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, 2019 and 2018 was as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Beginning Balance	$	33,535		$	34,956		$	40,164		$	23,746
Bad debt expense, net of recoveries		(546	)		1,488			(6,097	)		18,106
Charge-offs, foreign currency translation and other adjustments		(1,701	)		(1,920	)		(2,779	)		(7,328	)
Ending Balance	$	31,288		$	34,524		$	31,288		$	34,524

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

At September 30, 2019 and December 31, 2018, the Company had receivables past due or deemed uncollectible of $37,732 and $42,309, respectively.

Of the Company’s fee receivables at September 30, 2019 and December 31, 2018, $77,304 and $90,966, 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 $590,863 and $594,568 at September 30, 2019 and December 31, 2018, respectively, approximates fair value.