Revenues from Contracts with Customers

6 Months Ended

Jun. 30, 2020

Revenue From Contract With Customer [Abstract]

Revenues from Contracts with Customers

24. 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,
	2020		2019		2020		2019
Revenues from contracts with customers:
Commissions	$	382,640	$	422,974	$	838,495	$	853,156
Data, software, and post-trade		20,139		18,741		39,537		36,651
Fees from related parties		6,562		7,221		12,083		13,016
Other revenues		3,391		3,453		7,350		5,300
Total revenues from contracts with customers		412,732		452,389		897,465		908,123
Other sources of revenues:
Principal transactions		99,453		90,432		212,764		174,662
Interest and dividend income		6,536		7,813		10,697		11,478
Other revenues		367		553		1,329		1,675
Total revenues	$	519,088	$	551,187	$	1,122,255	$	1,095,938

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, 2019 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 $733.9 million and $778.4 million at June 30, 2020 and December 31, 2019, respectively. The Company had no impairments related to these receivables during the three and six months ended June 30, 2020 and 2019.

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, 2020 and December 31, 2019 was $16.4 million and $12.9 million, respectively. During the three months ended June 30, 2020 and 2019, the Company recognized revenue of $6.8 million and $7.0 million, respectively, that was recorded as deferred revenue at the beginning of the period. During the six months ended June 30, 2020 and 2019, the Company recognized revenue of $7.4  million and $8.1  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.

At both June 30, 2020 and December 31, 2019, there were $1.4 million of capitalized costs recognized to fulfill a contract.