Revenues from Contracts with Customers

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenues from Contracts with Customers

23. 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 March 31,
	2021		2020
Revenues from contracts with customers:
Commissions	$	435,220	$	455,855
Data, software, and post-trade		21,986		19,398
Fees from related parties		3,785		5,521
Other revenues		3,898		3,957
Total revenues from contracts with customers		464,889		484,731
Other sources of revenues:
Principal transactions		98,763		113,311
Interest and dividend income		3,038		4,161
Other revenues		886		964
Total revenues	$	567,576	$	603,167

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, 2020 for detailed information on the recognition of the Company’s revenues from contracts with customers.

Disaggregation of Revenue

Refer to Note 22—“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 $854.8 million and $629.4 million at March 31, 2021 and December 31, 2020, respectively. The Company had no impairments related to these receivables during the three months ended March 31, 2021 and 2020.

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 March 31, 2021 and December 31, 2020 was $16.7 million and $15.0 million, respectively. During the three months ended March 31, 2021 and 2020, the Company recognized revenue of $7.1 million and $6.4 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 March 31, 2021 and December 31, 2020, there were $1.7 million of capitalized costs recognized to fulfill a contract.