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Credit Losses | 12 Months Ended
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Dec. 31, 2021
Credit Loss [Abstract] |
Credit Losses | CREDIT LOSSESOn January 1, 2020 we adopted ASU 2016-13, “Financial Instruments – Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments” under the modified retrospective approach. ASC 326 replaces the incurred loss impairment model with an expected credit loss impairment model for financial instruments, including trade receivables, retainage receivables and contract assets (unbilled receivables). Results for reporting periods beginning after January 1, 2020 are presented under ASC 326, while prior period amounts are not adjusted. The amendment requires entities to consider forward-looking information to estimate expected credit losses, resulting in earlier recognition of losses for receivables that are current or not yet due, which were not considered under the previous accounting guidance. Upon adoption of ASC 326, we recorded a cumulative effect adjustment to retained earnings of $1.2 million, net of $0.4 million of income taxes, on the opening consolidated balance sheet as of January 1, 2020. The adoption of the credit loss standard had no impact to cash from or used in operating, financing or investing activities on our consolidated cash flow statements. Changes in our allowance for credit losses were as follows (in thousands):
January 1, 2019 | $ | 5,085 |
Current period provision | 4,312 |
Recoveries collected and additions | 1,269 |
Amounts written off | (3,788) |
December 31, 2019 | $ | 6,878 |
Cumulative effect of change in accounting principle | 1,600 |
Current period provision | 4,444 |
Recoveries collected and additions | 503 |
Amounts written off | (4,636) |
December 31, 2020 | $ | 8,789 |
Current period provision | 2,227 |
Recoveries collected and additions | 574 |
Amounts written off | (2,873) |
December 31, 2021 | $ | 8,717 |

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- Definition The entire disclosure for allowance for credit losses. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -URI http://asc.fasb.org/topic&trid=2196771 + Details
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