PPD (PPD) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	PPD, Inc.
Entity Central Index Key	0001793294
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Current Reporting Status	No
Entity Common Stock, Shares Outstanding		348,584,371

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenue	$ 1,072,462	$ 963,738
Direct costs, exclusive of depreciation and amortization	414,439	367,202
Reimbursed costs	250,850	225,019
Selling, general and administrative expenses	247,776	218,380
Depreciation and amortization	66,315	65,418
Total operating costs and expenses	979,380	876,019
Income from operations	93,082	87,719
Interest income (expense), net	(64,710)	(66,523)
Loss on extinguishment of debt	(50,065)	0
Loss on investments	(26,872)	(14,100)
Other income (expense), net	29,294	(24,301)
Loss before benefit from income taxes	(19,271)	(17,205)
Provision for (benefit from) income taxes	(7,717)	(3,299)
Loss before equity in losses of unconsolidated affiliates	(11,554)	(13,906)
Equity in losses of unconsolidated affiliates, net of income taxes	(1,566)	(328)
Net loss	(13,120)	(14,234)
Net income attributable to noncontrolling interest	(2,718)	(861)
Net loss attributable to PPD, Inc.	(15,838)	(15,095)
Recapitalization investment portfolio consideration	20,062	10,628
Net income (loss) attributable to common stockholders of PPD, Inc.	$ 4,224	$ (4,467)
Income (loss) per share attributable to common stockholders of PPD, Inc.:
Basic (in usd per share)	$ 0.01	$ (0.02)
Diluted (in usd per share)	$ 0.01	$ (0.02)
Weighted-average common shares outstanding:
Basic (in shares)	318,221	279,086
Diluted (in shares)	322,424	279,086

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Investment income. interest	$ 1,270	$ 1,492

CONDENSED CONSOLIDATED STATEME

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (13,120)	$ (14,234)
Other comprehensive (loss) income, net of tax expense (benefit):
Foreign currency translation adjustments	(87,953)	52,537
Defined benefit pension plan adjustments, net of income taxes	110	145
Derivative instruments adjustments, net of income taxes	(77,705)	(2,410)
Other comprehensive (loss) income	(165,548)	50,272
Comprehensive (loss) income	(178,668)	36,038
Comprehensive income attributable to noncontrolling interest	(2,705)	(911)
Comprehensive (loss) income attributable to PPD, Inc.	(181,373)	35,127
Recapitalization investment portfolio consideration	20,062	10,628
Comprehensive (loss) income attributable to common stockholders of PPD, Inc.	$ (161,311)	$ 45,755

CONDENSED CONSOLIDATED STATE_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Defined benefit plan adjustments, income tax benefit (expense)	$ 30	$ 36
Derivative instruments adjustments, income tax expense (benefit)	$ (25,109)	$ (562)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 738,364	$ 345,187
Accounts receivable and unbilled services, net	1,352,232	1,326,614
Income taxes receivable	18,498	27,437
Prepaid expenses and other current assets	115,845	119,776
Total current assets	2,224,939	1,819,014
Property and equipment, net	455,439	458,845
Investments in unconsolidated affiliates	31,953	34,028
Investments	223,668	250,348
Goodwill	1,723,334	1,764,104
Intangible assets, net	835,284	892,091
Other assets	148,676	156,220
Operating lease right-of-use assets	171,495	181,596
Total assets	5,814,788	5,556,246
Current liabilities:
Accounts payable	116,568	130,060
Accrued expenses:
Payables to investigators	324,053	322,231
Accrued employee compensation	246,993	263,834
Accrued interest	12,365	44,527
Other accrued expenses	163,197	138,632
Income taxes payable	9,295	15,161
Unearned revenue	1,057,988	1,110,872
Current portion of operating lease liabilities	46,265	45,962
Current portion of long-term debt and finance lease obligations	35,894	35,794
Total current liabilities	2,012,618	2,107,073
Accrued income taxes	16,909	38,465
Deferred tax liabilities	82,946	92,225
Recapitalization investment portfolio liability	171,616	191,678
Long-term operating lease liabilities, less current portion	143,962	153,766
Long-term debt and finance lease obligations, less current portion	4,336,826	5,608,134
Other liabilities	97,068	33,017
Total liabilities	6,861,945	8,224,358
Commitments and contingencies
Redeemable noncontrolling interest	32,741	30,036
Stockholders’ deficit:
Preferred stock	0	0
Common stock	3,493	2,801
Treasury stock	(13,268)	(12,707)
Additional paid-in-capital	1,782,232	1,983
Accumulated deficit	(2,387,903)	(2,391,321)
Accumulated other comprehensive loss	(464,452)	(298,904)
Total stockholders’ deficit	(1,079,898)	(2,698,148)
Total liabilities, redeemable noncontrolling interest and stockholders’ deficit	$ 5,814,788	$ 5,556,246

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par or stated value per share (in usd per share)	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000
Preferred stock, shares issued (in shares)	0
Preferred stock, shares outstanding (in shares)	0
Common stock, par or stated value per share (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000	2,080,000,000
Common stock, shares, issued (in shares)	349,310,000	280,127,000
Common stock, shares, outstanding (in shares)	348,584,000	279,426,000
Treasury stock, shares (in shares)	726,000	701,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (13,120)	$ (14,234)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	66,315	65,418
Stock-based compensation expense	5,272	3,734
Non-cash operating lease expense	9,819	10,400
Amortization of debt issuance costs, modification costs and debt discounts	3,857	2,575
Non-cash losses (gains) on interest rate swaps	5,965	(2,410)
Loss on investments	26,872	14,100
Deferred income tax expense	8,790	3,342
Loss on extinguishment of debt	50,065	0
Amortization of costs to obtain a contract	1,561	2,874
Other	1,456	(970)
Change in operating assets and liabilities, net of effect of business acquired:
Accounts receivable and unbilled services, net	(61,700)	(1,736)
Prepaid expenses and other current assets	22,135	9,028
Other assets	(9,546)	(12,840)
Income taxes, net	(18,767)	(12,543)
Accounts payable, accrued expenses and other liabilities	(48,119)	(73,888)
Operating lease liabilities	(9,868)	(9,208)
Unearned revenue	(21,614)	29,953
Net cash provided by operating activities	19,373	13,595
Cash flows from investing activities:
Purchases of property and equipment	(42,768)	(24,761)
Acquisition of business, net of cash and cash equivalents acquired	0	(5,731)
Capital contributions paid for investments, net of distributions received	(452)	(898)
Investments in unconsolidated affiliates	0	(20,000)
Net cash used in investing activities	(43,220)	(51,390)
Cash flows from financing activities:
Purchase of treasury stock	(865)	(303)
Proceeds from exercise of stock options	2,709	2,889
Borrowing on Revolving Credit Facility	150,000	0
Redemption of HoldCo Notes	(1,464,500)	0
Payments on long-term debt and finance leases	(10,427)	(8,590)
Net proceeds from initial public offering	1,774,941	0
Net cash provided by (used in) financing activities	451,858	(6,004)
Effect of exchange rate changes on cash and cash equivalents	(34,834)	27,844
Net increase (decrease) in cash and cash equivalents	393,177	(15,955)
Cash and cash equivalents, beginning of the period	345,187	553,066
Cash and cash equivalents, end of the period	$ 738,364	$ 537,111

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT AND REDEEMABLE NONCONTROLLING INTEREST(unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Paid-in-Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Accumulated Deficit
Redeemable Noncontrolling Interest
Beginning balance	$ 24,892
Beginning balance (in shares) at Dec. 31, 2018		279,545		(515)
Beginning balance at Dec. 31, 2018	(1,522,421)	$ 2,795	$ 41,685	$ (8,933)	$ (312,891)	$ (1,245,077)
PPD, Inc. Stockholders’ Deficit
Net income (loss)	(15,095)					(15,095)
Other comprehensive income	50,272				50,272
Vesting of restricted stock (in shares)		2
Vesting of restricted stock	0
Issuance of common stock for stock option exercises (in shares)		192
Issuance of common stock for stock option exercises	2,889	$ 2	2,887
Stock-based compensation expense	3,734		3,734
Recapitalization investment portfolio consideration	10,628					10,628
Ending balance (in shares) at Mar. 31, 2019		279,739		(515)
Ending balance at Mar. 31, 2019	(1,469,993)	$ 2,797	48,306	$ (8,933)	(262,619)	(1,249,544)
Redeemable Noncontrolling Interest
Beginning balance	24,892
Net income (loss)	861
Other comprehensive income	50
Ending balance at Dec. 31, 2018	24,892
Redeemable Noncontrolling Interest
Beginning balance	25,803
Beginning balance	30,036
Beginning balance (in shares) at Dec. 31, 2019		280,127		(701)
Beginning balance at Dec. 31, 2019	(2,698,148)	$ 2,801	1,983	$ (12,707)	(298,904)	(2,391,321)
PPD, Inc. Stockholders’ Deficit
Net income (loss)	(15,838)					(15,838)
Other comprehensive income	(165,548)				(165,548)
Vesting of restricted stock (in shares)		3
Vesting of restricted stock	0
Issuance of common stock for stock option exercises (in shares)		180
Issuance of common stock for stock option exercises	2,709	$ 2	2,707
Repurchases of common stock (in shares)				25
Repurchases of common stock	(561)			$ (561)
Stock-based compensation expense	5,272		5,272
Recapitalization investment portfolio consideration	20,062					20,062
Issuance of common stock for initial public offering (in shares)		69,000
Issuance of common stock for initial public offering	1,772,960	$ 690	1,772,270
Other	(806)					(806)
Ending balance (in shares) at Mar. 31, 2020		349,310		(726)
Ending balance at Mar. 31, 2020	(1,079,898)	$ 3,493	$ 1,782,232	$ (13,268)	$ (464,452)	$ (2,387,903)
Redeemable Noncontrolling Interest
Beginning balance	30,036
Net income (loss)	2,718
Other comprehensive income	(13)
Ending balance at Dec. 31, 2019	30,036
Redeemable Noncontrolling Interest
Beginning balance	$ 32,741

