Composition of Certain Financial Statement Captions

3 Months Ended

Mar. 31, 2020

Items Included in Consolidated Statement of Financial Condition [Abstract]

Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:



	March 31, 2020			December 31, 2019
Trade receivables	$	87,126		$	86,043
Fees earned, not billed	256,280			240,239
Other receivables	16,005			15,277
	359,411			341,559
Less: Allowance for doubtful accounts	(1,281		)	(1,201		)
	$	358,130		$	340,358

Fees earned, not billed represents receivables from contracts with customers 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 an extended valuation process. Billings to these clients occur once the asset valuation processes are completed.

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

Property and Equipment

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



	March 31, 2020			December 31, 2019
Buildings	$	162,891		$	162,882
Equipment	131,660			123,945
Land	10,830			10,830
Purchased software	144,342			143,705
Furniture and fixtures	19,902			18,835
Leasehold improvements	19,695			20,700
Construction in progress	44,083			33,415
	533,403			514,312
Less: Accumulated depreciation	(360,148		)	(353,453		)
Property and Equipment, net	$	173,255		$	160,859

The Company recognized $7,473 and $7,331 in depreciation expense related to property and equipment for the three months ended March 31, 2020 and 2019, respectively.

Deferred Contract Costs

Deferred contract costs, which primarily consist of deferred sales commissions, were $32,760 and $30,991 as of March 31, 2020 and December 31, 2019, respectively. The Company deferred expenses related to contract costs of $2,997 and $1,126 during the three months ended March 31, 2020 and 2019, respectively. Amortization expense related to deferred contract costs were $1,228 and $988 during the three months ended March 31, 2020 and 2019, respectively, and are included in Compensation, benefits and other personnel on the accompanying Consolidated Statements of Operations. There was no impairment loss in relation to deferred contract costs during the three months ended March 31, 2020.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:



	March 31, 2020		December 31, 2019
Accrued employee compensation	$	33,519	$	96,991
Accrued consulting, outsourcing and professional fees	32,444		28,610
Accrued sub-advisory, distribution and other asset management fees	48,478		46,245
Accrued dividend payable	—		52,452
Accrued income taxes	23,663		2,010
Other accrued liabilities	41,668		46,493
Total accrued liabilities	$	179,772	$	272,801