Composition of Certain Financial Statement Captions

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:


	2020		2019
Trade receivables	$	99,106	$	86,043
Fees earned, not billed	262,167		240,239
Other receivables	25,046		15,277
	386,319		341,559
Less: Allowance for doubtful accounts	(1,100)		(1,201)
Receivables, net	$	385,219	$	340,358

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:


	2020		2019
Buildings	$	206,151	$	162,882
Equipment	141,820		123,945
Land	24,179		10,830
Purchased software	147,838		143,705
Furniture and fixtures	21,439		18,835
Leasehold improvements	21,604		20,700
Construction in progress	4,660		33,415
	567,691		514,312
Less: Accumulated depreciation	(378,639)		(353,453)
Property and Equipment, net	$	189,052	$	160,859

Depreciation expense related to property and equipment for 2020, 2019 and 2018 was $30,959, $29,436 and $28,792, respectively.

Deferred Contract Costs

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. 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.

Deferred contract costs were $33,781 and $30,991 as of December 31, 2020 and 2019, respectively. The Company deferred expenses related to contract costs of $10,284, $11,495 and $8,122 during 2020, 2019 and 2018, respectively. Amortization expense related to deferred contract costs were $7,494, $4,511 and $2,756 during 2020, 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 2020, 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 2020, 2019 and 2018 was $230, $230 and $231, respectively.

Accrued Liabilities

Accrued Liabilities on the accompanying Consolidated Balance Sheets consist of:


	2020		2019
Accrued employee compensation	$	95,656	$	96,991
Accrued employee benefits and other personnel	18,770		9,222
Accrued consulting, outsourcing and professional fees	31,907		28,610
Accrued sub-advisory, distribution and other asset management fees	49,924		46,245

Accrued dividend payable	53,127		52,452

Other accrued liabilities	50,461		39,281
Accrued liabilities	$	299,845	$	272,801