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Revenue
 9 Months Ended
Sep. 30, 2021
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, 2021 and 2020:
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2021202020212020
Investment Banking:
Advisory Fees$708,333 $270,662 $1,781,065 $965,662 
Underwriting Fees54,381 66,499 181,686 181,182 
Commissions and Related Revenue46,763 44,003 151,014 153,903 
Total Investment Banking$809,477 $381,164 $2,113,765 $1,300,747 
Investment Management:
Asset Management and Administration Fees:
Wealth Management
$16,960 $13,664 $48,092 $38,624 
Institutional Asset Management
— 361 — 1,101 
Total Investment Management$16,960 $14,025 $48,092 $39,725 
Contract Balances
The change in the Company’s contract assets and liabilities during the following 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, 2021 and 2020 are as follows:
For the Nine Months Ended September 30, 2021
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, 2021$368,346 $70,975 $29,327 $5,283 $9,373 $147 
Increase (Decrease)29,618 6,919 53,477 5,261 (2,615)— 
Balance at September 30, 2021$397,964 $77,894 $82,804 $10,544 $6,758 $147 
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 
(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 from Contracts with Customers" ("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 $13,759 and $21,835 on the Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021, respectively, and $5,652 and $11,543 for the three and nine months ended September 30, 2020, respectively, that was initially included in deferred revenue within Other Current Liabilities 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, 2021 and 2020 is as follows:
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2021202020212020
Beginning Balance(1)
$2,143 $11,125 $5,372 $9,191 
Bad debt expense, net of reversals1,781 557 15 5,888 
Write-offs, foreign currency translation and other adjustments(361)(849)(1,824)(4,246)
Ending Balance$3,563 $10,833 $3,563 $10,833 
(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.
The change in the balance during the three and nine months ended September 30, 2021 is primarily related to an increase in the current period provision of expected credit losses, which is also impacted by recoveries of bad debt, as well as the change in the amount of receivables outstanding greater than 120 days at September 30, 2021, and the write-off of aged receivables.
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, 2021, by year of origination:
Amortized Cost Basis by Origination Year
20212020201920182017Total
Long-term Accounts Receivable and Long-Term Contract Assets$48,663 $29,271 $7,233 $3,005 $266 $88,438