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Description of Business PPD, Inc. (together with its subsidiaries “PPD” or the “Company”) is a holding company incorporated in Delaware. References to the “Company” throughout these condensed consolidated financial statements refer to PPD, Inc. and its consolidated subsidiaries. The Company is a leading provider of drug development services to the biopharmaceutical industry, focused on helping the Company’s customers bring their new medicines to patients around the world. The Company has been in the drug development services business for more than 30 years, providing a comprehensive suite of clinical development and laboratory services to pharmaceutical, biotechnology, medical device, government organizations and other industry participants. The Company has deep experience across a broad range of rapidly growing areas of drug development and engages with customers through a variety of commercial models, including both full-service and functional service partnerships and other offerings tailored to address the specific needs of the Company’s customers. The Company has two reportable segments, Clinical Development Services (“Clinical Development Services”) and Laboratory Services (“Laboratory Services”). Unaudited Interim Financial Information and the Use of Estimates The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial reporting. The significant accounting policies followed by the Company for interim financial reporting are consistent with the accounting policies it follows for annual financial reporting and are disclosed in Note 1 of the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Annual Report on Form 10-K”). There have been no significant changes to the Company’s significant accounting policies during the first three months of 2020 , except for a change in how the Company’s Chief Operating Decision Maker (“CODM”) assesses segment performance. See Note 14, “Segments,” for additional information. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company monitors estimates and assumptions on a continuous basis and updates these estimates and assumptions as facts and circumstances change and new information is obtained, including facts and circumstances related to the novel coronavirus disease (the “COVID-19 pandemic”). Actual results could differ from those estimates and assumptions due to, among other things, the increased impacts caused by the COVID-19 pandemic. In the opinion of the Company’s management, these condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the full twelve-month period ending December 31, 2020 or any other future period. Therefore, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in its 2019 Annual Report on Form 10-K. The information as of December 31, 2019 in the Company’s condensed consolidated balance sheet included herein is derived from the Company’s audited consolidated financial statements included in the 2019 Annual Report on Form 10-K. Principles of Consolidation The condensed consolidated financial statements include the accounts and operations of the Company. All intercompany balances and transactions have been eliminated in consolidation. Amounts pertaining to the redeemable noncontrolling ownership interest held by a third-party in the operating results and financial position of the Company’s indirect majority-owned subsidiary are included as a noncontrolling interest. Initial Public Offering On February 6, 2020, the Company’s common stock began trading on The Nasdaq Global Select Market under the symbol “PPD.” On February 10, 2020, the Company completed its initial public offering (“IPO”) of its common stock at a price to the public of $27.00 per share. The Company issued and sold 69.0 million shares of common stock in the IPO, including 9.0 million shares of common stock issued pursuant to the full exercise of the underwriters’ option to purchase additional shares. The Company raised net proceeds of $1,773.0 million through the IPO, after deducting underwriting discounts and other offering expenses totaling $90.0 million . During the three months ended March 31, 2020 , the Company expensed $4.0 million of costs related to the IPO. The Company used a portion of the net proceeds from the IPO to (1) redeem $ 550.0 million in aggregate principal amount of unsecured 7.625% / 8.375% Senior PIK Toggle Notes (the “Initial HoldCo Notes”), plus accrued and unpaid interest thereon and $ 5.5 million of redemption premium, and (2) redeem $ 900.0 million in aggregate principal amount of unsecured 7.75% / 8.50% Senior PIK Toggle Notes (the “Additional HoldCo Notes” and, together with the Initial HoldCo Notes, the “HoldCo Notes”), plus accrued and unpaid interest thereon and $ 9.0 million of redemption premium. The redemption of the HoldCo Notes resulted in a loss on extinguishment of debt of $ 50.1 million. See Note 6, “Long-term Debt and Finance Lease Obligations,” for additional information regarding the redemption. In connection with the IPO, the Company’s board of directors adopted and stockholders approved the PPD, Inc. 2020 Omnibus Incentive Plan (“2020 Incentive Plan”) to implement a new market-based long-term incentive program to align the Company’s executive compensation package with similarly situated public companies. Any awards previously granted under the Eagle Holding Company I 2017 Incentive Plan (the “Eagle I Plan”) remain subject to the terms of the Eagle I Plan and the applicable award agreements. As of March 31, 2020, there were 39,053,663 shares of common stock available for issuance under the 2020 Incentive Plan with no awards outstanding under the plan. No awards were issued under the Eagle I Plan for the three months ended March 31, 2020 and no additional awards will be granted under the Eagle I Plan in the future. See Note 4, “Stock-based Compensation,” of the Company’s audited consolidated financial statements included in the 2019 Annual Report on Form 10-K for additional information on the Eagle I Plan. Additionally, in connection with the IPO, the Company’s Amended and Restated Certificate of Incorporation, among other things, provides that the Company’s authorized capital consists of 2.0 billion shares of common stock, par value $0.01 per share and 100.0 million shares of preferred stock, par value $0.01 per share. Further, in connection with the IPO, all non-voting shares of common stock were converted to voting shares of common stock. During the first quarter of 2020, the Company terminated its cash-based long-term incentive plan (the “LTIP”) and accelerated the remaining expense for future service under the plan. The LTIP was terminated to align the long-term compensation package of a certain set of employees to that offered by similarly situated public companies. These employees will receive annual stock-based equity awards beginning in 2020. During the three months ended March 31, 2020 , the Company recorded compensation expense of $22.2 million for the acceleration of expense under the LTIP. The compensation expense was recorded as a component of direct costs and selling, general and administrative (“SG&A”) expenses on the condensed consolidated statement of operations and is recorded as accrued employee compensation on the condensed consolidated balance sheet. Recently Adopted Accounting Standard In August 2018, the Financial Accounting Standards Board issued an accounting standards update to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This new guidance was issued to align the accounting for costs incurred to implement a cloud computing arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Upon the adoption of this standard, implementation costs incurred in a cloud computing arrangement that is a service contract will be capitalized and presented in the financial statements similar to prepaid expenses related to service contracts. Additionally, expenses associated with capitalized implementation costs will be recorded in the same financial statement line item as the fees associated with the hosting element of a cloud computing arrangement. The Company adopted this accounting standards update on January 1, 2020 using the prospective method. The adoption of this accounting standards update did not have a material impact to the Company’s condensed consolidated financial statements.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Performance Obligations Revenue recognized for the three months ended March 31, 2020 and 2019 from performance obligations partially satisfied in prior periods was $23.6 million and $5.9 million , respectively. These cumulative catch-up adjustments primarily related to (1) contract modifications executed in the current period, which resulted in changes to the transaction price, (2) changes in transaction price related to variable consideration and (3) changes in estimates such as estimated total costs. As of March 31, 2020 , the aggregate amounts of transaction price allocated to unsatisfied performance obligations with an original contract term of greater than one year was $7.1 billion . The Company expects to recognize 34% to 40% of the transaction price allocated to unsatisfied performance obligations over the next 12 months as services are rendered, with the remainder recognized thereafter during the remaining contract term. The Company does not include the value of the transaction price allocated to unsatisfied performance obligations for contracts that have an original contract term of less than one year or for contracts which are determined to be short-term based on certain termination for convenience provisions. Accounts Receivable and Unbilled Services, net and Unearned Revenue The Company’s accounts receivable and unbilled services, net, consisted of the following amounts on the dates set forth below: March 31, 2020 December 31, 2019 Accounts receivable $ 731,428 $ 726,111 Unbilled services 630,370 609,674 Total accounts receivable and unbilled services 1,361,798 1,335,785 Allowance for doubtful accounts (9,566 ) (9,171 ) Total accounts receivable and unbilled services, net $ 1,352,232 $ 1,326,614 The Company’s unearned revenue consisted of the following amounts on the dates set forth below: March 31, 2020 December 31, 2019 Unearned revenue $ 1,057,988 $ 1,110,872 As of March 31, 2020 and December 31, 2019 , contract assets of $165.2 million and $178.8 million , respectively, were included in unbilled services. The changes in the Company’s contract assets and unearned revenue resulted from the timing difference between the Company’s satisfaction of performance obligations under its contracts, achievement of billing milestones and customer payments. Additionally, during the three months ended March 31, 2020 and 2019 , the Company recognized revenue of $478.6 million and $379.8 million , respectively, from the balance of unearned revenue outstanding as of January 1, 2020 and January 1, 2019. Impairments of accounts receivable, unbilled services and contract assets were insignificant during the three months ended March 31, 2020 and 2019 . Customer Concentration Concentrations of credit risk with respect to accounts receivable and unbilled services, net, are limited due to the Company’s large number of customers. As of March 31, 2020 , two customers accounted for approximately 12% and 11% , respectively, of accounts receivable and unbilled services, net. As of December 31, 2019 , two customers each individually accounted for approximately 11% of accounts receivable and unbilled services, net. Additionally, for the three months ended March 31, 2020 and 2019 , no one customer accounted for greater than 10% of revenues.

Stockholders_ Deficit and Redee

Stockholders’ Deficit and Redeemable Noncontrolling Interest	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders’ Deficit and Redeemable Noncontrolling Interest	Stockholders’ Deficit and Redeemable Noncontrolling Interest Shares Common Stock The following is a summary of the Company’s authorized, issued and outstanding shares of common stock as of the periods set forth below: March 31, 2020 December 31, 2019 Shares authorized 2,000,000 2,080,000 Shares issued 349,310 280,127 Shares outstanding: Voting 348,584 276,052 Non-voting — 3,374 Total shares outstanding 348,584 279,426 Voting, Dividend, and Liquidation Rights of Common Stock Each share of voting stock is entitled to one vote on all matters to be voted on by the stockholders of the Company holding voting stock, including the election of directors. Additionally, the holders of voting stock are entitled to dividends on a pro rata basis at such time and in such amounts, if and when declared by the Company’s board of directors and are entitled to participate on a pro rata basis in all distributions that may be legally made to the Company’s stockholders in connection with a voluntary or involuntary liquidation, dissolution or winding up of the Company. With the completion of the IPO in the first quarter of 2020, all non-voting shares of common stock were converted to voting shares of common stock. Stock Split In January 2020, the Company filed its Amended and Restated Certificate of Incorporation prior to the IPO which, among other things, effected a 1.8 -for-1 stock split of its common stock and increased the authorized number of shares of its common stock to 2.08 billion , which was subsequently reduced to 2.0 billion in connection with the Company’s Amended and Restated Certificate of Incorporation filed in February 2020 as part of the IPO. All references to share and per share amounts in the Company’s condensed consolidated financial statements for periods prior to the stock split were retrospectively revised to reflect the stock split and increase in authorized shares for all periods presented. Preferred Stock In connection with the Company’s Amended and Restated Certificate of Incorporation filed in February 2020, the Company authorized 100.0 million shares of preferred stock. No shares of preferred stock were issued or outstanding as of March 31, 2020 . Redeemable Noncontrolling Interest The Company owns 60% of its consolidated subsidiary PPD-SNBL K.K. (“PPD-SNBL”). The 40% ownership interest in PPD-SNBL held by Shin Nippon Biomedical Laboratories Ltd. (“SNBL”) is classified as a redeemable noncontrolling interest on the condensed consolidated balance sheets due to certain put options under which SNBL may require the Company to purchase SNBL’s remaining ownership interest at fair value upon the occurrence of certain events described in the PPD-SNBL shareholders agreement. As of March 31, 2020 and December 31, 2019 , no such events had occurred. See Note 12, “Related Party Transactions,” for additional information.

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Business Combinations	Business Combinations The Company accounted for its business combinations below under the acquisition method of accounting and measured at fair value, the identifiable assets acquired and liabilities assumed at the date of acquisition. For each business combination, the Company recorded assets and liabilities representing working capital at their historical costs, which approximate fair value given the short-term nature of the assets and liabilities. The methods used to estimate the fair value of definite-lived intangible assets are consistent with those described in Note 1, “Basis of Presentation and Summary of Significant Accounting Policies,” of the Company’s audited consolidated financial statements included in the 2019 Annual Report on Form 10-K. Acquisition of Synarc On September 3, 2019, the Company acquired 100% of the issued and outstanding equity of Synarc, Inc. (“Synarc”), the global site network business of Bioclinica, Inc., expanding its global footprint into China and Latin America and expanding its central nervous system offering in the United States. The preliminary purchase price was $48.6 million , which includes an adjustment to estimated net working capital acquired at the time of acquisition of $1.8 million , and was paid with cash. The purchase price is subject to post-closing adjustments for cash, debt and net working capital recorded at the time of the acquisition. The initial accounting is not complete and amounts recorded as part of the acquisition are provisional, pending finalization of the valuation of certain assets and finalization of post-closing adjustments to the purchase price. The preliminary goodwill recognized of $2.9 million was primarily the result of anticipated growth through the development of new customers, additional services to existing customers and the assembled workforce. The goodwill was assigned to a reporting unit within the Company’s Clinical Development Services segment. The Company is not able to deduct goodwill for U.S. income tax purposes. The Company acquired the following definite-lived intangible assets with the acquisition of Synarc: Acquired Intangible Assets Weighted-Average Amortization Period (in years) Customer relationships $ 2,000 15 Know-how/processes 1,800 8 Investigator network 1,900 8 Trade names 1,400 10 Total $ 7,100 10 The following table summarizes the provisional consideration and the fair values of identifiable assets acquired and liabilities assumed at the acquisition date: Purchase price $ 48,635 Identifiable assets acquired: Cash and cash equivalents $ 6,003 Accounts receivable and unbilled services 23,143 Prepaid expenses and other current assets 2,556 Property and equipment 19,273 Intangible assets 7,100 Other assets 6,046 Operating lease right-of-use assets 1,609 Total identifiable assets acquired 65,730 Liabilities assumed: Accounts payable (2,117 ) Other accrued expenses (4,026 ) Unearned revenue (7,210 ) Long-term debt and finance lease obligations (38 ) Deferred tax liabilities (4,677 ) Other liabilities (331 ) Operating lease liabilities (1,609 ) Total liabilities assumed (20,008 ) Separately identifiable net assets acquired 45,722 Goodwill 2,913 Total net assets $ 48,635 Acquisition of Medimix On July 1, 2019, the Company acquired 100% of the issued and outstanding equity of Medimix International (“Medimix”), a global technology company providing real-world evidence insights and information to the pharmaceutical, diagnostic and medical device industries. The acquisition is expected to enhance the Company’s ability to leverage data to provide real-world evidence and insights for customers. The purchase price was $36.8 million , which consisted of $ 27.5 million of cash, $5.0 million of common stock of the Company and $4.3 million of estimated contingent consideration. There have been no material purchase price adjustments made subsequent to the initial recognition of assets and liabilities acquired. Based on the provisional fair values of identifiable assets acquired and liabilities assumed at the acquisition date, the consideration paid was allocated as follows: (i) $13.5 million to definite-lived intangible assets, (ii) $20.5 million to goodwill and (iii) $2.8 million to other net assets primarily related to net working capital. In connection with the acquisition of Medimix, contingent consideration in the form of a potential earn-out payment of up to $10.8 million is to be paid if Medimix achieves certain performance measures within the specified measurement period. As of March 31, 2020 and December 31, 2019, the Company recorded an estimated earn-out liability of $8.1 million and $ 9.5 million, respectively, to be paid based on Medimix meeting certain performance targets through 2019. The change in the estimated earn-out liability of $1.4 million for contingent consideration was recorded as a component of SG&A expenses on the condensed consolidated statements of operations, and the estimated liability is included in other accrued expenses on the condensed consolidated balance sheets. The initial accounting is not complete and amounts recorded as part of the acquisition are provisional, pending finalization of the valuation of certain assets and liabilities. The goodwill recognized was primarily the result of anticipated growth through the development of new customers, additional services to existing customers and the assembled workforce. The goodwill was assigned to a reporting unit within the Company’s Clinical Development Services segment. The majority of goodwill is tax deductible for U.S. income tax purposes. The Company acquired the following definite-lived intangible assets with the acquisition of Medimix: Acquired Intangible Assets Weighted-Average Amortization Period (in years) Customer relationships $ 7,500 13 Trade names 900 10 Technology/intellectual property 5,100 8 Total $ 13,500 11 Acquisition Costs Acquisition costs for the three months ended March 31, 2019 were $3.7 million and there were no acquisition costs for the three months ended March 31, 2020 . These costs are expensed as incurred and are included on the condensed consolidated statements of operations as a component of SG&A expenses.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	Goodwill and Intangible Assets, Net Goodwill, Net The changes in the carrying amount of goodwill by segment consisted of the following on the dates set forth below: Total Clinical Development Services Laboratory Services Balance at December 31, 2019: Goodwill $ 1,890,815 $ 1,664,201 $ 226,614 Accumulated impairment losses (126,711 ) (99,432 ) (27,279 ) Goodwill, net 1,764,104 1,564,769 199,335 Activity: Translation adjustments (42,618 ) (42,618 ) — Measurement period adjustments for prior acquisition 1,848 1,848 — Balance at March 31, 2020: Goodwill 1,850,045 1,623,431 226,614 Accumulated impairment losses (126,711 ) (99,432 ) (27,279 ) Goodwill, net $ 1,723,334 $ 1,523,999 $ 199,335 Intangible Assets, Net The Company’s definite-lived intangible assets were composed of the following on the dates set forth below: March 31, 2020 December 31, 2019 Carrying Amount Accumulated Amortization Net Carrying Amount Accumulated Amortization Net Customer relationships $ 869,063 $ (421,703 ) $ 447,360 $ 884,788 $ (415,427 ) $ 469,361 Trade names 365,372 (140,952 ) 224,420 372,210 (139,141 ) 233,069 Backlog 173,785 (172,288 ) 1,497 177,599 (175,571 ) 2,028 Investigator/payer network 228,360 (185,111 ) 43,249 236,082 (185,478 ) 50,604 Technology/intellectual property 8,600 (3,553 ) 5,047 8,600 (3,319 ) 5,281 Know-how/processes 575,597 (461,886 ) 113,711 586,971 (455,223 ) 131,748 Total $ 2,220,777 $ (1,385,493 ) $ 835,284 $ 2,266,250 $ (1,374,159 ) $ 892,091 Amortization expense was $ 39.7 million and $ 40.7 million for the three months ended March 31, 2020 and 2019 , respectively. Translation adjustments of approximately $17.1 million were recorded during the three months ended March 31, 2020 , resulting in a decrease to the carrying amount of the Company’s definite-lived intangible assets, net. The Company does not have any indefinite-lived intangible assets other than goodwill.

