Accounts Receivable

9 Months Ended

Sep. 30, 2019

Receivables [Abstract]

Accounts Receivable

11. Accounts Receivable

Accounts receivable includes trade receivables.

In connection with certain sales in Asia, 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.

The Company also 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 September 30, 2019 and December 31, 2018, Accounts receivable consisted of the following:

(in thousands)	September 30, 2019	December 31, 2018
Trade and other accounts receivable	$210,919	$211,244
Bank promissory notes	16,062	19,269
Allowance for doubtful accounts	(2,749)	(7,337)
Accounts receivable, net	$224,232	$223,176

During the third quarter of 2019, the Company wrote-off $5.1 million of Accounts receivables related to ongoing bankruptcy proceedings for certain Machine Clothing customers in Europe. The write-offs pertained to Accounts receivables recorded in prior years, which were fully reserved, and resulted in no impact on the Consolidated Statements of Income for the three and nine month periods ended September 30, 2019.

The Company has Noncurrent receivables in the AEC segment that represent revenue earned which has extended payment terms. The Noncurrent receivables will be invoiced to the customer, with 2% interest, over a 10-year period starting in 2020.

As of September 30, 2019 and December 31, 2018, Noncurrent receivables consisted of the following:

(in thousands)	September 30, 2019	December 31, 2018
Noncurrent receivables	$45,699	$45,061