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Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2019	Jan. 31, 2020	Jun. 30, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	0-10200
Entity Registrant Name	SEI INVESTMENTS COMPANY
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-1707341
Entity Address, Address Line One	1 Freedom Valley Drive
Entity Address, City or Town	Oaks
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19456
City Area Code	610
Local Phone Number	676-1000
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	SEIC
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 6.7
Entity Common Stock, Shares Outstanding		149,975,521
Documents Incorporated by Reference	Portions of the following documents are incorporated by reference herein: 1. The definitive proxy statement relating to the registrant’s 2020 Annual Meeting of Shareholders, to be filed within 120 days after the end of the fiscal year covered by this annual report, is incorporated by reference in Part III hereof.
Entity Central Index Key	0000350894
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 841,446	$ 754,525
Restricted cash	3,101	3,514
Receivables from investment products	54,165	49,869
Receivables, net of allowance for doubtful accounts of $1,201 and $718	340,358	315,336
Securities owned	33,486	30,892
Other current assets	32,289	36,676
Total Current Assets	1,304,845	1,190,812
Property and Equipment, net of accumulated depreciation of $353,453 and $338,206	160,859	145,863
Operating Lease Right-of-Use Assets	42,789
Capitalized Software, net of accumulated amortization of $442,677 and $395,171	296,068	309,500
Available For Sale and Equity Securities	116,917	111,901
Investments in Affiliated Funds, at fair value	5,988	4,887
Investment in Unconsolidated Affiliate	67,413	52,342
Goodwill	64,489	64,489
Intangible Assets, net of accumulated amortization of $8,773 and $5,090	27,987	31,670
Deferred Contract Costs	30,991	24,007
Deferred Income Taxes	2,822	2,042
Other Assets, net	30,202	34,155
Total Assets	2,151,370	1,971,668
Current Liabilities:
Accounts payable	4,423	10,920
Accrued liabilities	272,801	279,634
Current portion of long-term operating lease liabilities	9,156
Deferred revenue	7,185	5,154
Total Current Liabilities	293,565	295,708
Long-term Income Taxes Payable	803	803
Deferred Income Taxes	55,722	57,795
Long-term Operating Lease Liabilities	38,450
Other Long-term Liabilities	24,052	24,215
Total Liabilities	412,592	378,521
Commitments and Contingencies
Shareholders' Equity:
Series Preferred stock, $.05 par value, 50 shares authorized; no shares issued and outstanding	0	0
Common stock, $.01 par value, 750,000 shares authorized; 149,745 and 153,634 shares issued and outstanding	1,497	1,536
Capital in excess of par value	1,158,900	1,106,641
Retained earnings	601,885	517,970
Accumulated other comprehensive loss, net	(23,504)	(33,000)
Total Shareholders' Equity	1,738,778	1,593,147
Total Liabilities and Equity	$ 2,151,370	$ 1,971,668

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 1,201	$ 718
Property and Equipment, accumulated depreciation	353,453	338,206
Capitalized software, accumulated amortization	442,677	395,171
Intangible assets, accumulated amortization	$ 8,773	$ 5,090
Preferred stock, par value (in USD per share)	$ 0.05	$ 0.05
Preferred stock, shares authorized	50,000	50,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	149,745,000	153,634,000
Common stock, shares outstanding	149,745,000	153,634,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Revenues	$ 1,649,885	$ 1,624,167	$ 1,526,552
Expenses:
Subadvisory, distribution and other asset management costs	181,418	180,488	181,509
Software royalties and other information processing costs	29,993	32,449	46,792
Compensation, benefits and other personnel	517,917	511,258	458,737
Stock-based compensation	24,582	23,805	36,366
Consulting, outsourcing and professional fees	194,560	200,862	186,357
Data processing and computer related	88,058	84,790	77,615
Facilities, supplies and other costs	72,078	70,840	66,646
Amortization	51,419	48,895	48,275
Depreciation	29,436	28,792	27,311
Total expenses	1,189,461	1,182,179	1,129,608
Income from operations	460,424	441,988	396,944
Net gain (loss) from investments	3,174	(325)	1,269
Interest and dividend income	16,582	13,397	7,057
Interest expense	(630)	(645)	(781)
Equity in earnings of unconsolidated affiliates	151,891	159,791	152,550
Income before income taxes	631,441	614,206	557,039
Income taxes	130,015	108,338	152,650
Net income	$ 501,426	$ 505,868	$ 404,389
Basic earnings per common share (in USD per share)	$ 3.31	$ 3.23	$ 2.56
Shares used to compute basic earnings per share	151,540	156,579	158,177
Diluted earnings per common share (in USD per share)	$ 3.24	$ 3.14	$ 2.49
Shares used to compute diluted earnings per share	154,901	161,232	162,269
Dividends declared per common share (in USD per share)	$ 0.68	$ 0.63	$ 0.58
Asset management, administration and distribution fees
Revenues:
Revenues	$ 1,307,044	$ 1,270,180	$ 1,184,157
Information processing and software servicing fees
Revenues:
Revenues	$ 342,841	$ 353,987	$ 342,395

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 501,426	$ 505,868	$ 404,389
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	7,618	(12,065)	17,597
Unrealized holding gain (loss) on investments:
Unrealized holding gains (losses) during the period, net of income taxes of $(461), $285 and $1	1,486	(1,088)	190
Less: reclassification adjustment for losses realized in net income, net of income taxes of $(101), $(96) and $(99)	392	61	260
Total other comprehensive income (loss), net of taxes	9,496	(13,092)	18,047
Comprehensive income	$ 510,922	$ 492,776	$ 422,436

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Unrealized holding gains (losses) during the period, income taxes	$ (461)	$ 285	$ 1
Reclassification adjustment for losses realized in net income, income taxes	$ (101)	$ (96)	$ (99)

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Capital In Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2016		$ 1,590	$ 955,461	$ 384,018	$ (37,955)
Beginning balance, shares at Dec. 31, 2016		159,031
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase and retirement of common stock		$ (44)	(20,243)	(227,827)
Purchase and retirement of common stock, shares		(4,403)
Issuance of common stock under the employee stock purchase plan		$ 1	3,280
Issuance of common stock under the employee stock purchase plan, shares		71
Issuance of common stock upon exercise of stock options		$ 24	50,263
Issuance of common stock upon exercise of stock options, shares	2,370	2,370
Stock-based compensation			36,366
Net income	$ 404,389			404,389
Dividends declared ($0.68, $0.63 and $0.58 per share)	(91,444)			(91,444)
Other comprehensive income (loss)	18,047				18,047
Ending balance at Dec. 31, 2017	$ 1,476,839	$ 1,571	1,027,709	467,467	(19,908)
Ending balance, shares at Dec. 31, 2017		157,069
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase and retirement of common stock		$ (67)	(32,823)	(371,867)
Purchase and retirement of common stock, shares		(6,744)
Issuance of common stock under the employee stock purchase plan			4,170
Issuance of common stock under the employee stock purchase plan, shares		77
Issuance of common stock upon exercise of stock options		$ 32	83,780
Issuance of common stock upon exercise of stock options, shares	3,232	3,232
Stock-based compensation			23,805
Net income	$ 505,868			505,868
Dividends declared ($0.68, $0.63 and $0.58 per share)	(97,900)			(97,900)
Other comprehensive income (loss)	(13,092)				(13,092)
Ending balance at Dec. 31, 2018	$ 1,593,147	$ 1,536	1,106,641	517,970	(33,000)
Ending balance, shares at Dec. 31, 2018	153,634	153,634
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase and retirement of common stock		$ (62)	(33,210)	(315,076)
Purchase and retirement of common stock, shares		(6,225)
Issuance of common stock under the employee stock purchase plan		$ 1	4,224
Issuance of common stock under the employee stock purchase plan, shares		93
Issuance of common stock upon exercise of stock options		$ 22	56,663
Issuance of common stock upon exercise of stock options, shares	2,243	2,243
Stock-based compensation			24,582
Net income	$ 501,426			501,426
Dividends declared ($0.68, $0.63 and $0.58 per share)	(102,435)			(102,435)
Other comprehensive income (loss)	9,496				9,496
Ending balance at Dec. 31, 2019	$ 1,738,778	$ 1,497	$ 1,158,900	$ 601,885	$ (23,504)
Ending balance, shares at Dec. 31, 2019	149,745	149,745

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Dividends declared per common share (in USD per share)	$ 0.68	$ 0.63	$ 0.58
Retained Earnings
Dividends declared per common share (in USD per share)	$ 0.68	$ 0.63	$ 0.58

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
Consolidated Statements of Cash Flows $ in Thousands	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Cash flows from operating activities:
Net income	$ 501,426	$ 505,868	$ 404,389
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	29,436	28,792	27,311
Amortization	51,419	48,895	48,275
Equity in earnings of unconsolidated affiliates	(151,891)	(159,791)	(152,550)
Distributions received from unconsolidated affiliate	136,820	166,941	143,517
Stock-based compensation	24,582	23,805	36,366
Provision for losses on receivables	483	23	172
Deferred income tax (benefit) expense	(3,414)	5,998	(21,046)
Net (gain) loss from investments	(3,174)	325	(1,269)
Change in long-term taxes payable	0	(9,826)	10,629
Change in other long-term liabilities	(163)	145	(2,265)
Change in other assets	1,791	(4,785)	(1,489)
Contract costs capitalized, net	(6,984)	(5,366)	0
Other	620	(294)	(2,186)
Decrease (increase) in:
Receivables from investment products	(4,296)	6,797	5,095
Receivables	(25,505)	(32,652)	(52,726)
Other current assets	3,334	(5,518)	(3,583)
Increase (decrease) in:
Accounts payable	(6,497)	5,652	(909)
Accrued liabilities	(4,896)	13,079	20,992
Deferred revenue	2,031	313	1,180
Total adjustments	43,696	82,533	55,514
Net cash provided by operating activities	545,122	588,401	459,903
Cash flows from investing activities:
Additions to property and equipment	(43,097)	(29,095)	(25,525)
Additions to capitalized software	(34,074)	(44,221)	(61,043)
Purchases of marketable securities	(174,997)	(203,460)	(69,525)
Prepayments and maturities of marketable securities	171,399	167,876	65,830
Sales of marketable securities	51	0	0
Cash paid for acquisition, net of cash acquired	0	(5,794)	(80,234)
Other investing activities	2,538	(8,676)	(1,805)
Net cash used in investing activities	(78,180)	(123,370)	(172,302)
Cash flows from financing activities:
Payment of contingent consideration	(433)	0	0
Repayments under revolving credit facility	0	(30,000)	(10,000)
Borrowings under revolving credit facility	0	0	40,000
Purchase and retirement of common stock	(346,352)	(407,384)	(248,339)
Proceeds from issuance of common stock	60,910	87,982	53,568
Payment of dividends	(100,745)	(94,318)	(88,862)
Net cash used in financing activities	(386,620)	(443,720)	(253,633)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	6,186	(11,024)	14,583
Net increase in cash, cash equivalents and restricted cash	86,508	10,287	48,551
Cash, cash equivalents and restricted cash, beginning of year	758,039	747,752	699,201
Cash, cash equivalents and restricted cash, end of year	844,547	758,039	747,752
Interest paid	493	806	699
Income taxes paid	139,326	110,203	165,049
Non-cash operating activities
Operating lease right-of-use assets and net lease liabilities recorded upon adoption of ASC 842	44,169
Non-cash financing activities
Dividends declared but not paid	$ 52,452	$ 50,761	$ 47,179

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Nature of Operations

SEI Investments Company (the Company), a Pennsylvania corporation, provides comprehensive platforms for investment processing, investment operations and investment management to wealth managers, financial institutions, financial advisors, investment managers, institutional investors and ultra-high-net-worth families in the United States, Canada, the United Kingdom, continental Europe and various other locations throughout the world.

Investment processing platforms consist of application and business process outsourcing services, professional services and transaction-based services. Revenues from investment processing platforms are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations.

Investment operations platforms consist of outsourcing services including fund and investment accounting, administration, reconciliation, investor servicing and client reporting. Revenues from investment operations platforms are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Investment management platforms consists of investment products including mutual funds, collective investment products, alternative investment portfolios and separately managed accounts. The Company serves as the administrator and investment advisor for many of these products. Revenues from investment management platforms are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Principles of Consolidation

The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries and entities in which it holds a controlling financial interest. The Company determines whether it has a controlling financial interest either by its decision-making ability through voting interests or by the extent of the Company’s participation in the economic risks and rewards of the entity through variable interests. The Company’s principal subsidiaries are SEI Investments Distribution Co. (SIDCO), SEI Investments Management Corporation (SIMC), SEI Private Trust Company (SPTC), SEI Trust Company (STC), SEI Global Services, Inc. (SGSI) and SEI Investments (Europe) Limited (SIEL). All intercompany accounts and transactions have been eliminated.

The Company accounts for investments in unconsolidated entities that are 20% to 50% owned or are 20% or less owned and have the ability to exercise significant influence over the operating and financial policies of the entity under the equity method of accounting. Under this method of accounting, the Company’s interest in the net assets of unconsolidated entities is reflected in Investment in unconsolidated affiliates on the accompanying Consolidated Balance Sheet and its interest in the earnings or losses of unconsolidated entities is reflected in Equity in earnings of unconsolidated affiliates on the accompanying Consolidated Statement of Operations. Any investments in entities not consolidated or accounted for under the equity method are accounted for under the cost method of accounting.

Variable Interest Entities

The Company or its affiliates have created numerous investment products for its clients in various types of legal entity structures. The Company serves as the Manager, Administrator and Distributor for these investment products and may also serve as the Trustee for some of the investment products. The Company receives asset management, distribution, administration and custodial fees for these services. Clients are the equity investors and participate in proportion to their ownership percentage in the net income or loss and net capital gains or losses of the products, and, on liquidation, will participate in proportion to their ownership percentage in the remaining net assets of the products after satisfaction of outstanding liabilities.

The Company has concluded that it is not the primary beneficiary of the entities and, therefore, is not required to consolidate any of the pooled investment vehicles for which it receives asset management, distribution, administration and custodial fees under the VIE model. The entities either do not meet the definition of a VIE or the Company does not hold a variable interest in the entities. The entities either qualify for the money market scope exception, or are entities in which the Company’s asset management, distribution, administration and custodial fees are commensurate with the services provided and include fair terms and conditions, or are entities that are limited partnerships which have substantive kick-out rights. The Company acts as a fiduciary and does not hold any other interests other than insignificant seed money investments in the pooled investment vehicles. For this reason, the Company also concluded that it is not required to consolidate the pooled investment vehicles under the voting interest entity model.

The Company is a party to expense limitation agreements with certain SEI-sponsored money market funds subject to Rule 2a-7 of the Investment Company Act of 1940 which establish a maximum level of ordinary operating expenses incurred by the fund in any fiscal year including, but not limited to, fees of the administrator or its affiliates. Under the terms of these agreements, the Company waived $27,544, $26,229 and $27,434 in fees during 2019, 2018 and 2017, respectively.

Management’s Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Recognition

The Company adopted the requirements of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) (Accounting Standards Codification (ASC) 606 (ASC 606)) using the modified retrospective method on January 1, 2018. Revenue is recognized when the transfer of control of promised goods or services under the terms of a contract with customers are satisfied in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services. Certain portions of the Company’s revenues involve a third party in providing goods or services to its customers. In such circumstances, the Company must determine whether the nature of its promise to the customer is to provide the underlying goods or services (the Company is the principal in the transaction and reports the transaction gross) or to arrange for a third party to provide the underlying goods or services (the entity is the agent in the transaction and reports the transaction net). The Company does not disclose the value of unsatisfied performance obligations as the majority of its contracts relate to: 1) contracts with an original term of one year or less; 2) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed; and 3) contracts that are based on the value of assets under management or administration. See Note 15 for related disclosures regarding revenue recognition.

Cash and Cash Equivalents

The Company considers investment instruments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents include $414,581 and $315,840 at December 31, 2019 and 2018, respectively, primarily invested in SEI-sponsored open-ended money market mutual funds. The SEI-sponsored mutual funds are considered Level 1 assets.

Restricted Cash

Restricted cash includes $3,000 at December 31, 2019 and 2018 segregated for regulatory purposes related to trade-execution services conducted by SIEL. Restricted cash also includes $101 and $514 at December 31, 2019 and 2018, respectively, segregated in special reserve accounts for the benefit of SIDCO customers in accordance with certain rules established by the Securities and Exchange Commission for broker-dealers.

Allowances for Doubtful Accounts

The Company provides an allowance for doubtful accounts equal to the estimated uncollectible amounts. The Company’s estimate is based on historical collection experience and a review of the current status of trade accounts receivable.

Concentration of Credit Risk

Financial instruments which potentially expose the Company to concentrations of credit risk consist primarily of cash equivalents and trade receivables. Cash equivalents are principally invested in short-term money market funds or placed with major banks and high-credit qualified financial institutions. Cash deposits maintained with institutions are in excess of federally insured limits. Concentrations of credit risk with respect to the Company's receivables are limited due to the large number of clients and their dispersion across geographic areas. No single group or customer represents greater than 10% of total accounts receivable.

Property and Equipment

Property and Equipment are recorded at cost. Expenditures for major additions and improvements are capitalized and minor replacements, maintenance, and repairs are charged to expense as incurred. Construction in progress includes the cost of construction and other direct costs attributable to the construction. When property and equipment are retired or disposed of, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations for the respective period. Depreciation is provided over the estimated useful lives using the straight line method for financial statement purposes. No provision for depreciation is made for construction in progress until such time as the relevant assets are completed and put into service. The Company uses other depreciation methods, generally accelerated, for tax purposes where appropriate. Buildings and building improvements are

depreciated over 25 to 39 years. Equipment, purchased software and furniture and fixtures have useful lives ranging from 3 to 5 years. Amortization of leasehold improvements is computed using the straight line method over the shorter of the remaining lease term or the estimated useful lives of the improvements.

Marketable Securities

The classification of investments in marketable securities is determined at the time of purchase and reevaluated at each balance sheet date. Debt securities classified as available-for-sale are reported at fair value as determined by the most recently traded price of each security at the balance sheet date. Unrealized gains and losses associated with the Company's available for sale debt securities, net of income taxes, are reported as a separate component of comprehensive income.

SIDCO, the Company’s broker-dealer subsidiary, reports changes in fair value of marketable securities through current period earnings due to specialized accounting practices related to investments by broker-dealers.

The Company records its investments in money market funds and commercial paper classified as cash equivalents, funds sponsored by LSV and equity securities not accounted for under the equity method on the accompanying Consolidated Balance Sheets at fair value. Unrealized gains and losses from the change in fair value of these securities are recognized in current period earnings.

The specific identification method is used to compute the realized gains and losses on all of the Company’s marketable securities (See Note 5).

