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Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 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 consolidated financial statements.
Consolidated Statements of Financial Condition
As of December 31, 2018
 
As reported
 
ASC 606 Impact
 
Adjusted (a)
 
(dollars in thousands)
Assets
 
 
 
 
 
Fees receivable, net of allowance
$
111,946

 
$
17,995

 
$
129,941

Other investments
181,407

 
(17,995
)
 
163,412

Stockholders' equity
$
794,407

 
$
1,002

 
$
795,409

Consolidated Statements of Operations
Year Ended December 31, 2018
 
As reported
 
ASC 606 Impact
 
Adjusted (a)
 
(dollars in thousands)
Revenues
 
 
 
 
 
Investment banking
$
357,222

 
$
(28,160
)
 
$
329,062

Incentive income
3,117

 
15,911

 
19,028

Total revenues
966,916

 
(12,249
)
 
954,667

Expenses
 
 
 
 
 
Underwriting expenses
15,282

 
(15,282
)
 
—

Professional, advisory and other fees
40,957

 
(7,861
)
 
33,096

Service fees
20,198

 
(42
)
 
20,156

Communications
30,801

 
(1,449
)
 
29,352

Occupancy and equipment
41,602

 
(14
)
 
41,588

Client services and business development
35,927

 
(3,373
)
 
32,554

Other expenses
22,014

 
(139
)
 
21,875

Total expenses
887,606

 
(28,160
)
 
859,446

Net gains (losses) on securities, derivatives and other investments
68,043

 
15,469

 
83,512

Net income (loss) attributable to Cowen Inc. common stockholders
$
36,027

 
$
442

 
$
36,469

Consolidated Statements of Cash Flows
Year Ended December 31, 2018
 
As reported
 
ASC 606 Impact
 
Adjusted (a)
 
(dollars in thousands)
Cash flows from operating activities:
 
 
 
 
 
Net income (loss)
$
83,217

 
$
442

 
$
83,659

Adjustments to reconcile net income (loss) to net cash provided by / (used in) operating activities:
 
 
 
 
 
Net (gains) losses on securities, derivatives, and other investments
(54,032
)
 
12,331

 
(41,701
)
(Increase) decrease in operating assets:
 
 
 
 
 
Fees receivable, net of allowance
(6,401
)
 
(11,962
)
 
(18,363
)
Net cash provided by / (used in) operating activities
324,536

 
811

 
325,347

Cash flows from investing activities:
 
 
 
 
 
Purchase of other investments
(28,092
)
 
(812
)
 
(28,904
)
Net cash provided by / (used in) investing activities
$
(17,882
)
 
$
(812
)
 
$
(18,694
)