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Document and Entity Information
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6 Months Ended | |
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Jun. 30, 2011
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Jul. 31, 2011
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| Document and Entity Information | ||
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Jun. 30, 2011 | |
| Document Fiscal Year Focus | 2011 | |
| Document Fiscal Period Focus | Q2 | |
| Trading Symbol | SEIC | |
| Entity Registrant Name | SEI INVESTMENTS CO | |
| Entity Central Index Key | 0000350894 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 182,579,428 |
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- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, POS AM and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Trading symbol of an instrument as listed on an exchange. No definition available.
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- Details
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Investments in debt and equity securities which are categorized neither as held-to-maturity nor trading and which are intended to be sold or mature more than one year from the balance sheet date or operating cycle, if longer. Such securities are reported at fair value; unrealized gains (losses) related to Available-for-sale Securities are excluded from earnings and reported in a separate component of shareholders' equity (other comprehensive income), unless the Available-for-sale security is designated as a hedge or is determined to have had an other than temporary decline in fair value below its amortized cost basis. All or a portion of the unrealized holding gain (loss) of an Available-for-sale security that is designated as being hedged in a fair value hedge is recognized in earnings during the period of the hedge, as are other than temporary declines in fair value below the cost basis for investments in equity securities and debt securities that an entity intends to sell or it is more likely than not that it will be required to sell before the recovery of its amortized cost basis. Other than temporary declines in fair value below the cost basis for debt securities categorized as Available-for-sale that an entity does not intend to sell and for which it is not more likely than not that the entity will be required to sell before the recovery of its amortized cost basis are bifurcated into credit losses and losses related to all other factors. Other than temporary declines in fair value below cost basis related to credit losses are recognized in earnings, and losses related to all other factors are recognized in other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying amount of capitalized computer software costs net of accumulated amortization as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward is presented as a reduction of the related deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise separates deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amounts due within 1 year (or 1 business cycle) from other related parties which are not otherwise stated in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The fair value as of the balance sheet date of firm holdings in debt obligations issued by the US government including short-term Treasury bills, medium-term Treasury notes, and long-term Treasury bonds, as well as debt issued by agencies. Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The noncurrent portion of the amount recognized for uncertain tax positions as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year (current maturities) or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
All other debt and equity financial instruments, which aren't categorized as available-for-sale, or held-to-maturity and which are not otherwise listed in the existing taxonomy, intended to be held longer than one year from the balance sheet date or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The total amount due to the entity within one year of the balance sheet date (or one operating cycle, if longer) from outside sources, including trade accounts receivable, notes and loans receivable, as well as any other types of receivables, net of allowances established for the purpose of reducing such receivables to an amount that approximates their net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
Jun. 30, 2011
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Dec. 31, 2010
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|---|---|---|
| Consolidated Balance Sheets | ||
| Receivables, allowance for doubtful accounts | $ 868 | $ 1,195 |
| Property and Equipment, accumulated depreciation and amortization | 177,779 | 166,816 |
| Capitalized Software, accumulated amortization | $ 103,479 | $ 90,947 |
| Common stock, par value | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 750,000 | 750,000 |
| Common stock, shares issued | 183,175 | 186,141 |
| Common stock, shares outstanding | 183,175 | 186,141 |
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- Definition
The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
For each balance sheet presented, the amount of accumulated amortization for capitalized computer software costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
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Jun. 30, 2011
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Jun. 30, 2010
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Jun. 30, 2011
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Jun. 30, 2010
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|
| Revenues: | ||||
| Asset management, administration and distribution fees | $ 172,331 | $ 154,774 | $ 339,835 | $ 307,712 |
| Information processing and software servicing fees | 56,035 | 61,296 | 111,859 | 119,922 |
| Transaction-based and trade execution fees | 9,394 | 12,318 | 18,559 | 22,289 |
| Total revenues | 237,760 | 228,388 | 470,253 | 449,923 |
| Expenses: | ||||
| Subadvisory, distribution and other asset management costs | 26,304 | 24,600 | 52,600 | 50,183 |
| Software royalties and other information processing costs | 7,188 | 6,374 | 14,205 | 12,448 |
| Brokerage commissions | 6,599 | 8,666 | 13,180 | 16,091 |
| Compensation, benefits and other personnel | 72,613 | 67,012 | 143,638 | 134,228 |
| Stock-based compensation | 3,810 | 6,278 | 7,542 | 12,935 |
| Consulting, outsourcing and professional fees | 29,398 | 22,702 | 55,396 | 43,409 |
| Data processing and computer related | 11,610 | 10,417 | 22,913 | 20,345 |
| Facilities, supplies and other costs | 14,098 | 13,586 | 28,200 | 27,080 |
| Amortization | 6,792 | 5,997 | 13,023 | 11,897 |
| Depreciation | 5,391 | 5,584 | 11,002 | 10,790 |
| Total expenses | 183,803 | 171,216 | 361,699 | 339,406 |
| Income from operations | 53,957 | 57,172 | 108,554 | 110,517 |
| Net (loss) gain from investments | (1,948) | 3,594 | 5,330 | 21,073 |
| Interest and dividend income | 1,436 | 1,502 | 2,980 | 3,202 |
| Interest expense | (155) | (415) | (359) | (886) |
| Other income | 0 | 1,070 | 0 | 1,070 |
| Equity in earnings of unconsolidated affiliate | 29,530 | 23,519 | 58,479 | 47,593 |
| Net income before income taxes | 82,820 | 86,442 | 174,984 | 182,569 |
| Income taxes | 28,707 | 32,603 | 62,831 | 68,872 |
| Net income | 54,113 | 53,839 | 112,153 | 113,697 |
| Less: Net income attributable to the noncontrolling interest | (510) | (361) | (822) | (799) |
| Net income attributable to SEI Investments Company | $ 53,603 | $ 53,478 | $ 111,331 | $ 112,898 |
| Basic earnings per common share | $ 0.29 | $ 0.28 | $ 0.60 | $ 0.60 |
| Diluted earnings per common share | $ 0.29 | $ 0.28 | $ 0.59 | $ 0.59 |
| Dividends declared per common share | $ 0.12 | $ 0.10 | $ 0.12 | $ 0.10 |
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- Definition
Fees for transaction-based trade execution commissions and soft dollar commissions. No definition available.
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- Definition
The aggregate amount of expenditures for salaries, wages, incentive compensation, and other employee benefits such as postretirement benefit expense. Excludes stock-based compensation expense. No definition available.
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| X | ||||||||||
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- Definition
The aggregate amount of expenditures for leased office space, utilities, production supplies, maintenance, insurance, and other overhead costs. Includes general and administrative expenses. No definition available.
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| X | ||||||||||
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- Definition
Income (Loss) from Continuing Operations before Income Taxes and Minority Interest No definition available.
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| X | ||||||||||
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- Definition
Revenue recognized in the period from application and business process outsourcing services and transaction-based services delivered to banks, trust institutions and other wealth management firms, such as investment advisors, utilizing the company's proprietary software systems. Revenues are earned as monthly fees from contracted services including software licenses, information processing, and investment operations. Investment processing revenues may also be earned as a percentage of assets under management and administration or from contracted, project-oriented services related to client implementations. No definition available.
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| X | ||||||||||
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- Definition
Costs for royalty fees paid to pricing vendors and software providers for systems used in the company's operations. These costs are either based upon the types of securities in client accounts or based upon other contractual terms for usage of the software. No definition available.
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| X | ||||||||||
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- Definition
Sub-advisory fees for mutual funds. Sub-advisory fees that the fund's adviser pays for out of the management fee, which it receives from the fund. Also includes distribution fees paid to brokers and other related investment management costs associated with the company's other types of investment products. No definition available.
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| X | ||||||||||
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- Definition
Total operating expenses for the period. No definition available.
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- Definition
Revenue recognized from trade execution services provided to clients who are invested in the company's investment products (i.e mutual funds, hedge funds, separate accounts, etc.). No definition available.
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- Definition
The aggregate amount of recurring noncash expense charged against earnings in the period to allocate the cost of assets over their estimated remaining economic lives. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Revenue recognized in the period for (1) performance (incentive) fees based on the investment results achieved for management of certain institutional accounts and hedge funds, (2) schedule-based fees earned for management of mutual funds and closed-end funds, based either on average daily net assets or on a combination of the average daily net assets and gross income, and (3) other investment management and advisory fees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of expenses incurred in the period for information technology and data processing products and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Income derived from investments in debt and equity securities and on cash and cash equivalents. Interest income represents earnings which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Dividend income represents a distribution of earnings to shareholders by investee companies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
|
| X | ||||||||||
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- Definition
The aggregate amount of other income amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to noncontrolling interests, if any. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity, net of tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents Other Comprehensive Income or Loss, Net of Tax, for the period. Includes deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Reclassification adjustment for unrealized gains or losses realized upon the sale of securities, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Appreciation or loss in value (before reclassification adjustment) of the total of unsold securities during the period being reported on, net of tax. Reclassification adjustments include: (1) the unrealized holding gain (loss), net of tax, at the date of the transfer for a debt security from the held-to-maturity category transferred into the available-for-sale category. Also includes the unrealized gain (loss) at the date of transfer for a debt security from the available-for-sale category transferred into the held-to-maturity category; (2) the unrealized gains (losses) realized upon the sale of securities, after tax; and (3) the unrealized gains (losses) realized upon the write-down of securities, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of investments, not including unrealized gains or losses on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity, held at each balance sheet date and included in earnings for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
|
|
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
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Jun. 30, 2011
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Jun. 30, 2010
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Jun. 30, 2011
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Jun. 30, 2010
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| Consolidated Statements of Comprehensive Income | ||||
| Unrealized holding gains during the period, income tax expense | $ 348 | $ 304 | $ 236 | $ 649 |
| Reclassification adjustment for losses realized in net income, income tax benefit | $ (15) | $ 2 | $ (75) | $ 17 |
| X | ||||||||||
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- Definition
Tax effect on the reclassification adjustment for gains or losses realized upon the sale of securities during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tax effect on gross appreciation or the gross loss in value of the total of unsold securities during the period being reported on. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The cash inflow associated with the maturity (principal being due) and prepayments (principal paydowns) received from the company's marketable securities during the period. Excludes sales of marketable securities. No definition available.
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| X | ||||||||||
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- Definition
The cash inflow associated with the aggregate amount received by the company through the sale of marketable securities (trading, held-to-maturity, or available-for-sale) during the period. Excludes principal prepayments and maturities of marketable securities. No definition available.
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| X | ||||||||||
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- Definition
The sum of adjustments which are added to or deducted from net income or loss, including the portion attributable to noncontrolling interest, to reflect cash provided by or used in operating activities, in accordance with the indirect cash flow method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Reduction in cash due to no longer including the former subsidiary's cash in the consolidated entity's cash. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from equity-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow from the entity's earnings to the shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow from purchases of trading, available-for-sale securities and held-to-maturity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow associated with the acquisition from vendors of software programs or applications for internal use (that is, not to be sold, leased or otherwise marketed to others) that qualify for capitalization. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow associated with the sale and maturity (principal being due) of other investments, prepayment and call (request of early payment) of other investments not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Summary of Significant Accounting Policies
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Jun. 30, 2011
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| Summary of Significant Accounting Policies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Nature of Operations SEI Investments Company (the Company), a Pennsylvania corporation, provides investment processing, fund processing, and investment management business outsourcing solutions to corporations, financial institutions, financial advisors, and ultra-high-net-worth families in the United States, Canada, the United Kingdom, continental Europe, and other various locations throughout the world. Investment processing solutions utilize the Company's proprietary software systems to track investment activities in multiple types of investment accounts, including personal trust, corporate trust, institutional trust, and non-trust investment accounts, thereby allowing banks and trust companies to outsource trust and investment related activities. Revenues from investment processing solutions are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations, except for fees earned associated with trade execution services. The fund processing solution offers a full range of administration and distribution support services to mutual funds, collective trust funds, single-manager hedge funds, funds of hedge funds, private equity funds and other types of investment funds. Administrative services include fund accounting, trustee and custodial support, legal support, transfer agency and shareholder servicing. Distribution support services range from market and industry insight and analysis to identifying distribution opportunities. Revenues from fund processing solutions are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Investment management programs consist of mutual funds, alternative investments and separate accounts. These include a series of money market, equity, fixed-income and alternative investment portfolios, primarily in the form of registered investment companies. The Company serves as the administrator and investment advisor for many of these products. Revenues from investment management programs are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.
Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Certain financial information and accompanying note disclosure normally included in the Company's Annual Report on Form 10-K has been condensed or omitted. The interim financial information is unaudited but reflects all adjustments (consisting of only normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of financial position of the Company as of June 30, 2011, the results of operations for the three and six months ended June 30, 2011 and 2010, and cash flows for the six month periods ended June 30, 2011 and 2010. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2010. There have been no significant changes in significant accounting policies during the six months ended June 30, 2011 as compared to the significant accounting policies described in the Company's Annual Report on Form 10-K for the year ended December 31, 2010.
Cash and Cash Equivalents Cash and cash equivalents includes $302,202 and $383,946 at June 30, 2011 and December 31, 2010, respectively, primarily invested in SEI-sponsored open-ended money market mutual funds.
Restricted Cash Restricted cash includes $3,000 at June 30, 2011 and December 31, 2010 segregated for regulatory purposes related to trade-execution services conducted by SEI Investments (Europe) Limited. Restricted cash also includes $1,000 at June 30, 2011 and December 31, 2010 segregated in special reserve accounts for the benefit of customers of the Company's broker-dealer subsidiary, SEI Investments Distribution Co. (SIDCO), in accordance with certain rules established by the Securities and Exchange Commission for broker-dealers.
Capitalized Software The Company capitalized $20,537 and $17,578 of software development costs during the six months ended June 30, 2011 and 2010, respectively. As of June 30, 2011, capitalized software placed into service included on the accompanying Consolidated Balance Sheet had a weighted average remaining life of approximately 11.0 years. Amortization expense related to capitalized software was $12,532 and $11,400 during the six months ended June 30, 2011 and 2010, respectively. Software development costs capitalized during the six months ended June 30, 2011 and 2010 relates to the continued development of the Global Wealth Platform (GWP). As of June 30, 2011, the net book value of GWP was $289,023 (net of accumulated amortization of $74,400), including $12,161 of capitalized software development costs in-progress associated with future releases. GWP has an estimated useful life of 15 years and a weighted average remaining life of 11.0 years. Amortization expense for GWP was $12,249 and $11,117 during the six months ended June 30, 2011 and 2010, respectively.
Earnings per Share The calculations of basic and diluted earnings per share for the three months ended June 30, 2011 and 2010 are:
Employee stock options to purchase 7,675,000 and 10,422,000 shares of common stock, with an average exercise price of $28.25 and $24.87, were outstanding during the three months ended June 30, 2011 and 2010, respectively, but not included in the computation of diluted earnings per common share because the effect on diluted earnings per common share would have been anti-dilutive. The calculations of basic and diluted earnings per share for the six months ended June 30, 2011 and 2010 are:
Employee stock options to purchase 7,606,000 and 16,210,000 shares of common stock, with an average exercise price of $28.26 and $23.46, were outstanding during the six months ended June 30, 2011 and 2010, respectively, but not included in the computation of diluted earnings per common share because the effect on diluted earnings per common share would have been anti-dilutive.
New Accounting Pronouncements In May 2011, the Financial Accounting Standards Board (FASB) issued a final Accounting Standards Update which represents the converged guidance of the FASB and the International Accounting Standards Board on fair value measurement. The guidance clarifies how a principal market is determined, addresses the fair value measurement of instruments with offsetting market or counterparty credit risks, addresses the concept of valuation premise and highest and best use, extends the prohibition on blockage factors to all three levels of the fair value hierarchy and requires additional disclosures. The guidance is effective for interim and annual periods beginning after December 15, 2011 and is applied prospectively. The Company is currently evaluating the requirements of the guidance and has not yet determined its impact on the Company's consolidated financial statements. In June 2011, the FASB issued a final Accounting Standards Update to amend the presentation of comprehensive income in financial statements. This new guidance allows companies the option to present other comprehensive income in either a single continuous statement or in two separate but consecutive statements. Under both alternatives, companies will be required to present each component of net income and comprehensive income. The adoption of this guidance may impact the presentation of the Company's consolidated financial statements, but it will not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The guidance is effective for interim and annual periods beginning after December 15, 2011 and will require retrospective application for all periods presented.
Statements of Cash Flows For purposes of the Consolidated Statements of Cash Flows, the Company considers investment instruments purchased with an original maturity of three months or less to be cash equivalents. The following table provides the details of the adjustments to reconcile net income to net cash provided by operating activities for the six months ended June 30:
As previously disclosed in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2010, during the three months ended September 30, 2010, the Company identified that it had incorrectly classified certain accounts payable related to the purchase of computer software during the three months ended June 30, 2010 as Additions to property and equipment in the Cash flows from investing activities section on the consolidated statement of cash flows in the six months ended June 30, 2010. The effect of the misclassification resulted in Cash flows provided by operating activities and Cash flows used in investing activities being overstated by $7,102 for the six months ended June 30, 2010. The Company has revised its consolidated statement of cash flows for the six months ended June 30, 2010 to appropriately classify this amount to the Cash flows from operating activities. This misclassification had no effect on the consolidated balances sheets, consolidated statements of operations or consolidated statements of comprehensive income.
Reclassifications Certain prior year amounts have been reclassified to conform to current year presentation.
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The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Investment in Unconsolidated Affiliate
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Jun. 30, 2011
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| Investment in Unconsolidated Affiliate | Note 2. Investment in Unconsolidated Affiliate The Company has an investment in the general partnership LSV Asset Management (LSV). LSV is a registered investment advisor that provides investment advisory services to institutions, including pension plans and investment companies. LSV is currently an investment sub-advisor for a small number of SEI-sponsored mutual funds. Currently, the Company's total partnership interest in LSV is approximately 41 percent. The Company accounts for its interest in LSV using the equity method. The Company's interest in the net assets of LSV is reflected in Investment in unconsolidated affiliate on the accompanying Consolidated Balance Sheets and its interest in the earnings of LSV is reflected in Equity in earnings of unconsolidated affiliate on the accompanying Consolidated Statements of Operations. At June 30, 2011, the Company's total investment in LSV was $72,439. The investment in LSV exceeded the underlying equity in the net assets of LSV by $3,936, of which $3,062 is considered goodwill embedded in the investment. The Company receives partnership distributions from LSV on a quarterly basis. The Company received partnership distribution payments from LSV for $50,760 and $44,359 in the six months ended June 30, 2011 and 2010, respectively. The partnership distribution payment of $21,242 received in the three months ended March 31, 2010 is reflected in LSV and LSV Employee Group cash balances, net on the accompanying Consolidated Statement of Cash Flows.
The Company's proportionate share in the earnings of LSV was $29,530 and $23,519 during the three months ended June 30, 2011 and 2010, respectively. During the six months ended June 30, 2011 and 2010, the Company's proportionate share in the earnings of LSV was $58,479 and $47,593, respectively. The following table contains the condensed statements of operations of LSV for the three months ended June 30, 2011 and 2010:
The following table contains the condensed statements of operations of LSV for the six months ended June 30, 2011 and 2010:
Guaranty Agreements In 2006, LSV Employee Group purchased an eight percent interest in LSV from two existing partners. In order to finance a portion of the purchase price, LSV Employee Group obtained financing from Bank of America, N.A. (Bank of America) and certain other lenders in the form of a term loan pursuant to the terms of a Credit Agreement. The Company agreed to provide a Guaranty Agreement to the lenders of all obligations of LSV Employee Group under the Credit Agreement. In January 2011, LSV Employee Group and Bank of America agreed to amend the Credit Agreement and extend the maturity date of the loan from January 2011 to July 2012. The Company's obligations under the Guaranty Agreement remain in full force and effect with respect to the amended Credit Agreement. The principal amount and interest of the term loan are paid in quarterly installments. LSV Employee Group made principal payments of $8,793 during 2011. As of July 31, 2011, the remaining unpaid principal balance of the term loan was $1,298. In April 2011, a group of existing employees of LSV agreed to purchase a partnership interest of an existing LSV employee for $4,300 of which $3,655 was financed through a new term loan with Bank of America. The group of existing LSV employees formed a new limited liability company, LSV Employee Group II, LLC (LSV Employee Group II). The Company provided an unsecured guaranty to the lenders of all the obligations of LSV Employee Group II. The lenders will have the right to seek payment from the Company in the event of a default by LSV Employee Group II. The term loan has a four year term and will be repaid from the quarterly distributions of LSV. LSV Employee Group II made a principal payment of $183 during July 2011. As of July 31, 2011, the remaining unpaid principal balance of the term loan was $3,472. The Company's direct interest in LSV is unchanged as a result of this transaction. The Company has determined that LSV Employee Group II is a variable interest entity (VIE); however, the Company is not considered the primary beneficiary because it does not have the power to direct the activities that most significantly impact the economic performance of LSV Employee Group II either directly or through any financial responsibility from the guaranty. As of July 31, 2011, the Company, in its capacity as guarantor, currently has no obligation of payment relating to the term loans of LSV Employee Group or LSV Employee Group II and, furthermore, fully expects that LSV Employee Group and LSV Employee Group II will meet all of their future obligations regarding their respective term loans. |
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Disclosures related to LSV, which is a significant non-consolidated subsidiary of the company and LSV Employee Group, which is a non-consolidated variable interest entity of the company. No definition available.
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Jun. 30, 2011
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| Variable Interest Entities | Note 3. Variable Interest Entities The Company has 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. Clients are the equity investors and participate in proportion to their ownership percentage in the net income and net capital gains 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. Some of the Company's investment products have been determined to be VIEs at inception. The Company does not have a significant equity investment in any of the VIEs and does not have an obligation to enter into any guarantee agreements with the VIEs. The Company is not the primary beneficiary of the VIEs because the expected fees and the expected return on any investment into the VIE by the Company relative to the expected returns of the VIE to the equity investor holders does not approach 50 percent of the expected losses or gains of the VIEs. Therefore, the Company is not required to consolidate any investment products that are VIEs into its financial statements. The Company's variable interest in the VIEs, which consists of management fees and in some situations, seed capital, is not considered a significant variable interest. The risks to the Company associated with its involvement with any of the investment products that are VIEs are limited to the cash flows received from the revenue generated for asset management, administration and distribution services and any equity investments in the VIEs. Both of these items are not significant. The Company has no other financial obligation to the VIEs. Amounts relating to fees received from the VIEs included in Receivables and amounts relating to equity investments in the VIEs included in Investments Available for Sale on the Company's Consolidated Balance Sheets are not significant to the total assets of the Company. |
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Disclosures related to variable interest entities of the company other than LSV Employee Group. No definition available.
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Composition of Certain Financial Statement Captions
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Jun. 30, 2011
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| Composition of Certain Financial Statement Captions | Note 4. Composition of Certain Financial Statement Captions Receivables Receivables on the accompanying Consolidated Balance Sheets consist of:
Fees earned, not billed represents receivables 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. Receivables from regulated investment companies on the accompanying Consolidated Balance Sheets primarily represent fees receivable for distribution, investment advisory, and administration services to various regulated investment companies sponsored by SEI.
Property and Equipment Property and Equipment on the accompanying Consolidated Balance Sheets consists of:
The Company recognized $11,002 and $10,790 in depreciation expense related to property and equipment for the six months ended June 30, 2011 and 2010, respectively. Accrued Liabilities Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:
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Further detail regarding the composition of certain balance sheet items, such as Receivables, Property and Equipment, and Accrued Liabilities. No definition available.
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Fair Value Measurements
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| Fair Value Measurements | Note 5. Fair Value Measurements The fair value of the Company's financial assets and liabilities is determined in accordance with the fair value hierarchy. The fair value of the Company's financial assets, except for the fair value of senior notes issued by structured investment vehicles (SIVs), is determined using Level 1 or Level 2 inputs and consist mainly of investments in equity and fixed-income mutual funds that are quoted daily and Government National Mortgage Association (GNMA) and other U.S. government agency securities that are single issuer pools that are valued based on current market data for the specific issue owned or pools of similar securities. Level 3 financial assets consist of senior note obligations issued by SIVs. The Company did not have any Level 3 financial liabilities at June 30, 2011 or December 31, 2010. There were no transfers of financial assets between levels within the fair value hierarchy during the six months ended June 30, 2011. Valuation of SIV Securities The underlying collateral of the SIV securities is mainly comprised of asset-backed securities and collateralized debt obligations. The Company utilizes the services of a third party independent firm to assist in determining the fair value of the SIV security owned. Given the lack of any reliable market data on the SIV security, the firm utilized a valuation model that employs a net asset approach which considers the value of the underlying collateral of the SIV security to determine its fair value. Management evaluates the value received from the firm and considers other information, such as the existence of any current market activity, to determine the fair value of the SIV securities.
