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Revenue and Accounts Receivable | 3 Months Ended
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Mar. 31, 2022
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 months ended March 31, 2022 and 2021:
|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2022 |  | 2021 |  |
Investment Banking: |  |  |  |  |  |  |  |  |
Advisory Fees |  |  |  |  | $ | 624,564 |  |  | $ | 511,918 |  |  |
Underwriting Fees |  |  |  |  | 36,306 |  |  | 79,257 |  |  |
Commissions and Related Revenue |  |  |  |  | 50,898 |  |  | 53,526 |  |  |
Total Investment Banking |  |  |  |  | $ | 711,768 |  |  | $ | 644,701 |  |  |
Investment Management: |  |  |  |  |  |  |  |  |
Asset Management and Administration Fees: |  |  |  |  |  |  |  |  |
Wealth Management |  |  |  |  | $ | 17,115 |  |  | $ | 14,949 |  |  |
Total Investment Management |  |  |  |  | $ | 17,115 |  |  | $ | 14,949 |  |  |
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 three months ended March 31, 2022 and 2021 are as follows:
| For the Three Months Ended March 31, 2022
| 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, 2022 | $ | 351,668 |  |  | $ | 87,764 |  |  | $ | 14,092 |  |  | $ | 12,945 |  |  | $ | 9,257 |  |  | $ | 147 |
Increase (Decrease) | (37,991) |  |  | (12,541) |  |  | 30,493 |  |  | (4,411) |  |  | 1,827 |  |  | — |
Balance at March 31, 2022 | $ | 313,677 |  |  | $ | 75,223 |  |  | $ | 44,585 |  |  | $ | 8,534 |  |  | $ | 11,084 |  |  | $ | 147 |
| For the Three Months Ended March 31, 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) | (11,916) |  |  | (2,434) |  |  | (1,527) |  |  | (1,111) |  |  | 3,791 |  |  | — |
Balance at March 31, 2021 | $ | 356,430 |  |  | $ | 68,541 |  |  | $ | 27,800 |  |  | $ | 4,172 |  |  | $ | 13,164 |  |  | $ | 147 |
(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 Accounting Standards Codification ("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 $4,208 and $2,467 on the Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021, 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 months ended March 31, 2022 and 2021 is as follows:
|  |  | For the Three Months Ended March 31, |  |
|  |  |  |  | 2022 |  | 2021 |  |
Beginning Balance |  |  |  |  | $ | 2,704 |  |  | $ | 5,372 |  |  |
Bad debt expense, net of reversals |  |  |  |  | (519) |  |  | (1,738) |  |  |
Write-offs, foreign currency translation and other adjustments |  |  |  |  | (131) |  |  | (1,617) |  |  |
Ending Balance |  |  |  |  | $ | 2,054 |  |  | $ | 2,017 |  |  |
The change in the balance during the three months ended March 31, 2022 is primarily related to the decrease in the current period provision of expected credit losses, which is impacted by the change in the amount of receivables outstanding greater than 120 days at March 31, 2022. The change in the balance during the three months ended March 31, 2022 is also related to 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 March 31, 2022, by year of origination:
| Amortized Carrying Value by Origination Year
| 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  |  |  | Total
Long-term Accounts Receivable and Long-Term Contract Assets | $ | 2,144 |  |  | $ | 55,323 |  |  | $ | 20,651 |  |  | $ | 4,392 |  |  | $ | 1,114 |  |  | $ | 133 |  |  |  |  | $ | 83,757 |

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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