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Financing Receivables
 6 Months Ended
Jun. 30, 2019
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:
 
June 30, 2019
 
December 31, 2018
Financing receivables
$
36,217

 
$
16,531

Allowance for doubtful accounts
(6,371
)
 
(6,395
)
Financing receivables, net of allowances
$
29,846

 
$
10,136



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 June 30, 2019
 
 
 
 
 
Amounts past due less than one year
$
9,881

 
$
1,086

 
$
10,967

Amounts past due one year or greater
3,143

 
140

 
3,283

Total past due (on non-accrual status)
13,024

 
1,226

 
14,250

Not past due
20,588

 
1,379

 
21,967

Total financing receivables
$
33,612

 
$
2,605

 
$
36,217

 
 
 
 
 
 
As of December 31, 2018
 
 
 
 
 
Amounts past due less than one year
$
7,618

 
$
644

 
$
8,262

Amounts past due one year or greater
2,879

 
192

 
3,071

Total past due (on non-accrual status)
10,497

 
836

 
11,333

Not past due
4,980

 
218

 
5,198

Total financing receivables
$
15,477

 
$
1,054

 
$
16,531



The following is a rollforward of the Allowance for doubtful accounts related to financing receivables for the six months ended June 30, 2019 and 2018, grouped by country portfolio:
 
Chile
 
Other
 
Total
Balance at December 31, 2018
$
(6,108
)
 
$
(287
)
 
$
(6,395
)
Charge-offs
1,071

 
495

 
1,566

Recoveries
—

 
—

 
—

Reclassifications
—

 
—

 
—

Provision
(731
)
 
(675
)
 
(1,406
)
Currency adjustments
(129
)
 
(7
)
 
(136
)
Balance at June 30, 2019
$
(5,897
)
 
$
(474
)
 
$
(6,371
)
 
 
 
 
 
 
Balance at December 31, 2017
$
(6,107
)
 
$
(365
)
 
$
(6,472
)
Charge-offs
944

 
—

 
944

Recoveries
—

 
—

 
—

Reclassifications
—

 
—

 
—

Provision
(745
)
 
68

 
(677
)
Currency adjustments
162

 
2

 
164

Balance at June 30, 2018
$
(5,746
)
 
$
(295
)
 
$
(6,041
)


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 six months ended June 30, 2019 and 2018 were as follows:
 
Number of Financing Receivable Accounts
 
Pre-Modification Balance Outstanding
 
Post-Modification Balance Outstanding
2019
327

 
$
1,100

 
$
980

2018
326

 
$
1,092

 
$
1,036


The preceding table represents accounts modified under the terms of a TDR during the six months ended June 30, 2019, whereas the following table represents accounts modified as a TDR between January 1, 2018 and June 30, 2019 that subsequently defaulted during the six months ended June 30, 2019:
 
Number of Financing Receivable Accounts
 
Balance at Default
Total
174

 
$
431


The following table represents accounts modified as a TDR between January 1, 2017 and June 30, 2018 that subsequently defaulted during the six months ended June 30, 2018:
 
Number of Financing Receivable Accounts
 
Balance at Default
Total
104

 
$
351