The Company evaluates the realizable value of its marketable securities on a quarterly basis. In the event that the carrying value of an investment exceeds its fair value and the decline in value is determined to be other-than-temporary, an impairment charge is recorded and a new cost basis for the investment is established. Some of the factors considered in determining other-than-temporary impairment for debt securities include, but are not limited to, the intent of management to sell the security, the likelihood that the Company will be required to sell the security before recovering its cost, and management’s expectation to recover the entire amortized cost basis of the security even if there is no intent to sell the security. The Company did not recognize any impairment charges related to its marketable securities in 2019, 2018 or 2017.

Fair Value of Financial Instruments

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy describes three levels of inputs that may be used by the Company to measure fair value:

Level 1 – Quoted prices in active markets for identical assets or liabilities without adjustment. The Company’s Level 1 assets primarily include investments in mutual funds sponsored by SEI that are quoted daily.

Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 financial assets consist of Government National Mortgage Association (GNMA) mortgage-backed securities, Federal Home Loan Bank (FHLB) and other U.S. government agency short-term notes. The investments in GNMA mortgage-backed securities were purchased for the sole purpose of satisfying applicable regulatory requirements imposed on our wholly-owned limited purpose federal thrift subsidiary, SPTC. The investments in FHLB and other U.S. government agency short-term notes were purchased as part of a cash management program requiring only short term, top-tier investment grade government and corporate securities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment by management. The Company had no Level 3 financial assets at December 31, 2019 or 2018 that were required to be measured at fair value on a recurring basis. The Company's Level 3 financial liabilities at December 31, 2019 and 2018 consist entirely of an estimated contingent consideration resulting from the Company's acquisition of Huntington Steele, LLC (See Note 14).

The fair value of an asset or liability may include inputs from more than one level in the fair value hierarchy. The lowest level of significant inputs used to value the asset or liability determines which level the asset or liability is classified in its entirety. Transfers between levels of the fair value hierarchy are reported at fair value as of the beginning of the period in which the transfers occur. See Note 4 for related disclosures regarding fair value measurements.

Capitalized Software

Costs incurred for the development of internal use software to be offered in a hosting arrangement is capitalized during the development stage of the software application. These costs include direct external and internal costs to design the software configuration and interfaces, coding, installation, and testing. Costs incurred during the preliminary and post-implementation stages of the software application are expensed as incurred. Costs associated with significant enhancements to a software application are capitalized while costs incurred to maintain existing software applications are expensed as incurred. The capitalization of software development costs requires considerable judgment by management to ensure the costs incurred will result in additional functionality of the software. Amortization of capitalized software development costs begins when the product is ready for its intended use. Capitalized software development costs are amortized on a product-by-product basis using the straight-line method over the estimated economic life of the product or enhancement.

The Company capitalized $34,074, $44,221 and $61,043 of software development costs during 2019, 2018 and 2017, respectively. The Company's capitalized software development costs primarily relate to the further development of the SEI Wealth Platform^SM(SWP). The Company capitalized $33,084, $43,376 and $51,353 of software development costs for significant enhancements to SWP during 2019, 2018 and 2017, respectively. As of December 31, 2019, the net book value of SWP was $279,453. The net book value includes $55,332 of capitalized software development costs in-progress associated with future releases.

Management continually reassesses the estimated useful life of SWP and any change in management’s estimate could result in the remaining amortization expense to be accelerated or spread out over a longer period. During the fourth quarter 2017, the Company adjusted the remaining useful life of certain components and functionality of SWP that were placed into service during the past several years. The adjustment resulted in a decrease to the Company's amortization expense of $4,347 and an increase to the Company's net income of $3,156, or $0.02 diluted earnings per share, in 2017. As of December 31, 2019, SWP has a weighted average remaining life of 8.4 years. Amortization expense for SWP was $42,297, $39,917 and $46,505 in 2019, 2018 and 2017, respectively, and is included in Amortization expense on the accompanying Consolidated Statements of Operations.

The Company also capitalized $845 and $9,690 of software development costs during 2018 and 2017, respectively, related to an application for the Investment Managers segment. The application was placed into service during 2018. The net book value of the application at December 31, 2019 was $15,625. As of December 31, 2019, the application has an estimated remaining useful life of 3.0 years. Amortization expense for the application was $5,209 during 2019 and 2018 and is included in Amortization expense on the accompanying Consolidated Statements of Operations.

The Company currently expects to recognize amortization expense related to all capitalized software development costs placed into service as of December 31, 2019 each year from 2020 through 2024 as follows:



Year	Expected Amortization Expense Related to Capitalized Software
2020	$	48,395
2021	48,117
2022	33,272
2023	14,489
2024	14,489

The Company evaluates the carrying value of capitalized software development costs when circumstances indicate the carrying value may not be recoverable. The review of capitalized software development costs for impairment requires significant assumptions about operating strategies, underlying technologies utilized, and external market factors. External market factors include, but are not limited to, expected levels of competition, barriers to entry by potential competitors, stability in the target market and governmental regulations. The Company did not recognize any impairment charges related to its capitalized software development costs in 2019, 2018 or 2017.

Goodwill and Other Intangible Assets

The Company reviews long-lived assets and identifiable definite-lived intangible assets for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable. For purposes of recognizing and measuring an impairment loss, a long-lived asset is grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent.

Identifiable definite-lived intangible assets on the Company’s Consolidated Balance Sheet are amortized on a straight-line basis according to their estimated useful lives. Goodwill is not amortized but is reviewed for impairment annually or more

frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Current guidance require that a two-step, fair value based test be performed to assess goodwill for impairment. In the first step, the fair value of each reporting unit is compared with its carrying value, including goodwill. If the fair value exceeds the carrying value, goodwill is not impaired and no further testing is performed. The second step is performed if the carrying value exceeds the fair value. The second step requires an allocation of fair value to the individual assets and liabilities using a purchase price allocation in order to determine the implied fair value of goodwill. If the implied fair value of goodwill is less than the carrying amount, an impairment loss is recognized. The Company did not recognize any impairment charges related to its goodwill or other intangible assets in 2019, 2018 or 2017. See Note 14 for related disclosures regarding goodwill and intangible assets.

Contingent Consideration Liabilities

The Company may be required to pay additional future consideration in connection with business acquisitions based on the attainment of specified financial measures. The Company estimates the fair value of these potential future obligations at the time a business combination is consummated and records a contingent consideration liability on the Consolidated Balance Sheets. If the expected payment amounts subsequently change, the contingent consideration liabilities are adjusted through current period earnings and included in Facilities, supplies and other costs on the accompanying Consolidated Statement of Operations. See Note 14 for related disclosures regarding contingent consideration liabilities.

Income Taxes

The Company applies the asset and liability approach to account for income taxes whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. See Note 11 for related disclosures regarding income taxes.

Foreign Currency Translation

The assets and liabilities and results of operations of the Company’s foreign subsidiaries are measured using the foreign subsidiary’s local currency as the functional currency. Assets and liabilities have been translated into U.S. dollars using the rates of exchange at the balance sheet dates. The results of operations have been translated into U.S. dollars at average exchange rates prevailing during the period. The resulting translation gain and loss adjustments are recorded as a separate component of comprehensive income.

Transaction gains and losses from exchange rate fluctuations are included in the results of operations in the periods in which they occur. There were no material gains or losses from exchange rate fluctuations in 2019, 2018 or 2017.

Earnings Per Common Share

Basic earnings per common share is computed by dividing net income attributable to SEI Investments common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is computed by dividing net income attributable to SEI Investments common shareholders by the combination of the weighted average number of common shares outstanding and the dilutive potential common shares, such as stock options, outstanding during the period.

The calculations of basic and diluted earnings per share for 2019, 2018 and 2017 are:



	2019		2018		2017
Net income	$	501,426	$	505,868	$	404,389
Shares used to compute basic earnings per common share	151,540,000		156,579,000		158,177,000
Dilutive effect of stock options	3,361,000		4,653,000		4,092,000
Shares used to compute diluted earnings per common share	154,901,000		161,232,000		162,269,000
Basic earnings per common share	$	3.31	$	3.23	$	2.56
Diluted earnings per common share	$	3.24	$	3.14	$	2.49

Employee stock options to purchase approximately 6,574,000, 6,224,000 and 5,196,000 shares of common stock, with an average exercise price per share of $55.95, $53.60 and $45.49, were outstanding during 2019, 2018 and 2017, respectively, but not included in the computation of diluted earnings per common share because either the performance conditions have not been satisfied or the option’s exercise price was greater than the average market price of the Company’s common stock and the effect on diluted earnings per common share would have been anti-dilutive (See Note 7).

Stock-Based Compensation

Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is the vesting period. The amount of stock-based compensation expense that is recognized in a given period is dependent upon management’s estimate of when the vesting targets are expected to be achieved. If this estimate proves to be inaccurate, the remaining amount of stock-based compensation expense could be accelerated, spread out over a longer period, or reversed (See Note 7).

Leases

The Company adopted the requirements of the ASU 2016-02 Leases (Topic 842) (ASC 842) using the modified retrospective method on January 1, 2019. As a result of the adoption of ASC 842, the Company recorded additional lease assets and net lease liabilities of $44,169 as of January 1, 2019. Upon implementation, the Company elected the package of practical expedients permitted under the transition guidance within the new standard which allowed the Company to carryforward the historical lease identification, classification and initial direct cost. ASC 842 did not materially impact the Company’s consolidated net income or consolidated cash flows.

The Company determines if an arrangement is a lease at the inception of the contract. The Company's operating leases are included in Operating lease right-of-use (ROU) assets, Current portion of long-term operating lease liabilities, and Long-term operating lease liabilities on the accompanying Consolidated Balance Sheet.

The operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit interest rate, the Company utilizes an estimated incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. In determining the discount rate used in the present value calculation, the Company has elected to apply the portfolio approach for leases of equipment provided the leases commenced at or around the same time. This election allows the Company to account for leases at a portfolio level provided that the resulting accounting at this level would not differ materially from the accounting at the individual lease level. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

The Company has elected to account for lease and non-lease components separately. Operating lease ROU assets include all contractual lease payments and initial direct costs incurred, less any lease incentives. Facility leases generally only contain lease expense and non-component items such as taxes and pass through charges. Only the lease components are included in the ROU assets and lease liabilities. Additionally, the Company has elected not to apply the recognition requirements of ASC 842 to leases which have a lease term of less than one year at the commencement date.

The majority of the Company's leases for corporate facilities and equipment contain terms for renewal and extension of the lease agreement. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company includes the lease extensions when it is reasonably certain the Company will exercise the extension. The Company’s lease agreements do not contain any material variable lease payments, material residual value guarantees or any material restrictive covenants. The Company does not currently have any finance leases. See Note 16 for related disclosures regarding leases.

Reclassifications

Certain prior year amounts have been reclassified to conform to current year presentation.

New Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13) and subsequent amendments ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments (ASU 2019-04) in April 2019 and ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses (ASU 2019-11) in November 2019. ASU 2016-13 requires that expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. ASU 2016-13 limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and also requires the reversal of previously recognized credit losses if fair value increases. ASU 2019-04 and ASU 2019-11 provide certain improvements to ASU 2016-13. ASU 2016-13, ASU 2019-04 and ASU 2019-11 are effective for the Company beginning in the first quarter of 2020. The adoption of the updated standards will not have a material impact on the Company's consolidated financial statements and related disclosures.

In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment (ASU 2017-04). The objective of ASU 2017-04 is to simplify the subsequent measurement of goodwill by entities performing their annual goodwill impairment tests by comparing the fair value of a reporting unit, including income tax effects from any tax-

deductible goodwill, with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds fair value. ASU 2017-04 is effective for the Company beginning in the first quarter of 2020. The adoption of ASU 2017-04 will not have a material impact on the Company's consolidated financial statements and related disclosures.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13) which modifies the disclosure requirements on fair value measurements. ASU 2018-13 is effective for the Company beginning in the first quarter of 2020. The adoption of the updated standard will not have a material impact on its consolidated financial statements and related disclosures.

In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (ASU 2018-15). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 is effective for the Company beginning in the first quarter of 2020. The adoption of the standard will not have a material impact on its consolidated financial statements and related disclosures.

In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities (ASU 2018-17). The new standard changes how entities evaluate decision-making fees under the variable interest entity guidance. ASU 2018-17 is effective for the Company beginning in the first quarter of 2020. The adoption of ASU 2018-17 will not have a material impact on the Company's consolidated financial statements and related disclosures.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12). The standard removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for the Company beginning in the first quarter of 2021. The Company is currently evaluating the impact of adopting ASU 2019-12 on its consolidated financial statements and related disclosures.

Investment in Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Affiliates

LSV Asset Management

The Company has an investment in the general partnership LSV Asset Management (LSV), a registered investment advisor that provides investment advisory services primarily to institutions, including pension plans and investment companies. LSV is currently an investment sub-advisor for a limited number of SEI-sponsored mutual funds. As of December 31, 2019, the Company's total partnership interest in LSV was approximately 38.9%. The Company accounts for its interest in LSV using the equity method because of its less than 50% ownership. The Company’s interest in the net assets of LSV is reflected in Investment in unconsolidated affiliates on the accompanying Consolidated Balance Sheets and its interest in the earnings of LSV is reflected in Equity in earnings of unconsolidated affiliates on the accompanying Consolidated Statements of Operations.

At December 31, 2019, the Company’s total investment in LSV was $67,413. The Company’s proportionate share in the earnings of LSV was $151,891, $159,791 and $152,550 in 2019, 2018 and 2017, respectively. The Company receives partnership distributions related to the earnings of LSV on a quarterly basis. As such, the Company considers these distribution payments as returns on investment rather than returns of the Company's original investment in LSV and has therefore classified the associated cash inflows as an operating activity on the Consolidated Statements of Cash Flows. The Company received partnership distribution payments from LSV of $136,820, $166,941 and $143,517 in 2019, 2018 and 2017, respectively.

These tables contain condensed financial information of LSV:



Condensed Statement of Operations Year ended December 31,	2019		2018		2017
Revenues	$	491,700	$	517,203	$	491,872
Net income	$	390,533	$	410,846	$	392,141



Condensed Balance Sheets December 31,	2019		2018
Current assets	$	144,547	$	138,083
Non-current assets	5,048		1,165
Total assets	$	149,595	$	139,248

Current liabilities	$	46,828	$	47,874
Non-current liabilities	5,326		—
Partners’ capital	97,441		91,374
Total liabilities and partners’ capital	$	149,595	$	139,248

Composition of Certain Financial Statement Captions

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:



	2019			2018
Trade receivables	$	86,043		$	76,362
Fees earned, not billed	240,239			226,001
Other receivables	15,277			13,691
	341,559			316,054
Less: Allowance for doubtful accounts	(1,201		)	(718		)
Receivables, net	$	340,358		$	315,336

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:



	2019			2018
Buildings	$	162,882		$	160,796
Equipment	123,945			126,954
Land	10,830			10,772
Purchased software	143,705			139,245
Furniture and fixtures	18,835			18,103
Leasehold improvements	20,700			18,959
Construction in progress	33,415			9,240
	514,312			484,069
Less: Accumulated depreciation	(353,453		)	(338,206		)
Property and Equipment, net	$	160,859		$	145,863

Depreciation expense related to property and equipment for 2019, 2018 and 2017 was $29,436, $28,792 and $27,311, respectively.

Deferred Contract Costs

The Company adopted the requirements of ASC 606 using the modified retrospective method on January 1, 2018. As a result of the adoption, 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.

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.

Deferred contract costs were $30,991 and $24,007 as of December 31, 2019 and 2018, respectively. The Company deferred expenses related to contract costs of $11,495 and $8,122 during 2019 and 2018, respectively. Amortization expense related to deferred contract costs were $4,511 and $2,756 during 2019 and 2018, respectively, and 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 2019 or 2018.

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 2019, 2018 and 2017 was $230, $231 and $218, respectively.

Accrued Liabilities

Accrued Liabilities on the accompanying Consolidated Balance Sheets consist of:



	2019		2018
Accrued employee compensation	$	96,991	$	97,603
Accrued consulting, outsourcing and professional fees	28,610		31,000
Accrued sub-advisory, distribution and other asset management fees	46,245		42,583
Accrued dividend payable	52,452		50,761
Other accrued liabilities	48,503		57,687
Accrued liabilities	$	272,801	$	279,634

Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair value of the Company’s financial assets and liabilities, except for the Company's investment funds sponsored by LSV, is determined in accordance with the fair value hierarchy. The fair value of the Company’s Level 1 financial assets consists mainly of investments in open-ended mutual funds that are quoted daily. Level 2 financial assets consist of Government National Mortgage Association (GNMA) mortgage-backed securities held by the Company's wholly-owned limited purpose federal thrift subsidiary, SEI Private Trust Company (SPTC), Federal Home Loan Bank (FHLB) and other U.S. government agency short-term notes held by SIDCO. The financial assets held by SIDCO were purchased as part of a cash management program requiring only short term, top-tier investment grade government and corporate securities. The financial assets held by SPTC are debt securities issued by GNMA and are backed by the full faith and credit of the U.S. government. These securities were purchased for the sole purpose of satisfying applicable regulatory requirements and have maturity dates which range from 2023 to 2041.

The fair value of the Company's investment funds sponsored by LSV is measured using the net asset value per share (NAV) as a practical expedient. The NAVs of the funds are calculated by the funds' independent custodian and are derived from the fair values of the underlying investments as of the reporting date. The funds allow for investor redemptions at the end of each calendar month. This investment has not been classified in the fair value hierarchy but is presented in the tables below to permit reconciliation to the amounts presented on the accompanying Consolidated Balance Sheets.

The valuation of the Company's Level 2 financial assets held by SIDCO and SPTC are based upon securities pricing policies and procedures utilized by third-party pricing vendors. The Company had no Level 3 financial assets at December 31, 2019 or 2018 that were required to be measured at fair value on a recurring basis. The Company's Level 3 financial liabilities at December 31, 2019 and 2018 consist entirely of the estimated fair value of the contingent consideration resulting from an acquisition (See Note 14). The fair value of the contingent consideration was determined using a Monte-Carlo simulation model. Key assumptions for the Monte-Carlo simulation model include expected revenues, expected volatility, risk-free rate and other factors. There were no transfers of financial assets between levels within the fair value hierarchy during 2019.

Valuation of GNMA and Other U.S. Government Agency Securities

All of the Company's investments in GNMA, FHLB and other U.S. government agency securities are held in accounts at well-established financial institutions. The Company's selection of a financial institution for the purpose of purchasing securities considered a number of various factors including, but not limited to, securities pricing policies and procedures utilized by that financial institution. Each financial institution utilizes the services of independent pricing vendors. These vendors utilize evaluated and industry accepted pricing models that vary by asset class and incorporate available trade, bid and other market information to determine the fair value of the securities. The market inputs, listed in approximate order of priority, include: benchmark yields, reported trade, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. The Company evaluated the information regarding the pricing methodologies and processes utilized by the independent pricing vendors during the selection process of the financial institution. The Company analyzed this information for the purpose of classifying the securities into the appropriate level within the fair value hierarchy and to ensure that each pricing model for each asset class provided the fair value of those specific securities in accordance with generally accepted accounting principles. The Company continually monitors the price of each security for any unanticipated deviations from the previously quoted price. In the event of any significant unanticipated deviations in a security's price, additional analysis is conducted. The Company's investments in GNMA, FHLB and other U.S. government agency securities have been recorded at the prices provided by the independent pricing vendor without adjustment.

