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Revenue and Accounts Receivable
 9 Months Ended
Sep. 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 nine months ended September 30, 2022 and 2021:
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2022202120222021
Investment Banking:
Advisory Fees$488,224 $708,333 $1,689,033 $1,781,065 
Underwriting Fees28,697 54,381 78,519 181,686 
Commissions and Related Revenue49,200 46,763 152,583 151,014 
Total Investment Banking$566,121 $809,477 $1,920,135 $2,113,765 
Investment Management:
Asset Management and Administration Fees:
Wealth Management
$15,641 $16,960 $48,724 $48,092 
Total Investment Management$15,641 $16,960 $48,724 $48,092 
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 nine months ended September 30, 2022 and 2021 are as follows:
For the Nine Months Ended September 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)(47,943)(30,723)15,992 (8,963)(776)— 
Balance at September 30, 2022$303,725 $57,041 $30,084 $3,982 $8,481 $147 
For the Nine Months Ended September 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)29,618 6,919 53,477 5,261 (2,615)— 
Balance at September 30, 2021$397,964 $77,894 $82,804 $10,544 $6,758 $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 $6,079 and $16,584 on the Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022, respectively, and $13,759 and $21,835 for the three and nine months ended September 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 nine months ended September 30, 2022 and 2021 is as follows:
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2022202120222021
Beginning Balance$1,447 $2,143 $2,704 $5,372 
Bad debt expense, net of reversals3,402 1,781 4,905 15 
Write-offs, foreign currency translation and other adjustments(497)(361)(3,257)(1,824)
Ending Balance$4,352 $3,563 $4,352 $3,563 
The change in the balance during the three and nine months ended September 30, 2022 is primarily related an increase in the Company's reserve for credit losses 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 September 30, 2022, by year of origination:
Amortized Carrying Value by Origination Year
20222021202020192018PriorTotal
Long-term Accounts Receivable and Long-Term Contract Assets$16,439 $31,568 $10,473 $2,543 $— $— $61,023