XML 494 R12.htm IDEA: XBRL DOCUMENT v3.22.0.1
Accounts Receivable (All Registrants)
 12 Months Ended
Dec. 31, 2021
Credit Loss [Abstract]  
Accounts Receivable (All Registrants) Accounts Receivable (All Registrants)
Allowance for Credit Losses on Accounts Receivable (All Registrants)
The following tables present the rollforward of Allowance for Credit Losses on Customer Accounts Receivable.
Year Ended December 31, 2021
ExelonComEdPECOBGEPHIPepcoDPLACE
Balance as of December 31, 2020$366 $97 $116 $35 $86 $32 $22 $32 
Plus: Current period provision for expected credit losses(a)
126 21 23 15 37 13 6 18 
Less: Write-offs, net of recoveries(b)(c)
117 45 34 12 19 8 10 1 
Balance as of December 31, 2021$375 $73 $105 $38 $104 $37 $18 $49 
Year Ended December 31, 2020
ExelonComEdPECOBGEPHIPepcoDPLACE
Balance as of December 31, 2019$243 $59 $55 $12 $37 $13 $11 $13 
Plus: Current period provision for expected credit losses(d)
248 62 79 30 64 24 15 25 
Less: Write-offs, net of recoveries(c)
69 24 18 7 15 5 4 6 
Less: Sale of customer accounts receivable(e)
56 — — — — — — — 
Balance as of December 31, 2020$366 $97 $116 $35 $86 $32 $22 $32 
_________
(a)For Exelon, the increase primarily relates to the impacts of the February 2021 extreme cold weather event. See Note 3 — Regulatory Matters for additional information. For the Utility Registrants, the increase is primarily a result of increased aging of receivables.
(b)For ComEd, PECO and DPL, the increase in 2021 is primarily related to the termination of the moratorium which, beginning in March 2020, prevented customer disconnections for non-payment. With disconnection activities restarting in 2021, write-offs of aging accounts receivable increased throughout the year.
(c)Recoveries were not material to the Registrants.
(d)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.
(e)See below for additional information on the sale of customer accounts receivable in the second quarter of 2020.
The following tables present the rollforward of Allowance for Credit Losses on Other Accounts Receivable.
Year Ended December 31, 2021
ExelonComEdPECOBGEPHIPepcoDPLACE
Balance as of December 31, 2020$71 $21 $8 $9 $33 $13 $9 $11 
Plus: Current period provision for expected credit losses15 (2)3 4 6 3 (1)4 
Less: Write-offs, net of recoveries(a)
10 2 4 4 — — — — 
Balance as of December 31, 2021$76 $17 $7 $9 $39 $16 $8 $15 
Year Ended December 31, 2020
ExelonComEdPECOBGEPHIPepcoDPLACE
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, 2021 and 2020.
Unbilled customer revenues(a)
ExelonComEdPECOBGEPHIPepcoDPLACE
December 31, 2021$1,120 $240 $161 $171 $175 $82 $53 $40 
December 31, 2020998 218 147 197 178 87 62 29 
_________
(a)Unbilled customer revenues are classified in Customer accounts receivables, net in the Registrants' Consolidated Balance Sheets.
Sales of Customer Accounts Receivable (Exelon)
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 had a maximum funding limit of $750 million and was scheduled to expire on April 7, 2021, unless renewed by the mutual consent of the parties in accordance with its terms. The Facility was renewed on March 29, 2021. The Facility term was extended through March 29, 2024, unless further renewed by the mutual consent of the parties, and the maximum funding limit was increased to $900 million. 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 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 in Exelon’s Consolidated Balance Sheets.
The Facility requires the balance of eligible receivables to be maintained at or above the balance of cash proceeds received from the Purchasers. To the extent the eligible receivables decrease below such balance, Generation is required to repay cash to the Purchasers. When eligible receivables exceed cash proceeds, Generation has the ability to increase the cash received up to the maximum funding limit. These cash inflows and outflows impact the DPP.
On April 8, 2020, Exelon 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.
During the first quarter of 2021, Exelon received additional cash of $250 million from the Purchasers for the remaining available funding in the Facility.
Additionally, during the first quarter of 2021, Exelon received cash of approximately $150 million from the Purchasers in connection with the increased funding limit at the time of the Facility renewal.
During the second quarter of 2021, Exelon returned cash of $50 million to the Purchasers due to the eligible receivables decreasing temporarily. Subsequently, in the second quarter, Exelon received cash of $50 million from the Purchasers as a result of an increase in the eligible receivable balance. The $50 million cash outflow and inflow is included in the Collection of DPP line in Cash flows from investing activities in Exelon’s Consolidated Statement of Cash Flows.
The following table summarizes the impact of the sale of certain receivables:
As of December 31,
20212020
Derecognized receivables transferred at fair value$1,265 $1,139 
Cash proceeds received900 500 
DPP365 639 

For the Year Ended December 31,
20212020
Loss on sale of receivables(a)
$36 $30 
_________
(a)Reflected in Operating and maintenance expense in Exelon's Consolidated Statements of Operations and Comprehensive Income.

For the Year Ended December 31,
20212020
Proceeds from new transfers(a)
$6,095 $2,816 
Cash collections received on DPP and reinvested in the Facility(b)
3,502 3,771 
Cash collections reinvested in the Facility9,597 6,587 
_________
(a)Customer accounts receivable sold into the Facility were $9,747 million and $6,608 million for the years ended December 31, 2021 and December 31, 2020, respectively.
(b)Does not include the $400 million in cash proceeds received from the Purchasers in the first quarter of 2021.
The 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. Exelon did not record a servicing asset or liability as the servicing fees were immaterial.
Exelon recognizes the cash proceeds received upon sale in Net cash provided by operating activities in the Consolidated Statements of Cash Flows. The collection and reinvestment of DPP is recognized in Net cash provided by investing activities in the Consolidated Statements 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)
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. 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 other purchases and sales of customer and other accounts receivable activity related to Generation is eliminated upon consolidation in Exelon's Consolidated Financial Statements. The following tables present the total receivables purchased and sold.
Year Ended December 31, 2021
ExelonComEdPECOBGEPHIPepcoDPLACE
Total receivables purchased$3,817 $1,031 $1,041 $687 $1,081 $660 $217 $204 
Total receivables sold124 — — — — — — — 
Related party transactions:
Receivables purchased from Generation— 1 1 21 — — — — 
Year Ended December 31, 2020
ExelonComEdPECOBGEPHIPepcoDPLACE
Total receivables purchased$3,529 $1,094 $1,020 $652 $1,015 $622 $207 $186 
Total receivables sold572 — — — — — — — 
Related party transactions:
Receivables purchased from Generation— 34 67 79 72 51 13 8