Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:



	June 30, 2015			December 31, 2014
Trade receivables	$	55,888		$	48,394
Fees earned, not billed	153,046			139,038
Other receivables	9,863			7,771
	218,797			195,203
Less: Allowance for doubtful accounts	(656		)	(784		)
	$	218,141		$	194,419

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:



	June 30, 2015			December 31, 2014
Buildings	$	150,725		$	149,890
Equipment	86,071			78,266
Land	9,997			9,997
Purchased software	108,102			104,964
Furniture and fixtures	16,991			16,944
Leasehold improvements	8,899			5,675
Construction in progress	951			1,094
	381,736			366,830
Less: Accumulated depreciation	(253,039		)	(241,295		)
Property and Equipment, net	$	128,697		$	125,535

The Company recognized $11,838 and $10,915 in depreciation expense related to property and equipment for the six months ended June 30, 2015 and 2014, respectively.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:



	June 30, 2015		December 31, 2014
Accrued employee compensation	$	42,573	$	73,269
Accrued employee benefits and other personnel	3,727		6,482
Accrued consulting, outsourcing and professional fees	23,264		18,915
Accrued sub-advisory, distribution and other asset management fees	32,165		31,913
Accrued brokerage fees	7,113		5,838
Accrued dividend payable	—		40,178
Accrued income taxes	3,835		3,272
Other accrued liabilities	19,069		27,562
Total accrued liabilities	$	131,746	$	207,429