RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

6 Months Ended

Jun. 30, 2019

RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

Receivables



(in thousands)	June 30, 2019		December 31, 2018
Accounts receivable	$	134,965	$	180,872
Unbilled receivables	169,554		172,656
Long-term unbilled receivables	117,889		151,237
	$	422,408	$	504,765

Unbilled receivables are client committed amounts for which revenue recognition precedes billing, and billing is solely subject to the passage of time.

Unbilled receivables are expected to be billed in the future as follows:



(Dollars in thousands)	June 30, 2019
1 year or less	$	169,554	59	%
1-2 years	79,128		28	%
2-5 years	38,761		13	%
	$	287,443	100	%

Contract assets and deferred revenue



(in thousands)	June 30, 2019		December 31, 2018
Contract assets ⁽¹⁾	$	3,770	$	3,711
Long-term contract assets ⁽²⁾	2,190		2,543
	$	5,960	$	6,254

⁽¹⁾Included in other current assets.⁽²⁾ Included in other long-term assets.



(in thousands)	June 30, 2019		December 31, 2018
Deferred revenue	$	169,009	$	185,145
Long-term deferred revenue ⁽¹⁾	4,342		5,344
	$	173,351	$	190,489

⁽¹⁾Included in other long-term liabilities.

Contract assets are amounts under client contracts where revenue recognized exceeds the amount billed to the client and the right to payment is subject to conditions other than the passage of time, such as the completion of a related performance obligation. Deferred revenue consists of billings and payments received in advance of revenue recognition. Contract assets and deferred revenue are netted at the contract level for each reporting period.

The change in deferred revenue in the six months ended June 30, 2019 was primarily due to $135.8 million of revenue recognized, excluding the impact of netting contract assets and deferred revenue at the contract level, during the period that was included in deferred revenue at December 31, 2018, partially offset by new billings in advance of revenue recognition.