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Revenue and Accounts Receivable
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2022 and 2021:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2022202120222021
Investment Banking:
Advisory Fees$576,245 $560,814 $1,200,809 $1,072,732 
Underwriting Fees13,516 48,048 49,822 127,305 
Commissions and Related Revenue52,485 50,725 103,383 104,251 
Total Investment Banking$642,246 $659,587 $1,354,014 $1,304,288 
Investment Management:
Asset Management and Administration Fees:
Wealth Management
$15,968 $16,183 $33,083 $31,132 
Total Investment Management$15,968 $16,183 $33,083 $31,132 
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, 2022 and 2021 are as follows:
For the Six Months Ended June 30, 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)(33,678)(24,418)51,177 (11,407)366 — 
Balance at June 30, 2022$317,990 $63,346 $65,269 $1,538 $9,623 $147 
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 
(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 $6,297 and $10,505 on the Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022, respectively, and $5,609 and $8,076 for the three and six months ended June 30, 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 and six months ended June 30, 2022 and 2021 is as follows:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2022202120222021
Beginning Balance$2,054 $2,017 $2,704 $5,372 
Bad debt expense, net of reversals2,022 (28)1,503 (1,766)
Write-offs, foreign currency translation and other adjustments(2,629)154 (2,760)(1,463)
Ending Balance$1,447 $2,143 $1,447 $2,143 
The change in the balance during the three and six months ended June 30, 2022 is primarily 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 June 30, 2022, by year of origination:
Amortized Carrying Value by Origination Year
20222021202020192018PriorTotal
Long-term Accounts Receivable and Long-Term Contract Assets$6,753 $37,739 $16,865 $3,527 $— $— $64,884