4.	*RECEIVABLES*

The Company’s receivables represent fee receivables, amounts due from customers and other receivables.

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, 2015, 2014 and 2013 was as follows:


	Year Ended December 31,
	2015			2014			2013
Beginning Balance	$	23,540		$	28,777		$	23,017
Bad debt expense, net of recoveries		3,125			12,246			4,395
Charge-offs, foreign currency translation and other adjustments		(13,783	)		(17,483	)		1,365

Ending Balance	$	12,882		$	23,540		$	28,777

Bad debt expense, net of recoveries is included in “investment banking and other advisory fees” on the consolidated statements of operations.

At December 31, 2015 and 2014, the Company had receivables past due or deemed uncollectible of $19,923 and $24,578, respectively.

Of the Company’s fee receivables at December 31, 2015 and 2014, $81,774 and $86,221, 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 $415,439 and $471,375 at December 31, 2015 and 2014, respectively, approximates fair value.