CONTRACT ASSETS AND CONTRACT LIABILITIES

12 Months Ended

Dec. 31, 2023

Change in Contract with Customer, Asset and Liability [Abstract]

CONTRACT ASSETS AND CONTRACT LIABILITIES

CONTRACT ASSETS AND CONTRACT LIABILITIES

Contract Assets

A contract asset represents an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time (for example, the entity’s future performance). We have no contract assets as of December 31, 2023 and December 31, 2022.

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 10—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. We recognized $1.0 million of this unearned revenue in 2023 in other operating revenues on our consolidated statements of operations.

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

	December 31, 2023		December 31, 2022
Accounts receivable - Members	$	101,394	$	103,246
Other accounts receivable - trade:
Non-member electric sales	9,657		17,213
Other	11,077		9,141
Total other accounts receivable - trade	20,734		26,354
Other accounts receivable - nontrade	2,389		6,082
Total other accounts receivable	$	23,123	$	32,436
Contract liabilities (unearned revenue)	$	4,159	$	5,123