0000350894-23-000012 | 10-K | XBRL Viewer

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Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2022	Jan. 31, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 5.4
Entity Common Stock, Shares Outstanding		134,264,038
Documents Incorporated by Reference	Portions of the following documents are incorporated by reference herein: 1. The definitive proxy statement relating to the registrant’s 2023 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
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Philadelphia, PA

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 853,008	$ 831,407
Restricted cash	351	351
Receivables from investment products	62,014	59,036
Receivables, net of allowance for doubtful accounts of $901 and $1,602	457,084	441,609
Securities owned	32,148	28,267
Other current assets	48,703	43,559
Total Current Assets	1,453,308	1,404,229
Property and Equipment, net of accumulated depreciation of $440,861 and $409,248	181,029	178,869
Operating Lease Right-of-Use Assets	24,992	33,614
Capitalized Software, net of accumulated amortization of $586,744 and $545,307	237,302	243,446
Available For Sale and Equity Securities	128,201	129,541
Investments in Affiliated Funds, at fair value	6,366	6,916
Investment in Unconsolidated Affiliate	104,673	107,918
Goodwill	115,599	117,232
Intangible Assets, net of accumulated amortization of $30,261 and $17,716	55,532	68,782
Deferred Contract Costs	37,928	36,236
Deferred Income Taxes	4,936	2,983
Other Assets, net	33,687	24,936
Total Assets	2,383,553	2,354,702
Current Liabilities:
Accounts payable	13,283	10,312
Accrued liabilities	359,363	324,382
Current portion of long-term operating lease liabilities	10,344	11,328
Deferred revenue	14,893	9,721
Total Current Liabilities	397,883	355,743
Borrowings Under Revolving Credit Facility	0	40,000
Long-term Income Taxes Payable	803	803
Deferred Income Taxes	0	48,876
Long-term Operating Lease Liabilities	18,786	27,639
Other Long-term Liabilities	12,257	20,878
Total Liabilities	429,729	493,939
Commitments and Contingencies
Shareholders' Equity:
Common stock, $.01 par value, 750,000 shares authorized; 134,162 and 138,449 shares issued and outstanding	1,342	1,384
Capital in excess of par value	1,307,162	1,246,608
Retained earnings	694,287	632,614
Accumulated other comprehensive loss, net	(48,967)	(19,843)
Total Shareholders' Equity	1,953,824	1,860,763
Total Liabilities and Equity	$ 2,383,553	$ 2,354,702

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 901	$ 1,602
Property and Equipment, accumulated depreciation	440,861	409,248
Capitalized software, accumulated amortization	586,744	545,307
Intangible assets, accumulated amortization	$ 30,261	$ 17,716
Shareholders' Equity:
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	134,162,000	138,449,000
Common stock, shares outstanding (in shares)	134,162,000	138,449,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Revenues	$ 1,991,037	$ 1,918,309	$ 1,684,058
Expenses:
Subadvisory, distribution and other asset management costs	196,732	218,068	181,618
Software royalties and other information processing costs	29,006	27,759	28,937
Compensation, benefits and other personnel	720,029	584,497	527,509
Stock-based compensation	39,403	41,451	27,014
Consulting, outsourcing and professional fees	242,013	223,200	227,916
Data processing and computer related	125,171	107,560	96,328
Facilities, supplies and other costs	74,993	69,760	64,915
Amortization	54,280	59,152	52,975
Depreciation	33,657	33,481	30,959
Total expenses	1,515,284	1,364,928	1,238,171
Income from operations	475,753	553,381	445,887
Net loss from investments	(3,078)	(366)	(286)
Interest and dividend income	13,308	3,649	6,568
Interest expense	(749)	(563)	(609)
Other income	3,379	0	0
Equity in earnings of unconsolidated affiliates	120,667	137,572	117,134
Income before income taxes	609,280	693,673	568,694
Income taxes	133,813	147,080	121,408
Net income	$ 475,467	$ 546,593	$ 447,286
Basic earnings per common share (in USD per share)	$ 3.49	$ 3.87	$ 3.05
Shares used to compute basic earnings per share	136,071	141,216	146,709
Diluted earnings per common share (in USD per share)	$ 3.46	$ 3.81	$ 3.00
Shares used to compute diluted earnings per share	137,423	143,312	149,003
Dividends declared per common share (in USD per share)	$ 0.83	$ 0.77	$ 0.72
Asset management, administration and distribution fees
Revenues:
Revenues	$ 1,514,063	$ 1,547,016	$ 1,345,649
Information processing and software servicing fees
Revenues:
Revenues	$ 476,974	$ 371,293	$ 338,409

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 475,467	$ 546,593	$ 447,286
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(19,892)	(1,432)	5,620
Unrealized holding (loss) gain on investments:
Unrealized holding (losses) gains during the period, net of income taxes of $2,893, $728 and $(134)	(9,700)	(2,527)	374
Less: reclassification adjustment for losses realized in net income, net of income taxes of $(134), $(246) and $(190)	468	914	712
Total other comprehensive (loss) income, net of taxes	(29,124)	(3,045)	6,706
Comprehensive income	$ 446,343	$ 543,548	$ 453,992

- Definition

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

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+ Details

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Unrealized gains during the period, taxes	$ 2,893	$ 728	$ (134)
Reclassification adjustment for losses realized in net income, taxes	$ (134)	$ (246)	$ (190)

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 (in shares) at Dec. 31, 2019		149,745
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase and retirement of common stock (in shares)		(8,007)
Issuance of common stock under the employee stock purchase plan (in shares)		95
Issuance of common stock upon exercise of stock options (in shares)	1,563	1,563
Ending balance (in shares) at Dec. 31, 2020		143,396
Beginning balance at Dec. 31, 2019		$ 1,497	$ 1,158,900	$ 601,885	$ (23,504)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase and retirement of common stock		(80)	(45,309)	(379,313)
Issuance of common stock under the employee stock purchase plan		1	4,346
Issuance of common stock upon exercise of stock options		16	45,050
Stock-based compensation			27,014
Net income	$ 447,286			447,286
Dividends declared ($0.83, $0.77 and $0.72 per share)	(104,588)			(104,588)
Other comprehensive (loss) income	6,706				6,706
Ending balance at Dec. 31, 2020	$ 1,739,907	$ 1,434	1,190,001	565,270	(16,798)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase and retirement of common stock (in shares)		(6,747)
Issuance of common stock under the employee stock purchase plan (in shares)		81
Issuance of common stock upon exercise of stock options (in shares)	1,719	1,719
Ending balance (in shares) at Dec. 31, 2021	138,449	138,449
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase and retirement of common stock		$ (67)	(40,058)	(371,409)
Issuance of common stock under the employee stock purchase plan		0	4,115
Issuance of common stock upon exercise of stock options		17	51,099
Stock-based compensation			41,451
Net income	$ 546,593			546,593
Dividends declared ($0.83, $0.77 and $0.72 per share)	(107,840)			(107,840)
Other comprehensive (loss) income	(3,045)				(3,045)
Ending balance at Dec. 31, 2021	$ 1,860,763	$ 1,384	1,246,608	632,614	(19,843)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase and retirement of common stock (in shares)		(5,914)
Issuance of common stock under the employee stock purchase plan (in shares)		90
Issuance of common stock upon exercise of stock options (in shares)	1,537	1,537
Ending balance (in shares) at Dec. 31, 2022	134,162	134,162
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase and retirement of common stock		$ (58)	(37,019)	(301,365)
Issuance of common stock under the employee stock purchase plan		1	4,340
Issuance of common stock upon exercise of stock options		15	53,830
Stock-based compensation			39,403
Net income	$ 475,467			475,467
Dividends declared ($0.83, $0.77 and $0.72 per share)	(112,429)			(112,429)
Other comprehensive (loss) income	(29,124)				(29,124)
Ending balance at Dec. 31, 2022	$ 1,953,824	$ 1,342	$ 1,307,162	$ 694,287	$ (48,967)

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares			12 Months Ended
	Jun. 01, 2022	Dec. 10, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in USD per share)	$ 0.40	$ 0.43	$ 0.83	$ 0.77	$ 0.72

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 475,467	$ 546,593	$ 447,286
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	33,657	33,481	30,959
Amortization	54,280	59,152	52,975
Equity in earnings of unconsolidated affiliates	(120,667)	(137,572)	(117,134)
Partner distributions received from unconsolidated affiliate	120,849	131,170	125,534
Stock-based compensation	39,403	41,451	27,014
Provision for losses on receivables	(701)	502	(101)
Deferred income tax benefit	(46,489)	(7,831)	(1,036)
Net loss from investments	3,078	366	286
Change in other long-term liabilities	285	824	(420)
Change in other assets	(6,039)	68	(1,449)
Contract costs capitalized, net of amortization	(1,692)	(2,455)	(2,790)
Other	(4,638)	1,538	912
Decrease (increase) in:
Receivables from investment products	(2,978)	(3,765)	(1,106)
Receivables	(15,663)	(53,944)	(44,761)
Other current assets	(5,194)	(4,202)	(6,407)
Advances due from unconsolidated affiliate	3,063	(3,083)	(39,420)
Increase (decrease) in:
Accounts payable	2,971	249	3,343
Accrued liabilities	32,166	27,016	21,097
Deferred revenue	4,961	3,543	(6,100)
Total adjustments	90,652	86,508	41,396
Net cash provided by operating activities	566,119	633,101	488,682
Cash flows from investing activities:
Additions to property and equipment	(39,191)	(26,499)	(54,448)
Additions to capitalized software	(35,293)	(26,037)	(24,119)
Purchases of marketable securities	(178,217)	(216,260)	(143,493)
Prepayments and maturities of marketable securities	160,981	194,769	155,110
Sales of marketable securities	179	327	842
Cash paid for acquisitions, net of cash acquired	0	(80,159)	0
Proceeds from insurance settlements	4,388	0	0
Other investing activities	(2,656)	(11,024)	(1,388)
Net cash used in investing activities	(89,809)	(164,883)	(67,496)
Cash flows from financing activities:
Payments under revolving credit facility	(40,000)	0	0
Borrowings under revolving credit facility	0	40,000	0
Payment of contingent consideration	(868)	(3,965)	(633)
Purchase and retirement of common stock	(344,723)	(408,069)	(427,001)
Proceeds from issuance of common stock	58,186	55,231	49,413
Payment of dividends	(109,830)	(105,516)	(103,914)
Net cash used in financing activities	(437,235)	(422,319)	(482,135)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(17,474)	(1,868)	4,129
Net increase (decrease) in cash, cash equivalents and restricted cash	21,601	44,031	(56,820)
Cash, cash equivalents and restricted cash, beginning of year	831,758	787,727	844,547
Cash, cash equivalents and restricted cash, end of year	853,359	831,758	787,727
Interest paid	815	554	612
Income taxes paid	192,514	154,268	121,987
Non-cash investing and financing activities
Acquisition of businesses in current assets, property and equipment, current liabilities and other long-term liabilities	0	76,621	0
Dividends declared but not paid	$ 58,051	$ 55,452	$ 53,127

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Nature of Operations

SEI Investments Company (the Company), a Pennsylvania corporation, provides comprehensive platforms, services and infrastructure–encompassing technology, operational, and investment management services–to help wealth managers, financial advisors, investment managers, family offices, institutional and private investors create and manage wealth.

Investment processing platforms provide technologies and business process outsourcing services for wealth managers. These solutions include investment advisory, client relationship, and other technology-enabled capabilities for the front office; administrative and investment services for the middle office; and accounting and processing services for the back office. Revenues from investment processing platforms are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations.

Investment operations platforms provide business process outsourcing services for investment managers and asset owners. These platforms support a broad range of traditional and alternative investments and provide technology-enabled information analytics and investor capabilities for the front office; administrative and investment services for the middle office; and fund administration and accounting services for the back office. Revenues from investment operations platforms are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Investment management platforms provide comprehensive solutions for managing personal and institutional wealth. These platforms include goals-based investment strategies; SEI-sponsored investment products, including mutual funds, collective investment products, alternative investment portfolios and separately managed accounts (SMA); and other market-specific advice, technology and operational components. These platforms are offered to wealth managers as part of a complete goals-based investment program for their end-investors. For institutional investors, the Company provides Outsourced Chief Investment Officer (OCIO) solutions and Enhanced Chief Investment Officer (ECIO) solutions that include investment management programs, as well as advisory and administrative services. 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

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 $35,426, $45,129 and $33,408 in fees during 2022, 2021 and 2020, 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

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 16 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 $305,434 and $290,256 at December 31, 2022 and 2021, 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 $250 at December 31, 2022 and 2021 segregated for regulatory purposes related to trade-execution services conducted by SIEL. Restricted cash also includes $101 at December 31, 2022 and 2021 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 available for sale debt securities on a quarterly basis. In the event that an other-than-temporary decline in fair value has occurred, the amount of the decline related to a credit loss is reported through current period earnings. Some of the factors considered in determining other-than-temporary impairment 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 available for sale debt securities in 2022, 2021 or 2020.

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 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, 2022 or 2021 that were required to be measured at fair value on a recurring basis. The Company's Level 3 financial liabilities at December 31, 2022 and 2021 consist entirely of an estimated contingent consideration resulting from the Company's acquisition of Huntington Steele, LLC (See Note 15).

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 $35,293, $26,037 and $24,119 of software development costs during 2022, 2021 and 2020, respectively. The Company's capitalized software development costs primarily relate to the further development of the SEI Wealth PlatformSM (SWP). The Company capitalized $25,735, $25,938 and $22,257 of software development costs for significant enhancements to SWP during 2022, 2021 and 2020, respectively. As of December 31, 2022, the net book value of SWP was $225,975. The net book value includes $14,217 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. As of December 31, 2022, SWP has a weighted average remaining life of 9.8 years. Amortization expense for SWP was $35,638, $47,769 and $43,853 in 2022, 2021 and 2020, respectively, and is included in Amortization expense on the accompanying Consolidated Statements of Operations.

The Company also capitalized $9,558 of software development costs during 2022 related to a new platform for the Investment Managers segment. As of December 31, 2022, the platform has not been placed into service.

The Company currently expects to recognize amortization expense related to all capitalized software development costs placed into service as of December 31, 2022 each year from 2023 through 2027 as follows:


Year	Expected Amortization Expense Related to Capitalized Software
2023	$	24,385
2024	24,385
2025	24,385
2026	23,378
2027	21,761

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 2022, 2021 or 2020.