The model used by the independent valuation firm to determine the fair value of the SIV security attempts to value the underlying collateral of the SIV security through the use of industry accepted and proprietary valuation techniques and models. This approach combines advanced analytics with real-time market information that incorporate structural and fundamental analysis, collateral characteristics and recent market developments. Each security that makes up the underlying collateral is specifically identified by its CUSIP or ISIN number and is analyzed by using observable collateral characteristics and credit statistics in order to project future performance and expected cash flows for each individual security. The projected cash flows incorporate assumptions and expectations based upon the foregoing analysis of the collateral characteristics such as, but not limited to, default probabilities, recovery rates, prepayment speeds and loss severities. Expected future cash flows are discounted at an appropriate yield derived from the individual security, structural and collateral characteristics, trading levels and other available market data. Different modeling techniques and associated inputs and assumptions may be used to project future cash flows for each security depending upon the asset classification of that individual security (i.e. residential mortgage-backed security, commercial mortgage-backed security, collateralized debt obligations, etc.). The aggregate value of the discounted cash flows of the underlying collateral is compared to the total remaining par value of the collateral to determine the expected recovery price, or fair value, of the remaining note obligations. Other factors may be considered that are specific to the SIV security that may affect the fair value of the SIV security. Management may also consider, when available, price quotes from brokers and dealers. If a price quote is available, management will compare this number to the fair value derived from the valuation model of the independent firm giving consideration to other market factors and risk premiums. Given the lack of any significant trading activity for the SIV security owned by the Company, management believes that market prices may not represent the implied fair value of the SIV security owned by the Company. In the event a market transaction does exist for a SIV security, management evaluates the publicly available information surrounding the transaction in order to assess if the price used represents the fair value for the SIV security. In management's opinion, the current market for SIV securities does not represent any orderly and efficient market. The fair value of certain financial assets and liabilities of the Company was determined using the following inputs:
The table below presents a reconciliation for all assets and liabilities of the Company measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the period from January 1, 2011 to June 30, 2011:
The table below presents a reconciliation for all assets and liabilities of the Company measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the period from January 1, 2010 to June 30, 2010:
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Tabular disclosure of the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods. Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Jun. 30, 2011
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| Marketable Securities | Note 6. Marketable Securities Investments Available for Sale Investments available for sale classified as non-current assets consist of:
Net unrealized holding gains at June 30, 2011 and December 31, 2010 were $1,854 (net of income tax expense of $945) and $1,339 (net of income tax expense of $784), respectively. These net unrealized gains are reported as a separate component of Accumulated other comprehensive income on the accompanying Consolidated Balance Sheets. Gross realized gains and losses from available-for-sale securities during the six months ended June 30, 2011 and 2010 were minimal. Gains and losses from available-for-sale securities are reflected in Net (loss) gain from investments on the accompanying Consolidated Statements of Operations. The Company's debt securities classified as available-for-sale securities are issued by GNMA and are backed by the full faith and credit of the U.S. government. These securities were purchased to satisfy applicable regulatory requirements of SEI Private Trust Company (SPTC) and have maturity dates which range from 2020 to 2040. Trading Securities Trading securities of the Company consist of:
The Company records all of its trading securities 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 Net (loss) gain from investments on the accompanying Consolidated Statements of Operations. Through June 30, 2011, the Company recognized $139,915 in cumulative losses from SIV securities and SIV-related issues. During the six months ended June 30, 2011 and 2010, the Company recognized net gains from SIV securities of $4,920 and $21,262, respectively. Of the net gains recognized during the six months ended June 30, 2011, gains of $6,232 resulted from cash payments received from the SIV securities and losses of $1,312 resulted from a decrease in fair value at June 30, 2011. Of the gains recognized during the six months ended June 30, 2010, $14,446 resulted from cash payments received from the SIV securities and $6,433 was from an increase in fair value at June 30, 2010. The net gains from the SIV securities are reflected in Net (loss) gain from investments on the accompanying Consolidated Statements of Operations. In January 2011, the Company sold the senior note obligation originally issued by Stanfield Victoria. There was no gain or loss recognized by the Company from the sale of the note in 2011 as the fair value of the Stanfield Victoria note at December 31, 2010 was not different than the sale price received. The Company has an investment related to the startup of mutual funds sponsored by LSV. These are U.S. dollar denominated funds that invests primarily in securities of Canadian and Australian companies as well as various other global securities. The underlying securities held by the funds are translated into U.S. dollars within the funds. The net gains (losses) from the change in fair value of the funds during the three and six months ended June 30, 2011 and 2010 were minimal. Securities Owned During 2011, the Company's broker-dealer subsidiary, SIDCO, made investments in U.S. government agency and commercial paper 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 $21,032 at June 30, 2011. The changes in fair value recognized in the three and six months ended June 30, 2011 were minimal. |
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Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Lines of Credit
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6 Months Ended |
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Jun. 30, 2011
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| Lines of Credit | |
| Lines of Credit | Note 7. Lines of Credit The Company has a five-year $300,000 Credit Agreement (the Credit Facility) which expires in July 2012, 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 0.450 percent above the London Interbank Offer Rate ("LIBOR"). There is also a commitment fee equal to 0.09 percent per annum on the daily unused portion of the facility. The aggregate amount of the Credit Facility may be increased by an additional $100,000 under certain conditions set forth in the agreement. The Credit Facility, as amended, contains covenants that restrict the ability of the Company to engage in mergers, consolidations, asset sales, investments, transactions with affiliates, or to incur liens, as defined in the agreement. In the event of a default under the Credit Facility, the Company would also be restricted from paying dividends on, or repurchasing, its common stock without the approval of the lenders. None of the covenants of the Credit Facility negatively affect the Company's liquidity or capital resources. Both the interest rate and commitment fee prices may increase if the Company's leverage ratio reaches certain levels. 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 Credit Facility may be terminated. As of June 30, 2011, the Company's ability to borrow from the Credit Facility is not limited by any covenant of the agreement.
The Company made principal payments of $55,000 during the six months ended June 30, 2011. As of June 30, 2011, the outstanding balance of the Credit Facility was $40,000 and is included in Long-term debt on the accompanying Consolidated Balance Sheet. The Company was in compliance with all covenants of the Credit Facility at June 30, 2011. The Company considers the book value of long-term debt related to the borrowings through the Credit Facility to be representative of its fair value. The Company's Canadian subsidiary has a credit facility agreement (the Canadian Credit Facility) for the purpose of facilitating the settlement of mutual fund transactions. The Canadian Credit Facility has no stated expiration date. The amount of the facility is generally limited to $2,000 Canadian dollars or the equivalent amount in U.S. dollars. The Canadian Credit Facility does not contain any covenants which restrict the liquidity or capital resources of the Company. The Company had no borrowings under the Canadian Credit Facility and was in compliance with all covenants during the three months ended June 30, 2011. |
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Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Shareholders' Equity
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Jun. 30, 2011
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| Shareholders' Equity | Note 8. Shareholders' Equity Stock-Based Compensation The Company currently has one active equity compensation plan, the 2007 Equity Compensation Plan (the 2007 Plan), which provides for the grant of incentive stock options, non-qualified stock options and stock appreciation rights with respect to up to 20 million shares of common stock of the Company, subject to adjustment for stock splits, reclassifications, mergers and other events. Permitted grantees under the 2007 Plan include employees, non-employee directors and consultants who perform services for the Company. The plan is administered by the Compensation Committee of the Board of Directors of the Company. The Company has only granted non-qualified stock options under the plan. All outstanding stock options have performance-based vesting provisions specific to each option grant that tie the vesting of the applicable stock options to the Company's financial performance. The Company's stock options vest at a rate of 50 percent when specified diluted earnings per share targets are achieved, and the remaining 50 percent when secondary, higher specified diluted earnings per share targets are achieved. The amount of stock-based compensation expense is based upon management's estimate of when the earnings per share targets may be achieved. The Company discontinued any further grants under the Company's 1998 Equity Compensation Plan (the 1998 Plan) as a result of the approval of the 2007 Plan. No options are available for grant from this plan. Grants made from the 1998 Plan continue in effect under the terms of the grant. The Company recognized stock-based compensation expense in its Consolidated Financial Statements in the three months ended June 30, 2011 and 2010, respectively, as follows:
The Company recognized stock-based compensation expense in its Consolidated Financial Statements in the six months ended June 30, 2011 and 2010, respectively, as follows:
As of June 30, 2011, there was approximately $44,986 of unrecognized compensation cost remaining, adjusted for estimated forfeitures, related to unvested employee stock options that management expects will vest and is being amortized. The Company estimates that compensation cost will be recognized according to the following schedule:
During the six months ended June 30, 2010, the Company revised its previous estimate made as of December 31, 2009 of when certain vesting targets are expected to be achieved. This change in management's estimate resulted in a decrease of $2,492 in stock-based compensation expense in the six months ended June 30, 2010. There was no change in management's estimate for the achievement of vesting targets during the six months ended June 30, 2011. The Company issues new common shares associated with the exercise of stock options. The total intrinsic value of options exercised during the six months ended June 30, 2011 and 2010 was $8,205 and $4,921, respectively. The total options exercisable as of June 30, 2011 had an intrinsic value of $63,155. The total intrinsic value for options exercisable is calculated as the difference between the market value of the Company's common stock as of June 30, 2011 and the exercise price of the shares. The market value of the Company's common stock as of June 30, 2011 was $22.51 as reported by the Nasdaq Stock Market, LLC. The weighted average exercise price of the options exercisable as of June 30, 2011 was $17.66. Total options that were outstanding as of June 30, 2011 was 26,349,000. Common Stock Buyback The Company's Board of Directors has authorized the repurchase of the Company's common stock on the open market or through private transactions. The Company purchased 4,215,000 shares at a total cost of $95,144 during the six months ended June 30, 2011. As of June 30, 2011, the Company has $112,298 of authorization remaining for the purchase of our common stock under the program. 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 Dividend On May 25, 2011, the Board of Directors declared a cash dividend of $.12 per share on the Company's common stock, which was paid on June 28, 2011, to shareholders of record on June 20, 2011. Cash dividends declared during the six months ended June 30, 2011 and 2010 were $22,041 and $18,890, respectively. Noncontrolling Interest The following table provides a reconciliation of Noncontrolling interest on the Consolidated Balance Sheet for the period from January 1, 2011 to June 30, 2011:
The following table provides a reconciliation of Noncontrolling interest on the Consolidated Balance Sheet for the period from January 1, 2010 to June 30, 2010:
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The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Accumulated Comprehensive Income (Loss)
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Jun. 30, 2011
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| Accumulated Comprehensive Income (Loss) | Note 9. Accumulated Comprehensive Income (Loss) Accumulated other comprehensive income (loss), net of tax, consists of:
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The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Business Segment Information
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| Business Segment Information | Note 10. Business Segment Information The Company's reportable business segments are: Private Banks – provides investment processing and investment management programs to banks and trust institutions worldwide, independent wealth advisers located in the United Kingdom, and financial advisors in Canada; Investment Advisors – provides investment management programs to affluent investors through a network of independent registered investment advisors, financial planners, and other investment professionals in the United States; Institutional Investors – provides investment management programs and administrative outsourcing solutions to retirement plan sponsors, hospitals, and not-for-profit organizations worldwide; Investment Managers – provides investment processing, fund processing, and operational outsourcing solutions to investment managers, fund companies and banking institutions located in the United States, and to investment managers worldwide of alternative asset classes such as hedge funds, funds of hedge funds, and private equity funds across both registered and partnership structures; and Investments in New Businesses – provides investment management programs to ultra-high-net-worth families residing in the United States through the SEI Wealth Network®. The information in the following tables is derived from the Company's internal financial reporting used for corporate management purposes. There are no inter-segment revenues for the three and six months ended June 30, 2011 and 2010. Management evaluates Company assets on a consolidated basis during interim periods. The accounting policies of the reportable business segments are the same as those described in Note 1 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2010.
The following tables highlight certain unaudited financial information about each of the Company's business segments for the three months ended June 30, 2011 and 2010.
A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the quarters ended June 30, 2011 and 2010 is as follows:
The following tables provide additional information for the three months ended June 30, 2011 and 2010 pertaining to our business segments:
The following tables highlight certain unaudited financial information about each of the Company's business segments for the six months ended June 30, 2011 and 2010.
A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the six months ended June 30, 2011 and 2010 is as follows:
The following tables provide additional information for the six months ended June 30, 2011 and 2010 pertaining to our business segments:
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes
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| Income Taxes |
Note 11. Income Taxes The gross liability for unrecognized tax benefits at June 30, 2011 and December 31, 2010 was $7,401 and $5,723, respectively, exclusive of interest and penalties, of which $6,350 and $4,870 would affect the effective tax rate if the Company were to recognize the tax benefit. The Company classifies interest and penalties on unrecognized tax benefits as income tax expense. As of June 30, 2011 and December 31, 2010, the combined amount of accrued interest and penalties related to tax positions taken on tax returns was $702 and $689, respectively.
