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Contract Assets and Contract Liabilities | 3 Months Ended
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Mar. 31, 2018
Revenue From Contract With Customer [Abstract] |
Contract Assets and Contract Liabilities | (5) Contract Assets and Contract Liabilities Contract assets and liabilities are reflected in the Company’s condensed consolidated balance sheets within the accounts reflected below. Contract Assets Accounts receivable represent amounts due from the Company’s customers who are concentrated primarily in the pharmaceutical, biotechnology, and medical device industries. Unbilled represents revenue recognized to date that has not been billed or is not yet contractually billable to the customer. In general, amounts become billable upon the achievement of negotiated contractual events, in accordance with predetermined payment schedules or when a reimbursable expense has been incurred. Amounts classified to unbilled are those billable to customers within one year from the respective balance sheet date. Accounts receivable and unbilled, net consisted of the following (in thousands):
| As of |
| March 31, |  |  | January 1, |  |  |  |  |  |  | December 31, |
| 2018 |  |  | 2018 |  |  | Adjustments |  |  | 2017 |
Accounts receivable | $ | 67,616 |  |  | $ | 55,599 |  |  | $ | - |  |  | $ | 55,599 |
Unbilled receivables |  | 43,688 |  |  |  | 37,906 |  |  |  | 9,753 |  |  |  | 28,153 |
Less: allowance for doubtful accounts |  | (650 | ) |  |  | (673 | ) |  |  | - |  |  |  | (673 | )
Total accounts receivable and unbilled, net | $ | 110,654 |  |  | $ | 92,832 |  |  | $ | 9,753 |  |  | $ | 83,079 |
Unbilled receivables increased from $37.9 million at January 1, 2018, which includes adjustments of $9.8 million related to the adoption of ASC 606, to $43.7 million at March 31, 2018. The increase is primarily driven by revenue recognized on certain contracts in advance of customer invoicing. Contract Liabilities Advanced billings represents cash received from customers, or billed amounts per an agreed upon payment schedule, in advance of services being performed or revenue being recognized. Advanced billings consisted of the following (in thousands):
| As of |
| March 31, |  |  | January 1, |  |  |  |  |  |  | December 31, |
| 2018 |  |  | 2018 |  |  | Adjustments |  |  | 2017 |
Advanced billings | $ | 126,387 |  |  | $ | 119,451 |  |  | $ | 45,695 |  |  | $ | 73,756 |
Pre-funded study costs | $ | - |  |  | $ | - |  |  | $ | (57,406 | ) |  | $ | 57,406 |
Advanced billings increased from $119.5 million at January 1, 2018, which includes adjustments of $45.7 million related to the adoption of ASC 606, to $126.4 million at March 31, 2018. The increase is primarily driven by billing and/or collection activity in the three months ended March 31, 2018 in advance of revenue being earned for services performed.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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