PPD (PPD) 10-Q 5 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
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	Yes
Entity Common Stock, Shares Outstanding		348,591

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenue	$ 1,010,918	$ 996,531	$ 2,083,380	$ 1,960,269
Direct costs, exclusive of depreciation and amortization	374,839	375,503	789,278	742,705
Reimbursed costs	223,807	221,873	474,657	446,892
Selling, general and administrative expenses	237,616	236,055	485,392	454,435
Depreciation and amortization	68,763	65,589	135,078	131,007
Total operating costs and expenses	905,025	899,020	1,884,405	1,775,039
Income from operations	105,893	97,511	198,975	185,230
Interest income (expense), net	(51,403)	(76,870)	(116,113)	(143,393)
Loss on extinguishment of debt	(43,469)	0	(93,534)	0
Gain (loss) on investments	96,621	6,490	69,749	(7,610)
Other (expense) income, net	(26,238)	11,986	3,056	(12,315)
Income before provision for income taxes	81,404	39,117	62,133	21,912
Provision for income taxes	17,230	6,642	9,513	3,343
Income before equity in losses of unconsolidated affiliates	64,174	32,475	52,620	18,569
Equity in losses of unconsolidated affiliates, net of income taxes	(2,063)	(362)	(3,629)	(690)
Net income	62,111	32,113	48,991	17,879
Net income attributable to noncontrolling interest	(194)	(1,368)	(2,912)	(2,229)
Net income attributable to PPD, Inc.	61,917	30,745	46,079	15,650
Recapitalization investment portfolio consideration	(71,059)	(5,029)	(50,997)	5,599
Net (loss) income attributable to common stockholders of PPD, Inc.	$ (9,142)	$ 25,716	$ (4,918)	$ 21,249
(Loss) income per share attributable to common stockholders of PPD, Inc.:
Basic (in usd per share)	$ (0.03)	$ 0.09	$ (0.01)	$ 0.08
Diluted (in usd per share)	$ (0.03)	$ 0.09	$ (0.01)	$ 0.08
Weighted-average common shares outstanding:
Basic (in shares)	348,584	279,187	333,023	279,137
Diluted (in shares)	348,584	279,332	333,023	279,484

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Investment income. interest	$ 294	$ 1,802	$ 1,564	$ 3,294

CONDENSED CONSOLIDATED STATEME

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 62,111	$ 32,113	$ 48,991	$ 17,879
Other comprehensive income (loss), net of tax expense (benefit):
Foreign currency translation adjustments	35,159	(42,808)	(52,794)	9,729
Defined benefit pension plan adjustments, net of income taxes	132	125	242	270
Derivative instruments adjustments, net of income taxes	(19,790)	(2,328)	(97,495)	(4,738)
Other comprehensive income (loss)	15,501	(45,011)	(150,047)	5,261
Comprehensive income (loss)	77,612	(12,898)	(101,056)	23,140
Comprehensive income attributable to noncontrolling interest	(868)	(2,170)	(3,573)	(3,081)
Comprehensive income (loss) attributable to PPD, Inc.	76,744	(15,068)	(104,629)	20,059
Recapitalization investment portfolio consideration	(71,059)	(5,029)	(50,997)	5,599
Comprehensive income (loss) attributable to common stockholders of PPD, Inc.	$ 5,685	$ (20,097)	$ (155,626)	$ 25,658

CONDENSED CONSOLIDATED STATE_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Defined benefit plan adjustments, income tax benefit (expense)	$ 27	$ 26	$ 57	$ 62
Derivative instruments adjustments, income tax expense (benefit)	$ (6,488)	$ (744)	$ (31,597)	$ (1,306)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 693,035	$ 345,187
Accounts receivable and unbilled services, net	1,397,880	1,326,614
Income taxes receivable	31,675	27,437
Prepaid expenses and other current assets	117,137	119,776
Total current assets	2,239,727	1,819,014
Property and equipment, net	454,888	458,845
Investments in unconsolidated affiliates	29,224	34,028
Investments	319,673	250,348
Goodwill, net	1,746,728	1,764,104
Intangible assets, net	803,009	892,091
Other assets	144,616	156,220
Operating lease right-of-use assets	168,653	181,596
Total assets	5,906,518	5,556,246
Current liabilities:
Accounts payable	125,454	130,060
Accrued expenses:
Payables to investigators	330,672	322,231
Accrued employee compensation	263,749	263,834
Accrued interest	4,439	44,527
Other accrued expenses	177,204	138,632
Income taxes payable	12,018	15,161
Unearned revenue	1,105,651	1,110,872
Current portion of operating lease liabilities	47,711	45,962
Current portion of long-term debt and finance lease obligations	35,939	35,794
Total current liabilities	2,102,837	2,107,073
Accrued income taxes	17,306	38,465
Deferred tax liabilities	79,930	92,225
Recapitalization investment portfolio liability	242,675	191,678
Long-term operating lease liabilities, less current portion	139,240	153,766
Long-term debt and finance lease obligations, less current portion	4,240,010	5,608,134
Other liabilities	119,037	33,017
Total liabilities	6,941,035	8,224,358
Commitments and contingencies
Redeemable noncontrolling interest	33,609	30,036
Stockholders’ deficit:
Common stock	3,493	2,801
Treasury stock	(13,268)	(12,707)
Additional paid-in-capital	1,787,645	1,983
Accumulated deficit	(2,397,045)	(2,391,321)
Accumulated other comprehensive loss	(448,951)	(298,904)
Total stockholders’ deficit	(1,068,126)	(2,698,148)
Total liabilities, redeemable noncontrolling interest and stockholders’ deficit	$ 5,906,518	$ 5,556,246

