Composition of Certain Financial Statement Captions

9 Months Ended

Sep. 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:


	September 30, 2021		December 31, 2020
Trade receivables	$	112,572	$	99,106
Fees earned, not billed	313,883		262,167
Other receivables	18,401		25,046
	444,856		386,319
Less: Allowance for doubtful accounts	(2,669)		(1,100)
	$	442,187	$	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:


	September 30, 2021		December 31, 2020
Buildings	$	209,315	$	206,151
Equipment	150,945		141,820
Land	24,651		24,179
Purchased software	156,327		147,838
Furniture and fixtures	21,196		21,439
Leasehold improvements	21,838		21,604
Construction in progress	209		4,660
	584,481		567,691
Less: Accumulated depreciation	(400,679)		(378,639)
Property and Equipment, net	$	183,802	$	189,052

The Company recognized $25,141 and $23,058 in depreciation expense related to property and equipment for the nine months ended September 30, 2021 and 2020, respectively.

Deferred Contract Costs

Deferred contract costs, which primarily consist of deferred sales commissions, were $34,263 and $33,781 as of September 30, 2021 and December 31, 2020, respectively. The Company deferred expenses related to contract costs of $2,932 and $2,521 during the three months ended September 30, 2021 and 2020, respectively. During the nine months ended September 30, 2021 and 2020, the Company deferred expenses related to contract costs of $6,978 and $7,270, respectively. Amortization expense related to deferred contract costs were $6,496 and $4,428 during the nine months ended September 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 nine months ended September 30, 2021.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:


	September 30, 2021		December 31, 2020
Accrued employee compensation	$	86,924	$	95,656
Accrued employee benefits and other personnel	11,743		18,770
Accrued consulting, outsourcing and professional fees	35,945		31,907
Accrued sub-advisory, distribution and other asset management fees	57,560		49,924

Accrued dividend payable	—		53,127

Other accrued liabilities	38,871		50,461
Total accrued liabilities	$	231,043	$	299,845