Revenues from Contracts with Customers (Tables)

3 Months Ended

Feb. 28, 2021

Revenue from Contract with Customer [Abstract]

The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands):


	Three Months Ended
	February 28, 2021		February 29, 2020
Revenues from contracts with customers:
Commissions and other fees	$	236,938	$	179,535
Investment banking	1,003,662		592,002
Asset management fees	6,913		4,404
Total revenue from contracts with customers	1,247,513		775,941
Other sources of revenue:
Principal transactions	791,219		371,902
Revenue from strategic affiliates	30,470		7,316
Interest	219,021		294,668
Other	60,588		29,729
Total revenues	$	2,348,811	$	1,479,556

The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic regions (in thousands):


	Three Months Ended
	February 28, 2021						February 29, 2020
	Reportable Segment						Reportable Segment
	Investment Banking and Capital Markets		Asset Management		Total		Investment Banking and Capital Markets		Asset Management		Total
Major business activity:
Investment banking - Advisory	$	311,439	$	—	$	311,439	$	343,158	$	—	$	343,158
Investment banking - Underwriting	692,223		—		692,223		248,844		—		248,844
Equities (1)	233,539		—		233,539		176,249		—		176,249
Fixed income (1)	3,399		—		3,399		3,286		—		3,286
Asset management	—		6,913		6,913		—		4,404		4,404
Total	$	1,240,600	$	6,913	$	1,247,513	$	771,537	$	4,404	$	775,941
Primary geographic region:
Americas	$	1,026,916	$	6,584	$	1,033,500	$	649,069	$	980	$	650,049
Europe	163,737		329		164,066		79,438		3,424		82,862
Asia Pacific	49,947		—		49,947		43,030		—		43,030
Total	$	1,240,600	$	6,913	$	1,247,513	$	771,537	$	4,404	$	775,941

(1)Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.

Schedule of Allowance for Credit Loss

The allowance for credit losses for the three months ended February 28, 2021 and February 29, 2020 is as follows:


	Three Months Ended
	February 28, 2021		February 29, 2020
Beginning balance	$	19,788	$	6,817
Adjustment for change in accounting principle for current expected credit losses	(3,594)		—
Bad debt expense, net of reversals	626		1,340
Charge-offs	(425)		(207)
Recoveries collected	(2,384)		(301)
Ending balance (1)	$	14,011	$	7,649

(1)The allowance for doubtful accounts balances are substantially all related to mergers and acquisitions and restructuring fee receivables, which include recoverable expense receivables.