The Company's effective tax rates were 34.7 percent and 37.8 percent for the three months ended June 30, 2011 and 2010, respectively. For the six months ended June 30, 2011 and 2010, the Company's tax rates were 36.0 percent and 37.8 percent, respectively. In December 2010, the research and development tax credit was reinstated for calendar year 2010 and 2011. The 2011 tax rate reflects a benefit for research and development tax credit whereas the 2010 tax rate did not reflect any benefit. Additionally, during the three months ended June 30, 2011, management determined the Company was eligible for the Domestic Production Activities Deduction. The effective rate in the three months ended June 30, 2011 reflects the benefit of this deduction for both 2011 and 2010.
The Company files income tax returns in the United States on a consolidated basis and in many U.S. state and foreign jurisdictions. The Company is subject to examination of income tax returns by the Internal Revenue Service (IRS) and other domestic and foreign tax authorities. The Company is no longer subject to U.S. federal income tax examination for years before 2008 and is no longer subject to state, local or foreign income tax examinations by authorities for years before 2006. The Company estimates it will recognize $554 of unrecognized tax benefits within the next twelve months due to the expiration of the statute of limitations and resolution of income tax audits. These unrecognized tax benefits are related to tax positions taken on certain federal, state, and foreign tax returns. However, the timing of the resolution of income tax examinations is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued for each year. While it is reasonably possible that some issues under examination could be resolved in the next twelve months, based upon the current facts and circumstances, the Company cannot reasonably estimate the timing of such resolution or total range of potential changes as it relates to the current unrecognized tax benefits that are recorded as part of the Company's financial statements. |
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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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Jun. 30, 2011
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Note 12. Commitments and Contingencies In the normal course of business, the Company is party to various claims and legal proceedings. One of SEI's principal subsidiaries, SIDCO, has been named as a defendant in certain putative class action complaints (the Complaints) related to leveraged exchange traded funds (ETFs) advised by ProShares Advisors, LLC. The first complaint was filed on August 5, 2009. To date, the Complaints have been filed in the United States District Court for the Southern District of New York and in the United States District Court for the District of Maryland. The three complaints filed in the District of Maryland have been voluntarily dismissed by the plaintiffs. Two of them were subsequently re-filed in the Southern District of New York. Two of the complaints filed in the Southern District of New York have also been voluntarily dismissed by plaintiffs. The Complaints are purportedly made on behalf of all persons that purchased or otherwise acquired shares in various ProShares leveraged ETFs pursuant or traceable to allegedly false and misleading registration statements, prospectuses and statements of additional information. The Complaints name as defendants ProShares Advisors, LLC; ProShares Trust; ProShares Trust II, SIDCO, and various officers and trustees to ProShares Advisors, LLC; ProShares Trust and ProShares Trust II. The Complaints allege that SIDCO was the distributor and principal underwriter for the various ProShares leveraged ETFs that were distributed to authorized participants and ultimately shareholders. The complaints allege that the registration statements for the ProShares ETFs were materially false and misleading because they failed adequately to describe the nature and risks of the investments. The Complaints allege that SIDCO is liable for these purportedly material misstatements and omissions under Section 11 of the Securities Act of 1933. The Complaints seek unspecified compensatory and other damages, reasonable costs and other relief. Defendants have moved to consolidate the complaints, which motion has been granted. The Court appointed lead plaintiff on July 13, 2010, and an amended consolidated class action complaint was filed on September 25, 2010 asserting substantially the same claims. Defendants moved to dismiss on November 15, 2010. On December 16, 2010, lead plaintiff informed the Court and Defendants that lead plaintiff elected to file a second amended consolidated complaint, which was filed on January 31, 2011. Defendants filed a motion to dismiss the second complaint on March 17, 2011. The Court has permitted the parties to file supplemental briefing due July 13, 2011 with replies due July 20, 2011, after which the motion will be fully briefed. While the outcome of this litigation is uncertain given its early phase, SEI believes that it has valid defenses to plaintiffs' claims and intends to defend the lawsuits vigorously.
SEI has been named in six lawsuits filed in Louisiana. Five lawsuits were filed in the 19th Judicial District Court for the Parish of East Baton Rouge, State of Louisiana. One of the five actions purports to set forth claims on behalf of a class and also names SPTC as a defendant. Two of the other actions also name SPTC as a defendant. All five actions name various defendants in addition to SEI, and, in all five actions, the plaintiffs purport to bring a cause of action under the Louisiana Securities Act. The putative class action originally included a claim against SEI and SPTC for an alleged violation of the Louisiana Unfair Trade Practices Act. Two of the other five actions include claims for violations of the Louisiana Racketeering Act and possibly conspiracy. In addition, another group of plaintiffs have filed a lawsuit in the 23rd Judicial District Court for the Parish of Ascension, State of Louisiana, against SEI and SPTC and other defendants asserting claims of negligence, breach of contract, breach of fiduciary duty, violations of the uniform fiduciaries law, negligent misrepresentation, detrimental reliance, violations of the Louisiana Securities Act and Louisiana Racketeering Act and conspiracy. The underlying allegations in all the actions are purportedly related to the role of SPTC in providing back-office services to Stanford Trust Company. The petitions allege that SEI and SPTC aided and abetted or otherwise participated in the sale of "certificates of deposit" issued by Stanford International Bank. Two of the five actions filed in East Baton Rouge have been removed to federal court, and plaintiffs' motions to remand are pending. These two cases have been transferred by the Judicial Panel on Multidistrict Litigation to United States District Court for the Northern District of Texas. The case filed in Ascension was also removed to federal court and transferred by the Judicial Panel on Multidistrict Litigation to the Northern District of Texas. The schedule for responding to that complaint has not yet been established. The plaintiffs in the remaining two cases in East Baton Rouge have granted SEI an extension to respond to the filings. SEI and SPTC filed exceptions in the putative class action pending in East Baton Rouge, which the Court granted in part and dismissed the claims under the Louisiana Unfair Trade Practices Act and denied in part as to the other exceptions. SEI and SPTC filed an answer to the East Baton Rouge putative class action; plaintiffs filed a motion for class certification which is set for hearing on October 4-6, 2011; and SEI and SPTC also filed a motion for summary judgment against certain named plaintiffs which the Court stated will not be set for hearing until after the hearing on the class certification motion. While the outcome of this litigation is uncertain given its early phase, SEI and SPTC believe that they have valid defenses to plaintiffs' claims and intend to defend the lawsuits vigorously. Because of the uncertainty of the make-up of the classes, the specific theories of liability that may survive a motion to dismiss, the lack of discovery regarding damages, causation, mitigation and other aspects that may ultimately bear upon loss, the Company is not reasonably able to provide an estimate of loss, if any, with respect to the foregoing lawsuits. |
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The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Summary of Significant Accounting Policies (Policy)
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| Nature of Operations | Nature of Operations SEI Investments Company (the Company), a Pennsylvania corporation, provides investment processing, fund processing, and investment management business outsourcing solutions to corporations, financial institutions, financial advisors, and ultra-high-net-worth families in the United States, Canada, the United Kingdom, continental Europe, and other various locations throughout the world. Investment processing solutions utilize the Company's proprietary software systems to track investment activities in multiple types of investment accounts, including personal trust, corporate trust, institutional trust, and non-trust investment accounts, thereby allowing banks and trust companies to outsource trust and investment related activities. Revenues from investment processing solutions are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations, except for fees earned associated with trade execution services. The fund processing solution offers a full range of administration and distribution support services to mutual funds, collective trust funds, single-manager hedge funds, funds of hedge funds, private equity funds and other types of investment funds. Administrative services include fund accounting, trustee and custodial support, legal support, transfer agency and shareholder servicing. Distribution support services range from market and industry insight and analysis to identifying distribution opportunities. Revenues from fund processing solutions are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Investment management programs consist of mutual funds, alternative investments and separate accounts. These include a series of money market, equity, fixed-income and alternative investment portfolios, primarily in the form of registered investment companies. The Company serves as the administrator and investment advisor for many of these products. Revenues from investment management programs are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. |
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| Basis of Presentation | Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Certain financial information and accompanying note disclosure normally included in the Company's Annual Report on Form 10-K has been condensed or omitted. The interim financial information is unaudited but reflects all adjustments (consisting of only normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of financial position of the Company as of June 30, 2011, the results of operations for the three and six months ended June 30, 2011 and 2010, and cash flows for the six month periods ended June 30, 2011 and 2010. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2010. There have been no significant changes in significant accounting policies during the six months ended June 30, 2011 as compared to the significant accounting policies described in the Company's Annual Report on Form 10-K for the year ended December 31, 2010. |
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| Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents includes $302,202 and $383,946 at June 30, 2011 and December 31, 2010, respectively, primarily invested in SEI-sponsored open-ended money market mutual funds. |
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| Restricted Cash |
Restricted Cash Restricted cash includes $3,000 at June 30, 2011 and December 31, 2010 segregated for regulatory purposes related to trade-execution services conducted by SEI Investments (Europe) Limited. Restricted cash also includes $1,000 at June 30, 2011 and December 31, 2010 segregated in special reserve accounts for the benefit of customers of the Company's broker-dealer subsidiary, SEI Investments Distribution Co. (SIDCO), in accordance with certain rules established by the Securities and Exchange Commission for broker-dealers. |
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| Capitalized Software | Capitalized Software The Company capitalized $20,537 and $17,578 of software development costs during the six months ended June 30, 2011 and 2010, respectively. As of June 30, 2011, capitalized software placed into service included on the accompanying Consolidated Balance Sheet had a weighted average remaining life of approximately 11.0 years. Amortization expense related to capitalized software was $12,532 and $11,400 during the six months ended June 30, 2011 and 2010, respectively. Software development costs capitalized during the six months ended June 30, 2011 and 2010 relates to the continued development of the Global Wealth Platform (GWP). As of June 30, 2011, the net book value of GWP was $289,023 (net of accumulated amortization of $74,400), including $12,161 of capitalized software development costs in-progress associated with future releases. GWP has an estimated useful life of 15 years and a weighted average remaining life of 11.0 years. Amortization expense for GWP was $12,249 and $11,117 during the six months ended June 30, 2011 and 2010, respectively. |
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| Earnings per Share |
Earnings per Share The calculations of basic and diluted earnings per share for the three months ended June 30, 2011 and 2010 are:
Employee stock options to purchase 7,675,000 and 10,422,000 shares of common stock, with an average exercise price of $28.25 and $24.87, were outstanding during the three months ended June 30, 2011 and 2010, respectively, but not included in the computation of diluted earnings per common share because the effect on diluted earnings per common share would have been anti-dilutive. The calculations of basic and diluted earnings per share for the six months ended June 30, 2011 and 2010 are:
Employee stock options to purchase 7,606,000 and 16,210,000 shares of common stock, with an average exercise price of $28.26 and $23.46, were outstanding during the six months ended June 30, 2011 and 2010, respectively, but not included in the computation of diluted earnings per common share because the effect on diluted earnings per common share would have been anti-dilutive. |
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| New Accounting Pronouncements | New Accounting Pronouncements In May 2011, the Financial Accounting Standards Board (FASB) issued a final Accounting Standards Update which represents the converged guidance of the FASB and the International Accounting Standards Board on fair value measurement. The guidance clarifies how a principal market is determined, addresses the fair value measurement of instruments with offsetting market or counterparty credit risks, addresses the concept of valuation premise and highest and best use, extends the prohibition on blockage factors to all three levels of the fair value hierarchy and requires additional disclosures. The guidance is effective for interim and annual periods beginning after December 15, 2011 and is applied prospectively. The Company is currently evaluating the requirements of the guidance and has not yet determined its impact on the Company's consolidated financial statements. In June 2011, the FASB issued a final Accounting Standards Update to amend the presentation of comprehensive income in financial statements. This new guidance allows companies the option to present other comprehensive income in either a single continuous statement or in two separate but consecutive statements. Under both alternatives, companies will be required to present each component of net income and comprehensive income. The adoption of this guidance may impact the presentation of the Company's consolidated financial statements, but it will not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The guidance is effective for interim and annual periods beginning after December 15, 2011 and will require retrospective application for all periods presented. |
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| Statements of Cash Flows | Statements of Cash Flows For purposes of the Consolidated Statements of Cash Flows, the Company considers investment instruments purchased with an original maturity of three months or less to be cash equivalents. The following table provides the details of the adjustments to reconcile net income to net cash provided by operating activities for the six months ended June 30:
As previously disclosed in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2010, during the three months ended September 30, 2010, the Company identified that it had incorrectly classified certain accounts payable related to the purchase of computer software during the three months ended June 30, 2010 as Additions to property and equipment in the Cash flows from investing activities section on the consolidated statement of cash flows in the six months ended June 30, 2010. The effect of the misclassification resulted in Cash flows provided by operating activities and Cash flows used in investing activities being overstated by $7,102 for the six months ended June 30, 2010. The Company has revised its consolidated statement of cash flows for the six months ended June 30, 2010 to appropriately classify this amount to the Cash flows from operating activities. This misclassification had no effect on the consolidated balances sheets, consolidated statements of operations or consolidated statements of comprehensive income. |
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| Reclassifications |
Reclassifications Certain prior year amounts have been reclassified to conform to current year presentation. |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2011
|
Jun. 30, 2010
|
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| Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Certain Financial Assets and Liabilities |
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| Reconciliation for All Assets and Liabilities Company Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) |
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| X | ||||||||||
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- Details
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| X | ||||||||||
|
- Definition
Tabular disclosure of certain assets obtained or liabilities incurred in transfers of financial assets during the period for which it is impracticable to estimate fair value. This also contains the reasons why it is not practicable to estimate their fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Marketable Securities (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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| Marketable Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments Available for Sale |
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| Trading Securities |
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| X | ||||||||||
|
- Definition
Tabular disclosure of the reconciliation of trading securities from cost basis to fair value. No definition available.
