RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

6 Months Ended

Jun. 30, 2020

Receivables [Abstract]

RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

3. RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

Receivables

(in thousands)	June 30, 2020		December 31, 2019
Accounts receivable	$	181,686	$	199,720
Unbilled receivables	198,253		180,219
Long-term unbilled receivables	109,308		121,736
	$	489,247	$	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)	June 30, 2020
1 year or less	$	198,253	64	%
1-2 years	91,929		30	%
2-5 years	17,379		6	%
	$	307,561	100	%

Unbilled receivables based upon contract effective date:

(Dollars in thousands)	June 30, 2020
2020	$	75,893	25	%
2019	100,671		32	%
2018	46,700		15	%
2017	38,899		13	%
2016 and prior	45,398		15	%
	$	307,561	100	%

Major clients

Clients accounting for 10% or more of the Company’s receivables:

	June 30, 2020		December 31, 2019
Client A	11	%	*

* Client accounted for less than 10% of total receivables.

Contract assets and deferred revenue

(in thousands)	June 30, 2020		December 31, 2019
Contract assets (1)	$	5,323	$	5,558
Long-term contract assets (2)	4,903		5,420
	$	10,226	$	10,978
Deferred revenue	$	195,996	$	190,080
Long-term deferred revenue (3)	6,587		5,407
	$	202,583	$	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 six months ended June 30, 2020 was primarily due to new billings in advance of revenue recognition, partially offset by $136.8 million of revenue recognized during the period that was included in deferred revenue at December 31, 2019.