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Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Property, Plant and Equipment Useful Life
Asset
Depreciable Lives
 
Depreciation and/or Amortization Method
Telephone and computer equipment
3-5 years
 
Straight-line
Computer software
3-8 years
 
Straight-line
Furniture and fixtures
5 years
 
Straight-line
Leasehold improvements
Term of Lease
 
Straight-line
Capitalized lease asset
5 years
 
Straight-line
Aircraft and related equipment
10-20 years
 
Straight-line
Modifications to aircraft
4-10 years
 
Straight-line
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
The following tables summarize the impacts of adopting ASC Topic 606 on the Company’s condensed consolidated financial statements.
Condensed Consolidated Statements of Financial Condition
As of September 30, 2018
 
As reported
 
ASC 606 Impact
 
Adjusted (a)
 
(dollars in thousands)
Assets
 
 
 
 
 
Fees receivable, net of allowance
$
111,756

 
$
11,739

 
$
123,495

Other investments
167,428

 
(11,739
)
 
155,689

Stockholders' equity
$
808,244

 
$
3,493

 
$
811,737

Condensed Consolidated Statements of Operations
Three Months Ended September 30, 2018
 
Nine Months Ended September 30, 2018
 
As reported
 
ASC 606 Impact
 
Adjusted (a)
 
As reported
 
ASC 606 Impact
 
Adjusted (a)
 
(dollars in thousands)
Revenues
 
 
 
 
 
 
 
 
 
 
 
Investment banking
$
81,923

 
$
(4,412
)
 
$
77,511

 
$
264,737

 
$
(13,260
)
 
$
251,477

Incentive income
33

 
7,776

 
7,809

 
97

 
11,186

 
11,283

Total revenues
221,028

 
3,364

 
224,392

 
706,985

 
(2,074
)
 
704,911

Expenses
 
 
 
 
 
 
 
 
 
 
 
Underwriting expenses
4,412

 
(4,412
)
 
—

 
13,260

 
(13,260
)
 
—

Total expenses
211,149

 
(4,412
)
 
206,737

 
660,311

 
(13,260
)
 
647,051

Net gains (losses) on securities, derivatives and other investments
32,040

 
6,822

 
38,862

 
64,728

 
8,252

 
72,980

Net income (loss) attributable to Cowen Inc. common stockholders
$
13,790

 
$
954

 
$
14,744

 
$
32,646

 
$
2,934

 
$
35,580

Condensed Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2018
 
As reported
 
ASC 606 Impact
 
Adjusted (a)
 
(dollars in thousands)
Cash flows from operating activities:
 
 
 
 
 
Net income (loss)
$
78,793

 
$
2,934

 
$
81,727

Adjustments to reconcile net income (loss) to net cash provided by / (used in) operating activities:
 
 
 
 
 
Net (gains) losses on securities, derivatives, and other investments
(61,927
)
 
6,075

 
(55,852
)
(Increase) decrease in operating assets:
 
 
 
 
 
Fees receivable, net of allowance
(6,211
)
 
(8,197
)
 
(14,408
)
Net cash provided by / (used in) operating activities
295,986

 
812

 
296,798

Cash flows from investing activities:
 
 
 
 
 
Purchase of other investments
(21,355
)
 
(812
)
 
(22,167
)
Net cash provided by / (used in) investing activities
$
(10,925
)
 
$
(812
)
 
$
(11,737
)
(a) The amounts reflected above represent items as they would have been reported prior to adoption of the new revenue standard.