Revenue and Accounts Receivable (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020 and 2019:



	For the Three Months Ended March 31,
	2020		2019
Investment Banking:
Advisory Fees	$	358,564	$	325,844
Underwriting Fees	21,118		26,920
Commissions and Related Fees	55,381		41,937
Total Investment Banking	$	435,063	$	394,701

Investment Management:
Asset Management and Administration Fees:
Wealth Management	$	12,328	$	11,438
Institutional Asset Management	419		945
Total Investment Management	$	12,747	$	12,383

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, 2020 and 2019 are as follows:



	For the Three Months Ended March 31, 2020
	Receivables (Current)⁽¹⁾			Receivables (Long-term)⁽²⁾			Contract Assets (Current)⁽³⁾			Contract Assets (Long-term)⁽²⁾		Deferred Revenue (Current Contract Liabilities)⁽⁴⁾		Deferred Revenue (Long-term Contract Liabilities)⁽⁵⁾
Balance at January 1, 2020	$	296,355		$	63,554		$	31,525		$	2,504	$	2,492	$	615
Increase (Decrease)	(48,910		)	(3,968		)	166			6,960		3,131		—
Balance at March 31, 2020	$	247,445		$	59,586		$	31,691		$	9,464	$	5,623	$	615

	For the Three Months Ended March 31, 2019
	Receivables (Current)⁽¹⁾			Receivables (Long-term)⁽²⁾			Contract Assets (Current)⁽³⁾			Contract Assets (Long-term)⁽²⁾		Deferred Revenue (Current Contract Liabilities)⁽⁴⁾		Deferred Revenue (Long-term Contract Liabilities)⁽⁵⁾
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


(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 Current Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.

(5)

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

Accounts Receivable, Allowance for Credit Loss [Table Text Block]

The allowance for credit losses for the three months ended March 31, 2020 and 2019 is as follows:



	For the Three Months Ended March 31,
	2020			2019
Beginning Balance⁽¹⁾	$	9,191		$	6,037
Bad debt expense	474			1,353
Writeoffs, foreign currency translation and other adjustments	(2,770		)	161
Ending Balance	$	6,895		$	7,551

(1) Beginning Balance for the three months ended March 31, 2020 includes the cumulative-effect adjustment of $1,310, which reflects the increase in the Company's Allowance for Doubtful Accounts as a result of the use of the current expected credit loss model related to the adoption of ASU 2016-13 on January 1, 2020. See Notes 2 and 3 for further information.

Accounts Receivable, Noncurrent, Credit Quality Indicator [Table Text Block]

For long-term accounts receivable and long-term contract assets, the Company monitors clients’ creditworthiness based on collection experience and other internal metrics. The following table presents the Company’s long-term accounts receivable and long-term contract assets from the Company's private and secondary fund advisory businesses as of March 31, 2020 by year of origination:



	Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Total
Long-term Accounts Receivable and Long-Term Contract Assets	$	15,688	$	31,872	$	17,830	$	2,243	$	1,417	$	69,050