3.	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 three month periods ended March 31, 2017 and 2016 was as follows:

	Three Months Ended
	March 31,
	2017			2016
Beginning Balance	$	16,386		$	12,882
Bad debt expense, net of recoveries		13,651			514
Charge-offs, foreign currency translation and other adjustments		(375	)		(2,166	)
Ending Balance	$	29,662		$	11,230

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

At March 31, 2017 and December 31, 2016, the Company had receivables past due or deemed uncollectible of $42,489 and $22,212, respectively.

Of the Company’s fee receivables at March 31, 2017 and December 31, 2016, $63,119 and $76,133, 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 $464,495 and $562,149 at March 31, 2017 and December 31, 2016, respectively, approximates fair value.