Long-term Debt and Finance Leas

Long-term Debt and Finance Lease Obligations	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long-term Debt and Finance Lease Obligations	Long-term Debt and Finance Lease Obligations Long-term debt and finance lease obligations consisted of the following as set forth on the dates below: Maturity Date Effective Rate Stated Rate March 31, 2020 December 31, 2019 Term Loan August 2022 3.71% 3.50% $ 3,088,323 $ 3,096,429 OpCo Notes August 2023 6.61% 6.38% 1,125,000 1,125,000 Initial HoldCo Notes (1) — 8.92% 7.63% — 550,000 Additional HoldCo Notes (1) — 8.90% 7.75% — 900,000 Revolving Credit Facility May 2022 3.96% 3.96% 150,000 — Other debt April 2025 1.14% 1.14% 3,843 5,707 Finance lease obligations Various Various Various 28,197 28,726 4,395,363 5,705,862 Unamortized debt discount (6,051 ) (13,956 ) Unamortized debt issuance costs (16,592 ) (47,978 ) Current portion of long-term debt and finance lease obligations (35,894 ) (35,794 ) Long-term debt and finance lease obligations, less current portion $ 4,336,826 $ 5,608,134 (1) Effective rate and stated rate are as of December 31, 2019 for the extinguished Initial HoldCo Notes and Additional HoldCo Notes. Revolving Credit Facility The Company has a revolving credit facility (the “Revolving Credit Facility”) available for use under the credit agreement dated as of August 18, 2015, as amended (the “Credit Agreement”), with a total committed credit of $300.0 million . In March 2020, the Company borrowed $ 150.0 million from the Revolving Credit Facility as a precautionary measure in order to further strengthen the Company’s cash position and to preserve financial flexibility due to the uncertainty in the global markets as a result of the COVID-19 pandemic. From time to time, the Company is required to have letters of credit issued on its behalf to provide credit support for guarantees, contractual commitments and insurance policies. As of March 31, 2020 and December 31, 2019 , the Company had letters of credit outstanding with an aggregate value of $1.6 million , which reduced available borrowings under the Revolving Credit Facility by such amount. As of March 31, 2020 , the Company had available credit under the Revolving Credit Facility of $148.4 million . The Company did no t have any borrowings outstanding under the Revolving Credit Facility as of December 31, 2019 or at any time during 2019 . Redemption of HoldCo Notes On February 18, 2020, the Company redeemed all of its outstanding HoldCo Notes in accordance with the provisions governing the HoldCo Notes indentures for $1,464.5 million , including a redemption premium of $14.5 million . As such, the obligations of the Company under the HoldCo Notes and such indentures were discharged on that date. Also as part of the redemption, the Company wrote off the unamortized debt discount and deferred debt issuance costs related to the HoldCo Notes of $35.6 million . The Company redeemed the HoldCo Notes with a portion of the net proceeds received from the Company’s IPO. See Note 10, “Long-term Debt and Finance Lease Obligations” of the Company’s audited consolidated financial statements included in the 2019 Annual Report on Form 10-K for additional information on the HoldCo Notes. Debt Covenants and Default Provisions There were no changes to the debt covenants or default provisions related to the Company’s outstanding debt arrangements or other obligations during the first quarter of 2020. However, as the Company had borrowings outstanding under the Revolving Credit Facility as of March 31, 2020 , the Company is subject to a net secured leverage ratio test. The Credit Agreement subjects the Company to a maximum permitted total net secured leverage ratio of 5.00 :1.00 on a quarterly basis, calculated with respect to Consolidated EBITDA (as defined in the Credit Agreement), when the Company has outstanding obligations and loans under the Revolving Credit Facility (excluding $ 25.0 million of non-cash collateralized letters of credit) exceeding 30% of the total revolving credit facility commitments. The Company’s outstanding borrowings on the Revolving Credit Facility, including letters of credit, were 51.0% of the total Revolving Credit Facility commitments as of March 31, 2020. As of March 31, 2020 , the Company’s net secured leverage ratio was 3.1 x. The Company was in compliance with all covenants for all long-term debt arrangements as of March 31, 2020 and December 31, 2019 . For additional information on the Company’s debt arrangements, debt covenants and default provisions, see Note 10, “Long-term Debt and Finance Lease Obligations,” of the Company’s audited consolidated financial statements included in the 2019 Annual Report on Form 10-K. Scheduled Maturities of Long-term Debt and Finance Lease Obligations As of March 31, 2020 , the scheduled maturities of long-term debt and settlement of finance lease obligations for the remainder of 2020 , each of the next five years and thereafter were as follows: Year Amount 2020 (remaining nine months) $ 26,713 2021 36,573 2022 3,185,423 2023 1,128,559 2024 3,449 2025 7,366 Thereafter 7,280 Total $ 4,395,363

