Composition of Certain Financial Statement Captions

12 Months Ended

Dec. 31, 2023

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:


	2023		2022
Trade receivables	$	115,356	$	110,722
Fees earned, not billed	372,291		320,700
Other receivables	14,450		26,563
	502,097		457,985
Less: Allowance for doubtful accounts	(663)		(901)
Receivables, net	$	501,434	$	457,084

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:


	2023		2022
Buildings	$	216,968	$	210,626
Equipment	193,096		179,318
Land	26,450		26,439
Purchased software	165,348		160,714
Furniture and fixtures	23,025		21,956
Leasehold improvements	19,827		20,879
Construction in progress	684		1,958
	645,398		621,890
Less: Accumulated depreciation	(474,034)		(440,861)
Property and Equipment, net	$	171,364	$	181,029

Depreciation expense related to property and equipment for 2023, 2022 and 2021 was $35,300, $33,657 and $33,481, 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 $40,221 and $37,928 as of December 31, 2023 and 2022, respectively. The Company deferred expenses related to contract costs of $11,342, $12,751 and $11,201 during 2023, 2022 and 2021, respectively. Amortization expense related to deferred contract costs were $9,049, $11,059 and $8,746 during 2023, 2022 and 2021, 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 17). There were no material impairment losses in relation to deferred contract costs during 2023, 2022 or 2021.

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 2023, 2022 and 2021 was $281, $262 and $324, respectively.

Accrued Liabilities

Accrued Liabilities on the accompanying Consolidated Balance Sheets consist of:


	2023		2022
Accrued employee compensation	$	107,495	$	100,566
Accrued employee benefits and other personnel	9,797		9,852
Accrued voluntary separation program	21,058		53,821
Accrued consulting, outsourcing and professional fees	32,285		37,009
Accrued sub-advisory, distribution and other asset management fees	49,405		52,916

Accrued dividend payable	61,104		58,051

Other accrued liabilities	37,801		47,148
Accrued liabilities	$	318,945	$	359,363