RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

4. RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

Receivables

(in thousands)	December 31, 2020		December 31, 2019
Accounts receivable	$	215,827	$	199,720
Unbilled receivables	207,155		180,219
Long-term unbilled receivables	113,278		121,736
	$	536,260	$	501,675

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)	December 31, 2020
1 year or less	$	207,155	65	%
1-2 years	83,992		26	%
2-5 years	29,286		9	%
	$	320,433	100	%

Unbilled receivables based upon contract effective date:

(Dollars in thousands)	December 31, 2020
2020	$	149,867	47	%
2019	87,941		27	%
2018	31,097		10	%
2017	31,668		10	%
2016 and prior	19,860		6	%
	$	320,433	100	%

Major clients

No client represented 10% or more of the Company’s total accounts receivable and unbilled receivables as of December 31, 2020 or December 31, 2019.

Contract assets and deferred revenue

(in thousands)	December 31, 2020		December 31, 2019
Contract assets (1)	$	15,296	$	5,558
Long-term contract assets (2)	7,777		5,420
	$	23,073	$	10,978
Deferred revenue	$	232,865	$	190,080
Long-term deferred revenue (3)	8,991		5,407
	$	241,856	$	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 where the right to payment is subject to conditions other than the passage of time, such as completing 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 year ended December 31, 2020 was primarily due to new billings in advance of revenue recognition and $187.6 million of revenue recognized during the period that was included in deferred revenue on December 31, 2019.