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On March 27, 2020, the U. S. government passed the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) in response to the COVID-19 pandemic. The CARES Act provides wide-ranging economic relief, including significant changes to U.S. business tax provisions. These changes include, in summary, (i) modifications to limitations on the deductibility of net operating losses, (ii) modifications to limitations on the deductibility of business interest, (iii) alternative minimum tax credit acceleration and (iv) the expensing of qualified improvement property. The most significant impact to the Company from the CARES Act relates to the modification to limitations on the deductibility of business interest and the expensing of qualified improvement property. The Company has accounted for the impact of the CARES Act on prior tax years within the current period and accounted for the impact on the current tax year in its annual effective tax rate and benefit from income taxes for the three months ended March 31, 2020. The Company is continuing to assess the income tax impact of the CARES Act and other legislative changes enacted and being considered by governments around the world in response to the COVID-19 pandemic. The Company’s effective income tax rate was 40.0% and 19.2% for the three months ended March 31, 2020 and 2019 , respectively. The Company’s benefit from income taxes for the three months ended March 31, 2020 was primarily due to the estimated tax effect on the Company’s pre-tax loss and the impact of favorable discrete items including the release of a valuation allowance and the net impact of the CARES Act, partially offset by the tax impact of non-deductible compensation as a result of the IPO. The Company’s benefit from income taxes for the three months ended March 31, 2019 was due to the estimated tax effect on the Company’s pre-tax loss and other discrete tax impacts as a result of the Tax Cuts and Jobs Act of 2017. As of March 31, 2020 and December 31, 2019 , the Company’s total unrecognized tax benefits were $18.1 million and $39.7 million , respectively. The decrease to the Company’s unrecognized tax benefits during the three months ended March 31, 2020, was primarily the result of a $ 13.0 million release as a result of the application of the provisions of the CARES Act. Included in the balance of unrecognized tax benefits as of March 31, 2020 and December 31, 2019 , were $11.4 million and $28.8 million , respectively, net of the federal benefit for state taxes, that if recognized, would reduce the Company’s effective tax rate. In addition, the Company believes that it is reasonably possible that the total amount of unrecognized tax benefits could decrease by an amount up to $4.2 million within the next 12 months due to the settlement of audits and the expiration of the statutes of limitations. The Company has analyzed its filing positions in all significant federal, state and foreign jurisdictions where it is required to file income tax returns, as well as open tax years in these jurisdictions. The significant jurisdictions with periods subject to examination are the 2016 through 2019 tax years for the United States and the 2017 through 2019 tax years for the United Kingdom. Various foreign and state income tax returns are under examination by taxing authorities. The Company does not believe that the outcome of any examination or inquiry will have a material impact on its results of operations, financial condition or cash flows.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company has variable rate borrowings under its senior secured term loan outstanding under the Credit Agreement (the “Term Loan”), and as a result, is exposed to interest rate fluctuations on these borrowings. From time to time, the Company enters into interest rate swaps to mitigate the risk in fluctuations in interest rates. For hedges that qualify, the Company accounts for these interest rate swaps as qualifying cash flow hedges because their purpose is to hedge the Company’s exposure to increases in interest rates on its variable rate borrowings and as the interest rate swaps effectively convert variable rate borrowings under the Term Loan to fixed rate borrowings based on the fixed interest rate for the interest rate swaps plus the applicable margin on the Term Loan. For those interest rate swaps accounted for as cash flow hedges, the Company recognizes in accumulated other comprehensive loss (“AOCL”) or accumulated other comprehensive income (“AOCI”), each net of tax, any changes in the fair value, representing unrealized gains or losses, of its interest rate swaps. The Company assesses effectiveness at inception and on an ongoing quarterly basis. The Company may also enter into interest rate swap agreements that are not designated as cash flow hedges for accounting purposes. Changes in the fair value of interest rate swaps not designated as cash flow hedges are reported in the statements of operations as part of other income (expense), net. The Company does not use derivative financial instruments for speculative or trading purposes and does not offset the fair value amounts of its derivatives. In February 2020, the Company considered refinancing certain portions of its outstanding debt with new variable rate debt and, in anticipation thereof, the Company entered into three new variable to fixed interest rate swaps with multiple counterparties to hedge future interest rate exposure. At the inception date, the interest rate swaps were designated as cash flow hedges and accounted for in accordance with the aforementioned accounting policy. In February and March 2020, due to, among other factors, difficult and volatile conditions in the credit markets caused by the COVID-19 pandemic, the Company did not enter into the new variable rate debt structure. Therefore, in March 2020, the Company entered into a fixed to variable interest rate swap which reduced the amount of variable rate debt being hedged. The following table summarizes the material terms of the interest rate swaps outstanding as of March 31, 2020 : Swap # Terms Notional Amount Fixed Interest Rate Maturity Date 1 Variable to fixed $ 1,500,000 1.19% March 31, 2025 2 Variable to fixed 1,500,000 1.22% March 31, 2025 3 Variable to fixed 500,000 1.17% March 31, 2025 4 Fixed to variable 500,000 0.52% March 31, 2025 The Company did not designate the fixed to variable swap as a cash flow hedge for accounting purposes. Simultaneously upon entering into the fixed to variable swap, the Company discontinued cash flow hedge accounting on a variable to fixed swap with the same notional amount and began recording the change in fair value directly in earnings. The unrealized losses recorded in AOCL at the date of discontinuance will be reclassified into interest expense, net, through the original maturity date of the interest rate swap. Additionally, on the date of discontinuance, a $ 6.6 million loss resulting from originally forecasted transactions deemed probable not to occur was reclassified from AOCL to other income (expense), net, on the condensed consolidated statements of operations. The Company also recorded a loss of $ 1.7 million in other income (expense), net on the condensed consolidated statements of operations from the change in fair value of the undesignated interest rate swaps. Going forward, the Company expects the change in fair value of the two undesignated swaps to mostly offset in earnings as the swaps economically offset each other. Current market conditions, including dislocation in the financial markets and volatility in interest rates due to the COVID-19 pandemic, may affect the performance of the Company’s hedging relationships for cash flow hedges, which could cause the hedging to no longer be effective. In 2018, the Company terminated all of its previously outstanding interest rate swaps. These interest rate swaps were set to mature in November 2020. Unrealized gains previously recorded in AOCI through the date of termination will be reclassified into interest expense, net, through the original maturity date of the interest rate swaps. The Company expects to reclassify current unrealized losses of $20.0 million within the next 12 months from AOCL to interest expense, net, on the condensed consolidated statements of operations as interest payments are made on the Term Loan. The Company recognized the following amounts of pre-tax loss as a component of AOCL during the three months ended March 31, 2020 and 2019 : Pre-Tax Loss Recognized in AOCL Derivatives in Cash Flow Hedging Relationships Three Months Ended March 31, 2020 2019 Interest rate swaps $ (106,390 ) $ — The following table provides the location of the pre-tax gain reclassified from AOCL into interest expense, net, and the location of the pre-tax loss reclassified from AOCL into other income (expense), net on the condensed consolidated statements of operations during the three months ended March 31, 2020 and 2019 : Pre-Tax Gain (Loss) Reclassified from AOCL into Statements of Operations Location of Gain (Loss) Reclassified from AOCL into Statements of Operations Three Months Ended March 31, 2020 2019 Interest rate swaps Interest expense, net $ 3,051 $ 2,972 Interest rate swaps Other income (expense), net (6,627 ) — The fair value of derivative instruments consisted of the following balances as set forth on the dates below: March 31, 2020 December 31, 2019 Balance sheet location Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps Other accrued expenses $ — $ 24,445 $ — $ — Interest rate swaps Other liabilities — 67,632 — — Derivatives not designated as hedging instruments: Interest rate swaps Prepaid expenses and other current assets 593 — — — Interest rate swaps Other accrued expenses — 3,886 — — Interest rate swaps Other liabilities — 12,704 — — $ 593 $ 108,667 $ — $ — The Company considers the fair value of the interest rate swap assets and liabilities to be a Level 2 classification within the fair value hierarchy. See Note 10, “Fair Value Measurements,” for additional information.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company records and discloses a liability for pending and threatened litigation matters when an adverse outcome is probable and the amount of the potential liability is reasonably estimable. The Company reviews claims and legal proceedings on a continuous basis and records or adjusts liabilities recorded for such matters based on updated facts and circumstances including settlements or offers to settle, judicial rulings, advice of counsel or other pertinent matters. Legal costs associated with contingencies are charged to expense as incurred. The Company is involved in a variety of pending and threatened legal and tax proceedings, claims and litigation that arise from time to time in the ordinary course of business. These actions may be threatened or commenced by various parties, including customers, current or former employees, vendors, government agencies or others. Based on the latest information available, the Company does not expect any pending or threatened legal or tax proceeding, claim or litigation, either individually or in the aggregate, will have a material adverse effect on the business, financial position, results of operations or cash flows of the Company.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company records certain assets and liabilities at fair value on a recurring and nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a fair value hierarchy that gives highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest level to unobservable inputs. The inputs used to measure fair value are classified into the following fair value hierarchy: • Level 1 - Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company can access at the measurement date. • Level 2 - Observable inputs other than quoted prices in Level 1, including (i) quoted prices for similar assets and liabilities in active markets, (ii) quoted prices for identical or similar assets or liabilities in markets that are not active and (iii) observable inputs for the assets or liabilities other than quoted market prices. • Level 3 - Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. This includes assets and liabilities determined using pricing models, discounted cash flow methodologies or similar techniques reflecting the Company’s own assumptions. Recurring Fair Value Measurements The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis: As of March 31, 2020 Level 1 Level 2 Level 3 Total Assets Investments $ 2,086 $ — $ 221,582 $ 223,668 Derivative instruments — 593 — 593 Total assets $ 2,086 $ 593 $ 221,582 $ 224,261 Liabilities Contingent consideration $ — $ — $ 8,134 $ 8,134 Derivative instruments — 108,667 — 108,667 Recapitalization investment portfolio liability — — 171,616 171,616 Total liabilities $ — $ 108,667 $ 179,750 $ 288,417 As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets Investments $ 1,895 $ — $ 248,453 $ 250,348 Total assets $ 1,895 $ — $ 248,453 $ 250,348 Liabilities Contingent consideration $ — $ — $ 9,489 $ 9,489 Recapitalization investment portfolio liability — — 191,678 191,678 Total liabilities $ — $ — $ 201,167 $ 201,167 Fair Value Investments The following table summarizes the Company’s quantitative information about the fair value measurements of Auven Therapeutics Holdings, L.P. (“Auven”) and venBio Global Strategic Fund, L.P. at the dates indicated: Quantitative Information About Level 3 Fair Value Measurements for March 31, 2020 Description Fair Value Valuation Technique Unobservable Input Range of Rates Fair value option investments $216,204 Market evaluation/pricing models Discount for lack of marketability 12.5% - 32.5% Recent acquisition transactions Discount for lack of control 20.0% - 35.0% Quantitative Information About Level 3 Fair Value Measurements for December 31, 2019 Description Fair Value Valuation Technique Unobservable Input Range of Rates Fair value option investments $243,067 Market evaluation/pricing models Discount for lack of marketability 10.0% - 30.0% Recent acquisition transactions Discount for lack of control 20.0% - 35.0% The Company also holds an equity investment in a publicly traded late-stage clinical biopharmaceutical company which it classifies within Level 1 of the fair value hierarchy due to the active market with quoted prices for this investment. See Note 7, “Investments,” of the Company’s audited consolidated financial statements included in the 2019 Annual Report on Form 10-K for additional information on the Company’s investments. Changes in fair value of the Company’s investments measured on a recurring basis using significant unobservable inputs (Level 3) were as follows: 2020 2019 Balance as of January 1, $ 248,453 $ 256,124 Recognized fair value loss (27,323 ) (9,509 ) Cash distributions received (93 ) (101 ) Capital contributions paid 545 999 Balance as of March 31, $ 221,582 $ 247,513 Included within the Company’s investments are limited partner interests in Auven, an investment partnership organized for the purpose of identifying, acquiring and investing in a diversified portfolio of novel therapeutic product candidates. As of March 31, 2020 and 2019 , the Company owned 32.7% of the outstanding limited partnership interests. For the three months ended March 31, 2020 and 2019 , the total net investment loss, which includes realized and unrealized losses/gains, net of expenses and investment income, for Auven was $134.6 million and $83.4 million , respectively. Recapitalization Investment Portfolio Liability Changes in fair value of the recapitalization investment portfolio liability measured on a recurring basis using significant unobservable inputs (Level 3) were as follows: 2020 2019 Balance as of January 1, $ 191,678 $ 198,524 Recapitalization investment portfolio consideration change in value (20,062 ) (10,628 ) Balance as of March 31, $ 171,616 $ 187,896 Contingent Consideration Changes in fair value of the contingent consideration measured on a recurring basis using significant unobservable inputs (Level 3) were as follows: 2020 2019 Balance as of January 1, $ 9,489 $ — Change in contingent consideration fair value (1,355 ) — Balance as of March 31, $ 8,134 $ — Fair Value of Financial Instruments The Company estimated the fair value of its financial instruments using available market information. The estimate of fair value has been determined based on the fair value hierarchy for U.S. GAAP. The following table presents information about the carrying value and estimated fair value of the Company’s financial instruments on the dates set forth below: March 31, 2020 December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Cash and cash equivalents $ 738,364 $ 738,364 $ 345,187 $ 345,187 Liabilities: Term Loan and Revolving Credit Facility 3,238,323 2,824,735 3,096,429 3,111,911 OpCo Notes 1,125,000 1,151,066 1,125,000 1,164,566 Initial HoldCo Notes — — 550,000 559,873 Additional HoldCo Notes — — 900,000 915,120 Other debt 3,843 3,843 5,707 5,707 Cash and Cash Equivalents - The carrying amount approximates fair value due to the short-term maturity of these financial instruments (less than three months). The Company considers the fair value of cash and cash equivalents to be a Level 1 classification within the fair value hierarchy. Term Loan and Revolving Credit Facility - The estimated fair value of the Term Loan is based on recently reported market transactions and prices for identical or similar financial instruments obtained from a third-party pricing source. The estimated fair value of the Revolving Credit Facility approximates its fair value due to the variable interest rates associated with it. The Company considers the fair value of the Term Loan and Revolving Credit Facility to be a Level 2 classification within the fair value hierarchy. OpCo Notes and HoldCo Notes - The estimated fair value of the $1,125.0 million outstanding 6.375% senior unsecured notes issued by Jaguar Holding Company II and Pharmaceutical Product Development, LLC, both wholly-owned indirect subsidiaries of the Company (the “OpCo Notes”), is based on recently reported market transactions and prices for identical or similar financial instruments obtained from a third-party pricing source. The Company considers the fair value of the OpCo Notes to be a Level 2 classification within the fair value hierarchy. The estimated fair value of the Company’s previously outstanding HoldCo Notes were determined in the same manner as the OpCo Notes. Other Debt - The carrying amount of other debt approximates fair value due to the nature of the obligation. The Company considers the fair value of other debt to be a Level 2 classification within the fair value hierarchy.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The balances of AOCL, net of tax, were as follows on the dates set forth below: Foreign Derivative Accumulated Other Comprehensive Loss Balance as of December 31, 2019 $ (306,452 ) $ 8,566 $ (1,018 ) $ (298,904 ) OCL before reclassifications (87,953 ) (80,408 ) (22 ) (168,383 ) Amounts reclassified from AOCL or AOCI — 2,703 132 2,835 Net (OCL) or OCI (87,953 ) (77,705 ) 110 (165,548 ) Balance as of March 31, 2020 $ (394,405 ) $ (69,139 ) $ (908 ) $ (464,452 ) Foreign Derivative Accumulated Other Comprehensive Loss Balance as of December 31, 2018 $ (331,276 ) $ 18,089 $ 296 $ (312,891 ) OCI before reclassifications 52,537 — 26 52,563 Amounts reclassified from AOCL or AOCI — (2,410 ) 119 (2,291 ) Net OCI or (OCL) 52,537 (2,410 ) 145 50,272 Balance as of March 31, 2019 $ (278,739 ) $ 15,679 $ 441 $ (262,619 ) The following table presents the significant reclassifications to the condensed consolidated statements of operations out of AOCI or AOCL and the line item affected on the condensed consolidated statements of operations for the respective periods: Three Months Ended March 31, Details about AOCI or AOCL Components 2020 2019 Affected line item in statements of operations Losses (gains) on derivative instruments: Interest rate swaps $ 3,051 $ 2,972 Interest expense, net Interest rate swaps (6,627 ) — Other income (expense), net Income tax benefit (expense) 873 (562 ) Benefit from income taxes Total net of income tax $ (2,703 ) $ 2,410 Defined benefit pension plan: Amortization of actuarial loss $ (162 ) $ (155 ) Other income (expense), net Income tax benefit 30 36 Benefit from income taxes Total net of income tax $ (132 ) $ (119 )

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Majority Sponsor Transactions The Company was party to consulting services agreements with affiliates of The Carlyle Group Inc. (“Carlyle”) and affiliates of Hellman & Friedman LLC (“H&F” and, together with Carlyle, the “Majority Sponsors”) under which the Company paid the Majority Sponsors a fee for consulting services provided to the Company as well as reimbursements for out-of-pocket expenses incurred in conjunction with such services. The Company incurred consulting and out-of-pocket expenses for services rendered under the consulting agreement of $0.4 million and $0.9 million for the three months ended March 31, 2020 and 2019 , respectively. These expenses are recorded as a component of SG&A expenses on the condensed consolidated statements of operations. The consulting services agreements terminated pursuant to their terms upon completion of the Company’s IPO on February 10, 2020. Affiliates of one of the Majority Sponsors had investments in the Term Loan totaling $77.8 million and $78.0 million , respectively, as of March 31, 2020 and December 31, 2019 . The Company paid $ 0.8 million and $ 1.0 million of interest, respectively, and $0.2 million of principal to the relevant affiliates for the Term Loan for the three months ended March 31, 2020 and 2019 . SNBL Transactions Both the Company and SNBL have service agreements to provide administrative and support services to PPD-SNBL, both of which will remain in effect as long as the PPD-SNBL shareholders agreement remains in effect. The Company and SNBL also have a collaboration agreement under which the parties may collaborate on various drug development services. This collaboration agreement will remain in effect as long as SNBL owns at least 20% of PPD-SNBL. For the three months ended March 31, 2020 and 2019 , the Company incurred expenses for services rendered under the services agreement of $0.3 million . The expenses are recorded as a component of SG&A expenses on the condensed consolidated statements of operations. As of March 31, 2020 and December 31, 2019 , the Company owed SNBL $0.3 million for services rendered under the services agreement. Additionally, as of March 31, 2020 and December 31, 2019 , PPD-SNBL owed SNBL $3.8 million and $5.7 million , respectively, related to a working capital loan. During the three months ended March 31, 2020 , the Company repaid $1.9 million of principal on this working capital loan. This loan is classified as long-term debt on the condensed consolidated balance sheets and is included in Note 6, “Long-term Debt and Finance Lease Obligations,” as “other debt.”

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table provides a reconciliation of the numerator and denominator of the basic and diluted earnings per share (“EPS”) computations for the periods set forth below: Three Months Ended March 31, 2020 2019 Numerator: Net loss $ (13,120 ) $ (14,234 ) Net income attributable to noncontrolling interest (2,718 ) (861 ) Recapitalization investment portfolio consideration 20,062 10,628 Net income (loss) attributable to common stockholders of PPD, Inc. $ 4,224 $ (4,467 ) Denominator: Basic weighted-average common shares outstanding 318,221 279,086 Effect of dilutive stock options and restricted stock 4,203 — Diluted weighted-average common shares outstanding 322,424 279,086 Earnings/(loss) per share: Basic $ 0.01 $ (0.02 ) Diluted $ 0.01 $ (0.02 ) See Note 3, “Stockholders’ Deficit and Redeemable Noncontrolling Interest,” for additional information related to shares and Note 2, “Recapitalization Transaction,” of the Company’s audited consolidated financial statements included in the 2019 Annual Report on Form 10-K for additional information related to the recapitalization investment portfolio consideration. Potential common shares outstanding that are considered anti-dilutive are excluded from the computation of diluted EPS. Potential common shares related to stock options and other awards under share-based compensation programs may be determined to be anti-dilutive based on the application of the treasury stock method and are also anti-dilutive in periods when the Company incurs a net loss. The number of potential common shares outstanding that were considered anti-dilutive using the treasury stock method and therefore excluded from the computation of diluted EPS, weighted for the portion of the period they were outstanding, are as follows: Three Months Ended March 31, 2020 2019 Anti-dilutive stock options and restricted stock — 488

