RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

3 Months Ended

Mar. 31, 2020

RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

Receivables


(in thousands)	March 31, 2020		December 31, 2019
Accounts receivable	$	191,533	$	199,720
Unbilled receivables	182,399		180,219
Long-term unbilled receivables	110,393		121,736
	$	484,325	$	501,675

Unbilled receivables are client committed amounts for which revenue recognition precedes billing, and billing is solely subject to the passage of time. They are expected to be billed in the future as follows:


(Dollars in thousands)	March 31, 2020
1 year or less	$	182,399	62	%
1-2 years	88,928		31	%
2-5 years	21,465		7	%
	$	292,792	100	%

Unbilled receivables based upon contract effective date:


(Dollars in thousands)	March 31, 2020
2020	$	40,533	14	%
2019	102,154		35	%
2018	55,484		19	%
2017	44,691		15	%
2016 and prior	49,930		17	%
	$	292,792	100	%

Contract assets and deferred revenue


(in thousands)	March 31, 2020		December 31, 2019
Contract assets ⁽¹⁾	$	6,195	$	5,558
Long-term contract assets ⁽²⁾	5,664		5,420
	$	11,859	$	10,978
Deferred revenue	$	197,018	$	190,080
Long-term deferred revenue ⁽³⁾	5,630		5,407
	$	202,648	$	195,487

⁽¹⁾Included in other current assets.⁽²⁾ Included in other long-term assets.⁽³⁾Included in other long-term liabilities.

Contract assets are client committed amounts for which 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 three months ended March 31, 2020 was primarily due to new billings in advance of revenue recognition, partially offset by revenue recognized during the period that was included in deferred revenue at December 31, 2019.