Composition of Certain Financial Statement Captions

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:



	2019			2018
Trade receivables	$	86,043		$	76,362
Fees earned, not billed	240,239			226,001
Other receivables	15,277			13,691
	341,559			316,054
Less: Allowance for doubtful accounts	(1,201		)	(718		)
Receivables, net	$	340,358		$	315,336

Fees earned, not billed represents receivables from contracts from 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.

Property and Equipment

Property and Equipment on the accompanying Consolidated Balance Sheets consists of:



	2019			2018
Buildings	$	162,882		$	160,796
Equipment	123,945			126,954
Land	10,830			10,772
Purchased software	143,705			139,245
Furniture and fixtures	18,835			18,103
Leasehold improvements	20,700			18,959
Construction in progress	33,415			9,240
	514,312			484,069
Less: Accumulated depreciation	(353,453		)	(338,206		)
Property and Equipment, net	$	160,859		$	145,863

Depreciation expense related to property and equipment for 2019, 2018 and 2017 was $29,436, $28,792 and $27,311, respectively.

Deferred Contract Costs

The Company adopted the requirements of ASC 606 using the modified retrospective method on January 1, 2018. As a result of the adoption, the Company defers and amortizes incremental contract acquisition costs using the straight-line method over the expected client life, which ranges from 6 to 15 years.

The Company's incremental contract acquisition costs are related to information processing contracts in the Private Banks segment and investment operations contracts in the Investment Managers segment. These deferred costs primarily consist of sales compensation payments to the Company's sales personnel.

Deferred contract costs were $30,991 and $24,007 as of December 31, 2019 and 2018, respectively. The Company deferred expenses related to contract costs of $11,495 and $8,122 during 2019 and 2018, respectively. Amortization expense related to deferred contract costs were $4,511 and $2,756 during 2019 and 2018, respectively, and is included in Compensation, benefits and other personnel on the accompanying Consolidated Statements of Operations. There were no material impairment losses in relation to deferred contract costs during 2019 or 2018.

Other Assets

Other assets consist of long-term prepaid expenses, deposits, other investments at cost and various other assets. Amortization expense for certain other assets for 2019, 2018 and 2017 was $230, $231 and $218, respectively.

Accrued Liabilities

Accrued Liabilities on the accompanying Consolidated Balance Sheets consist of:



	2019		2018
Accrued employee compensation	$	96,991	$	97,603
Accrued consulting, outsourcing and professional fees	28,610		31,000
Accrued sub-advisory, distribution and other asset management fees	46,245		42,583
Accrued dividend payable	52,452		50,761
Other accrued liabilities	48,503		57,687
Accrued liabilities	$	272,801	$	279,634