Segments

Segments	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segments	Segments The Company is managed through two reportable segments, Clinical Development Services and Laboratory Services. The Company determines reportable segments using the management approach. The management approach is based on how the Company’s CODM organizes the segments for purposes of assessing performance and making operating decisions. The Clinical Development Services segment provides a wide range of services to its customers including early development/Phase I, patient recruitment and enrollment, investigator site management, Phase II-IV clinical trial management, medical communications and various peri- and post-approval services. The Laboratory Services segment provides comprehensive laboratory services to its customers including bioanalytical, vaccine sciences, good manufacturing practice, central lab and biomarker testing. Both segments provide services to pharmaceutical, biotechnology, medical device, government organizations and other industry participants. The Company’s CODM assesses segment performance and makes resource allocation decisions based on segment revenues and segment operating income. During the first quarter of 2020, the CODM began assessing performance and making resource allocation decisions based on total segment revenue, including direct, third-party pass-through and out-of-pocket revenue and segment performance including reimbursed costs. Previously, certain revenue amounts were not allocated to segments, whereas following the change, all revenue is allocated to the respective segment. As a result, the Company has updated its segment presentation and all prior period information has been recast to reflect the change in the measurement of segment performance measures. Segment operating income is segment revenue less segment direct costs, segment reimbursed costs and segment SG&A expenses. Segment operating income excludes certain unallocated direct costs and SG&A expenses, depreciation and amortization and other nonrecurring expenses or income consistent with the information reviewed by the CODM. The CODM reviews the Company’s assets on a consolidated basis and does not assess performance or make operating decisions based on segment assets. Information on reportable segment revenue and segment operating income, including a reconciliation of segment operating income to consolidated income from operations, for the respective periods were as follows: Three Months Ended March 31, 2020 2019 Segment revenue: Clinical Development Services $ 870,886 $ 809,364 Laboratory Services 201,576 154,374 Total segment revenue 1,072,462 963,738 Segment direct costs: Clinical Development Services 309,078 290,619 Laboratory Services 87,051 72,260 Total segment direct costs 396,129 362,879 Segment reimbursed costs: Clinical Development Services 223,529 209,880 Laboratory Services 27,321 15,139 Total segment reimbursed costs 250,850 225,019 Segment SG&A expenses: Clinical Development Services 141,832 128,894 Laboratory Services 21,783 18,999 Total segment SG&A expenses 163,615 147,893 Segment operating income: Clinical Development Services 196,447 179,971 Laboratory Services 65,421 47,976 Total segment operating income 261,868 227,947 Operating costs and expenses not allocated to segments: Direct costs 18,310 4,323 SG&A expenses 84,161 70,487 Depreciation and amortization 66,315 65,418 Income from operations $ 93,082 $ 87,719 Entity-wide Information by Geographic Location The table below presents certain entity-wide information about the Company’s operations by geographic location. The Company allocates revenues to geographic locations based on where the services are performed. Revenues by geographic location are as follows: Three Months Ended March 31, 2020 2019 Revenue: North America (1) $ 558,239 $ 499,917 Latin America 44,910 38,965 Europe, Middle East and Africa (2) 354,451 325,831 Asia-Pacific 114,862 99,025 Revenue $ 1,072,462 $ 963,738 (1) Revenue for the North America region includes revenue attributable to the United States of $556.5 million and $494.3 million, respectively, for the three months ended March 31, 2020 and 2019 . (2) Revenue for the Europe, Middle East and Africa region includes service revenue attributable to the United Kingdom of $189.1 million and $174.8 million, respectively, for the three months ended March 31, 2020 and 2019 .

Entity-wide Information by Geog

Entity-wide Information by Geographic Location	3 Months Ended
	Mar. 31, 2020
Segments, Geographical Areas [Abstract]
Entity-wide Information by Geographic Location	Segments The Company is managed through two reportable segments, Clinical Development Services and Laboratory Services. The Company determines reportable segments using the management approach. The management approach is based on how the Company’s CODM organizes the segments for purposes of assessing performance and making operating decisions. The Clinical Development Services segment provides a wide range of services to its customers including early development/Phase I, patient recruitment and enrollment, investigator site management, Phase II-IV clinical trial management, medical communications and various peri- and post-approval services. The Laboratory Services segment provides comprehensive laboratory services to its customers including bioanalytical, vaccine sciences, good manufacturing practice, central lab and biomarker testing. Both segments provide services to pharmaceutical, biotechnology, medical device, government organizations and other industry participants. The Company’s CODM assesses segment performance and makes resource allocation decisions based on segment revenues and segment operating income. During the first quarter of 2020, the CODM began assessing performance and making resource allocation decisions based on total segment revenue, including direct, third-party pass-through and out-of-pocket revenue and segment performance including reimbursed costs. Previously, certain revenue amounts were not allocated to segments, whereas following the change, all revenue is allocated to the respective segment. As a result, the Company has updated its segment presentation and all prior period information has been recast to reflect the change in the measurement of segment performance measures. Segment operating income is segment revenue less segment direct costs, segment reimbursed costs and segment SG&A expenses. Segment operating income excludes certain unallocated direct costs and SG&A expenses, depreciation and amortization and other nonrecurring expenses or income consistent with the information reviewed by the CODM. The CODM reviews the Company’s assets on a consolidated basis and does not assess performance or make operating decisions based on segment assets. Information on reportable segment revenue and segment operating income, including a reconciliation of segment operating income to consolidated income from operations, for the respective periods were as follows: Three Months Ended March 31, 2020 2019 Segment revenue: Clinical Development Services $ 870,886 $ 809,364 Laboratory Services 201,576 154,374 Total segment revenue 1,072,462 963,738 Segment direct costs: Clinical Development Services 309,078 290,619 Laboratory Services 87,051 72,260 Total segment direct costs 396,129 362,879 Segment reimbursed costs: Clinical Development Services 223,529 209,880 Laboratory Services 27,321 15,139 Total segment reimbursed costs 250,850 225,019 Segment SG&A expenses: Clinical Development Services 141,832 128,894 Laboratory Services 21,783 18,999 Total segment SG&A expenses 163,615 147,893 Segment operating income: Clinical Development Services 196,447 179,971 Laboratory Services 65,421 47,976 Total segment operating income 261,868 227,947 Operating costs and expenses not allocated to segments: Direct costs 18,310 4,323 SG&A expenses 84,161 70,487 Depreciation and amortization 66,315 65,418 Income from operations $ 93,082 $ 87,719 Entity-wide Information by Geographic Location The table below presents certain entity-wide information about the Company’s operations by geographic location. The Company allocates revenues to geographic locations based on where the services are performed. Revenues by geographic location are as follows: Three Months Ended March 31, 2020 2019 Revenue: North America (1) $ 558,239 $ 499,917 Latin America 44,910 38,965 Europe, Middle East and Africa (2) 354,451 325,831 Asia-Pacific 114,862 99,025 Revenue $ 1,072,462 $ 963,738 (1) Revenue for the North America region includes revenue attributable to the United States of $556.5 million and $494.3 million, respectively, for the three months ended March 31, 2020 and 2019 . (2) Revenue for the Europe, Middle East and Africa region includes service revenue attributable to the United Kingdom of $189.1 million and $174.8 million, respectively, for the three months ended March 31, 2020 and 2019 .

Other Income (Expense), Net

Other Income (Expense), Net	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
Other Income (Expense), Net	Other Income (Expense), Net The components of other income (expense), net, for the respective periods were as follows: Three Months Ended March 31, 2020 2019 Other income (expense), net: Foreign currency gains (losses), net $ 37,652 $ (24,869 ) Interest rate swap losses (8,338 ) — Other income 165 1,346 Other expense (185 ) (778 ) Total other income (expense), net $ 29,294 $ (24,301 )

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unaudited Interim Financial Information	The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial reporting. The significant accounting policies followed by the Company for interim financial reporting are consistent with the accounting policies it follows for annual financial reporting and are disclosed in Note 1 of the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Annual Report on Form 10-K”). There have been no significant changes to the Company’s significant accounting policies during the first three months of 2020 , except for a change in how the Company’s Chief Operating Decision Maker (“CODM”) assesses segment performance. See Note 14, “Segments,” for additional information.
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company monitors estimates and assumptions on a continuous basis and updates these estimates and assumptions as facts and circumstances change and new information is obtained, including facts and circumstances related to the novel coronavirus disease (the “COVID-19 pandemic”). Actual results could differ from those estimates and assumptions due to, among other things, the increased impacts caused by the COVID-19 pandemic.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts and operations of the Company. All intercompany balances and transactions have been eliminated in consolidation. Amounts pertaining to the redeemable noncontrolling ownership interest held by a third-party in the operating results and financial position of the Company’s indirect majority-owned subsidiary are included as a noncontrolling interest.
Recently Adopted Accounting Standard	Recently Adopted Accounting Standard In August 2018, the Financial Accounting Standards Board issued an accounting standards update to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This new guidance was issued to align the accounting for costs incurred to implement a cloud computing arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Upon the adoption of this standard, implementation costs incurred in a cloud computing arrangement that is a service contract will be capitalized and presented in the financial statements similar to prepaid expenses related to service contracts. Additionally, expenses associated with capitalized implementation costs will be recorded in the same financial statement line item as the fees associated with the hosting element of a cloud computing arrangement. The Company adopted this accounting standards update on January 1, 2020 using the prospective method. The adoption of this accounting standards update did not have a material impact to the Company’s condensed consolidated financial statements.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company has variable rate borrowings under its senior secured term loan outstanding under the Credit Agreement (the “Term Loan”), and as a result, is exposed to interest rate fluctuations on these borrowings. From time to time, the Company enters into interest rate swaps to mitigate the risk in fluctuations in interest rates. For hedges that qualify, the Company accounts for these interest rate swaps as qualifying cash flow hedges because their purpose is to hedge the Company’s exposure to increases in interest rates on its variable rate borrowings and as the interest rate swaps effectively convert variable rate borrowings under the Term Loan to fixed rate borrowings based on the fixed interest rate for the interest rate swaps plus the applicable margin on the Term Loan. For those interest rate swaps accounted for as cash flow hedges, the Company recognizes in accumulated other comprehensive loss (“AOCL”) or accumulated other comprehensive income (“AOCI”), each net of tax, any changes in the fair value, representing unrealized gains or losses, of its interest rate swaps. The Company assesses effectiveness at inception and on an ongoing quarterly basis. The Company may also enter into interest rate swap agreements that are not designated as cash flow hedges for accounting purposes. Changes in the fair value of interest rate swaps not designated as cash flow hedges are reported in the statements of operations as part of other income (expense), net. The Company does not use derivative financial instruments for speculative or trading purposes and does not offset the fair value amounts of its derivatives.
Commitments and Contingencies	Commitments and Contingencies The Company records and discloses a liability for pending and threatened litigation matters when an adverse outcome is probable and the amount of the potential liability is reasonably estimable. The Company reviews claims and legal proceedings on a continuous basis and records or adjusts liabilities recorded for such matters based on updated facts and circumstances including settlements or offers to settle, judicial rulings, advice of counsel or other pertinent matters. Legal costs associated with contingencies are charged to expense as incurred.
Fair Value Measurements	Fair Value Measurements The Company records certain assets and liabilities at fair value on a recurring and nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a fair value hierarchy that gives highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest level to unobservable inputs. The inputs used to measure fair value are classified into the following fair value hierarchy: • Level 1 - Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company can access at the measurement date. • Level 2 - Observable inputs other than quoted prices in Level 1, including (i) quoted prices for similar assets and liabilities in active markets, (ii) quoted prices for identical or similar assets or liabilities in markets that are not active and (iii) observable inputs for the assets or liabilities other than quoted market prices. • Level 3 - Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. This includes assets and liabilities determined using pricing models, discounted cash flow methodologies or similar techniques reflecting the Company’s own assumptions.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Accounts Receivable and Unbilled Services	The Company’s accounts receivable and unbilled services, net, consisted of the following amounts on the dates set forth below: March 31, 2020 December 31, 2019 Accounts receivable $ 731,428 $ 726,111 Unbilled services 630,370 609,674 Total accounts receivable and unbilled services 1,361,798 1,335,785 Allowance for doubtful accounts (9,566 ) (9,171 ) Total accounts receivable and unbilled services, net $ 1,352,232 $ 1,326,614
Contract with Customer, Asset and Liability	The Company’s unearned revenue consisted of the following amounts on the dates set forth below: March 31, 2020 December 31, 2019 Unearned revenue $ 1,057,988 $ 1,110,872

Stockholders_ Deficit and Red_2

Stockholders’ Deficit and Redeemable Noncontrolling Interest (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Stockholders Equity	The following is a summary of the Company’s authorized, issued and outstanding shares of common stock as of the periods set forth below: March 31, 2020 December 31, 2019 Shares authorized 2,000,000 2,080,000 Shares issued 349,310 280,127 Shares outstanding: Voting 348,584 276,052 Non-voting — 3,374 Total shares outstanding 348,584 279,426

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Schedule of Finite-Lived Intangible Assets Acquired	The Company acquired the following definite-lived intangible assets with the acquisition of Synarc: Acquired Intangible Assets Weighted-Average Amortization Period (in years) Customer relationships $ 2,000 15 Know-how/processes 1,800 8 Investigator network 1,900 8 Trade names 1,400 10 Total $ 7,100 10 The Company acquired the following definite-lived intangible assets with the acquisition of Medimix: Acquired Intangible Assets Weighted-Average Amortization Period (in years) Customer relationships $ 7,500 13 Trade names 900 10 Technology/intellectual property 5,100 8 Total $ 13,500 11
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the provisional consideration and the fair values of identifiable assets acquired and liabilities assumed at the acquisition date: Purchase price $ 48,635 Identifiable assets acquired: Cash and cash equivalents $ 6,003 Accounts receivable and unbilled services 23,143 Prepaid expenses and other current assets 2,556 Property and equipment 19,273 Intangible assets 7,100 Other assets 6,046 Operating lease right-of-use assets 1,609 Total identifiable assets acquired 65,730 Liabilities assumed: Accounts payable (2,117 ) Other accrued expenses (4,026 ) Unearned revenue (7,210 ) Long-term debt and finance lease obligations (38 ) Deferred tax liabilities (4,677 ) Other liabilities (331 ) Operating lease liabilities (1,609 ) Total liabilities assumed (20,008 ) Separately identifiable net assets acquired 45,722 Goodwill 2,913 Total net assets $ 48,635

