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Notes Receivable, net (Tables) | 9 Months Ended
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Sep. 30, 2023
Receivables [Abstract] |
Schedule of accounts receivable, net | The following presents the adjustment to notes receivable, net as a result of the implementation of ASC 326 on January 1, 2023 (in thousands):
Notes receivable, net as of December 31, 2022 |  | $ | 8,750 |
Reserve for credit losses of December 31, 2022 |  |  | — |
Cumulative effect of the implementation of ASC 326 |  |  | (119 | )
Beginning balance of reserve for credit losses as of January 1, 2023 |  |  | (119 | )
Notes receivable, net of reserve for credit losses as of January 1, 2023 |  | $ | 8,631 |
In accordance with ASC 326, the Company performs a review of notes receivable on a quarterly basis. During the nine months ended September 30, 2023, the Company recorded a provision for credit losses in selling, general and administrative expense on the condensed consolidated statement of income of approximately $0.6 million. As of September 30, 2023, the reserve for credit losses was approximately $0.7 million. The provision for credit losses was primarily driven by weakening economic conditions for the underlying charged-off and nonperforming portfolio collections and increases in loan balances.

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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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