Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:



	June 30, 2016			December 31, 2015
Trade receivables	$	58,291		$	47,179
Fees earned, not billed	166,338			154,919
Other receivables	18,401			21,574
	243,030			223,672
Less: Allowance for doubtful accounts	(946		)	(649		)
	$	242,084		$	223,023

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 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:



	June 30, 2016			December 31, 2015
Buildings	$	151,642		$	151,604
Equipment	92,608			86,941
Land	10,030			10,003
Purchased software	123,876			122,433
Furniture and fixtures	17,147			16,143
Leasehold improvements	14,910			15,393
Construction in progress	775			961
	410,988			403,478
Less: Accumulated depreciation	(272,292		)	(259,501		)
Property and Equipment, net	$	138,696		$	143,977

The Company recognized $12,881 and $11,838 in depreciation expense related to property and equipment for the six months ended June 30, 2016 and 2015, respectively.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:



	June 30, 2016		December 31, 2015
Accrued employee compensation	$	43,460	$	74,687
Accrued consulting, outsourcing and professional fees	23,108		21,575
Accrued sub-advisory, distribution and other asset management fees	33,919		32,674
Accrued brokerage fees	9,135		9,058
Accrued dividend payable	—		42,625
Other accrued liabilities	36,095		36,968
Total accrued liabilities	$	145,717	$	217,587