Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue From Contracts with Customers

Note 9. Revenue From Contracts with Customers

Disaggregated Revenue

The following table presents a disaggregation of investment advisory revenue by type and vehicle for the three months ended March 31, 2021 and 2020:

	For the Three Months Ended March 31,
	2021		2020
Management fees
Artisan Funds	$	165,807	$	114,679
Artisan Global Funds	10,864		8,116
Separate accounts(1)	107,294		77,109
Performance fees
Separate accounts(1)	6,712		2,932
Total revenues(2)	$	290,677	$	202,836
(1) Separate account revenue consists of management fees and performance fees earned from vehicles other than Artisan Funds or Artisan Global Funds, which includes traditional separate accounts, Artisan-branded collective investment trusts and Artisan Private Funds.
(2) All management fees and performance fees from consolidated investment products are eliminated upon consolidation and therefore are omitted from this table.

Performance fees are subject to the uncertainty of market volatility, and as a result, the entire amount of the variable consideration related to performance fees is constrained until the end of each measurement period. At the end of the quarterly or annual measurement period, revenue is recorded for the actual amount of performance fees earned during that period because the uncertainty has been resolved. For performance fees with annual measurement periods, revenue recognized in the current quarter relates to performance obligations that were partially satisfied in prior periods.

The following table presents the balances of receivables related to contracts with customers:

	As of March 31, 2021		As of December 31, 2020
Customer
Artisan Funds	$	9,202	$	5,227
Artisan Global Funds	4,664		4,473
Separate accounts	93,447		87,971
Total receivables from contracts with customers	$	107,313	$	97,671
Non-customer receivables	7,726		2,217
Accounts receivable	$	115,039	$	99,888

Artisan Funds and Artisan Global Funds are billed on the last day of each month. Artisan Funds and Artisan Global Funds make payments on the same day the invoice is received for the majority of the invoiced amount. The remainder of the invoice is generally paid in the month following receipt of the invoice. Separate account clients are generally billed on a monthly or quarterly basis, with payments due within 30 days of billing. Artisan had no other contract assets or liabilities from contracts with customers as of March 31, 2021 or December 31, 2020.