









Current regulatory liabilities:
Deferred taxes - liability	$	31,521	$	31,521
Postretirement benefits other than pension	15,000		15,000
Pension	10,394		10,394
Sentinel meter station depreciation	102		102
Other	352		69
Total current regulatory liabilities	57,369		57,086
Non-current regulatory liabilities:
Negative salvage	533,815		504,465
Deferred taxes - liability	330,502		361,254
Postretirement benefits other than pension	35,532		45,879
Pension	24,126		28,520
Sentinel meter station depreciation	6,814		6,656
Other	1,312		—
Total non-current regulatory liabilities	932,101		946,774
Total regulatory liabilities	$	989,470	$	1,003,860

Grossed-up deferred taxes on equity funds used during construction: Regulatory asset balance established to offset the deferred tax for the equity component of the allowance for funds used during the construction of long-lived assets. All amounts were generated during the period that we were a taxable entity. Taxes on capitalized funds used during construction and the offsetting deferred income taxes are included in the rate base and are recovered over the depreciable lives of the long-lived assets to which they relate.

ARO: Regulatory asset balance established to offset depreciation of the ARO asset and changes in the ARO liability due to the passage of time. The regulatory asset is being recovered through our rates, and is being amortized to expense consistent with the amounts collected in rates (see Note 10 – Asset Retirement Obligations).

Asset retirement costs - Eminence: Regulatory asset balance associated with the Eminence Storage Field retirement costs. The regulatory asset is being recovered through our rates and is being amortized to expense consistent with the amounts collected in rates.

Deferred cash out: This amount represents the deferral of gains or losses on the purchases and sales of gas imbalances with shippers. These amounts will be recovered/refunded under terms provided for in our FERC tariff.

Fuel cost: This amount represents the difference between the gas retained from our customers and the gas consumed in operations. These amounts are not included in the rate base but are expected to be recovered/refunded in subsequent annual fuel tracker filing periods.

Electric power cost: This amount represents the difference between the electric power costs recovered from our customers and the electric power costs incurred in operations. These amounts are not included in the rate base but are expected to be recovered/refunded in subsequent annual electric power tracker filing periods.

Slug catcher: This amount represents certain costs associated with the replacement of a component of a slug catcher which was included in the Docket No. RP18-1126 rate case settlement. A regulatory asset has been established to recognize the recovery of Transco’s investment in the slug catcher as it is collected through Transco’s depreciation rates and is being amortized at the prescribed depreciation rate for onshore transmission facilities (see Note 1 – Summary of Significant Accounting Policies).

Negative salvage: Our rates include a component designed to recover certain future retirement costs for which we are not required to record an ARO. We record a regulatory liability representing the cumulative residual amount of recoveries through rates, net of expenditures associated with these retirement costs.

Deferred taxes - liability: Regulatory liability balance was established as a result of a decrease to rate base deferred taxes due to a decrease to the effective federal income tax rate. The timing of the refund of the regulatory liability to rate payers is stated in the Docket No. RP18-1126 rate case settlement.

Sentinel meter station depreciation: This amount reflects the incremental depreciation being recorded related to the meter station modifications made for three of the Sentinel shippers. These modifications will be recovered through a surcharge over a defined period of time as stated in the Sentinel FERC order. The incremental depreciation represents the difference between the FERC granted depreciation rate for such facilities in the last rate case as compared to the depreciation rates in the Sentinel order which are based on the contractual terms in the surcharge agreements. The incremental depreciation will be recorded through the end of the contractual term and then will be amortized.

Postretirement benefits other than pension: We recover the actuarially determined cost of postretirement benefits through rates that are set through periodic general rate filings. Any differences between the annual actuarially determined cost and the amounts recovered in rates are recorded as regulatory assets or liabilities to be collected or refunded through future rate adjustments. These amounts are not included in the rate base. Effective with the Docket No. RP18-1126 rate case settlement, the other postretirement benefits regulatory liability balance as of March 1, 2019, is currently being amortized (see Note 8 – Benefit Plans).