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Receivables and Allowance for Credit Losses | 12 Months Ended
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Dec. 31, 2022
Receivables [Abstract] |
Receivables and Allowance for Credit Losses |
4. | RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES
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 credit losses determined in accordance with the 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 credit losses for the years ended December 31, 2022, 2021 and 2020 was as follows:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Beginning Balance |  | $ | 33,957 |  |  | $ | 36,649 |  |  | $ | 27,130 |
Adjustment for adoption of new accounting guidance |  |  | - |  |  |  | - |  |  |  | 7,575 |
Bad debt expense, net of reversals |  |  | 4,012 |  |  |  | 3,807 |  |  |  | 3,991 |
Charge-offs, foreign currency translation and other adjustments |  |  | (20,231 | ) |  |  | (6,499 | ) |  |  | (2,047 | )
Ending Balance |  | $ | 17,738 |  |  | $ | 33,957 |  |  | $ | 36,649 |
Bad debt expense, net of reversals represents the current period provision of expected credit losses and is included in “operating expenses–other” on the consolidated statements of operations. Of the Company’s fee receivables at December 31, 2022 and 2021, $97,964 and $123,189, respectively, represented financing receivables for our Private Capital Advisory fees. At December 31, 2022 and 2021, customers and other receivables included $128,890 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 December 31, 2022 and 2021. The aggregate carrying amount of other fees and customers and other receivables was $425,904 and $560,391 at December 31,2022 and 2021, respectively. The allowance for credit losses is substantially all related to M&A and Restructuring fee receivables.

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- 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
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