XML 130 R11.htm IDEA: XBRL DOCUMENT v3.20.4
Accounts Receivable (All Registrants)
 12 Months Ended
Dec. 31, 2020
Credit Loss [Abstract]  
Loans, Notes, Trade and Other Receivables Disclosure Accounts Receivable (All Registrants)
Allowance for Credit Losses on Accounts Receivable (All Registrants)
The following table presents the rollforward of Allowance for Credit Losses on Customer Accounts Receivable for the year ended December 31, 2020.
ExelonGenerationComEdPECOBGEPHIPepcoDPLACE
Balance as of December 31, 2019$243 $80 $59 $55 $12 $37 $13 $11 $13 
Plus: Current Period Provision for Expected Credit Losses(a)
248 13 62 79 30 64 24 15 25 
Less: Write-offs, net of recoveries(b)
69 5 24 18 7 15 5 4 6 
Less: Sale of customer accounts receivable(c)
56 56 — — — — — — — 
Balance as of December 31, 2020$366 $32 $97 $116 $35 $86 $32 $22 $32 
_________
(a)For the Utility Registrants, the increase is primarily as a result of increased aging of receivables, the temporary suspension of customer disconnections for non-payment, temporary cessation of new late payment fees, and reconnection of service to customers previously disconnected due to COVID-19.
(b)Recoveries were not material to the Registrants.
(c)See below for additional information on the sale of customer accounts receivable at Generation in the second quarter of 2020.
The following table presents the rollforward of Allowance for Credit Losses on Other Accounts Receivable for the year ended December 31, 2020.
ExelonGenerationComEdPECOBGEPHIPepcoDPLACE
Balance as of December 31, 2019$48 $— $20 $7 $5 $16 $7 $4 $5 
Plus: Current Period Provision for Expected Credit Losses33 — 5 3 7 18 6 5 7 
Less: Write-offs, net of recoveries(a)
10 — 4 2 3 1 — — 1 
Balance as of December 31, 2020$71 $— $21 $8 $9 $33 $13 $9 $11 
_________
(a)Recoveries were not material to the Registrants.
Unbilled Customer Revenue (All Registrants)
The following table provides additional information about unbilled customer revenues recorded in the Registrants' Consolidated Balance Sheets as of December 31, 2020 and 2019.
Unbilled customer revenues(a)
ExelonGenerationComEdPECOBGEPHIPepcoDPLACE
December 31, 2020$998 $258 $218 $147 $197 $178 $87 $62 $29 
December 31, 20191,535 807 218 146 170 194 100 61 33 
_________
(a)Unbilled customer revenues are classified in Customer accounts receivables, net in the Registrants' Consolidated Balance Sheets.
Sales of Customer Accounts Receivable (Exelon and Generation)
On April 8, 2020, NER, a bankruptcy remote, special purpose entity, which is wholly-owned by Generation, entered into a revolving accounts receivable financing arrangement with a number of financial institutions and a commercial paper conduit (the Purchasers) to sell certain customer accounts receivable (the Facility). The Facility, whose maximum capacity is $750 million, is scheduled to expire on April 7, 2021, unless renewed by the mutual consent of the parties in accordance with its terms. Under the Facility, NER may sell eligible short-term customer accounts receivable to the Purchasers in exchange for cash and subordinated interest. The transfers are reported as sales of receivables in Exelon’s and Generation’s consolidated financial statements. The subordinated interest in collections upon the receivables sold to the Purchasers is referred to as the DPP, which is reflected in Other current assets on Exelon’s and Generation’s Consolidated Balance Sheet.
On April 8, 2020, Generation derecognized and transferred approximately $1.2 billion of receivables at fair value to the Purchasers in exchange for approximately $500 million in cash purchase price and $650 million of DPP. On February 17, 2021, Generation received additional cash of $250 million from the Purchasers for the remaining capacity in the Facility.
The following table summarizes the impact of the sale of certain receivables:
As of December 31, 2020
Derecognized receivables transferred at fair value(a)
$1,139 
Cash proceeds received500 
DPP639 
_________
(a)Includes additional customer accounts receivable sold into the Facility of $6,608 million since the start of the financing agreement.
For the year ended December 31, 2020
Loss on sale of receivables(a)
$30 
_________
(a)Reflected in Operating and maintenance expense on Exelon and Generation's Consolidated Statement of Operations and Comprehensive Income.
For the year ended December 31, 2020
Proceeds from new transfers$2,816 
Cash collections received on DPP3,771 
Cash collections reinvested in the Facility6,587 
Generation’s risk of loss following the transfer of accounts receivable is limited to the DPP outstanding. Payment of DPP is not subject to significant risks other than delinquencies and credit losses on accounts receivable transferred, which have historically been and are expected to be immaterial. Generation continues to service the receivables sold in exchange for a servicing fee. Generation did not record a servicing asset or liability as the servicing fees were immaterial.
Generation recognizes the cash proceeds received upon sale in Net cash provided by operating activities in the Consolidated Statement of Cash Flows. The collection and reinvestment of DPP is recognized in Net cash provided by investing activities of the Consolidated Statement of Cash Flows.
See Note 18 — Fair Value of Financial Assets and Liabilities and Note 23 — Variable Interest Entities for additional information.
Other Purchases and Sales of Customer and Other Accounts Receivables (All Registrants)
Generation is required, under supplier tariffs in ISO-NE, MISO, NYISO, and PJM, to sell customer and other receivables to utility companies, which include the Utility Registrants. 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 and sold for the year ended December 31, 2020.
ExelonGenerationComEdPECOBGEPHIPepcoDPLACE
Total Receivables Purchased$3,529 $— $1,094 $1,020 $652 $1,015 $622 $207 $186 
Total Receivables Sold572 824 — — — — — — — 
Related Party Transactions:
Receivables purchased from Generation— — 34 67 79 72 51 13 8 
Receivables sold to the Utility Registrants— 252 — — — — — — —