Revenues from Contracts with Customers (Tables)

6 Months Ended

May 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands):

	Three Months Ended  May 31,				Six Months Ended  May 31,
	2021		2020		2021		2020
Revenues from contracts with customers:
Commissions and other fees	$	222,643	$	243,267	$	459,581	$	422,802
Investment banking	1,000,700		387,491		2,004,362		979,493
Asset management fees	2,315		2,237		9,228		6,641
Total revenue from contracts with customers	1,225,658		632,995		2,473,171		1,408,936
Other sources of revenue:
Principal transactions	325,059		467,283		1,116,278		839,185
Revenue from strategic affiliates	12,252		2,339		42,722		9,655
Interest	206,958		211,941		425,979		506,609
Other	66,769		(47,275)		127,357		(17,546)
Total revenues	$	1,836,696	$	1,267,283	$	4,185,507	$	2,746,839

The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic regions (in thousands):

	Three Months Ended May 31,												Six Months Ended May 31,
	2021						2020						2021						2020
	Reportable Segment						Reportable Segment						Reportable Segment						Reportable Segment
	Investment Banking and Capital Markets		Asset Management		Total		Investment Banking and Capital Markets		Asset Management		Total		Investment Banking and Capital Markets		Asset Management		Total		Investment Banking and Capital Markets		Asset Management		Total
Major business activity:
Investment banking - Advisory	$	390,508	$	—	$	390,508	$	182,081	$	—	$	182,081	$	701,947	$	—	$	701,947	$	525,239	$	—	$	525,239
Investment banking - Underwriting	610,192		—		610,192		205,410		—		205,410		1,302,415		—		1,302,415		454,254		—		454,254
Equities (1)	219,855		—		219,855		236,683		—		236,683		453,394		—		453,394		412,932		—		412,932
Fixed income (1)	2,788		—		2,788		6,584		—		6,584		6,187		—		6,187		9,870		—		9,870
Asset management	—		2,315		2,315		—		2,237		2,237		—		9,228		9,228		—		6,641		6,641
Total	$	1,223,343	$	2,315	$	1,225,658	$	630,758	$	2,237	$	632,995	$	2,463,943	$	9,228	$	2,473,171	$	1,402,295	$	6,641	$	1,408,936
Primary geographic region:
Americas	$	962,556	$	2,011	$	964,567	$	524,627	$	566	$	525,193	$	1,989,472	$	8,595	$	1,998,067	$	1,173,696	$	1,546	$	1,175,242
Europe	196,891		304		197,195		68,082		1,671		69,753		360,628		633		361,261		147,520		5,095		152,615
Asia Pacific	63,896		—		63,896		38,049		—		38,049		113,843		—		113,843		81,079		—		81,079
Total	$	1,223,343	$	2,315	$	1,225,658	$	630,758	$	2,237	$	632,995	$	2,463,943	$	9,228	$	2,473,171	$	1,402,295	$	6,641	$	1,408,936

(1)Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.

Schedule of Allowance for Credit Loss

The allowance for credit losses for the three and six months ended May 31, 2021 and 2020 is as follows:

	Three Months Ended  May 31,				Six Months Ended  May 31,
	2021		2020		2021		2020
Beginning balance	$	14,011	$	7,649	$	19,788	$	6,817
Adjustment for change in accounting principle for current expected credit losses	—		—		(3,594)		—
Bad debt expense, net of reversals	396		3,074		1,022		4,414
Charge-offs	(47)		(1,514)		(472)		(1,721)
Recoveries collected	(1,704)		(395)		(4,088)		(696)
Ending balance (1)	$	12,656	$	8,814	$	12,656	$	8,814

(1)The allowance for doubtful accounts balances are substantially all related to mergers and acquisitions and restructuring fee receivables, which include recoverable expense receivables.