Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:



	September 30, 2013			December 31, 2012
Trade receivables	$	46,855		$	46,650
Fees earned, not billed	126,943			116,019
Other receivables	13,209			9,870
	187,007			172,539
Less: Allowance for doubtful accounts	(625		)	(805		)
	$	186,382		$	171,734

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 calculated based on assets under administration that have a prolonged valuation process which delays 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.

Property and Equipment

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



	September 30, 2013			December 31, 2012
Buildings	$	138,106		$	137,751
Equipment	67,182			66,167
Land	9,929			9,929
Purchased software	95,448			91,468
Furniture and fixtures	16,909			18,535
Leasehold improvements	4,467			5,037
Construction in progress	1,106			112
	333,147			328,999
Less: Accumulated depreciation	(214,653		)	(201,418		)
Property and Equipment, net	$	118,494		$	127,581

The Company recognized $17,050 and $16,823 in depreciation expense related to property and equipment for the nine months ended September 30, 2013 and 2012, respectively.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:



	September 30, 2013		December 31, 2012
Accrued employee compensation	$	55,729	$	63,996
Accrued employee benefits and other personnel	8,644		7,299
Accrued consulting, outsourcing and professional fees	21,606		16,676
Accrued brokerage fees	5,045		5,733
Accrued sub-advisory, distribution and other asset management fees	23,839		17,548
Accrued income taxes	26		104
Other accrued liabilities	21,750		26,949
Total accrued liabilities	$	136,639	$	138,305