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
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)	349,312,000	280,127,000
Common stock, shares, outstanding (in shares)	348,586,000	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	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 48,991	$ 17,879
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	135,078	131,007
Stock-based compensation expense	10,690	8,523
Non-cash operating lease expense	21,710	20,338
Amortization of debt issuance costs, modification costs and debt discounts	6,013	6,655
Non-cash losses (gains) on interest rate swaps	4,965	(4,739)
(Gain) loss on investments	(69,749)	7,610
Deferred income tax expense (benefit)	18,575	(1,937)
Loss on extinguishment of debt	93,534	0
Amortization of costs to obtain a contract	4,660	5,802
Other	2,060	317
Change in operating assets and liabilities, net of effect of business acquired:
Accounts receivable and unbilled services, net	(96,636)	(60,243)
Prepaid expenses and other current assets	29,362	1,858
Other assets	(24,134)	(26,808)
Income taxes, net	(28,480)	(22,465)
Accounts payable, accrued expenses and other liabilities	(22,312)	(51,700)
Operating lease liabilities	(21,244)	(19,014)
Unearned revenue	17,694	104,842
Net cash provided by operating activities	130,777	117,925
Cash flows from investing activities:
Purchases of property and equipment	(68,508)	(47,437)
Acquisition of business, net of cash and cash equivalents acquired	1,664	(5,731)
Capital contributions paid for investments, net of distributions received	(1,918)	(1,949)
Investments in unconsolidated affiliates	0	(30,000)
Other	0	771
Net cash used in investing activities	(68,762)	(84,346)
Cash flows from financing activities:
Purchase of treasury stock	(626)	(2,029)
Proceeds from exercise of stock options	2,709	3,448
Borrowing on Revolving Credit Facility	150,000	0
Repayment of Revolving Credit Facility	(150,000)	0
Proceeds from issuance of senior notes	1,200,000	891,000
Redemption of HoldCo Notes	(1,464,500)	0
Redemption of OpCo Notes	(1,160,865)	0
Payments on long-term debt and finance leases	(23,153)	(17,128)
Payment of debt issuance and debt modification costs	(17,232)	(27,612)
Net proceeds from initial public offering	1,772,960	0
Return of capital and special dividend to stockholders	0	(1,086,000)
Net cash provided by (used in) financing activities	309,293	(238,321)
Effect of exchange rate changes on cash and cash equivalents	(23,460)	2,988
Net increase (decrease) in cash and cash equivalents	347,848	(201,754)
Cash and cash equivalents, beginning of the period	345,187	553,066
Cash and cash equivalents, end of the period	$ 693,035	$ 351,312

