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 and six month periods ended June 30, 2017 and 2016 was as follows:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2017			2016		2017			2016
Beginning Balance	$	29,662		$	11,230	$	16,386		$	12,882
Bad debt expense, net of recoveries		180			2,065		13,831			2,579
Charge-offs, foreign currency translation and other adjustments		(4,748	)		274		(5,123	)		(1,892	)
Ending Balance	$	25,094		$	13,569	$	25,094		$	13,569

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

At June 30, 2017 and December 31, 2016, the Company had receivables past due or deemed uncollectible of $38,732 and $22,212, respectively.

Of the Company’s fee receivables at June 30, 2017 and December 31, 2016, $57,315 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 $597,424 and $562,149 at June 30, 2017 and December 31, 2016, respectively, approximates fair value.