Composition of Certain Financial Statement Captions

6 Months Ended

Jun. 30, 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:



	June 30, 2019			December 31, 2018
Trade receivables	$	77,063		$	76,362
Fees earned, not billed	242,712			226,001
Other receivables	16,470			13,691
	336,245			316,054
Less: Allowance for doubtful accounts	(1,101		)	(718		)
	$	335,144		$	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:



	June 30, 2019			December 31, 2018
Buildings	$	162,449		$	160,796
Equipment	130,486			126,954
Land	10,772			10,772
Purchased software	140,887			139,245
Furniture and fixtures	18,429			18,103
Leasehold improvements	20,024			18,959
Construction in progress	19,291			9,240
	502,338			484,069
Less: Accumulated depreciation	(352,293		)	(338,206		)
Property and Equipment, net	$	150,045		$	145,863

The Company recognized $14,753 and $14,260 in depreciation expense related to property and equipment for the six months ended June 30, 2019 and 2018, respectively.

Deferred Contract Costs

Deferred contract costs, which primarily consist of deferred sales commissions, were $25,132 and $24,007 as of June 30, 2019 and December 31, 2018, respectively. The Company deferred expenses related to contract costs of $1,950 and $2,267 during the three months ended June 30, 2019 and 2018, respectively. During the six months ended June 30, 2019 and 2018, the Company deferred expenses related to contract costs of $3,076 and $4,083, respectively. Amortization expense related to deferred contract costs were $1,951 and $1,201 during the six months ended June 30, 2019 and 2018, respectively. There was no impairment loss in relation to deferred contract costs during the six months ended June 30, 2019.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:



	June 30, 2019		December 31, 2018
Accrued employee compensation	$	55,188	$	97,603
Accrued consulting, outsourcing and professional fees	30,155		31,000
Accrued sub-advisory, distribution and other asset management fees	46,611		42,583
Accrued dividend payable	—		50,761
Other accrued liabilities	46,519		57,687
Total accrued liabilities	$	178,473	$	279,634