Receivables and allowance for expected credit losses

9 Months Ended

Sep. 30, 2023

Credit Loss [Abstract]

Receivables and allowance for expected credit loss

Receivables and allowance for expected credit losses

Receivables consist primarily of trade receivables from the sale of goods and services, which are recorded at the invoiced amount, and contract assets, net of expected credit losses. For more information on contract assets, see Note 9. The Company's trade receivables are all due in 12 months or less. The total balance of receivables past due 90 days or more was $51.1 million, $30.8 million and $34.3 million at September 30, 2023 and 2022, and December 31, 2022, respectively.

The Company's expected credit losses are determined through a review using historical credit loss experience; changes in asset specific characteristics; current conditions; and reasonable and supportable future forecasts, among other specific account data, and is performed at least quarterly. The Company develops and documents its methodology to determine its allowance for expected credit losses at each of its reportable business segments. Risk characteristics used by the business segments may include customer mix, knowledge of customers and general economic conditions of the various local economies, among others. Specific account balances are written off when management determines the amounts to be uncollectible. Management has reviewed the balance reserved through the allowance for expected credit losses and believes it is reasonable.

Details of the Company's expected credit losses were as follows:

	Electric		Natural gas distribution		Pipeline		Construction services		Total
	(In thousands)
At December 31, 2022	$	375	$	1,615	$	2	$	2,162	$	4,154
Current expected credit loss provision	615		2,324		—		826		3,765
Less write-offs charged against the allowance	667		1,225		—		51		1,943
Credit loss recoveries collected	145		229		—		1		375
At March 31, 2023	$	468	$	2,943	$	2	$	2,938	$	6,351
Current expected credit loss provision	182		90		—		1,825		2,097
Less write-offs charged against the allowance	316		1,454		—		103		1,873
Credit loss recoveries collected	79		161		—		58		298
At June 30, 2023	$	413	$	1,740	$	2	$	4,718	$	6,873
Current expected credit loss provision	513		1,661		—		1,733		3,907
Less write-offs charged against the allowance	572		2,758		—		27		3,357
Credit loss recoveries collected	75		233		—		—		308
At September 30, 2023	$	429	$	876	$	2	$	6,424	$	7,731

	Electric		Natural gas distribution		Pipeline		Construction services		Total
	(In thousands)
At December 31, 2021	$	269	$	1,506	$	2	$	2,533	$	4,310
Current expected credit loss provision	565		1,369		—		54		1,988
Less write-offs charged against the allowance	597		932		—		71		1,600
Credit loss recoveries collected	124		180		—		28		332
At March 31, 2022	$	361	$	2,123	$	2	$	2,544	$	5,030
Current expected credit loss provision	113		92		—		292		497
Less write-offs charged against the allowance	234		939		—		104		1,277
Credit loss recoveries collected	108		177		—		—		285
At June 30, 2022	$	348	$	1,453	$	2	$	2,732	$	4,535
Current expected credit loss provision	300		881		—		(111)		1,070
Less write-offs charged against the allowance	399		1,822		—		152		2,373
Credit loss recoveries collected	85		169		—		40		294
At September 30, 2022	$	334	$	681	$	2	$	2,509	$	3,526