Composition of Certain Financial Statement Captions

9 Months Ended

Sep. 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:



	September 30, 2019			December 31, 2018
Trade receivables	$	91,372		$	76,362
Fees earned, not billed	241,340			226,001
Other receivables	17,931			13,691
	350,643			316,054
Less: Allowance for doubtful accounts	(1,311		)	(718		)
	$	349,332		$	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:



	September 30, 2019			December 31, 2018
Buildings	$	162,677		$	160,796
Equipment	119,585			126,954
Land	10,830			10,772
Purchased software	142,693			139,245
Furniture and fixtures	18,478			18,103
Leasehold improvements	19,656			18,959
Construction in progress	27,042			9,240
	500,961			484,069
Less: Accumulated depreciation	(346,377		)	(338,206		)
Property and Equipment, net	$	154,584		$	145,863

The Company recognized $22,162 and $21,515 in depreciation expense related to property and equipment for the nine months ended September 30, 2019 and 2018, respectively.

Deferred Contract Costs

Deferred contract costs, which primarily consist of deferred sales commissions, were $28,506 and $24,007 as of September 30, 2019 and December 31, 2018, respectively. The Company deferred expenses related to contract costs of $4,575 and $1,400 during the three months ended September 30, 2019 and 2018, respectively. During the nine months ended September 30, 2019 and 2018, the Company deferred expenses related to contract costs of $7,673 and $5,483, respectively. Amortization expense related to deferred contract costs were $3,174 and $2,020 during the nine months ended September 30, 2019 and 2018, respectively, and are included in Compensation, benefits and other personnel on the accompanying Consolidated Statements of Operations. There was no impairment loss in relation to deferred contract costs during the nine months ended September 30, 2019.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:



	September 30, 2019		December 31, 2018
Accrued employee compensation	$	73,997	$	97,603
Accrued consulting, outsourcing and professional fees	27,491		31,000
Accrued sub-advisory, distribution and other asset management fees	45,495		42,583
Accrued dividend payable	—		50,761
Other accrued liabilities	46,936		57,687
Total accrued liabilities	$	193,919	$	279,634