The fair value of certain financial assets and liabilities of the Company was determined using the following inputs:



			Fair Value Measurements at Reporting Date Using
	December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Assets
Equity securities	$	12,119	$	12,119	$	—
Available-for-sale debt securities	104,798		—		104,798
Fixed-income securities owned	33,486		—		33,486
Investment funds sponsored by LSV (1)	5,988
	$	156,391	$	12,119	$	138,284



			Fair Value Measurements at Reporting Date Using
	December 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Assets
Equity securities	$	10,218	$	10,218	$	—
Available-for-sale debt securities	101,683		—		101,683
Fixed-income securities owned	30,892		—		30,892
Investment funds sponsored by LSV (1)	4,887
	$	147,680	$	10,218	$	132,575

(1) The fair value amounts presented in the tables above are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the accompanying Consolidated Balance Sheets (See Note 5).

Marketable Securities

12 Months Ended

Dec. 31, 2019

Marketable Securities [Abstract]

Marketable Securities

The Company prospectively adopted ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01) on January 1, 2018 which requires the Company to recognize all changes in fair value of available-for-sale equity securities in current period earnings. Previously, these changes in fair value were recognized as a separate component of comprehensive income.

The Company's marketable securities include investments in money market funds and commercial paper classified as cash equivalents, available-for-sale debt securities, investments in SEI-sponsored and non-SEI-sponsored mutual funds, equities, investments in funds sponsored by LSV and securities owned by SIDCO.

Cash Equivalents

The Company's investments in money market funds and commercial paper classified as cash equivalents had a fair value of $543,765 and $419,154 at December 31, 2019 and 2018, respectively. There were no material unrealized or realized gains or losses from these investments during 2019 and 2018.

Available For Sale and Equity Securities

Available For Sale and Equity Securities on the accompanying Consolidated Balance Sheets consist of:



	At December 31, 2019
	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
Available for sale debt securities	$	104,193	$	605	$	—		$	104,798
SEI-sponsored mutual funds	7,564		125		(39		)	7,650
Equities and other mutual funds	3,637		832		—			4,469
	$	115,394	$	1,562	$	(39	)	$	116,917



	At December 31, 2018
	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
Available for sale debt securities	$	103,518	$	—	$	(1,835	)	$	101,683
SEI-sponsored mutual funds	7,446		—		(788		)	6,658
Equities and other mutual funds	3,434		126		—			3,560
	$	114,398	$	126	$	(2,623	)	$	111,901

Net unrealized holding gains at December 31, 2019 of the Company's available-for-sale debt securities were $465 (net of income tax expense of $140). Net unrealized losses at December 31, 2018 of the Company's available-for-sale debt securities were $1,413 (net of income tax benefit of $422). These net unrealized gains and losses are reported as a separate component of Accumulated other comprehensive loss on the accompanying Consolidated Balance Sheets.

There were gross realized losses of $493 and $550 from available-for-sale debt securities during 2019 and 2018, respectively. There were no gross realized gains from available-for-sale debt securities during 2019 and 2018. Realized losses from available-for-sale debt securities, including amounts reclassified from accumulated comprehensive loss, are reflected in Net gain (loss) from investments on the accompanying Consolidated Statements of Operations.

There were gross realized gains of $297 and gross realized losses of $48 from mutual funds and equities during 2019. In 2018, there were gross realized gains of $1,065 and gross realized losses of $1,136 from mutual funds and equities. Gains and losses from mutual funds and equities are reflected in Net gain (loss) from investments on the accompanying Consolidated Statements of Operations.

Investments in Affiliated Funds

The Company has an investment related to the startup of investment funds sponsored by LSV. The Company records this investment on the accompanying Consolidated Balance Sheets at fair value. Unrealized gains and losses from the change in fair value of these funds are recognized in Net gain (loss) from investments on the accompanying Consolidated Statements of Operations.

The investment primarily consists of U.S. dollar denominated funds that invest in equity securities of Canadian, Australian and Japanese companies. The underlying securities held by the funds are translated into U.S. dollars within the funds. The funds had a fair value of $5,988 and $4,887 at December 31, 2019 and 2018, respectively. The Company recognized

gains of $1,101 and $1,176 from the change in fair value of the funds during 2019 and 2017, respectively. The Company recognized losses of $1,147 from the change in fair value of the funds during 2018.

Securities Owned

The Company’s broker-dealer subsidiary, SIDCO, has investments in U.S. government agency securities with maturity dates less than one year. These investments are reflected as Securities owned on the accompanying Consolidated Balance Sheets. Due to specialized accounting practices applicable to investments by broker-dealers, the securities are reported at fair value and changes in fair value are recorded in current period earnings. The securities had a fair value of $33,486 and $30,892 at December 31, 2019 and 2018, respectively. There were no material net gains or losses from the change in fair value of the securities during 2019, 2018 and 2017.

Line of Credit	12 Months Ended
Line of Credit	Dec. 31, 2019
Line of Credit Facility [Abstract]
Lines of Credit	Line of Credit The Company has a five-year $300,000 Credit Agreement (the Credit Facility) with Wells Fargo Bank, National Association (Wells Fargo) and a syndicate of other lenders. The Credit Facility is scheduled to expire in June 2021, at which time any aggregate principal amount of loans outstanding becomes payable in full. Any borrowings made under the Credit Facility will accrue interest at rates that, at the Company's option, are based on a base rate (the Base Rate) plus a premium that can range from 0.25 percent to 1.00 percent or the London InterBank Offered Rate (LIBOR) plus a premium that can range from 1.25 percent to 2.00 percent depending on the Company’s Leverage Ratio (a ratio of consolidated indebtedness to consolidated EBITDA for the four preceding fiscal quarters, all as defined in the related agreement). The Base Rate is defined as the highest of a) the Federal Funds Rate, as published by the Federal Reserve Bank of New York, plus 0.50 percent, b) the prime commercial lending rate of Wells Fargo, c) the applicable LIBOR plus 1.00 percent, or d) 0 percent. The Company also pays quarterly commitment fees based on the unused portion of the Credit Facility. The quarterly fees for the Credit Facility can range from 0.15 percent of the amount of the unused portion to 0.30 percent, depending on the Company’s Leverage Ratio. Certain wholly-owned subsidiaries of the Company have guaranteed the obligations of the Company under the agreement. The aggregate amount of the Credit Facility may be increased by an additional $100,000 under certain conditions set forth in the agreement. The Company may issue up to $15,000 in letters of credit under the terms of the Credit Facility. The Company pays a periodic commission fee of 1.250 percent plus a fronting fee of 0.175 percent of the aggregate face amount of the outstanding letters of credit issued under the Credit Facility. The Credit Facility contains covenants that restrict the ability of the Company to engage in mergers, consolidations, asset sales, investments, transactions with affiliates, or to incur liens, as defined in the agreement. In the event of a default under the Credit Facility, the Company would also be restricted from paying dividends on, or repurchasing, its common stock without the approval of the lenders. None of the covenants of the Credit Facility negatively affect the Company’s liquidity or capital resources. Upon the occurrence of certain financial or economic events, significant corporate events, or certain other events of default constituting an event of default under the Credit Facility, all loans outstanding may be declared immediately due and payable and all commitments under the agreement may be terminated. As of December 31, 2019, the Company had outstanding letters of credit of $11,553 under the Credit Facility. These letters of credit were issued primarily for the expansion of the Company's headquarters and are scheduled to expire during the fourth quarter 2020. The amount of the Credit Facility that is available for general corporate purposes as of December 31, 2019 was $288,447. The Company was in compliance with all covenants of the Credit Facility during 2019. The Company incurred $630, $645 and $781 in interest charges and commitment fees relating to its line of credit during 2019, 2018 and 2017, respectively, which are reflected in Interest expense on the accompanying Consolidated Statements of Operations.

Shareholders' Equity

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Stock-Based Compensation

The Company's active equity compensation plan, the 2014 Omnibus Equity Compensation Plan (the 2014 Plan), is the successor plan to the 2007 Equity Compensation Plan (the 2007 Plan) which was merged with and into the 2014 Plan in May 2014. Outstanding grants under the 2007 Plan will continue according to the terms in effect before the plan merger, but the outstanding shares will be issued or transferred under the 2014 Plan. The 2014 Plan provides for the grant of stock options, stock units, stock awards, stock appreciation rights, dividend equivalents and other stock-based awards. Permitted grantees under the 2014 Plan include employees, non-employee directors and consultants who perform services for the Company. The plan is administered by the Compensation Committee of the Board of Directors of the Company. The Company has only non-qualified stock options outstanding under the 2014 Plan.

All outstanding stock options have performance-based vesting provisions that tie the vesting of stock options to the Company’s financial performance which are established at the time of grant. The Company’s stock options vest at a rate of 50 percent when a specified financial vesting target is achieved, and the remaining 50 percent when a second, higher-specified financial vesting target is achieved. Options do not vest due to the passage of time but as a result of achievement of the financial vesting targets. Options granted in December 2017 and thereafter include a service condition which requires a minimum two or four year waiting period from the grant date along with the attainment of the applicable financial vesting target. The targets are measured annually on December 31. The amount of stock-based compensation expense recognized in the period is based upon management’s estimate of when the financial vesting targets may be achieved. Any change in management’s estimate could result in the remaining amount of stock-based compensation expense to be accelerated, spread out over a longer period, or reversed. This may cause volatility in the recognition of stock-based compensation expense in future periods and could materially affect the Company’s earnings.

The Company uses the Black-Scholes option pricing model to determine the fair value of stock options. The determination of the fair value of stock options on the date of grant using an option-pricing model is affected by the price of the Company’s common stock as well as other variables. These variables include expected stock price volatility over the term of the awards, actual and projected employee stock exercise behaviors, risk-free interest rate and expected dividends. The Company primarily uses historical data to estimate the variables used in the option-pricing model except expected volatility. The Company uses a combination of historical and implied volatility. The Company accounts for forfeitures as they occur.

The weighted average fair value of the Company’s stock options granted during 2019, 2018 and 2017 were $13.94, $13.04 and $16.78, respectively, using the following assumptions:



	2019		2018		2017
Expected term (in years)	5.53		6.34		6.00
Expected volatility	23.36	%	25.27	%	22.58	%
Expected dividend yield	1.10	%	1.35	%	0.82	%
Risk-free interest rate	1.80	%	2.75	%	2.29	%

The Company recognized stock-based compensation expense in its Consolidated Financial Statements in 2019, 2018 and 2017 as follows:



	2019			2018			2017
Stock-based compensation expense	$	24,582		$	23,805		$	36,366
Less: Deferred tax benefit	(4,814		)	(5,078		)	(7,891		)
Stock-based compensation expense, net of tax	$	19,768		$	18,727		$	28,475

The Company revised its estimates of when some vesting targets are expected to be achieved. These changes in management’s estimates resulted in an increase of $2,903, $1,909 and $11,206 in stock-based compensation expense during 2019, 2018 and 2017, respectively.

As of December 31, 2019, there was approximately 7,492,000 unvested employee stock options with an unrecognized compensation cost of $73,337 that the Company expects will vest and be expensed through 2024 with a weighted average period of 1.9 years.

This table presents certain information relating to the Company’s stock option plans for 2019, 2018 and 2017:



	Number of Shares		Weighted Average Price
Balance as of December 31, 2016	18,069,000		$	31.57
Granted	2,057,000		69.87
Exercised	(2,370,000	)	21.22
Expired or canceled	(1,044,000	)	33.42
Balance as of December 31, 2017	16,712,000		$	37.63
Granted	2,468,000		49.94
Exercised	(3,232,000	)	25.93
Expired or canceled	(135,000	)	49.58
Balance as of December 31, 2018	15,813,000		$	41.84
Granted	2,480,000		64.04
Exercised	(2,243,000	)	25.27
Expired or canceled	(344,000	)	55.07
Balance as of December 31, 2019	15,706,000		$	47.43

Exercisable as of December 31, 2019	8,214,000		$	37.34
Available for future grant as of December 31, 2019	19,639,000

As of December 31, 2019 and 2018, there were 8,214,000 and 9,359,000 shares exercisable, respectively. The expiration dates for options outstanding at December 31, 2019 range from December 13, 2020 to December 9, 2029 with a weighted average remaining contractual life of 6.5 years.

Upon exercise of stock options, the Company will issue new shares of its common shares. The Company does not hold any shares in treasury. The total intrinsic value of options exercised during 2019 and 2018 was $74,163 and $139,087, respectively. The total options exercisable as of December 31, 2019 had an intrinsic value of $231,115. The total options outstanding as of December 31, 2019 had an intrinsic value of $293,500. The total intrinsic value for options outstanding and options exercisable is calculated as the difference between the market value of the Company’s common stock as of December 31, 2019 and the exercise price of the shares. The market value of the Company’s common stock as of December 31, 2019 was $65.48 as reported by the Nasdaq Stock Market, LLC.

This table summarizes information relating to all options outstanding and exercisable at December 31, 2019:



					Options Outstanding at December 31, 2019				Options Exercisable at December 31, 2019
Range of Exercise Prices (Per Share)					Number of Shares	Weighted Average Exercise Price (Per Share)		Weighted Average Remaining Contractual Life (Years)	Number of Shares	Weighted Average Exercise Price (Per Share)		Weighted Average Remaining Contractual Life (Years)
$	14.62	-	$	21.05	843,000	$	15.79	2.00	843,000	$	15.79	2.00
22.45		-	23.86		1,869,000	23.04		2.16	1,869,000	23.04		2.16
27.03		-	40.64		2,945,000	37.24		4.57	2,072,000	35.81		4.39
45.99		-	53.16		4,062,000	49.01		8.09	1,855,000	49.62		7.00
53.34		-	71.12		5,987,000	63.43		8.36	1,575,000	53.40		6.07
					15,706,000				8,214,000

Employee Stock Purchase Plan

The Company has an employee stock purchase plan that provides for offerings of common stock to eligible employees at a price equal to 85 percent of the fair market value of the stock at the end of the stock purchase period, as defined. The Company has reserved 15,600,000 shares for issuance under this plan. At December 31, 2019, 12,131,000 cumulative shares have been issued. There were no material costs incurred by the Company related to the employee stock purchase plan in 2019, 2018 and 2017.

Common Stock Buyback

The Board of Directors, under multiple authorizations, has authorized the purchase of the Company’s common stock on the open market or through private transactions. As of December 31, 2019, the Company had approximately $117,530 of authorization remaining for the purchase of common stock. The following table provides the total number of shares repurchased and the related total costs in 2019, 2018 and 2017:



Year	Total Number of Shares Repurchased	Total Cost
2019	6,225,000	$	348,348
2018	6,744,000	404,759
2017	4,403,000	248,114

The Company immediately retires its common stock when purchased. Upon retirement, the Company reduces Capital in excess of par value for the average capital per share outstanding and the remainder is charged against Retained earnings. If the Company reduces its Retained earnings to zero, any subsequent purchases of common stock will be charged entirely to Capital in excess of par value.

Rights Agreement

The Company’s Board of Directors declared a dividend distribution pursuant to a Rights Agreement (the Rights Agreement) which became effective on January 6, 2009. The Rights Agreement was not renewed and expired on January 6, 2019. The purpose of the Rights Agreement was to deter coercive or unfair takeover tactics and to prevent a person or group from acquiring control of the Company without offering a fair price to all shareholders. Under the Rights Agreement, all common shareholders would have received one Right for each common share outstanding. Each Right entitled the registered holder to purchase from the Company a unit consisting of one twenty-thousandths of a share of Series A Junior Participating Preferred Shares, $0.05 par value per share, or a combination of securities and assets of equivalent value, at a purchase price of $150.00 per unit, subject to adjustment.

Cash Dividends

On May 29, 2019, the Board of Directors declared a cash dividend of $0.33 per share on the Company’s common stock, which was paid on June 20, 2019, to shareholders of record on June 12, 2019. On December 9, 2019, the Board of Directors declared a cash dividend of $0.35 per share on the Company’s common stock, which was paid on January 8, 2020, to shareholders of record on December 27, 2019.

The cash dividends declared in 2019, 2018 and 2017 were $102,435, $97,900 and $91,444, respectively. The Board of Directors has indicated its intention to declare future cash dividends on a semiannual basis.

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Other comprehensive income (loss) consists of net income and other gains and losses affecting shareholders’ equity that are excluded from net income. Other comprehensive income (loss) includes unrealized gains and losses on available for sale debt securities and foreign currency translation adjustments. The Company presents other comprehensive income (loss) in its Consolidated Statements of Comprehensive Income. Components of Accumulated other comprehensive income (loss), net of tax, consisted of:



	Foreign Currency Translation Adjustments			Unrealized Holding Gains (Losses) on Investments			Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2017	$	(37,119	)	$	(836	)	$	(37,955	)

Other comprehensive income before reclassifications	17,597			190			17,787
Amounts reclassified from accumulated other comprehensive loss	—			260			260
Net current-period other comprehensive income	17,597			450			18,047

Balance, December 31, 2017	$	(19,522	)	$	(386	)	$	(19,908	)

Other comprehensive loss before reclassifications	(12,065		)	(1,088		)	(13,153		)
Amounts reclassified from accumulated other comprehensive loss	—			61			61
Net current-period other comprehensive loss	(12,065		)	(1,027		)	(13,092		)

Balance, December 31, 2018	$	(31,587	)	$	(1,413	)	$	(33,000	)

Other comprehensive income before reclassifications	7,618			1,486			9,104
Amounts reclassified from accumulated other comprehensive loss	—			392			392
Net current-period other comprehensive income	7,618			1,878			9,496

Balance, December 31, 2019	$	(23,969	)	$	465		$	(23,504	)

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2019
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan The Company has a tax-qualified defined contribution plan (the Plan). The Plan provides retirement benefits, including provisions for early retirement and disability benefits, as well as a tax-deferred savings feature. After satisfying certain requirements, participants are vested in employer contributions at the time the contributions are made. All Company contributions are discretionary and are made from available profits. The Company contributed $12,923, $12,362 and $10,929 to the Plan in 2019, 2018 and 2017, respectively.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

The Company leases software, facilities, and equipment under non-cancelable operating leases, some which contain escalation clauses for increased taxes and operating expenses. The Company has entered into maintenance agreements primarily for its equipment. Rent expense, primarily related to user licenses for software, was $33,600, $34,679 and $32,619 in 2019, 2018 and 2017, respectively.

