Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:



	June 30, 2014			December 31, 2013
Trade receivables	$	58,980		$	44,502
Fees earned, not billed	142,847			128,248
Other receivables	6,733			14,565
	208,560			187,315
Less: Allowance for doubtful accounts	(878		)	(651		)
	$	207,682		$	186,664

Fees earned, not billed represents receivables 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 a prolonged valuation process which delays billings to clients.

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

Property and Equipment

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



	June 30, 2014			December 31, 2013
Buildings	$	138,508		$	138,426
Equipment	74,120			70,117
Land	9,997			9,929
Purchased software	101,936			96,268
Furniture and fixtures	17,073			17,060
Leasehold improvements	5,608			4,670
Construction in progress	10,342			2,589
	357,584			339,059
Less: Accumulated depreciation	(230,899		)	(220,064		)
Property and Equipment, net	$	126,685		$	118,995

The Company recognized $10,915 and $11,434 in depreciation expense related to property and equipment for the six months ended June 30, 2014 and 2013, respectively.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:



	June 30, 2014		December 31, 2013
Accrued employee compensation	$	40,497	$	69,256
Accrued employee benefits and other personnel	6,380		9,647
Accrued consulting, outsourcing and professional fees	23,006		19,311
Accrued sub-advisory, distribution and other asset management fees	28,301		25,018
Accrued income taxes	8,643		—
Accrued dividend payable	—		37,314
Other accrued liabilities	31,195		27,577
Total accrued liabilities	$	138,022	$	188,123