EXELON CORP
For the period ended Sep 30, 2024. Filed Oct 30, 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.
Sep 30, 2024 · Filed Oct 30, 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 September 30, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| Balance at June 30, 2024 | $372 | $112 | $112 | $45 | $103 | $53 | $16 | $34 |
| Plus: Current period provision for expected credit losses(a)(b)(c) | 84 | 16 | 28 | 20 | 20 | 12 | 4 | 4 |
| Less: Write-offs(d), net of recoveries(e) | 30 | 7 | 5 | 5 | 13 | 7 | 3 | 3 |
| Balance at September 30, 2024 | $426 | $121 | $135 | $60 | $110 | $58 | $17 | $35 |
| Three Months Ended September 30, 2023 | ||||||||
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| Balance at June 30, 2023 | $323 | $67 | $101 | $50 | $105 | $50 | $21 | $34 |
| Plus: Current period provision for expected credit losses | 72 | 24 | 13 | 9 | 26 | 11 | 6 | 9 |
| Less: Write-offs, net of recoveries | 54 | 15 | 19 | 7 | 13 | 5 | 4 | 4 |
| Balance at September 30, 2023 | $341 | $76 | $95 | $52 | $118 | $56 | $23 | $39 |
| Nine Months Ended September 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(c)(f)(g) | 221 | 77 | 63 | 34 | 47 | 30 | 8 | 9 |
| Less: Write-offs(d)(h)(i), net of recoveries(e) | 112 | 25 | 23 | 20 | 44 | 24 | 10 | 10 |
| Balance at September 30, 2024 | $426 | $121 | $135 | $60 | $110 | $58 | $17 | $35 |
| Nine Months Ended September 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 | 144 | 45 | 32 | 23 | 44 | 24 | 10 | 10 |
| Less: Write-offs, net of recoveries | 130 | 28 | 42 | 25 | 35 | 15 | 8 | 12 |
| Balance at September 30, 2023 | $341 | $76 | $95 | $52 | $118 | $56 | $23 | $39 |
(a)For PECO, the increase is primarily a result of increased aging of receivables.
(b)For BGE and ACE, the change is primarily a result of changes in customer risk profile. For BGE, also reflects increased receivable balances.
(c)For DPL, the decrease is primarily a result of decreased receivable balances.
(d)For PECO, the decrease is primarily a result of decreased disconnection activities.
(e)Recoveries were not material to the Registrants.
(f)For PECO and ComEd, the increase is primarily a result of increased aging of receivables.
(g)For BGE and Pepco, the increase is primarily a result of changes in customer risk profile. For BGE, also reflects increased receivable balances.
(h)For BGE, the decrease is primarily a result of increased collection activities.
(i)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 September 30, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| Balance at June 30, 2024 | $108 | $29 | $20 | $5 | $54 | $34 | $7 | $13 |
| Plus: Current period provision (benefit) for expected credit losses(a) | 7 | 10 | 1 | 3 | (7) | (8) | — | 1 |
| Less: Write-offs, net of recoveries(b) | 4 | — | 1 | 2 | 1 | — | — | 1 |
| Balance at September 30, 2024 | $111 | $39 | $20 | $6 | $46 | $26 | $7 | $13 |
| Three Months Ended September 30, 2023 | ||||||||
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| Balance at June 30, 2023 | $87 | $18 | $8 | $8 | $53 | $31 | $9 | $13 |
| Plus: Current period provision (benefit) for expected credit losses | 6 | 3 | 2 | 3 | (2) | (2) | — | — |
| Less: Write-offs, net of recoveries | 5 | 1 | 2 | 2 | — | — | — | — |
| Balance at September 30, 2023 | $88 | $20 | $8 | $9 | $51 | $29 | $9 | $13 |
| Nine Months Ended September 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)(c) | 43 | 25 | 15 | 4 | (1) | (2) | (1) | 2 |
| Less: Write-offs, net of recoveries(b) | 14 | 3 | 3 | 5 | 3 | — | — | 3 |
| Balance at September 30, 2024 | $111 | $39 | $20 | $6 | $46 | $26 | $7 | $13 |
| Nine Months Ended September 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 | 21 | 6 | 3 | 5 | 7 | 4 | 2 | 1 |
| Less: Write-offs, net of recoveries | 15 | 3 | 4 | 6 | 2 | — | — | 2 |
| Balance at September 30, 2023 | $88 | $20 | $8 | $9 | $51 | $29 | $9 | $13 |
(a)For Pepco, the decrease is primarily a result of decreased receivable balances.
(b)Recoveries were not material to the Registrants.
(c)For PECO and ComEd, the increase is primarily a result of increased aging of receivables.
Unbilled Customer Revenue
The following table provides additional information about unbilled customer revenues recorded in the Registrants' Consolidated Balance Sheets at September 30, 2024 and December 31, 2023.
| Unbilled customer revenues(a) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |
| September 30, 2024 | $812 | $338 | $149 | $135 | $190 | $83 | $46 | $61 |
| 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 nine months ended September 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 | |
| Nine months ended September 30, 2024 | $3,177 | $750 | $854 | $606 | $967 | $607 | $191 | $169 |
| Nine months ended September 30, 2023 | 3,124 | 726 | 843 | 628 | 927 | 600 | 174 | 153 |
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