Business Combinations

The Company accounts for business combinations in accordance with Accounting Standards Codification Topic 805, Business Combinations (ASC 805). ASC 805 establishes principles and requirements for recognizing the total consideration transferred, assets acquired and liabilities assumed in a business combination. ASC 805 also provides guidance for recognizing and measuring goodwill acquired in a business combination and requires the acquirer to disclose information needed to evaluate and understand the financial impact of the business combination. The Company recognizes assets and liabilities acquired at their estimated fair values. Management uses judgment to identify the acquired assets and liabilities assumed; estimate the fair value of these assets and liabilities; estimate the useful life of the assets; and assess the appropriate method for recognizing depreciation or amortization expense over the estimated useful life of the assets.

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 requires that a qualitative assessment be performed to assess goodwill for impairment. 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. If the qualitative assessment indicates the carrying value exceeds the fair value, a quantitative impairment test is then utilized to identify potential goodwill impairment and measure the amount of a goodwill impairment loss to be recognized. The Company did not recognize any impairment charges related to its goodwill or other intangible assets in 2022, 2021 or 2020. See Note 15 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 15 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 2022, 2021 or 2020.

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 outstanding during the period. The Company's dilutive potential common shares consist of equity awards including stock options and restricted stock units.

The calculations of basic and diluted earnings per share for 2022, 2021 and 2020 are:


	2022		2021		2020
Net income	$	475,467	$	546,593	$	447,286
Shares used to compute basic earnings per common share	136,071,000		141,216,000		146,709,000
Dilutive effect of equity awards	1,352,000		2,096,000		2,294,000
Shares used to compute diluted earnings per common share	137,423,000		143,312,000		149,003,000
Basic earnings per common share	$	3.49	$	3.87	$	3.05
Diluted earnings per common share	$	3.46	$	3.81	$	3.00

Employee stock options to purchase approximately 12,439,000, 11,755,000 and 9,220,000 shares of common stock, with an average exercise price per share of $60.35, $58.43 and $58.12, were outstanding during 2022, 2021 and 2020, 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

The Company recognizes stock-based compensation for all share-based awards made to employees and directors, including stock options, restricted stock units, and employee stock purchases related to an employee stock purchase plan. Stock-based compensation cost for awards under share-based compensation plans 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 Company accounts for forfeitures as they occur. Restricted stock units are time-based and are not based on the achievement of performance targets. The amount of stock-based compensation expense for stock options 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 for stock options could be accelerated, spread out over a longer period, or reversed (See Note 7).

Leases

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 Sheets.

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. Several of the Company's leases are subject to periodic market rent review adjustments which are not tied to an index or specific interest rate. Rather, the review adjustments represent market conditions on the date of the review. The variable lease payments consist of payments beyond the initial contractual payment amounts prior to the market rent review. The Company’s lease agreements do not contain any material residual value guarantees or any material restrictive covenants. The Company does not currently have any finance leases. See Note 17 for related disclosures regarding leases.

Recently Adopted Accounting Pronouncements

In July 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-05, Leases (Topic 842): Lessors – Certain Leases with Variable Lease Payments (ASU 2021-05) which requires a lessor to classify a lease with entirely or partially variable payments that do not depend on an index or rate as an operating lease if a different classification would result in a commencement date selling loss (Day 1 loss). The Company adopted ASU 2021-05 on January 1, 2022. There was no material impact to the Company's consolidated financial statements from the implementation of ASU 2021-05.

New Accounting Pronouncements

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08). This update amends Topic 805 to add contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and to require that an entity (acquirer) recognize and measure contract assets and contract liabilities in accordance with ASC 606. This standard is effective for financial statements issued by public companies for annual and

interim periods beginning after December 15, 2022. The amendment is to be applied prospectively to business combinations occurring on or after the effective date of the amendment. The Company does not believe the adoption of ASU 2021-08 will have a material impact on its consolidated financial statements and related disclosures.

Investment in Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2022

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. On April 1, 2022, LSV provided an interest in the partnership to select key employees which reduced the ownership percentage of each existing partner on a pro-rata basis. As a result, the Company's total partnership interest in LSV was reduced slightly to approximately 38.6% from approximately 38.7%. As of December 31, 2022, the Company's total partnership interest in LSV was approximately 38.6%.

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, 2022, the Company’s total investment in LSV was $104,673. The Company’s proportionate share in the earnings of LSV was $120,667, $137,572 and $117,134 in 2022, 2021 and 2020, 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 $120,849, $131,170 and $125,534 in 2022, 2021 and 2020, respectively.

These tables contain condensed financial information of LSV:


Condensed Statement of Operations Year ended December 31,	2022		2021		2020
Revenues	$	406,895	$	456,259	$	391,648
Net income	$	312,180	$	354,964	$	301,620


Condensed Balance Sheets December 31,	2022		2021
Current assets	$	158,326	$	171,058
Non-current assets	6,019		4,792
Total assets	$	164,345	$	175,850

Current liabilities	$	77,306	$	82,858
Non-current liabilities	3,050		3,863
Partners’ capital	83,989		89,129
Total liabilities and partners’ capital	$	164,345	$	175,850

Composition of Certain Financial Statement Captions

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:


	2022		2021
Trade receivables	$	110,722	$	111,209
Fees earned, not billed	320,700		315,255
Other receivables	26,563		16,747
	457,985		443,211
Less: Allowance for doubtful accounts	(901)		(1,602)
Receivables, net	$	457,084	$	441,609

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:


	2022		2021
Buildings	$	210,626	$	209,766
Equipment	179,318		153,158
Land	26,439		24,651
Purchased software	160,714		156,387
Furniture and fixtures	21,956		21,254
Leasehold improvements	20,879		21,946
Construction in progress	1,958		955
	621,890		588,117
Less: Accumulated depreciation	(440,861)		(409,248)
Property and Equipment, net	$	181,029	$	178,869

Depreciation expense related to property and equipment for 2022, 2021 and 2020 was $33,657, $33,481 and $30,959, respectively.

Deferred Contract Costs

The Company's incremental contract acquisition costs are related to information processing contracts in the Private Banks segment and investment operations contracts in the Investment Managers segment. These deferred costs primarily consist of sales compensation payments to the Company's sales personnel. The Company defers and amortizes incremental contract acquisition costs using the straight-line method over the expected client life, which ranges from 6 to 15 years.

Deferred contract costs were $37,928 and $36,236 as of December 31, 2022 and 2021, respectively. The Company deferred expenses related to contract costs of $12,751, $11,201 and $10,284 during 2022, 2021 and 2020, respectively. Amortization expense related to deferred contract costs were $11,059, $8,746 and $7,494 during 2022, 2021 and 2020, respectively, and is included in Compensation, benefits and other personnel on the accompanying Consolidated Statements of Operations. Amortization expense during 2022 includes $1,784 in expense accelerated as a result of the termination of a contractual agreement with a significant client (See Note 16). There were no material impairment losses in relation to deferred contract costs during 2022, 2021 or 2020.

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 2022, 2021 and 2020 was $262, $324 and $230, respectively.

Accrued Liabilities

Accrued Liabilities on the accompanying Consolidated Balance Sheets consist of:


	2022		2021
Accrued employee compensation	$	100,566	$	107,933
Accrued employee benefits and other personnel	9,852		13,951
Accrued voluntary separation program	53,821		—
Accrued consulting, outsourcing and professional fees	37,009		36,411
Accrued sub-advisory, distribution and other asset management fees	52,916		58,661

Accrued dividend payable	58,051		55,452

Other accrued liabilities	47,148		51,974
Accrued liabilities	$	359,363	$	324,382

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

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, 2022 or 2021 that were required to be measured at fair value on a recurring basis. The Company's Level 3 financial liabilities at December 31, 2022 and 2021 consist entirely of the estimated fair value of the contingent consideration resulting from an acquisition (See Note 15). 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 2022.

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, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Assets
Equity securities	$	10,900	$	10,900	$	—
Available-for-sale debt securities	117,301		—		117,301
Fixed-income securities owned	32,148		—		32,148
Investment funds sponsored by LSV (1)	6,366
	$	166,715	$	10,900	$	149,449


			Fair Value Measurements at Reporting Date Using
	December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Assets
Equity securities	$	12,406	$	12,406	$	—
Available-for-sale debt securities	117,135		—		117,135
Fixed-income securities owned	28,267		—		28,267
Investment funds sponsored by LSV (1)	6,916
	$	164,724	$	12,406	$	145,402

(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, 2022

Marketable Securities [Abstract]

Marketable Securities

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 $450,240 and $422,838 at December 31, 2022 and 2021, respectively. There were no material unrealized or realized gains or losses from these investments during 2022 and 2021.

Available For Sale and Equity Securities

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


	At December 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available for sale debt securities	$	129,372	$	—	$	(12,071)	$	117,301
SEI-sponsored mutual funds	6,207		—		(176)		6,031
Equities and other mutual funds	5,026		—		(157)		4,869
	$	140,605	$	—	$	(12,404)	$	128,201


	At December 31, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available for sale debt securities	$	117,215	$	—	$	(80)	$	117,135
SEI-sponsored mutual funds	6,748		463		—		7,211
Equities and other mutual funds	4,935		260		—		5,195
	$	128,898	$	723	$	(80)	$	129,541

Net unrealized holding losses at December 31, 2022 of the Company's available-for-sale debt securities were $9,294 (net of income tax benefit of $2,777). Net unrealized losses at December 31, 2021 of the Company's available-for-sale debt securities were $62 (net of income tax expense of $18). These unrealized losses are associated with the Company’s investments in mortgage-backed securities issued by GNMA and were caused by interest rate increases (See Note 4). The contractual cash flows of these securities are guaranteed by an agency of the U.S. government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost bases of the Company's investments. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. 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 $602, $1,160 and $902 from available-for-sale debt securities during 2022, 2021 and 2020, respectively. There were no gross realized gains from available-for-sale debt securities during 2022, 2021 and

2020. Realized losses from available-for-sale debt securities, including amounts reclassified from accumulated comprehensive loss, are reflected in Net loss from investments on the accompanying Consolidated Statements of Operations.

There were gross realized gains of $263 and gross realized losses of $773 from mutual funds and equities during 2022. In 2021, there were gross realized gains of $741 and gross realized losses of $72 from mutual funds and equities. In 2020, there were gross realized gains of $1,100 and gross realized losses of $250 from mutual funds and equities. Gains and losses from mutual funds and equities are reflected in Net loss from investments on the accompanying Consolidated Statements of Operations.

Investments in Affiliated Funds

The Company has an investment in 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 loss from investments on the accompanying Consolidated Statements of Operations.

The funds had a fair value of $6,366 and $6,916 at December 31, 2022 and 2021, respectively. The Company recognized losses of $550 during 2022 and gains of $750 and $178 from the change in fair value of the funds during 2021 and 2020, respectively.

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 $32,148 and $28,267 at December 31, 2022 and 2021, respectively. There were no material net gains or losses from the change in fair value of the securities during 2022, 2021 and 2020.

Line of Credit	12 Months Ended
Line of Credit	Dec. 31, 2022
Line of Credit Facility [Abstract]
Lines of Credit	Line of Credit The Company has a five-year $325,000 Credit Agreement (the Credit Facility) with Wells Fargo Bank, N.A. (Wells Fargo), and a syndicate of other lenders. The Credit Facility is scheduled to expire in April 2026, 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% to 1.00% or the London InterBank Offered Rate (LIBOR) plus a premium that can range from 1.25% to 2.00% depending on the Company’s Leverage Ratio (a ratio of consolidated indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (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%, b) the prime commercial lending rate of Wells Fargo, c) the applicable LIBOR plus 1.00%, or d) 0%. The Credit Facility includes fallback language clearly defining an alternative reference rate which provides for specified replacement rates upon a LIBOR cessation event. At the time of a LIBOR cessation event, the replacement rate, the Secured Overnight Financing Rate (SOFR), self-executes without the need for negotiations or a formal amendment process. 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% of the amount of the unused portion to 0.30%, 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 1.25% plus an issuance fee of 0.20% of the aggregate face amount of the outstanding letters of credit issued under the Credit Facility. The Credit Facility contains covenants with restrictions on the ability of the Company to do transactions with affiliates other than wholly-owned subsidiaries or to incur liens or certain types of indebtedness 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. 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. In November 2021, the Company borrowed $40,000 under the Credit Facility for the funding of an acquisition (See Note 15). The weighted average interest rate applied to the outstanding balance of the Credit Facility as of December 31, 2021 was 1.40%. During 2022, the Company made principal payments of $40,000 to fully repay the outstanding balance of the Credit Facility. The Company had no borrowings related to the Credit Facility as of December 31, 2022. As of December 31, 2022, the Company had outstanding letters of credit of $6,003 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 2023. The amount of the Credit Facility available for general corporate purposes as of January 31, 2023 was $318,997. The Company was in compliance with all covenants of the Credit Facility during 2022. The Company incurred $749, $563 and $609 in interest charges and commitment fees relating to its current and former lines of credit during 2022, 2021 and 2020, respectively, which are reflected in Interest expense on the accompanying Consolidated Statements of Operations.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Shareholders' Equity

12 Months Ended

Dec. 31, 2022

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. As of December 31, 2022, the Company has stock units and non-qualified stock options outstanding under the 2014 Plan.

The Company recognized stock-based compensation expense in its Consolidated Financial Statements in 2022, 2021 and 2020 as follows:


	2022		2021		2020
Stock-based compensation expense	$	39,403	$	41,451	$	27,014
Less: Deferred tax benefit	(7,340)		(8,444)		(5,182)
Stock-based compensation expense, net of tax	$	32,063	$	33,007	$	21,832

Stock Options

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 solely 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 weighted average fair value of the Company’s stock options granted during 2022, 2021 and 2020 were $17.95, $14.94 and $13.53, respectively, using the following assumptions:


	2022		2021		2020
Expected term (in years)	5.84		5.60		5.79
Expected volatility	27.79	%	28.67	%	29.02	%
Expected dividend yield	1.40	%	1.30	%	1.29	%
Risk-free interest rate	3.79	%	1.37	%	0.62	%

The Company reviews its estimates of when vesting targets will be achieved based upon financial performance on an annual basis. The Company revised its estimates during 2022 which resulted in a decrease of $4,915 in stock-based compensation in comparison to the previous management estimate. The change in management’s estimate during 2021 resulted in an increase of $5,880 and the change in estimate in 2020 resulted in a decrease of $2,659 in stock-based compensation expense in comparison to the previous management estimates.

