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Composition of Certain Financial Statement Captions
 3 Months Ended
Mar. 31, 2025
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, 2025December 31, 2024
Trade receivables$139,515 $143,574 
Fees earned, not billed445,399 403,514 
Other receivables18,214 21,981 
603,128 569,069 
Less: Allowance for doubtful accounts(1,790)(1,435)
$601,338 $567,634 
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, 2025December 31, 2024
Buildings$218,270 $218,112 
Equipment198,260 196,792 
Land27,456 27,407 
Purchased software164,891 164,659 
Furniture and fixtures22,836 23,068 
Leasehold improvements21,826 22,491 
Construction in progress666 333 
654,205 652,862 
Less: Accumulated depreciation(494,941)(493,219)
Property and Equipment, net$159,264 $159,643 
The Company recognized $7,927 and $8,389 in depreciation expense related to property and equipment for the three months ended March 31, 2025 and 2024, respectively.
Deferred Contract Costs
Deferred contract costs, which primarily consist of deferred sales commissions, were $47,751 and $45,855 as of March 31, 2025 and December 31, 2024, respectively. The Company deferred expenses related to contract costs of $5,410 and $2,391 during the three months ended March 31, 2025 and 2024, respectively. Amortization expense related to deferred contract costs were $3,119 and $2,612 during the three months ended March 31, 2025 and 2024, respectively. 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, 2025.
Accrued Liabilities
Accrued liabilities on the accompanying Consolidated Balance Sheets consist of: 
March 31, 2025December 31, 2024
Accrued employee compensation$51,461 $129,228 
Accrued consulting, outsourcing and professional fees37,899 32,082 
Accrued sub-advisory, distribution and other asset management fees52,591 53,727 
Accrued dividend payable1,558 63,877 
Accrued income taxes41,463 7,105 
Other accrued liabilities39,724 61,494 
Total accrued liabilities$224,696 $347,513