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Composition of Certain Financial Statement Captions
 3 Months Ended
Mar. 31, 2023
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: 
March 31, 2023December 31, 2022
Trade receivables$102,590 $110,722 
Fees earned, not billed343,823 320,700 
Other receivables12,534 26,563 
458,947 457,985 
Less: Allowance for doubtful accounts(721)(901)
$458,226 $457,084 
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, 2023December 31, 2022
Buildings$210,772 $210,626 
Equipment185,813 179,318 
Land26,439 26,439 
Purchased software162,352 160,714 
Furniture and fixtures22,092 21,956 
Leasehold improvements21,500 20,879 
Construction in progress3,867 1,958 
632,835 621,890 
Less: Accumulated depreciation(449,628)(440,861)
Property and Equipment, net$183,207 $181,029 
The Company recognized $8,531 and $8,098 in depreciation expense related to property and equipment for the three months ended March 31, 2023 and 2022, respectively.
Deferred Contract Costs
Deferred contract costs, which primarily consist of deferred sales commissions, were $37,505 and $37,928 as of March 31, 2023 and December 31, 2022, respectively. The Company deferred expenses related to contract costs of $1,744 and $3,519 during the three months ended March 31, 2023 and 2022, respectively. Amortization expense related to deferred contract costs were $2,167 and $3,908 during the three months ended March 31, 2023 and 2022, respectively. Amortization expense during the three months ended March 31, 2022 includes $1,784 in expense accelerated as a result of the termination of a contractual agreement with a significant client (See Note 13). Amortization expense related to deferred contract costs is included in Compensation, benefits and other personnel on the accompanying Consolidated Statements of Operations. There were no material impairment losses in relation to deferred contract costs during the three months ended March 31, 2023.
Accrued Liabilities
Accrued liabilities on the accompanying Consolidated Balance Sheets consist of: 
March 31, 2023December 31, 2022
Accrued employee compensation$47,950 $100,566 
Accrued employee benefits and other personnel4,394 9,852 
Accrued voluntary separation program36,091 53,821 
Accrued consulting, outsourcing and professional fees37,822 37,009 
Accrued sub-advisory, distribution and other asset management fees48,225 52,916 
Accrued dividend payable— 58,051 
Accrued income taxes15,930 — 
Other accrued liabilities43,272 47,148 
Total accrued liabilities$233,684 $359,363