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 three month and nine month periods ended September 30, 2018 and 2017 was as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2018			2017			2018			2017
Beginning Balance	$	34,956		$	25,094		$	23,746		$	16,386
Bad debt expense, net of recoveries		1,488			4,753			18,106			18,584
Charge-offs, foreign currency translation and other adjustments		(1,920	)		(2,383	)		(7,328	)		(7,506	)
Ending Balance	$	34,524		$	27,464		$	34,524		$	27,464

Bad debt expense, net of recoveries is included in “operating expenses—other” on the condensed consolidated statements of operations.

At September 30, 2018 and December 31, 2017, the Company had receivables past due or deemed uncollectible of $38,098 and $34,865, respectively.

Of the Company’s fee receivables at September 30, 2018 and December 31, 2017, $77,540 and $80,536, 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 $563,247 and $491,080 at September 30, 2018 and December 31, 2017, respectively, approximates fair value.