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying Amount of Goodwill by Segment	The changes in the carrying amount of goodwill by segment consisted of the following on the dates set forth below: Total Clinical Development Services Laboratory Services Balance at December 31, 2019: Goodwill $ 1,890,815 $ 1,664,201 $ 226,614 Accumulated impairment losses (126,711 ) (99,432 ) (27,279 ) Goodwill, net 1,764,104 1,564,769 199,335 Activity: Translation adjustments (42,618 ) (42,618 ) — Measurement period adjustments for prior acquisition 1,848 1,848 — Balance at March 31, 2020: Goodwill 1,850,045 1,623,431 226,614 Accumulated impairment losses (126,711 ) (99,432 ) (27,279 ) Goodwill, net $ 1,723,334 $ 1,523,999 $ 199,335
Schedule of Definite-Lived Intangible Assets	The Company’s definite-lived intangible assets were composed of the following on the dates set forth below: March 31, 2020 December 31, 2019 Carrying Amount Accumulated Amortization Net Carrying Amount Accumulated Amortization Net Customer relationships $ 869,063 $ (421,703 ) $ 447,360 $ 884,788 $ (415,427 ) $ 469,361 Trade names 365,372 (140,952 ) 224,420 372,210 (139,141 ) 233,069 Backlog 173,785 (172,288 ) 1,497 177,599 (175,571 ) 2,028 Investigator/payer network 228,360 (185,111 ) 43,249 236,082 (185,478 ) 50,604 Technology/intellectual property 8,600 (3,553 ) 5,047 8,600 (3,319 ) 5,281 Know-how/processes 575,597 (461,886 ) 113,711 586,971 (455,223 ) 131,748 Total $ 2,220,777 $ (1,385,493 ) $ 835,284 $ 2,266,250 $ (1,374,159 ) $ 892,091

Long-term Debt and Finance Le_2

Long-term Debt and Finance Lease Obligations (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt and Finance Lease Obligations	Long-term debt and finance lease obligations consisted of the following as set forth on the dates below: Maturity Date Effective Rate Stated Rate March 31, 2020 December 31, 2019 Term Loan August 2022 3.71% 3.50% $ 3,088,323 $ 3,096,429 OpCo Notes August 2023 6.61% 6.38% 1,125,000 1,125,000 Initial HoldCo Notes (1) — 8.92% 7.63% — 550,000 Additional HoldCo Notes (1) — 8.90% 7.75% — 900,000 Revolving Credit Facility May 2022 3.96% 3.96% 150,000 — Other debt April 2025 1.14% 1.14% 3,843 5,707 Finance lease obligations Various Various Various 28,197 28,726 4,395,363 5,705,862 Unamortized debt discount (6,051 ) (13,956 ) Unamortized debt issuance costs (16,592 ) (47,978 ) Current portion of long-term debt and finance lease obligations (35,894 ) (35,794 ) Long-term debt and finance lease obligations, less current portion $ 4,336,826 $ 5,608,134 (1) Effective rate and stated rate are as of December 31, 2019 for the extinguished Initial HoldCo Notes and Additional HoldCo Notes.
Scheduled Maturities of Long-term Debt and Finance Lease Obligations	As of March 31, 2020 , the scheduled maturities of long-term debt and settlement of finance lease obligations for the remainder of 2020 , each of the next five years and thereafter were as follows: Year Amount 2020 (remaining nine months) $ 26,713 2021 36,573 2022 3,185,423 2023 1,128,559 2024 3,449 2025 7,366 Thereafter 7,280 Total $ 4,395,363

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following table summarizes the material terms of the interest rate swaps outstanding as of March 31, 2020 : Swap # Terms Notional Amount Fixed Interest Rate Maturity Date 1 Variable to fixed $ 1,500,000 1.19% March 31, 2025 2 Variable to fixed 1,500,000 1.22% March 31, 2025 3 Variable to fixed 500,000 1.17% March 31, 2025 4 Fixed to variable 500,000 0.52% March 31, 2025
Derivative Instruments, Gain (Loss)	The Company recognized the following amounts of pre-tax loss as a component of AOCL during the three months ended March 31, 2020 and 2019 : Pre-Tax Loss Recognized in AOCL Derivatives in Cash Flow Hedging Relationships Three Months Ended March 31, 2020 2019 Interest rate swaps $ (106,390 ) $ —
Reclassification out of Accumulated Other Comprehensive Income	The following table provides the location of the pre-tax gain reclassified from AOCL into interest expense, net, and the location of the pre-tax loss reclassified from AOCL into other income (expense), net on the condensed consolidated statements of operations during the three months ended March 31, 2020 and 2019 : Pre-Tax Gain (Loss) Reclassified from AOCL into Statements of Operations Location of Gain (Loss) Reclassified from AOCL into Statements of Operations Three Months Ended March 31, 2020 2019 Interest rate swaps Interest expense, net $ 3,051 $ 2,972 Interest rate swaps Other income (expense), net (6,627 ) — The following table presents the significant reclassifications to the condensed consolidated statements of operations out of AOCI or AOCL and the line item affected on the condensed consolidated statements of operations for the respective periods: Three Months Ended March 31, Details about AOCI or AOCL Components 2020 2019 Affected line item in statements of operations Losses (gains) on derivative instruments: Interest rate swaps $ 3,051 $ 2,972 Interest expense, net Interest rate swaps (6,627 ) — Other income (expense), net Income tax benefit (expense) 873 (562 ) Benefit from income taxes Total net of income tax $ (2,703 ) $ 2,410 Defined benefit pension plan: Amortization of actuarial loss $ (162 ) $ (155 ) Other income (expense), net Income tax benefit 30 36 Benefit from income taxes Total net of income tax $ (132 ) $ (119 )
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The fair value of derivative instruments consisted of the following balances as set forth on the dates below: March 31, 2020 December 31, 2019 Balance sheet location Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps Other accrued expenses $ — $ 24,445 $ — $ — Interest rate swaps Other liabilities — 67,632 — — Derivatives not designated as hedging instruments: Interest rate swaps Prepaid expenses and other current assets 593 — — — Interest rate swaps Other accrued expenses — 3,886 — — Interest rate swaps Other liabilities — 12,704 — — $ 593 $ 108,667 $ — $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Assets and Liability Measured at Fair Value	The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis: As of March 31, 2020 Level 1 Level 2 Level 3 Total Assets Investments $ 2,086 $ — $ 221,582 $ 223,668 Derivative instruments — 593 — 593 Total assets $ 2,086 $ 593 $ 221,582 $ 224,261 Liabilities Contingent consideration $ — $ — $ 8,134 $ 8,134 Derivative instruments — 108,667 — 108,667 Recapitalization investment portfolio liability — — 171,616 171,616 Total liabilities $ — $ 108,667 $ 179,750 $ 288,417 As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets Investments $ 1,895 $ — $ 248,453 $ 250,348 Total assets $ 1,895 $ — $ 248,453 $ 250,348 Liabilities Contingent consideration $ — $ — $ 9,489 $ 9,489 Recapitalization investment portfolio liability — — 191,678 191,678 Total liabilities $ — $ — $ 201,167 $ 201,167
Fair Value Measurement Inputs and Valuation Techniques	The following table summarizes the Company’s quantitative information about the fair value measurements of Auven Therapeutics Holdings, L.P. (“Auven”) and venBio Global Strategic Fund, L.P. at the dates indicated: Quantitative Information About Level 3 Fair Value Measurements for March 31, 2020 Description Fair Value Valuation Technique Unobservable Input Range of Rates Fair value option investments $216,204 Market evaluation/pricing models Discount for lack of marketability 12.5% - 32.5% Recent acquisition transactions Discount for lack of control 20.0% - 35.0% Quantitative Information About Level 3 Fair Value Measurements for December 31, 2019 Description Fair Value Valuation Technique Unobservable Input Range of Rates Fair value option investments $243,067 Market evaluation/pricing models Discount for lack of marketability 10.0% - 30.0% Recent acquisition transactions Discount for lack of control 20.0% - 35.0%
Fair Value Assets Measured on Recurring Basis, Unobservable Input Reconciliation	Changes in fair value of the Company’s investments measured on a recurring basis using significant unobservable inputs (Level 3) were as follows: 2020 2019 Balance as of January 1, $ 248,453 $ 256,124 Recognized fair value loss (27,323 ) (9,509 ) Cash distributions received (93 ) (101 ) Capital contributions paid 545 999 Balance as of March 31, $ 221,582 $ 247,513
Fair Value Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	Changes in fair value of the recapitalization investment portfolio liability measured on a recurring basis using significant unobservable inputs (Level 3) were as follows: 2020 2019 Balance as of January 1, $ 191,678 $ 198,524 Recapitalization investment portfolio consideration change in value (20,062 ) (10,628 ) Balance as of March 31, $ 171,616 $ 187,896 Contingent Consideration Changes in fair value of the contingent consideration measured on a recurring basis using significant unobservable inputs (Level 3) were as follows: 2020 2019 Balance as of January 1, $ 9,489 $ — Change in contingent consideration fair value (1,355 ) — Balance as of March 31, $ 8,134 $ —
Fair Value by Balance Sheet Grouping	The following table presents information about the carrying value and estimated fair value of the Company’s financial instruments on the dates set forth below: March 31, 2020 December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Cash and cash equivalents $ 738,364 $ 738,364 $ 345,187 $ 345,187 Liabilities: Term Loan and Revolving Credit Facility 3,238,323 2,824,735 3,096,429 3,111,911 OpCo Notes 1,125,000 1,151,066 1,125,000 1,164,566 Initial HoldCo Notes — — 550,000 559,873 Additional HoldCo Notes — — 900,000 915,120 Other debt 3,843 3,843 5,707 5,707

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The balances of AOCL, net of tax, were as follows on the dates set forth below: Foreign Derivative Accumulated Other Comprehensive Loss Balance as of December 31, 2019 $ (306,452 ) $ 8,566 $ (1,018 ) $ (298,904 ) OCL before reclassifications (87,953 ) (80,408 ) (22 ) (168,383 ) Amounts reclassified from AOCL or AOCI — 2,703 132 2,835 Net (OCL) or OCI (87,953 ) (77,705 ) 110 (165,548 ) Balance as of March 31, 2020 $ (394,405 ) $ (69,139 ) $ (908 ) $ (464,452 ) Foreign Derivative Accumulated Other Comprehensive Loss Balance as of December 31, 2018 $ (331,276 ) $ 18,089 $ 296 $ (312,891 ) OCI before reclassifications 52,537 — 26 52,563 Amounts reclassified from AOCL or AOCI — (2,410 ) 119 (2,291 ) Net OCI or (OCL) 52,537 (2,410 ) 145 50,272 Balance as of March 31, 2019 $ (278,739 ) $ 15,679 $ 441 $ (262,619 )
Reclassification out of Accumulated Other Comprehensive Income	The following table provides the location of the pre-tax gain reclassified from AOCL into interest expense, net, and the location of the pre-tax loss reclassified from AOCL into other income (expense), net on the condensed consolidated statements of operations during the three months ended March 31, 2020 and 2019 : Pre-Tax Gain (Loss) Reclassified from AOCL into Statements of Operations Location of Gain (Loss) Reclassified from AOCL into Statements of Operations Three Months Ended March 31, 2020 2019 Interest rate swaps Interest expense, net $ 3,051 $ 2,972 Interest rate swaps Other income (expense), net (6,627 ) — The following table presents the significant reclassifications to the condensed consolidated statements of operations out of AOCI or AOCL and the line item affected on the condensed consolidated statements of operations for the respective periods: Three Months Ended March 31, Details about AOCI or AOCL Components 2020 2019 Affected line item in statements of operations Losses (gains) on derivative instruments: Interest rate swaps $ 3,051 $ 2,972 Interest expense, net Interest rate swaps (6,627 ) — Other income (expense), net Income tax benefit (expense) 873 (562 ) Benefit from income taxes Total net of income tax $ (2,703 ) $ 2,410 Defined benefit pension plan: Amortization of actuarial loss $ (162 ) $ (155 ) Other income (expense), net Income tax benefit 30 36 Benefit from income taxes Total net of income tax $ (132 ) $ (119 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table provides a reconciliation of the numerator and denominator of the basic and diluted earnings per share (“EPS”) computations for the periods set forth below: Three Months Ended March 31, 2020 2019 Numerator: Net loss $ (13,120 ) $ (14,234 ) Net income attributable to noncontrolling interest (2,718 ) (861 ) Recapitalization investment portfolio consideration 20,062 10,628 Net income (loss) attributable to common stockholders of PPD, Inc. $ 4,224 $ (4,467 ) Denominator: Basic weighted-average common shares outstanding 318,221 279,086 Effect of dilutive stock options and restricted stock 4,203 — Diluted weighted-average common shares outstanding 322,424 279,086 Earnings/(loss) per share: Basic $ 0.01 $ (0.02 ) Diluted $ 0.01 $ (0.02 ) Se
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The number of potential common shares outstanding that were considered anti-dilutive using the treasury stock method and therefore excluded from the computation of diluted EPS, weighted for the portion of the period they were outstanding, are as follows: Three Months Ended March 31, 2020 2019 Anti-dilutive stock options and restricted stock — 488

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information by Segment	Information on reportable segment revenue and segment operating income, including a reconciliation of segment operating income to consolidated income from operations, for the respective periods were as follows: Three Months Ended March 31, 2020 2019 Segment revenue: Clinical Development Services $ 870,886 $ 809,364 Laboratory Services 201,576 154,374 Total segment revenue 1,072,462 963,738 Segment direct costs: Clinical Development Services 309,078 290,619 Laboratory Services 87,051 72,260 Total segment direct costs 396,129 362,879 Segment reimbursed costs: Clinical Development Services 223,529 209,880 Laboratory Services 27,321 15,139 Total segment reimbursed costs 250,850 225,019 Segment SG&A expenses: Clinical Development Services 141,832 128,894 Laboratory Services 21,783 18,999 Total segment SG&A expenses 163,615 147,893 Segment operating income: Clinical Development Services 196,447 179,971 Laboratory Services 65,421 47,976 Total segment operating income 261,868 227,947 Operating costs and expenses not allocated to segments: Direct costs 18,310 4,323 SG&A expenses 84,161 70,487 Depreciation and amortization 66,315 65,418 Income from operations $ 93,082 $ 87,719

Entity-wide Information by Ge_2

Entity-wide Information by Geographic Location (Tables)	3 Months Ended
	Mar. 31, 2020
Segments, Geographical Areas [Abstract]
Revenue from External Customers by Geographic Area	evenues by geographic location are as follows: Three Months Ended March 31, 2020 2019 Revenue: North America (1) $ 558,239 $ 499,917 Latin America 44,910 38,965 Europe, Middle East and Africa (2) 354,451 325,831 Asia-Pacific 114,862 99,025 Revenue $ 1,072,462 $ 963,738 (1) Revenue for the North America region includes revenue attributable to the United States of $556.5 million and $494.3 million, respectively, for the three months ended March 31, 2020 and 2019 . (2) Revenue for the Europe, Middle East and Africa region includes service revenue attributable to the United Kingdom of $189.1 million and $174.8 million, respectively, for the three months ended March 31, 2020 and 2019 .