The Company initiated a voluntary separation program to long-tenured employees which was finalized in July 2022. Certain allowances provided to the participating employees in the program resulted in modifications to the Company's equity compensation plans related to the vesting of stock options during 2022 and the period in which the employee may exercise vested stock options after the termination of employment (See Note 14). These modifications impacted 52 grantees of stock options. The Company incurred additional stock-based compensation expense of $2,532 as a result of these modifications. During 2022, the Company reversed previously recognized stock-option expense of $3,562 as a result of the cancellation of certain stock option awards to employees participating in the voluntary separation program.

As of December 31, 2022, there was approximately 9,727,000 unvested employee stock options with an unrecognized compensation cost of $95,848 that the Company expects will vest and be expensed through 2026 with a weighted average period of 2.0 years.

This table presents certain information relating to the Company’s stock option plans for 2022, 2021 and 2020:


	Number of Shares	Weighted Average Price
Balance as of December 31, 2019	15,706,000	$	47.43
Granted	4,529,000	56.54
Exercised	(1,563,000)	28.83
Expired or canceled	(177,000)	55.76
Balance as of December 31, 2020	18,495,000	$	51.15
Granted	3,323,000	60.48
Exercised	(1,719,000)	29.73
Expired or canceled	(1,015,000)	57.92
Balance as of December 31, 2021	19,084,000	$	54.35
Granted	2,215,000	61.74
Exercised	(1,537,000)	35.03
Expired or canceled	(992,000)	59.52
Balance as of December 31, 2022	18,770,000	$	56.52

Exercisable as of December 31, 2022	9,043,000	$	52.68
Available for future grant as of December 31, 2022	10,354,000

As of December 31, 2022 and 2021, there were 9,043,000 and 8,638,000 shares exercisable, respectively. The expiration dates for options outstanding at December 31, 2022 range from December 10, 2023 to December 5, 2032 with a weighted average remaining contractual life of 6.6 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 2022 and 2021 was $36,576 and $55,029, respectively. The total options exercisable as of December 31, 2022 had an intrinsic value of $67,455. The total options outstanding as of December 31, 2022 had an intrinsic value of $79,468. 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, 2022 and the exercise price of the shares. The market value of the Company’s common stock as of December 30, 2022 was $58.30 as reported by the Nasdaq Stock Market, LLC.

Restricted Stock Units

During 2022, the Company issued 467,000 initial restricted stock units with a weighted average price of $61.27 to employees and directors. The restricted stock units are equivalent to one share of the Company's common stock. These equity awards are time-based and are not based on the achievement of performance targets. The majority of initial restricted stock units issued in 2022 will vest on the third anniversary of the issuance date. The Company had no vested, expired or cancelled restricted stock units during 2022. The Company had no outstanding restricted stock units as of December 31, 2021.

As of December 31, 2022, the unrecognized compensation cost associated with the Company's restricted stock units was $27,444, which will be expensed through 2026 over a weighed average remaining period of 2.02 years

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 15,652,000 shares for issuance under this plan. At December 31, 2022, 12,397,000 cumulative shares have been issued. There were no material costs incurred by the Company related to the employee stock purchase plan in 2022, 2021 and 2020.

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, 2022, the Company had approximately $92,852 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 2022, 2021 and 2020:


Year	Total Number of Shares Repurchased	Total Cost
2022	5,914,000	$	338,442
2021	6,747,000	411,534
2020	8,008,000	424,702

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.

Cash Dividends

On June 1, 2022, the Board of Directors declared a cash dividend of $0.40 per share on the Company’s common stock, which was paid on June 22, 2022, to shareholders of record on June 13, 2022. On December 5, 2022, the Board of Directors declared a cash dividend of $0.43 per share on the Company’s common stock, which was paid on January 5, 2023, to shareholders of record on December 19, 2022.

The cash dividends declared in 2022, 2021 and 2020 were $112,429, $107,840 and $104,588, respectively. The Board of Directors has indicated its intention to declare future cash dividends on a semiannual basis.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Name Accounting Standards Codification
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-Publisher FASB
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+ Details

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2022

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, 2020	$	(23,969)	$	465	$	(23,504)

Other comprehensive income before reclassifications	5,620		374		5,994
Amounts reclassified from accumulated other comprehensive loss	—		712		712
Net current-period other comprehensive income	5,620		1,086		6,706

Balance, December 31, 2020	$	(18,349)	$	1,551	$	(16,798)

Other comprehensive loss before reclassifications	(1,432)		(2,527)		(3,959)
Amounts reclassified from accumulated other comprehensive loss	—		914		914
Net current-period other comprehensive loss	(1,432)		(1,613)		(3,045)

Balance, December 31, 2021	$	(19,781)	$	(62)	$	(19,843)

Other comprehensive loss before reclassifications	(19,892)		(9,700)		(29,592)
Amounts reclassified from accumulated other comprehensive loss	—		468		468
Net current-period other comprehensive loss	(19,892)		(9,232)		(29,124)

Balance, December 31, 2022	$	(39,673)	$	(9,294)	$	(48,967)

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2022
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit PlanThe 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 $16,859, $14,777 and $14,087 to the Plan in 2022, 2021 and 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

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 $65,792, $57,880 and $41,091 in 2022, 2021 and 2020, respectively.

The aggregate noncancellable minimum commitments at December 31, 2022 are:


Year	Aggregate Noncancellable Minimum Commitments
2023	$	10,902
2024	9,123
2025	6,638
2026	5,240
2027 and thereafter	2,943
	$	34,846

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, 2022 and 2021 related to these indemnifications.

Legal Proceedings

The Company is party to various 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, 2022

Income Tax Disclosure [Abstract]

Income Taxes

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


Year Ended December 31,	2022		2021		2020
Current
Federal	$	126,780	$	120,939	$	92,649
State	27,267		24,492		21,479
Foreign	26,255		9,480		8,256
	180,302		154,911		122,384
Deferred
Federal	(40,619)		(7,106)		(701)
State	(4,949)		(735)		(275)
Foreign	(921)		10		—
	(46,489)		(7,831)		(976)
Total income taxes	$	133,813	$	147,080	$	121,408

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,	2022		2021		2020
Domestic	$	474,894	$	641,403	$	517,451
Foreign	134,386		52,270		51,243
	$	609,280	$	693,673	$	568,694

The Company's foreign income is primarily earned in Canada, the Republic of Ireland, Luxembourg and the United Kingdom.

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


Year Ended December 31,	2022		2021		2020
Statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal tax benefit	2.9		2.6		3.0
Foreign tax expense and tax rate differential	(0.2)		(0.1)		(0.4)
Tax benefit from stock option exercises	(0.7)		(1.2)		(1.1)
Research and development tax credit	(1.1)		(1.0)		(1.0)
Foreign-Derived Intangible Income Deduction (FDII)	(0.3)		(0.2)		(0.3)
Other, net	0.4		0.1		0.1
	22.0	%	21.2	%	21.3	%

The increase in the Company's effective rate in 2022 was primarily due to reduced tax benefits related to the lower volume of stock option exercises as compared to the prior year and an increase in the Company's state effective tax rate.

Deferred income taxes for 2022 and 2021 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 deferred tax assets and liabilities at December 31, 2022 and 2021 are as follows:


	2022		2021
Deferred Tax Assets:
Stock-based compensation expense	$	35,865	$	32,087
Federal net operating loss and R&D Credit carryforward	6,565		7,280
State net operating loss carryforward	40,249		58,927
Foreign net operating loss carryforward and other	7,339		6,402
Accrued expense associated with voluntary separation program	9,792		—
Basis differences in investments	2,432		2,590
Federal benefit of state tax deduction for uncertain tax positions	1,891		1,842
Revenue and expense recognized in different periods for financial reporting and income tax purposes	2,827		1,484
Other assets	4,021		2,656
Total deferred income tax assets	110,981		113,268
Less: Federal net operating loss and R&D valuation allowance	(794)		(1,453)
Less: State net operating loss valuation allowance	(36,963)		(56,004)
Less: Foreign net operating loss valuation allowance	(7,339)		(6,342)
Net deferred income tax assets	$	65,885	$	49,469

Deferred Tax Liabilities:
Capitalized research and development	$	(24,764)	$	(57,123)
Difference in financial reporting and income tax depreciation methods	(12,694)		(9,592)
Difference between book and tax basis of other assets	(7,265)		(7,179)
Goodwill and other intangibles	(7,482)		(11,690)

Capitalized contract costs	(8,744)		(8,347)
Other liabilities	—		(1,431)
Total deferred income tax liabilities	$	(60,949)	$	(95,362)
Net deferred income tax assets (liabilities)	$	4,936	$	(45,893)

The 2017 Tax Cut Job Act (Tax Act) enacted in December 2017 contained a provision which became effective for research and development expenditures incurred by the Company on or after January 1, 2022. Under the Tax Act, research and development costs incurred are no longer allowed as an immediate deduction for federal income tax purposes. Rather, these expenditures incurred must be capitalized and amortized over a five-year period for activities conducted in the

United States or 15 years for activities conducted abroad. The Company recorded a deferred tax asset of $31,081 as of December 31, 2022 associated with this provision of the Tax Act which reduced the Company's net deferred tax liabilities related to capitalized research and development expenditures.

The Company recorded a deferred tax asset of $9,792 as of December 31, 2022 related to tax benefits recognized as a result of a voluntary separation program initiated during 2022 (See Note 14).

As of December 31, 2022, the Company has federal operating loss carryovers of $25,062 obtained from the acquisition of Novus Partners in 2021 as well as research and development credit carryovers of $1,302. The Company has recorded a deferred tax asset associated with these carryovers of $6,565 and a related valuation allowance of $794 associated with the statutory limitations of the carryforwards. Operating loss carryovers generated after December 31, 2017 have an indefinite carryforward period, while those generated before December 31, 2017 will expire beginning in 2033 through 2037. See Note 15 for more information related to the acquisition of Novus Partners.

The valuation allowances against deferred tax assets at December 31, 2022 and 2021 are related to federal and 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 credits. Internal Revenue Code Section 382 places an annual limitation on the amount of operating losses and tax credits an acquiring entity can use of operating loss and tax credit carryforwards of acquired entities. 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, 2022 was $16,322, of which $14,431 would affect the effective tax rate if the Company were to recognize the tax benefit. The gross amount of uncertain tax liability of $4,065 is expected to be paid within one year is netted against the current payable account while the remaining amount of $12,257 is included in Other long-term liabilities on the accompanying Consolidated Balance Sheet. During the year ended December 31, 2022, the Company recognized $3,722 of previously unrecognized tax benefits relating to the lapse of the statute of limitation and settlements.

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 2019 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:


	2022		2021		2020
Balance as of January 1	$	14,886	$	15,911	$	15,356
Tax positions related to current year:
Gross additions	3,481		3,672		3,352
Tax positions related to prior years:
Gross additions	251		382		236
Settlements	—		(678)		—
Lapses on statute of limitations	(3,414)		(4,401)		(3,033)
Balance as of December 31	$	15,204	$	14,886	$	15,911

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 $1,118, $1,338 and $2,105 in liabilities for tax-related interest and penalties in 2022, 2021 and 2020, respectively.

The Company estimates it will recognize $4,065 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Business Segment Information

12 Months Ended

Dec. 31, 2022

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 Outsourced Chief Investment Officer and Enhanced Chief Investment Officer solutions, including 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 network and data protection services; modularizing larger technology platforms; entering new markets; and conducting other research and development activities.

In 2022, 2021 and 2020, no single customer accounted for more than 10% 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, 2022, 2021 and 2020:


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments in New Businesses		Total
	For the Year Ended December 31, 2022
Revenues	$	575,625	$	447,766	$	323,353	$	624,918	$	19,375	$	1,991,037
Expenses	473,209		251,650		172,252		404,850		45,159		1,347,120
Operating profit (loss)	$	102,416	$	196,116	$	151,101	$	220,068	$	(25,784)	$	643,917


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments in New Businesses		Total
	For the Year Ended December 31, 2021
Revenues	$	493,570	$	482,949	$	343,805	$	581,157	$	16,828	$	1,918,309
Expenses	462,796		240,334		168,070		348,655		53,219		1,273,074
Operating profit (loss)	$	30,774	$	242,615	$	175,735	$	232,502	$	(36,391)	$	645,235


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments in New Businesses		Total
	For the Year Ended December 31, 2020
Revenues	$	455,393	$	407,564	$	317,627	$	489,462	$	14,012	$	1,684,058
Expenses	446,481		205,913		149,909		308,999		52,871		1,164,173
Operating profit (loss)	$	8,912	$	201,651	$	167,718	$	180,463	$	(38,859)	$	519,885

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, 2022, 2021 and 2020 is as follows:


Year Ended December 31,	2022		2021		2020
Total operating profit from segments above	$	643,917	$	645,235	$	519,885
Corporate overhead expenses (1)	(168,164)		(91,854)		(73,998)
Income from operations	$	475,753	$	553,381	$	445,887

(1) Corporate overhead expenses in 2022 include the total costs for the Voluntary Separation Program (See Note 14).

The following tables provide additional information for the years ended December 31, 2022, 2021 and 2020 pertaining to our business segments:


	Capital Expenditures (2)						Depreciation
Year Ended December 31,	2022		2021		2020		2022		2021		2020
Private Banks	$	32,454	$	26,472	$	29,061	$	21,237	$	19,040	$	16,206
Investment Advisors	13,027		11,100		15,588		1,933		3,646		4,821
Institutional Investors	3,884		2,614		3,958		1,142		1,241		1,214
Investment Managers	20,968		10,275		25,909		8,468		8,185		7,336
Investments in New Businesses	787		924		1,211		164		351		341
Total from business segments	$	71,120	$	51,385	$	75,727	$	32,944	$	32,463	$	29,918
Corporate Overhead	1,714		1,151		2,840		713		1,018		1,041
	$	72,834	$	52,536	$	78,567	$	33,657	$	33,481	$	30,959

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


	Amortization
Year Ended December 31,	2022		2021		2020
Private Banks	$	25,886	$	34,159	$	30,240
Investment Advisors	9,905		11,654		10,694
Institutional Investors	8,166		2,321		1,707
Investment Managers	9,400		9,955		9,365
Investments in New Businesses	660		739		739
Total from business segments	$	54,017	$	58,828	$	52,745
Corporate Overhead	263		324		230
	$	54,280	$	59,152	$	52,975

Assets are not allocated to segments for internal reporting presentations. The following table presents revenues based on the location of the use of the products or services:


For the Year Ended December 31,	2022		2021		2020
United States	$	1,623,022	$	1,629,527	$	1,427,152
International operations	368,015		288,782		256,906
	$	1,991,037	$	1,918,309	$	1,684,058

The following table presents assets based on their location:


	2022		2021
United States	$	1,983,102	$	1,926,867
International operations	400,451		427,835
	$	2,383,553	$	2,354,702

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsThe 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 $420,206, $473,161 and $432,806 in 2022, 2021 and 2020, respectively. The Company also serves as an introducing broker-dealer for securities transactions of SEI-sponsored investment products. The Company recognized $2,601, $1,917 and $2,159 in commissions during 2022, 2021 and 2020, 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.

Voluntary Separation Program	12 Months Ended
Voluntary Separation Program	Dec. 31, 2022
Text Block [Abstract]
Voluntary Separation Program	Voluntary Separation Program The Company initiated a Voluntary Separation Program (VSP) to long-tenured employees which was finalized in July 2022. The VSP was offered to long-tenured employees as part of its commitment to professional development and expanded responsibilities for current and new employees by increasing advancement opportunities. The VSP was made available to employees in the United States who met the long-term tenure requirements and includes a severance package and the continuation of certain benefits based upon years of service. The severance package also includes allowances related to the vesting of certain stock option awards during 2022 and the period in which the employee may exercise vested stock options after the termination of employment. These allowances are considered modifications to the Company's equity compensation plans. The majority of the accepted employees are scheduled to finish their employment before the end of the first quarter 2023. All employees accepted into the program are scheduled to finish their employment before the end of 2023. The expected departure dates for participating employees may be adjusted based on management’s determination of how best to ensure a smooth and successful transition of responsibilities. In accordance with accounting guidance, the Company was required to recognize all costs related to termination salary and benefits under the VSP in the period in which the participating employees are irrevocably accepted into the program and the amount is reasonably estimated. As a result, the Company recognized $54,756 in net personnel costs associated with the VSP during 2022. These personnel costs include stock-based compensation expense from modifications to the Company's equity compensation plans related to the vesting of stock options awarded to employees participating in the VSP net of options forfeited (See Note 7). The Company's personnel costs recognized from the VSP are reflected in Compensation, benefits and other personnel on the accompanying Consolidated Statements of Operations.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The carrying amount of the Company's goodwill by segment at December 31, 2022 and 2021 is as follows:


	Institutional Investors		Investment Managers		Investments in New Businesses		Total

Balance, December 31, 2020	$	—	$	52,990	11,499		$	64,489
Acquisition of Finomial	—		3,825		—		3,825
Acquisition of Novus	48,911		—		—		48,911
Foreign currency translation adjustments	—		7		—		7
Balance, December 31, 2021	$	48,911	$	56,822	$	11,499	$	117,232
Measurement period adjustments	(1,803)		215		—		(1,588)
Foreign currency translation adjustments	—		(45)		—		(45)
Balance, December 31, 2022	$	47,108	$	56,992	$	11,499	$	115,599

In October 2021, the Company acquired all ownership interests of Finomial Corporation (Finomial). 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 $3,825 and is included in the accompanying Consolidated Balance Sheets.

In November 2021, the Company acquired all ownership interests of Novus Partners (Novus). 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 $48,911 and is included in the accompanying Consolidated Balance Sheets.

In April 2018, the Company acquired all ownership interests of Huntington Steele, LLC (Huntington Steele). The total purchase price for Huntington Steele included a contingent purchase price payable to the sellers upon the attainment of specified financial measures determined at various intervals occurring between 2019 and 2023. The Company made

payments of $868 and $3,965 during 2022 and 2021, respectively, to the sellers and recorded fair value adjustments of $620 and $1,274 during 2022 and 2021, respectively, to increase the fair value of the remaining contingent consideration. As of December 31, 2022, the contingent consideration of $9,576 is included in Accrued liabilities on the accompanying Balance Sheet.

The Company's intangible assets consist of:


	2022		Weighted Average Estimated Useful Life	2021		Weighted Average Estimated Useful Life
Acquired technology	$	47,780	8.5 years	$	47,780	8.5 years
Client relationships	30,173		9.6 years	30,878		8.3 years
Non-competition agreements	3,470		5.0 years	3,470		5.0 years
Trade name	4,370		15.4 years	4,370		14.1 years
	85,793			86,498
Less: Accumulated amortization	(30,261)			(17,716)
Intangible assets, net	$	55,532		$	68,782

In addition to the intangible assets acquired through the acquisitions of Finomial and Novus, during 2021, the Company also acquired intangible assets through the purchase of a technology platform providing digital collaboration tools for financial advisors and the purchase of a defined contribution master trust in the United Kingdom. The Company recognized $12,580 and $5,260 of amortization expense related to intangible assets during 2022 and 2021, respectively.

The Company currently expects to recognize amortization expense related to intangible assets as of December 31, 2022 each year from 2023 through 2027 as follows:


Year	Expected Amortization Expense Related to Intangible Assets
2023	$	11,651
2024	8,191
2025	7,972
2026	7,865
2027	6,203

Revenues from Contracts with Customers

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

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 2022, 2021 and 2020:


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments in New Businesses		Total
Major Product Lines:	For the Year Ended December 31, 2022
Investment management fees from pooled investment products	$	125,430	$	263,266	$	54,656	$	396	$	1,476	$	445,224
Investment management fees from investment management agreements	2,187		162,762		251,256		—		16,117		432,322
Investment operations fees	1,410		—		—		578,403		—		579,813
Investment processing fees - PaaS	228,556		—		—		—		—		228,556
Investment processing fees - SaaS	112,096		—		11,425		15,581		—		139,102
Professional services fees (1)	102,169		—		—		2,673		—		104,842
Account fees and other	3,777		21,738		6,016		27,865		1,782		61,178
Total revenues	$	575,625	$	447,766	$	323,353	$	624,918	$	19,375	$	1,991,037

Primary Geographic Markets:
United States	$	317,399	$	447,766	$	267,928	$	570,554	$	19,375	$	1,623,022
United Kingdom (1)	199,294		—		42,777		—		—		242,071
Canada	43,108		—		5,311		—		—		48,419
Ireland	15,824		—		7,075		37,466		—		60,365
Luxembourg	—		—		—		16,898		—		16,898
Other	—		—		262		—		—		262
Total revenues	$	575,625	$	447,766	$	323,353	$	624,918	$	19,375	$	1,991,037

(1) Professional services fees of the Private Banks segment includes one-time early termination fees of $88,000 related to a contractual agreement with a significant client of the Company. In accordance with Accounting Standards Codification 606, the entire amount of the fees received were recorded during 2022 as there were no future performance obligations of the Company related to the agreement upon termination.


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments in New Businesses		Total
Major Product Lines:	For the Year Ended December 31, 2021
Investment management fees from pooled investment products	$	134,617	$	301,581	$	57,716	$	134	$	1,330	$	495,378
Investment management fees from investment management agreements	2,271		158,181		282,797		—		14,838		458,087
Investment operations fees	1,512		—		—		538,446		—		539,958
Investment processing fees - PaaS	215,473		—		—		—		—		215,473
Investment processing fees - SaaS	113,964		—		1,207		13,792		—		128,963
Professional services fees	22,054		—		—		3,508		—		25,562
Account fees and other	3,679		23,187		2,085		25,277		660		54,888
Total revenues	$	493,570	$	482,949	$	343,805	$	581,157	$	16,828	$	1,918,309

Primary Geographic Markets:
United States	$	315,040	$	482,949	$	274,867	$	539,843	$	16,828	$	1,629,527
United Kingdom	111,900		—		53,888		—		—		165,788
Canada	48,325		—		4,396		—		—		52,721
Ireland	18,305		—		10,151		41,314		—		69,770
Other	—		—		503		—		—		503
Total revenues	$	493,570	$	482,949	$	343,805	$	581,157	$	16,828	$	1,918,309


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments in New Businesses		Total
Major Product Lines:	For the Year Ended December 31, 2020
Investment management fees from pooled investment products	$	127,883	$	271,627	$	53,283	$	637	$	1,411	$	454,841
Investment management fees from investment management agreements	1,470		115,887		262,709		—		12,105		392,171
Investment operations fees	1,804		—		—		447,517		—		449,321
Investment processing fees - PaaS	184,711		—		—		—		—		184,711
Investment processing fees - SaaS	113,012		—		—		13,739		—		126,751
Professional services fees	21,594		—		—		5,753		—		27,347
Account fees and other	4,919		20,050		1,635		21,816		496		48,916
Total revenues	$	455,393	$	407,564	$	317,627	$	489,462	$	14,012	$	1,684,058

Primary Geographic Markets:
United States	$	298,708	$	407,564	$	250,321	$	456,547	$	14,012	$	1,427,152
United Kingdom	97,896		—		51,292		—		—		149,188
Canada	41,762		—		5,610		—		—		47,372
Ireland	17,027		—		9,850		32,915		—		59,792
Other	—		—		554		—		—		554
Total revenues	$	455,393	$	407,564	$	317,627	$	489,462	$	14,012	$	1,684,058

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 of the Private Banks segment for application software services. Clients 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 associated with clients of the Investment Managers segment processed on the Archway PlatformSM are fees for hosted technology services to family offices and financial institutions. The Archway Platform is an integrated technology platform used for investment, operations, accounting and client reporting by these institutions. The contractual fee is based on a monthly subscription fee to access the Archway Platform along with additional fees on a per transaction basis.

Revenues associated with clients of the Institutional Investors segment processed on the SEI NovusSM portfolio intelligence tool are fees for data management, performance measurement, reporting, and risk analytics. The contractual fee is based on a fixed fee to access SEI Novus and includes fees for integration of historical fund data and custom reporting.

All revenues from investment processing fees 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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 13
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

LeasesThe Company has operating leases for corporate facilities and equipment. The Company's expense related to leases during 2022, 2021 and 2020 was $10,328, $11,190 and $9,711, respectively, and is included in Facilities, supplies and other costs on the accompanying Consolidated Statements of Operations. During 2022 and 2021 , the Company incurred variable lease costs of $906 and $2,110, respectively included in total expense related to leases. There were no material variable lease costs during 2020.

The Company's future minimum lease payments under non-cancelable leases as of December 31, 2022 are as follows:


Year	Future Minimum Lease Payment
2023	$	10,678
2024	7,974
2025	5,408
2026	4,010
2027	2,147
Thereafter	181
Total future minimum lease payments	30,398
Less: Imputed interest	(1,268)
Total	$	29,130

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


	2022			2021
Current portion of long-term operating lease liabilities	$	10,344		$	11,328
Long-term operating lease liabilities	18,786			27,639
Total operating lease liabilities	$	29,130		$	38,967

Weighted average remaining lease term	3.9 years			4.6 years

Weighted average discount rate	2.37		%	2.26		%

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


Year Ended December 31,	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities	$	10,982	$	10,132	$	10,361

Right-of-use assets obtained in exchange for lease obligations	$	1,571	$	3,778	$	3,272

As of December 31, 2022, the Company had $771 in additional lease commitments for leases that have not commenced.

Schedule II - Valuation And Qualifying Accounts And Reserves

12 Months Ended

Dec. 31, 2022

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:
2022	$	1,602	$	—	$	—	$	(701)	$	901
2021	1,100		502		—		—		1,602
2020	1,201		—		—		(101)		1,100
Deferred income tax valuation allowance:
2022	$	63,799	$	—	$	—	$	(18,703)	$	45,096
2021	68,776		—		—		(4,977)		63,799
2020	70,731		—		—		(1,955)		68,776

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Principles of Consolidation

Variable Interest Entities

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 $35,426, $45,129 and $33,408 in fees during 2022, 2021 and 2020, respectively.

Management's Use of Estimates

Management’s Use of Estimates

Revenue Recognition and Deferred Contract Costs

Revenue Recognition

Deferred Contract CostsThe Company's incremental contract acquisition costs are related to information processing contracts in the Private Banks segment and investment operations contracts in the Investment Managers segment. These deferred costs primarily consist of sales compensation payments to the Company's sales personnel. The Company defers and amortizes incremental contract acquisition costs using the straight-line method over the expected client life, which ranges from 6 to 15 years.

Cash and 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
2023	$	24,385
2024	24,385
2025	24,385
2026	23,378
2027	21,761

Business Combinations, Contingent Consideration Liabilities

Business Combinations

Contingent Consideration LiabilitiesThe 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.

Goodwill and Other Intangible Assets

Income Taxes

Income TaxesThe 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.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.

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

Earnings Per Common ShareBasic 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 outstanding during the period. The Company's dilutive potential common shares consist of equity awards including stock options and restricted stock units.

Stock-based Compensation

Stock-Based CompensationThe Company recognizes stock-based compensation for all share-based awards made to employees and directors, including stock options, restricted stock units, and employee stock purchases related to an employee stock purchase plan. Stock-based compensation cost for awards under share-based compensation plans 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 Company accounts for forfeitures as they occur. Restricted stock units are time-based and are not based on the achievement of performance targets. The amount of stock-based compensation expense for stock options 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 for stock options could be accelerated, spread out over a longer period, or reversed

Leases

Recently Adopted Accounting Pronouncements

New Accounting Pronouncements

Investments in Unconsolidated Affiliates

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, 2022

Accounting Policies [Abstract]

Schedule of Amortization Expense Related to the SEI Wealth Platform


Year	Expected Amortization Expense Related to Capitalized Software
2023	$	24,385
2024	24,385
2025	24,385
2026	23,378
2027	21,761

Schedule of Calculation of Basic and Diluted Earnings Per Share

The calculations of basic and diluted earnings per share for 2022, 2021 and 2020 are:


	2022		2021		2020
Net income	$	475,467	$	546,593	$	447,286
Shares used to compute basic earnings per common share	136,071,000		141,216,000		146,709,000
Dilutive effect of equity awards	1,352,000		2,096,000		2,294,000
Shares used to compute diluted earnings per common share	137,423,000		143,312,000		149,003,000
Basic earnings per common share	$	3.49	$	3.87	$	3.05
Diluted earnings per common share	$	3.46	$	3.81	$	3.00

Investment in Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2022

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,	2022		2021		2020
Revenues	$	406,895	$	456,259	$	391,648
Net income	$	312,180	$	354,964	$	301,620


Condensed Balance Sheets December 31,	2022		2021
Current assets	$	158,326	$	171,058
Non-current assets	6,019		4,792
Total assets	$	164,345	$	175,850

Current liabilities	$	77,306	$	82,858
Non-current liabilities	3,050		3,863
Partners’ capital	83,989		89,129
Total liabilities and partners’ capital	$	164,345	$	175,850

Composition of Certain Financial Statement Captions (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:


	2022		2021
Trade receivables	$	110,722	$	111,209
Fees earned, not billed	320,700		315,255
Other receivables	26,563		16,747
	457,985		443,211
Less: Allowance for doubtful accounts	(901)		(1,602)
Receivables, net	$	457,084	$	441,609

Schedule of Property and Equipment

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


	2022		2021
Buildings	$	210,626	$	209,766
Equipment	179,318		153,158
Land	26,439		24,651
Purchased software	160,714		156,387
Furniture and fixtures	21,956		21,254
Leasehold improvements	20,879		21,946
Construction in progress	1,958		955
	621,890		588,117
Less: Accumulated depreciation	(440,861)		(409,248)
Property and Equipment, net	$	181,029	$	178,869

Schedule of Accrued Liabilities

Accrued Liabilities on the accompanying Consolidated Balance Sheets consist of:


	2022		2021
Accrued employee compensation	$	100,566	$	107,933
Accrued employee benefits and other personnel	9,852		13,951
Accrued voluntary separation program	53,821		—
Accrued consulting, outsourcing and professional fees	37,009		36,411
Accrued sub-advisory, distribution and other asset management fees	52,916		58,661

Accrued dividend payable	58,051		55,452

Other accrued liabilities	47,148		51,974
Accrued liabilities	$	359,363	$	324,382

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Assets
Equity securities	$	10,900	$	10,900	$	—
Available-for-sale debt securities	117,301		—		117,301
Fixed-income securities owned	32,148		—		32,148
Investment funds sponsored by LSV (1)	6,366
	$	166,715	$	10,900	$	149,449


			Fair Value Measurements at Reporting Date Using
	December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Assets
Equity securities	$	12,406	$	12,406	$	—
Available-for-sale debt securities	117,135		—		117,135
Fixed-income securities owned	28,267		—		28,267
Investment funds sponsored by LSV (1)	6,916
	$	164,724	$	12,406	$	145,402

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available for sale debt securities	$	129,372	$	—	$	(12,071)	$	117,301
SEI-sponsored mutual funds	6,207		—		(176)		6,031
Equities and other mutual funds	5,026		—		(157)		4,869
	$	140,605	$	—	$	(12,404)	$	128,201


	At December 31, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available for sale debt securities	$	117,215	$	—	$	(80)	$	117,135
SEI-sponsored mutual funds	6,748		463		—		7,211
Equities and other mutual funds	4,935		260		—		5,195
	$	128,898	$	723	$	(80)	$	129,541

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Stock-based Compensation Expense

The Company recognized stock-based compensation expense in its Consolidated Financial Statements in 2022, 2021 and 2020 as follows:


	2022		2021		2020
Stock-based compensation expense	$	39,403	$	41,451	$	27,014
Less: Deferred tax benefit	(7,340)		(8,444)		(5,182)
Stock-based compensation expense, net of tax	$	32,063	$	33,007	$	21,832

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 2022, 2021 and 2020 were $17.95, $14.94 and $13.53, respectively, using the following assumptions:


	2022		2021		2020
Expected term (in years)	5.84		5.60		5.79
Expected volatility	27.79	%	28.67	%	29.02	%
Expected dividend yield	1.40	%	1.30	%	1.29	%
Risk-free interest rate	3.79	%	1.37	%	0.62	%

Schedule of Stock Option Plans

This table presents certain information relating to the Company’s stock option plans for 2022, 2021 and 2020:


	Number of Shares	Weighted Average Price
Balance as of December 31, 2019	15,706,000	$	47.43
Granted	4,529,000	56.54
Exercised	(1,563,000)	28.83
Expired or canceled	(177,000)	55.76
Balance as of December 31, 2020	18,495,000	$	51.15
Granted	3,323,000	60.48
Exercised	(1,719,000)	29.73
Expired or canceled	(1,015,000)	57.92
Balance as of December 31, 2021	19,084,000	$	54.35
Granted	2,215,000	61.74
Exercised	(1,537,000)	35.03
Expired or canceled	(992,000)	59.52
Balance as of December 31, 2022	18,770,000	$	56.52

Exercisable as of December 31, 2022	9,043,000	$	52.68
Available for future grant as of December 31, 2022	10,354,000

Schedule of Common Stock Buyback

The following table provides the total number of shares repurchased and the related total costs in 2022, 2021 and 2020:


Year	Total Number of Shares Repurchased	Total Cost
2022	5,914,000	$	338,442
2021	6,747,000	411,534
2020	8,008,000	424,702

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2022

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, 2020	$	(23,969)	$	465	$	(23,504)

Other comprehensive income before reclassifications	5,620		374		5,994
Amounts reclassified from accumulated other comprehensive loss	—		712		712
Net current-period other comprehensive income	5,620		1,086		6,706

Balance, December 31, 2020	$	(18,349)	$	1,551	$	(16,798)

Other comprehensive loss before reclassifications	(1,432)		(2,527)		(3,959)
Amounts reclassified from accumulated other comprehensive loss	—		914		914
Net current-period other comprehensive loss	(1,432)		(1,613)		(3,045)

Balance, December 31, 2021	$	(19,781)	$	(62)	$	(19,843)

Other comprehensive loss before reclassifications	(19,892)		(9,700)		(29,592)
Amounts reclassified from accumulated other comprehensive loss	—		468		468
Net current-period other comprehensive loss	(19,892)		(9,232)		(29,124)

Balance, December 31, 2022	$	(39,673)	$	(9,294)	$	(48,967)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Aggregate Noncancelable Minimum Commitments

The aggregate noncancellable minimum commitments at December 31, 2022 are:


Year	Aggregate Noncancellable Minimum Commitments
2023	$	10,902
2024	9,123
2025	6,638
2026	5,240
2027 and thereafter	2,943
	$	34,846

The Company's future minimum lease payments under non-cancelable leases as of December 31, 2022 are as follows:


Year	Future Minimum Lease Payment
2023	$	10,678
2024	7,974
2025	5,408
2026	4,010
2027	2,147
Thereafter	181
Total future minimum lease payments	30,398
Less: Imputed interest	(1,268)
Total	$	29,130

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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,	2022		2021		2020
Current
Federal	$	126,780	$	120,939	$	92,649
State	27,267		24,492		21,479
Foreign	26,255		9,480		8,256
	180,302		154,911		122,384
Deferred
Federal	(40,619)		(7,106)		(701)
State	(4,949)		(735)		(275)
Foreign	(921)		10		—
	(46,489)		(7,831)		(976)
Total income taxes	$	133,813	$	147,080	$	121,408

Schedule of Components of Net Income Before Income Taxes

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


Year Ended December 31,	2022		2021		2020
Domestic	$	474,894	$	641,403	$	517,451
Foreign	134,386		52,270		51,243
	$	609,280	$	693,673	$	568,694

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,	2022		2021		2020
Statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal tax benefit	2.9		2.6		3.0
Foreign tax expense and tax rate differential	(0.2)		(0.1)		(0.4)
Tax benefit from stock option exercises	(0.7)		(1.2)		(1.1)
Research and development tax credit	(1.1)		(1.0)		(1.0)
Foreign-Derived Intangible Income Deduction (FDII)	(0.3)		(0.2)		(0.3)
Other, net	0.4		0.1		0.1
	22.0	%	21.2	%	21.3	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities at December 31, 2022 and 2021 are as follows:


	2022		2021
Deferred Tax Assets:
Stock-based compensation expense	$	35,865	$	32,087
Federal net operating loss and R&D Credit carryforward	6,565		7,280
State net operating loss carryforward	40,249		58,927
Foreign net operating loss carryforward and other	7,339		6,402
Accrued expense associated with voluntary separation program	9,792		—
Basis differences in investments	2,432		2,590
Federal benefit of state tax deduction for uncertain tax positions	1,891		1,842
Revenue and expense recognized in different periods for financial reporting and income tax purposes	2,827		1,484
Other assets	4,021		2,656
Total deferred income tax assets	110,981		113,268
Less: Federal net operating loss and R&D valuation allowance	(794)		(1,453)
Less: State net operating loss valuation allowance	(36,963)		(56,004)
Less: Foreign net operating loss valuation allowance	(7,339)		(6,342)
Net deferred income tax assets	$	65,885	$	49,469

Deferred Tax Liabilities:
Capitalized research and development	$	(24,764)	$	(57,123)
Difference in financial reporting and income tax depreciation methods	(12,694)		(9,592)
Difference between book and tax basis of other assets	(7,265)		(7,179)
Goodwill and other intangibles	(7,482)		(11,690)

Capitalized contract costs	(8,744)		(8,347)
Other liabilities	—		(1,431)
Total deferred income tax liabilities	$	(60,949)	$	(95,362)
Net deferred income tax assets (liabilities)	$	4,936	$	(45,893)

Schedule of Unrecognized Tax Benefits Roll Forward

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


	2022		2021		2020
Balance as of January 1	$	14,886	$	15,911	$	15,356
Tax positions related to current year:
Gross additions	3,481		3,672		3,352
Tax positions related to prior years:
Gross additions	251		382		236
Settlements	—		(678)		—
Lapses on statute of limitations	(3,414)		(4,401)		(3,033)
Balance as of December 31	$	15,204	$	14,886	$	15,911

Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022, 2021 and 2020:


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments in New Businesses		Total
	For the Year Ended December 31, 2022
Revenues	$	575,625	$	447,766	$	323,353	$	624,918	$	19,375	$	1,991,037
Expenses	473,209		251,650		172,252		404,850		45,159		1,347,120
Operating profit (loss)	$	102,416	$	196,116	$	151,101	$	220,068	$	(25,784)	$	643,917


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments in New Businesses		Total
	For the Year Ended December 31, 2021
Revenues	$	493,570	$	482,949	$	343,805	$	581,157	$	16,828	$	1,918,309
Expenses	462,796		240,334		168,070		348,655		53,219		1,273,074
Operating profit (loss)	$	30,774	$	242,615	$	175,735	$	232,502	$	(36,391)	$	645,235


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments in New Businesses		Total
	For the Year Ended December 31, 2020
Revenues	$	455,393	$	407,564	$	317,627	$	489,462	$	14,012	$	1,684,058
Expenses	446,481		205,913		149,909		308,999		52,871		1,164,173
Operating profit (loss)	$	8,912	$	201,651	$	167,718	$	180,463	$	(38,859)	$	519,885

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


Year Ended December 31,	2022		2021		2020
Total operating profit from segments above	$	643,917	$	645,235	$	519,885
Corporate overhead expenses (1)	(168,164)		(91,854)		(73,998)
Income from operations	$	475,753	$	553,381	$	445,887

(1) Corporate overhead expenses in 2022 include the total costs for the Voluntary Separation Program (See Note 14).

Schedule of Additional Information Pertaining to Business Segments

The following tables provide additional information for the years ended December 31, 2022, 2021 and 2020 pertaining to our business segments:


	Capital Expenditures (2)						Depreciation
Year Ended December 31,	2022		2021		2020		2022		2021		2020
Private Banks	$	32,454	$	26,472	$	29,061	$	21,237	$	19,040	$	16,206
Investment Advisors	13,027		11,100		15,588		1,933		3,646		4,821
Institutional Investors	3,884		2,614		3,958		1,142		1,241		1,214
Investment Managers	20,968		10,275		25,909		8,468		8,185		7,336
Investments in New Businesses	787		924		1,211		164		351		341
Total from business segments	$	71,120	$	51,385	$	75,727	$	32,944	$	32,463	$	29,918
Corporate Overhead	1,714		1,151		2,840		713		1,018		1,041
	$	72,834	$	52,536	$	78,567	$	33,657	$	33,481	$	30,959

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


	Amortization
Year Ended December 31,	2022		2021		2020
Private Banks	$	25,886	$	34,159	$	30,240
Investment Advisors	9,905		11,654		10,694
Institutional Investors	8,166		2,321		1,707
Investment Managers	9,400		9,955		9,365
Investments in New Businesses	660		739		739
Total from business segments	$	54,017	$	58,828	$	52,745
Corporate Overhead	263		324		230
	$	54,280	$	59,152	$	52,975

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,	2022		2021		2020
United States	$	1,623,022	$	1,629,527	$	1,427,152
International operations	368,015		288,782		256,906
	$	1,991,037	$	1,918,309	$	1,684,058

The following table presents assets based on their location:


	2022		2021
United States	$	1,983,102	$	1,926,867
International operations	400,451		427,835
	$	2,383,553	$	2,354,702

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying amount of the Company's goodwill by segment at December 31, 2022 and 2021 is as follows:


	Institutional Investors		Investment Managers		Investments in New Businesses		Total

Balance, December 31, 2020	$	—	$	52,990	11,499		$	64,489
Acquisition of Finomial	—		3,825		—		3,825
Acquisition of Novus	48,911		—		—		48,911
Foreign currency translation adjustments	—		7		—		7
Balance, December 31, 2021	$	48,911	$	56,822	$	11,499	$	117,232
Measurement period adjustments	(1,803)		215		—		(1,588)
Foreign currency translation adjustments	—		(45)		—		(45)
Balance, December 31, 2022	$	47,108	$	56,992	$	11,499	$	115,599

Schedule of Intangible Assets

The Company's intangible assets consist of:


	2022		Weighted Average Estimated Useful Life	2021		Weighted Average Estimated Useful Life
Acquired technology	$	47,780	8.5 years	$	47,780	8.5 years
Client relationships	30,173		9.6 years	30,878		8.3 years
Non-competition agreements	3,470		5.0 years	3,470		5.0 years
Trade name	4,370		15.4 years	4,370		14.1 years
	85,793			86,498
Less: Accumulated amortization	(30,261)			(17,716)
Intangible assets, net	$	55,532		$	68,782

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, 2022 each year from 2023 through 2027 as follows:


Year	Expected Amortization Expense Related to Intangible Assets
2023	$	11,651
2024	8,191
2025	7,972
2026	7,865
2027	6,203

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
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+ Details

Revenues from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022
Investment management fees from pooled investment products	$	125,430	$	263,266	$	54,656	$	396	$	1,476	$	445,224
Investment management fees from investment management agreements	2,187		162,762		251,256		—		16,117		432,322
Investment operations fees	1,410		—		—		578,403		—		579,813
Investment processing fees - PaaS	228,556		—		—		—		—		228,556
Investment processing fees - SaaS	112,096		—		11,425		15,581		—		139,102
Professional services fees (1)	102,169		—		—		2,673		—		104,842
Account fees and other	3,777		21,738		6,016		27,865		1,782		61,178
Total revenues	$	575,625	$	447,766	$	323,353	$	624,918	$	19,375	$	1,991,037

Primary Geographic Markets:
United States	$	317,399	$	447,766	$	267,928	$	570,554	$	19,375	$	1,623,022
United Kingdom (1)	199,294		—		42,777		—		—		242,071
Canada	43,108		—		5,311		—		—		48,419
Ireland	15,824		—		7,075		37,466		—		60,365
Luxembourg	—		—		—		16,898		—		16,898
Other	—		—		262		—		—		262
Total revenues	$	575,625	$	447,766	$	323,353	$	624,918	$	19,375	$	1,991,037


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments in New Businesses		Total
Major Product Lines:	For the Year Ended December 31, 2021
Investment management fees from pooled investment products	$	134,617	$	301,581	$	57,716	$	134	$	1,330	$	495,378
Investment management fees from investment management agreements	2,271		158,181		282,797		—		14,838		458,087
Investment operations fees	1,512		—		—		538,446		—		539,958
Investment processing fees - PaaS	215,473		—		—		—		—		215,473
Investment processing fees - SaaS	113,964		—		1,207		13,792		—		128,963
Professional services fees	22,054		—		—		3,508		—		25,562
Account fees and other	3,679		23,187		2,085		25,277		660		54,888
Total revenues	$	493,570	$	482,949	$	343,805	$	581,157	$	16,828	$	1,918,309

Primary Geographic Markets:
United States	$	315,040	$	482,949	$	274,867	$	539,843	$	16,828	$	1,629,527
United Kingdom	111,900		—		53,888		—		—		165,788
Canada	48,325		—		4,396		—		—		52,721
Ireland	18,305		—		10,151		41,314		—		69,770
Other	—		—		503		—		—		503
Total revenues	$	493,570	$	482,949	$	343,805	$	581,157	$	16,828	$	1,918,309


	Private Banks		Investment Advisors		Institutional Investors		Investment Managers		Investments in New Businesses		Total
Major Product Lines:	For the Year Ended December 31, 2020
Investment management fees from pooled investment products	$	127,883	$	271,627	$	53,283	$	637	$	1,411	$	454,841
Investment management fees from investment management agreements	1,470		115,887		262,709		—		12,105		392,171
Investment operations fees	1,804		—		—		447,517		—		449,321
Investment processing fees - PaaS	184,711		—		—		—		—		184,711
Investment processing fees - SaaS	113,012		—		—		13,739		—		126,751
Professional services fees	21,594		—		—		5,753		—		27,347
Account fees and other	4,919		20,050		1,635		21,816		496		48,916
Total revenues	$	455,393	$	407,564	$	317,627	$	489,462	$	14,012	$	1,684,058

Primary Geographic Markets:
United States	$	298,708	$	407,564	$	250,321	$	456,547	$	14,012	$	1,427,152
United Kingdom	97,896		—		51,292		—		—		149,188
Canada	41,762		—		5,610		—		—		47,372
Ireland	17,027		—		9,850		32,915		—		59,792
Other	—		—		554		—		—		554
Total revenues	$	455,393	$	407,564	$	317,627	$	489,462	$	14,012	$	1,684,058

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Aggregate Noncancelable Minimum Commitments

The aggregate noncancellable minimum commitments at December 31, 2022 are:


Year	Aggregate Noncancellable Minimum Commitments
2023	$	10,902
2024	9,123
2025	6,638
2026	5,240
2027 and thereafter	2,943
	$	34,846

The Company's future minimum lease payments under non-cancelable leases as of December 31, 2022 are as follows:


Year	Future Minimum Lease Payment
2023	$	10,678
2024	7,974
2025	5,408
2026	4,010
2027	2,147
Thereafter	181
Total future minimum lease payments	30,398
Less: Imputed interest	(1,268)
Total	$	29,130

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:


	2022			2021
Current portion of long-term operating lease liabilities	$	10,344		$	11,328
Long-term operating lease liabilities	18,786			27,639
Total operating lease liabilities	$	29,130		$	38,967

Weighted average remaining lease term	3.9 years			4.6 years

Weighted average discount rate	2.37		%	2.26		%

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,	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities	$	10,982	$	10,132	$	10,361

Right-of-use assets obtained in exchange for lease obligations	$	1,571	$	3,778	$	3,272

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 853,008,000	$ 831,407,000
Restricted cash	351,000	351,000
Impairment charge on reclassified assets	0	0	$ 0
Capitalized software development costs	35,293,000	26,037,000	24,119,000
Net book value of capitalized software	237,302,000	243,446,000
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)	12,439	11,755	9,220
Anti-dilutive employee stock options, average exercise price per share	$ 60.35	$ 58.43	$ 58.12
Investment Managers
Summary of Significant Accounting Policies [Line Items]
Capitalized software development costs	$ 9,558,000
SEI Wealth Platform
Summary of Significant Accounting Policies [Line Items]
Capitalized software development costs	25,735,000	$ 25,938,000	$ 22,257,000
Net book value of capitalized software	225,975,000
Capitalized software development costs in progress	14,217,000
Amortization expense related to the SEI Wealth Platform	$ 35,638,000	47,769,000	43,853,000
Weighted Average \| SEI Wealth Platform
Summary of Significant Accounting Policies [Line Items]
Estimated useful life of the SEI Wealth Platform	9 years 9 months 18 days
Building and Building Improvements \| Minimum
Summary of Significant Accounting Policies [Line Items]
Estimated useful life of property and equipment	25 years
Building and Building Improvements \| Maximum
Summary of Significant Accounting Policies [Line Items]
Estimated useful life of property and equipment	39 years
Computer Equipment \| Minimum
Summary of Significant Accounting Policies [Line Items]
Estimated useful life of property and equipment	3 years
Computer Equipment \| Maximum
Summary of Significant Accounting Policies [Line Items]
Estimated useful life of property and equipment	5 years
SEI Sponsored Open Ended Money Market Mutual Funds
Summary of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 305,434,000	290,256,000
SEI Investments Europe Limited
Summary of Significant Accounting Policies [Line Items]
Restricted cash	250,000	250,000
SEI Investments Distribution Co
Summary of Significant Accounting Policies [Line Items]
Restricted cash	101,000	101,000
SEI Sponsored Open Ended Money Market Mutual Funds
Summary of Significant Accounting Policies [Line Items]
Fees waived according to expense limitation agreements	$ 35,426,000	$ 45,129,000	$ 33,408,000

Summary of Significant Accounting Policies (Expected Amortization Expenses) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
2023	$ 24,385
2024	24,385
2025	24,385
2026	23,378
2027	$ 21,761

Summary of Significant Accounting Policies (Calculation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 475,467	$ 546,593	$ 447,286
Shares used to compute basic earnings per common share (in shares)	136,071	141,216	146,709
Dilutive effect of stock options (in shares)	1,352	2,096	2,294
Shares used to compute diluted earnings per common share (in shares)	137,423	143,312	149,003
Basic earnings per common share (in USD per share)	$ 3.49	$ 3.87	$ 3.05
Diluted earnings per common share (in USD per share)	$ 3.46	$ 3.81	$ 3.00

- Definition

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

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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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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, 2022	Dec. 31, 2021	Dec. 31, 2020	Apr. 01, 2022	Mar. 31, 2021
Investments in and Advances to Affiliates [Line Items]
Company's share in the earnings of LSV	$ 120,667	$ 137,572	$ 117,134
Distributions received from LSV	$ 120,849	131,170	125,534
LSV Asset Management
Investments in and Advances to Affiliates [Line Items]
Ownership interest in LSV	38.60%			38.60%	38.70%
Total investment in LSV	$ 104,673
Company's share in the earnings of LSV	120,667	137,572	117,134
Distributions received from LSV	$ 120,849	$ 131,170	$ 125,534

Investment in Unconsolidated Affiliates (Condensed Statements of Operations of LSV) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Revenues	$ 1,991,037	$ 1,918,309	$ 1,684,058
Equity Method Investment, Nonconsolidated Investee
Schedule of Equity Method Investments [Line Items]
Revenues	406,895	456,259	391,648
Net income	$ 312,180	$ 354,964	$ 301,620

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Investment in Unconsolidated Affiliates (Condensed Balance Sheets of LSV) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Current assets	$ 1,453,308	$ 1,404,229
Total Assets	2,383,553	2,354,702
Current liabilities	397,883	355,743
Total Liabilities and Equity	2,383,553	2,354,702
Equity Method Investment, Nonconsolidated Investee
Schedule of Equity Method Investments [Line Items]
Current assets	158,326	171,058
Non-current assets	6,019	4,792
Total Assets	164,345	175,850
Current liabilities	77,306	82,858
Non-current liabilities	3,050	3,863
Partners’ capital	83,989	89,129
Total Liabilities and Equity	$ 164,345	$ 175,850

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Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

+ Details

Composition of Certain Financial Statement Captions (Receivables) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Trade receivables	$ 110,722	$ 111,209
Fees earned, not billed	320,700	315,255
Other receivables	26,563	16,747
Gross receivables	457,985	443,211
Less: Allowance for doubtful accounts	(901)	(1,602)
Receivables, net	$ 457,084	$ 441,609

Composition of Certain Financial Statement Captions (Property And Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	$ 621,890	$ 588,117
Less: Accumulated depreciation	(440,861)	(409,248)
Property and Equipment, net	181,029	178,869
Depreciation expense	33,657	33,481	$ 30,959
Buildings
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	210,626	209,766
Equipment
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	179,318	153,158
Land
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	26,439	24,651
Purchased software
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	160,714	156,387
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	21,956	21,254
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	20,879	21,946
Construction in progress
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	$ 1,958	$ 955

Composition of Certain Financial Statement Captions Composition of Certain Financial Statement Captions (Deferred Contract Costs) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Capitalized Contract Cost [Line Items]
Deferred contract costs	$ 37,928,000	$ 36,236,000
Capitalized contract cost, amount capitalized during period	12,751,000	11,201,000	$ 10,284,000
Amortization of deferred contract costs	11,059,000	8,746,000	7,494,000
Capitalized contract cost, accelerated amortization	1,784,000
Capitalized contract cost impairment	$ 0	$ 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, 2022	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Amortization expense for certain other assets	$ 262	$ 324	$ 230

Composition of Certain Financial Statement Captions (Accrued Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued employee compensation	$ 100,566	$ 107,933
Accrued employee benefits and other personnel	9,852	13,951
Accrued voluntary separation program	53,821	0
Accrued consulting, outsourcing and professional fees	37,009	36,411
Accrued sub-advisory, distribution and other asset management fees	52,916	58,661
Accrued dividend payable	58,051	55,452
Other accrued liabilities	47,148	51,974
Accrued liabilities	$ 359,363	$ 324,382

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed-income securities owned	$ 32,148	$ 28,267
Assets, fair value	166,715	164,724
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	10,900	12,406
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed-income securities owned	32,148	28,267
Assets, fair value	149,449	145,402
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt and equity securities	10,900	12,406
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 and equity securities	10,900	12,406
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 and equity 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 and equity securities	117,301	117,135
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 and equity 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 and equity securities	117,301	117,135
Investment Funds Sponsored by LSV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment funds sponsored by LSV	$ 6,366	$ 6,916

Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Cash equivalents fair value	$ 450,240	$ 422,838
Net unrealized holding gain (loss)	(9,294)	(62)
Net unrealized holding gains (losses), income tax expense (benefit)	(2,777)	(18)
Equity securities, gross realized gains	263	741	$ 1,100
Equity securities, gross realized losses	773	72	250
Investment funds sponsored by LSV	104,673	107,918
Securities owned	32,148	28,267
Available for sale debt securities
Schedule of Investments [Line Items]
Available-for-sale securities, gross realized losses	602	1,160	902
Available-for-sale securities, gross realized gains	0	0	0
Investment funds sponsored by LSV
Schedule of Investments [Line Items]
Investment funds sponsored by LSV	6,366	6,916
Gains (losses) from the change in fair value of the funds	$ (550)	$ 750	$ 178

Marketable Securities (Investments Available For Sale) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Available For Sale and Equity Securities, Cost	$ 140,605	$ 128,898
Available For Sale and Equity Securities, Gross Unrealized Gains	0	723
Available For Sale and Equity Securities, Gross Unrealized (Losses)	(12,404)	(80)
Available For Sale and Equity Securities, Fair Value	128,201	129,541
Available for sale debt securities
Debt Securities, Available-for-sale [Line Items]
Available for sale debt securities, Cost	129,372	117,215
Available for sale debt securities, Gross Unrealized Gains	0	0
Available for sale debt securities, Gross Unrealized (Losses)	(12,071)	(80)
Available for sale debt securities, Fair Value	117,301	117,135
SEI-sponsored mutual funds
Debt Securities, Available-for-sale [Line Items]
Equity securities, FV-NI, Cost	6,207	6,748
Equity securities, FV-NI, Gross Unrealized Gains	0	463
Equity securities, FV-NI, Gross Unrealized (Losses)	(176)	0
Equity securities, FV-NI, Fair Value	6,031	7,211
Equities and other mutual funds
Debt Securities, Available-for-sale [Line Items]
Equity securities, FV-NI, Cost	5,026	4,935
Equity securities, FV-NI, Gross Unrealized Gains	0	260
Equity securities, FV-NI, Gross Unrealized (Losses)	(157)	0
Equity securities, FV-NI, Fair Value	$ 4,869	$ 5,195

Line of Credit (Details)		1 Months Ended	12 Months Ended
Line of Credit (Details)	Apr. 23, 2021 USD ($) fiscalQuarter	Nov. 30, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jan. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Credit facility principal payment			$ 40,000,000	$ 0	$ 0
2021 Credit Facility
Line of Credit Facility [Line Items]
Debt interest rate accrual term, number of preceding fiscal quarters \| fiscalQuarter	4
Letters of credit outstanding amount			6,003,000
Line of Credit \| 2021 Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, term	5 years
Credit facility maximum borrowing capacity	$ 325,000,000
Credit facility stated percentage	0.00%
Credit facility accordion feature, increase limit	$ 100,000,000
Credit facility borrowings		$ 40,000,000
Weighted average interest rate				1.40%
Credit facility principal payment			40,000,000
Credit facility commitment fees			$ 749,000	$ 563,000	$ 609,000
Line of Credit \| 2021 Credit Facility \| Subsequent Event
Line of Credit Facility [Line Items]
Credit facility remaining borrowing capacity						$ 318,997,000
Line of Credit \| London Interbank Offered Rate (LIBOR) \| 2021 Credit Facility
Line of Credit Facility [Line Items]
Credit facility variable interest rate basis spread (as a percent)	1.00%
Line of Credit \| Federal Funds Rate \| 2021 Credit Facility
Line of Credit Facility [Line Items]
Credit facility variable interest rate basis spread (as a percent)	0.50%
Line of Credit \| Minimum \| 2021 Credit Facility
Line of Credit Facility [Line Items]
Credit facility commitment fee per annum on daily unused portion (as a percent)	0.15%
Line of Credit \| Minimum \| Base Rate \| 2021 Credit Facility
Line of Credit Facility [Line Items]
Credit facility variable interest rate basis spread (as a percent)	0.25%
Line of Credit \| Minimum \| London Interbank Offered Rate (LIBOR) \| 2021 Credit Facility
Line of Credit Facility [Line Items]
Credit facility variable interest rate basis spread (as a percent)	1.25%
Line of Credit \| Maximum \| 2021 Credit Facility
Line of Credit Facility [Line Items]
Credit facility commitment fee per annum on daily unused portion (as a percent)	0.30%
Line of Credit \| Maximum \| Base Rate \| 2021 Credit Facility
Line of Credit Facility [Line Items]
Credit facility variable interest rate basis spread (as a percent)	1.00%
Line of Credit \| Maximum \| London Interbank Offered Rate (LIBOR) \| 2021 Credit Facility
Line of Credit Facility [Line Items]
Credit facility variable interest rate basis spread (as a percent)	2.00%
Letter of Credit \| 2021 Credit Facility
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	0.20%

Shareholders' Equity (Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Stock-based compensation expense	$ 39,403	$ 41,451	$ 27,014
Less: Deferred tax benefit	(7,340)	(8,444)	(5,182)
Stock-based compensation expense, net of tax	$ 32,063	$ 33,007	$ 21,832

Shareholders' Equity (Narrative) (Details)			12 Months Ended
Shareholders' Equity (Narrative) (Details)	Jun. 01, 2022 $ / shares	Dec. 10, 2021 $ / shares	Dec. 31, 2022 USD ($) grantees $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of stock options granted (in USD per share) \| $ / shares			$ 17.95	$ 14.94	$ 13.53
Increase (decrease) in stock-based compensation from change in management's estimate			$ (4,915,000)	$ 5,880,000	$ (2,659,000)
Unvested employee stock options outstanding (in shares) \| shares			9,727,000
Unrecognized compensation cost from employee stock options			$ 95,848,000
Weighted average period for recognition of unrecognized compensation cost			2 years
Total options that were exercisable (in shares) \| shares			9,043,000	8,638,000
Options outstanding weighted average remaining contractual life, years			6 years 7 months 6 days
Total intrinsic value of options exercised			$ 36,576,000	$ 55,029,000
Aggregate intrinsic value of options exercisable			67,455,000
Total intrinsic value of options outstanding			$ 79,468,000
Share price of SEI common stock (in USD per share) \| $ / shares			$ 58.30
Dividends declared per common share (in USD per share) \| $ / shares	$ 0.40	$ 0.43	$ 0.83	$ 0.77	$ 0.72
Dividends declared			$ 112,429,000	$ 107,840,000	$ 104,588,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period for recognition of unrecognized compensation cost			2 years 7 days
Shares issued in period \| shares			467,000
Weighted average exercise price (in USD per share) \| $ / shares			$ 61.27
Unrecognized compensation cost from employee stock options			$ 27,444,000
Share-Based Payment Arrangement, Option \| Voluntary Seperation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of grantees affected \| grantees			52
Voluntary seperation program expense			$ 2,532,000
Voluntary seperation program reversal			$ 3,562,000
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
Common Stock Buyback
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining stock repurchase authorization amount			$ 92,852,000
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			15,652,000
Issuance of common stock under the employee stock purchase plan (in shares) \| shares			12,397,000
Employee stock purchase plan			$ 0	$ 0	$ 0

Shareholders' Equity (Assumptions Used In The Weighted Average Fair Value Of Stock Options Granted) (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Expected term (in years)	5 years 10 months 2 days	5 years 7 months 6 days	5 years 9 months 14 days
Expected volatility	27.79%	28.67%	29.02%
Expected dividend yield	1.40%	1.30%	1.29%
Risk-free interest rate	3.79%	1.37%	0.62%

Shareholders' Equity (Stock Option Plans) (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Beginning balance (in shares)	19,084	18,495	15,706
Granted (in shares)	2,215	3,323	4,529
Exercised (in shares)	(1,537)	(1,719)	(1,563)
Expired or canceled (in shares)	(992)	(1,015)	(177)
Ending balance (in shares)	18,770	19,084	18,495
Weighted Average Price
Beginning balance (in USD per share)	$ 54.35	$ 51.15	$ 47.43
Granted (in USD per share)	61.74	60.48	56.54
Exercised (in USD per share)	35.03	29.73	28.83
Expired or canceled (in USD per share)	59.52	57.92	55.76
Ending balance (in USD per share)	$ 56.52	$ 54.35	$ 51.15
Total options that were exercisable (in shares)	9,043	8,638
Exercisable shares, weighted avg. price (in USD per share)	$ 52.68
Available for future grant as of December 31, 2018 (in shares)	10,354

Shareholders' Equity (Common Stock Buyback) (Details) - Common Stock Buyback - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Repurchased	5,914	6,747	8,008
Total Cost	$ 338,442	$ 411,534	$ 424,702

Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 1,860,763	$ 1,739,907
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income (loss) before reclassifications	(29,592)	(3,959)	$ 5,994
Amounts reclassified from accumulated other comprehensive loss	468	914	712
Total other comprehensive (loss) income, net of taxes	(29,124)	(3,045)	6,706
Ending balance	1,953,824	1,860,763	1,739,907
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(19,781)	(18,349)	(23,969)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income (loss) before reclassifications	(19,892)	(1,432)	5,620
Amounts reclassified from accumulated other comprehensive loss	0	0	0
Total other comprehensive (loss) income, net of taxes	(19,892)	(1,432)	5,620
Ending balance	(39,673)	(19,781)	(18,349)
Unrealized Holding Gains (Losses) on Investments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(62)	1,551	465
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income (loss) before reclassifications	(9,700)	(2,527)	374
Amounts reclassified from accumulated other comprehensive loss	468	914	712
Total other comprehensive (loss) income, net of taxes	(9,232)	(1,613)	1,086
Ending balance	(9,294)	(62)	1,551
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(19,843)	(16,798)	(23,504)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Total other comprehensive (loss) income, net of taxes	(29,124)	(3,045)	6,706
Ending balance	$ (48,967)	$ (19,843)	$ (16,798)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Section S99
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-Subparagraph (SX 210.5-02(30))
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Employee Benefit Plan (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Defined contribution plan, cost recognized	$ 16,859	$ 14,777	$ 14,087

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
User licenses for software
Loss Contingencies [Line Items]
Rent expense	$ 65,792	$ 57,880	$ 41,091

Commitments and Contingencies (Schedule Of Noncancellable Minimum Commitments) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Aggregate Noncancellable Minimum Commitments
2023	$ 10,678
2024	7,974
2025	5,408
2026	4,010
Total future minimum lease payments	30,398
Software, Facilities and Equipment Leases
Aggregate Noncancellable Minimum Commitments
2023	10,902
2024	9,123
2025	6,638
2026	5,240
2027 and thereafter	2,943
Total future minimum lease payments	$ 34,846

Income Taxes (Schedule of Federal and State and Foreign Income Tax Provision) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current
Federal	$ 126,780	$ 120,939	$ 92,649
State	27,267	24,492	21,479
Foreign	26,255	9,480	8,256
Current federal, state and foreign income tax	180,302	154,911	122,384
Deferred
Federal	(40,619)	(7,106)	(701)
State	(4,949)	(735)	(275)
Foreign	(921)	10	0
Deferred income tax expense (benefit)	(46,489)	(7,831)	(976)
Total income taxes	$ 133,813	$ 147,080	$ 121,408

Income Taxes (Components of Net Income Before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic	$ 474,894	$ 641,403	$ 517,451
Foreign	134,386	52,270	51,243
Income before income taxes	$ 609,280	$ 693,673	$ 568,694

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 220
-SubTopic 10
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-Paragraph 2
-Subparagraph (SX 210.5-03(10))
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-Topic 944
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
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-Topic 942
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+ Details

Income Taxes (Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate) (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Statutory rate	21.00%	21.00%	21.00%
State taxes, net of federal tax benefit	2.90%	2.60%	3.00%
Foreign tax expense and tax rate differential	(0.20%)	(0.10%)	(0.40%)
Tax benefit from stock option exercises	(0.70%)	(1.20%)	(1.10%)
Research and development tax credit	(1.10%)	(1.00%)	(1.00%)
Foreign-Derived Intangible Income Deduction (FDII)	(0.30%)	(0.20%)	(0.30%)
Other, net	0.40%	0.10%	0.10%
Effective income tax rate	22.00%	21.20%	21.30%

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets:
Stock-based compensation expense	$ 35,865	$ 32,087
Federal net operating loss and R&D Credit carryforward	6,565	7,280
State net operating loss carryforward	40,249	58,927
Foreign net operating loss carryforward and other	7,339	6,402
Accrued expense associated with voluntary separation program	9,792	0
Basis differences in investments	2,432	2,590
Federal benefit of state tax deduction for uncertain tax positions	1,891	1,842
Revenue and expense recognized in different periods for financial reporting and income tax purposes	2,827	1,484
Other assets	4,021	2,656
Total deferred income tax assets	110,981	113,268
Net deferred income tax assets	65,885	49,469
Deferred Tax Liabilities:
Capitalized research and development	(24,764)	(57,123)
Difference in financial reporting and income tax depreciation methods	(12,694)	(9,592)
Difference between book and tax basis of other assets	(7,265)	(7,179)
Goodwill and other intangibles	(7,482)	(11,690)
Capitalized contract costs	(8,744)	(8,347)
Other liabilities	0	(1,431)
Total deferred income tax liabilities	(60,949)	(95,362)
Net deferred income tax assets	4,936
Net deferred incom tax liabilities		(45,893)
Federal
Deferred Tax Assets:
Less: Net operating loss valuation allowance	(794)	(1,453)
State
Deferred Tax Assets:
Less: Net operating loss valuation allowance	(36,963)	(56,004)
Foreign
Deferred Tax Assets:
Less: Net operating loss valuation allowance	$ (7,339)	$ (6,342)

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 30, 2021
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Deferred tax asset recorded as a result of Tax Act	$ 31,081
Deferred tax asset related to tax benefits recognized from voluntary separation program	9,792	$ 0
Unrecognized tax benefit, including interest and penalties	16,322
Unrecognized tax benefits that would affect effective tax rate	14,431
Amount of uncertain tax liability expected to be paid within one year	4,065
Amount of uncertain tax liability included in Other long-term liabilities	12,257
Unrecognized tax benefits related to lapse of statute of limitations, previously unrecognized	3,722
Liabilities for tax-related interest and penalties	1,118	$ 1,338	$ 2,105
Acquisition of Novus
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Deferred tax asset carryovers				$ 6,565
Valuation allowance				794
Acquisition of Novus \| Federal
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Operating loss carryovers				25,062
Research And Development Tax Credit Carryforward \| Acquisition of Novus
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Tax credit carryovers				$ 1,302
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	$ 4,065

Income Taxes (Unrecognized Tax Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 14,886	$ 15,911	$ 15,356
Tax positions related to current year:
Gross additions	3,481	3,672	3,352
Tax positions related to prior years:
Gross additions	251	382	236
Settlements	0	(678)	0
Lapses on statute of limitations	(3,414)	(4,401)	(3,033)
Ending balance	$ 15,204	$ 14,886	$ 15,911

Business Segment Information (Schedule of Financial Information about Business Segments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 1,991,037	$ 1,918,309	$ 1,684,058
Expenses	1,347,120	1,273,074	1,164,173
Operating profit (loss)	643,917	645,235	519,885
Private Banks
Segment Reporting Information [Line Items]
Revenues	575,625	493,570	455,393
Expenses	473,209	462,796	446,481
Operating profit (loss)	102,416	30,774	8,912
Investment Advisors
Segment Reporting Information [Line Items]
Revenues	447,766	482,949	407,564
Expenses	251,650	240,334	205,913
Operating profit (loss)	196,116	242,615	201,651
Institutional Investors
Segment Reporting Information [Line Items]
Revenues	323,353	343,805	317,627
Expenses	172,252	168,070	149,909
Operating profit (loss)	151,101	175,735	167,718
Investment Managers
Segment Reporting Information [Line Items]
Revenues	624,918	581,157	489,462
Expenses	404,850	348,655	308,999
Operating profit (loss)	220,068	232,502	180,463
Investments in New Businesses
Segment Reporting Information [Line Items]
Revenues	19,375	16,828	14,012
Expenses	45,159	53,219	52,871
Operating profit (loss)	$ (25,784)	$ (36,391)	$ (38,859)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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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, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting [Abstract]
Total operating profit from segments above	$ 643,917	$ 645,235	$ 519,885
Corporate overhead expenses	(168,164)	(91,854)	(73,998)
Income from operations	$ 475,753	$ 553,381	$ 445,887

