RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

4. RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE

Receivables

(in thousands)	September 30, 2020		December 31, 2019
Accounts receivable	$	137,953	$	199,720
Unbilled receivables	208,823		180,219
Long-term unbilled receivables	108,456		121,736
	$	455,232	$	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)	September 30, 2020
1 year or less	$	208,823	66	%
1-2 years	91,325		29	%
2-5 years	17,131		5	%
	$	317,279	100	%

Unbilled receivables based upon contract effective date:

(Dollars in thousands)	September 30, 2020
2020	$	105,380	33	%
2019	99,875		32	%
2018	39,281		12	%
2017	37,824		12	%
2016 and prior	34,919		11	%
	$	317,279	100	%

Major clients

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

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

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

Contract assets and deferred revenue

(in thousands)	September 30, 2020		December 31, 2019
Contract assets (1)	$	8,104	$	5,558
Long-term contract assets (2)	5,579		5,420
	13,683		10,978
Deferred revenue	181,680		190,080
Long-term deferred revenue (3)	6,673		5,407
	$	188,353	$	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 nine months ended September 30, 2020 was primarily due to new billings in advance of revenue recognition, and $170.5 million of revenue recognized during the period that was included in deferred revenue at December 31, 2019.