4.	RECEIVABLES

The Company’s receivables represent fee receivables, amounts due from customers and other receivables.

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 years ended December 31, 2016, 2015 and 2014 was as follows:

	Year Ended December 31,
	2016			2015			2014
Beginning Balance	$	12,882		$	23,540		$	28,777
Bad debt expense, net of recoveries		10,055			3,125			12,246
Charge-offs, foreign currency translation and other adjustments		(6,551	)		(13,783	)		(17,483	)
Ending Balance	$	16,386		$	12,882		$	23,540

Bad debt expense, net of recoveries is included in “investment banking and other advisory fees” on the consolidated statements of operations.

At December 31, 2016 and 2015, the Company had receivables past due or deemed uncollectible of $22,212 and $19,923, respectively.

Of the Company’s fee receivables at December 31, 2016 and 2015, $76,133 and $81,774, 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 $562,149 and $415,439 at December 31, 2016 and 2015, respectively, approximates fair value.