XML 45 R26.htm IDEA: XBRL DOCUMENT v3.20.2
Revenues from Contracts with Customers
 6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer
18. Revenues from Contracts with Customers
The following table presents the Company’s total revenues from contracts with customers:
 
  
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
 
2020
 
  
2019
 
  
2020
 
  
2019
 
Revenues from contracts with customers:
   
     
     
     
 
Advisory fees
  $
57,208
    $
65,627
    $
120,158
    $
130,467
 
Other
   
918
     
666
     
1,842
     
1,311
 
                                 
Total operating revenues
  $
58,126
    $
66,293
    $
122,000
    $
131,778
 
                                 
The Company recognizes revenues from contracts with customers when the performance obligation is satisfied, which is when the promised goods or services are transferred to the customer. A good or service is considered to be transferred when the customer obtains control, which is represented by the transfer of rights with regard to the good or service. Transfer of control happens either over time or at a point in time. When a performance obligation is satisfied over time, an entity is required to select a single method of measuring progress for each performance obligation that depicts the entity’s performance in transferring control of goods or services to the customer.
Substantially all the Company’s revenues from contracts with customers are derived primarily from investment advisory agreements with related parties (Note 19). These advisory fees are recognized over time, are earned from the Company’s ETPs and are calculated based on a percentage of the ETPs’ average daily net assets. There is no significant judgment in calculating amounts due which are invoiced monthly in arrears and are not subject to any potential reversal. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice.
There are no contract assets or liabilities that arise in connection with the recognition of advisory fee revenue. In addition, there are no costs incurred to obtain or fulfill the contracts with customers, all of which are investment advisory agreements with related parties.
Geographic Distribution of Revenue
The following table presents the Company’s total revenues geographically as determined by where the respective management companies reside:
 
 
  
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
 
2020
 
  
2019
 
  
2020
 
  
2019
 
Revenues from contracts with customers:
   
     
     
     
 
United States
  $
31,629
    $
43,146
    $
71,499
    $
85,769
 
Jersey
   
25,641
     
21,368
     
48,166
     
42,529
 
Ireland
   
856
     
1,172
     
1,970
     
2,327
 
Canada (Note 25)
   
—  
      
607
     
365
     
1,153
 
                                 
Total operating revenues
  $
58,126
    $
66,293
    $
122,000
    $
131,778