Other Income (Expense), Net (Ta

Other Income (Expense), Net (Tables)	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
Components of Other Nonoperating Income (Expense)	The components of other income (expense), net, for the respective periods were as follows: Three Months Ended March 31, 2020 2019 Other income (expense), net: Foreign currency gains (losses), net $ 37,652 $ (24,869 ) Interest rate swap losses (8,338 ) — Other income 165 1,346 Other expense (185 ) (778 ) Total other income (expense), net $ 29,294 $ (24,301 )

Basis of Presentation - (Detail

Basis of Presentation - (Details) $ / shares in Units, $ in Thousands	Feb. 18, 2020USD ($)	Feb. 10, 2020USD ($)$ / sharesshares	Mar. 31, 2020USD ($)segment$ / sharesshares	Mar. 31, 2019USD ($)	Feb. 29, 2020shares	Jan. 31, 2020shares	Dec. 31, 2019$ / sharesshares
Subsidiary, Sale of Stock [Line Items]
Number of reportable segments | segment			2
IPO related expenses		$ 90,000
Loss on extinguishment of debt			$ 50,065	$ 0
Common stock, shares authorized (in shares) | shares			2,000,000,000		2,000,000,000	2,080,000,000	2,080,000,000
Common stock, par or stated value per share (in usd per share) | $ / shares			$ 0.01				$ 0.01
Preferred stock, shares authorized (in shares) | shares			100,000,000		100,000,000
Preferred stock, par or stated value per share (in usd per share) | $ / shares			$ 0.01
2020 Incentive Plan
Subsidiary, Sale of Stock [Line Items]
Number of shares reserved for issuance (in shares) | shares		39,053,663
the “LTIP”
Subsidiary, Sale of Stock [Line Items]
Share-based compensation expense, accelerated cost			$ 22,200
IPO
Subsidiary, Sale of Stock [Line Items]
Stock sold to the public (in usd per share) | $ / shares		$ 27
Stock issued in the IPO (in shares) | shares		69,000,000
Proceeds raised in the IPO		$ 1,773,000
IPO related expenses			$ 4,000
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Stock issued in the IPO (in shares) | shares		9,000,000
Initial HoldCo Notes | Senior Notes
Subsidiary, Sale of Stock [Line Items]
Aggregate principal amount	$ 550,000
Stated rate			7.63%
Extinguishment of debt, redemption premium, amount	5,500
Additional HoldCo Notes | Senior Notes
Subsidiary, Sale of Stock [Line Items]
Aggregate principal amount	900,000
Stated rate			7.75%
Extinguishment of debt, redemption premium, amount	9,000
HoldCo Notes | Senior Notes
Subsidiary, Sale of Stock [Line Items]
Extinguishment of debt, redemption premium, amount	14,500
Loss on extinguishment of debt	$ 50,100
Minimum | Initial HoldCo Notes | Senior Notes
Subsidiary, Sale of Stock [Line Items]
Stated rate	7.625%
Minimum | Additional HoldCo Notes | Senior Notes
Subsidiary, Sale of Stock [Line Items]
Stated rate	7.75%
Maximum | Initial HoldCo Notes | Senior Notes
Subsidiary, Sale of Stock [Line Items]
Stated rate	8.375%
Maximum | Additional HoldCo Notes | Senior Notes
Subsidiary, Sale of Stock [Line Items]
Stated rate	8.50%

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Concentration Risk [Line Items]
Revenue recognized from performance obligations partially satisfied in prior periods	$ 23.6	$ 5.9
Unsatisfied performance obligations, amount	7,100
Contract assets	165.2		$ 178.8
Contract with customer, liability, revenue recognized	$ 478.6	$ 379.8
Customer Concentration Risk | Largest Customer | Accounts Receivable and Unbilled Revenues
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%
Customer Concentration Risk | Second Largest Customer | Accounts Receivable and Unbilled Revenues
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%
Customer Concentration Risk | Two Largest Customers | Accounts Receivable and Unbilled Revenues
Concentration Risk [Line Items]
Concentration risk, percentage			11.00%

Revenue - Remaining Performance

Revenue - Remaining Performance Obligation (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01	Mar. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations, expected timing of satisfaction, period	12 months
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations, percentage	34.00%
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations, percentage	40.00%

Revenue - Schedule of Accounts

Revenue - Schedule of Accounts Receivable and Unbilled Services (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 731,428	$ 726,111
Unbilled services	630,370	609,674
Total accounts receivable and unbilled services	1,361,798	1,335,785
Allowance for doubtful accounts	(9,566)	(9,171)
Total accounts receivable and unbilled services, net	$ 1,352,232	$ 1,326,614

Revenue - Contract with Custome

Revenue - Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Unearned revenue	$ 1,057,988	$ 1,110,872

Stockholders_ Deficit and Red_3

Stockholders’ Deficit and Redeemable Noncontrolling Interest - Schedule of Stockholders Equity (Details) - shares	Mar. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Shares authorized (in shares)	2,000,000,000	2,000,000,000	2,080,000,000	2,080,000,000
Shares issued (in shares)	349,310,000			280,127,000
Shares outstanding (in shares)	348,584,000			279,426,000
Voting
Class of Stock [Line Items]
Shares outstanding (in shares)	348,584,000			276,052,000
Non-voting
Class of Stock [Line Items]
Shares outstanding (in shares)	0			3,374,000

Stockholders_ Deficit and Red_4

Stockholders’ Deficit and Redeemable Noncontrolling Interest - Additional Information (Details)	1 Months Ended
	Jan. 31, 2020shares	Mar. 31, 2020shares	Feb. 29, 2020shares	Dec. 31, 2019shares
Schedule of Equity Method Investments [Line Items]
Stock split, conversion ratio	1.8
Common stock, shares authorized (in shares)	2,080,000,000	2,000,000,000	2,000,000,000	2,080,000,000
Preferred stock, shares authorized (in shares)		100,000,000	100,000,000
Preferred stock, shares issued (in shares)		0
Preferred stock, shares outstanding (in shares)		0
PPD-SNBL
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent		60.00%
SNBL | PPD-SNBL
Schedule of Equity Method Investments [Line Items]
Ownership percentage by noncontrolling owners		40.00%

Business Combinations - Additio

Business Combinations - Additional Information (Details) - USD ($)	Sep. 03, 2019	Jul. 01, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Business Acquisition [Line Items]
Adjustment to estimated net working capital acquired	$ 1,800,000
Goodwill			$ 1,723,334,000		$ 1,764,104,000
Acquisition costs			0	$ 3,700,000
Synarc
Business Acquisition [Line Items]
Percentage of voting interests acquired	100.00%
Purchase price	$ 48,635,000
Goodwill	$ 2,913,000
Medimix
Business Acquisition [Line Items]
Percentage of voting interests acquired		100.00%
Purchase price		$ 36,800,000
Cash payments		27,500,000
Common stock issued		5,000,000
Estimated contingent consideration		4,300,000
Acquired definite-lived intangible assets		13,500,000
Goodwill		20,500,000
Other net assets primarily related to net working capital		2,800,000
Potential earn-out payment		$ 10,800,000
Estimated earn-out liability recorded			8,100,000		$ 9,500,000
Change in estimated earn-out liability for contingent consideration			$ (1,400,000)

Business Combinations - Schedul

Business Combinations - Schedule of Finite-Lived Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Sep. 03, 2019	Jul. 01, 2019
Synarc
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets	$ 7,100
Weighted-Average Amortization Period (in years)	10 years
Synarc | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets	$ 2,000
Weighted-Average Amortization Period (in years)	15 years
Synarc | Know-how/processes
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets	$ 1,800
Weighted-Average Amortization Period (in years)	8 years
Synarc | Investigator network
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets	$ 1,900
Weighted-Average Amortization Period (in years)	8 years
Synarc | Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets	$ 1,400
Weighted-Average Amortization Period (in years)	10 years
Medimix
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets		$ 13,500
Weighted-Average Amortization Period (in years)		11 years
Medimix | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets		$ 7,500
Weighted-Average Amortization Period (in years)		13 years
Medimix | Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets		$ 900
Weighted-Average Amortization Period (in years)		10 years
Medimix | Technology/intellectual property
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets		$ 5,100
Weighted-Average Amortization Period (in years)		8 years

Business Combinations - Sched_2

Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 03, 2019	Mar. 31, 2020	Dec. 31, 2019
Liabilities assumed:
Goodwill		$ 1,723,334	$ 1,764,104
Synarc
Business Acquisition [Line Items]
Purchase price	$ 48,635
Identifiable assets acquired:
Cash and cash equivalents	6,003
Accounts receivable and unbilled services	23,143
Prepaid expenses and other current assets	2,556
Property and equipment	19,273
Intangible assets	7,100
Other assets	6,046
Operating lease right-of-use assets	1,609
Total identifiable assets acquired	65,730
Liabilities assumed:
Accounts payable	(2,117)
Other accrued expenses	(4,026)
Unearned revenue	(7,210)
Long-term debt and finance lease obligations	(38)
Deferred tax liabilities	(4,677)
Other liabilities	(331)
Operating lease liabilities	(1,609)
Total liabilities assumed	(20,008)
Separately identifiable net assets acquired	45,722
Goodwill	2,913
Total net assets	$ 48,635

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Carrying Amount of Goodwill by Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,890,815
Accumulated impairment losses, beginning balance	(126,711)
Goodwill, net, beginning balance	1,764,104
Translation adjustments	(42,618)
Measurement period adjustments for prior acquisition	1,848
Goodwill, ending balance	1,850,045
Accumulated impairment losses, ending balance	(126,711)
Goodwill, net, ending balance	1,723,334
Clinical Development Services
Goodwill [Roll Forward]
Goodwill, beginning balance	1,664,201
Accumulated impairment losses, beginning balance	(99,432)
Goodwill, net, beginning balance	1,564,769
Translation adjustments	(42,618)
Measurement period adjustments for prior acquisition	1,848
Goodwill, ending balance	1,623,431
Accumulated impairment losses, ending balance	(99,432)
Goodwill, net, ending balance	1,523,999
Laboratory Services
Goodwill [Roll Forward]
Goodwill, beginning balance	226,614
Accumulated impairment losses, beginning balance	(27,279)
Goodwill, net, beginning balance	199,335
Translation adjustments	0
Measurement period adjustments for prior acquisition	0
Goodwill, ending balance	226,614
Accumulated impairment losses, ending balance	(27,279)
Goodwill, net, ending balance	$ 199,335

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Schedule of Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	$ 2,220,777	$ 2,266,250
Accumulated Amortization	(1,385,493)	(1,374,159)
Net	835,284	892,091
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	869,063	884,788
Accumulated Amortization	(421,703)	(415,427)
Net	447,360	469,361
Trade names
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	365,372	372,210
Accumulated Amortization	(140,952)	(139,141)
Net	224,420	233,069
Backlog
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	173,785	177,599
Accumulated Amortization	(172,288)	(175,571)
Net	1,497	2,028
Investigator/payer network
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	228,360	236,082
Accumulated Amortization	(185,111)	(185,478)
Net	43,249	50,604
Technology/intellectual property
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	8,600	8,600
Accumulated Amortization	(3,553)	(3,319)
Net	5,047	5,281
Know-how/processes
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	575,597	586,971
Accumulated Amortization	(461,886)	(455,223)
Net	$ 113,711	$ 131,748

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 39.7	$ 40.7
Translation adjustments	$ 17.1

Long-term Debt and Finance Le_3

Long-term Debt and Finance Lease Obligations - Schedule of Long-term Debt and Finance Lease Obligations (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Finance lease obligations	$ 28,197,000	$ 28,726,000
Long-term debt and finance lease obligations, including current portion	4,395,363,000	5,705,862,000
Unamortized debt discount	(6,051,000)	(13,956,000)
Unamortized debt issuance costs	(16,592,000)	(47,978,000)
Current portion of long-term debt and finance lease obligations	(35,894,000)	(35,794,000)
Long-term debt and finance lease obligations, less current portion	$ 4,336,826,000	5,608,134,000
Senior Notes | OpCo Notes
Debt Instrument [Line Items]
Effective rate	6.61%
Stated rate	6.375%
Long-term debt, gross	$ 1,125,000,000	1,125,000,000
Senior Notes | Initial HoldCo Notes
Debt Instrument [Line Items]
Effective rate	8.92%
Stated rate	7.63%
Long-term debt, gross	$ 0	550,000,000
Senior Notes | Additional HoldCo Notes
Debt Instrument [Line Items]
Effective rate	8.90%
Stated rate	7.75%
Long-term debt, gross	$ 0	900,000,000
Other debt
Debt Instrument [Line Items]
Effective rate	1.14%
Stated rate	1.14%
Long-term debt, gross	$ 3,843,000	5,707,000
Term Loan | Term Loan and Revolving Credit Facility
Debt Instrument [Line Items]
Effective rate	3.71%
Stated rate	3.50%
Long-term debt, gross	$ 3,088,323,000	3,096,429,000
Revolving Credit Facility | Term Loan and Revolving Credit Facility
Debt Instrument [Line Items]
Effective rate	3.96%
Stated rate	3.96%
Long-term debt, gross	$ 150,000,000	$ 0

