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Allowance for Doubtful Accounts | 3 Months Ended
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Dec. 31, 2020
Receivables [Abstract] |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The allowance for doubtful accounts related to deposits with and receivables from broker-dealers, clearing organizations, and counterparties was $1.3 million as of December 31, 2020 and September 30, 2020. The allowance for doubtful accounts related to receivables from clients was $35.5 million and $25.8 million as of December 31, 2020 and September 30, 2020, respectively. The Company had no allowance for doubtful accounts related to notes receivable as of December 31, 2020 and September 30, 2020. Activity in the allowance for doubtful accounts for the three months ended December 31, 2020 was as follows:
(in millions) | 2021
Balance as of September 30, 2020 | $ | 27.1 |
ASU 2016-13 cumulative transition adjustment | 8.2 |
Adjusted balance as of September 30, 2020 | 35.3 |
Provision for bad debts | 1.5 |
Allowance charge-offs | — |
Balance as of December 31, 2020 | $ | 36.8 |

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- Definition The entire disclosure for allowance for credit losses. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -URI http://asc.fasb.org/topic&trid=2196771 + Details
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