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	15,650					15,650
Other comprehensive income	5,261				5,261
Vesting of restricted stock (in shares)		6
Vesting of restricted stock	0
Issuance of common stock for stock option exercises (in shares)		230
Issuance of common stock for stock option exercises	3,448	$ 2	3,446
Repurchases of common stock (in shares)				113
Repurchases of common stock	(2,229)			$ (2,229)
Stock-based compensation expense	8,523		8,523
Recapitalization investment portfolio consideration	5,599					5,599
Modification of stock option awards	(14,703)		(14,703)
Return of capital and special dividend	(1,086,000)		(37,987)			(1,048,013)
Ending balance (in shares) at Jun. 30, 2019		(279,781)		628
Ending balance at Jun. 30, 2019	(2,586,872)	$ 2,797	964	$ (11,162)	(307,630)	(2,271,841)
Redeemable Noncontrolling Interest
Beginning balance	24,892
Net income	2,229
Other comprehensive income	852
Ending balance at Dec. 31, 2018	24,892
Redeemable Noncontrolling Interest
Beginning balance	25,803
Beginning balance (in shares) at Mar. 31, 2019		(279,739)		515
Beginning balance at Mar. 31, 2019	(1,469,993)	$ 2,797	48,306	$ (8,933)	(262,619)	(1,249,544)
PPD, Inc. Stockholders’ Deficit
Net income	30,745					30,745
Other comprehensive income	(45,011)				(45,011)
Vesting of restricted stock (in shares)		4
Vesting of restricted stock	0
Issuance of common stock for stock option exercises (in shares)		38
Issuance of common stock for stock option exercises	559		559
Repurchases of common stock (in shares)				113
Repurchases of common stock	(2,229)			$ (2,229)
Stock-based compensation expense	4,789		4,789
Recapitalization investment portfolio consideration	(5,029)					(5,029)
Modification of stock option awards	(14,703)		(14,703)
Return of capital and special dividend	(1,086,000)		(37,987)			(1,048,013)
Ending balance (in shares) at Jun. 30, 2019		(279,781)		628
Ending balance at Jun. 30, 2019	(2,586,872)	$ 2,797	964	$ (11,162)	(307,630)	(2,271,841)
Redeemable Noncontrolling Interest
Beginning balance	25,803
Net income	1,368
Other comprehensive income	802
Ending balance at Mar. 31, 2019	25,803
Redeemable Noncontrolling Interest
Beginning balance	27,973
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	46,079					46,079
Other comprehensive income	(150,047)				(150,047)
Vesting of restricted stock (in shares)		5
Vesting of restricted stock	0
Issuance of common stock for stock option exercises (in shares)		180
Issuance of common stock for stock option exercises	2,704	$ 2	2,702
Repurchases of common stock (in shares)				25
Repurchases of common stock	(561)			$ (561)
Stock-based compensation expense	10,690		10,690
Recapitalization investment portfolio consideration	(50,997)					(50,997)
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 Jun. 30, 2020		(349,312)		726
Ending balance at Jun. 30, 2020	(1,068,126)	$ 3,493	1,787,645	$ (13,268)	(448,951)	(2,397,045)
Redeemable Noncontrolling Interest
Beginning balance	30,036
Net income	2,912
Other comprehensive income	661
Ending balance at Dec. 31, 2019	30,036
Redeemable Noncontrolling Interest
Beginning balance	32,741
Beginning balance (in shares) at Mar. 31, 2020		(349,310)		726
Beginning balance at Mar. 31, 2020	(1,079,898)	$ 3,493	1,782,232	$ (13,268)	(464,452)	(2,387,903)
PPD, Inc. Stockholders’ Deficit
Net income	61,917					61,917
Other comprehensive income	15,501				15,501
Vesting of restricted stock (in shares)		2
Vesting of restricted stock	0
Issuance of common stock for stock option exercises	(5)		(5)
Stock-based compensation expense	5,418		5,418
Recapitalization investment portfolio consideration	(71,059)					(71,059)
Ending balance (in shares) at Jun. 30, 2020		(349,312)		726
Ending balance at Jun. 30, 2020	(1,068,126)	$ 3,493	$ 1,787,645	$ (13,268)	$ (448,951)	$ (2,397,045)
Redeemable Noncontrolling Interest
Beginning balance	32,741
Net income	194
Other comprehensive income	674
Ending balance at Mar. 31, 2020	32,741
Redeemable Noncontrolling Interest
Beginning balance	$ 33,609

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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, unless the context indicates otherwise. 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, as superseded by, and solely to the extent set forth in, the Company’s first Current Report on Form 8-K filed on May 21, 2020 (the “May 2020 Form 8-K”). There have been no significant changes to the Company’s significant accounting policies during the first six 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 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 and six months ended June 30, 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 May 2020 Form 8-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 May 2020 Form 8-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 six months ended June 30, 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 (i) 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 (ii) 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. In May 2020, 1,169,504 awards, including time-based stock options, restricted stock units and performance stock units, with an aggregate fair value of $26.6 million , were granted under the 2020 Incentive Plan. The fair value of the awards issued under the 2020 Incentive Plan is determined in the same manner as described in the May 2020 Form 8-K, with the exception of the Company’s publicly traded stock value being used as the fair value of the Company’s common stock. As of June 30, 2020, there were 37,887,711 shares of common stock available for issuance under the 2020 Incentive Plan. No awards were issued under the Eagle I Plan for the three and six months ended June 30, 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 May 2020 Form 8-K for additional information. 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. 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 the interests of the Company’s stockholders and that offered by similarly situated public companies. These employees started receiving stock-based awards under the 2020 Incentive Plan beginning in May 2020. During the six months ended June 30, 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. 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	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Performance Obligations Revenue recognized from performance obligations partially satisfied in prior periods was $30.9 million and $54.5 million for the three and six months ended June 30, 2020 , respectively, and $39.4 million and $45.3 million for the three and six months ended June 30, 2019 , respectively. These cumulative catch-up adjustments primarily related to (i) contract modifications executed in the current period, which resulted in changes to the transaction price, (ii) changes in transaction price related to variable consideration and (iii) changes in estimates such as estimated total costs. As of June 30, 2020 , the aggregate amounts of transaction price allocated to unsatisfied performance obligations with an original contract term of greater than one year was $6.9 billion . The Company expects to recognize 35% to 41% 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: (in thousands) June 30, 2020 December 31, 2019 Accounts receivable $ 663,142 $ 726,111 Unbilled services 742,144 609,674 Total accounts receivable and unbilled services 1,405,286 1,335,785 Allowance for doubtful accounts (7,406 ) (9,171 ) Total accounts receivable and unbilled services, net $ 1,397,880 $ 1,326,614 The Company’s unearned revenue consisted of the following amounts on the dates set forth below: (in thousands) June 30, 2020 December 31, 2019 Unearned revenue $ 1,105,651 $ 1,110,872 As of June 30, 2020 and December 31, 2019 , contract assets of $153.4 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 six months ended June 30, 2020 and 2019 , the Company recognized revenue of $709.5 million and $566.1 million , respectively, from the balance of unearned revenue outstanding as of January 1, 2020 and January 1, 2019, respectively. Impairments of accounts receivable, unbilled services and contract assets were insignificant during the three and six months ended June 30, 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 June 30, 2020 , one customer accounted for approximately 11% 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, one customer accounted for approximately 11% of revenues for the three months ended June 30, 2020 . No one customer accounted for greater than 10% of revenues for the three months ended June 30, 2019 or the six months ended June 30, 2020 and 2019 .

