4.	*RECEIVABLES*

The Company’s receivables represent receivables from fees, customers and other and related parties.

Receivables are stated net of an estimated allowance for doubtful accounts, for past due amounts and for specific accounts deemed uncollectible, which may include situations where a fee is in dispute. Activity in the allowance for doubtful accounts for the years ended December 31, 2013, 2012 and 2011 was as follows:


	Year Ended December 31,
	2013		2012			2011
Balance, January 1	$	23,017	$	19,450		$	15,017
Bad debt expense		4,395		6,579			7,952
Charge-offs, foreign currency translation and other adjustments		1,365		(3,012	)		(3,519	)

Balance, December 31	$	28,777	$	23,017		$	19,450

At December 31, 2013 and 2012, the Company had receivables past due or deemed uncollectible of $39,341 and $25,604, respectively.

Of the Company’s fee receivables at December 31, 2013 and 2012, $69,464 and $76,481, respectively, represented interest-bearing financing receivables. Based upon our historical loss experience, the credit quality of the counterparties, and the lack of past due or uncollectible amounts, there was no allowance for doubtful accounts required at those dates related to such receivables.

The aggregate carrying amount of our non-interest bearing receivables of $443,211 and $401,562 at December 31, 2013 and 2012, respectively, approximates fair value.