Revenue (Tables)

3 Months Ended

Mar. 31, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

The following table presents revenue recognized by the Company for the three months ended March 31, 2019 and 2018:



	For the Three Months Ended March 31,
	2019		2018
Investment Banking:
Advisory Fees	$	325,844	$	378,315
Underwriting Fees	26,920		30,279
Commissions and Related Fees	41,937		43,034
Total Investment Banking	$	394,701	$	451,628

Investment Management:
Asset Management and Administration Fees:
Wealth Management	$	11,438	$	10,969
Institutional Asset Management	945		786
Total Investment Management	$	12,383	$	11,755

Contract with Customer, Asset and Liability [Table Text Block]

The change in the Company’s contract assets and liabilities during the periods primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the three months ended March 31, 2019 and 2018 are as follows:



	For the Three Months Ended March 31, 2019
	Receivables (Current)⁽¹⁾		Receivables (Long-term)⁽²⁾			Contract Assets (Current)⁽³⁾			Contract Assets (Long-term)⁽⁴⁾		Deferred Revenue (Current Contract Liabilities)⁽⁵⁾		Deferred Revenue (Long-term Contract Liabilities)⁽⁶⁾
Balance at January 1, 2019	$	309,075	$	60,948		$	2,833		$	541	$	4,016	$	1,731
Increase (Decrease)	47,926		(152		)	(2,833		)	2,073		2,327		—
Balance at March 31, 2019	$	357,001	$	60,796		$	—		$	2,614	$	6,343	$	1,731

	For the Three Months Ended March 31, 2018
	Receivables (Current)⁽¹⁾		Receivables (Long-term)⁽²⁾			Contract Assets (Current)⁽³⁾			Contract Assets (Long-term)⁽⁴⁾		Deferred Revenue (Current Contract Liabilities)⁽⁵⁾		Deferred Revenue (Long-term Contract Liabilities)⁽⁶⁾
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 Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.


(4)	Included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.


(5)	Included in Other Current Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.


(6)	Included in Other Long-term Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.