Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2020

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 months ended March 31, 2020 and 2019:


	For the Three Months Ended March 31,
	2020		2019
Management fees
Artisan Funds	$	114,679	$	106,180
Artisan Global Funds	8,116		8,135
Separate accounts⁽¹⁾	77,109		72,549
Performance fees
Separate accounts⁽¹⁾	2,932		98
Total revenues⁽²⁾	$	202,836	$	186,962

⁽¹⁾ Separate account revenue consists of management fees and performance fees earned 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 March 31, 2020		As of December 31, 2019
Customer
Artisan Funds	$	5,216	$	6,703
Artisan Global Funds	2,742		3,588
Separate accounts	70,410		69,413
Total receivables from contracts with customers	$	78,368	$	79,704
Non-customer receivables	18,344		2,164
Accounts receivable	$	96,712	$	81,868

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 March 31, 2020 or December 31, 2019.