Composition of Certain Financial Statement Captions

6 Months Ended

Jun. 30, 2020

Items Included in Consolidated Statement of Financial Condition [Abstract]

Composition of Certain Financial Statement Captions

Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of: 

	June 30, 2020		December 31, 2019
Trade receivables	$	89,183	$	86,043
Fees earned, not billed	252,541		240,239
Other receivables	10,969		15,277
	352,693		341,559
Less: Allowance for doubtful accounts	(1,079)		(1,201)
	$	351,614	$	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:

	June 30, 2020		December 31, 2019
Buildings	$	162,999	$	162,882
Equipment	137,698		123,945
Land	10,830		10,830
Purchased software	145,816		143,705
Furniture and fixtures	20,032		18,835
Leasehold improvements	20,109		20,700
Construction in progress	52,466		33,415
	549,950		514,312
Less: Accumulated depreciation	(367,677)		(353,453)
Property and Equipment, net	$	182,273	$	160,859

The Company recognized $15,113 and $14,753 in depreciation expense related to property and equipment for the six months ended June 30, 2020 and 2019, respectively.

Deferred Contract Costs

Deferred contract costs, which primarily consist of deferred sales commissions, were $33,108 and $30,991 as of June 30, 2020 and December 31, 2019, respectively. The Company deferred expenses related to contract costs of $1,752 and $1,950 during the three months ended June 30, 2020 and 2019, respectively. During the six months ended June 30, 2020 and 2019, the Company deferred expenses related to contract costs of $4,749 and $3,076, respectively. Amortization expense related to deferred contract costs were $2,632 and $1,951 during the six months ended June 30, 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 six months ended June 30, 2020.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of: 

	June 30, 2020		December 31, 2019
Accrued employee compensation	$	50,858	$	96,991
Accrued consulting, outsourcing and professional fees	35,750		28,610
Accrued sub-advisory, distribution and other asset management fees	47,797		46,245
Accrued dividend payable	—		52,452
Accrued income taxes	24,739		2,010
Other accrued liabilities	51,567		46,493
Total accrued liabilities	$	210,711	$	272,801