Composition of Certain Financial Statement Captions

3 Months Ended

Mar. 31, 2022

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:


	March 31, 2022		December 31, 2021
Trade receivables	$	101,117	$	111,209
Fees earned, not billed	330,678		315,255
Other receivables	7,437		16,747
	439,232		443,211
Less: Allowance for doubtful accounts	(1,388)		(1,602)
	$	437,844	$	441,609

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:


	March 31, 2022		December 31, 2021
Buildings	$	209,834	$	209,766
Equipment	161,426		153,158
Land	25,825		24,651
Purchased software	156,529		156,387
Furniture and fixtures	21,328		21,254
Leasehold improvements	21,564		21,946
Construction in progress	993		955
	597,499		588,117
Less: Accumulated depreciation	(417,041)		(409,248)
Property and Equipment, net	$	180,458	$	178,869

The Company recognized $8,098 and $8,309 in depreciation expense related to property and equipment for the three months ended March 31, 2022 and 2021, respectively.

Deferred Contract Costs

Deferred contract costs, which primarily consist of deferred sales commissions, were $35,847 and $36,236 as of March 31, 2022 and December 31, 2021, respectively. The Company deferred expenses related to contract costs of $3,519 and $2,372 during the three months ended March 31, 2022 and 2021, respectively. Amortization expense related to deferred contract costs were $3,908 and $2,723 during the three months ended March 31, 2022 and 2021, respectively. Amortization expense during the three months ended March 31, 2022 includes $1,784 in expense accelerated as a result of the termination of a contractual agreement with a significant client (See Note 13). Amortization expense related to deferred contract costs is 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 three months ended March 31, 2022.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:


	March 31, 2022		December 31, 2021
Accrued employee compensation	$	42,053	$	107,933
Accrued employee benefits and other personnel	7,117		13,951
Accrued consulting, outsourcing and professional fees	44,175		36,411
Accrued sub-advisory, distribution and other asset management fees	58,087		58,661

Accrued dividend payable	—		55,452
Accrued income taxes	55,278		—
Other accrued liabilities	43,758		51,974
Total accrued liabilities	$	250,468	$	324,382