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Revenue and Accounts Receivable
 6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] Revenue and Accounts Receivable

The following table presents revenue recognized by the Company for the three and six months ended June 30, 2020 and 2019:
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Investment Banking:
 
 
 
 
 
 
 
Advisory Fees
$
336,436

 
$
443,580

 
$
695,000

 
$
769,424

Underwriting Fees
93,565

 
16,910

 
114,683

 
43,830

Commissions and Related Fees
54,119

 
48,660

 
109,500

 
90,597

Total Investment Banking
$
484,120

 
$
509,150

 
$
919,183

 
$
903,851

 
 
 
 
 
 
 
 
Investment Management:
 
 
 
 
 
 
 
Asset Management and Administration Fees:
 
 
 
 
 
 
 
Wealth Management
$
12,632

 
$
11,815

 
$
24,960

 
$
23,253

Institutional Asset Management
321

 
604

 
740

 
1,549

Total Investment Management
$
12,953

 
$
12,419

 
$
25,700

 
$
24,802


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, 2020 and 2019 are as follows:
 
For the Six Months Ended June 30, 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)
13,853

 
(1,613
)
 
(24,756
)
 
3,376

 
9,553

 
(234
)
Balance at June 30, 2020
$
310,208

 
$
61,941

 
$
6,769

 
$
5,880

 
$
12,045

 
$
381

 
 
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended June 30, 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)
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

(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.

The Company's contract assets represent arrangements in which an estimate of variable consideration has been included in the transaction price and thereby recognized as revenue that precedes the contractual due date. Under ASC 606, revenue is recognized when all material conditions for completion have been met and it is probable that a significant revenue reversal will not occur in a future period.
The Company recognized revenue of $3,862 and $5,891 on the Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020, respectively, and $5,027 and $7,493 for the three and six months ended June 30, 2019, respectively, that was initially 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.
The allowance for credit losses for the three and six months ended June 30, 2020 and 2019 is as follows:
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Beginning Balance(1)
$
6,895

 
$
7,551

 
$
9,191

 
$
6,037

Bad debt expense
4,857

 
397

 
5,331

 
1,750

Write-offs, foreign currency translation and other adjustments
(627
)
 
(589
)
 
(3,397
)
 
(428
)
Ending Balance
$
11,125

 
$
7,359

 
$
11,125

 
$
7,359


(1) Beginning Balance for the six months ended June 30, 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.
The change in the balance during the three and six months ended June 30, 2020 is primarily related to an increase in the current period provision of expected credit losses and the write-off of aged receivables, as well as the impact of a decrease in the amount of receivables outstanding greater than 120 days at June 30, 2020.
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 June 30, 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
$
21,370

 
$
27,889

 
$
15,744

 
$
1,806

 
$
1,012

 
$
67,821