XML 93 R11.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Revenue | 12 Months Ended
--- | ---
Dec. 31, 2019
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer [Text Block] | Revenue The following table presents revenue recognized by the Company for the years ended December 31, 2019 and 2018:
| For the Years Ended December 31,
| 2019 |  | 2018
Investment Banking: |  |  |
Advisory Fees | $ | 1,653,585 |  |  | $ | 1,743,473 |
Underwriting Fees | 89,681 |  |  | 71,691 |
Commissions and Related Fees | 189,506 |  |  | 200,015 |
Total Investment Banking | $ | 1,932,772 |  |  | $ | 2,015,179 |
Investment Management: |  |  |
Asset Management and Administration Fees: |  |  |
Wealth Management | $ | 48,083 |  |  | $ | 44,875 |
Institutional Asset Management | 2,528 |  |  | 3,371 |
Total Investment Management | $ | 50,611 |  |  | $ | 48,246 |
Following the adoption of ASU 2014-09, expenses related to underwriting transactions are presented gross in the results of operations of the Company, whereas under legacy U.S. GAAP these expenses were presented net. Underwriting Fees are gross of related non-compensation expenses of $4,680 in the Consolidated Statements of Operations for the year ended December 31, 2018. Professional Fees, Travel and Related Expenses, Communications and Information Services and Other Operating Expenses in the Consolidated Statements of Operations are gross of non-compensation expenses of $2,340, $460, $476 and $1,404, respectively, for the year ended December 31, 2018. Contract Balances The change in the Company’s contract assets and liabilities during the periods primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the years ended December 31, 2019 and 2018 are as follows:
| For the Year Ended December 31, 2019
| Receivables (Current)(1) |  | Receivables (Long-term)(2) |  | Contract Assets (Current)(3) |  | Contract Assets (Long-term)(2) |  | Deferred Revenue (Current Contract Liabilities)(4) |  | Deferred Revenue (Long-term Contract Liabilities)(5)
Balance at January 1, 2019 | $ | 309,075 |  |  | $ | 60,948 |  |  | $ | 2,833 |  |  | $ | 541 |  |  | $ | 4,016 |  |  | $ | 1,731 |
Increase (Decrease) | (12,720 | ) |  | 2,606 |  |  | 28,692 |  |  | 1,963 |  |  | (1,524 | ) |  | (1,116 | )
Balance at December 31, 2019 | $ | 296,355 |  |  | $ | 63,554 |  |  | $ | 31,525 |  |  | $ | 2,504 |  |  | $ | 2,492 |  |  | $ | 615 |
| For the Year Ended December 31, 2018
| Receivables (Current)(1) |  | Receivables (Long-term)(2) |  | Contract Assets (Current)(3) |  | Contract Assets (Long-term)(2) |  | Deferred Revenue (Current Contract Liabilities)(4) |  | Deferred Revenue (Long-term Contract Liabilities)(5)
Balance at January 1, 2018 | $ | 184,993 |  |  | $ | 34,008 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,147 |  |  | $ | 1,834 |
Increase (Decrease) | 124,082 |  |  | 26,940 |  |  | 2,833 |  |  | 541 |  |  | 869 |  |  | (103 | )
Balance at December 31, 2018 | $ | 309,075 |  |  | $ | 60,948 |  |  | $ | 2,833 |  |  | $ | 541 |  |  | $ | 4,016 |  |  | $ | 1,731 |
(1) | Included in Accounts Receivable on the Consolidated Statements of Financial Condition.
(2) | Included in Other Assets on the Consolidated Statements of Financial Condition.
(3) | Included in Other Current Assets on the Consolidated Statements of Financial Condition.
(4) | Included in Other Current Liabilities on the Consolidated Statements of Financial Condition.
(5) | Included in Other Long-term Liabilities on the Consolidated Statements of Financial Condition.
The Company's contract assets represent arrangements in which an estimate of variable consideration has been included in the transaction price and thereby recognized as revenue that precedes the contractual due date. The application of ASC 606 resulted in advisory revenue of $3,374 being recognized on the Consolidated Statements of Operations for the year ended December 31, 2018, representing variable consideration under the standard for which it is probable that a significant reversal of revenue will not occur, substantially all of which would have been recognized in the first quarter of 2019, under the legacy accounting standard. Under ASC 606, revenue is recognized when all material conditions for completion have been met and it is probable that a significant revenue reversal will not occur in a future period. The Company recognized revenue of $15,115 and $16,468 on the Consolidated Statements of Operations for the years ended December 31, 2019 and 2018, respectively, that was initially included in deferred revenue on the Company’s Consolidated Statements of Financial Condition. Generally, performance obligations under client arrangements will be settled within one year; therefore, the Company has elected to apply the practical expedient in ASC 606-10-50-14.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration