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Current Expected Credit Losses (CECL) | 6 Months Ended
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Jun. 30, 2020
Credit Loss [Abstract] |
Current Expected Credit Losses (CECL) | 26.Current Expected Credit Losses (CECL) The CECL reserve reflects management’s current estimate of potential credit losses related to the receivable balances included in the Company’s unaudited condensed consolidated statements of financial condition. See Note 3—“Summary of Significant Accounting Policies” for further discussion of the CECL reserve methodology. As described in Note 1—“Organization and Basis of Presentation,” upon adoption of the new credit losses guidance on January 1, 2020, the Company recognized an initial CECL reserve of approximately $1.9 million, of which, $0.8 million was in Accrued commissions and other receivables, net and $1.1 million was in Loans, forgivable loans and other receivables from employees and partners, net, against its receivables portfolio with a corresponding charge to Retained deficit on the Company’s unaudited condensed consolidated statements of changes in equity. As required, any subsequent changes to the CECL reserve are recognized in Net income (loss) available to common stockholders in the Company’s unaudited condensed consolidated statements of operations. During the three and six months ended June 30, 2020, the Company recorded approximately $0.6 million and $1.4 million increase in the CECL reserve against the receivables portfolio, respectively, bringing the Company’s total CECL reserve to approximately $3.3 million as of June 30, 2020. This total CECL reserve is comprised of $2.5 million for Loans, forgivable loans and other receivables from employees and partners, net and $0.8 million for Accrued commissions and other receivables, net. For the three and six months ended June 30, 2020, there was an increase of $0.8 million and $1.4 million, respectively, in the CECL reserve pertaining to Loans, forgivable loans and other receivables from employees and partners, net as a result of employee terminations, bringing CECL reserve recorded pertaining to Loans, forgivable loans and other receivables from employees and partners, net to $2.5 million for the six months ended June 30, 2020. For the three months ended June 30, 2020, there was a decrease of $0.2 million in the CECL reserve against Accrued commissions and other receivables, net, which reflected an increase in collections partially offset by the updated macroeconomic assumptions resulting from the COVID-19 pandemic, and the downward credit rating migration of certain receivables in the portfolio bringing the CECL reserve recorded pertaining to Accrued commissions and other receivables, net to $0.8 million for the six months ended June 30, 2020.

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- Definition The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=121582814&loc=SL82922895-210455 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919272-210447 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919236-210447 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919269-210447 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121582814&loc=SL82922888-210455 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919244-210447 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919230-210447 + Details
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