Stockholders_ Deficit and Redee

Stockholders’ Deficit and Redeemable Noncontrolling Interest	6 Months Ended
	Jun. 30, 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: (in thousands) June 30, 2020 December 31, 2019 Shares authorized 2,000,000 2,080,000 Shares issued 349,312 280,127 Shares outstanding: Voting 348,586 276,052 Non-voting — 3,374 Total shares outstanding 348,586 279,426 Voting, Dividend, and Liquidation Rights of Common Stock Each share of common stock is entitled to one vote on all matters to be voted on by the stockholders of the Company holding common stock, including the election of directors. Additionally, the holders of common 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 June 30, 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 June 30, 2020 and December 31, 2019 , no such events had occurred. See Note 12, “Related Party Transactions,” for additional information.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 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 May 2020 Form 8-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 purchase price was $48.6 million and was paid with cash on hand. The initial accounting is not complete and amounts recorded as part of the acquisition are provisional, pending finalization of the valuation of certain assets. The preliminary goodwill recognized of $8.4 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 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 (in thousands): 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 (10,118 ) Other liabilities (331 ) Operating lease liabilities (1,609 ) Total liabilities assumed (25,449 ) Separately identifiable net assets acquired 40,281 Goodwill 8,354 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 enhanced 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. Based on the 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. As of June 30, 2020 and December 31, 2019, the Company recorded an earn-out liability of $9.5 million to be paid based on Medimix meeting certain performance targets through December 31, 2019. The liability is included in other accrued expenses on the condensed consolidated balance sheets and was paid to the seller in July 2020. The accounting for the acquisition is complete and measurement period adjustments recorded were not material. 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 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 and six months ended June 30, 2019 were $1.9 million and $5.6 million , respectively. There were no acquisition costs for the three and six months ended June 30, 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	6 Months Ended
	Jun. 30, 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: (in thousands) 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 (24,665 ) (24,665 ) — Measurement period adjustments for prior acquisition 7,289 7,289 — Balance at June 30, 2020: Goodwill 1,873,439 1,646,825 226,614 Accumulated impairment losses (126,711 ) (99,432 ) (27,279 ) Goodwill, net $ 1,746,728 $ 1,547,393 $ 199,335 Intangible Assets, Net The Company’s definite-lived intangible assets were composed of the following on the dates set forth below: June 30, 2020 December 31, 2019 (in thousands) Carrying Amount Accumulated Amortization Net Carrying Amount Accumulated Amortization Net Customer relationships $ 875,979 $ (438,636 ) $ 437,343 $ 884,788 $ (415,427 ) $ 469,361 Trade names 368,444 (146,304 ) 222,140 372,210 (139,141 ) 233,069 Backlog 175,470 (174,347 ) 1,123 177,599 (175,571 ) 2,028 Investigator/payer network 232,983 (194,812 ) 38,171 236,082 (185,478 ) 50,604 Technology/intellectual property 8,600 (3,788 ) 4,812 8,600 (3,319 ) 5,281 Know-how/processes 580,435 (481,015 ) 99,420 586,971 (455,223 ) 131,748 Total $ 2,241,911 $ (1,438,902 ) $ 803,009 $ 2,266,250 $ (1,374,159 ) $ 892,091 Amortization expense was $39.4 million and $79.1 million for the three and six months ended June 30, 2020 , respectively, and $40.3 million and $81.0 million for the three and six months ended June 30, 2019 , respectively. Translation adjustments of approximately $10.0 million were recorded during the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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: (dollars in thousands) Maturity Date Effective Rate Stated Rate June 30, 2020 December 31, 2019 Term Loan August 2022 3.71% 3.50% $ 3,080,217 $ 3,096,429 2025 Notes June 2025 4.97% 4.63% 500,000 — 2028 Notes June 2028 5.24% 5.00% 700,000 — OpCo Notes (1) — 6.61% 6.38% — 1,125,000 Initial HoldCo Notes (1) — 8.92% 7.63% — 550,000 Additional HoldCo Notes (1) — 8.90% 7.75% — 900,000 Other debt (1) — 1.13% 1.13% — 5,707 Finance lease obligations Various Various Various 27,298 28,726 4,307,515 5,705,862 Unamortized debt discount (5,443 ) (13,956 ) Unamortized debt issuance costs (26,123 ) (47,978 ) Current portion of long-term debt and finance lease obligations (35,939 ) (35,794 ) Long-term debt and finance lease obligations, less current portion $ 4,240,010 $ 5,608,134 (1) Effective rate and stated rate are as of December 31, 2019 for the extinguished OpCo Notes, Initial HoldCo Notes, Additional HoldCo Notes and Other debt. 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. In June 2020, the Company repaid the outstanding balance of the Revolving Credit Facility using cash on hand. 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 June 30, 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 June 30, 2020 , the Company had available credit under the Revolving Credit Facility of $298.4 million . The Company did no t have any borrowings outstanding under the Revolving Credit Facility as of June 30, 2020 and December 31, 2019. Issuance of the 2025 Notes and the 2028 Notes On June 5, 2020, the Company’s indirect wholly-owned subsidiaries, Jaguar Holding Company II and PPD Development, L.P., issued and sold in a private placement $1,200.0 million of unsecured senior notes consisting of (i) $500.0 million aggregate principal amount of 4.625% senior notes due 2025 (the “2025 Notes”) and (ii) $700.0 million aggregate principal amount of 5.0% senior notes due 2028 (the “2028 Notes” and, together with the 2025 Notes, the “New Notes”), in each case, under an indenture dated as of June 5, 2020 (the “Indenture”). The 2025 Notes mature on June 15, 2025 and the 2028 Notes mature on June 15, 2028. Interest on the New Notes is payable semi-annually on June 15 and December 15 of each year. The