The aggregate noncancellable minimum commitments at December 31, 2019 are:



Year	Aggregate Noncancellable Minimum Commitments
2020	$	9,906
2021	8,334
2022	8,043
2023	7,977
2024 and thereafter	17,184
	$	51,444

In the ordinary course of business, the Company from time to time enters into contracts containing indemnification obligations of the Company. These obligations may require the Company to make payments to another party upon the occurrence of certain events including the failure by the Company to meet its performance obligations under the contract. These contractual indemnification provisions are often standard contractual terms of the nature customarily found in the type of contracts entered into by the Company. In many cases, there are no stated or notional amounts included in the indemnification provisions. There are no amounts reflected on the Consolidated Balance Sheets as of December 31, 2019 and 2018 related to these indemnifications.

Stanford Trust Company Litigation

SEI has been named in seven lawsuits filed in Louisiana courts; four of the cases also name SPTC as a defendant. The underlying allegations in all actions relate to the purported role of SPTC in providing back-office services to Stanford Trust Company. The complaints allege that SEI and SPTC participated in some manner in the sale of “certificates of deposit” issued by Stanford International Bank so as to be a “seller” of the certificates of deposit for purposes of primary liability under the Louisiana Securities Law or so as to be secondarily liable under that statute for sales of certificates of deposit made by Stanford Trust Company. Two of the actions also include claims for violations of the Louisiana Racketeering Act and possibly conspiracy, and a third also asserts claims of negligence, breach of contract, breach of fiduciary duty, violations of the uniform fiduciaries law, negligent misrepresentation, detrimental reliance, violations of the Louisiana Racketeering Act, and conspiracy.

The procedural status of the seven cases varies. The Lillie case, filed originally in the 19th Judicial District Court for the Parish of East Baton Rouge, was brought as a class action and is procedurally the most advanced of the cases. SEI and SPTC filed exceptions, which the Court granted in part, dismissing claims under the Louisiana Unfair Trade Practices Act and permitting the claims under the Louisiana Securities Law to go forward. On March 11, 2013, newly-added insurance carrier defendants removed the case to the United States District Court for the Middle District of Louisiana. On August 7, 2013, the Judicial Panel on Multidistrict Litigation transferred the matter to the Northern District of Texas where MDL 2099, In re: Stanford Entities Securities Litigation (“the Stanford MDL”), is pending. On September 22, 2015, the District Court on the motion of SEI and SPTC dismissed plaintiffs’ claims for primary liability under Section 714(A) of the Louisiana Securities Law, but declined to dismiss plaintiffs’ claims for secondary liability under Section 714(B) of the Louisiana Securities Law based on the allegations pled by plaintiffs. On November 4, 2015, the District Court granted SEI and SPTC's motion to dismiss plaintiffs' claims under Section 712(D) of the Louisiana Securities Law. Consequently, the only claims of plaintiffs remaining in Lillie are plaintiffs' claims for secondary liability against SEI and SPTC under Section 714(B) of the Louisiana Securities Law. On May 2, 2016, the District Court certified the class as being "all persons for whom Stanford Trust Company purchased or renewed Stanford Investment Bank Limited certificates of deposit in Louisiana between January 1, 2007 and February 13, 2009". Notice of the pendency of the class action was mailed to potential class members on October 4, 2016.

On December 1, 2016, a group of plaintiffs who opted out of the Lillie class filed a complaint against SEI and SPTC in the United States District Court in the Middle District of Louisiana (“Ahders Complaint”), alleging claims essentially the same as those in Lillie. In January 2017, the Judicial Panel on Multidistrict Litigation transferred the Ahders proceeding to the Northern District of Texas and the Stanford MDL. During February 2017, SEI and SPTC filed their response to the Ahders Complaint, and in March 2017 the District Court for the Northern District of Texas approved the stipulated dismissal of all claims in this Complaint predicated on Section 712(D) or Section 714(A) of the Louisiana Securities Law. In both cases, as a result of the proceedings in the Northern District of Texas, only the plaintiffs’ secondary liability claims under Section 714(B) of the Louisiana Securities Law remain. Limited discovery and motions practice have occurred, including SEI and SPTC’s filing of a dispositive summary judgment motion in the Lillie proceeding. On January 31, 2019, the Judicial Panel on Multidistrict Litigation remanded the Lillie and Ahders proceedings to the Middle District of Louisiana.

On July 9, 2019, the District Court issued an order granting SEI’s Summary Judgment Motion to dismiss the remaining Section 714(B) claim in the Lillie proceeding and denying Plaintiffs’ Motion for Continuance of SEI and SPTC’s Motion for Summary Judgment pursuant to Rule 56(d).

On July 16, 2019, SEI and SPTC filed a Motion for Summary Judgment pursuant to Rule 56(d) in the Ahders proceeding to have the remaining Section 714(B) claim dismissed.

On July 17, 2019, Plaintiffs filed a Motion for Reconsideration and/or New Trial as to the July 9, 2019 Ruling and Order (ECF 146) by the Honorable Brian A. Jackson denying a continuance of SEI’s Motion for Summary Judgment pursuant to Rule 56(d) in the Lillie proceeding. The Court denied Plaintiffs’ Motion and entered a Final Judgment in favor of SEI and SPTC on August 15, 2019.

On August 27, 2019, Plaintiffs-Appellants filed a Notice of Appeal to the United States Court of Appeals for the Fifth Circuit of the District Court's dismissal of the Lillie matter.

On November 20, 2019, Plaintiffs-Appellants filed a Motion in Support of the Notice of Appeal with the Fifth Circuit in the Lillie matter.

On January 17, 2020, SEI and SPTC timely filed their brief in opposition to the Plaintiffs-Appellants' motion for appeal in the Lillie Matter.

On January 24, 2020, the District Court issued an order granting SEI’s Summary Judgment Motion to dismiss the remaining Section 714(B) claim in the Adhers proceeding.

On February 7, 2020, Plaintiffs-Appellants filed their reply brief with the Fifth Circuit in the Lillie matter.

Another case, filed in the 23rd Judicial District Court for the Parish of Ascension, also was removed to federal court and transferred by the Judicial Panel on Multidistrict Litigation to the Northern District of Texas and the Stanford MDL. The schedule for responding to that Complaint has not yet been established.

Two additional cases remain in the Parish of East Baton Rouge. Plaintiffs filed petitions in 2010 and have granted SEI and SPTC indefinite extensions to respond. No material activity has taken place since.

In two additional cases,filed in East Baton Rouge and brought by the same counsel who filed the Lillie action, virtually all of the litigation to date has involved motions practice and appellate litigation regarding the existence of federal subject matter jurisdiction under the federal Securities Litigation Uniform Standards Act (SLUSA). The matters were removed to the United States District Court for the Northern District of Texas and consolidated. The court then dismissed the action under SLUSA. The Court of Appeals for the Fifth Circuit reversed that order, and the Supreme Court of the United States affirmed the Court of Appeals judgment on February 26, 2014. The matters were remanded to state court and no material activity has taken place since that date.

While the outcome of this litigation remains uncertain, SEI and SPTC believe that they have valid defenses to plaintiffs' claims and intend to defend the lawsuits vigorously. Because of uncertainty in the make-up of the Lillie class, the specific theories of liability that may survive a motion for summary judgment or other dispositive motion, the relative lack of discovery regarding damages, causation, mitigation and other aspects that may ultimately bear upon loss, the Company is not reasonably able to provide an estimate of loss, if any, with respect to the foregoing lawsuits.

SEI Capital Accumulation Plan Litigation

On September 28, 2018, a class action complaint was filed in the United States District Court for the Eastern District of Pennsylvania by Gordon Stevens, individually and as the representative of similarly situated persons, and on behalf of the SEI Capital Accumulation Plan (the “Plan”) naming the Company and its affiliated and/or related entities SEI Investments Management Corporation, SEI Capital Accumulation Plan Design Committee, SEI Capital Accumulation Plan Investment Committee, SEI Capital Accumulation Plan Administration Committee, and John Does 1-30 as defendants (the “Stevens Complaint”). The Stevens Compliant seeks unspecified damages for defendants’ breach of fiduciary duties under ERISA with respect to selecting and monitoring the Plan’s investment options and by retaining affiliated investment products in the Plan.

Although SEI believes its defenses against the plaintiff’s allegations were valid, the Company agreed to settle this matter in the very early stages of the litigation in order to avoid the high cost of protracted class-action litigation and internal distractions such cases bring. The written settlement agreement was submitted to the Court on July 26, 2019, and is a matter of public record. A Preliminary Approval Order approving the settlement agreement was issued by the Court.

A fairness hearing to approve the settlement agreement was held on December 18, 2019. The parties are currently waiting for the Court’s decision regarding the approval of the settlement agreement. The Company expects the financial impact of the settlement agreement to be immaterial.

Other Matters

The Company is also a party to various other actions and claims arising in the normal course of business that the Company does not believe are material. The Company believes that the ultimate resolution of these matters will not have a material adverse effect on the Company's financial position or the manner in which the Company conducts its business. Currently, the Company does not believe the amount of losses associated with these matters can be estimated. While the Company does not believe that the amount of such losses will, when liquidated or estimable, be material to its financial position, the assumptions may be incorrect and any such loss could have a material adverse effect on the Company's

results of operations or the manner in which the Company conducts its business in the period(s) during which the underlying matters are resolved.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

The federal and state and foreign income tax provision is summarized as follows:



Year Ended December 31,	2019			2018		2017
Current
Federal	$	100,986		$	82,493	$	154,776
State	19,902			13,709		11,645
Foreign	11,722			8,405		8,002
	132,610			104,607		174,423
Deferred
Federal	(1,635		)	2,550		(26,350		)
State	(960		)	1,166		1,378
Foreign	—			15		3,199
	(2,595		)	3,731		(21,773		)
Total income taxes	$	130,015		$	108,338	$	152,650

Annual tax provisions include amounts considered sufficient to pay assessments that may result from examination of prior year tax returns; however, the amount ultimately paid upon resolution of issues raised may differ materially from the amount accrued. The examination and the resolution process may last longer than one year.

The components of Income before income taxes are summarized as follows:



Year Ended December 31,	2019		2018		2017
Domestic	$	565,842	$	579,622	$	523,044
Foreign	65,599		34,584		33,995
	$	631,441	$	614,206	$	557,039

The Company's foreign income is primarily earned in Canada, the Republic of Ireland and the United Kingdom. The increase in the Company's foreign income during 2019 is primarily due to the increase of income from certain foreign subsidiaries subject to tax in non-U.S. jurisdictions.

The effective income tax rate differs from the federal income tax statutory rate due to the following:



Year Ended December 31,	2019		2018		2017
Statutory rate	21.0	%	21.0	%	35.0	%
State taxes, net of federal tax benefit	2.4		1.9		1.3
Foreign tax expense and tax rate differential	—		(0.1	)	(1.1	)
Tax benefit from stock option exercises	(1.9	)	(3.8	)	(3.9	)
Enactment of the Tax Cuts and Jobs Act:
Re-measurement of deferred taxes	—		—		(4.9	)
One-time transition tax on repatriation of foreign earnings and withholding tax	—		(0.1	)	2.6
Research and development tax credit	(1.1	)	(0.8	)	(0.9	)
Domestic Production Activities Deduction	—		—		(0.5	)
Foreign-Derived Intangible Income Deduction (FDII)	(0.2	)	(0.2	)	—
Other, net	0.4		(0.3	)	(0.2	)
	20.6	%	17.6	%	27.4	%

The increase in the Company's effective tax rate in 2019 was primarily due to reduced tax benefits related to the lower volume of stock option exercises as compared to 2018 and an increase in the Company's state effective tax rate.

The Company's effective income tax rate in 2018 included the 21.0 percent corporate tax rate under the Tax Cut and Jobs Act (the Tax Act). The Tax Act also provided for a Foreign-Derived Intangible Income (FDII) deduction. For 2019 and 2018, the Company estimated a federal FDII deduction benefit of $1,315 and $1,206, respectively. The Tax Act also repealed the

Section 199 deduction for businesses that perform domestic manufacturing and certain other production activities which had an favorable impact on the Company's tax rate in 2017.

The impact to the Company's effective tax rate in 2017 from the Tax Act was a combination of a $27,153 tax benefit from the re-measurement of the Company's estimated net deferred tax liability as of December 31, 2017 based upon the 21.0 percent corporate tax rate offset by expense of $14,743 from the preliminary estimate of the one-time transition tax relating to the impact of the deemed repatriation and withholding tax of the Company's previously undistributed foreign earnings. The net impact to the Company's tax rate in 2017 from the Tax Act was a net tax benefit of $12,410, or $0.08 diluted earnings per share. The favorable impact to the Company's effective income tax rate in 2018 from the Tax Act related to the finalization of the estimated one-time transition tax.

The Tax Act also imposed a territorial rather than worldwide system which requires a one-time transition tax on the repatriation of previously deferred foreign earnings. As of December 31, 2019, the remaining amount payable related to the transition tax of $803 is included in Long-term income taxes payable on the accompanying Consolidated Balance Sheet.

Deferred income taxes for 2019 and 2018 reflect the impact of temporary differences between the amount of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws and regulations. Significant components of our deferred tax assets and liabilities at December 31, 2019 and 2018 are as follows:



	2019			2018
Deferred Tax Assets:
Stock-based compensation expense	$	24,686		$	24,125
State net operating loss carryforward	67,472			67,825
Foreign net operating loss carryforward and other	6,081			6,533
Basis differences in investments	4,436			4,118
Federal benefit of state tax deduction for uncertain tax positions	2,124			1,882
Revenue and expense recognized in different periods for financial reporting and income tax purposes	1,960			1,657
Other assets	1,271			1,049
Total deferred income tax assets	108,030			107,189
Less: State net operating loss valuation allowance	(64,737		)	(65,870		)
Less: Foreign net operating loss valuation allowance	(5,994		)	(6,446		)
Net deferred income tax assets	$	37,299		$	34,873

Deferred Tax Liabilities:
Capitalized software currently deductible for tax purposes, net of amortization	$	(68,265	)	$	(71,067	)
Difference in financial reporting and income tax depreciation methods	(6,032		)	(6,545		)
Difference between book and tax basis of other assets	(4,593		)	(4,429		)
Goodwill and other intangibles	(2,170		)	(1,823		)
Foreign dividend withholding tax	(312		)	(312		)
Capitalized contract costs	(7,072		)	(5,490		)
Other liabilities	(1,755		)	(960		)
Total deferred income tax liabilities	$	(90,199	)	$	(90,626	)
Net deferred income tax liabilities	$	(52,900	)	$	(55,753	)

The valuation allowances against deferred tax assets at December 31, 2019 and 2018 are related to state net operating losses from certain domestic subsidiaries, foreign net operating losses from certain foreign subsidiaries and the restriction of the use of the foreign tax credit placed by the Tax Act. Certain state and foreign tax statutes significantly limit the utilization of net operating losses for domestic and foreign subsidiaries. Furthermore, these net operating losses cannot be used to offset the net income of other subsidiaries.

The Company recognizes uncertain tax positions in accordance with the applicable accounting guidance and adjusts these liabilities when management’s judgment changes as a result of the evaluation of new information not previously

available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company's current estimate of the tax liabilities. The Company’s total unrecognized tax benefit, including interest and penalties, as of December 31, 2019 was $17,318, of which $15,194 would affect the effective tax rate if the Company were to recognize the tax benefit. The gross amount of uncertain tax liability of $4,896 is expected to be paid within one year is netted against the current payable account while the remaining amount of $12,422 is included in Other long-term liabilities on the accompanying Consolidated Balance Sheet. During the year ended December 31, 2019, the Company recognized $3,435 of previously unrecognized tax benefits relating to the lapse of the statute of limitation.

The Company files a consolidated federal income tax return and separate income tax returns with various states. Certain subsidiaries of the Company file tax returns in foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examination for years before 2016 and is no longer subject to state, local or foreign income tax examinations by authorities for years before 2015.

A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows:



	2019			2018			2017
Balance as of January 1	$	14,367		$	14,480		$	17,287
Tax positions related to current year:
Gross additions	3,054			2,446			3,180
Tax positions related to prior years:
Gross additions	1,465			340			211
Settlements	(145		)	(278		)	(352		)
Lapses on statute of limitations	(3,385		)	(2,621		)	(5,846		)
Balance as of December 31	$	15,356		$	14,367		$	14,480

The above reconciliation of the gross unrecognized tax benefit will differ from the amount which would affect the effective tax rate because of the recognition of the federal and state tax benefits and interest and penalties.

The Company classifies all interest and penalties as income tax expense. The Company has recorded $1,962, $1,289 and $1,175 in liabilities for tax-related interest and penalties in 2019, 2018 and 2017, respectively.

The Company estimates it will recognize $4,896 of unrecognized tax benefits within the next twelve months due to lapses on the statute of limitation.

The Company includes its direct and indirect subsidiaries in its U.S. consolidated federal income tax return. The Company’s tax sharing allocation agreement provides that any subsidiary having taxable income will pay a tax liability equivalent to what that subsidiary would have paid if it filed a separate income tax return. If the separately calculated federal income tax provision for any subsidiary results in a tax loss, the current benefit resulting from such loss, to the extent utilizable on a separate return basis, is accrued and paid to that subsidiary.

Business Segment Information

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Business Segment Information

The Company’s reportable business segments are:

Private Banks – provides outsourced investment processing and investment management platforms to banks and trust institutions, independent wealth advisers and financial advisors worldwide;

Investment Advisors – provides investment management and investment processing platforms to affluent investors through a network of independent registered investment advisors, financial planners and other investment professionals in the United States;

Institutional Investors – provides investment management and administrative outsourcing platforms to retirement plan sponsors, healthcare systems, higher education and other not-for-profit organizations worldwide;

Investment Managers – provides investment operations outsourcing platforms to fund companies, banking institutions, traditional and non-traditional investment managers worldwide and family offices in the United States; and

Investments in New Businesses – focuses on providing investment management solutions to ultra-high-net-worth families residing in the United States; developing internet-based investment services; developing network and data protection services; modularizing larger technology platforms into stand-alone components; entering new markets; and conducting other research and development activities.

In 2019, 2018 and 2017, no single customer accounted for more than ten percent of revenues in any business segment.

