Composition of Certain Financial Statement Captions

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:


	2021		2020
Trade receivables	$	111,209	$	99,106
Fees earned, not billed	315,255		262,167
Other receivables	16,747		25,046
	443,211		386,319
Less: Allowance for doubtful accounts	(1,602)		(1,100)
Receivables, net	$	441,609	$	385,219

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:


	2021		2020
Buildings	$	209,766	$	206,151
Equipment	153,158		141,820
Land	24,651		24,179
Purchased software	156,387		147,838
Furniture and fixtures	21,254		21,439
Leasehold improvements	21,946		21,604
Construction in progress	955		4,660
	588,117		567,691
Less: Accumulated depreciation	(409,248)		(378,639)
Property and Equipment, net	$	178,869	$	189,052

Depreciation expense related to property and equipment for 2021, 2020 and 2019 was $33,481, $30,959 and $29,436, 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 $36,236 and $33,781 as of December 31, 2021 and 2020, respectively. The Company deferred expenses related to contract costs of $11,201, $10,284 and $11,495 during 2021, 2020 and 2019, respectively. Amortization expense related to deferred contract costs were $8,746, $7,494 and $4,511 during 2021, 2020 and 2019, 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 2021, 2020 or 2019.

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 2021, 2020 and 2019 was $324, $230 and $230, respectively.

Accrued Liabilities

Accrued Liabilities on the accompanying Consolidated Balance Sheets consist of:


	2021		2020
Accrued employee compensation	$	107,933	$	95,656
Accrued employee benefits and other personnel	13,951		18,770
Accrued consulting, outsourcing and professional fees	36,411		31,907
Accrued sub-advisory, distribution and other asset management fees	58,661		49,924

Accrued dividend payable	55,452		53,127

Other accrued liabilities	51,974		50,461
Accrued liabilities	$	324,382	$	299,845