XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Receivables and Allowance for Doubtful Accounts | 9 Months Ended
--- | ---
Sep. 30, 2022
Receivables [Abstract] |
Receivables and Allowance for Doubtful Accounts |
3. | RECEIVABLES AND ALLOWANCE FOR DOUBTFUL ACCOUNTS
The Company’s receivables represent fee receivables, amounts due from customers and other receivables. Where applicable, receivables are stated net of an estimated allowance for doubtful accounts determined in accordance with the current expected credit losses (“CECL”) model, for general credit risk of the overall portfolio and for specific accounts deemed uncollectible, which may include situations where a fee is in dispute. Activity in the allowance for doubtful accounts for the three month and nine month periods ended September 30, 2022 and 2021 was as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Beginning Balance |  | $ | 30,271 |  |  | $ | 36,244 |  |  | $ | 33,957 |  |  | $ | 36,649 |
Bad debt expense (credit), net of reversals |  |  | 566 |  |  |  | 1,729 |  |  |  | 24 |  |  |  | 4,273 |
Charge-offs, foreign currency translation and other adjustments |  |  | (15,517 | ) |  |  | (681 | ) |  |  | (18,661 | ) |  |  | (3,630 | )
Ending Balance (a) |  | $ | 15,320 |  |  | $ | 37,292 |  |  | $ | 15,320 |  |  | $ | 37,292 |
(a) | The allowance for doubtful accounts balances are substantially all related to M&A and Restructuring fee receivables that include reimbursable expense receivables.
Bad debt expense, net of reversals represents the current period provision of expected credit losses and is included in “operating expenses—other” on the condensed consolidated statements of operations. Of the Company’s fee receivables at September 30, 2022 and December 31, 2021, $103,695 and $123,189, respectively, represented financing receivables for our Private Capital Advisory fees. Based upon our historical loss experience, the credit quality of the counterparties, and the lack of uncollectible amounts, there was no allowance for doubtful accounts required at those dates related to such receivables. At September 30, 2022 and December 31, 2021, customers and other receivables included $119,173 and $122,229, respectively, of customer loans, which are fully collateralized and closely monitored for counterparty creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans as of September 30, 2022 and December 31, 2021. The aggregate carrying amount of all other receivables of $517,527 and $560,391 at September 30, 2022 and December 31, 2021, respectively, approximates fair value.

X
- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI https://asc.fasb.org/subtopic&trid=2196772 + Details
Name: | us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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