EXELON CORP
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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6. Accounts Receivable
- Accounts Receivable (All Registrants)
Allowance for Credit Losses on Accounts Receivable
The following tables present the rollforward of Allowance for credit losses on Customer accounts receivable.
| Year Ended December 31, 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| Balance at December 31, 2022 | $327 | $59 | $105 | $54 | $109 | $47 | $21 | $41 |
| Plus: Current period provision for expected credit losses(a)(b)(c) | 170 | 53 | 48 | 26 | 43 | 23 | 9 | 11 |
| Less: Write-offs(d)(e)(f), net of recoveries(g) | 180 | 43 | 58 | 34 | 45 | 18 | 11 | 16 |
| Balance at December 31, 2023 | $317 | $69 | $95 | $46 | $107 | $52 | $19 | $36 |
| Year Ended December 31, 2022 | ||||||||
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| Balance at December 31, 2021 | $320 | $73 | $105 | $38 | $104 | $37 | $18 | $49 |
| Plus: Current period provision for expected credit losses | 176 | 29 | 52 | 37 | 58 | 31 | 12 | 15 |
| Less: Write-offs, net of recoveries | 169 | 43 | 52 | 21 | 53 | 21 | 9 | 23 |
| Balance at December 31, 2022 | $327 | $59 | $105 | $54 | $109 | $47 | $21 | $41 |
(a)For ComEd, the change in current period provision for expected credit losses is primarily a result of increased receivable balances.
(b)For BGE, DPL and ACE, the change in current period provision for expected credit losses is primarily a result of decreased receivable balances.
(c)For Pepco the change in current period provision for expected credit losses is primarily a result of receivables increasing at a slower pace versus the prior period.
(d)For PECO and BGE the change in write-offs is primarily a result of increased disconnection activities.
(e)For PHI, ACE, and Pepco, write-offs are primarily attributable to the termination of the moratorium in the service territory for each operating company, which beginning in 2020, prevented customer disconnections for non-payment. Disconnection activities across the service territories resumed from September 2020 through January 2022, resulting in write-offs of aged accounts receivable.
(f)For DPL, the change in write-offs is primarily attributable to unfavorable customer payment behavior.
(g)Recoveries were not material to the Registrants.
The following tables present the rollforward of Allowance for credit losses on Other accounts receivable.
Note 6 — Accounts Receivable
| Year Ended December 31, 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| Balance at December 31, 2022 | $82 | $17 | $9 | $10 | $46 | $25 | $7 | $14 |
| Plus: Current period provision for expected credit losses | 21 | 5 | 4 | 5 | 7 | 3 | 1 | 3 |
| Less: Write-offs, net of recoveries(a) | 21 | 5 | 5 | 8 | 3 | — | — | 3 |
| Balance at December 31, 2023 | $82 | $17 | $8 | $7 | $50 | $28 | $8 | $14 |
| Year Ended December 31, 2022 | ||||||||
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| Balance at December 31, 2021 | $72 | $17 | $7 | $9 | $39 | $16 | $8 | $15 |
| Plus: Current period provision (benefit) for expected credit losses | 26 | 3 | 6 | 6 | 11 | 9 | (1) | 3 |
| Less: Write-offs, net of recoveries | 16 | 3 | 4 | 5 | 4 | — | — | 4 |
| Balance at December 31, 2022 | $82 | $17 | $9 | $10 | $46 | $25 | $7 | $14 |
(a)Recoveries were not material to the Registrants.
Unbilled Customer Revenue
The following table provides additional information about unbilled customer revenues recorded in the Registrants' Consolidated Balance Sheets as of December 31, 2023 and 2022.
| Unbilled customer revenues(a) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| December 31, 2023 | $991 | $351 | $185 | $208 | $247 | $109 | $64 | $74 |
| December 31, 2022 | 912 | 223 | 219 | 247 | 223 | 103 | 74 | 46 |
(a)Unbilled customer revenues are classified in Customer accounts receivables, net in the Registrants' Consolidated Balance Sheets.
Other Purchases of Customer and Other Accounts Receivables
The Utility Registrants are required, under separate legislation and regulations in Illinois, Pennsylvania, Maryland, District of Columbia, and New Jersey, to purchase certain receivables from alternative retail electric and, as applicable, natural gas suppliers that participate in the utilities' consolidated billing. The following tables present the total receivables purchased.
| Total receivables purchased | ||||||||
|---|---|---|---|---|---|---|---|---|
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| Year ended December 31, 2023 | $4,056 | $942 | $1,099 | $804 | $1,211 | $782 | $228 | $201 |
| Year ended December 31, 2022 | 3,981(a) | 965 | 1,081 | 792(a) | 1,143 | 723 | 205 | 215 |
(a)Includes $4 million of receivables purchased from Generation prior to the separation on February 1, 2022 for the year ended December 31, 2022.
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