New Notes do not have registration rights. Debt issuance costs of $18.6 million , consisting primarily of underwriters fees and professional fees, were capitalized in connection with the issuance of the New Notes. The net proceeds from the New Notes were used to redeem all outstanding $1,125.0 million aggregate principal amount of unsecured 6.375% senior notes (the “OpCo Notes”), as well as to pay for the redemption premium and accrued interest on the OpCo Notes and debt issuance costs associated with the New Notes. The Company may redeem, at its option, some or all of the 2025 Notes prior to June 15, 2022, or the 2028 Notes prior to June 15, 2023, at a price equal to 100% of the principal amount of the 2025 Notes and 2028 Notes, plus accrued and unpaid interest, if any, to the redemption date plus a “make-whole” premium. Alternatively, within the same time frame, the Company may redeem up to 40% of the original principal amount of the 2025 Notes or the 2028 Notes, as applicable, with the proceeds of certain equity offerings at a redemption price of 104.625% , in the case of the 2025 Notes, and 105.000% , in the case of the 2028 Notes, of the principal amount of the 2025 Notes or the 2028 Notes, plus accrued and unpaid interest, if any, to the redemption date. On or after June 15, 2022, in the case of the 2025 Notes, and June 15, 2023, in the case of the 2028 Notes, the Company may redeem some or all of such notes at the redemption prices listed below (expressed as a percentage of the principal amount), plus accrued and unpaid interest, if any, to the redemption date, if redeemed during the 12-month period commencing on June 15 of the years set forth below. 2025 Notes Period Redemption Price 2022 102.313 % 2023 101.156 % 2024 and thereafter 100.000 % 2028 Notes Period Redemption Price 2023 102.500 % 2024 101.250 % 2025 and thereafter 100.000 % Upon the occurrence of specific kinds of changes of control events, the holders of the New Notes will have the right to cause the Company to repurchase some or all of the New Notes at 101% of face amount, plus accrued and unpaid interest, if any, to the repurchase date. Additionally, if the Company or its restricted subsidiaries sells assets, under certain circumstances, the Company will be required to make an offer to purchase a specified amount of New Notes equal to the net proceeds of such sale at an offer price in cash at the amount equal to 100% of the principal amount of the New Notes to be redeemed, plus accrued and unpaid interest, if any, to the repurchase date. The New Notes are unsecured obligations and (i) rank senior in right of payment to all of the Company’s existing and future subordinated indebtedness, (ii) rank equally in right of payment with all of the Company’s existing and future senior indebtedness, (iii) are effectively subordinated to any of the Company’s existing and future secured debt, to the extent of the value of the assets securing such debt and (iv) are structurally subordinated to all of the existing and future liabilities of each of the Company’s subsidiaries that do not guarantee the New Notes. The New Notes contain customary covenants including, but not limited to, restrictions on the Company and its restricted subsidiaries’ ability to incur additional indebtedness and guarantee indebtedness; pay dividends or make other distributions in respect of, or repurchase or redeem, capital stock; make loans and investments; sell or otherwise dispose of assets; incur liens; enter into transactions with affiliates; enter into agreements restricting the Company’s subsidiaries’ ability to pay dividends; and consolidate, merge or sell all or substantially all of their assets. Additionally, the Indenture for the New Notes includes certain customary events of default which may require acceleration of payment. Such events of default include nonpayment of principal or interest, failure to pay final judgments in excess of a specified threshold, failure of a guarantee to remain in effect, bankruptcy and insolvency events and cross acceleration, the occurrence of which could result in the principal of and accrued interest on the New Notes to become or be declared due and payable immediately. Redemption of OpCo Notes On June 5, 2020, the Company redeemed all its outstanding OpCo Notes in accordance with the provisions governing the OpCo Notes indenture for $1,160.9 million , including a redemption premium of $35.9 million . As such, the obligations of the Company under the OpCo Notes indenture were discharged on that date. Also as part of the redemption, the Company wrote off unamortized debt issuance costs related to the OpCo Notes of $7.6 million , and combined with the applicable redemption premium, resulted in a total loss on extinguishment of debt of $43.5 million . The Company redeemed the OpCo Notes with the proceeds received from the Company’s New Notes. See Note 10, “Long-term Debt and Finance Lease Obligations,” of the Company’s audited consolidated financial statements included in the May 2020 Form 8-K for additional information on the OpCo Notes. 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 May 2020 Form 8-K for additional information on the HoldCo Notes. Other Debt During the first six months of 2020, the Company repaid its working capital loan with SNBL which was classified as “other debt.” See Note 12, “Related Party Transactions,” for additional details on the Company’s transactions with SNBL. Debt Covenants and Default Provisions Other than the customary covenants and default provisions related to the New Notes, there were no changes to the debt covenants or default provisions related to the Company’s outstanding debt under its Credit Agreement or other obligations during the first six months of 2020. In June 2020, the Company repaid the outstanding balance of the Revolving Credit Facility and therefore was not subject to the net secured leverage ratio test, as defined in the Credit Agreement, as of June 30, 2020 . The Company was in compliance with all covenants for all long-term debt arrangements as of June 30, 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 May 2020 Form 8-K. Scheduled Maturities of Long-term Debt and Finance Lease Obligations As of June 30, 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 (in thousands): Year Amount 2020 (remaining six months) $ 18,299 2021 35,984 2022 3,035,423 2023 3,557 2024 3,449 2025 503,523 Thereafter 707,280 Total $ 4,307,515

