Accounts Receivable

6 Months Ended

Jun. 30, 2016

Receivables [Abstract]

Accounts Receivable

11. Accounts Receivable

Accounts receivable includes trade receivables, and revenue in excess of progress billings on long-term contracts in the AEC segment. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company determines allowances 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, 2016 and December 31, 2015, Accounts receivable consisted of the following:

(in thousands)	June 30, 2016		December 31, 2015
Trade and other accounts receivable	$150,232		$123,179
Bank promissory notes	15,017		15,845
Revenue in excess of progress billings	19,326		15,889
Allowance for doubtful accounts	(8,239	)	(8,530	)
Total accounts receivable	$176,336		$146,383

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.