Allowance for credit losses

3 Months Ended

Mar. 31, 2020

Allowance for credit losses

Allowance for credit losses

Note 9 – Allowance for credit losses

As described in Note 2 - Summary of Significant Accounting Policies, the January 1, 2020 adoption of ASU 2016-13, Measurement of Credit Losses on Financial Instruments, amended our accounting policies for the allowance for credit losses.

The changes in the allowance for credit losses during the three months ended March 31, 2020 were as follows:

in thousands		March 31, 2020
Balance at December 31, 2019	$	2,524
Impact of ASU 2016-13 adoption		288
Balance at January 1, 2020		2,812
Provision		360
Net foreign currency translation		(7)
Balance at March 31, 2020	$	3,165

A higher allowance for credit losses was recorded during the three months ended March 31, 2020 due to the likely adverse impact the COVID-19 pandemic has had and will have on factors that affect our estimate of future credit losses.