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 period ended March 31, 2020 and accounted for the impact on the current tax year in its annual effective tax rate and benefit from income taxes for the three and six months ended June 30, 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 21.2% and 17.0% for the three months ended June 30, 2020 and 2019 , respectively, and 15.3% for the six months ended June 30, 2020 and 2019 . The Company’s provision for income taxes for the three months ended June 30, 2020 was primarily due to the estimated tax effect on the Company’s pre-tax income. The Company’s provision for income taxes for the six months ended June 30, 2020 was primarily due to the estimated tax effect on the Company’s pre-tax income 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 provision for income taxes for the three and six months ended June 30, 2019 was primarily due to the estimated tax effect on the Company’s pre-tax income, partially offset by the impact from favorable discrete items. As of June 30, 2020 and December 31, 2019 , the Company’s total unrecognized tax benefits were $18.3 million and $39.7 million , respectively. The decrease to the Company’s unrecognized tax benefits during the six months ended June 30, 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 June 30, 2020 and December 31, 2019 , were $11.6 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 $4.1 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	6 Months Ended
	Jun. 30, 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”), 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 (expense) income, 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 June 30, 2020 (dollars in thousands): 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 (i) interest expense, net, or (ii) other (expense) income, net, for any portion of the originally forecasted transactions deemed not probable to occur, through the original maturity date of the interest rate swap. 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. During the three and six months ended June 30, 2020 , the Company recorded a loss of $0.2 million and $1.9 million , respectively, in other (expense) income, net, from the change in the fair value of the undesignated interest rate swaps. 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 $28.0 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 and six months ended June 30, 2020 and 2019 : (in thousands) Pre-Tax Loss Recognized in AOCL Derivatives in Cash Flow Hedging Relationships Three Months Ended June 30, Six Months Ended 2020 2019 2020 2019 Interest rate swaps $ (31,955 ) $ — $ (138,345 ) $ — The following table provides the location of the pre-tax (loss) gain reclassified from AOCL into the condensed consolidated statements of operations during the three and six months ended June 30, 2020 and 2019 : Pre-Tax (Loss) Gain Reclassified from AOCL into Statements of Operations (in thousands) Location of (Loss) Gain Reclassified from AOCL into Statements of Operations Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest rate swaps Interest expense, net $ (2,563 ) $ 3,072 $ 488 $ 6,044 Interest rate swaps Other (expense) income, net (3,114 ) — (9,741 ) — The fair value of derivative instruments consisted of the following balances as set forth on the dates below: June 30, 2020 December 31, 2019 (in thousands) Balance sheet location Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps Other accrued expenses $ — $ 31,616 $ — $ — Interest rate swaps Other liabilities — 87,116 — — Derivatives not designated as hedging instruments: Interest rate swaps Prepaid expenses and other current assets 1,786 — — — Interest rate swaps Other assets 1,890 — — — Interest rate swaps Other accrued expenses — 5,081 — — Interest rate swaps Other liabilities — 13,921 — — $ 3,676 $ 137,734 $ — $ — 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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 (in thousands): As of June 30, 2020 Level 1 Level 2 Level 3 Total Assets Investments $ 3,729 $ — $ 315,944 $ 319,673 Derivative instruments — 3,676 — 3,676 Total assets $ 3,729 $ 3,676 $ 315,944 $ 323,349 Liabilities Contingent consideration $ — $ — $ 9,489 $ 9,489 Derivative instruments — 137,734 — 137,734 Recapitalization investment portfolio liability — — 242,675 242,675 Total liabilities $ — $ 137,734 $ 252,164 $ 389,898 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 (dollars in thousands): Quantitative Information About Level 3 Fair Value Measurements for June 30, 2020 Description Fair Value Valuation Technique Unobservable Input Range of Rates Fair value option investments $308,855 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 May 2020 Form 8-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: (in thousands) 2020 2019 Balance as of January 1, $ 248,453 $ 256,124 Recognized fair value gain (loss) 67,727 (1,577 ) Cash distributions received or receivable (2,247 ) (101 ) Capital contributions paid 2,011 2,049 Balance as of June 30, $ 315,944 $ 256,495 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 June 30, 2020 and 2019 , the Company owned 32.7% of the outstanding limited partnership interests. For the six months ended June 30, 2020 and 2019 , the total net investment gain (loss), which includes realized and unrealized gains/losses, net of expenses and investment income, for Auven was $371.9 million and $(23.9) 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: (in thousands) 2020 2019 Balance as of January 1, $ 191,678 $ 198,524 Recapitalization investment portfolio consideration change in value 50,997 (5,599 ) Balance as of June 30, $ 242,675 $ 192,925 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: June 30, 2020 December 31, 2019 (in thousands) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Cash and cash equivalents $ 693,035 $ 693,035 $ 345,187 $ 345,187 Liabilities: Term Loan 3,080,217 3,034,045 3,096,429 3,111,911 2025 Notes 500,000 509,170 — — 2028 Notes 700,000 719,096 — — OpCo Notes — — 1,125,000 1,164,566 Initial HoldCo Notes — — 550,000 559,873 Additional HoldCo Notes — — 900,000 915,120 Other debt — — 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 - 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 Company considers the fair value of the Term Loan to be a Level 2 classification within the fair value hierarchy. 2025 Notes, 2028 Notes, OpCo Notes and HoldCo Notes - The estimated fair values of the 2025 Notes and the 2028 Notes are 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 values of the 2025 Notes and 2028 Notes to be a Level 2 classification within the fair value hierarchy. The estimated fair values of the Company’s previously outstanding OpCo Notes and HoldCo Notes were determined in the same manner as the 2025 Notes and 2028 Notes. Other Debt - The carrying amount of the previously outstanding other debt approximated fair value due to the nature of the obligation. The Company considers the fair value of the previously outstanding other debt to be a Level 2 classification within the fair value hierarchy.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The balances of AOCL, net of tax, were as follows for the three and six months ended June 30, 2020 and 2019 : (in thousands) Foreign Derivative Accumulated Other Comprehensive Loss Balance as of March 31, 2020 $ (394,405 ) $ (69,139 ) $ (908 ) $ (464,452 ) OCI or (OCL) before reclassifications 35,159 (24,065 ) — 11,094 Amounts reclassified from AOCL — 4,275 132 4,407 Net OCI or (OCL) 35,159 (19,790 ) 132 15,501 Balance as of June 30, 2020 $ (359,246 ) $ (88,929 ) $ (776 ) $ (448,951 ) (in thousands) Foreign Derivative Accumulated Other Comprehensive Loss Balance as of December 31, 2019 $ (306,452 ) $ 8,566 $ (1,018 ) $ (298,904 ) OCL before reclassifications (52,794 ) (104,473 ) (22 ) (157,289 ) Amounts reclassified from AOCI or AOCL — 6,978 264 7,242 Net (OCL) or OCI (52,794 ) (97,495 ) 242 (150,047 ) Balance as of June 30, 2020 $ (359,246 ) $ (88,929 ) $ (776 ) $ (448,951 ) (in thousands) Foreign Derivative Accumulated Other Comprehensive Loss Balance as of March 31, 2019 $ (278,739 ) $ 15,679 $ 441 $ (262,619 ) OCL before reclassifications (42,808 ) — — (42,808 ) Amounts reclassified from AOCI — (2,328 ) 125 (2,203 ) Net (OCL) or OCI (42,808 ) (2,328 ) 125 (45,011 ) Balance as of June 30, 2019 $ (321,547 ) $ 13,351 $ 566 $ (307,630 ) (in thousands) Foreign Derivative Defined Benefit Plan Accumulated Other Comprehensive Loss Balance as of December 31, 2018 $ (331,276 ) $ 18,089 $ 296 $ (312,891 ) OCI before reclassifications 9,729 — 26 9,755 Amounts reclassified from AOCI — (4,738 ) 244 (4,494 ) Net OCI or (OCL) 9,729 (4,738 ) 270 5,261 Balance as of June 30, 2019 $ (321,547 ) $ 13,351 $ 566 $ (307,630 ) 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: (in thousands) Three Months Ended June 30, Six Months Ended June 30, Details about AOCL or AOCI Components 2020 2019 2020 2019 Affected line item in statements of operations (Losses) gains on derivative instruments: Interest rate swaps $ (2,563 ) $ 3,072 $ 488 $ 6,044 Interest expense, net Interest rate swaps (3,114 ) — (9,741 ) — Other (expense) income, net Income tax benefit (expense) 1,402 (744 ) 2,275 (1,306 ) Provision for income taxes Total net of income tax $ (4,275 ) $ 2,328 $ (6,978 ) $ 4,738 Defined benefit plan: Amortization of actuarial loss $ (159 ) $ (151 ) $ (321 ) $ (306 ) Other (expense) income, net Income tax benefit 27 26 57 62 Provision for income taxes Total net of income tax $ (132 ) $ (125 ) $ (264 ) $ (244 )

