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Revenue
 6 Months Ended
Jun. 30, 2021
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, 2021 and 2020:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2021202020212020
Investment Banking:
Advisory Fees$560,814 $336,436 $1,072,732 $695,000 
Underwriting Fees48,048 93,565 127,305 114,683 
Commissions and Related Revenue50,725 54,334 104,251 109,900 
Total Investment Banking$659,587 $484,335 $1,304,288 $919,583 
Investment Management:
Asset Management and Administration Fees:
Wealth Management
$16,183 $12,632 $31,132 $24,960 
Institutional Asset Management
— 321 — 740 
Total Investment Management$16,183 $12,953 $31,132 $25,700 
Contract Balances
The change in the Company’s contract assets and liabilities during the following 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, 2021 and 2020 are as follows:
For the Six Months Ended June 30, 2021
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, 2021$368,346 $70,975 $29,327 $5,283 $9,373 $147 
Increase (Decrease)(39,803)5,011 25,438 1,380 2,280 — 
Balance at June 30, 2021$328,543 $75,986 $54,765 $6,663 $11,653 $147 
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 
(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 from Contracts with Customers" ("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 $5,609 and $8,076 on the Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021, respectively, and $3,862 and $5,891 for the three and six months ended June 30, 2020, respectively, that was initially included in deferred revenue within Other Current Liabilities 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, 2021 and 2020 is as follows:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2021202020212020
Beginning Balance(1)
$2,017 $6,895 $5,372 $9,191 
Bad debt expense, net of reversals(28)4,857 (1,766)5,331 
Write-offs, foreign currency translation and other adjustments154 (627)(1,463)(3,397)
Ending Balance$2,143 $11,125 $2,143 $11,125 
(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.
The change in the balance during the three and six months ended June 30, 2021 is primarily related to a decrease in the current period provision of expected credit losses, which is principally impacted by recoveries of bad debt, as well as the change in the amount of receivables outstanding greater than 120 days at June 30, 2021, and the write-off of aged receivables.
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, 2021, by year of origination:
Amortized Cost Basis by Origination Year
20212020201920182017Total
Long-term Accounts Receivable and Long-Term Contract Assets$29,457 $38,695 $10,426 $3,805 $266 $82,649