Composition of Certain Financial Statement Captions

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:


	2022		2021
Trade receivables	$	110,722	$	111,209
Fees earned, not billed	320,700		315,255
Other receivables	26,563		16,747
	457,985		443,211
Less: Allowance for doubtful accounts	(901)		(1,602)
Receivables, net	$	457,084	$	441,609

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:


	2022		2021
Buildings	$	210,626	$	209,766
Equipment	179,318		153,158
Land	26,439		24,651
Purchased software	160,714		156,387
Furniture and fixtures	21,956		21,254
Leasehold improvements	20,879		21,946
Construction in progress	1,958		955
	621,890		588,117
Less: Accumulated depreciation	(440,861)		(409,248)
Property and Equipment, net	$	181,029	$	178,869

Depreciation expense related to property and equipment for 2022, 2021 and 2020 was $33,657, $33,481 and $30,959, 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 $37,928 and $36,236 as of December 31, 2022 and 2021, respectively. The Company deferred expenses related to contract costs of $12,751, $11,201 and $10,284 during 2022, 2021 and 2020, respectively. Amortization expense related to deferred contract costs were $11,059, $8,746 and $7,494 during 2022, 2021 and 2020, respectively, and is included in Compensation, benefits and other personnel on the accompanying Consolidated Statements of Operations. Amortization expense during 2022 includes $1,784 in expense accelerated as a result of the termination of a contractual agreement with a significant client (See Note 16). There were no material impairment losses in relation to deferred contract costs during 2022, 2021 or 2020.

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 2022, 2021 and 2020 was $262, $324 and $230, respectively.

Accrued Liabilities

Accrued Liabilities on the accompanying Consolidated Balance Sheets consist of:


	2022		2021
Accrued employee compensation	$	100,566	$	107,933
Accrued employee benefits and other personnel	9,852		13,951
Accrued voluntary separation program	53,821		—
Accrued consulting, outsourcing and professional fees	37,009		36,411
Accrued sub-advisory, distribution and other asset management fees	52,916		58,661

Accrued dividend payable	58,051		55,452

Other accrued liabilities	47,148		51,974
Accrued liabilities	$	359,363	$	324,382