The following tables highlight certain financial information about each of the Company’s business segments for the years ended December 31, 2019, 2018 and 2017:



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Year Ended December 31, 2019
Revenues	$	470,276	$	403,778	$	322,062	$	440,796	$	12,973		$	1,649,885
Expenses	443,136		208,508		153,937		282,024		29,660			1,117,265
Operating profit (loss)	$	27,140	$	195,270	$	168,125	$	158,772	$	(16,687	)	$	532,620



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Year Ended December 31, 2018
Revenues	$	483,097	$	399,089	$	333,299	$	398,076	$	10,606		$	1,624,167
Expenses	457,894		212,439		163,536		259,693		22,971			1,116,533
Operating profit (loss)	$	25,203	$	186,650	$	169,763	$	138,383	$	(12,365	)	$	507,634



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Year Ended December 31, 2017
Revenues	$	474,272	$	373,473	$	322,457	$	349,444	$	6,906		$	1,526,552
Expenses	455,119		201,833		161,640		226,504		20,678			1,065,774
Operating profit (loss)	$	19,153	$	171,640	$	160,817	$	122,940	$	(13,772	)	$	460,778

A reconciliation of the total reported for the business segments to income from operations in the Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017 is as follows:



Year Ended December 31,	2019			2018			2017
Total operating profit from segments above	$	532,620		$	507,634		$	460,778
Corporate overhead expenses	(72,196		)	(65,646		)	(63,834		)
Income from operations	$	460,424		$	441,988		$	396,944

The following tables provide additional information for the years ended December 31, 2019, 2018 and 2017 pertaining to our business segments:



	Capital Expenditures (1)						Depreciation
Year Ended December 31,	2019		2018		2017		2019		2018		2017
Private Banks	$	33,068	$	36,763	$	47,526	$	14,349	$	13,773	$	16,479
Investment Advisors	17,413		16,572		17,450		4,653		4,607		3,364
Institutional Investors	4,057		3,863		4,020		1,600		1,672		1,121
Investment Managers	18,970		13,639		15,863		7,145		6,988		4,698
Investments in New Businesses	1,349		972		546		383		547		826
Total from business segments	$	74,857	$	71,809	$	85,405	$	28,130	$	27,587	$	26,488
Corporate Overhead	2,314		1,507		1,163		1,306		1,205		823
	$	77,171	$	73,316	$	86,568	$	29,436	$	28,792	$	27,311

(1) Capital expenditures include additions to property and equipment and capitalized software.



	Amortization
Year Ended December 31,	2019		2018		2017
Private Banks	$	29,054	$	27,312	$	32,696
Investment Advisors	10,311		9,668		10,930
Institutional Investors	1,726		1,707		1,599
Investment Managers	9,358		9,382		2,593
Investments in New Businesses	740		595		239
Total from business segments	$	51,189	$	48,664	$	48,057
Corporate Overhead	230		231		218
	$	51,419	$	48,895	$	48,275



	Total Assets
	2019		2018
Private Banks	$	567,796	$	558,451
Investment Advisors	165,556		143,042
Institutional Investors	115,012		109,081
Investment Managers	373,986		318,342
Investments in New Businesses	19,735		33,142
Total from business segments	$	1,242,085	$	1,162,058
Corporate Overhead (2)	909,285		809,610
	$	2,151,370	$	1,971,668

(2) Unallocated assets primarily consist of cash and cash equivalents, marketable securities, and certain other shared services assets.

The following table presents revenues based on the location of the use of the products or services:



For the Year Ended December 31,	2019		2018		2017
United States	$	1,385,744	$	1,348,130	$	1,298,381
International operations	264,141		276,037		228,171
	$	1,649,885	$	1,624,167	$	1,526,552

The following table presents assets based on their location:



	2019		2018
United States	$	1,732,427	$	1,612,202
International operations	418,943		359,466
	$	2,151,370	$	1,971,668

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company, either by itself or through its wholly-owned subsidiaries, serves as the sponsor, administrator, investment advisor, distributor and shareholder servicer for SEI-sponsored investment products. These investment products are offered to clients of the Company and its subsidiaries. Fees earned by the Company for the related services are recognized pursuant to the provisions of investment advisory, fund administration, distribution, and shareholder services agreements directly with the investment products. These fees totaled $449,725, $462,101 and $453,438 in 2019, 2018 and 2017, respectively. The Company also serves as an introducing broker-dealer for securities transactions of SEI-sponsored investment products. The Company recognized $632, $2,001 and $1,216 in commissions during 2019, 2018 and 2017, respectively. Both of these fees are reflected in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Receivables from investment products on the accompanying Consolidated Balance Sheets primarily represent fees receivable for distribution, investment advisory, and administration services to various investment products sponsored by SEI.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The carrying amount of the Company's goodwill by segment at December 31, 2019 and 2018 is as follows:



	Investment Managers		Investments In New Businesses		Total
Balance, January 1, 2018	$	52,990	$	—	$	52,990
Acquisition of Huntington Steele	—		11,499		11,499
Balance, December 31, 2018	$	52,990	$	11,499	$	64,489
Balance, December 31, 2019	$	52,990	$	11,499	$	64,489

In April 2018, the Company acquired all ownership interests of Huntington Steele, LLC (Huntington Steele). The excess purchase price over the estimated value of the net tangible and identifiable intangible assets was allocated to goodwill. The total amount of goodwill from this transaction amounted to $11,499 and is included on the accompanying Consolidated Balance Sheets. The total purchase price for Huntington Steele included a contingent purchase price of $12,120 payable to the sellers upon the attainment of specified financial measures determined at various intervals occurring between 2019 and 2023. During 2019, the Company made a payment of $433 to the sellers and made an adjustment of $568 to increase the fair value of the remaining contingent consideration. The fair value adjustment to the contingent consideration is reflected in Facilities, supplies and other costs on the accompanying Consolidated Statement of Operations in 2019. As of December 31, 2019, the current portion of the contingent consideration of $625 is included in Accrued liabilities on the accompanying Balance Sheet. The long-term portion of the contingent consideration of $11,630 is included in Other long-term liabilities on the accompanying Balance Sheet.

There was no change in the carrying amount of the Company's goodwill during 2019.

The Company's intangible assets consist of:



	2019			Weighted Average Estimated Useful Life	2018			Weighted Average Estimated Useful Life
Acquired technology	$	13,510		10.0 years	$	13,510		10.0 years
Client relationships	16,940			13.9 years	16,940			13.9 years
Non-competition agreements	3,470			5.0 years	3,470			5.0 years
Trade name	2,840			7.0 years	2,840			7.0 years
	36,760				36,760
Less: Accumulated amortization	(8,773		)		(5,090		)
Intangible assets, net	$	27,987			$	31,670

The Company recognized $3,683 and $3,538 of amortization expense related to intangible assets during 2019 and 2018, respectively.

The Company currently expects to recognize amortization expense related to intangible assets as of December 31, 2019 each year from 2020 through 2024 as follows:



Year	Expected Amortization Expense Related to Intangible Assets
2020	$	3,683
2021	3,683
2022	3,336
2023	2,989
2024	2,818

Revenues from Contracts with Customers

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

The Company adopted the requirements of ASC 606 using the modified retrospective method on January 1, 2018. Prior periods were not restated. As a result of the adoption, fees received for research services provided by SIDCO, the Company’s broker-dealer subsidiary, to customers in soft-dollar arrangements were recorded in revenues net of amounts

paid for the soft-dollar arrangement. The amounts paid by the Company were previously recorded gross as an expense. The amounts related to soft-dollar arrangements during 2018 and 2017 were $16,680 and $14,623, respectively.

The Company’s principal sources of revenues are: (1) asset management, administration and distribution fees primarily earned based upon a contractual percentage of net assets under management or administration; and (2) information processing and software servicing fees that are either recurring and primarily earned based upon the number of trust accounts being serviced or a percentage of the market value of the clients' assets processed on the Company's platforms, or non-recurring and based upon project-oriented contractual agreements related to client implementations.

Disaggregation of Revenue

The following tables provide additional information pertaining to our revenues disaggregated by major product line and primary geographic market based on the location of the use of the products or services for each of the Company’s business segments for 2019 and 2018:



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
Major Product Lines:	For the Year Ended December 31, 2019
Investment management fees from pooled investment products	$	135,503	$	282,253	$	54,726	$	766	$	1,293	$	474,541
Investment management fees from investment management agreements	1,616		103,428		266,323		—		11,571		382,938
Investment operations fees	1,634		—		—		403,208		—		404,842
Investment processing fees - PaaS	177,046		—		—		—		—		177,046
Investment processing fees - SaaS	132,661		—		—		11,036		—		143,697
Professional services fees	15,687		—		—		5,209		—		20,896
Account fees and other	6,129		18,097		1,013		20,577		109		45,925
Total revenues	$	470,276	$	403,778	$	322,062	$	440,796	$	12,973	$	1,649,885

Primary Geographic Markets:
United States	$	304,860	$	403,778	$	252,149	$	411,984	$	12,973	$	1,385,744
United Kingdom	102,518		—		52,584		—		—		155,102
Canada	43,661		—		6,889		—		—		50,550
Ireland	19,237		—		9,588		28,812		—		57,637
Other	—		—		852		—		—		852
Total revenues	$	470,276	$	403,778	$	322,062	$	440,796	$	12,973	$	1,649,885



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
Major Product Lines:	For the Year Ended December 31, 2018
Investment management fees from pooled investment products	$	138,616	$	288,030	$	59,739	$	928	$	1,017	$	488,330
Investment management fees from investment management agreements	793		94,526		271,600		331		9,457		376,707
Investment operations fees	1,517		—		—		360,382		—		361,899
Investment processing fees - PaaS	182,068		—		—		2,519		—		184,587
Investment processing fees - SaaS	136,222		—		—		9,598		—		145,820
Professional services fees	16,643		—		—		7,280		—		23,923
Account fees and other	7,238		16,533		1,960		17,038		132		42,901
Total revenues	$	483,097	$	399,089	$	333,299	$	398,076	$	10,606	$	1,624,167

Primary Geographic Markets:
United States	$	304,762	$	399,089	$	257,080	$	376,593	$	10,606	$	1,348,130
United Kingdom	112,980		—		55,471		—		—		168,451
Canada	45,941		—		8,526		—		—		54,467
Ireland	19,414		—		10,419		21,483		—		51,316
Other	—		—		1,803		—		—		1,803
Total revenues	$	483,097	$	399,089	$	333,299	$	398,076	$	10,606	$	1,624,167

Investment management fees from pooled investment products - Revenues associated with clients' assets invested in Company-sponsored pooled investment products. Contractual fees are stated as a percentage of the market value of assets under management and collected on a monthly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Investment management fees from investment management agreements - Revenues based on assets of clients of the Institutional Investors segment primarily invested in Company-sponsored products. Each client is charged an investment management fee that is stated as a percentage of the market value of all assets under management. The client is billed directly on a quarterly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Revenues associated with the separately managed account program offered through registered investment advisors located throughout the United States. The contractual fee is stated as a percentage of the market value of all assets invested in the separately managed account and collected on a quarterly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Investment operations fees - Revenues earned from accounting and administrative services, distribution support services and regulatory and compliance services to investment management firms and family offices. The Company contracts directly with the investment management firm or family office. The contractual fees are stated as a percentage of net assets under administration and billed when asset valuations are finalized. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Investment processing fees - Platform as a Service - Revenues associated with clients that outsource their entire investment operation and back-office processing functions. Through the use of the Company's proprietary platforms, the Company assumes all back-office investment processing services including investment processing, custody and safekeeping of assets, income collections, securities settlement and other related trust activities. The contractual fee is based on a monthly fee plus additional fees determined on a per-account or per-transaction basis. Contractual fees can also be stated as a percentage of the value of assets processed on the Company's platforms each month as long as the fee is in excess of a monthly contractual minimum. The client is billed directly on a monthly basis. Revenues are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations.

Investment processing fees - Software as a Service - Revenues associated with clients that outsource investment processing technology software and computer processing by accessing our proprietary software and data center remotely but retain responsibility for all investment operations, client administration and other back-office trust operations. The

contractual fee is based on a monthly fee plus additional fees determined on a per-account or per-transaction basis. The client is billed directly on a monthly basis. Revenues are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations.

Professional services fees - Revenues associated with the business services migration for investment processing clients of the Private Banks segment and investment operations clients of the Investment Managers segment. In addition, Professional services include other services such as business transformation consulting. Typically, fees are stated as a contractual fixed fee. The client is billed directly and fees are collected according to the terms of the agreement.

Account fees and other - Revenues associated with custody account servicing, account terminations, reimbursements received for out-of-pocket expenses, and other fees for the provision of ancillary services.

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

The Company has operating leases for corporate facilities and equipment. The Company's expense related to leases during 2019 was $10,159 and is included in Facilities, supplies and other costs on the accompanying Consolidated Statement of Operations.

The Company's future minimum lease payments under non-cancelable leases as of December 31, 2019 are as follows:



Year	Future Minimum Lease Payment
2020	$	9,906
2021	8,334
2022	8,043
2023	7,977
2024	6,477
Thereafter	10,707
Total future minimum lease payments	51,444
Less: Imputed interest	(3,838		)
Total	$	47,606

The following table provides supplemental Consolidated Balance Sheet information related to the Company's leases:



	2019
Current portion of long-term operating lease liabilities	$	9,156
Long-term operating lease liabilities	38,450
Total operating lease liabilities	$	47,606

Weighted average remaining lease term	6.3 years

Weighted average discount rate	2.61		%

The following table provides supplemental cash flow information related to the Company's leases:



Year Ended December 31,	2019
Cash paid for amounts included in the measurement of lease liabilities	$	10,932

Right-of-use assets obtained in exchange for lease obligations	6,372

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Data [Abstract]

Quarterly Financial Data (Unaudited)



	For the Three Months Ended
2019	March 31			June 30			September 30			December 31
Revenues	$	400,820		$	409,586		$	416,254		$	423,225
Income before income taxes	$	146,257		$	162,346		$	162,870		$	159,968
Net income	$	113,981		$	126,540		$	132,168		$	128,737
Basic earnings per share	$	0.74		$	0.83		$	0.88		$	0.86
Diluted earnings per share (1)	$	0.73		$	0.82		$	0.86		$	0.84

Effective income tax rate	22.1		%	22.1		%	18.9		%	19.5		%

(1) The sum of the individual quarterly earnings per share amounts may not agree with the annual earnings per share amount as each quarterly computation is based on the weighted average number of shares outstanding during that period.



	For the Three Months Ended
2018	March 31			June 30			September 30			December 31
Revenues	$	405,598		$	404,830		$	408,682		$	405,057
Income before income taxes	$	158,758		$	154,254		$	157,595		$	143,599
Net income	$	139,838		$	121,677		$	128,319		$	116,034
Basic earnings per share	$	0.89		$	0.77		$	0.82		$	0.75
Diluted earnings per share	$	0.86		$	0.75		$	0.80		$	0.73

Effective income tax rate	11.9		%	21.1		%	18.6		%	19.2		%

Schedule II - Valuation And Qualifying Accounts And Reserves

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts and Reserves




Schedule II - Valuation and Qualifying Accounts and Reserves		SEI Investments Company
(In thousands)		and Subsidiaries



Year Ended December 31,			Additions
Description	Balance at Beginning of Year		Charged to Costs and Expenses		Charged to Other Accounts		(Deductions)			Balance at End of Year
Allowance for doubtful accounts:
2019	$	718	$	483	$	—	$	—		$	1,201
2018	695		23		—		—			718
2017	523		172		—		—			695
Deferred income tax valuation allowance:
2019	$	72,316	$	—	$	—	$	(1,585	)	$	70,731
2018	68,469		—		3,847		—			72,316
2017	17,922		—		50,547		—			68,469

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Principles of Consolidation

Variable Interest Entities

Management's Use of Estimates

Management’s Use of Estimates

Revenue Recognition and Deferred Contract Costs

Revenue Recognition

Deferred Contract Costs

Cash and Cash Equivalents

The Company considers investment instruments purchased with an original maturity of three months or less to be cash equivalents.

Restricted Cash

Allowances for Doubtful Accounts

Concentration of Credit Risk

Property and Equipment

Marketable Securities

The specific identification method is used to compute the realized gains and losses on all of the Company’s marketable securities (See Note 5).

Fair Value of Financial Instruments

Capitalized Software



Year	Expected Amortization Expense Related to Capitalized Software
2020	$	48,395
2021	48,117
2022	33,272
2023	14,489
2024	14,489

Goodwill and Other Intangible Assets

Contingent Consideration Liabilities

Income Taxes

Foreign Currency Translation

Transaction gains and losses from exchange rate fluctuations are included in the results of operations in the periods in which they occur.

Earnings Per Common Share

Stock-based Compensation

Stock-Based Compensation

Leases

Reclassifications

Certain prior year amounts have been reclassified to conform to current year presentation.

New Accounting Pronouncements

Investments in Unconsolidated Affiliates

The Company accounts for its interest in LSV using the equity method because of its less than 50% ownership. The Company’s interest in the net assets of LSV is reflected in Investment in unconsolidated affiliates on the accompanying Consolidated Balance Sheets and its interest in the earnings of LSV is reflected in Equity in earnings of unconsolidated affiliates on the accompanying Consolidated Statements of Operations.

