Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:



	June 30, 2017			December 31, 2016
Trade receivables	$	56,262		$	48,683
Fees earned, not billed	193,943			168,971
Other receivables	13,019			10,826
	263,224			228,480
Less: Allowance for doubtful accounts	(680		)	(523		)
	$	262,544		$	227,957

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, 2017			December 31, 2016
Buildings	$	154,007		$	152,171
Equipment	111,363			106,759
Land	10,030			10,030
Purchased software	131,494			128,008
Furniture and fixtures	17,607			17,292
Leasehold improvements	16,700			15,175
Construction in progress	2,630			2,077
	443,831			431,512
Less: Accumulated depreciation	(298,294		)	(285,322		)
Property and Equipment, net	$	145,537		$	146,190

The Company recognized $13,399 and $12,881 in depreciation expense related to property and equipment for the six months ended June 30, 2017 and 2016, respectively.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:



	June 30, 2017		December 31, 2016
Accrued employee compensation	$	48,510	$	79,735
Accrued consulting, outsourcing and professional fees	34,822		24,428
Accrued sub-advisory, distribution and other asset management fees	36,935		41,666
Accrued dividend payable	—		44,596
Other accrued liabilities	50,310		50,100
Total accrued liabilities	$	170,577	$	240,525