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RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
 9 Months Ended
Sep. 30, 2018
RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

4. RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

Receivables

 

(in thousands)            September 30,        
2018		              December 31,        
2017		  

Accounts receivable

    $ 150,733       $ 222,735   

Unbilled receivables

      155,964         158,898   

Long-term unbilled receivables

      168,929         160,708   
  

 

 

     

 

 

  
   $                         475,626       $                         542,341   
  

 

 

     

 

 

  

Unbilled receivables are the amounts due from clients where the only condition to the right of payment is the passage of time. As of September 30, 2018 and December 31, 2017, the allowance for doubtful accounts was not material.

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

 

(Dollars in thousands)            September 30,        
2018		  

1 Year or Less

    $         155,964                     48%   

1-2 Years

      89,177         27%   

2-5 Years

      79,752         25%   
  

 

 

     

 

 

  
   $ 324,893         100%   
  

 

 

     

 

 

  

Contract assets and deferred revenue

 

(in thousands)            September 30,        
2018		              December 31,        
2017		  

Contract assets(1)

    $ 2,888       $ 914   

Long-term contract assets(2)

      1,581         —   
  

 

 

     

 

 

  
   $ 4,469       $ 914   
  

 

 

     

 

 

  

Deferred revenue

    $ 158,178       $ 166,297   

Long-term deferred revenue(3)

      5,840         3,706   
  

 

 

     

 

 

  
   $ 164,018       $ 170,003   
  

 

 

     

 

 

  

  (1) Included in other current assets.

  (2) Included in other long-term assets.

  (3) 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 nine months ended September 30, 2018 was primarily due to $225.1 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, 2017, partially offset by new billings in advance of revenue recognition.

Major clients

No client represented 10% or more of the Company’s total receivables as of September 30, 2018 or December 31, 2017.