CONTRACT ASSETS AND CONTRACT LIABILITIES

9 Months Ended

Sep. 30, 2024

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

CONTRACT ASSETS AND CONTRACT LIABILITIES

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 nine months ended September 30, 2024, we recognized $0.9 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):

	September 30, 2024		December 31, 2023
Accounts receivable - Utility Members	$	92,299	$	101,394
Other accounts receivable - trade:
Non-member electric sales	22,954		9,657
Other	8,023		11,077
Total other accounts receivable - trade	30,977		20,734
Other accounts receivable - nontrade	13,480		2,389
Total other accounts receivable	$	44,457	$	23,123
Contract liabilities (unearned revenue)	$	3,284	$	4,159