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Investment in Unconsolidated Affiliates | 12 Months Ended
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Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Affiliates | Investment in Unconsolidated Affiliates LSV Asset Management The Company has an investment in the general partnership LSV Asset Management (LSV), a registered investment advisor that provides investment advisory services primarily to institutions, including pension plans and investment companies. LSV is currently an investment sub-advisor for a limited number of SEI-sponsored mutual funds. On April 1, 2022, LSV provided an interest in the partnership to select key employees which reduced the ownership percentage of each existing partner on a pro-rata basis. As a result, the Company's total partnership interest in LSV was reduced slightly to approximately 38.6% from approximately 38.7%. As of December 31, 2022, the Company's total partnership interest in LSV was approximately 38.6%. The Company accounts for its interest in LSV using the equity method because of its less than 50% ownership. The Company’s interest in the net assets of LSV is reflected in Investment in unconsolidated affiliates on the accompanying Consolidated Balance Sheets and its interest in the earnings of LSV is reflected in Equity in earnings of unconsolidated affiliates on the accompanying Consolidated Statements of Operations. At December 31, 2022, the Company’s total investment in LSV was $104,673. The Company’s proportionate share in the earnings of LSV was $120,667, $137,572 and $117,134 in 2022, 2021 and 2020, respectively. The Company receives partnership distributions related to the earnings of LSV on a quarterly basis. As such, the Company considers these distribution payments as returns on investment rather than returns of the Company's original investment in LSV and has therefore classified the associated cash inflows as an operating activity on the Consolidated Statements of Cash Flows. The Company received partnership distribution payments from LSV of $120,849, $131,170 and $125,534 in 2022, 2021 and 2020, respectively. These tables contain condensed financial information of LSV:
Condensed Statement of Operations Year ended December 31, |  | 2022 |  | 2021 |  | 2020
Revenues |  | $ | 406,895 |  |  | $ | 456,259 |  |  | $ | 391,648 |
Net income |  | $ | 312,180 |  |  | $ | 354,964 |  |  | $ | 301,620 |
Condensed Balance Sheets December 31, |  | 2022 |  | 2021
Current assets |  | $ | 158,326 |  |  | $ | 171,058 |
Non-current assets |  | 6,019 |  |  | 4,792 |
Total assets |  | $ | 164,345 |  |  | $ | 175,850 |
Current liabilities |  | $ | 77,306 |  |  | $ | 82,858 |
Non-current liabilities |  | 3,050 |  |  | 3,863 |
Partners’ capital |  | 83,989 |  |  | 89,129 |
Total liabilities and partners’ capital |  | $ | 164,345 |  |  | $ | 175,850 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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