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| X | ||||||||||
|
- Definition
Tabular disclosure of available-for-sale securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
|
Shareholders' Equity (Tables)
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3 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Jun. 30, 2011
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Jun. 30, 2010
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| Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation Expense |
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| Schedule of Recognition of Compensation Cost |
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| Reconciliation of Non-Controlling Interest on the Consolidated Balance Sheet |
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| X | ||||||||||
|
- Definition
Reconciliation of Non-Controlling Interest on the Consolidated Balance Sheet No definition available.
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| X | ||||||||||
|
- Definition
Schedule of Recognition of Compensation Cost No definition available.
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| X | ||||||||||
|
- Definition
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
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|
Accumulated Comprehensive Income (Loss) (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Jun. 30, 2011
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| Accumulated Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Comprehensive Income (Loss), Net of Tax |
|
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of the components of accumulated other comprehensive income (loss). No definition available.
|
|
Business Segment Information (Tables)
|
3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
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| Business Segment Information | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Information About Business Segments |
|
|
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| Reconciliation of Total Operating Profit Reported for Business Segments to Income from Operations in Consolidated Statements of Operations |
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| Additional Information Pertaining to Business Segments |
|
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tabular disclosure of each significant reconciling item, other than profit (loss), revenues, or assets, in the reconciliation of totals of such items in reportable segments to the entity's corresponding consolidated amount. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Income Taxes (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2011
|
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| Income Taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest and Penalties |
|
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Summary of Significant Accounting Policies (Narrative) (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
| Cash and cash equivalents | $ 442,311 | $ 461,929 | $ 442,311 | $ 461,929 | $ 496,292 | $ 590,877 |
| Capitalized software development costs | 20,537 | 17,578 | 20,537 | 17,578 | ||
| Capitalized software, weighted average remaining life, years | 11.0 | |||||
| Amortization expense related to capitalized software | 12,532 | 11,400 | ||||
| Capitalized software, accumulated amortization | 103,479 | 103,479 | 90,947 | |||
| Antidilutive employee stock options | 7,675,000 | 10,422,000 | 7,606,000 | 16,210,000 | ||
| Average exercise price of anti-dilutive employee stock options | $ 28.25 | $ 24.87 | $ 28.26 | $ 23.46 | ||
|
SEI Investments Distribution Co (SIDCO) [Member]
|
||||||
| Restricted cash | 1,000 | 1,000 | 0 | |||
|
SEI Investments (Europe) Limited [Member]
|
||||||
| Restricted cash | 3,000 | 3,000 | 0 | 3,000 | ||
|
Global Wealth Platform [Member]
|
||||||
| Capitalized software, weighted average remaining life, years | 11.0 | |||||
| Amortization expense related to capitalized software | 12,249 | 11,117 | ||||
| Net book value of GWP | 289,023 | 289,023 | ||||
| Capitalized software, accumulated amortization | 74,400 | 74,400 | ||||
| Capitalized software development costs in-progress associated with future releases | 12,161 | |||||
| Software development cost useful life, years | 15 | |||||
|
SEI-Sponsored Open-Ended Money Market Mutual Funds [Member]
|
||||||
| Cash and cash equivalents | $ 302,202 | $ 302,202 | $ 383,946 | |||
| X | ||||||||||
|
- Definition
Average exercise price of employee stock options outstanding that were excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive. No definition available.
|
| X | ||||||||||
|
- Definition
Capitalized Software Development Costs In-Progress Associated with Future Releases Summary of Significant Accounting Policies No definition available.
|
| X | ||||||||||
|
- Definition
Capitalized Software, Weighted Average Remaining Life No definition available.
|
| X | ||||||||||
|
- Definition
Software development cost useful life No definition available.
|
| X | ||||||||||
|
- Definition
Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For each balance sheet presented, the amount of accumulated amortization for capitalized computer software costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For each income statement presented, the amount charged to expense for amortization of capitalized computer software costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The gross amount of capitalized computer software costs as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Unamortized costs incurred for development of computer software, which is to be sold, leased or otherwise marketed, after establishing technological feasibility through to the general release of the software products. Excludes capitalized costs of developing software for internal use. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Summary of Significant Accounting Policies (Calculation of Basic and Diluted Earnings per Share) (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
| Summary of Significant Accounting Policies | ||||
| Basic earnings per common share, Income (Numerator) | $ 53,603 | $ 53,478 | $ 111,331 | $ 112,898 |
| Basic earnings per common share, Shares (Denominator) | 184,585 | 189,356 | 185,186 | 189,652 |
| Basic earnings per common share, Per Share Amount | $ 0.29 | $ 0.28 | $ 0.60 | $ 0.60 |
| Dilutive effect of stock options, Income (Numerator) | 0 | 0 | 0 | 0 |
| Dilutive effect of stock options, Shares (Denominator) | 2,435 | 2,144 | 2,571 | 1,629 |
| Diluted earnings per common share, Income (Numerator) | $ 53,603 | $ 53,478 | $ 111,331 | $ 112,898 |
| Diluted earnings per common share, Shares (Denominator) | 187,020 | 191,500 | 187,757 | 191,281 |
| Diluted earnings per common share, Per Share Amount | $ 0.29 | $ 0.28 | $ 0.59 | $ 0.59 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount resulting from the "as if" assumption that stock options or restrictive stock units were exercised for purposes of computing the dilutive effect of convertible securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net Income or Loss Available to Common Stockholders plus adjustments resulting from the assumption that dilutive convertible securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average number of shares or units and dilutive common stock or unit equivalents outstanding in the calculation of proforma diluted earnings per share (earnings per unit), which is commonly presented in initial public offerings based on the terms of the offering. No definition available.
|
| X | ||||||||||
|
- Definition
The sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the weighted average total number of shares issued throughout the period including the first (beginning balance outstanding) and last (ending balance outstanding) day of the period before considering any reductions (for instance, shares held in treasury) to arrive at the weighted average number of shares outstanding. Weighted average relates to the portion of time within a reporting period that common shares have been issued and outstanding to the total time in that period. Such concept is used in determining the weighted average number of shares outstanding for purposes of calculating earnings per share (basic). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Summary of Significant Accounting Policies (Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
| Summary of Significant Accounting Policies | ||||
| Net income | $ 54,113 | $ 53,839 | $ 112,153 | $ 113,697 |
| Depreciation | 5,391 | 5,584 | 11,002 | 10,790 |
| Amortization | 6,792 | 5,997 | 13,023 | 11,897 |
| Equity in earnings of unconsolidated affiliate | (58,479) | (47,593) | ||
| Distributions received from unconsolidated affiliate | 50,760 | 23,117 | ||
| Stock-based compensation | 3,810 | 6,278 | 7,542 | 12,935 |
| Provision for losses on receivables | (327) | (893) | ||
| Deferred income tax expense | (36) | 635 | ||
| Net realized gains from investments | (5,330) | (21,073) | ||
| Change in other long-term liabilities | 1,904 | 26 | ||
| Change in other assets | (1,658) | (457) | ||
| Other | 3,858 | (3,493) | ||
| Decrease (increase) in receivables from regulated investment companies | (1,953) | (1,503) | ||
| Decrease (increase) in receivables | (15,353) | (14,324) | ||
| Decrease (increase) in other current assets | (211) | 308 | ||
| Increase (decrease) in accounts payable | (1,727) | (1,774) | ||
| Increase (decrease) in accrued liabilities | (21,081) | (22,999) | ||
| Increase (decrease) in deferred revenue | (1,247) | (709) | ||
| Total adjustments | (19,313) | (55,110) | ||
| Net cash provided by operating activities | $ 92,840 | $ 58,587 | ||
| X | ||||||||||
|
- Definition
Change in other assets. No definition available.
|
| X | ||||||||||
|
- Definition
Change in other long-term liabilities. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of consolidated retained earnings that represent undistributed (not yet received) earnings from 50% or less owned persons accounted for by the equity method (equity method investees). No definition available.
|
| X | ||||||||||
|
- Definition
The net change during the reporting period of amounts due within one year from other related parties which are not otherwise stated in the taxonomy. No definition available.
|
| X | ||||||||||
|
- Definition
Net realized gains or losses from investments in debt or equity securities categorized as available for sale, held to maturity, or trading and other investment gains and losses. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The aggregate amount of recurring noncash expense charged against earnings in the period to allocate the cost of assets over their estimated remaining economic lives. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of adjustments which are added to or deducted from net income or loss, including the portion attributable to noncontrolling interest, to reflect cash provided by or used in operating activities, in accordance with the indirect cash flow method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents disclosure of the amount of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other amounts due to the reporting entity, which are not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Other income (expense) included in net income that results in no cash inflows or outflows in the period. Includes noncash adjustments to reconcile net income (loss) to cash provided by (used in) operating activities that are not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Investment in Unconsolidated Affiliate (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jul. 31, 2011
|
Dec. 31, 2010
|
Jun. 30, 2011
LSV [Member]
|
Jun. 30, 2011
LSV Employee Group [Member]
|
Dec. 31, 2006
LSV Employee Group [Member]
|
Jul. 31, 2011
LSV Employee Group [Member]
|
Jul. 31, 2011
LSV Employee Group II [Member]
|
Apr. 30, 2011
LSV Employee Group II [Member]
|
Jun. 30, 2011
LSV Employee Group II [Member]
|
Apr. 30, 2011
Bank of America [Member]
LSV Employee Group II [Member]
|
|
| Equity method investment, ownership percentage | 41.00% | ||||||||||||||
| Total investment in LSV | $ 72,439 | $ 72,439 | $ 64,409 | ||||||||||||
| Investment in LSV in excess of the underlying equity in net assets | 3,936 | 3,936 | |||||||||||||
| Partnership distribution payments received from LSV | 21,242 | 50,760 | 44,359 | ||||||||||||
| Proportionate share in the earnings of LSV | 29,530 | 23,519 | 58,479 | 47,593 | |||||||||||
| Amount financed through new term loan | 3,655 | ||||||||||||||
| Acquisition of additional partnership interest | 8.00% | ||||||||||||||
| Goodwill | 3,062 | ||||||||||||||
| Unpaid principal balance of term loan | 1,298 | 3,472 | |||||||||||||
| Debt instrument, periodic payment, principal | 8,793 | 183 | |||||||||||||
| Current debt obligation | 0 | ||||||||||||||
| Purchase partnership interest | $ 4,300 | ||||||||||||||
| Maturity of term loan, years | four | ||||||||||||||
| X | ||||||||||
|
- Definition
Percentage interest in investee acquired by affiliate of company. No definition available.
|
| X | ||||||||||
|
- Definition
Amount Financed Through New Term Loan No definition available.
|
| X | ||||||||||
|
- Definition
Obligation of the Company in its capacity as guarantor for payment of the term loan of affiliates. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of the Company's investment in investee which exceeds the underlying equity in the net assets of the investee. No definition available.
|
| X | ||||||||||
|
- Definition
Proportionate Share of Earnings No definition available.
|
| X | ||||||||||
|
- Definition
Purchase Partnership Interest No definition available.
|
| X | ||||||||||
|
- Definition
Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date before deducting unamortized discount or premiums (if any). May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Description of the maturity date of the debt instrument including whether the debt matures serially and, if so, a brief description of the serial maturities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the required periodic payments applied to principal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from an entity that is affiliated with the entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Investment in Unconsolidated Affiliate (Condensed Statement of Operations of LSV) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
| Revenues | $ 237,760 | $ 228,388 | $ 470,253 | $ 449,923 |
| Net income | 53,603 | 53,478 | 111,331 | 112,898 |
|
Investment in Unconsolidated Affiliate [Member]
|
||||
| Revenues | 81,748 | 65,011 | 161,150 | 131,020 |
| Net income | $ 72,018 | $ 56,641 | $ 141,964 | $ 114,613 |
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Variable Interest Entities (Narrative) (Details)
|
6 Months Ended |
|---|---|
|
Jun. 30, 2011
|
|
| Variable Interest Entities | |
| Percentage not approached by expected return on any VIE investment | 50.00% |
| Other financial obligation to VIEs | 0 |
| X | ||||||||||
|
- Definition
Percentage not approached by expected return on any VIE investment No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Description of the type of financial or other support (for example, liquidity arrangements and obligations to purchase assets) provided by the reporting entity to the Variable Interest Entity (VIE) which the reporting entity was not previously contractually required to provide or that it intends to provide. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Composition of Certain Financial Statement Captions (Receivables) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2011
|
Dec. 31, 2010
|
|---|---|---|
| Composition of Certain Financial Statement Captions | ||
| Trade receivables | $ 41,419 | $ 34,528 |
| Fees earned, not billed | 101,355 | 93,506 |
| Other receivables | 7,519 | 9,651 |
| Gross receivables | 150,293 | 137,685 |
| Less: Allowance for doubtful accounts | (868) | (1,195) |
| Net receivables | $ 149,425 | $ 136,490 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Fees earned not billed No definition available.
|
| X | ||||||||||
|
- Definition
Trade receivables No definition available.
|
| X | ||||||||||
|
- Definition
Amounts due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer) for goods or services (including trade receivables) that have been delivered or sold in the normal course of business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For an unclassified balance sheet, a valuation allowance for receivables due a company that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amounts due as of the balance sheet date from parties or arising from transactions not otherwise specified in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total amount due to the entity within one year of the balance sheet date (or one operating cycle, if longer) from outside sources, including trade accounts receivable, notes and loans receivable, as well as any other types of receivables, net of allowances established for the purpose of reducing such receivables to an amount that approximates their net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Composition of Certain Financial Statement Captions (Property and Equipment) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Dec. 31, 2010
|
|
| Composition of Certain Financial Statement Captions | |||||
| Buildings | $ 136,411 | $ 136,411 | $ 135,935 | ||
| Equipment | 67,266 | 67,266 | 63,902 | ||
| Land | 9,890 | 9,890 | 9,890 | ||
| Purchased software | 77,178 | 77,178 | 74,720 | ||
| Furniture and fixtures | 18,691 | 18,691 | 18,566 | ||
| Leasehold improvements | 4,700 | 4,700 | 4,250 | ||
| Construction in progress | 186 | 186 | 121 | ||
| Property and Equipment, gross | 314,322 | 314,322 | 307,384 | ||
| Less: Accumulated depreciation and amortization | (177,779) | (177,779) | (166,816) | ||
| Property and Equipment, net | 136,543 | 136,543 | 140,568 | ||
| Depreciation expense | $ 5,391 | $ 5,584 | $ 11,002 | $ 10,790 | |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross amount, as of the balance sheet date, of long-lived, depreciable assets that include building structures held for productive use including any addition, improvement, or renovation to the structure, such as interior masonry, interior flooring, electrical, and plumbing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross amount, at the balance sheet date, of long-lived assets under construction that include construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross amount, at the balance sheet date, of long-lived, depreciable assets commonly used in offices and stores. Examples include desks, chairs, and store fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of real estate held for productive use. This excludes land held for sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross amount, at the balance sheet date, of long-lived, depreciable assets that are an addition or improvement to assets held under lease arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross amount, as of the balance sheet date, of long-lived, depreciable assets used in the production process to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross amount, at the balance sheet date, of long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents capitalized assets classified as property, plant and equipment not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Composition of Certain Financial Statement Captions (Accrued Liabilities) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2011
|
Dec. 31, 2010
|
|---|---|---|
| Composition of Certain Financial Statement Captions | ||
| Accrued employee compensation | $ 26,547 | $ 43,747 |
| Accrued employee benefits and other personnel | 5,651 | 6,988 |
| Accrued consulting, outsourcing and professional fees | 20,576 | 16,390 |
| Accrued brokerage fees | 9,571 | 11,942 |
| Accrued sub-advisory, distribution and other asset management fees | 15,769 | 16,778 |
| Accrued income taxes | 0 | 2,077 |
| Other accrued liabilities | 23,221 | 23,488 |
| Total accrued liabilities | $ 101,335 | $ 121,410 |
| X | ||||||||||
|
- Definition
Accrued brokerage fees No definition available.
|
| X | ||||||||||
|
- Definition
Accrued Sub-Advisory, Distribution and Other Asset Management Fees No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable for professional fees, such as for legal and accounting services received. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of the obligations incurred through that date and payable for employees' services provided. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable for employer-related costs not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Fair Value Measurements (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | ||
|---|---|---|---|
|
Jun. 30, 2011
|
Jun. 30, 2011
Significant Unobservable Inputs (Level 3) [Member]
|
Dec. 31, 2010
Significant Unobservable Inputs (Level 3) [Member]
|
|
| Financial liabilities | $ 0 | $ 0 | |
| Transfers of financial assets between levels within the fair value hierarchy | $ 0 |
| X | ||||||||||
|
- Definition
This element represents [net] transfers in to and out of assets measured at fair value on a recurring basis using unobservable inputs (Level 3) which have taken place during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the aggregate of the liabilities reported on the balance sheet at period end measured at fair value by the entity. This element is intended to be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. No definition available.
|
|
Fair Value Measurements (Fair Value of Certain Financial Assets and Liabilities) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2011
|
Dec. 31, 2010
|
|---|---|---|
| Equity available-for-sale securities | $ 9,526 | $ 5,853 |
| Fixed income available-for-sale securities | 64,770 | 68,917 |
| Fixed income securities owned | 21,032 | 0 |
| Trading securities issued by SIVs | 60,053 | 100,645 |
| Other trading securities | 4,130 | 3,949 |
| Assets, fair value | 159,511 | 179,364 |
|
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
||
| Equity available-for-sale securities | 9,526 | 5,853 |
| Fixed income available-for-sale securities | 0 | 0 |
| Fixed income securities owned | 0 | |
| Trading securities issued by SIVs | 0 | 0 |
| Other trading securities | 4,130 | 3,949 |
| Assets, fair value | 13,656 | 9,802 |
|
Significant Other Observable Inputs (Level 2) [Member]
|
||
| Equity available-for-sale securities | 0 | 0 |
| Fixed income available-for-sale securities | 64,770 | 68,917 |
| Fixed income securities owned | 21,032 | |
| Trading securities issued by SIVs | 0 | 0 |
| Other trading securities | 0 | 0 |
| Assets, fair value | 85,802 | 68,917 |
|
Significant Unobservable Inputs (Level 3) [Member]
|
||
| Equity available-for-sale securities | 0 | 0 |
| Fixed income available-for-sale securities | 0 | 0 |
| Fixed income securities owned | 0 | |
| Trading securities issued by SIVs | 60,053 | 100,645 |
| Other trading securities | 0 | 0 |
| Assets, fair value | $ 60,053 | $ 100,645 |
| X | ||||||||||
|
- Definition
This element represents the aggregate of the assets reported on the balance sheet at period end measured at fair value by the entity. This element is intended to be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. No definition available.
|
| X | ||||||||||
|
- Definition
For an unclassified balance sheet, total of debt securities categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For an unclassified balance sheet, this item represents equity securities categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The fair value as of the balance sheet date of firm holdings in debt obligations issued by the US government including short-term Treasury bills, medium-term Treasury notes, and long-term Treasury bonds, as well as debt issued by agencies. Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Debt securities that are bought and held principally for the purpose of selling them in the near term (thus held for only a short period of time) or for debt securities formerly categorized as available-for-sale or held-to-maturity which the entity held as of the date it opted to account for such securities at fair value. An enterprise may also categorize such a security as trading without the intent to sell it in the near term assuming the decision to categorize the security as trading occurred at acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total common and preferred stock (which is not mandatorily redeemable, redeemable at the option of the holder, or in any other way classified as liability) equity securities that are bought and held principally for the purpose of selling them in the near term (thus held for only a short period of time) or for equity securities formerly categorized as available-for-sale or held-to-maturity which the entity held as of the date it opted to account for such securities at fair value. An enterprise may also categorize such a security as trading without the intent to sell it in the near term assuming the decision to categorize the security as trading occurred at acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Fair Value Measurements (Reconciliation for All Assets and Liabilities Company Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)) (Details) (Trading Securities [Member], USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
|
Trading Securities [Member]
|
||
| Beginning balance | $ 100,645 | $ 120,714 |
| Purchases | 0 | 536 |
| Issuances | 0 | 0 |
| Principal prepayments and settlements | (10,806) | (23,755) |
| Sales | (34,706) | (16,416) |
| Total gains or (losses) (realized/unrealized), included in earnings | 4,920 | 21,262 |
| Total gains or (losses) (realized/unrealized), included in other comprehensive income | 0 | 0 |
| Transfers in and out of Level 3 | 0 | 0 |
| Ending balance | $ 60,053 | $ 102,341 |
| X | ||||||||||
|
- Definition
This element represents total gains or losses for the period (realized and unrealized), arising from assets measured at fair value on a recurring basis using unobservable inputs (Level 3), which are included in earnings or resulted in a change in net asset value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents total gains or losses for the period (realized and unrealized), arising from assets measured at fair value on a recurring basis using unobservable inputs (Level 3), which are included in other comprehensive income (a separate component of shareholders' equity). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Issues that have taken place during the period in relation to assets measured at fair value and categorized within Level 3 of the fair value hierarchy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Purchases that have taken place during the period in relation to assets measured at fair value and categorized within Level 3 of the fair value hierarchy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sales that have taken place during the period in relation to assets measured at fair value and categorized within Level 3 of the fair value hierarchy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Settlements that have taken place during the period in relation to assets measured at fair value and categorized within Level 3 of the fair value hierarchy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Transfers out of assets measured at fair value and categorized within Level 3 of the fair value hierarchy that have taken place during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents an asset measured at fair value using significant unobservable inputs (Level 3) which is required for reconciliation purposes of beginning and ending balances. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Marketable Securities (Narrative) (Details) (USD $)
|
6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2011
|
Dec. 31, 2010
|
Jun. 30, 2011
SEI Private Trust Company [Member]
|
Jun. 30, 2011
Stanfield Victoria [Member]
|
Dec. 31, 2010
Stanfield Victoria [Member]
|
Jun. 30, 2011
U.S. Government Agency and Commercial Paper Securities [Member]
|
Jun. 30, 2011
SIV Securities [Member]
|
Jun. 30, 2010
SIV Securities [Member]
|
|
| Net unrealized holding gains | $ 1,854,000 | $ 1,339,000 | ||||||
| Unrealized holding gains during the period, income tax expense | 945,000 | 784,000 | ||||||
| Debt maturity, minimum | 2020 | |||||||
| Debt maturity, maximum | 2040 | one year | ||||||
| Cumulative losses from SIV securities and SIV related-issues | 139,915,000 | |||||||
| Net gain from sale of SIV securities | 4,920,000 | 21,262,000 | ||||||
| Gains from cash payments received from SIV securities | 6,232,000 | 14,446,000 | ||||||
| Gains or losses from increase/decrease in fair value of SIV securities | (1,312,000) | 6,433,000 | ||||||
| Gain or loss recognized from sale of note | 0 | 0 | ||||||
| Securities owned (Note 6) | $ 21,032,000 | $ 0 | ||||||
| X | ||||||||||
|
- Definition
Cumulative Losses from SIV Securities and SIV Related Issues No definition available.
|
| X | ||||||||||
|
- Definition
Gain Loss Recognized From the Sale of Senior Note Obligation No definition available.
|
| X | ||||||||||
|
- Definition
Gains from cash payments received from SIV securities. No definition available.
|
| X | ||||||||||
|
- Definition
Unrealized Holding Gains During the Period, Income Tax Expense No definition available.
|
| X | ||||||||||
|
- Definition
When presenting a range of maturity dates, the latest date when the outstanding debt instruments are required to be repaid. May be presented in a variety of ways (for example: year only, month and year, day, month and year, and number of years). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
When presenting a range of maturity dates, the earliest date when the outstanding debt instruments are required to be repaid. May be presented in a variety of ways (for example: year only, month and year, day, month and year, and number of years). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The fair value as of the balance sheet date of firm holdings in debt obligations issued by the US government including short-term Treasury bills, medium-term Treasury notes, and long-term Treasury bonds, as well as debt issued by agencies. Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross appreciation or the gross loss in value of the total of unsold available-for-sale securities during the period being reported (except when designated as a fair value hedge). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the gain realized during the period from the sale of trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increases or decreases in the market value of unsold securities whose gains or losses were included in earnings, and which, were not separately or otherwise categorized as trading, available-for-sale, or held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Marketable Securities (Investments Available for Sale) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2011
|
Dec. 31, 2010
|
|---|---|---|
| Investment Available for Sale, Cost Amount | $ 71,497 | $ 72,647 |
| Investment Available for Sale, Gross Unrealized Gains | 2,807 | 2,137 |
| Investment Available for Sale, Gross Unrealized Losses | (8) | (14) |
| Investment Available for Sale, Fair Value | 74,296 | 74,770 |
|
SEI-Sponsored Mutual Funds [Member]
|
||
| Investment Available for Sale, Cost Amount | 8,971 | 5,086 |
| Investment Available for Sale, Gross Unrealized Gains | 244 | 279 |
| Investment Available for Sale, Gross Unrealized Losses | (8) | (14) |
| Investment Available for Sale, Fair Value | 9,207 | 5,351 |
|
Other Mutual Funds [Member]
|
||
| Investment Available for Sale, Cost Amount | 277 | 443 |
| Investment Available for Sale, Gross Unrealized Gains | 42 | 59 |
| Investment Available for Sale, Gross Unrealized Losses | 0 | 0 |
| Investment Available for Sale, Fair Value | 319 | 502 |
|
Debt Securities [Member]
|
||
| Investment Available for Sale, Cost Amount | 62,249 | 67,118 |
| Investment Available for Sale, Gross Unrealized Gains | 2,521 | 1,799 |
| Investment Available for Sale, Gross Unrealized Losses | 0 | 0 |
| Investment Available for Sale, Fair Value | $ 64,770 | $ 68,917 |
| X | ||||||||||
|
- Definition
This item represents the cost of debt and equity securities, which are categorized neither as held-to-maturity nor trading, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments recognized, as defined), and fair value hedge accounting adjustments, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the gross unrealized gains for securities, at a point in time, which are categorized neither as held-to-maturity nor trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the gross unrealized losses for securities, at a point in time, which are categorized neither as held-to-maturity nor trading securities. No definition available.
|
| X | ||||||||||
|
- Definition
Investments in debt and equity securities which are categorized neither as held-to-maturity nor trading and which are intended to be sold or mature more than one year from the balance sheet date or operating cycle, if longer. Such securities are reported at fair value; unrealized gains (losses) related to Available-for-sale Securities are excluded from earnings and reported in a separate component of shareholders' equity (other comprehensive income), unless the Available-for-sale security is designated as a hedge or is determined to have had an other than temporary decline in fair value below its amortized cost basis. All or a portion of the unrealized holding gain (loss) of an Available-for-sale security that is designated as being hedged in a fair value hedge is recognized in earnings during the period of the hedge, as are other than temporary declines in fair value below the cost basis for investments in equity securities and debt securities that an entity intends to sell or it is more likely than not that it will be required to sell before the recovery of its amortized cost basis. Other than temporary declines in fair value below the cost basis for debt securities categorized as Available-for-sale that an entity does not intend to sell and for which it is not more likely than not that the entity will be required to sell before the recovery of its amortized cost basis are bifurcated into credit losses and losses related to all other factors. Other than temporary declines in fair value below cost basis related to credit losses are recognized in earnings, and losses related to all other factors are recognized in other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Marketable Securities (Trading Securities) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended |
|---|---|---|
|
Jun. 30, 2011
|
Dec. 31, 2010
|
|
| Trading Securities, Cost | $ 155,526 | $ 233,075 |
| Trading Securities, Gross Unrealized Gains | 2,081 | 1,900 |
| Trading Securities, Gross Unrealized Losses | (93,424) | (130,381) |
| Trading Securities, Fair Value | 64,183 | 104,594 |
|
SIV Securities [Member]
|
||
| Trading Securities, Cost | 153,477 | 231,026 |
| Trading Securities, Gross Unrealized Gains | 0 | 0 |
| Trading Securities, Gross Unrealized Losses | (93,424) | (130,381) |
| Trading Securities, Fair Value | 60,053 | 100,645 |
|
LSV-Sponsored Mutual Funds [Member]
|
||
| Trading Securities, Cost | 2,049 | 2,049 |
| Trading Securities, Gross Unrealized Gains | 2,081 | 1,900 |
| Trading Securities, Gross Unrealized Losses | 0 | 0 |
| Trading Securities, Fair Value | $ 4,130 | $ 3,949 |
| X | ||||||||||
|
- Definition
All other debt and equity financial instruments, which aren't categorized as available-for-sale, or held-to-maturity and which are not otherwise listed in the existing taxonomy, intended to be held longer than one year from the balance sheet date or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents a parenthetical disclosure for the cost of securities classified as trading. No definition available.
|
| X | ||||||||||
|
- Definition
The increase (decrease) resulting in a gain from the difference between the fair value and the carrying value, or in the comparative fair values, of trading securities held at each balance sheet date, that was included in earnings for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) resulting in a loss from the difference between the fair value and the carrying value, or in the comparative fair values, of trading securities held at each balance sheet date, that was included in earnings for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Lines of Credit (Details)
In Thousands, unless otherwise specified |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2011
USD ($)
|
Jun. 30, 2011
Canadian Subsidiary [Member]
CAD
|
|
| Credit agreement, years | five | |
| Credit facility | $ 300,000 | 2,000 |
| Credit facility, expiration date | July 2012 | |
| Credit facility interest accrued, percentage above LIBOR | 0.45% | |
| Credit facility, commitment fee per annum on daily unused portion, percent | 0.09% | |
| Aggregate amount that may increase under credit facility | 100,000 | |
| Credit facility, principal payments | 55,000 | |
| Credit facility, outstanding balance | $ 40,000 | 0 |
| X | ||||||||||
|
- Definition
The percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
| X | ||||||||||
|
- Definition
Amount borrowed under the credit facility as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Decrease for amounts repaid on the credit facility for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reflects when the credit facility terminates, which may be presented in a variety of ways (year, month and year, day, month and year, quarter). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net increase or decrease in the carrying amount of the credit facility for the period for reasons other than accrued, but unpaid interest, additional borrowings, repayments, and forgiveness. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Description of the terms of an arrangement in which loan proceeds can continuously be obtained following repayments, but the total amount borrowed cannot exceed a specified maximum amount. Terms typically include interest rate, collateral required, guarantees required, repayment requirements, and restrictions on use of assets and activities of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility. No definition available.
|
|
Shareholders' Equity (Narrative) (Details) (USD $)
|
0 Months Ended | 3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|---|
|
May 25, 2011
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
| Unrecognized compensation cost | $ 44,986,000 | $ 44,986,000 | |||
| Total intrinsic value of options exercisable | 63,155,000 | 63,155,000 | |||
| Change in management's estimate for achievement of vesting targets | 0 | 2,492,000 | |||
| Total intrinsic value of options exercised | 8,205,000 | 4,921,000 | |||
| Market value of the Company's common stock | 22.51 | ||||
| Weighted average exercise price of the options exercisable | $ 17.66 | $ 17.66 | |||
| Total options that were outstanding | 26,349,000 | 26,349,000 | |||
| Shares purchased, cost | 95,144,000 | ||||
| Shares purchased and retired | 4,215,000 | ||||
| Authorized aggregate repurchase value of common stock | 112,298,000 | ||||
| Cash dividends | $ 22,041,000 | $ 18,890,000 | |||
| Cash dividends declared, per share | $ 0.12 | $ 0.12 | $ 0.10 | $ 0.12 | $ 0.10 |
| Cash dividends declared, date declared | May 25, 2011 | ||||
| Cash dividends declared, date paid | Jun. 28, 2011 | ||||
| Cash dividends declared, date of record | Jun. 20, 2011 | ||||
|
2007 Plan [Member]
|
|||||
| Number of active equity compensation plans | 1 | ||||
| Options available for grant | 20,000,000 | 20,000,000 | |||
| Percentage of stock options vested when specified diluted earnings per share targets are achieved | 50.00% | ||||
| Remaining percentage of stock options vested when secondary, higher specified diluted earnings per share targets are achieved | 50.00% | ||||
|
1998 Plan [Member]
|
|||||
| Options available for grant | 0 | 0 | |||
| X | ||||||||||
|
- Definition
Change in management's estimate of stock-based compensation expense amortization. No definition available.
|
| X | ||||||||||
|
- Definition
Market value of common stock. No definition available.
|
| X | ||||||||||
|
- Definition
Share based compensation arrangement by share based payment award, number of active plans. No definition available.
|
| X | ||||||||||
|
- Definition
Vesting Rate Higher Specified Diluted Earnings Per Share Targets are Achieved No definition available.
|
| X | ||||||||||
|
- Definition
Vesting Rate When Specified Diluted Earnings Per Share Targets are Achieved No definition available.
|
| X | ||||||||||
|
- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The day, month, and year (YYYY-MM-DD) that the dividend declared as of or prior to the financial reporting date will be paid in the subsequent period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Equity impact of cash dividends declared by an entity during the period for all classes of stock (common, preferred, etc.). This element includes paid and unpaid dividends declared during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The day, month and year (YYYY-MM-DD) that the dividend to be paid was declared. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The date as of when a holder must own the stock to be entitled to the dividend. The ex-dividend date is generally 3 days before the record date. No definition available.
|
| X | ||||||||||
|
- Definition
As of the balance sheet date, the aggregate unrecognized cost of equity-based awards made to employees under equity-based compensation awards that have yet to vest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total dollar difference between fair values of the underlying shares reserved for issuance and exercise prices of vested portions of options outstanding and currently exercisable under the option plan as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total accumulated difference between fair values of underlying shares on dates of exercise and exercise price on options which were exercised (or share units converted) into shares during the reporting period under the plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of shares reserved for issuance under stock option agreements awarded under the plan that validly exist and are outstanding as of the balance sheet date, including vested options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares that have been repurchased and retired during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount authorized by an entity's Board of Directors under a stock repurchase plan. No definition available.
|
|
Shareholder's Equity (Stock-Based Compensation Expense) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
| Shareholders' Equity | ||||
| Stock-based compensation expense | $ 3,810 | $ 6,278 | $ 7,542 | $ 12,935 |
| Less: Deferred tax benefit | (1,427) | (2,367) | (2,825) | (4,880) |
| Stock-based compensation expense, net of tax | $ 2,383 | $ 3,911 | $ 4,717 | $ 8,055 |
| X | ||||||||||
|
- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of expense, net of income tax, recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. No definition available.
|
| X | ||||||||||
|
- Definition
The total recognized tax benefit related to compensation cost for equity-based payment arrangements recognized in income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Shareholder's Equity (Schedule of Recognition of Compensation Cost) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2011
|
|---|---|
| Unrecognized compensation cost | $ 44,986 |
|
Remainder of 2011 [Member]
|
|
| Unrecognized compensation cost | 7,410 |
|
2012 [Member]
|
|
| Unrecognized compensation cost | 14,456 |
|
2013 [Member]
|
|
| Unrecognized compensation cost | 12,605 |
|
2014 [Member]
|
|
| Unrecognized compensation cost | 5,543 |
|
2015 [Member]
|
|
| Unrecognized compensation cost | 3,279 |
|
2016 [Member]
|
|
| Unrecognized compensation cost | $ 1,693 |
| X | ||||||||||
|
- Definition
As of the balance sheet date, the aggregate unrecognized cost of equity-based awards made to employees under equity-based compensation awards that have yet to vest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Shareholder's Equity (Reconciliation of Non-Controlling Interest on the Consolidated Balance Sheet) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
| Beginning balance | $ 15,155 | |||
| Net income attributable to noncontrolling interest | 510 | 361 | 822 | 799 |
| Foreign currency translation adjustments | 1,467 | (5,071) | 4,295 | (4,294) |
| Ending balance | 16,902 | 16,902 | ||
|
Noncontrolling Interest [Member]
|
||||
| Beginning balance | 15,155 | 121,895 | ||
| Net income attributable to noncontrolling interest | 822 | 799 | ||
| Foreign currency translation adjustments | 925 | (794) | ||
| Ending balance | 16,902 | 12,842 | 16,902 | 12,842 |
|
LSV [Member]
|
||||
| Deconsolidation | (65,522) | |||
|
LSV Employee Group [Member]
|
||||
| Deconsolidation | $ (43,536) | |||
| X | ||||||||||
|
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of the reduction or elimination during the period of a noncontrolling interest resulting from the parent's loss of control and deconsolidation of the entity in which one or more outside parties had a noncontrolling interest. No definition available.