Investments in Affiliated Funds

Securities Owned

Accumulated Other Comprehensive Income (Loss)

Uncertain Tax Positions

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of Amortization Expense Related to the SEI Wealth Platform



Year	Expected Amortization Expense Related to Capitalized Software
2020	$	48,395
2021	48,117
2022	33,272
2023	14,489
2024	14,489

Schedule of Calculation of Basic and Diluted Earnings Per Share

The calculations of basic and diluted earnings per share for 2019, 2018 and 2017 are:



	2019		2018		2017
Net income	$	501,426	$	505,868	$	404,389
Shares used to compute basic earnings per common share	151,540,000		156,579,000		158,177,000
Dilutive effect of stock options	3,361,000		4,653,000		4,092,000
Shares used to compute diluted earnings per common share	154,901,000		161,232,000		162,269,000
Basic earnings per common share	$	3.31	$	3.23	$	2.56
Diluted earnings per common share	$	3.24	$	3.14	$	2.49

Investment in Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

These tables contain condensed financial information of LSV:



Condensed Statement of Operations Year ended December 31,	2019		2018		2017
Revenues	$	491,700	$	517,203	$	491,872
Net income	$	390,533	$	410,846	$	392,141



Condensed Balance Sheets December 31,	2019		2018
Current assets	$	144,547	$	138,083
Non-current assets	5,048		1,165
Total assets	$	149,595	$	139,248

Current liabilities	$	46,828	$	47,874
Non-current liabilities	5,326		—
Partners’ capital	97,441		91,374
Total liabilities and partners’ capital	$	149,595	$	139,248

Composition of Certain Financial Statement Captions (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:



	2019			2018
Trade receivables	$	86,043		$	76,362
Fees earned, not billed	240,239			226,001
Other receivables	15,277			13,691
	341,559			316,054
Less: Allowance for doubtful accounts	(1,201		)	(718		)
Receivables, net	$	340,358		$	315,336

Schedule of Property and Equipment

Property and Equipment on the accompanying Consolidated Balance Sheets consists of:



	2019			2018
Buildings	$	162,882		$	160,796
Equipment	123,945			126,954
Land	10,830			10,772
Purchased software	143,705			139,245
Furniture and fixtures	18,835			18,103
Leasehold improvements	20,700			18,959
Construction in progress	33,415			9,240
	514,312			484,069
Less: Accumulated depreciation	(353,453		)	(338,206		)
Property and Equipment, net	$	160,859		$	145,863

Schedule of Accrued Liabilities

Accrued Liabilities on the accompanying Consolidated Balance Sheets consist of:



	2019		2018
Accrued employee compensation	$	96,991	$	97,603
Accrued consulting, outsourcing and professional fees	28,610		31,000
Accrued sub-advisory, distribution and other asset management fees	46,245		42,583
Accrued dividend payable	52,452		50,761
Other accrued liabilities	48,503		57,687
Accrued liabilities	$	272,801	$	279,634

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Certain Financial Assets and Liabilities

The fair value of certain financial assets and liabilities of the Company was determined using the following inputs:



			Fair Value Measurements at Reporting Date Using
	December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Assets
Equity securities	$	12,119	$	12,119	$	—
Available-for-sale debt securities	104,798		—		104,798
Fixed-income securities owned	33,486		—		33,486
Investment funds sponsored by LSV (1)	5,988
	$	156,391	$	12,119	$	138,284



			Fair Value Measurements at Reporting Date Using
	December 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Assets
Equity securities	$	10,218	$	10,218	$	—
Available-for-sale debt securities	101,683		—		101,683
Fixed-income securities owned	30,892		—		30,892
Investment funds sponsored by LSV (1)	4,887
	$	147,680	$	10,218	$	132,575

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2019

Marketable Securities [Abstract]

Schedule of Available For Sale and Equity Securities

Available For Sale and Equity Securities on the accompanying Consolidated Balance Sheets consist of:



	At December 31, 2019
	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
Available for sale debt securities	$	104,193	$	605	$	—		$	104,798
SEI-sponsored mutual funds	7,564		125		(39		)	7,650
Equities and other mutual funds	3,637		832		—			4,469
	$	115,394	$	1,562	$	(39	)	$	116,917



	At December 31, 2018
	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
Available for sale debt securities	$	103,518	$	—	$	(1,835	)	$	101,683
SEI-sponsored mutual funds	7,446		—		(788		)	6,658
Equities and other mutual funds	3,434		126		—			3,560
	$	114,398	$	126	$	(2,623	)	$	111,901

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Schedule of Assumptions Used in the Weighted Average Fair Value of the Stock Options Granted

The weighted average fair value of the Company’s stock options granted during 2019, 2018 and 2017 were $13.94, $13.04 and $16.78, respectively, using the following assumptions:



	2019		2018		2017
Expected term (in years)	5.53		6.34		6.00
Expected volatility	23.36	%	25.27	%	22.58	%
Expected dividend yield	1.10	%	1.35	%	0.82	%
Risk-free interest rate	1.80	%	2.75	%	2.29	%

Schedule of Stock-based Compensation Expense

The Company recognized stock-based compensation expense in its Consolidated Financial Statements in 2019, 2018 and 2017 as follows:



	2019			2018			2017
Stock-based compensation expense	$	24,582		$	23,805		$	36,366
Less: Deferred tax benefit	(4,814		)	(5,078		)	(7,891		)
Stock-based compensation expense, net of tax	$	19,768		$	18,727		$	28,475

Schedule of Stock Option Plans

This table presents certain information relating to the Company’s stock option plans for 2019, 2018 and 2017:



	Number of Shares		Weighted Average Price
Balance as of December 31, 2016	18,069,000		$	31.57
Granted	2,057,000		69.87
Exercised	(2,370,000	)	21.22
Expired or canceled	(1,044,000	)	33.42
Balance as of December 31, 2017	16,712,000		$	37.63
Granted	2,468,000		49.94
Exercised	(3,232,000	)	25.93
Expired or canceled	(135,000	)	49.58
Balance as of December 31, 2018	15,813,000		$	41.84
Granted	2,480,000		64.04
Exercised	(2,243,000	)	25.27
Expired or canceled	(344,000	)	55.07
Balance as of December 31, 2019	15,706,000		$	47.43

Exercisable as of December 31, 2019	8,214,000		$	37.34
Available for future grant as of December 31, 2019	19,639,000

Schedule of Stock Options Outstanding and Exercisable

This table summarizes information relating to all options outstanding and exercisable at December 31, 2019:



					Options Outstanding at December 31, 2019				Options Exercisable at December 31, 2019
Range of Exercise Prices (Per Share)					Number of Shares	Weighted Average Exercise Price (Per Share)		Weighted Average Remaining Contractual Life (Years)	Number of Shares	Weighted Average Exercise Price (Per Share)		Weighted Average Remaining Contractual Life (Years)
$	14.62	-	$	21.05	843,000	$	15.79	2.00	843,000	$	15.79	2.00
22.45		-	23.86		1,869,000	23.04		2.16	1,869,000	23.04		2.16
27.03		-	40.64		2,945,000	37.24		4.57	2,072,000	35.81		4.39
45.99		-	53.16		4,062,000	49.01		8.09	1,855,000	49.62		7.00
53.34		-	71.12		5,987,000	63.43		8.36	1,575,000	53.40		6.07
					15,706,000				8,214,000

Schedule of Common Stock Buyback

The following table provides the total number of shares repurchased and the related total costs in 2019, 2018 and 2017:



Year	Total Number of Shares Repurchased	Total Cost
2019	6,225,000	$	348,348
2018	6,744,000	404,759
2017	4,403,000	248,114

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss), Net of Tax

Components of Accumulated other comprehensive income (loss), net of tax, consisted of:



	Foreign Currency Translation Adjustments			Unrealized Holding Gains (Losses) on Investments			Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2017	$	(37,119	)	$	(836	)	$	(37,955	)

Other comprehensive income before reclassifications	17,597			190			17,787
Amounts reclassified from accumulated other comprehensive loss	—			260			260
Net current-period other comprehensive income	17,597			450			18,047

Balance, December 31, 2017	$	(19,522	)	$	(386	)	$	(19,908	)

Other comprehensive loss before reclassifications	(12,065		)	(1,088		)	(13,153		)
Amounts reclassified from accumulated other comprehensive loss	—			61			61
Net current-period other comprehensive loss	(12,065		)	(1,027		)	(13,092		)

Balance, December 31, 2018	$	(31,587	)	$	(1,413	)	$	(33,000	)

Other comprehensive income before reclassifications	7,618			1,486			9,104
Amounts reclassified from accumulated other comprehensive loss	—			392			392
Net current-period other comprehensive income	7,618			1,878			9,496

Balance, December 31, 2019	$	(23,969	)	$	465		$	(23,504	)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Schedule of Noncancellable Minimum Commitments

The aggregate noncancellable minimum commitments at December 31, 2019 are:



Year	Aggregate Noncancellable Minimum Commitments
2020	$	9,906
2021	8,334
2022	8,043
2023	7,977
2024 and thereafter	17,184
	$	51,444

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Federal and State and Foreign Income Tax Provision

The federal and state and foreign income tax provision is summarized as follows:



Year Ended December 31,	2019			2018		2017
Current
Federal	$	100,986		$	82,493	$	154,776
State	19,902			13,709		11,645
Foreign	11,722			8,405		8,002
	132,610			104,607		174,423
Deferred
Federal	(1,635		)	2,550		(26,350		)
State	(960		)	1,166		1,378
Foreign	—			15		3,199
	(2,595		)	3,731		(21,773		)
Total income taxes	$	130,015		$	108,338	$	152,650

Schedule of Components of Net Income Before Income Taxes

The components of Income before income taxes are summarized as follows:



Year Ended December 31,	2019		2018		2017
Domestic	$	565,842	$	579,622	$	523,044
Foreign	65,599		34,584		33,995
	$	631,441	$	614,206	$	557,039

Schedule of Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate

The effective income tax rate differs from the federal income tax statutory rate due to the following:



Year Ended December 31,	2019		2018		2017
Statutory rate	21.0	%	21.0	%	35.0	%
State taxes, net of federal tax benefit	2.4		1.9		1.3
Foreign tax expense and tax rate differential	—		(0.1	)	(1.1	)
Tax benefit from stock option exercises	(1.9	)	(3.8	)	(3.9	)
Enactment of the Tax Cuts and Jobs Act:
Re-measurement of deferred taxes	—		—		(4.9	)
One-time transition tax on repatriation of foreign earnings and withholding tax	—		(0.1	)	2.6
Research and development tax credit	(1.1	)	(0.8	)	(0.9	)
Domestic Production Activities Deduction	—		—		(0.5	)
Foreign-Derived Intangible Income Deduction (FDII)	(0.2	)	(0.2	)	—
Other, net	0.4		(0.3	)	(0.2	)
	20.6	%	17.6	%	27.4	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities at December 31, 2019 and 2018 are as follows:



	2019			2018
Deferred Tax Assets:
Stock-based compensation expense	$	24,686		$	24,125
State net operating loss carryforward	67,472			67,825
Foreign net operating loss carryforward and other	6,081			6,533
Basis differences in investments	4,436			4,118
Federal benefit of state tax deduction for uncertain tax positions	2,124			1,882
Revenue and expense recognized in different periods for financial reporting and income tax purposes	1,960			1,657
Other assets	1,271			1,049
Total deferred income tax assets	108,030			107,189
Less: State net operating loss valuation allowance	(64,737		)	(65,870		)
Less: Foreign net operating loss valuation allowance	(5,994		)	(6,446		)
Net deferred income tax assets	$	37,299		$	34,873

Deferred Tax Liabilities:
Capitalized software currently deductible for tax purposes, net of amortization	$	(68,265	)	$	(71,067	)
Difference in financial reporting and income tax depreciation methods	(6,032		)	(6,545		)
Difference between book and tax basis of other assets	(4,593		)	(4,429		)
Goodwill and other intangibles	(2,170		)	(1,823		)
Foreign dividend withholding tax	(312		)	(312		)
Capitalized contract costs	(7,072		)	(5,490		)
Other liabilities	(1,755		)	(960		)
Total deferred income tax liabilities	$	(90,199	)	$	(90,626	)
Net deferred income tax liabilities	$	(52,900	)	$	(55,753	)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows:



	2019			2018			2017
Balance as of January 1	$	14,367		$	14,480		$	17,287
Tax positions related to current year:
Gross additions	3,054			2,446			3,180
Tax positions related to prior years:
Gross additions	1,465			340			211
Settlements	(145		)	(278		)	(352		)
Lapses on statute of limitations	(3,385		)	(2,621		)	(5,846		)
Balance as of December 31	$	15,356		$	14,367		$	14,480

Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Schedule of Financial Information about Business Segments

The following tables highlight certain financial information about each of the Company’s business segments for the years ended December 31, 2019, 2018 and 2017:



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Year Ended December 31, 2019
Revenues	$	470,276	$	403,778	$	322,062	$	440,796	$	12,973		$	1,649,885
Expenses	443,136		208,508		153,937		282,024		29,660			1,117,265
Operating profit (loss)	$	27,140	$	195,270	$	168,125	$	158,772	$	(16,687	)	$	532,620



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Year Ended December 31, 2018
Revenues	$	483,097	$	399,089	$	333,299	$	398,076	$	10,606		$	1,624,167
Expenses	457,894		212,439		163,536		259,693		22,971			1,116,533
Operating profit (loss)	$	25,203	$	186,650	$	169,763	$	138,383	$	(12,365	)	$	507,634



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses			Total
	For the Year Ended December 31, 2017
Revenues	$	474,272	$	373,473	$	322,457	$	349,444	$	6,906		$	1,526,552
Expenses	455,119		201,833		161,640		226,504		20,678			1,065,774
Operating profit (loss)	$	19,153	$	171,640	$	160,817	$	122,940	$	(13,772	)	$	460,778

Schedule of Reconciliation of Total Operating Profit Reported for Business Segments to Income from Operations in Consolidated Statements of Operations



Year Ended December 31,	2019			2018			2017
Total operating profit from segments above	$	532,620		$	507,634		$	460,778
Corporate overhead expenses	(72,196		)	(65,646		)	(63,834		)
Income from operations	$	460,424		$	441,988		$	396,944

Schedule of Additional Information Pertaining to Business Segments

The following tables provide additional information for the years ended December 31, 2019, 2018 and 2017 pertaining to our business segments:



	Capital Expenditures (1)						Depreciation
Year Ended December 31,	2019		2018		2017		2019		2018		2017
Private Banks	$	33,068	$	36,763	$	47,526	$	14,349	$	13,773	$	16,479
Investment Advisors	17,413		16,572		17,450		4,653		4,607		3,364
Institutional Investors	4,057		3,863		4,020		1,600		1,672		1,121
Investment Managers	18,970		13,639		15,863		7,145		6,988		4,698
Investments in New Businesses	1,349		972		546		383		547		826
Total from business segments	$	74,857	$	71,809	$	85,405	$	28,130	$	27,587	$	26,488
Corporate Overhead	2,314		1,507		1,163		1,306		1,205		823
	$	77,171	$	73,316	$	86,568	$	29,436	$	28,792	$	27,311

(1) Capital expenditures include additions to property and equipment and capitalized software.



	Amortization
Year Ended December 31,	2019		2018		2017
Private Banks	$	29,054	$	27,312	$	32,696
Investment Advisors	10,311		9,668		10,930
Institutional Investors	1,726		1,707		1,599
Investment Managers	9,358		9,382		2,593
Investments in New Businesses	740		595		239
Total from business segments	$	51,189	$	48,664	$	48,057
Corporate Overhead	230		231		218
	$	51,419	$	48,895	$	48,275



	Total Assets
	2019		2018
Private Banks	$	567,796	$	558,451
Investment Advisors	165,556		143,042
Institutional Investors	115,012		109,081
Investment Managers	373,986		318,342
Investments in New Businesses	19,735		33,142
Total from business segments	$	1,242,085	$	1,162,058
Corporate Overhead (2)	909,285		809,610
	$	2,151,370	$	1,971,668

(2) Unallocated assets primarily consist of cash and cash equivalents, marketable securities, and certain other shared services assets.

Schedule of Revenues and Assets Based on Location

The following table presents revenues based on the location of the use of the products or services:



For the Year Ended December 31,	2019		2018		2017
United States	$	1,385,744	$	1,348,130	$	1,298,381
International operations	264,141		276,037		228,171
	$	1,649,885	$	1,624,167	$	1,526,552

The following table presents assets based on their location:



	2019		2018
United States	$	1,732,427	$	1,612,202
International operations	418,943		359,466
	$	2,151,370	$	1,971,668

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying amount of the Company's goodwill by segment at December 31, 2019 and 2018 is as follows:



	Investment Managers		Investments In New Businesses		Total
Balance, January 1, 2018	$	52,990	$	—	$	52,990
Acquisition of Huntington Steele	—		11,499		11,499
Balance, December 31, 2018	$	52,990	$	11,499	$	64,489
Balance, December 31, 2019	$	52,990	$	11,499	$	64,489

Schedule of Intangible Assets

The Company's intangible assets consist of:



	2019			Weighted Average Estimated Useful Life	2018			Weighted Average Estimated Useful Life
Acquired technology	$	13,510		10.0 years	$	13,510		10.0 years
Client relationships	16,940			13.9 years	16,940			13.9 years
Non-competition agreements	3,470			5.0 years	3,470			5.0 years
Trade name	2,840			7.0 years	2,840			7.0 years
	36,760				36,760
Less: Accumulated amortization	(8,773		)		(5,090		)
Intangible assets, net	$	27,987			$	31,670

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The Company currently expects to recognize amortization expense related to intangible assets as of December 31, 2019 each year from 2020 through 2024 as follows:



Year	Expected Amortization Expense Related to Intangible Assets
2020	$	3,683
2021	3,683
2022	3,336
2023	2,989
2024	2,818

Revenues from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
Major Product Lines:	For the Year Ended December 31, 2019
Investment management fees from pooled investment products	$	135,503	$	282,253	$	54,726	$	766	$	1,293	$	474,541
Investment management fees from investment management agreements	1,616		103,428		266,323		—		11,571		382,938
Investment operations fees	1,634		—		—		403,208		—		404,842
Investment processing fees - PaaS	177,046		—		—		—		—		177,046
Investment processing fees - SaaS	132,661		—		—		11,036		—		143,697
Professional services fees	15,687		—		—		5,209		—		20,896
Account fees and other	6,129		18,097		1,013		20,577		109		45,925
Total revenues	$	470,276	$	403,778	$	322,062	$	440,796	$	12,973	$	1,649,885

Primary Geographic Markets:
United States	$	304,860	$	403,778	$	252,149	$	411,984	$	12,973	$	1,385,744
United Kingdom	102,518		—		52,584		—		—		155,102
Canada	43,661		—		6,889		—		—		50,550
Ireland	19,237		—		9,588		28,812		—		57,637
Other	—		—		852		—		—		852
Total revenues	$	470,276	$	403,778	$	322,062	$	440,796	$	12,973	$	1,649,885



	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments In New Businesses		Total
Major Product Lines:	For the Year Ended December 31, 2018
Investment management fees from pooled investment products	$	138,616	$	288,030	$	59,739	$	928	$	1,017	$	488,330
Investment management fees from investment management agreements	793		94,526		271,600		331		9,457		376,707
Investment operations fees	1,517		—		—		360,382		—		361,899
Investment processing fees - PaaS	182,068		—		—		2,519		—		184,587
Investment processing fees - SaaS	136,222		—		—		9,598		—		145,820
Professional services fees	16,643		—		—		7,280		—		23,923
Account fees and other	7,238		16,533		1,960		17,038		132		42,901
Total revenues	$	483,097	$	399,089	$	333,299	$	398,076	$	10,606	$	1,624,167

Primary Geographic Markets:
United States	$	304,762	$	399,089	$	257,080	$	376,593	$	10,606	$	1,348,130
United Kingdom	112,980		—		55,471		—		—		168,451
Canada	45,941		—		8,526		—		—		54,467
Ireland	19,414		—		10,419		21,483		—		51,316
Other	—		—		1,803		—		—		1,803
Total revenues	$	483,097	$	399,089	$	333,299	$	398,076	$	10,606	$	1,624,167

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of Future Minimum Lease Payments

The Company's future minimum lease payments under non-cancelable leases as of December 31, 2019 are as follows:



Year	Future Minimum Lease Payment
2020	$	9,906
2021	8,334
2022	8,043
2023	7,977
2024	6,477
Thereafter	10,707
Total future minimum lease payments	51,444
Less: Imputed interest	(3,838		)
Total	$	47,606

Schedule of Supplemental Consolidated Balance Sheet Information Related to Operating Leases

The following table provides supplemental Consolidated Balance Sheet information related to the Company's leases:



	2019
Current portion of long-term operating lease liabilities	$	9,156
Long-term operating lease liabilities	38,450
Total operating lease liabilities	$	47,606

Weighted average remaining lease term	6.3 years

Weighted average discount rate	2.61		%

Schedule of Supplemental Cash Flow Information Related to Operating Leases

The following table provides supplemental cash flow information related to the Company's leases:



Year Ended December 31,	2019
Cash paid for amounts included in the measurement of lease liabilities	$	10,932

