RECEIVABLES

9 Months Ended

Sep. 30, 2023

A summary of accounts receivable as of September 30, 2023 and December 31, 2022 is as follows (in thousands):


	September 30, 2023		December 31, 2022
	(unaudited)
Trade accounts receivable	$	141,303	$	160,572
Unbilled receivables	49,823		31,379
Allowance for credit losses	(5,326)		(5,262)
Total	$	185,800	$	186,689

We measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This applies to financial assets measured at amortized cost, including trade and unbilled accounts receivable, and requires immediate recognition of lifetime expected credit losses. Significant factors that affect the expected collectability of our receivables include macroeconomic trends and forecasts in the oil and gas, refining, power, and petrochemical markets, and changes in our results of operations and forecasts. For unbilled receivables, we consider them as short-term in nature as they are normally converted to trade receivables within 90 days, thus future changes in economic conditions will not have a significant effect on the credit loss estimate.

The following table shows a rollforward of the allowance for credit losses (in thousands):


	September 30, 2023		December 31, 2022
	(unaudited)
Balance at beginning of period	$	5,262	$	7,843
Provision for expected credit losses	1,317		1,059
Recoveries collected	(619)		(1,114)
Write-offs	(540)		(2,479)
Foreign exchange effects	(94)		(47)
Balance at end of period	$	5,326	$	5,262