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Composition of Certain Financial Statement Captions
 12 Months Ended
Dec. 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:
20252024
Trade receivables$178,902 $143,574 
Fees earned, not billed483,860 403,514 
Taxes receivable40,415 17,673 
Other receivables8,487 4,308 
711,664 569,069 
Less: Allowance for doubtful accounts(1,916)(1,435)
Receivables, net$709,748 $567,634 
Fees earned, not billed represents receivables from contracts from 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.
Property and Equipment
Property and Equipment on the accompanying Consolidated Balance Sheets consists of:
20252024
Buildings$221,488 $218,112 
Equipment158,740 196,792 
Land27,457 27,407 
Purchased software165,229 164,659 
Furniture and fixtures23,066 23,068 
Leasehold improvements23,003 22,491 
Construction in progress151 333 
619,134 652,862 
Less: Accumulated depreciation(468,700)(493,219)
Property and Equipment, net$150,434 $159,643 
Depreciation expense related to property and equipment for 2025, 2024 and 2023 was $30,434, $33,358 and $35,300, respectively.
Deferred Contract Costs
The Company's incremental contract acquisition costs are related to information processing contracts in the Private Banks segment and investment operations contracts in the Investment Managers segment. These deferred costs primarily consist of sales compensation payments to the Company's sales personnel. The Company defers and amortizes incremental contract acquisition costs using the straight-line method over the expected client life, which ranges from 6 to 15 years.
Deferred contract costs were $53,345 and $45,855 as of December 31, 2025 and 2024, respectively. The Company deferred expenses related to contract costs of $21,155, $16,473 and $11,342 during 2025, 2024 and 2023, respectively. Amortization expense related to deferred contract costs were $13,270, $10,839 and $9,049 during 2025, 2024 and 2023, respectively, and 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 2025, 2024 or 2023.
Other Assets
Other assets consist of long-term prepaid expenses, deposits and various other assets. Amortization expense for certain other assets for 2025, 2024 and 2023 was $582, $321 and $281, respectively.
Accrued Liabilities
Accrued Liabilities on the accompanying Consolidated Balance Sheets consist of:
20252024
Accrued employee compensation$143,358 $129,228 
Accrued consulting, outsourcing and professional fees29,186 32,082 
Accrued sub-advisory, distribution and other asset management fees56,445 53,727 
Accrued dividend payable65,182 63,877 
Accrued income taxes6,560 7,105 
Other accrued liabilities59,092 61,494 
Accrued liabilities$359,823 $347,513