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Revenue
 6 Months Ended
Jun. 30, 2019
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 and six months ended June 30, 2019 and 2018:
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Investment Banking:
 
 
 
 
 
 
 
Advisory Fees
$
443,580

 
$
362,995

 
$
769,424

 
$
741,310

Underwriting Fees
16,910

 
21,065

 
43,830

 
51,344

Commissions and Related Fees
48,660

 
51,076

 
90,597

 
94,110

Total Investment Banking
$
509,150

 
$
435,136

 
$
903,851

 
$
886,764

 
 
 
 
 
 
 
 
Investment Management:
 
 
 
 
 
 
 
Asset Management and Administration Fees:
 
 
 
 
 
 
 
Wealth Management
$
11,815

 
$
11,297

 
$
23,253

 
$
22,266

Institutional Asset Management
604

 
873

 
1,549

 
1,659

Total Investment Management
$
12,419

 
$
12,170

 
$
24,802

 
$
23,925


Contract Balances
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 six months ended June 30, 2019 and 2018 are as follows:
 
For the Six Months Ended June 30, 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)
7,803

 
1,700

 
72,701

 
6,740

 
1,049

 
(812
)
Balance at June 30, 2019
$
316,878

 
$
62,648

 
$
75,534

 
$
7,281

 
$
5,065

 
$
919

 
 
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended June 30, 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)
89,004

 
17,610

 
—

 
—

 
3,234

 
(103
)
Balance at June 30, 2018
$
273,997

 
$
51,618

 
$
—

 
$
—

 
$
6,381

 
$
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.
The Company recognized revenue of $5,027 and $7,493 on the Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2019, respectively, and $2,402 and $5,244 for the three and six months ended June 30, 2018, respectively, that was previously included in deferred revenue on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition.
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.