Long-term Debt and Finance Le_4

Long-term Debt and Finance Lease Obligations - Additional Information (Details)	Feb. 18, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Aug. 18, 2015USD ($)
Line of Credit Facility [Line Items]
Letters of credit outstanding, aggregate value		$ 1,600,000
Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Long-term line of credit				$ 300,000,000
Line of credit facility, maximum amount outstanding during period		150,000,000
Borrowings outstanding under the Revolving Credit Facility		$ 150,000,000	$ 0
Covenant, leverage ratio, maximum		5
Non-cash collateralized letters of credit		$ 25,000,000
Percentage of outstanding borrowings, excluding letters of credits		0.30
Percentage of outstanding borrowings, including letters of credits		0.510
Covenant, net leverage ratio		3.1
Line of Credit | Letter of Credit
Line of Credit Facility [Line Items]
Long-term line of credit			$ 1,600,000
Available credit		$ 148,400,000
Senior Notes | HoldCo Notes
Line of Credit Facility [Line Items]
Extinguishment of debt, amount	$ 1,464,500,000
Extinguishment of debt, redemption premium, amount	14,500,000
Write off of unamortized debt discount and deferred issuance costs	$ 35,600,000

Long-term Debt and Finance Le_5

Long-term Debt and Finance Lease Obligations - Scheduled Maturities of Long-term Debt and Finance Lease Obligations (Details) $ in Thousands	Mar. 31, 2020USD ($)
Debt Disclosure [Abstract]
2020 (remaining nine months)	$ 26,713
2021	36,573
2022	3,185,423
2023	1,128,559
2024	3,449
2025	7,366
Thereafter	7,280
Total	$ 4,395,363

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	40.00%	19.20%
Unrecognized tax benefits	$ 18.1		$ 39.7
Decrease in unrecognized tax benefits due to CARES Act	13
Unrecognized tax benefits that would impact effective tax rate	11.4		$ 28.8
Reasonably possible decrease in unrecognized tax benefits	$ 4.2

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Schedule of Interest Rate Derivatives (Details) $ in Thousands	Mar. 31, 2020USD ($)
Swap 1 | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 1,500,000
Fixed Interest Rate	1.19%
Swap 2 | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 1,500,000
Fixed Interest Rate	1.22%
Swap 3 | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 500,000
Fixed Interest Rate	1.17%
Swap 4 | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 500,000
Fixed Interest Rate	0.52%

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Feb. 29, 2020instrument
Derivative [Line Items]
Loss recorded in other income (expense)	$ (1,700)
Unrealized losses to be reclassified within the next 12 months	20,000
Interest rate swaps | Other income (expense), net
Derivative [Line Items]
Loss reclassified from AOCL to other income (expense)	$ (6,627)	$ 0
Interest rate swaps | Designated as Hedging Instrument
Derivative [Line Items]
Number of interest rate swaps entered | instrument			3

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Pre-Tax Loss Recognized in AOCL	$ (106,390)	$ 0

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Reclassification out of Accumulated Other Comprehensive Income (Details) - Interest rate swaps - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest expense, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-Tax Gain (Loss) Reclassified from AOCL into Statements of Operations	$ 3,051	$ 2,972
Other income (expense), net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-Tax Gain (Loss) Reclassified from AOCL into Statements of Operations	$ (6,627)	$ 0

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - Interest rate swaps - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Assets	$ 593	$ 0
Liabilities	108,667	0
Designated as Hedging Instrument | Other accrued expenses
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	24,445	0
Designated as Hedging Instrument | Other liabilities
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	67,632	0
Not Designated as Hedging Instrument | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Assets	593	0
Liabilities	0	0
Not Designated as Hedging Instrument | Other accrued expenses
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	3,886	0
Not Designated as Hedging Instrument | Other liabilities
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	$ 12,704	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liability Measured at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Investments	$ 223,668	$ 250,348
Derivative instruments	593
Total assets	224,261	250,348
Liabilities
Contingent consideration	8,134	9,489
Derivative instruments	108,667
Recapitalization investment portfolio liability	171,616	191,678
Total liabilities	288,417	201,167
Level 1
Assets
Investments	2,086	1,895
Derivative instruments	0
Total assets	2,086	1,895
Liabilities
Contingent consideration	0	0
Derivative instruments	0
Recapitalization investment portfolio liability	0	0
Total liabilities	0	0
Level 2
Assets
Investments	0	0
Derivative instruments	593
Total assets	593	0
Liabilities
Contingent consideration	0	0
Derivative instruments	108,667
Recapitalization investment portfolio liability	0	0
Total liabilities	108,667	0
Level 3
Assets
Investments	221,582	248,453
Derivative instruments	0
Total assets	221,582	248,453
Liabilities
Contingent consideration	8,134	9,489
Derivative instruments	0
Recapitalization investment portfolio liability	171,616	191,678
Total liabilities	$ 179,750	$ 201,167

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total net investment loss for Auven	$ (134,600)	$ (83,400)
OpCo Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated rate	6.375%
Level 2 | OpCo Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, estimated fair value	$ 1,151,066		$ 1,164,566
Carrying Amount | Level 2 | OpCo Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, estimated fair value	$ 1,125,000		$ 1,125,000
Auven
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding limited partnership interests owned	32.70%	32.70%

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) - Fair Value, Recurring - Level 3 $ in Thousands	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 216,204	$ 243,067
Discount for lack of marketability | Market evaluation/pricing models | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Rates	0.125	0.100
Discount for lack of marketability | Market evaluation/pricing models | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Rates	0.325	0.300
Discount for lack of control | Recent acquisition transactions | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Rates	0.200	0.200
Discount for lack of control | Recent acquisition transactions | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Rates	0.350	0.350

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Investments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 248,453	$ 256,124
Recognized fair value loss	(27,323)	(9,509)
Cash distributions received	(93)	(101)
Capital contributions paid	545	999
Ending balance	$ 221,582	$ 247,513

Fair Value Measurements - Fai_3

Fair Value Measurements - Fair Value Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Recapitalization Investment Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 191,678	$ 198,524
Recapitalization investment portfolio consideration change in value	(20,062)	(10,628)
Ending balance	171,616	187,896
Business Combination, Contingent Consideration, Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	9,489	0
Recapitalization investment portfolio consideration change in value	(1,355)	0
Ending balance	$ 8,134	$ 0

Fair Value Measurements - Fai_4

Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Level 1
Assets:
Cash and cash equivalents	$ 738,364	$ 345,187
Carrying Amount | Level 1
Assets:
Cash and cash equivalents	738,364	345,187
Term Loan and Revolving Credit Facility | Level 2
Liabilities:
Debt instrument	2,824,735	3,111,911
Term Loan and Revolving Credit Facility | Carrying Amount | Level 2
Liabilities:
Debt instrument	3,238,323	3,096,429
Senior Notes | Level 2 | OpCo Notes
Liabilities:
Debt instrument	1,151,066	1,164,566
Senior Notes | Level 2 | Initial HoldCo Notes
Liabilities:
Debt instrument	0	559,873
Senior Notes | Level 2 | Additional HoldCo Notes
Liabilities:
Debt instrument	0	915,120
Senior Notes | Carrying Amount | Level 2 | OpCo Notes
Liabilities:
Debt instrument	1,125,000	1,125,000
Senior Notes | Carrying Amount | Level 2 | Initial HoldCo Notes
Liabilities:
Debt instrument	0	550,000
Senior Notes | Carrying Amount | Level 2 | Additional HoldCo Notes
Liabilities:
Debt instrument	0	900,000
Other debt | Level 2
Liabilities:
Debt instrument	3,843	5,707
Other debt | Carrying Amount | Level 2
Liabilities:
Debt instrument	$ 3,843	$ 5,707

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
OCL before reclassifications	$ (168,383)	$ 52,563
Amounts reclassified from AOCL or AOCI	2,835	(2,291)
Net (OCL) or OCI	(165,548)	50,272
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balances	(306,452)	(331,276)
OCL before reclassifications	(87,953)	52,537
Amounts reclassified from AOCL or AOCI	0	0
Net (OCL) or OCI	(87,953)	52,537
Ending balances	(394,405)	(278,739)
Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balances	8,566	18,089
OCL before reclassifications	(80,408)	0
Amounts reclassified from AOCL or AOCI	2,703	(2,410)
Net (OCL) or OCI	(77,705)	(2,410)
Ending balances	(69,139)	15,679
Pension Plan
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balances	(1,018)	296
OCL before reclassifications	(22)	26
Amounts reclassified from AOCL or AOCI	132	119
Net (OCL) or OCI	110	145
Ending balances	(908)	441
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balances	(298,904)	(312,891)
Ending balances	$ (464,452)	$ (262,619)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income (expense), net	$ 29,294	$ (24,301)
Income tax benefit	7,717	3,299
Net loss	(13,120)	(14,234)
Derivative Instruments | Reclassification out of AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	3,051	2,972
Other income (expense), net	(6,627)	0
Income tax benefit	873	(562)
Net loss	(2,703)	2,410
Pension Plan | Reclassification out of AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income (expense), net	(162)	(155)
Income tax benefit	30	36
Net loss	$ (132)	$ (119)

Related Party Transactions (Det

Related Party Transactions (Details) - Affiliated Entity - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Majority Sponsor Affiliates
Related Party Transaction [Line Items]
Due to related parties	$ 77.8		$ 78
SNBL
Related Party Transaction [Line Items]
Related party transaction, expenses incurred	0.3	$ 0.3
Due to related parties	0.3		0.3
Repayments of related party debt	$ 1.9
Collaboration agreement minimum requirement for ownership percentage	20.00%
SNBL | PPD-SNBL
Related Party Transaction [Line Items]
Notes payable, related parties	$ 3.8		$ 5.7
Consulting and Out-of-Pocket Expenses | Majority Sponsor Affiliates
Related Party Transaction [Line Items]
Related party transaction, expenses incurred	0.4	0.9
Interest Payments | Majority Sponsor Affiliates
Related Party Transaction [Line Items]
Repayments of related party debt	0.8	1
Principal Repayment | Majority Sponsor Affiliates
Related Party Transaction [Line Items]
Repayments of related party debt	$ 0.2	$ 0.2

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net loss	$ (13,120)	$ (14,234)
Net income attributable to noncontrolling interest	(2,718)	(861)
Recapitalization investment portfolio consideration	20,062	10,628
Net income (loss) attributable to common stockholders of PPD, Inc.	$ 4,224	$ (4,467)
Denominator:
Basic weighted-average common shares outstanding (in shares)	318,221	279,086
Effect of dilutive stock options and restricted stock (in shares)	4,203	0
Diluted weighted-average common shares outstanding (in shares)	322,424	279,086
Earnings/(loss) per share:
Basic (in usd per share)	$ 0.01	$ (0.02)
Diluted (in usd per share)	$ 0.01	$ (0.02)

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Anti-dilutive stock options and restricted stock (in shares)	0	488

Segments - Additional Informati

Segments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segments - Schedule of Segment

Segments - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Revenue	$ 1,072,462	$ 963,738
Direct costs	414,439	367,202
Reimbursed costs	250,850	225,019
SG&A expenses	247,776	218,380
Depreciation and amortization	66,315	65,418
Income from operations	93,082	87,719
Operating Segments
Segment Reporting Information [Line Items]
Revenue	1,072,462	963,738
Direct costs	396,129	362,879
Reimbursed costs	250,850	225,019
SG&A expenses	163,615	147,893
Income from operations	261,868	227,947
Operating Segments | Clinical Development Services
Segment Reporting Information [Line Items]
Revenue	870,886	809,364
Direct costs	309,078	290,619
Reimbursed costs	223,529	209,880
SG&A expenses	141,832	128,894
Income from operations	196,447	179,971
Operating Segments | Laboratory Services
Segment Reporting Information [Line Items]
Revenue	201,576	154,374
Direct costs	87,051	72,260
Reimbursed costs	27,321	15,139
SG&A expenses	21,783	18,999
Income from operations	65,421	47,976
Not Allocated to Segments
Segment Reporting Information [Line Items]
Direct costs	18,310	4,323
SG&A expenses	84,161	70,487
Depreciation and amortization	$ 66,315	$ 65,418

Entity-wide Information by Ge_3

Entity-wide Information by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue:
Revenue	$ 1,072,462	$ 963,738
North America
Revenue:
Revenue	558,239	499,917
United States
Revenue:
Revenue	556,500	494,300
Latin America
Revenue:
Revenue	44,910	38,965
Europe, Middle East and Africa
Revenue:
Revenue	354,451	325,831
United Kingdom
Revenue:
Revenue	189,100	174,800
Asia-Pacific
Revenue:
Revenue	$ 114,862	$ 99,025

Other Income (Expense), Net (De

Other Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other Income and Expenses [Abstract]
Foreign currency gains (losses), net	$ 37,652	$ (24,869)
Interest rate swap losses	(8,338)	0
Other income	165	1,346
Other expense	(185)	(778)
Total other income (expense), net	$ 29,294	$ (24,301)