Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Property, Plant and Equipment Useful Life

Asset	Depreciable Lives	Depreciation and/or Amortization Method
Telecommunication and computer equipment	5 years	Straight-line
Computer software	4 years	Straight-line
Furniture and fixtures	5 years	Straight-line
Leasehold improvements	Term of Lease	Straight-line
Finance lease right-of-use asset	Term of Lease	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
Stockholder's equity	$	794,407	$	1,002	$	795,409

Consolidated Statements of Operation	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	890,944		(28,160)		862,784
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)	$	79,879	$	442	$	80,321
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	324,176		811		324,987
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)

(a) The amounts reflected above represent items as they would have been reported prior to adoption of ASC 606.

Revenue from External Customers by Products and Services

For the years ended December 31, 2019 and 2018, the following tables presents revenues from contracts with customers disaggregated by fee type and segment.

		Year Ended December 31,
		2019		2018
		(dollars in thousands)
Revenue from contracts with customers		Operating Company
Investment banking
Underwriting fees		$	211,666	$	215,723
Strategic/financial advisory fees		79,208		81,733
Placement and sales agent fees		69,070		46,888
Expense reimbursements from clients		15,081		12,878
	Total investment banking revenue	375,025		357,222
Brokerage
Commissions		356,668		366,090
Trade conversion revenue		12,531		17,061
Equity research fees		19,006		20,184
	Total brokerage revenue from customers	388,205		403,335
Management fees		31,361		26,080
Incentive income		1,532		3,117
Total revenue from contracts with customers - Op Co		$	796,123	$	789,754
		Asset Company
Management fees		1,248		3,578
Incentive income		15		—
Total revenue from contracts with customers - Asset Co		1,263		3,578
Total revenue from contracts with customers		$	797,386	$	793,332