|
| X | ||||||||||
|
- Definition
Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity, net of tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Accumulated Comprehensive Income (Loss) (Accumulated Comprehensive Income (Loss), Net of Tax) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Dec. 31, 2010
|
|
| Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustments | $ 5,188 | $ 5,188 | $ 1,818 | ||
| Accumulated Other Comprehensive Income (Loss), Unrealized Holding Gains (Losses) on Investments | 1,854 | 1,854 | 1,339 | ||
| Accumulated Other Comprehensive Income (Loss) | 7,042 | 7,042 | 3,157 | ||
| Total Comprehensive Income, Foreign Currency Translation Adjustments | 1,467 | (5,071) | 4,295 | (4,294) | |
| Total Comprehensive Income (loss) | 2,255 | (4,377) | 4,810 | (3,573) | |
| Total Comprehensive Income, Foreign Currency Translation Adjustments, Attributable to SEI Investments Company | 3,370 | ||||
| Total Comprehensive Income, Unrealized Holding Gains (Losses) on Investments, Attributable to SEI Investments Company | 515 | ||||
| Total Comprehensive Income, Attributable to SEI Investments Company | 3,885 | ||||
| Total Comprehensive Income (Loss), Unrealized Holding Gains (Losses) on Investments | 788 | 694 | 515 | 721 | |
|
Controlling Interest [Member]
|
|||||
| Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustments | 5,447 | 5,447 | 1,152 | ||
| Accumulated Other Comprehensive Income (Loss), Unrealized Holding Gains (Losses) on Investments | 1,854 | 1,854 | 1,339 | ||
| Accumulated Other Comprehensive Income (Loss) | 7,301 | 7,301 | 2,491 | ||
| Total Comprehensive Income, Foreign Currency Translation Adjustments | 4,295 | ||||
| Total Comprehensive Income, Unrealized Holding Gains (Losses) on Investments | 515 | ||||
| Total Comprehensive Income (loss) | 4,810 | ||||
|
Noncontrolling Interest [Member]
|
|||||
| Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustments | (259) | (259) | 666 | ||
| Accumulated Other Comprehensive Income (Loss), Unrealized Holding Gains (Losses) on Investments | 0 | 0 | 0 | ||
| Accumulated Other Comprehensive Income (Loss) | (259) | (259) | 666 | ||
| Total Comprehensive Income, Foreign Currency Translation Adjustments, Attributable to Noncontrolling Interest | (925) | ||||
| Total Comprehensive Income, Unrealized Holding Gains (Losses) on Investments, Attributable to Noncontrolling Interest | 0 | ||||
| Total Comprehensive Income, Attributable to Noncontrolling Interest | $ (925) | ||||
| X | ||||||||||
|
- Definition
Accumulated appreciation or loss, net of tax, in value of the total of available-for-sale securities at the end of an accounting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross appreciation or the gross loss in value of the total unsold securities. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross appreciation or the gross loss in value of the total unsold securities, after tax, attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross appreciation or the gross loss in value of the total unsold securities, after tax, attributable to the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity, net of tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity, net of tax, attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity, net of tax, attributable to the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents Other Comprehensive Income or Loss, Net of Tax, for the period. Includes deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents Other Comprehensive Income or Loss, Net of Tax, for the period attributable to noncontrolling interest. Includes deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents Other Comprehensive Income or Loss, Net of Tax, for the period attributable to the parent entity. Includes deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of investments, not including unrealized gains or losses on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity, held at each balance sheet date and included in earnings for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Business Segment Information (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
| Business Segment Information | ||||
| Inter-segment revenue | $ 0 | $ 0 | $ 0 | $ 0 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of revenue from transactions with other operating segments of the same entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Business Segment Information (Unaudited Financial Information) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
| Revenues | $ 237,760 | $ 228,388 | $ 470,253 | $ 449,923 |
| Expenses | 173,616 | 161,643 | 341,136 | 320,425 |
| Operating profit (loss) | 64,144 | 66,745 | 129,117 | 129,498 |
| Operating margin | 27.00% | 29.00% | 27.00% | 29.00% |
|
Private Banks [Member]
|
||||
| Revenues | 87,873 | 90,091 | 174,582 | 177,212 |
| Expenses | 86,274 | 78,612 | 168,677 | 156,211 |
| Operating profit (loss) | 1,599 | 11,479 | 5,905 | 21,001 |
| Operating margin | 2.00% | 13.00% | 3.00% | 12.00% |
|
Investment Advisors [Member]
|
||||
| Revenues | 49,768 | 46,398 | 97,876 | 91,861 |
| Expenses | 27,734 | 28,120 | 54,774 | 55,703 |
| Operating profit (loss) | 22,034 | 18,278 | 43,102 | 36,158 |
| Operating margin | 44.00% | 39.00% | 44.00% | 39.00% |
|
Institutional Investors [Member]
|
||||
| Revenues | 54,731 | 51,446 | 107,916 | 101,785 |
| Expenses | 27,406 | 26,576 | 54,359 | 52,956 |
| Operating profit (loss) | 27,325 | 24,870 | 53,557 | 48,829 |
| Operating margin | 50.00% | 48.00% | 50.00% | 48.00% |
|
Investment Managers [Member]
|
||||
| Revenues | 44,452 | 39,440 | 87,893 | 77,050 |
| Expenses | 29,282 | 25,596 | 57,281 | 50,155 |
| Operating profit (loss) | 15,170 | 13,844 | 30,612 | 26,895 |
| Operating margin | 34.00% | 35.00% | 35.00% | 35.00% |
|
Investments in New Businesses [Member]
|
||||
| Revenues | 936 | 1,013 | 1,986 | 2,015 |
| Expenses | 2,920 | 2,739 | 6,045 | 5,400 |
| Operating profit (loss) | $ (1,984) | $ (1,726) | $ (4,059) | $ (3,385) |
| Operating margin | 0.00% | 0.00% | 0.00% | 0.00% |
| X | ||||||||||
|
- Definition
Segment Information Operating Income Loss No definition available.
|
| X | ||||||||||
|
- Definition
Segment Reporting Information Operating Margin Percentage No definition available.
|
| X | ||||||||||
|
- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense. No definition available.
|
| X | ||||||||||
|
- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Business Segment Information (Reconciliation of Total Operating Profit Reported for the Business Segments to Income from Operations in Consolidated Statements of Operations) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
| Business Segment Information | ||||
| Total operating profit from segments above | $ 64,144 | $ 66,745 | $ 129,117 | $ 129,498 |
| Corporate overhead expenses | (10,720) | (9,941) | (21,368) | (19,658) |
| Noncontrolling interest reflected in segments | 533 | 368 | 805 | 677 |
| Income from operations | $ 53,957 | $ 57,172 | $ 108,554 | $ 110,517 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
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- Definition
Segment Income from Operations Corporate Overhead Expenses No definition available.
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| X | ||||||||||
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- Definition
Segment Information Operating Income Loss No definition available.
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| X | ||||||||||
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- Definition
Amount of net income or loss for the period allocated to noncontrolling shareholders, unit holders, partners, or other equity holders in one or more of the entities consolidated into the reporting entity's financial statements other than those noncontrolling interests already defined within the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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Business Segment Information (Additional Information Pertaining to Business Segments) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
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Jun. 30, 2011
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Jun. 30, 2010
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Jun. 30, 2011
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Jun. 30, 2010
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| Capital Expenditures | $ 9,487 | $ 11,831 | $ 27,510 | $ 24,779 |
| Depreciation | 5,391 | 5,584 | 11,002 | 10,790 |
| Amortization | 6,792 | 5,997 | 13,023 | 11,897 |
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Private Banks [Member]
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||||
| Capital Expenditures | 6,783 | 7,559 | 17,813 | 15,436 |
| Depreciation | 3,962 | 4,044 | 8,000 | 7,752 |
| Amortization | 4,608 | 3,765 | 8,837 | 7,466 |
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Investment Advisors [Member]
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| Capital Expenditures | 2,296 | 2,673 | 6,038 | 5,498 |
| Depreciation | 556 | 592 | 1,147 | 1,156 |
| Amortization | 1,551 | 1,364 | 2,969 | 2,704 |
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Institutional Investors [Member]
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| Capital Expenditures | 251 | 555 | 1,132 | 1,257 |
| Depreciation | 268 | 291 | 560 | 567 |
| Amortization | 196 | 301 | 363 | 605 |
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Investment Managers [Member]
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| Capital Expenditures | 89 | 752 | 1,873 | 1,871 |
| Depreciation | 435 | 473 | 938 | 943 |
| Amortization | 131 | 206 | 246 | 411 |
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Investments in New Businesses [Member]
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| Capital Expenditures | 92 | 135 | 304 | 291 |
| Depreciation | 29 | 36 | 59 | 73 |
| Amortization | 65 | 118 | 124 | 225 |
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Total from Business Segments [Member]
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||||
| Capital Expenditures | 9,511 | 11,674 | 27,160 | 24,353 |
| Depreciation | 5,250 | 5,436 | 10,704 | 10,491 |
| Amortization | 6,551 | 5,754 | 12,539 | 11,411 |
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Corporate Overhead [Member]
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||||
| Capital Expenditures | (24) | 157 | 350 | 426 |
| Depreciation | 141 | 148 | 298 | 299 |
| Amortization | $ 241 | $ 243 | $ 484 | $ 486 |
| X | ||||||||||
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- Definition
The aggregate amount of recurring noncash expense charged against earnings in the period to allocate the cost of assets over their estimated remaining economic lives. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Future cash outflow to pay for purchases of fixed assets that have occurred. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes (Narrative) (Details) (USD $)
|
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Dec. 31, 2010
|
|
| Income Taxes | |||||
| Gross liability for unrecognized tax benefits, exclusive of interest and penalties | $ 7,401,000 | $ 7,401,000 | $ 5,723,000 | ||
| Unrecognized tax benefits that would impact effective tax rate | 6,350,000 | 6,350,000 | 4,870,000 | ||
| Accrued interest and penalties related to tax positions | 702,000 | 702,000 | 689,000 | ||
| Effective tax rates | 34.70% | 37.80% | 36.00% | 37.80% | |
| Unrecognized tax benefits within the next 12 months | $ 554 | $ 554 | |||
| X | ||||||||||
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- Definition
Gross Liability For Unrecognized Tax Benefits Exclusive Of Interest And Penalties No definition available.
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| X | ||||||||||
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- Definition
A ratio calculated by dividing the reported amount of income tax expense attributable to continuing operations for the period by GAAP-basis pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The amount of the unrecognized tax benefit of a position taken for which it is reasonably possible that the total amount thereof will significantly increase or decrease within twelve months of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the total of accruals as of the date of the statement of financial position for interest recognized for an underpayment of income taxes computed by applying the applicable statutory rate of interest to the difference between a tax position recognized for financial reporting purposes and the amount previously taken or expected to be taken in a tax return of the entity and the amount of statutory penalties for a tax position claimed or expected to be claimed by the entity, in its tax return, that does not meet the minimum statutory threshold to avoid payment of penalties. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes (Interest and Penalties) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2011
|
Dec. 31, 2010
|
|---|---|---|
| Income Taxes | ||
| Gross liability for unrecognized tax benefits, exclusive of interest and penalties | $ 7,401 | $ 5,723 |
| Interest and penalties on unrecognized benefits | 702 | 689 |
| Total gross uncertain tax positions | 8,103 | 6,412 |
| Amount included in Current liabilities | 554 | 767 |
| Amount included in Other long-term liabilities | $ 7,549 | $ 5,645 |
| X | ||||||||||
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- Definition
Gross Liability For Unrecognized Tax Benefits Exclusive Of Interest And Penalties No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The current portion of the amount recognized for uncertain tax positions as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The noncurrent portion of the amount recognized for uncertain tax positions as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The gross amount of unrecognized tax benefits pertaining to uncertain tax positions taken in tax returns as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the total of accruals as of the date of the statement of financial position for interest recognized for an underpayment of income taxes computed by applying the applicable statutory rate of interest to the difference between a tax position recognized for financial reporting purposes and the amount previously taken or expected to be taken in a tax return of the entity and the amount of statutory penalties for a tax position claimed or expected to be claimed by the entity, in its tax return, that does not meet the minimum statutory threshold to avoid payment of penalties. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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