Accounts Receivable

6 Months Ended

Jun. 30, 2015

10. Accounts Receivable

Accounts receivable includes trade receivables and revenue in excess of progress billings on long-term contracts in the Albany Engineered Composites business. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company determines the allowance based on historical write-off experience, customer-specific facts and economic conditions. If the financial condition of the Company's customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required.

As of June 30, 2015 and December 31, 2014, Accounts receivable consisted of the following:

(in thousands)	June 30, 2015			December 31, 2014
Trade and other accounts receivable	$	132,754		$	136,479
Bank promissory notes		18,563			17,426
Revenue in excess of progress billings		18,247			13,045
Allowance for doubtful accounts		(8,567	)		(8,713	)
Total accounts receivable	$	160,997		$	158,237

In connection with certain sales in Asia Pacific, the Company accepts a bank promissory note as customer payment. The notes may be presented for payment at maturity, which is less than one year.