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Financing Receivables
 12 Months Ended
Dec. 31, 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:
 
December 31, 2019
 
December 31, 2018
Financing receivables
$
28,856

 
$
16,531

Allowance for doubtful accounts
(5,909
)
 
(6,395
)
Financing receivables, net of allowances
$
22,947

 
$
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 December 31, 2019
 
 
 
 
 
Amounts past due less than one year
$
10,687

 
$
1,556

 
$
12,243

Amounts past due one year or greater
3,295

 
62

 
3,357

Total past due (on non-accrual status)
13,982

 
1,618

 
15,600

Not past due
12,556

 
700

 
13,256

Total financing receivables
$
26,538

 
$
2,318

 
$
28,856

 
 
 
 
 
 
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 years ended December 31, 2019, 2018, and 2017, grouped by country portfolio:
 
Chile
 
Other
 
Total
Balance at December 31, 2016
$
(6,209
)
 
$
(877
)
 
$
(7,086
)
Charge-offs
1,910

 
328

 
2,238

Recoveries
(24
)
 
—

 
(24
)
Provision
(1,309
)
 
221

 
(1,088
)
Currency adjustments
(475
)
 
(37
)
 
(512
)
Balance at December 31, 2017
$
(6,107
)
 
$
(365
)
 
$
(6,472
)
Charge-offs
1,428

 
54

 
1,482

Recoveries
(675
)
 
—

 
(675
)
Provision
(1,424
)
 
17

 
(1,407
)
Currency adjustments
670

 
7

 
677

Balance at December 31, 2018
$
(6,108
)
 
$
(287
)
 
$
(6,395
)
Charge-offs
1,453

 
499

 
1,952

Recoveries
—

 
—

 
—

Provision
(1,479
)
 
(463
)
 
(1,942
)
Currency adjustments
480

 
(4
)
 
476

Balance at December 31, 2019
$
(5,654
)
 
$
(255
)
 
$
(5,909
)


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, 2019, 2018 and 2017 were as follows:
 
Number of Financing Receivable Accounts
 
Pre-Modification Balance Outstanding
 
Post-Modification Balance Outstanding
2019
386

 
$
1,537

 
$
1,152

2018
469

 
$
1,405

 
$
1,308

2017
446

 
$
2,319

 
$
2,109


The preceding table represents accounts modified under the terms of a TDR during the year ended December 31, 2019, whereas the following table represents accounts modified as a TDR between January 1, 2018 and December 31, 2019 that defaulted during the year ended December 31, 2019:
 
Number of Financing Receivable Accounts
 
Balance at Default
Total
217

 
$
519


The following table represents accounts modified as a TDR between January 1, 2017 and December 31, 2018 that defaulted during the year ended December 31, 2018:
 
Number of Financing Receivable Accounts
 
Balance at Default
Total
143

 
$
487


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

 
$
890