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

+ Details

Business Segment Information (Schedule Of Additional Information Pertaining To Business Segments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Capital Expenditures	$ 72,834	$ 52,536	$ 78,567
Depreciation	33,657	33,481	30,959
Amortization	54,280	59,152	52,975
Operating Segments
Segment Reporting Information [Line Items]
Capital Expenditures	71,120	51,385	75,727
Depreciation	32,944	32,463	29,918
Amortization	54,017	58,828	52,745
Operating Segments \| Private Banks
Segment Reporting Information [Line Items]
Capital Expenditures	32,454	26,472	29,061
Depreciation	21,237	19,040	16,206
Amortization	25,886	34,159	30,240
Operating Segments \| Investment Advisors
Segment Reporting Information [Line Items]
Capital Expenditures	13,027	11,100	15,588
Depreciation	1,933	3,646	4,821
Amortization	9,905	11,654	10,694
Operating Segments \| Institutional Investors
Segment Reporting Information [Line Items]
Capital Expenditures	3,884	2,614	3,958
Depreciation	1,142	1,241	1,214
Amortization	8,166	2,321	1,707
Operating Segments \| Investment Managers
Segment Reporting Information [Line Items]
Capital Expenditures	20,968	10,275	25,909
Depreciation	8,468	8,185	7,336
Amortization	9,400	9,955	9,365
Operating Segments \| Investments in New Businesses
Segment Reporting Information [Line Items]
Capital Expenditures	787	924	1,211
Depreciation	164	351	341
Amortization	660	739	739
Corporate Overhead
Segment Reporting Information [Line Items]
Capital Expenditures	1,714	1,151	2,840
Depreciation	713	1,018	1,041
Amortization	$ 263	$ 324	$ 230

Business Segment Information (Schedule of Revenues And Assets Based On Location) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 1,991,037	$ 1,918,309	$ 1,684,058
Assets	2,383,553	2,354,702
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,623,022	1,629,527	1,427,152
Assets	1,983,102	1,926,867
International operations
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	368,015	288,782	$ 256,906
Assets	$ 400,451	$ 427,835

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Asset management, administration and distribution fees
Related Party Transaction [Line Items]
Revenue from related parties	$ 420,206	$ 473,161	$ 432,806
Transaction-based and trade execution fees
Related Party Transaction [Line Items]
Revenue from related parties	$ 2,601	$ 1,917	$ 2,159

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
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-Name Accounting Standards Codification
-Topic 946
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07.1(c))
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.5-03.1(e))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

Voluntary Separation Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation, benefits and other personnel	$ 720,029	$ 584,497	$ 527,509
Voluntary Seperation Program \| Share-Based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation, benefits and other personnel	$ 54,756

Goodwill and Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Beginning balance	$ 117,232	$ 64,489
Foreign currency translation adjustments	(45)	7
Measurement period adjustments	(1,588)
Ending balance	115,599	117,232
Acquisition of Finomial
Goodwill [Roll Forward]
Business acquisition		3,825
Acquisition of Novus
Goodwill [Roll Forward]
Business acquisition		48,911
Institutional Investors
Goodwill [Roll Forward]
Beginning balance	48,911	0
Foreign currency translation adjustments	0	0
Measurement period adjustments	(1,803)
Ending balance	47,108	48,911
Institutional Investors \| Acquisition of Finomial
Goodwill [Roll Forward]
Business acquisition		0
Institutional Investors \| Acquisition of Novus
Goodwill [Roll Forward]
Business acquisition		48,911
Investment Managers
Goodwill [Roll Forward]
Beginning balance	56,822	52,990
Foreign currency translation adjustments	(45)	7
Measurement period adjustments	215
Ending balance	56,992	56,822
Investment Managers \| Acquisition of Finomial
Goodwill [Roll Forward]
Business acquisition		3,825
Investment Managers \| Acquisition of Novus
Goodwill [Roll Forward]
Business acquisition		0
Investments in New Businesses
Goodwill [Roll Forward]
Beginning balance	11,499	11,499
Foreign currency translation adjustments	0	0
Measurement period adjustments	0
Ending balance	$ 11,499	11,499
Investments in New Businesses \| Acquisition of Finomial
Goodwill [Roll Forward]
Business acquisition		0
Investments in New Businesses \| Acquisition of Novus
Goodwill [Roll Forward]
Business acquisition		$ 0

Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Payment for contingent consideration liability	$ 868	$ 3,965	$ 633
Remaining contingent consideration resulting in loss	620	1,274
Amortization of intangible assets	12,580	5,260
Acquisition of Finomial
Goodwill [Line Items]
Goodwill, acquired		3,825
Acquisition of Finomial \| Investment Managers
Goodwill [Line Items]
Goodwill, acquired		3,825
Acquisition of Finomial \| Institutional Investors
Goodwill [Line Items]
Goodwill, acquired		0
Acquisition of Novus
Goodwill [Line Items]
Goodwill, acquired		48,911
Acquisition of Novus \| Investment Managers
Goodwill [Line Items]
Goodwill, acquired		0
Acquisition of Novus \| Institutional Investors
Goodwill [Line Items]
Goodwill, acquired		48,911
Huntington Steele, LLC
Goodwill [Line Items]
Payment for contingent consideration liability	868	$ 3,965
Recognized identifiable assets acquired and liabilities assumed	$ 9,576

Goodwill and Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 85,793	$ 86,498
Less: Accumulated amortization	(30,261)	(17,716)
Intangible assets, net	55,532	68,782
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 47,780	$ 47,780
Weighted Average Estimated Useful Life	8 years 6 months	8 years 6 months
Client relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 30,173	$ 30,878
Weighted Average Estimated Useful Life	9 years 7 months 6 days	8 years 3 months 18 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	$ 4,370	$ 4,370
Weighted Average Estimated Useful Life	15 years 4 months 24 days	14 years 1 month 6 days

Goodwill and Intangible Assets (Future Amortization Expenses) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Expected Amortization Expense Related to Intangible Assets
2023	$ 11,651
2024	8,191
2025	7,972
2026	7,865
2027	$ 6,203

Revenues from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues		$ 1,991,037	$ 1,918,309	$ 1,684,058
United States
Disaggregation of Revenue [Line Items]
Revenues		1,623,022	1,629,527	1,427,152
United Kingdom
Disaggregation of Revenue [Line Items]
Revenues		242,071	165,788	149,188
Canada
Disaggregation of Revenue [Line Items]
Revenues		48,419	52,721	47,372
Ireland
Disaggregation of Revenue [Line Items]
Revenues		60,365	69,770	59,792
Luxembourg
Disaggregation of Revenue [Line Items]
Revenues		16,898
Other
Disaggregation of Revenue [Line Items]
Revenues		262	503	554
Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues		445,224	495,378	454,841
Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues		432,322	458,087	392,171
Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues		579,813	539,958	449,321
Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues		228,556	215,473	184,711
Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues		139,102	128,963	126,751
Professional services fees
Disaggregation of Revenue [Line Items]
Revenues		104,842	25,562	27,347
Account fees and other
Disaggregation of Revenue [Line Items]
Revenues		61,178	54,888	48,916
Private Banks
Disaggregation of Revenue [Line Items]
Revenues		575,625	493,570	455,393
Private Banks \| United States
Disaggregation of Revenue [Line Items]
Revenues		317,399	315,040	298,708
Private Banks \| United Kingdom
Disaggregation of Revenue [Line Items]
Revenues		199,294	111,900	97,896
Private Banks \| Canada
Disaggregation of Revenue [Line Items]
Revenues		43,108	48,325	41,762
Private Banks \| Ireland
Disaggregation of Revenue [Line Items]
Revenues		15,824	18,305	17,027
Private Banks \| Luxembourg
Disaggregation of Revenue [Line Items]
Revenues		0
Private Banks \| Other
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Private Banks \| Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues		125,430	134,617	127,883
Private Banks \| Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues		2,187	2,271	1,470
Private Banks \| Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues		1,410	1,512	1,804
Private Banks \| Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues		228,556	215,473	184,711
Private Banks \| Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues		112,096	113,964	113,012
Private Banks \| Professional services fees
Disaggregation of Revenue [Line Items]
Revenues		102,169	22,054	21,594
Private Banks \| Account fees and other
Disaggregation of Revenue [Line Items]
Revenues		3,777	3,679	4,919
Private Banks \| Professional services fees, one-time early termination fees
Disaggregation of Revenue [Line Items]
Revenues	$ 88,000
Investment Advisors
Disaggregation of Revenue [Line Items]
Revenues		447,766	482,949	407,564
Investment Advisors \| United States
Disaggregation of Revenue [Line Items]
Revenues		447,766	482,949	407,564
Investment Advisors \| United Kingdom
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investment Advisors \| Canada
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investment Advisors \| Ireland
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investment Advisors \| Luxembourg
Disaggregation of Revenue [Line Items]
Revenues		0
Investment Advisors \| Other
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investment Advisors \| Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues		263,266	301,581	271,627
Investment Advisors \| Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues		162,762	158,181	115,887
Investment Advisors \| Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investment Advisors \| Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investment Advisors \| Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investment Advisors \| Professional services fees
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investment Advisors \| Account fees and other
Disaggregation of Revenue [Line Items]
Revenues		21,738	23,187	20,050
Institutional Investors
Disaggregation of Revenue [Line Items]
Revenues		323,353	343,805	317,627
Institutional Investors \| United States
Disaggregation of Revenue [Line Items]
Revenues		267,928	274,867	250,321
Institutional Investors \| United Kingdom
Disaggregation of Revenue [Line Items]
Revenues		42,777	53,888	51,292
Institutional Investors \| Canada
Disaggregation of Revenue [Line Items]
Revenues		5,311	4,396	5,610
Institutional Investors \| Ireland
Disaggregation of Revenue [Line Items]
Revenues		7,075	10,151	9,850
Institutional Investors \| Luxembourg
Disaggregation of Revenue [Line Items]
Revenues		0
Institutional Investors \| Other
Disaggregation of Revenue [Line Items]
Revenues		262	503	554
Institutional Investors \| Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues		54,656	57,716	53,283
Institutional Investors \| Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues		251,256	282,797	262,709
Institutional Investors \| Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Institutional Investors \| Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Institutional Investors \| Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues		11,425	1,207	0
Institutional Investors \| Professional services fees
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Institutional Investors \| Account fees and other
Disaggregation of Revenue [Line Items]
Revenues		6,016	2,085	1,635
Investment Managers
Disaggregation of Revenue [Line Items]
Revenues		624,918	581,157	489,462
Investment Managers \| United States
Disaggregation of Revenue [Line Items]
Revenues		570,554	539,843	456,547
Investment Managers \| United Kingdom
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investment Managers \| Canada
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investment Managers \| Ireland
Disaggregation of Revenue [Line Items]
Revenues		37,466	41,314	32,915
Investment Managers \| Luxembourg
Disaggregation of Revenue [Line Items]
Revenues		16,898
Investment Managers \| Other
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investment Managers \| Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues		396	134	637
Investment Managers \| Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investment Managers \| Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues		578,403	538,446	447,517
Investment Managers \| Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investment Managers \| Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues		15,581	13,792	13,739
Investment Managers \| Professional services fees
Disaggregation of Revenue [Line Items]
Revenues		2,673	3,508	5,753
Investment Managers \| Account fees and other
Disaggregation of Revenue [Line Items]
Revenues		27,865	25,277	21,816
Investments in New Businesses
Disaggregation of Revenue [Line Items]
Revenues		19,375	16,828	14,012
Investments in New Businesses \| United States
Disaggregation of Revenue [Line Items]
Revenues		19,375	16,828	14,012
Investments in New Businesses \| United Kingdom
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investments in New Businesses \| Canada
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investments in New Businesses \| Ireland
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investments in New Businesses \| Luxembourg
Disaggregation of Revenue [Line Items]
Revenues		0
Investments in New Businesses \| Other
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investments in New Businesses \| Investment management fees from pooled investment products
Disaggregation of Revenue [Line Items]
Revenues		1,476	1,330	1,411
Investments in New Businesses \| Investment management fees from investment management agreements
Disaggregation of Revenue [Line Items]
Revenues		16,117	14,838	12,105
Investments in New Businesses \| Investment operations fees
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investments in New Businesses \| Investment processing fees - PaaS
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investments in New Businesses \| Investment processing fees - SaaS
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investments in New Businesses \| Professional services fees
Disaggregation of Revenue [Line Items]
Revenues		0	0	0
Investments in New Businesses \| Account fees and other
Disaggregation of Revenue [Line Items]
Revenues		$ 1,782	$ 660	$ 496

Leases (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating leases expense	$ 10,328	$ 11,190	$ 9,711
Variable lease, cost	906	$ 2,110	$ 0
Operating lease, expense, not commenced	$ 771

Leases (Schedule of Future Minimum Lease Payments) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 10,678
2024	7,974
2025	5,408
2026	4,010
2027	2,147
Thereafter	181
Total future minimum lease payments	30,398
Less: Imputed interest	(1,268)
Total	$ 29,130	$ 38,967

Leases (Supplemental Consolidated Balance Sheet Information Related to Operating Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Current portion of long-term operating lease liabilities	$ 10,344	$ 11,328
Long-term operating lease liabilities	18,786	27,639
Total operating lease liabilities	$ 29,130	$ 38,967
Weighted average remaining lease term	3 years 10 months 24 days	4 years 7 months 6 days
Weighted average discount rate	2.37%	2.26%

Leases (Supplemental Cash Flow Information Related to Operating Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 10,982	$ 10,132	$ 10,361
Right-of-use assets obtained in exchange for lease obligations	$ 1,571	$ 3,778	$ 3,272

Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 1,602	$ 1,100	$ 1,201
Additions, Charged to Costs and Expenses	0	502	0
Additions, Charged to Other Accounts	0	0	0
(Deductions)	(701)	0	(101)
Balance at End of Year	901	1,602	1,100
Deferred income tax valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	63,799	68,776	70,731
Additions, Charged to Costs and Expenses	0	0	0
Additions, Charged to Other Accounts	0	0	0
(Deductions)	(18,703)	(4,977)	(1,955)
Balance at End of Year	$ 45,096	$ 63,799	$ 68,776