XML 22 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Revenue
 3 Months Ended
Mar. 31, 2018
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block]
Revenue

The following table presents revenue recognized by the Company for the three months ended March 31, 2018:
 
For the Three Months Ended
 
March 31, 2018
Investment Banking:
 
Advisory Fees
$
378,315

Underwriting Fees
30,279

Commissions and Related Fees
43,034

Total Investment Banking
$
451,628

 
 
Investment Management:
 
Asset Management and Administration Fees:
 
Wealth Management
$
10,969

Institutional Asset Management
786

Total Investment Management
$
11,755


Contract Balances
The change in the Company’s contract assets and liabilities during the period primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables and deferred revenue (contract liabilities) for the three months ended March 31, 2018 are as follows:
 
Receivables
(Current)(1)
 
Receivables
(Long-term)(2)
 
Deferred Revenue
(Contract Liabilities)(3)
 
Deferred Revenue
(Long-term Contract Liabilities)(4)
Balance at January 1, 2018
$
184,993

 
$
34,008

 
$
3,147

 
$
1,834

Increase (Decrease)
38,113

 
7,011

 
2,113

 
(103
)
Balance at March 31, 2018
$
223,106

 
$
41,019

 
$
5,260

 
$
1,731

(1)
Included in Accounts Receivable on the Unaudited Condensed Consolidated Statements of Financial Condition.
(2)
Included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
(3)
Included in Other Current Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.
(4)
Included in Other Long-term Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.
The Company recognized revenue of $2,842 on the Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2018, that was included in deferred revenue on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition as of January 1, 2018.
Generally, performance obligations under client arrangements will be settled within one year, therefore, the Company has elected to apply the practical expedient in ASC 606-10-50-14.