XML 46 R32.htm IDEA: XBRL DOCUMENT
v3.21.2

Revenues from Contracts with Customers | 6 Months Ended
--- | ---
Jun. 30, 2021
Revenue from Contract with Customer [Abstract] |
Revenues from Contracts with Customers | Revenues from Contracts with Customers The following table presents the Company’s total revenues separated between revenues from contracts with customers and other sources of revenues (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Revenues from contracts with customers: |  |  |  |  |  |  |
Commissions | $ | 389,768 |  |  | $ | 382,640 |  |  | $ | 824,988 |  |  | $ | 838,495 |
Data, software, and post-trade | 21,602 |  |  | 20,139 |  |  | 43,588 |  |  | 39,537 |
Fees from related parties | 4,245 |  |  | 6,562 |  |  | 8,030 |  |  | 12,083 |
Other revenues | 3,172 |  |  | 3,391 |  |  | 7,071 |  |  | 7,350 |
Total revenues from contracts with customers | 418,787 |  |  | 412,732 |  |  | 883,677 |  |  | 897,465 |
Other sources of revenues: |  |  |  |  |  |  |
Principal transactions | 81,997 |  |  | 99,453 |  |  | 180,760 |  |  | 212,764 |
Interest and dividend income | 11,455 |  |  | 6,536 |  |  | 14,493 |  |  | 10,697 |
Other revenues | 211 |  |  | 367 |  |  | 1,096 |  |  | 1,329 |
Total revenues | $ | 512,450 |  |  | $ | 519,088 |  |  | $ | 1,080,026 |  |  | $ | 1,122,255 |
As discussed in Note 1— “Organization and Basis of Presentation”, the Company adopted the new revenue recognition standard as of January 1, 2018. There was no significant impact to the Company’s unaudited condensed consolidated financial statements for the periods presented as a result of applying the new revenue recognition standard. Refer to Note 3— “Summary of Significant Accounting Policies” in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2020 for detailed information on the recognition of the Company’s revenues from contracts with customers. Disaggregation of Revenue Refer to Note 23—“Segment, Geographic and Product Information,” for a further discussion on the allocation of revenues to geographic regions. Contract Balances The timing of our revenue recognition may differ from the timing of payment by our customers. The Company records a receivable when revenue is recognized prior to payment and the Company has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied. The Company had receivables related to revenues from contracts with customers of $338.3 million, which excludes $561.1 million of receivables classified as Assets held for sale, and $629.4 million at June 30, 2021 and December 31, 2020, respectively. The Company had no impairments related to these receivables during the three and six months ended June 30, 2021 and 2020. The Company’s deferred revenue primarily relates to customers paying in advance or billed in advance where the performance obligation has not yet been satisfied. Deferred revenue at June 30, 2021 and December 31, 2020 was $9.8 million and $15.0 million, respectively. At June 30, 2021, the Company reclassified $6.0 million of deferred revenue as Liabilities held for sale. During the three months ended June 30, 2021 and 2020, the Company recognized revenue of $7.6 million and $6.8 million, respectively, that was recorded as deferred revenue at the beginning of the period. During the six months ended June 30, 2021 and 2020, the Company recognized revenue of $8.3 million and $7.4 million, respectively, that was recorded as deferred revenue at the beginning of the period. Contract Costs The Company capitalizes costs to fulfill contracts associated with different lines of its business where the revenue is recognized at a point in time and the costs are determined to be recoverable. Capitalized costs to fulfill a contract are recognized at the point in time that the related revenue is recognized. The Company did not have any capitalized costs to fulfill a contract as of June 30, 2021. At December 31, 2020, there were $1.7 million of capitalized costs recognized to fulfill a contract. At June 30, 2021, the Company reclassified $1.7 million of capitalized costs recognized to fulfill a contract as Assets held for sale.

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

X
- 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=121604090&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=121604090&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=121604090&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=121604090&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=121604090&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=121604090&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=121604090&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=121604090&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=121604090&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration