Quarterly report pursuant to Section 13 or 15(d)

Accounts Payable, Accrued Expenses??and Other Current Liabilities

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Accounts Payable, Accrued Expenses and Other Current Liabilities
 9 Months Ended
Sep. 30, 2023
Payables and Accruals [Abstract]  
Accounts Payable, Accrued Expenses and Other Current Liabilities Accounts Payable, Accrued Expenses and Other Current Liabilities
 
Accounts payable, accrued expenses and other current liabilities consisted of the following:

September 30, December 31,
  2023 2022
(in thousands)
Accrued investment manager fees $ 110,496  $ 99,851 
Accrued compensation and related taxes 69,943  77,939 
Accounts payable 16,594  11,271 
Accrued professional services 9,779  10,762 
Accrued interest 5,654  3,091 
Accrued technology 5,285  6,393 
Accrued treasury stock purchases —  9,289 
Other accrued expenses 6,634  15,270 
Total accounts payable, accrued expenses and other current liabilities $ 224,385  $ 233,866 

During the nine months ended September 30, 2023, as part of a reduction in force initiative, the Company entered into separation agreements with a number of employees. In connection with this reduction in force initiative that began in the first quarter of 2023, as well as a fourth quarter 2022 organizational realignment, the Company incurred $11.5 million and $25.9 million in total severance expense in the three and nine months ended September 30, 2023, respectively.

As of September 30, 2023 the Company had an ending liability balance of $13.4 million related to these efforts, of which the Company anticipates approximately $10.1 million to be paid during the remainder of 2023, $2.7 million to be paid throughout 2024, with the remaining balance paid through 2030.
The following table presents a reconciliation of the beginning and ending liability balance related to these efforts, which is primarily included within "Accrued compensation and related taxes" in the table above.

  Envestnet Wealth Solutions Envestnet Data & Analytics Nonsegment Total
(in thousands)
Balance as of December 31, 2022 $ 11,929  $ 3,439  $ —  $ 15,368 
Severance expense
 9,931  11,849  4,124  25,904 
Cash payments (14,170) (9,535) (4,124) (27,829)
Balance as of September 30, 2023 $ 7,690  $ 5,753  $ —  $ 13,443 

Subsequent to September 30, 2023, in connection with the reduction in force initiative, the Company entered into separation agreements with a number of employees and incurred an additional $5.6 million in severance expense, of which the Company anticipates approximately $1.8 million to be paid during the remainder of 2023 and $3.8 million to be paid during the first quarter of 2024.