Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Note 9. Revenue From Contracts with Customers

Disaggregated Revenue

The following table presents a disaggregation of revenue by type and vehicle for the three and nine months ended September 30, 2019 and 2018:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2019		2018		2019		2018
Management fees
Artisan Funds	$	115,926	$	125,392	$	334,131	$	375,730
Artisan Global Funds	8,062		9,090		24,234		26,554
Separate accounts⁽¹⁾	78,818		78,256		227,705		232,449
Performance fees
Separate accounts⁽¹⁾	155		50		4,580		2,359
Total revenues⁽²⁾	$	202,961	$	212,788	$	590,650	$	637,092

⁽¹⁾ Separate account revenue consists of fees from vehicles other than Artisan Funds or Artisan Global Funds, which includes traditional separate accounts, Artisan-branded collective investment trusts and funds (both public and private) that Artisan advises, including Artisan Private Funds.
⁽²⁾All management fees and performance fees from consolidated investment products were eliminated upon consolidation and therefore are omitted from this table.

Performance fees are subject to the uncertainty of market volatility, and as a result, the entire amount of the variable consideration related to performance fees is constrained until the end of each measurement period. At the end of the quarterly or annual measurement period, revenue is recorded for the actual amount of performance fees earned during that period because the uncertainty has been resolved. For performance fees with annual measurement periods, revenue recognized in the current quarter relates to performance obligations that were partially satisfied in prior periods.

The following table presents the balances of receivables related to contracts with customers:


	As of September 30, 2019		As of December 31, 2018
Customer
Artisan Funds	$	6,280	$	5,418
Artisan Global Funds	3,143		417
Separate accounts	70,595		59,787
Total receivables from contracts with customers	$	80,018	$	65,622
Non-customer receivables	11,295		2,069
Accounts receivable	$	91,313	$	67,691

Artisan Funds and Artisan Global Funds are billed on the last day of each month. Artisan Funds and Artisan Global Funds make payments on the same day the invoice is received for the majority of the invoiced amount. The remainder of the invoice is generally paid in the month following receipt of the invoice. Separate account clients are generally billed on a monthly or quarterly basis, with payments due within 30 days of billing. Artisan had no other contract assets or liabilities from contracts with customers as of September 30, 2019 or December 31, 2018.