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 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 consulting services agreements terminated pursuant to their terms upon completion of the Company’s IPO on February 10, 2020. The Company incurred consulting and out-of-pocket expenses for services rendered under the consulting agreement of $1.0 million for the three months ended June 30, 2019 , and $0.4 million and $1.9 million for the six months ended June 30, 2020 and 2019 , respectively. These expenses are recorded as a component of SG&A expenses on the condensed consolidated statements of operations. Affiliates of one of the Majority Sponsors had investments in the Term Loan totaling $64.6 million and $78.0 million , respectively, as of June 30, 2020 and December 31, 2019 . The Company paid $0.6 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 June 30, 2020 and 2019 and the Company paid $1.4 million and $2.0 million of interest, respectively, and $0.4 million of principal to the relevant affiliates for the Term Loan for the six months ended June 30, 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 June 30, 2020 and 2019 , the Company incurred expenses for services rendered under the services agreement of $0.2 million and $0.3 million , respectively. For the six months ended June 30, 2020 and 2019 , the Company incurred expenses under the services agreement of $0.5 million and $0.6 million , respectively. The expenses are recorded as a component of SG&A expenses on the condensed consolidated statements of operations. As of June 30, 2020 and December 31, 2019 , the Company owed SNBL $0.3 million for services rendered under the services agreement. Additionally, as of December 31, 2019 , PPD-SNBL owed SNBL $5.7 million related to a working capital loan. During the first six months of 2020, the Company repaid the balance of this working capital loan. This loan was previously classified as long-term debt on the condensed consolidated balance sheets and as “other debt” in Note 6, “Long-term Debt and Finance Lease Obligations.”

