NOTE 6 – CONTRACT ASSETS AND CONTRACT LIABILITIES

Accounts Receivable

We record accounts receivable for our unconditional rights to consideration arising from our performance under contracts with our Members and other parties. Uncollectible amounts, if any, are identified on a specific basis and charged to expense in the period determined to be uncollectible. See Note 13 – Revenue.

Contract liabilities (unearned revenue)

A contract liability represents an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration from the customer. We have received deposits from others and these deposits are reflected in unearned revenue (included in other deferred credits and other liabilities on our consolidated statements of financial position) before revenue is recognized, resulting in contract liabilities. During the three months ended March 31, 2020, we recognized $0.3 million of this unearned revenue in other operating revenues on our consolidated statements of operations.

Our contract assets and liabilities consist of the following (dollars in thousands):


	March 31,		December 31,
	2020		2019
Accounts receivable - Utility Members	$	97,901	$	105,371

Other accounts receivable - trade:
Non-member electric sales		3,918		4,727
Other		16,601		20,628
Total other accounts receivable - trade		20,519		25,355
Other accounts receivable - nontrade		693		2,684
Total other accounts receivable	$	21,212	$	28,039

Contract liabilities (unearned revenue)	$	6,825	$	7,041