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Composition of Certain Financial Statement Captions
 6 Months Ended
Jun. 30, 2024
Items Included in Consolidated Statement of Financial Condition [Abstract]  
Composition of Certain Financial Statement Captions Composition of Certain Financial Statement Captions
Receivables
Receivables on the accompanying Consolidated Balance Sheets consist of: 
June 30, 2024December 31, 2023
Trade receivables$165,068 $115,356 
Fees earned, not billed409,752 372,291 
Other receivables16,433 14,450 
591,253 502,097 
Less: Allowance for doubtful accounts(1,545)(663)
$589,708 $501,434 
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:
June 30, 2024December 31, 2023
Buildings$217,678 $216,968 
Equipment193,801 193,096 
Land26,450 26,450 
Purchased software167,315 165,348 
Furniture and fixtures23,104 23,025 
Leasehold improvements22,278 19,827 
Construction in progress1,024 684 
651,650 645,398 
Less: Accumulated depreciation(484,087)(474,034)
Property and Equipment, net$167,563 $171,364 
The Company recognized $16,756 and $17,312 in depreciation expense related to property and equipment for the six months ended June 30, 2024 and 2023, respectively.
Deferred Contract Costs
Deferred contract costs, which primarily consist of deferred sales commissions, were $39,975 and $40,221 as of June 30, 2024 and December 31, 2023, respectively. The Company deferred expenses related to contract costs of $2,520 and $3,225 during the three months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024 and 2023, the Company deferred expenses related to contract costs of $4,911 and $4,969, respectively. Amortization expense related to deferred contract costs were $5,157 and $4,336 during the six months ended June 30, 2024 and 2023, respectively. Amortization expense related to deferred contract costs 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 the six months ended June 30, 2024.
Accrued Liabilities
Accrued liabilities on the accompanying Consolidated Balance Sheets consist of: 
June 30, 2024December 31, 2023
Accrued employee compensation$67,059 $107,495 
Accrued employee benefits and other personnel2,773 9,797 
Accrued voluntary separation program9,388 21,058 
Accrued consulting, outsourcing and professional fees31,899 32,285 
Accrued sub-advisory, distribution and other asset management fees50,536 49,405 
Accrued dividend payable1,051 61,104 
Accrued income taxes11,017 4,965 
Other accrued liabilities34,399 32,836 
Total accrued liabilities$208,122 $318,945