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Composition of Certain Financial Statement Captions | 12 Months Ended
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Dec. 31, 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:
|  | 2024 |  | 2023
Trade receivables |  | $ | 143,574 |  |  | $ | 115,356 |
Fees earned, not billed |  | 403,514 |  |  | 372,291 |
Other receivables |  | 21,981 |  |  | 14,450 |
|  | 569,069 |  |  | 502,097 |
Less: Allowance for doubtful accounts |  | (1,435) |  |  | (663) |
Receivables, net |  | $ | 567,634 |  |  | $ | 501,434 |
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:
|  | 2024 |  | 2023
Buildings |  | $ | 218,112 |  |  | $ | 216,968 |
Equipment |  | 196,792 |  |  | 193,096 |
Land |  | 27,407 |  |  | 26,450 |
Purchased software |  | 164,659 |  |  | 165,348 |
Furniture and fixtures |  | 23,068 |  |  | 23,025 |
Leasehold improvements |  | 22,491 |  |  | 19,827 |
Construction in progress |  | 333 |  |  | 684 |
|  | 652,862 |  |  | 645,398 |
Less: Accumulated depreciation |  | (493,219) |  |  | (474,034) |
Property and Equipment, net |  | $ | 159,643 |  |  | $ | 171,364 |
Depreciation expense related to property and equipment for 2024, 2023 and 2022 was $33,358, $35,300 and $33,657, 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 $45,855 and $40,221 as of December 31, 2024 and 2023, respectively. The Company deferred expenses related to contract costs of $16,473, $11,342 and $12,751 during 2024, 2023 and 2022, respectively. Amortization expense related to deferred contract costs were $10,839, $9,049 and $11,059 during 2024, 2023 and 2022, 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 2024, 2023 or 2022. Other Assets Other assets consist of long-term prepaid expenses, deposits and various other assets. Amortization expense for certain other assets for 2024, 2023 and 2022 was $321, $281 and $262, respectively. Accrued Liabilities Accrued Liabilities on the accompanying Consolidated Balance Sheets consist of:
|  | 2024 |  | 2023
Accrued employee compensation |  | $ | 129,228 |  |  | $ | 107,495 |
Accrued employee benefits and other personnel |  | 8,557 |  |  | 9,797 |
Accrued voluntary separation program |  | 2,536 |  |  | 21,058 |
Accrued consulting, outsourcing and professional fees |  | 32,082 |  |  | 32,285 |
Accrued sub-advisory, distribution and other asset management fees |  | 53,727 |  |  | 49,405 |
Accrued dividend payable |  | 63,877 |  |  | 61,104 |
Other accrued liabilities |  | 57,506 |  |  | 37,801 |
Accrued liabilities |  | $ | 347,513 |  |  | $ | 318,945 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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