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, 2017, 2016 and 2015 was as follows:

	Year Ended December 31,
	2017			2016			2015
Beginning Balance	$	16,386		$	12,882		$	23,540
Bad debt expense, net of recoveries		15,419			10,055			3,125
Charge-offs, foreign currency translation and other adjustments		(8,059	)		(6,551	)		(13,783	)
Ending Balance	$	23,746		$	16,386		$	12,882

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

At December 31, 2017 and 2016, the Company had receivables past due or deemed uncollectible of $34,865 and $22,212, respectively.

Of the Company’s fee receivables at December 31, 2017 and 2016, $80,536 and $76,133, 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 $491,080 and $562,149 at December 31, 2017 and 2016, respectively, approximates fair value.