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RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
 6 Months Ended
Jun. 30, 2023
Receivables [Abstract]  
RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
NOTE 3. RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
Receivables
(in thousands)
June 30, 2023December 31, 2022
Accounts receivable$163,915 $255,150 
Unbilled receivables182,257 213,719 
Long-term unbilled receivables70,486 95,806 
$416,658 $564,675 
Unbilled receivables
Unbilled receivables are client-committed amounts for which revenue recognition precedes billing. Billing is solely subject to the passage of time.
Unbilled receivables by expected billing date:
(Dollars in thousands)
June 30, 2023
1 year or less$182,257 72 %
1-2 years58,025 23 %
2-5 years12,461 5 %
$252,743 100 %
Unbilled receivables by contract effective date:
(Dollars in thousands)
June 30, 2023
2023$62,243 25 %
202288,337 35 %
202167,852 27 %
202023,157 9 %
2019 and prior11,154 4 %
$252,743 100 %
Contract assets
Contract assets are client-committed amounts for which revenue recognized exceeds the amount billed to the client, and billing is subject to conditions other than the passage of time, such as the completion of a related performance obligation.
(in thousands)
June 30, 2023December 31, 2022
Contract assets (1)
$13,850 $17,546 
Long-term contract assets (2)
11,126 16,470 
$24,976 $34,016 
(1) Included in other current assets. (2) Included in other long-term assets.
Deferred revenue
Deferred revenue consists of billings and payments received in advance of revenue recognition.
(in thousands)
June 30, 2023December 31, 2022
Deferred revenue$311,330 $325,212 
Long-term deferred revenue (1)
3,020 3,552 
$314,350 $328,764 
(1) Included in other long-term liabilities.
Deferred revenue decreased in the six months ended June 30, 2023 primarily due to $230.3 million of revenue recognized during the period included in deferred revenue as of December 31, 2022 exceeded new billings in advance of revenue recognition.