EXELON CORP
For the period ended Jun 30, 2024. Filed Aug 1, 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.
Jun 30, 2024 · Filed Aug 1, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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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 June 30, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| Balance at March 31, 2024 | $346 | $82 | $107 | $52 | $105 | $52 | $17 | $36 |
| Plus: Current period provision (benefit) for expected credit losses(a)(b)(c) | 55 | 38 | 11 | (1) | 7 | 5 | 1 | 1 |
| Less: Write-offs, net of recoveries(d) | 29 | 8 | 6 | 6 | 9 | 4 | 2 | 3 |
| Balance at June 30, 2024 | $372 | $112 | $112 | $45 | $103 | $53 | $16 | $34 |
| Three Months Ended June 30, 2023 | ||||||||
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| Balance at March 31, 2023 | $389 | $74 | $130 | $73 | $112 | $49 | $26 | $37 |
| Plus: Current period (benefit) provision for expected credit losses | (35) | (1) | (20) | (16) | 2 | 4 | (3) | 1 |
| Less: Write-offs, net of recoveries | 31 | 6 | 9 | 7 | 9 | 3 | 2 | 4 |
| Balance at June 30, 2023 | $323 | $67 | $101 | $50 | $105 | $50 | $21 | $34 |
| Six Months Ended June 30, 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)(e) | 135 | 60 | 34 | 14 | 27 | 18 | 4 | 5 |
| Less: Write-offs(f)(g), net of recoveries(d) | 80 | 17 | 17 | 15 | 31 | 17 | 7 | 7 |
| Balance at June 30, 2024 | $372 | $112 | $112 | $45 | $103 | $53 | $16 | $34 |
| Six Months Ended June 30, 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 | 71 | 21 | 18 | 14 | 18 | 13 | 4 | 1 |
| Less: Write-offs, net of recoveries | 75 | 13 | 22 | 18 | 22 | 10 | 4 | 8 |
| Balance at June 30, 2023 | $323 | $67 | $101 | $50 | $105 | $50 | $21 | $34 |
(a)For PECO and ComEd, the increase is primarily a result of increased aging of receivables.
(b)For BGE, the increase is primarily a result of changes in customer risk profile.
(c)For DPL, the increase is primarily a result of increased receivable balances.
(d)Recoveries were not material to the Registrants.
(e)For Pepco and ACE, the increase is primarily a result of increased receivable balances.
(f)For PECO, the decrease is primarily a result of decreased disconnection activities.
(g)For Pepco and DPL, the increase is primarily attributable to unfavorable customer payment behavior.
The following tables present the rollforward of Allowance for Credit Losses on Other Accounts Receivable.
| Three Months Ended June 30, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| Balance at March 31, 2024 | $96 | $19 | $13 | $7 | $57 | $35 | $8 | $14 |
| Plus: Current period provision (benefit) for expected credit losses(a)(b) | 16 | 11 | 9 | (1) | (3) | (1) | (1) | (1) |
| Less: Write-offs, net of recoveries(c) | 4 | 1 | 2 | 1 | — | — | — | — |
| Balance at June 30, 2024 | $108 | $29 | $20 | $5 | $54 | $34 | $7 | $13 |
| Three Months Ended June 30, 2023 | ||||||||
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| Balance at March 31, 2023 | $91 | $18 | $11 | $12 | $50 | $28 | $8 | $14 |
| Plus: Current period provision (benefit) for expected credit losses | 1 | 1 | (2) | (2) | 4 | 3 | 1 | — |
| Less: Write-offs, net of recoveries | 5 | 1 | 1 | 2 | 1 | — | — | 1 |
| Balance at June 30, 2023 | $87 | $18 | $8 | $8 | $53 | $31 | $9 | $13 |
| Six Months Ended June 30, 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 (benefit) for expected credit losses(a) | 36 | 14 | 15 | 1 | 6 | 6 | (1) | 1 |
| Less: Write-offs, net of recoveries(c) | 10 | 2 | 3 | 3 | 2 | — | — | 2 |
| Balance at June 30, 2024 | $108 | $29 | $20 | $5 | $54 | $34 | $7 | $13 |
| Six Months Ended June 30, 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 | 15 | 3 | 1 | 2 | 9 | 6 | 2 | 1 |
| Less: Write-offs, net of recoveries | 10 | 2 | 2 | 4 | 2 | — | — | 2 |
| Balance at June 30, 2023 | $87 | $18 | $8 | $8 | $53 | $31 | $9 | $13 |
(a)For PECO and ComEd, the increase is primarily a result of increased aging of receivables.
(b)For Pepco, the decrease is primarily a result of decreased receivable balances.
(c)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 at June 30, 2024 and December 31, 2023.
| Unbilled customer revenues(a) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| June 30, 2024 | $1,059 | $425 | $204 | $179 | $251 | $110 | $50 | $91 |
| 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
For the six months ended June 30, 2024 and 2023 the Utility Registrants were 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 participated in the utilities' consolidated billing. The following table presents the total receivables purchased.
| Total receivables purchased | ||||||||
|---|---|---|---|---|---|---|---|---|
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| Six months ended June 30, 2024 | $1,961 | $450 | $527 | $393 | $591 | $375 | $115 | $101 |
| Six months ended June 30, 2023 | 1,979 | 445 | 546 | 420 | 568 | 371 | 107 | 90 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.