Right-of-use assets obtained in exchange for lease obligations	6,372

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Data [Abstract]

Schedule of Quarterly Financial Data



	For the Three Months Ended
2019	March 31			June 30			September 30			December 31
Revenues	$	400,820		$	409,586		$	416,254		$	423,225
Income before income taxes	$	146,257		$	162,346		$	162,870		$	159,968
Net income	$	113,981		$	126,540		$	132,168		$	128,737
Basic earnings per share	$	0.74		$	0.83		$	0.88		$	0.86
Diluted earnings per share (1)	$	0.73		$	0.82		$	0.86		$	0.84

Effective income tax rate	22.1		%	22.1		%	18.9		%	19.5		%



	For the Three Months Ended
2018	March 31			June 30			September 30			December 31
Revenues	$	405,598		$	404,830		$	408,682		$	405,057
Income before income taxes	$	158,758		$	154,254		$	157,595		$	143,599
Net income	$	139,838		$	121,677		$	128,319		$	116,034
Basic earnings per share	$	0.89		$	0.77		$	0.82		$	0.75
Diluted earnings per share	$	0.86		$	0.75		$	0.80		$	0.73

Effective income tax rate	11.9		%	21.1		%	18.6		%	19.2		%

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
Summary of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 841,446,000				$ 754,525,000				$ 841,446,000	$ 754,525,000
Restricted cash	3,101,000				3,514,000				3,101,000	3,514,000
Impairment charges related to marketable securities									0	0	$ 0
Capitalized software development costs									34,074,000	44,221,000	61,043,000
Net book value of capitalized software	296,068,000				309,500,000				296,068,000	309,500,000
Increase in net income from change in estimate	$ 128,737,000	$ 132,168,000	$ 126,540,000	$ 113,981,000	$ 116,034,000	$ 128,319,000	$ 121,677,000	$ 139,838,000	$ 501,426,000	$ 505,868,000	$ 404,389,000
Increase in diluted earnings per share from change in estimate	$ 0.84	$ 0.86	$ 0.82	$ 0.73	$ 0.73	$ 0.80	$ 0.75	$ 0.86	$ 3.24	$ 3.14	$ 2.49
Impairment charges related to capitalized software development costs									$ 0	$ 0	$ 0
Goodwill and intangible assets impairment									$ 0	$ 0	$ 0
Anti-dilutive employee stock options (in shares)									6,574	6,224	5,196
Anti-dilutive employee stock options, average exercise price per share									$ 55.95	$ 53.60	$ 45.49
Operating lease, right-of-use asset	$ 42,789,000								$ 42,789,000
Operating lease liability	47,606,000								47,606,000
SEI Wealth Platform
Summary of Significant Accounting Policies [Line Items]
Capitalized software development costs									33,084,000	$ 43,376,000	$ 51,353,000
Net book value of capitalized software	279,453,000								279,453,000
Capitalized software development costs in progress	55,332,000								55,332,000
Amortization expense related to the SEI Wealth Platform									42,297,000	39,917,000	46,505,000
Application for the Investment Managers segment
Summary of Significant Accounting Policies [Line Items]
Capitalized software development costs										845,000	9,690,000
Net book value of capitalized software	15,625,000								$ 15,625,000
Estimated useful life of the SEI Wealth Platform									3 years
Amortization expense related to the SEI Wealth Platform									$ 5,209,000	5,000
Remaining Useful Life of SEI Wealth Platform \| SEI Wealth Platform
Summary of Significant Accounting Policies [Line Items]
Decrease in amortization expense from change in estimate											4,347,000
Increase in net income from change in estimate											$ 3,156,000
Increase in diluted earnings per share from change in estimate											$ 0.02
Accounting Standards Update 2016-02
Summary of Significant Accounting Policies [Line Items]
Operating lease, right-of-use asset												$ 44,169,000
Operating lease liability												$ 44,169,000
Minimum \| Building and Building Improvements
Summary of Significant Accounting Policies [Line Items]
Estimated useful life of property and equipment									25 years
Minimum \| Computer Equipment
Summary of Significant Accounting Policies [Line Items]
Estimated useful life of property and equipment									3 years
Minimum \| Furniture and fixtures
Summary of Significant Accounting Policies [Line Items]
Estimated useful life of property and equipment									3 years
Maximum \| Building and Building Improvements
Summary of Significant Accounting Policies [Line Items]
Estimated useful life of property and equipment									39 years
Maximum \| Computer Equipment
Summary of Significant Accounting Policies [Line Items]
Estimated useful life of property and equipment									5 years
Maximum \| Furniture and fixtures
Summary of Significant Accounting Policies [Line Items]
Estimated useful life of property and equipment									5 years
Weighted Average \| SEI Wealth Platform
Summary of Significant Accounting Policies [Line Items]
Estimated useful life of the SEI Wealth Platform									8 years 4 months 24 days
SEI Sponsored Open Ended Money Market Mutual Funds
Summary of Significant Accounting Policies [Line Items]
Cash and cash equivalents	414,581,000				$ 315,840,000				$ 414,581,000	315,840,000
SEI Investments Europe Limited
Summary of Significant Accounting Policies [Line Items]
Restricted cash	3,000,000				3,000,000				3,000,000	3,000,000
SEI Investments Distribution Co
Summary of Significant Accounting Policies [Line Items]
Restricted cash	$ 101,000				$ 514,000				101,000	514,000
SEI Sponsored Open Ended Money Market Mutual Funds
Summary of Significant Accounting Policies [Line Items]
Fees waived according to expense limitation agreements									$ 27,544,000	$ 26,229,000	$ 27,434,000

Summary of Significant Accounting Policies (Expected Amortization Expenses) (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Expected Amortization Expense Related to Capitalized Software
2020	$ 3,683
2021	3,683
2022	3,336
2023	2,989
2024	2,818
Software development
Expected Amortization Expense Related to Capitalized Software
2020	48,395
2021	48,117
2022	33,272
2023	14,489
2024	$ 14,489

Summary of Significant Accounting Policies (Calculation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net income	$ 128,737	$ 132,168	$ 126,540	$ 113,981	$ 116,034	$ 128,319	$ 121,677	$ 139,838	$ 501,426	$ 505,868	$ 404,389
Shares used to compute basic earnings per common share (in shares)									151,540	156,579	158,177
Dilutive effect of stock options (in shares)									3,361	4,653	4,092
Shares used to compute diluted earnings per common share (in shares)									154,901	161,232	162,269
Basic earnings per common share (in USD per share)	$ 0.86	$ 0.88	$ 0.83	$ 0.74	$ 0.75	$ 0.82	$ 0.77	$ 0.89	$ 3.31	$ 3.23	$ 2.56
Diluted earnings per common share (in USD per share)	$ 0.84	$ 0.86	$ 0.82	$ 0.73	$ 0.73	$ 0.80	$ 0.75	$ 0.86	$ 3.24	$ 3.14	$ 2.49

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Investment in Unconsolidated Affiliates (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investments in and Advances to Affiliates [Line Items]
Company's share in the earnings of LSV	$ 151,891	$ 159,791	$ 152,550
Distributions received from LSV	$ 136,820	166,941	143,517
LSV Asset Management
Investments in and Advances to Affiliates [Line Items]
Ownership interest in LSV	38.90%
Total investment in LSV	$ 67,413
Company's share in the earnings of LSV	151,891	159,791	152,550
Distributions received from LSV	$ 136,820	$ 166,941	$ 143,517

Investment in Unconsolidated Affiliates (Condensed Statements of Operations of LSV) (Details) - LSV Asset Management - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Revenues	$ 491,700	$ 517,203	$ 491,872
Net income	$ 390,533	$ 410,846	$ 392,141

Investment in Unconsolidated Affiliates (Condensed Balance Sheets of LSV) (Details) - LSV Asset Management - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Current assets	$ 144,547	$ 138,083
Non-current assets	5,048	1,165
Total assets	149,595	139,248
Current liabilities	46,828	47,874
Non-current liabilities	5,326	0
Partners’ capital	97,441	91,374
Total liabilities and partners’ capital	$ 149,595	$ 139,248

Composition of Certain Financial Statement Captions (Receivables) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Trade receivables	$ 86,043	$ 76,362
Fees earned, not billed	240,239	226,001
Other receivables	15,277	13,691
Gross receivables	341,559	316,054
Less: Allowance for doubtful accounts	(1,201)	(718)
Receivables, net	$ 340,358	$ 315,336

Composition of Certain Financial Statement Captions (Property And Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	$ 514,312	$ 484,069
Less: Accumulated depreciation	(353,453)	(338,206)
Property and Equipment, net	160,859	145,863
Depreciation expense	29,436	28,792	$ 27,311
Buildings
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	162,882	160,796
Equipment
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	123,945	126,954
Land
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	10,830	10,772
Purchased software
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	143,705	139,245
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	18,835	18,103
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	20,700	18,959
Construction in progress
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	$ 33,415	$ 9,240

Composition of Certain Financial Statement Captions Composition of Certain Financial Statement Captions (Deferred Contract Costs) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Capitalized Contract Cost [Line Items]
Deferred contract costs	$ 30,991,000	$ 24,007,000
Capitalized contract cost, amount capitalized during period	11,495,000	8,122,000
Amortization of deferred contract costs	4,511,000	2,756,000
Capitalized contract cost impairment	$ 0	$ 0
Minimum
Capitalized Contract Cost [Line Items]
Deferred contract acquisition costs, amortization period	6 years
Maximum
Capitalized Contract Cost [Line Items]
Deferred contract acquisition costs, amortization period	15 years

Composition of Certain Financial Statement Captions (Other Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Amortization expense for certain other assets	$ 230	$ 231	$ 218

Composition of Certain Financial Statement Captions (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued employee compensation	$ 96,991	$ 97,603
Accrued consulting, outsourcing and professional fees	28,610	31,000
Accrued sub-advisory, distribution and other asset management fees	46,245	42,583
Accrued dividend payable	52,452	50,761
Other accrued liabilities	48,503	57,687
Accrued liabilities	$ 272,801	$ 279,634

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed-income securities owned	$ 33,486	$ 30,892
Assets, fair value	156,391	147,680
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed-income securities owned	0	0
Assets, fair value	12,119	10,218
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed-income securities owned	33,486	30,892
Assets, fair value	138,284	132,575
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	12,119	10,218
Equity securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	12,119	10,218
Equity securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	0	0
Available-for-sale debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	104,798	101,683
Available-for-sale debt securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	0	0
Available-for-sale debt securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	104,798	101,683
Investment Funds Sponsored by LSV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment funds sponsored by LSV	$ 5,988	$ 4,887

Marketable Securities (Investments Available For Sale) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Available For Sale and Equity Securities, Cost	$ 115,394	$ 114,398
Available For Sale and Equity Securities, Gross Unrealized Gains	1,562	126
Available For Sale and Equity Securities, Gross Unrealized (Losses)	(39)	(2,623)
Available For Sale and Equity Securities, Fair Value	116,917	111,901
Available for sale debt securities
Debt Securities, Available-for-sale [Line Items]
Available for sale debt securities, Cost	104,193	103,518
Available for sale debt securities, Gross Unrealized Gains	605	0
Available for sale debt securities, Gross Unrealized (Losses)	0	(1,835)
Available for sale debt securities, Fair Value	104,798	101,683
SEI-sponsored mutual funds
Debt Securities, Available-for-sale [Line Items]
Equity securities, FV-NI, Cost	7,564	7,446
Equity securities, FV-NI, Gross Unrealized Gains	125	0
Equity securities, FV-NI, Gross Unrealized (Losses)	(39)	(788)
Equity securities, FV-NI, Fair Value	7,650	6,658
Equities and other mutual funds
Debt Securities, Available-for-sale [Line Items]
Equity securities, FV-NI, Cost	3,637	3,434
Equity securities, FV-NI, Gross Unrealized Gains	832	126
Equity securities, FV-NI, Gross Unrealized (Losses)	0	0
Equity securities, FV-NI, Fair Value	$ 4,469	$ 3,560

Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Cash equivalents fair value	$ 543,765	$ 419,154
Net unrealized holding gain (loss)	465	1,413
Net unrealized holding gains (losses), income tax expense (benefit)	140	422
Equity securities, gross realized gains	297	1,065
Equity securities, gross realized losses	48	1,136
Investment funds sponsored by LSV	67,413	52,342
Securities owned	33,486	30,892
Available for sale debt securities
Schedule of Investments [Line Items]
Available-for-sale securities, gross realized losses	493	550
Investment funds sponsored by LSV
Schedule of Investments [Line Items]
Investment funds sponsored by LSV	5,988	4,887
Change in fair value of investment funds sponsored by LSV	$ 1,101	$ (1,147)	$ 1,176

Line of Credit (Details) - USD ($)		12 Months Ended
Line of Credit (Details) - USD ($)	Jun. 13, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Letters of credit outstanding amount		$ 11,553,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, term	5 years
Credit facility maximum borrowing capacity	$ 300,000,000
Credit facility stated percentage	0.00%
Credit facility accordion feature, increase limit	$ 100,000,000
Credit facility remaining borrowing capacity		288,447,000
Credit facility commitment fees		$ 630,000	$ 645,000	$ 781,000
Revolving Credit Facility \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Credit facility variable interest rate basis spread (as a percent)	1.00%
Revolving Credit Facility \| Federal Funds Rate
Line of Credit Facility [Line Items]
Credit facility variable interest rate basis spread (as a percent)	0.50%
Letter of Credit
Line of Credit Facility [Line Items]
Credit facility maximum borrowing capacity	$ 15,000,000
Credit facility, commitment fee percentage	1.25%
Credit facility, fronting fee percentage	0.175%
Minimum \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility commitment fee per annum on daily unused portion (as a percent)	0.15%
Minimum \| Revolving Credit Facility \| Base Rate
Line of Credit Facility [Line Items]
Credit facility variable interest rate basis spread (as a percent)	0.25%
Minimum \| Revolving Credit Facility \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Credit facility variable interest rate basis spread (as a percent)	1.25%
Maximum \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility commitment fee per annum on daily unused portion (as a percent)	0.30%
Maximum \| Revolving Credit Facility \| Base Rate
Line of Credit Facility [Line Items]
Credit facility variable interest rate basis spread (as a percent)	1.00%
Maximum \| Revolving Credit Facility \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Credit facility variable interest rate basis spread (as a percent)	2.00%

Shareholders' Equity (Narrative) (Details)					12 Months Ended
Shareholders' Equity (Narrative) (Details)	Jan. 08, 2020 $ / shares	Dec. 09, 2019 $ / shares	Jun. 20, 2019 $ / shares	May 29, 2019 $ / shares	Dec. 31, 2019 USD ($) right / shares $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of stock options granted \| $ / shares					$ 13.94	$ 13.04	$ 16.78
Increase in stock-based compensation from change in management estimate					$ 2,903,000	$ 1,909,000	$ 11,206,000
Unvested employee stock options outstanding \| shares					7,492,000
Unrecognized compensation cost from employee stock options					$ 73,337,000
Weighted average period for recognition of unrecognized compensation cost					1 year 10 months 24 days
Total options that were exercisable (in shares) \| shares					8,214,000	9,359,000
Options outstanding weighted average remaining contractual life, years					6 years 6 months
Total intrinsic value of options exercised					$ 74,163,000	$ 139,087,000
Aggregate intrinsic value of options exercisable					231,115,000
Total intrinsic value of options outstanding					$ 293,500,000
Share price of SEI common stock (in USD per share) \| $ / shares					$ 65.48
Rights received by common shareholder for each common share outstanding, rights \| right / shares					1
Percentage of one share for each unit purchased in Rights Agreement					0.020
Series A Junior Participating Preferred stock, par value (in USD per share) \| $ / shares					$ 0.05	$ 0.05
Securities and assets of equivalent value, purchase price (in USD per unit) \| $ / shares					150.00
Dividends declared per common share (in USD per share) \| $ / shares		$ 0.35		$ 0.33	$ 0.68	$ 0.63	$ 0.58
Dividends paid per common share (in USD per share) \| $ / shares			$ 0.33
Dividends declared					$ 102,435,000	$ 97,900,000	$ 91,444,000
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends paid per common share (in USD per share) \| $ / shares	$ 0.35
Common Stock Buyback
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining stock repurchase authorization amount					$ 117,530,000
2014 Equity Compensation Plan \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate					50.00%
2014 Equity Compensation Plan \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate					50.00%
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase plan, employee eligible percentage on offerings of common stock					85.00%
Shares reserved under the plan \| shares					15,600,000
Issuance of common stock under the employee stock purchase plan, shares \| shares					12,131,000
Employee stock purchase plan					$ 0	$ 0	$ 0
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award waiting period					2 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award waiting period					4 years

Shareholders' Equity (Assumptions Used In The Weighted Average Fair Value Of Stock Options Granted) (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity [Abstract]
Expected term (in years)	5 years 6 months 10 days	6 years 4 months 2 days	6 years
Expected volatility	23.36%	25.27%	22.58%
Expected dividend yield	1.10%	1.35%	0.82%
Risk-free interest rate	1.80%	2.75%	2.29%

Shareholders' Equity (Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity [Abstract]
Stock-based compensation expense	$ 24,582	$ 23,805	$ 36,366
Less: Deferred tax benefit	(4,814)	(5,078)	(7,891)
Stock-based compensation expense, net of tax	$ 19,768	$ 18,727	$ 28,475

Shareholders' Equity (Stock Option Plans) (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Shares
Beginning balance (in shares)	15,813	16,712	18,069
Granted (in shares)	2,480	2,468	2,057
Exercised (in shares)	(2,243)	(3,232)	(2,370)
Expired or canceled (in shares)	(344)	(135)	(1,044)
Ending balance (in shares)	15,706	15,813	16,712
Weighted Average Price
Beginning balance (in USD per share)	$ 41.84	$ 37.63	$ 31.57
Granted (in USD per share)	64.04	49.94	69.87
Exercised (in USD per share)	25.27	25.93	21.22
Expired or canceled (in USD per share)	55.07	49.58	33.42
Ending balance (in USD per share)	$ 47.43	$ 41.84	$ 37.63
Total options that were exercisable (in shares)	8,214	9,359
Exercisable shares, weighted avg. price (in USD per share)	$ 37.34
Available for future grant as of December 31, 2018 (in shares)	19,639

