3.	*RECEIVABLES*

The Company’s receivables represent receivables from fees, customers and other and related parties.

Receivables are stated net of an estimated allowance for doubtful accounts, for past due amounts and for specific accounts deemed uncollectible, which may include situations where a fee is in dispute. Activity in the allowance for doubtful accounts for the three month periods ended March 31, 2014 and 2013 was as follows:


	Three Months Ended March 31,
	2014			2013
Balance, January 1	$	28,777		$	23,017
Bad debt expense, net of recoveries		9,136			148
Charge-offs, foreign currency translation and other adjustments		(6,589	)		(360	)

Balance, March 31	$	31,324		$	22,805

At March 31, 2014 and December 31, 2013, the Company had receivables past due or deemed uncollectible of $35,566 and $39,341, respectively.

Of the Company’s fee receivables at March 31, 2014 and December 31, 2013, $65,241 and $69,464, respectively, represented interest-bearing financing receivables. Based upon our historical loss experience, the credit quality of the counterparties, and the lack of past due or uncollectible amounts, there was no allowance for doubtful accounts required at those dates related to such receivables.

The aggregate carrying amount of our non-interest bearing receivables of $457,841 and $443,211 at March 31, 2014 and December 31, 2013, respectively, approximates fair value.