Composition of Certain Financial Statement Captions

6 Months Ended

Jun. 30, 2021

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, 2021		December 31, 2020
Trade receivables	$	99,140	$	99,106
Fees earned, not billed	300,834		262,167
Other receivables	12,782		25,046
	412,756		386,319
Less: Allowance for doubtful accounts	(3,188)		(1,100)
	$	409,568	$	385,219

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, 2021		December 31, 2020
Buildings	$	210,053	$	206,151
Equipment	147,224		141,820
Land	24,344		24,179
Purchased software	152,259		147,838
Furniture and fixtures	21,535		21,439
Leasehold improvements	22,246		21,604
Construction in progress	1,124		4,660
	578,785		567,691
Less: Accumulated depreciation	(394,743)		(378,639)
Property and Equipment, net	$	184,042	$	189,052

The Company recognized $16,733 and $15,113 in depreciation expense related to property and equipment for the six months ended June 30, 2021 and 2020, respectively.

Deferred Contract Costs

Deferred contract costs, which primarily consist of deferred sales commissions, were $33,352 and $33,781 as of June 30, 2021 and December 31, 2020, respectively. The Company deferred expenses related to contract costs of $1,674 and $1,752 during the three months ended June 30, 2021 and 2020, respectively. During the six months ended June 30, 2021 and 2020, the Company deferred expenses related to contract costs of $4,046 and $4,749, respectively. Amortization expense related to deferred contract costs were $4,475 and $2,632 during the six months ended June 30, 2021 and 2020, 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 six months ended June 30, 2021.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:


	June 30, 2021		December 31, 2020
Accrued employee compensation	$	65,355	$	95,656
Accrued employee benefits and other personnel	15,073		18,770
Accrued consulting, outsourcing and professional fees	36,147		31,907
Accrued sub-advisory, distribution and other asset management fees	59,944		49,924

Accrued dividend payable	—		53,127

Other accrued liabilities	35,465		50,461
Total accrued liabilities	$	211,984	$	299,845