Shareholders' Equity (Stock Options Outstanding And Exercisable) (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of options outstanding (in shares)	15,706	15,813	16,712	18,069
Options outstanding, weighted average exercise price (in USD per share)	$ 47.43	$ 41.84	$ 37.63	$ 31.57
Options outstanding weighted average remaining contractual life, years	6 years 6 months
Number of options exercisable (in shares)	8,214	9,359
Exercisable shares, weighted avg. price (in USD per share)	$ 37.34
Exercise Price $14.62-21.05
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Lower range	14.62
Upper range	$ 21.05
Number of options outstanding (in shares)	843
Options outstanding, weighted average exercise price (in USD per share)	$ 15.79
Options outstanding weighted average remaining contractual life, years	2 years
Number of options exercisable (in shares)	843
Exercisable shares, weighted avg. price (in USD per share)	$ 15.79
Options exercisable, weighted average remaining contractual life, years	2 years
Exercise Price $22.45-23.86
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Lower range	$ 22.45
Upper range	$ 23.86
Number of options outstanding (in shares)	1,869
Options outstanding, weighted average exercise price (in USD per share)	$ 23.04
Options outstanding weighted average remaining contractual life, years	2 years 1 month 28 days
Number of options exercisable (in shares)	1,869
Exercisable shares, weighted avg. price (in USD per share)	$ 23.04
Options exercisable, weighted average remaining contractual life, years	2 years 1 month 28 days
Exercise Price $27.03-40.64
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Lower range	$ 27.03
Upper range	$ 40.64
Number of options outstanding (in shares)	2,945
Options outstanding, weighted average exercise price (in USD per share)	$ 37.24
Options outstanding weighted average remaining contractual life, years	4 years 6 months 25 days
Number of options exercisable (in shares)	2,072
Exercisable shares, weighted avg. price (in USD per share)	$ 35.81
Options exercisable, weighted average remaining contractual life, years	4 years 4 months 20 days
Exercise Price $45.99-53.16
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Lower range	$ 45.99
Upper range	$ 53.16
Number of options outstanding (in shares)	4,062
Options outstanding, weighted average exercise price (in USD per share)	$ 49.01
Options outstanding weighted average remaining contractual life, years	8 years 1 month 2 days
Number of options exercisable (in shares)	1,855
Exercisable shares, weighted avg. price (in USD per share)	$ 49.62
Options exercisable, weighted average remaining contractual life, years	7 years
Exercise Price $53.34-71.12
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Lower range	$ 53.34
Upper range	$ 71.12
Number of options outstanding (in shares)	5,987
Options outstanding, weighted average exercise price (in USD per share)	$ 63.43
Options outstanding weighted average remaining contractual life, years	8 years 4 months 9 days
Number of options exercisable (in shares)	1,575
Exercisable shares, weighted avg. price (in USD per share)	$ 53.40
Options exercisable, weighted average remaining contractual life, years	6 years 25 days

Shareholders' Equity (Common Stock Buyback) (Details) - Common Stock Buyback - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity, Class of Treasury Stock [Line Items]
Shares repurchased and retired during period	6,225	6,744	4,403
Value of shares repurchased during period	$ 348,348	$ 404,759	$ 248,114

Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 1,593,147	$ 1,476,839
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income (loss) before reclassifications	9,104	(13,153)	$ 17,787
Amounts reclassified from accumulated other comprehensive loss	392	61	260
Total other comprehensive income (loss), net of taxes	9,496	(13,092)	18,047
Ending balance	1,738,778	1,593,147	1,476,839
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(31,587)	(19,522)	(37,119)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income (loss) before reclassifications	7,618	(12,065)	17,597
Amounts reclassified from accumulated other comprehensive loss	0	0	0
Total other comprehensive income (loss), net of taxes	7,618	(12,065)	17,597
Ending balance	(23,969)	(31,587)	(19,522)
Unrealized Holding Gains (Losses) on Investments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(1,413)	(386)	(836)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income (loss) before reclassifications	1,486	(1,088)	190
Amounts reclassified from accumulated other comprehensive loss	392	61	260
Total other comprehensive income (loss), net of taxes	1,878	(1,027)	450
Ending balance	465	(1,413)	(386)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(33,000)	(19,908)	(37,955)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Total other comprehensive income (loss), net of taxes	9,496	(13,092)	18,047
Ending balance	$ (23,504)	$ (33,000)	$ (19,908)

Employee Benefit Plan (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Retirement Benefits [Abstract]
Defined contribution plan, cost recognized	$ 12,923	$ 12,362	$ 10,929

Commitments and Contingencies (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) lawsuit	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Loss Contingencies [Line Items]
Rent expense \| $	$ 10,159
Number of lawsuits filed	7
Cases with SPTC as Defendant
Loss Contingencies [Line Items]
Number of lawsuits filed	4
Claims for Violations of Louisiana Racketeering Act
Loss Contingencies [Line Items]
Number of lawsuits filed	2
Cases Remaining in Parish of East Baton Rouge Granted Indefinite Extensions to Respond
Loss Contingencies [Line Items]
Number of lawsuits filed	2
Cases Filed in East Baton Rouge
Loss Contingencies [Line Items]
Number of lawsuits filed	2
User licenses for software
Loss Contingencies [Line Items]
Rent expense \| $	$ 33,600
Rent expense \| $		$ 34,679	$ 32,619

Commitments and Contingencies (Schedule Of Noncancellable Minimum Commitments) (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Aggregate Noncancellable Minimum Commitments
2020	$ 9,906
2021	8,334
2022	8,043
2023	7,977
2024 and thereafter	17,184
Operating leases, future minimum payments due	$ 51,444

Income Taxes (Schedule of Federal and State and Foreign Income Tax Provision) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current
Federal	$ 100,986	$ 82,493	$ 154,776
State	19,902	13,709	11,645
Foreign	11,722	8,405	8,002
Current federal, state and foreign income tax	132,610	104,607	174,423
Deferred
Federal	(1,635)	2,550	(26,350)
State	(960)	1,166	1,378
Foreign	0	15	3,199
Deferred income tax expense (benefit)	(2,595)	3,731	(21,773)
Total income taxes	$ 130,015	$ 108,338	$ 152,650

Income Taxes (Components of Net Income Before Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Domestic									$ 565,842	$ 579,622	$ 523,044
Foreign									65,599	34,584	33,995
Income before income taxes	$ 159,968	$ 162,870	$ 162,346	$ 146,257	$ 143,599	$ 157,595	$ 154,254	$ 158,758	$ 631,441	$ 614,206	$ 557,039

Income Taxes (Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate) (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Statutory rate									21.00%	21.00%	35.00%
State taxes, net of federal tax benefit									2.40%	1.90%	1.30%
Foreign tax expense and tax rate differential									0.00%	(0.10%)	(1.10%)
Tax benefit from stock option exercises									(1.90%)	(3.80%)	(3.90%)
Enactment of the Tax Cuts and Jobs Act:
Re-measurement of deferred taxes									0.00%	0.00%	(4.90%)
One-time transition tax on repatriation of foreign earnings and withholding tax									0	(0.001)	0.026
Research and development tax credit									(1.10%)	(0.80%)	(0.90%)
Domestic Production Activities Deduction									0.00%	0.00%	(0.50%)
Foreign-Derived Intangible Income Deduction (FDII)									(0.20%)	(0.20%)	0.00%
Other, net									0.40%	(0.30%)	(0.20%)
Effective income tax rate	19.50%	18.90%	22.10%	22.10%	19.20%	18.60%	21.10%	11.90%	20.60%	17.60%	27.40%

Income Taxes (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Foreign derived intangible income deduction benefit provided by the Tax Act	$ 1,315	$ 1,206
Tax benefit from remeasurement of estimated net deferred tax liability			$ 27,153
Tax expense (benefit) from preliminary estimate of one-time transition tax and withholding tax			14,743
Net tax benefit from enactment of the Tax Act			$ 12,410
Net tax benefit from enactment of the Tax Act, per diluted share			$ 0.08
Transition tax, noncurrent	803
Unrecognized tax benefit, including interest and penalties	17,318
Unrecognized tax benefits that would affect effective tax rate	15,194
Amount of uncertain tax liability expected to be paid within one year	4,896
Amount of uncertain tax liability included in Other long-term liabilities	12,422
Unrecognized tax benefits related to lapse of statute of limitations, previously unrecognized	3,435
Liabilities for tax-related interest and penalties	1,962	$ 1,289	$ 1,175
Settlement and Lapse of Statute
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Unrecognized tax benefits expected to be recognized within the next 12 months	$ 4,896

Income Taxes Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred Tax Assets:
Stock-based compensation expense	$ 24,686	$ 24,125
State net operating loss carryforward	67,472	67,825
Foreign net operating loss carryforward and other	6,081	6,533
Basis differences in investments	4,436	4,118
Federal benefit of state tax deduction for uncertain tax positions	2,124	1,882
Revenue and expense recognized in different periods for financial reporting and income tax purposes	1,960	1,657
Other assets	1,271	1,049
Total deferred income tax assets	108,030	107,189
Operating Loss Carryforwards [Line Items]
Net deferred income tax assets	37,299	34,873
Deferred Tax Liabilities:
Capitalized software currently deductible for tax purposes, net of amortization	(68,265)	(71,067)
Difference in financial reporting and income tax depreciation methods	(6,032)	(6,545)
Difference between book and tax basis of other assets	(4,593)	(4,429)
Goodwill and other intangibles	(2,170)	(1,823)
Foreign dividend withholding tax	(312)	(312)
Capitalized contract costs	(7,072)	(5,490)
Other liabilities	(1,755)	(960)
Total deferred income tax liabilities	(90,199)	(90,626)
Net deferred income tax liabilities	(52,900)	(55,753)
State
Operating Loss Carryforwards [Line Items]
Less: Net operating loss valuation allowance	(64,737)	(65,870)
Foreign
Operating Loss Carryforwards [Line Items]
Less: Net operating loss valuation allowance	$ (5,994)	$ (6,446)

Income Taxes (Unrecognized Tax Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 14,367	$ 14,480	$ 17,287
Tax positions related to current year:
Gross additions	3,054	2,446	3,180
Tax positions related to prior years:
Gross additions	1,465	340	211
Settlements	(145)	(278)	(352)
Lapses on statute of limitations	(3,385)	(2,621)	(5,846)
Ending balance	$ 15,356	$ 14,367	$ 14,480

Business Segment Information (Schedule of Financial Information about Business Segments) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Revenues	$ 423,225	$ 416,254	$ 409,586	$ 400,820	$ 405,057	$ 408,682	$ 404,830	$ 405,598	$ 1,649,885	$ 1,624,167	$ 1,526,552
Expenses									1,117,265	1,116,533	1,065,774
Operating profit (loss)									532,620	507,634	460,778
Private Banks
Segment Reporting Information [Line Items]
Revenues									470,276	483,097	474,272
Expenses									443,136	457,894	455,119
Operating profit (loss)									27,140	25,203	19,153
Investment Advisors
Segment Reporting Information [Line Items]
Revenues									403,778	399,089	373,473
Expenses									208,508	212,439	201,833
Operating profit (loss)									195,270	186,650	171,640
Institutional Investors
Segment Reporting Information [Line Items]
Revenues									322,062	333,299	322,457
Expenses									153,937	163,536	161,640
Operating profit (loss)									168,125	169,763	160,817
Investment Managers
Segment Reporting Information [Line Items]
Revenues									440,796	398,076	349,444
Expenses									282,024	259,693	226,504
Operating profit (loss)									158,772	138,383	122,940
Investments In New Businesses
Segment Reporting Information [Line Items]
Revenues									12,973	10,606	6,906
Expenses									29,660	22,971	20,678
Operating profit (loss)									$ (16,687)	$ (12,365)	$ (13,772)

Business Segment Information (Reconciliation of Total Operating Profit Reported for Business Segments to Income from Operations in Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting [Abstract]
Total operating profit from segments above	$ 532,620	$ 507,634	$ 460,778
Corporate overhead expenses	(72,196)	(65,646)	(63,834)
Income from operations	$ 460,424	$ 441,988	$ 396,944

Business Segment Information (Schedule Of Additional Information Pertaining To Business Segments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Capital Expenditures	$ 77,171	$ 73,316	$ 86,568
Depreciation	29,436	28,792	27,311
Amortization	51,419	48,895	48,275
Assets	2,151,370	1,971,668
Operating Segments
Segment Reporting Information [Line Items]
Capital Expenditures	74,857	71,809	85,405
Depreciation	28,130	27,587	26,488
Amortization	51,189	48,664	48,057
Assets	1,242,085	1,162,058
Operating Segments \| Private Banks
Segment Reporting Information [Line Items]
Capital Expenditures	33,068	36,763	47,526
Depreciation	14,349	13,773	16,479
Amortization	29,054	27,312	32,696
Assets	567,796	558,451
Operating Segments \| Investment Advisors
Segment Reporting Information [Line Items]
Capital Expenditures	17,413	16,572	17,450
Depreciation	4,653	4,607	3,364
Amortization	10,311	9,668	10,930
Assets	165,556	143,042
Operating Segments \| Institutional Investors
Segment Reporting Information [Line Items]
Capital Expenditures	4,057	3,863	4,020
Depreciation	1,600	1,672	1,121
Amortization	1,726	1,707	1,599
Assets	115,012	109,081
Operating Segments \| Investment Managers
Segment Reporting Information [Line Items]
Capital Expenditures	18,970	13,639	15,863
Depreciation	7,145	6,988	4,698
Amortization	9,358	9,382	2,593
Assets	373,986	318,342
Operating Segments \| Investments In New Businesses
Segment Reporting Information [Line Items]
Capital Expenditures	1,349	972	546
Depreciation	383	547	826
Amortization	740	595	239
Assets	19,735	33,142
Corporate Overhead
Segment Reporting Information [Line Items]
Capital Expenditures	2,314	1,507	1,163
Depreciation	1,306	1,205	823
Amortization	230	231	$ 218
Assets	$ 909,285	$ 809,610

Business Segment Information (Schedule of Revenues And Assets Based On Location) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 423,225	$ 416,254	$ 409,586	$ 400,820	$ 405,057	$ 408,682	$ 404,830	$ 405,598	$ 1,649,885	$ 1,624,167	$ 1,526,552
Assets	2,151,370				1,971,668				2,151,370	1,971,668
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									1,385,744	1,348,130	1,298,381
Assets	1,732,427				1,612,202				1,732,427	1,612,202
International operations
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									264,141	276,037	$ 228,171
Assets	$ 418,943				$ 359,466				$ 418,943	$ 359,466

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Asset management, administration and distribution fees
Related Party Transaction [Line Items]
Revenue from related parties	$ 449,725	$ 462,101	$ 453,438
Transaction-based and trade execution fees
Related Party Transaction [Line Items]
Revenue from related parties	$ 632	$ 2,001	$ 1,216

Goodwill and Intangible Assets (Schedule of Goodwill) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 52,990
Business acquisition	11,499
Ending balance	64,489
Investment Managers
Goodwill [Roll Forward]
Beginning balance	52,990
Business acquisition	0
Ending balance	52,990
Investments In New Businesses
Goodwill [Roll Forward]
Beginning balance	0
Business acquisition	11,499
Ending balance	$ 11,499

Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Apr. 30, 2018
Goodwill [Line Items]
Goodwill	$ 64,489	$ 64,489	$ 52,990
Payment for contingent consideration liability	433	0	$ 0
Remaining contingent consideration resulting in loss	568
Amortization of intangible assets	3,683	$ 3,538
Huntington Steele, LLC
Goodwill [Line Items]
Goodwill				$ 11,499
Contingent purchase price	12,120
Payment for contingent consideration liability	433
Contingent purchase price, current	625
Contingent purchase price, noncurrent	$ 11,630

Goodwill and Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 36,760	$ 36,760
Less: Accumulated amortization	(8,773)	(5,090)
Intangible assets, net	27,987	31,670
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 13,510	$ 13,510
Weighted Average Estimated Useful Life	10 years	10 years
Client relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 16,940	$ 16,940
Weighted Average Estimated Useful Life	13 years 10 months 24 days	13 years 10 months 24 days
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 3,470	$ 3,470
Weighted Average Estimated Useful Life	5 years	5 years
Trade names
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 2,840	$ 2,840
Weighted Average Estimated Useful Life	7 years	7 years

Goodwill and Intangible Assets (Future Amortization Expenses) (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Expected Amortization Expense Related to Intangible Assets
2020	$ 3,683
2021	3,683
2022	3,336
2023	2,989
2024	$ 2,818

Leases (Narrative) (Details) $ in Thousands	12 Months Ended
Leases (Narrative) (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
Operating leases expense	$ 10,159

Leases (Schedule of Future Minimum Lease Payments) (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
2020	$ 9,906
2021	8,334
2022	8,043
2023	7,977
2024	6,477
Thereafter	10,707
Total future minimum lease payments	51,444
Less: Imputed interest	(3,838)
Total	$ 47,606

Leases (Supplemental Consolidated Balance Sheet Information Related to Operating Leases) (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
Current portion of long-term operating lease liabilities	$ 9,156
Long-term operating lease liabilities	38,450
Total operating lease liabilities	$ 47,606
Weighted average remaining lease term	6 years 3 months 18 days
Weighted average discount rate	2.61%

Leases (Supplemental Cash Flow Information Related to Operating Leases) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 10,932
Right-of-use assets obtained in exchange for lease obligations	$ 6,372

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Data [Abstract]
Revenues	$ 423,225	$ 416,254	$ 409,586	$ 400,820	$ 405,057	$ 408,682	$ 404,830	$ 405,598	$ 1,649,885	$ 1,624,167	$ 1,526,552
Income before income taxes	159,968	162,870	162,346	146,257	143,599	157,595	154,254	158,758	631,441	614,206	557,039
Net income	$ 128,737	$ 132,168	$ 126,540	$ 113,981	$ 116,034	$ 128,319	$ 121,677	$ 139,838	$ 501,426	$ 505,868	$ 404,389
Basic earnings per common share (in USD per share)	$ 0.86	$ 0.88	$ 0.83	$ 0.74	$ 0.75	$ 0.82	$ 0.77	$ 0.89	$ 3.31	$ 3.23	$ 2.56
Diluted earnings per common share (in USD per share)	$ 0.84	$ 0.86	$ 0.82	$ 0.73	$ 0.73	$ 0.80	$ 0.75	$ 0.86	$ 3.24	$ 3.14	$ 2.49
Effective income tax rate	19.50%	18.90%	22.10%	22.10%	19.20%	18.60%	21.10%	11.90%	20.60%	17.60%	27.40%

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 718	$ 695	$ 523
Additions, Charged to Costs and Expenses	483	23	172
Additions, Charged to Other Accounts	0	0	0
(Deductions)	0	0	0
Balance at End of Year	1,201	718	695
Deferred income tax valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	72,316	68,469	17,922
Additions, Charged to Costs and Expenses	0	0	0
Additions, Charged to Other Accounts	0	3,847	50,547
(Deductions)	(1,585)	0	0
Balance at End of Year	$ 70,731	$ 72,316	$ 68,469

Label	Element	Value
Investment Managers [Member]
Goodwill	us-gaap_Goodwill	$ 52,990,000
Investments In New Businesses [Member]
Goodwill	us-gaap_Goodwill	11,499,000
Accounting Standards Update 2016-09 [Member] \| Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	2,582,000
Accounting Standards Update 2016-09 [Member] \| Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(1,669,000)
Accounting Standards Update 2014-09 [Member] \| Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 14,402,000