Receivables

6 Months Ended

Jun. 30, 2012

Receivables [Abstract]

RECEIVABLES

RECEIVABLES

Receivables consist of the following (in thousands):

	June 30, 2012		December 31, 2011
Receivables - current portion
Accounts receivable - trade	$	9,486	$	14,366
Refundable income tax	11,964		11,480
Refundable value added tax	43,593		52,968
Accounts receivable - other	5,400		4,683
	$	70,443	$	83,497
Receivables - non-current portion
Refundable value added tax	$	45,352	$	40,314

Trade receivables and other receivable balances are reported at outstanding principal amounts, net of an allowance for doubtful accounts. Management evaluates the collectability of receivable account balances to determine the allowance, if any. The Company estimated that an allowance of $0.3 million was needed against its value added tax receivable balances in Argentina at June 30, 2012. There were no allowances against receivable balances at December 31, 2011.

Taxes paid to foreign governments that are refundable to the Company are classified as “Refundable value added tax” at the face value of the amount of the tax refund due. Refunds expected to be received in the next twelve months are classified as “current” and amounts that are expected to be received after twelve months are classified as “non-current”.