Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:



	September 30, 2015			December 31, 2014
Trade receivables	$	53,122		$	48,394
Fees earned, not billed	160,917			139,038
Other receivables	4,245			7,771
	218,284			195,203
Less: Allowance for doubtful accounts	(588		)	(784		)
	$	217,696		$	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:



	September 30, 2015			December 31, 2014
Buildings	$	151,037		$	149,890
Equipment	87,684			78,266
Land	10,003			9,997
Purchased software	122,295			104,964
Furniture and fixtures	16,932			16,944
Leasehold improvements	11,996			5,675
Construction in progress	1,188			1,094
	401,135			366,830
Less: Accumulated depreciation	(258,783		)	(241,295		)
Property and Equipment, net	$	142,352		$	125,535

The Company recognized $17,946 and $16,494 in depreciation expense related to property and equipment for the nine months ended September 30, 2015 and 2014, respectively.

During the three months ended September 30, 2015, the Company determined that certain purchased software related to the SEI Wealth Platform is no longer in use and wrote off $522 of the software classified as Purchased software reported under the Private Banks business segment. The expense associated with the write off of the software is included in Facilities, supplies and other costs on the accompanying Consolidated Statement of Operations.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:



	September 30, 2015		December 31, 2014
Accrued employee compensation	$	56,318	$	73,269
Accrued employee benefits and other personnel	5,603		6,482
Accrued consulting, outsourcing and professional fees	18,203		18,915
Accrued sub-advisory, distribution and other asset management fees	32,385		31,913
Accrued brokerage fees	7,959		5,838
Accrued dividend payable	—		40,178
Accrued income taxes	8,908		3,272
Other accrued liabilities	23,904		27,562
Total accrued liabilities	$	153,280	$	207,429