Table:
|  | December 31, |  |
| --- | --- | --- |
|  | 2019 | 2018 |
| Trade accounts receivable, net, current (1) | $375,136 | $335,377 |
| Trade accounts receivable, net, noncurrent (2) | 26,496 | 15,948 |
|  | $401,632 | $351,325 |
Paragraphs:
Trade Accounts Receivable
The Company’s trade accounts receivable, net, consisted of the following (in thousands):
(1) Included in “Receivables, net” in the accompanying Consolidated Balance Sheets.
(2) Included in “Deferred charges and other assets” in the accompanying Consolidated Balance Sheets.
The Company’s noncurrent trade accounts receivable result from (1) contracts with customers that include renewal provisions, and (2) contracts with customers under multi-year arrangements. For contracts that include renewal provisions, revenue is recognized up-front upon satisfaction of the associated performance obligations, but payments are received upon renewal. Renewals occur in bi-annual and annual increments over the associated expected contract term, the majority of which range from two to five years. The Company’s contracts with customers under multi-year arrangements generally have three-year terms and are invoiced annually at the beginning of each annual coverage period. The Company records a receivable related to revenue recognized under multi-year arrangements as the Company has an unconditional right to invoice and receive payment in the future related to these arrangements.
Where the timing of revenue recognition differs from the timing of invoicing and payment, the Company has determined that its contracts do not include a significant financing component. A substantial amount of the consideration promised by the customer under the contracts that include renewal provisions is variable, and the amount and timing of that consideration varies based on the occurrence or nonoccurrence of future events that are not substantially within the Company’s control. With respect to multi-year year arrangements, there is minimal difference between the consideration received and the cash selling price, any offered discounts are driven by volume, and the contracts are of short duration resulting in insignificant interest. Thus, the primary purpose of the invoicing terms on the multi-year arrangements is to provide the customer with a simplified and predictable way of purchasing certain products, not to provide financing or to receive financing from the Company’s customer.
Question:
In which year was the Trade accounts receivable, net, current larger?