Revenues from Contracts with Customers

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

Revenues from Contracts with Customers

26. Revenues from Contracts with Customers

The following table presents the Company’s total revenues separated between revenues from contracts with customers and other sources of revenues (in thousands):

	Year Ended December 31, 2020		Year Ended December 31, 2019
Revenues from contracts with customers:
Commissions	$	1,567,668	$	1,645,818
Data, software, and post-trade		81,920		73,166
Fees from related parties		25,754		29,442
Other revenues		14,948		12,806
Total revenues from contracts with customers		1,690,290		1,761,232
Other sources of revenues:
Principal transactions		351,633		321,923
Interest and dividend income		12,332		18,319
Other revenues		2,465		2,757
Total revenues	$	2,056,720	$	2,104,231

As discussed in Note 1—“Organization and Basis of Presentation”, the Company adopted the new revenue recognition standard as of January 1, 2018. There was no significant impact to the Company’s consolidated financial statements for the periods presented as a result of applying the new revenue recognition standard.

Refer to Note 3—“Summary of Significant Accounting Policies” for detailed information on the recognition of the Company’s revenues from contracts with customers.

Disaggregation of Revenue

Refer to Note 25—“Segment, Geographic and Product Information” for a further discussion on the allocation of revenues to geographic regions.

Contract Balances

The timing of our revenue recognition may differ from the timing of payment by our customers. The Company records a receivable when revenue is recognized prior to payment and the Company has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied.

The Company had receivables related to revenues from contracts with customers of $629.4 million and $778.4 million at December 31, 2020 and December 31, 2019 respectively. The Company had no impairments related to these receivables during the years ended December 31, 2020 and 2019.

The Company’s deferred revenue primarily relates to customers paying in advance or billed in advance where the performance obligation has not yet been satisfied. Deferred revenue at December 31, 2020 and December 31, 2019 was $15.0 million and $12.9 million, respectively. During the years ended December 31, 2020 and 2019, the Company recognized revenue of $8.3 million and $9.1 million, respectively, that was recorded as deferred revenue at the beginning of the period.

Contract Costs

The Company capitalizes costs to fulfill contracts associated with different lines of its business where the revenue is recognized at a point in time and the costs are determined to be recoverable. Capitalized costs to fulfill a contract are recognized at the point in time that the related revenue is recognized. At December 31, 2020, there were $1.7 million of capitalized costs recognized to fulfill a contract. At December 31, 2019, there were $1.4 million of capitalized costs recognized to fulfill a contract.