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Composition of Certain Financial Statement Captions
 12 Months Ended
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:
20242023
Trade receivables$143,574 $115,356 
Fees earned, not billed403,514 372,291 
Other receivables21,981 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:
20242023
Buildings$218,112 $216,968 
Equipment196,792 193,096 
Land27,407 26,450 
Purchased software164,659 165,348 
Furniture and fixtures23,068 23,025 
Leasehold improvements22,491 19,827 
Construction in progress333 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:
20242023
Accrued employee compensation$129,228 $107,495 
Accrued employee benefits and other personnel8,557 9,797 
Accrued voluntary separation program2,536 21,058 
Accrued consulting, outsourcing and professional fees32,082 32,285 
Accrued sub-advisory, distribution and other asset management fees53,727 49,405 
Accrued dividend payable63,877 61,104 
Other accrued liabilities57,506 37,801 
Accrued liabilities$347,513 $318,945