Revenue (Tables)

6 Months Ended

Jun. 30, 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 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 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 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.