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Revenue and Accounts Receivable
 3 Months Ended
Mar. 31, 2022
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 months ended March 31, 2022 and 2021:
For the Three Months Ended March 31,
20222021
Investment Banking:
Advisory Fees$624,564 $511,918 
Underwriting Fees36,306 79,257 
Commissions and Related Revenue50,898 53,526 
Total Investment Banking$711,768 $644,701 
Investment Management:
Asset Management and Administration Fees:
Wealth Management
$17,115 $14,949 
Total Investment Management$17,115 $14,949 
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 three months ended March 31, 2022 and 2021 are as follows:
For the Three Months Ended March 31, 2022
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, 2022$351,668 $87,764 $14,092 $12,945 $9,257 $147 
Increase (Decrease)(37,991)(12,541)30,493 (4,411)1,827 — 
Balance at March 31, 2022$313,677 $75,223 $44,585 $8,534 $11,084 $147 
For the Three Months Ended March 31, 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)(11,916)(2,434)(1,527)(1,111)3,791 — 
Balance at March 31, 2021$356,430 $68,541 $27,800 $4,172 $13,164 $147 
(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 Accounting Standards Codification ("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 $4,208 and $2,467 on the Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021, 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 months ended March 31, 2022 and 2021 is as follows:
For the Three Months Ended March 31,
20222021
Beginning Balance$2,704 $5,372 
Bad debt expense, net of reversals(519)(1,738)
Write-offs, foreign currency translation and other adjustments(131)(1,617)
Ending Balance$2,054 $2,017 
The change in the balance during the three months ended March 31, 2022 is primarily related to the decrease in the current period provision of expected credit losses, which is impacted by the change in the amount of receivables outstanding greater than 120 days at March 31, 2022. The change in the balance during the three months ended March 31, 2022 is also related to 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 March 31, 2022, by year of origination:
Amortized Carrying Value by Origination Year
20222021202020192018PriorTotal
Long-term Accounts Receivable and Long-Term Contract Assets$2,144 $55,323 $20,651 $4,392 $1,114 $133 $83,757