Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:



	March 31, 2015			December 31, 2014
Trade receivables	$	43,556		$	48,394
Fees earned, not billed	153,340			139,038
Other receivables	4,444			7,771
	201,340			195,203
Less: Allowance for doubtful accounts	(667		)	(784		)
	$	200,673		$	194,419

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:



	March 31, 2015			December 31, 2014
Buildings	$	150,644		$	149,890
Equipment	82,860			78,266
Land	9,997			9,997
Purchased software	105,728			104,964
Furniture and fixtures	16,883			16,944
Leasehold improvements	5,974			5,675
Construction in progress	650			1,094
	372,736			366,830
Less: Accumulated depreciation	(246,881		)	(241,295		)
Property and Equipment, net	$	125,855		$	125,535

The Company recognized $5,995 and $5,584 in depreciation expense related to property and equipment for the three months ended March 31, 2015 and 2014, respectively.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:



	March 31, 2015		December 31, 2014
Accrued employee compensation	$	28,916	$	73,269
Accrued employee benefits and other personnel	3,286		6,482
Accrued consulting, outsourcing and professional fees	23,868		18,915
Accrued sub-advisory, distribution and other asset management fees	29,929		31,913
Accrued dividend payable	—		40,178
Accrued income taxes	38,664		3,272
Other accrued liabilities	27,564		33,400
Total accrued liabilities	$	152,227	$	207,429