Receivables and allowance for expected credit losses

6 Months Ended

Jun. 30, 2024

Credit Loss [Abstract]

Receivables and allowance for expected credit loss

Receivables and allowance for expected credit losses

Receivables consist primarily of trade and contracting services receivables from the sale of goods and services, net of expected credit losses. 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 $99.3 million, $57.9 million and $45.7 million at June 30, 2024 and 2023, and December 31, 2023, 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, 2023	$	414	$	1,189	$	—	$	7,967	$	9,570
Current expected credit loss provision	782		1,916		—		(411)		2,287
Less write-offs charged against the allowance	659		1,455		—		48		2,162
Credit loss recoveries collected	147		314		—		—		461
At March 31, 2024	$	684	$	1,964	$	—	$	7,508	$	10,156
Current expected credit loss provision	190		214		—		277		681
Less write-offs charged against the allowance	463		969		—		541		1,973
Credit loss recoveries collected	80		196		—		13		289
At June 30, 2024	$	491	$	1,405	$	—	$	7,257	$	9,153

	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