EXELON CORP
For the period ended Mar 31, 2024. Filed May 2, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
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5. Accounts Receivable
Note 5 — 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.
| Three Months Ended March 31, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| Balance at December 31, 2023 | $317 | $69 | $95 | $46 | $107 | $52 | $19 | $36 |
| Plus: Current period provision for expected credit losses(a)(b)(c) | 79 | 22 | 23 | 15 | 19 | 12 | 3 | 4 |
| Less: Write-offs(d), net of recoveries(e) | 50 | 9 | 11 | 9 | 21 | 12 | 5 | 4 |
| Balance at March 31, 2024 | $346 | $82 | $107 | $52 | $105 | $52 | $17 | $36 |
| Three Months Ended March 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 | 108 | 22 | 39 | 30 | 17 | 9 | 7 | 1 |
| Less: Write-offs, net of recoveries | 46 | 7 | 14 | 11 | 14 | 7 | 2 | 5 |
| Balance at March 31, 2023 | $389 | $74 | $130 | $73 | $112 | $49 | $26 | $37 |
(a)For PECO, the change in current period provision for expected credit losses is primarily a result of decreased receivable balances.
(b)For BGE and DPL, the change in the current period provision for expected credit losses is primarily a result of changes in customer risk profile.
(c)For ACE, the change in current period provision for expected credit losses is primarily a result of increased receivable balances.
(d)For Pepco and DPL, the change in write-offs is primarily attributable to unfavorable customer payment behavior.
(e)Recoveries were not material to the Registrants.
The following tables present the rollforward of Allowance for Credit Losses on Other Accounts Receivable.
| Three Months Ended March 31, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| Balance at December 31, 2023 | $82 | $17 | $8 | $7 | $50 | $28 | $8 | $14 |
| Plus: Current period provision for expected credit losses | 18 | 3 | 5 | 2 | 8 | 7 | — | 1 |
| Less: Write-offs, net of recoveries(a) | 4 | 1 | — | 2 | 1 | — | — | 1 |
| Balance at March 31, 2024 | $96 | $19 | $13 | $7 | $57 | $35 | $8 | $14 |
| Three Months Ended March 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 | 14 | 2 | 3 | 4 | 5 | 3 | 1 | 1 |
| Less: Write-offs, net of recoveries | 5 | 1 | 1 | 2 | 1 | — | — | 1 |
| Balance at March 31, 2023 | $91 | $18 | $11 | $12 | $50 | $28 | $8 | $14 |
(a)Recoveries were not material to the Registrants.
Note 5 — Accounts Receivable
Unbilled Customer Revenue
The following table provides additional information about unbilled customer revenues recorded in the Registrants' Consolidated Balance Sheets at March 31, 2024 and December 31, 2023.
| Unbilled customer revenues(a) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| March 31, 2024 | $849 | $344 | $138 | $171 | $196 | $96 | $53 | $47 |
| December 31, 2023 | 991 | 351 | 185 | 208 | 247 | 109 | 64 | 74 |
(a)Unbilled customer revenues are classified in Customer accounts receivable, 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, Delaware, 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 table presents the total receivables purchased.
| Total receivables purchased | ||||||||
|---|---|---|---|---|---|---|---|---|
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| Three months ended March 31, 2024 | $1,060 | $235 | $297 | $219 | $309 | $194 | $60 | $55 |
| Three months ended March 31, 2023 | 1,108 | 240 | 309 | 245 | 314 | 210 | 56 | 48 |
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