Composition of Certain Financial Statement Captions

3 Months Ended

Mar. 31, 2019

Items Included in Consolidated Statement of Financial Condition [Abstract]

Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:



	March 31, 2019			December 31, 2018
Trade receivables	$	83,594		$	76,362
Fees earned, not billed	237,478			226,001
Other receivables	13,285			13,691
	334,357			316,054
Less: Allowance for doubtful accounts	(633		)	(718		)
	$	333,724		$	315,336

Fees earned, not billed represents receivables from contracts with 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.

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:



	March 31, 2019			December 31, 2018
Buildings	$	160,830		$	160,796
Equipment	128,154			126,954
Land	10,772			10,772
Purchased software	139,794			139,245
Furniture and fixtures	18,312			18,103
Leasehold improvements	20,136			18,959
Construction in progress	13,884			9,240
	491,882			484,069
Less: Accumulated depreciation	(345,129		)	(338,206		)
Property and Equipment, net	$	146,753		$	145,863

The Company recognized $7,331 and $7,122 in depreciation expense related to property and equipment for the three months ended March 31, 2019 and 2018, respectively.

Deferred Contract Costs

Deferred contract costs, which primarily consist of deferred sales commissions, were $24,145 and $24,007 as of March 31, 2019 and December 31, 2018, respectively. The Company deferred expenses related to contract costs of $1,126 and $1,816 during the three months ended March 31, 2019 and 2018, respectively. Amortization expense related to deferred contract costs were $988 and $582 during the three months ended March 31, 2019 and 2018, respectively. There was no impairment loss in relation to deferred contract costs during the three months ended March 31, 2019.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:



	March 31, 2019		December 31, 2018
Accrued employee compensation	$	31,825	$	97,603
Accrued consulting, outsourcing and professional fees	33,031		31,000
Accrued sub-advisory, distribution and other asset management fees	42,616		42,583
Accrued dividend payable	—		50,761
Accrued income taxes	28,464		6,559
Other accrued liabilities	37,924		51,128
Total accrued liabilities	$	173,860	$	279,634