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RECEIVABLES, NET | 6 Months Ended
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Jun. 30, 2020
Receivables [Abstract] |
RECEIVABLES, NET | RECEIVABLES, NET
| June 30, 2020 |  |  |  | December 31, 2019 |  |
Trade accounts receivable |  | $ | 451.8 |  |  |  |  | $ | 562.3 |  |
Notes receivable |  | 8.9 |  |  |  |  | 6.2 |  |
Other |  | 22.4 |  |  |  |  | 21.2 |  |
Receivables, gross |  | 483.1 |  |  |  |  | 589.7 |  |
Less: Allowance for credit losses - receivables |  | (19.9) |  |  |  |  | (11.3) |  |
Receivables, net |  | $ | 463.2 |  |  |  |  | $ | 578.4 |  |
Allowance for Credit Losses We determine our allowance for credit losses using a combination of factors to reduce our trade receivables and contract asset balances to the net amount expected to be collected. The allowance was based on a variety of factors including the length of time receivables were past due, macroeconomic trends and conditions, significant one-time events, historical experience, and expectations of future economic conditions. We also record an allowance for individual accounts when we become aware of specific customer circumstances, such as in the case of bankruptcy filings or deterioration in the customer’s operating results or financial position. The past due or delinquency status of a receivable is based on the contractual payment terms of the receivable. If circumstances related to the specific customer change, we adjust estimates of the recoverability of receivables as appropriate. Our allowance for credit losses for the six months ended June 30, 2020 includes our estimate of the impact of the COVID-19 pandemic and recent decline in the oil and gas market and will be adjusted in subsequent periods as circumstances develop and we gain better insight into the future impacts of the pandemic. We believe these events may impact our ability to collect from certain customers depending on the end market we serve and customer profile. The following table displays our allowance for credit losses for receivables and contract assets.
| June 30, 2020 |  |  |  | December 31, 2019 |  |
Allowance for credit losses - receivables |  | $ | 19.9 |  |  |  |  | $ | 11.3 |  |
Allowance for credit losses - contract assets |  | 0.1 |  |  |  |  | 1.5 |  |
Total allowance for credit losses |  | $ | 20.0 |  |  |  |  | $ | 12.8 |  |
The follow table displays a rollforward of the total allowance for credit losses for the six months ended June 30, 2020.
Total allowance for credit losses - January 1 |  | $ | 12.8 |  |
Impact of adoption of ASU 2016-13 (See Note 2) |  | 1.7 |  |
Charges to income |  | 8.6 |  |
Write-offs |  | (3.0) |  |
Foreign currency and other |  | (0.1) |  |
Total allowance for credit losses - June 30 |  | $ | 20.0 |  |

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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