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Revenue and Accounts Receivable | 9 Months Ended
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Sep. 30, 2020
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer [Text Block] | Revenue and Accounts Receivable The following table presents revenue recognized by the Company for the three and nine months ended September 30, 2020 and 2019:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Investment Banking: |  |  |  |  |  |  |
Advisory Fees | $ | 270,662 |  |  | $ | 320,885 |  |  | $ | 965,662 |  |  | $ | 1,090,309 |
Underwriting Fees | 66,499 |  |  | 17,598 |  |  | 181,182 |  |  | 61,428 |
Commissions and Related Fees | 43,853 |  |  | 46,820 |  |  | 153,353 |  |  | 137,417 |
Total Investment Banking | $ | 381,014 |  |  | $ | 385,303 |  |  | $ | 1,300,197 |  |  | $ | 1,289,154 |
Investment Management: |  |  |  |  |  |  |
Asset Management and Administration Fees: |  |  |  |  |  |  |
Wealth Management | $ | 13,664 |  |  | $ | 12,155 |  |  | $ | 38,624 |  |  | $ | 35,408 |
Institutional Asset Management | 361 |  |  | 495 |  |  | 1,101 |  |  | 2,044 |
Total Investment Management | $ | 14,025 |  |  | $ | 12,650 |  |  | $ | 39,725 |  |  | $ | 37,452 |
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 nine months ended September 30, 2020 and 2019 are as follows:
| For the Nine Months Ended September 30, 2020
| 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, 2020 | $ | 296,355 |  |  | $ | 63,554 |  |  | $ | 31,525 |  |  | $ | 2,504 |  |  | $ | 2,492 |  |  | $ | 615 |
Increase (Decrease) | (13,998 | ) |  | (580 | ) |  | (12,244 | ) |  | (88 | ) |  | 9,784 |  |  | (234 | )
Balance at September 30, 2020 | $ | 282,357 |  |  | $ | 62,974 |  |  | $ | 19,281 |  |  | $ | 2,416 |  |  | $ | 12,276 |  |  | $ | 381 |
| For the Nine Months Ended September 30, 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) | (3,403 | ) |  | 3,628 |  |  | (1,799 | ) |  | 1,787 |  |  | 912 |  |  | (1,116 | )
Balance at September 30, 2019 | $ | 305,672 |  |  | $ | 64,576 |  |  | $ | 1,034 |  |  | $ | 2,328 |  |  | $ | 4,928 |  |  | $ | 615 |
(1) | Included in Accounts Receivable on the Unaudited Condensed Consolidated Statements of Financial Condition.
(2) | Included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
(3) | Included in Other Current Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
(4) | Included in Other Current Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.
(5) | Included in Other Long-term Liabilities on the Unaudited Condensed 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. 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 $5,652 and $11,543 on the Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020, respectively, and $3,377 and $10,870 for the three and nine months ended September 30, 2019, respectively, that was initially included in deferred revenue on the Company’s Unaudited Condensed 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. The allowance for credit losses for the three and nine months ended September 30, 2020 and 2019 is as follows:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Beginning Balance(1) | $ | 11,125 |  |  | $ | 7,359 |  |  | $ | 9,191 |  |  | $ | 6,037 |
Bad debt expense | 557 |  |  | 819 |  |  | 5,888 |  |  | 2,569 |
Write-offs, foreign currency translation and other adjustments | (849 | ) |  | (6,235 | ) |  | (4,246 | ) |  | (6,663 | )
Ending Balance | $ | 10,833 |  |  | $ | 1,943 |  |  | $ | 10,833 |  |  | $ | 1,943 |
(1) Beginning Balance for the nine months ended September 30, 2020 includes the cumulative-effect adjustment of $1,310, which reflects the increase in the Company's Allowance for Doubtful Accounts as a result of the use of the current expected credit loss model related to the adoption of ASU 2016-13 on January 1, 2020. See Notes 2 and 3 for further information. The change in the balance during the three and nine months ended September 30, 2020 is primarily related to an increase in the current period provision of expected credit losses and the write-off of aged receivables, as well as the impact of the change in the amount of receivables outstanding greater than 120 days at September 30, 2020. For long-term accounts receivable and long-term contract assets, the Company monitors clients’ creditworthiness based on collection experience and other internal metrics. The following table presents the Company’s long-term accounts receivable and long-term contract assets from the Company's private and secondary fund advisory businesses as of September 30, 2020, by year of origination:
| Amortized Cost Basis by Origination Year
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Total
Long-term Accounts Receivable and Long-Term Contract Assets | $ | 32,140 |  |  | $ | 20,900 |  |  | $ | 10,845 |  |  | $ | 1,093 |  |  | $ | 412 |  |  | $ | 65,390 |

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- References No definition available. + Details
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- 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
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