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Financing Receivables
 12 Months Ended
Dec. 31, 2017
Receivables [Abstract]  
Financing Receivables
Financing Receivables

Laureate’s financing receivables consist primarily of trade receivables related to student tuition financing programs with an initial term in excess of one year. We have offered long-term financing through the execution of note receivable agreements with students at some of our institutions. Our disclosures include financing receivables that are classified in our Consolidated Balance Sheets as both current and long-term, reported in accordance with ASC 310, “Receivables.”

Laureate’s financing receivables balances were as follows:
 
December 31, 2017
 
December 31, 2016
Financing receivables
$
22,977

 
$
29,776

Allowance for doubtful accounts
(8,411
)
 
(9,175
)
Financing receivables, net of allowances
$
14,566

 
$
20,601



We do not purchase financing receivables in the ordinary course of our business. We may sell certain receivables that are significantly past due. No material amounts of financing receivables were sold during the periods reported herein.

Delinquency is the primary indicator of credit quality for our financing receivables. Receivable balances are considered delinquent when contractual payments on the loan become past due. Delinquent financing receivables are placed on non-accrual status for interest income. The accrual of interest is resumed when the financing receivable becomes contractually current and when collection of all remaining amounts due is reasonably assured. We record an Allowance for doubtful accounts to reduce our financing receivables to their net realizable value. The Allowance for doubtful accounts is based on the age of the receivables, the status of past-due amounts, historical collection trends, current economic conditions, and student enrollment status. Each of our institutions evaluates its balances for potential impairment. We consider impaired loans to be those that are past due one year or greater, and those that are modified as a troubled debt restructuring (TDR). The aging of financing receivables grouped by country portfolio was as follows:
 
Chile
 
Other
 
Total
As of December 31, 2017
 
 
 
 
 
Amounts past due less than one year
$
6,800

 
$
1,300

 
$
8,100

Amounts past due one year or greater
3,551

 
1,335

 
4,886

Total past due (on non-accrual status)
10,351

 
2,635

 
12,986

Not past due
8,494

 
1,497

 
9,991

Total financing receivables
$
18,845

 
$
4,132

 
$
22,977

 
 
 
 
 
 
As of December 31, 2016
 
 
 
 
 
Amounts past due less than one year
$
8,711

 
$
834

 
$
9,545

Amounts past due one year or greater
3,899

 
1,482

 
5,381

Total past due (on non-accrual status)
12,610

 
2,316

 
14,926

Not past due
11,758

 
3,092

 
14,850

Total financing receivables
$
24,368

 
$
5,408

 
$
29,776



The following is a rollforward of the Allowance for doubtful accounts related to financing receivables for the years ended December 31, 2017, 2016, and 2015, grouped by country portfolio:
 
Chile
 
Other
 
Total
Balance at December 31, 2014
$
(11,063
)
 
$
(4,177
)
 
$
(15,240
)
Charge-offs
3,648

 
232

 
3,880

Recoveries
—

 
4

 
4

Reclassifications
—

 
(16
)
 
(16
)
Provision
(1,105
)
 
(46
)
 
(1,151
)
Currency adjustments
1,280

 
667

 
1,947

Balance at December 31, 2015
$
(7,240
)
 
$
(3,336
)
 
$
(10,576
)
Charge-offs
4,631

 
660

 
5,291

Recoveries
—

 
(175
)
 
(175
)
Reclassifications
—

 
—

 
—

Provision
(3,304
)
 
(60
)
 
(3,364
)
Currency adjustments
(296
)
 
(55
)
 
(351
)
Balance at December 31, 2016
$
(6,209
)
 
$
(2,966
)
 
$
(9,175
)
Charge-offs
1,910

 
589

 
2,499

Recoveries
(24
)
 
(72
)
 
(96
)
Reclassifications
—

 
75

 
75

Provision
(1,309
)
 
91

 
(1,218
)
Currency adjustments
(475
)
 
(21
)
 
(496
)
Balance at December 31, 2017
$
(6,107
)
 
$
(2,304
)
 
$
(8,411
)


Restructured Receivables

A TDR is a financing receivable in which the borrower is experiencing financial difficulty and Laureate has granted an economic concession to the student debtor that we would not otherwise consider. When we modify financing receivables in a TDR, Laureate typically offers the student debtor an extension of the loan maturity and/or a reduction in the accrued interest balance. In certain situations, we may offer to restructure a financing receivable in a manner that ultimately results in the forgiveness of contractually specified principal balances. Our only TDRs are in Chile.

The number of financing receivable accounts and the pre- and post-modification account balances modified under the terms of a TDR during the years ended December 31, 2017, 2016 and 2015 were as follows:
 
Number of Financing Receivable Accounts
 
Pre-Modification Balance Outstanding
 
Post-Modification Balance Outstanding
2017
446

 
$
2,319

 
$
2,109

2016
676

 
$
3,665

 
$
3,165

2015
1044
 
$
5,251

 
$
4,796


The preceding table represents accounts modified under the terms of a TDR during the year ended December 31, 2017, whereas the following table represents accounts modified as a TDR between January 1, 2016 and December 31, 2017 that subsequently defaulted during the year ended December 31, 2017:
 
Number of Financing Receivable Accounts
 
Balance at Default
Total
200

 
$
890


The following table represents accounts modified as a TDR between January 1, 2015 and December 31, 2016 that subsequently defaulted during the year ended December 31, 2016:
 
Number of Financing Receivable Accounts
 
Balance at Default
Total
360

 
$
1,352


The following table represents accounts modified as a TDR between January 1, 2014 and December 31, 2015 that subsequently defaulted during the year ended December 31, 2015:
 
Number of Financing Receivable Accounts
 
Balance at Default
Total
705

 
$
2,864