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Allowance for credit losses

9 Months Ended

Sep. 30, 2020

Note 9 – Allowance for credit losses

As described in Note 2 - Summary of Significant Accounting Policies, the January 1, 2020 adoption of ASU 2016-13, Measurement of Credit Losses on Financial Instruments, amended our accounting policies for the allowance for credit losses.

The changes in the allowance for credit losses during the nine months ended September 30, 2020 were as follows:


in thousands
Balance at December 31, 2019	$	2,524
Impact of ASU 2016-13 adoption		288
Balance at January 1, 2020		2,812
Provision		1,510
Write-offs		(488)
Net foreign currency translation		3
Balance at September 30, 2020	$	3,837

A higher allowance for credit losses was recorded during the nine months ended September 30, 2020 primarily due to the adverse impact the COVID-19 pandemic has had on factors that affect our estimate of future credit losses.

- Definition

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

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