Accounts Receivable and Allowance for Credit Losses

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Accounts Receivable and Allowance for Credit Losses

5. ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

The following table presents the aggregate change in the allowance for credit losses for the year ended December 31, 2020:

Balance, December 31, 2019	$	—
Adoption of ASC 326		1,107
Provision for Credit Losses		1,266
Write-offs		(1,368	)
Recoveries		325
Balance, December 31, 2020	$	1,330

Included in Accounts Receivable, Net is accrued interest of $2.5 million and $3.1 million as of December 31, 2020 and 2019, respectively, related to placement fees.

Included in Accounts Receivable, Net are long-term receivables of $83.5 million and $77.6 million as of December 31, 2020 and 2019, respectively, related to placement fees that are generally paid in installments over a period of three to four years. The carrying value of such long-term receivables approximates fair value. Long-term receivables are classified as Level II in the fair value hierarchy.

The Company does not have any long-term receivables on non-accrual status. Of receivables that originated as long-term, there were $2.9 million and $11.3 million as of December 31, 2020 and 2019, respectively, which were outstanding more than 90 days. As of December 31, 2020, the Company’s allowance for credit losses with respect to long-term receivables was $0.6 million. There was no allowance for credit losses with respect to such receivables as of December 31, 2019.