Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:



	2012			2011
Trade receivables	$	46,650		$	37,822
Fees earned, not billed	116,019			92,916
Other receivables	9,870			12,295
	172,539			143,033
Less: Allowance for doubtful accounts	(805		)	(924		)
Receivables, net	$	171,734		$	142,109

Fees earned, not billed represents receivables earned but unbilled and results from timing differences between services provided and contractual billing schedules. These billing schedules generally provide for fees to be billed on a quarterly basis. In addition, certain fees earned from investment operations services are determined from security valuations which delay billings to clients.

Receivables from regulated investment companies on the accompanying Consolidated Balance Sheets primarily represent fees receivable for distribution, investment advisory, and administration services to various regulated investment companies sponsored by SEI (See Note 14).

Property and Equipment

Property and Equipment on the accompanying Consolidated Balance Sheets consists of:



	2012			2011
Buildings	$	137,751		$	136,949
Equipment	66,167			64,256
Land	9,929			9,929
Purchased software	91,468			77,971
Furniture and fixtures	18,535			17,999
Leasehold improvements	5,037			4,558
Construction in progress	112			339
	328,999			312,001
Less: Accumulated depreciation	(201,418		)	(182,453		)
Property and Equipment, net	$	127,581		$	129,548

Depreciation expense related to property and equipment for 2012, 2011, and 2010 was $22,586, $21,471, and $21,902, respectively.

Other Assets

Other assets consist of long-term prepaid expenses, deposits, other investments at cost and various other assets. Amortization expense for certain other assets for 2012, 2011, and 2010 was $611, $1,135 and $995, respectively.

The Company recognized gains of $3,072 in 2010 due to the sale of its entire ownership interest in a small, private company that was involved in a merger. The Company’s investment in the firm had been accounted for under the cost basis. The gain is reflected in Net gain on investments on the accompanying Consolidated Statements of Operations.

Accrued Liabilities

Accrued Liabilities on the accompanying Consolidated Balance Sheets consist of:



	2012		2011
Accrued employee compensation	$	63,996	$	48,112
Accrued employee benefits and other personnel	7,299		5,408
Accrued consulting, outsourcing and professional fees	16,676		17,477
Accrued brokerage fees	5,733		8,665
Accrued sub-advisory, distribution and other asset management fees	17,548		17,091
Accrued dividend payable	—		26,518
Other accrued liabilities	27,053		23,773
Accrued liabilities	$	138,305	$	147,044