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 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 Six Months Ended (in thousands, except per share data) 2020 2019 2020 2019 Numerator: Net income $ 62,111 $ 32,113 $ 48,991 $ 17,879 Net income attributable to noncontrolling interest (194 ) (1,368 ) (2,912 ) (2,229 ) Recapitalization investment portfolio consideration (71,059 ) (5,029 ) (50,997 ) 5,599 Net (loss) income attributable to common stockholders of PPD, Inc. $ (9,142 ) $ 25,716 $ (4,918 ) $ 21,249 Denominator: Basic weighted-average common shares outstanding 348,584 279,187 333,023 279,137 Effect of dilutive stock options and restricted stock — 145 — 347 Diluted weighted-average common shares outstanding 348,584 279,332 333,023 279,484 (Loss)/earnings per share: Basic $ (0.03 ) $ 0.09 $ (0.01 ) $ 0.08 Diluted $ (0.03 ) $ 0.09 $ (0.01 ) $ 0.08 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 May 2020 Form 8-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 June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Anti-dilutive equity awards 1,088 811 544 650

Segments

Segments	6 Months Ended
	Jun. 30, 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 operating income, including reimbursed costs. Previously, certain revenue amounts were not allocated to segments, whereas following the change, all revenue and reimbursed costs are 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 June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Segment revenue: Clinical Development Services $ 815,250 $ 833,341 $ 1,686,136 $ 1,642,705 Laboratory Services 195,668 163,190 397,244 317,564 Total segment revenue 1,010,918 996,531 2,083,380 1,960,269 Segment direct costs: Clinical Development Services 283,378 293,596 592,456 584,215 Laboratory Services 89,748 75,466 176,799 147,726 Total segment direct costs 373,126 369,062 769,255 731,941 Segment reimbursed costs: Clinical Development Services 198,226 202,713 421,755 412,593 Laboratory Services 25,581 19,160 52,902 34,299 Total segment reimbursed costs 223,807 221,873 474,657 446,892 Segment SG&A expenses: Clinical Development Services 135,518 132,081 277,350 260,975 Laboratory Services 21,863 19,904 43,646 38,903 Total segment SG&A expenses 157,381 151,985 320,996 299,878 Segment operating income: Clinical Development Services 198,128 204,951 394,575 384,922 Laboratory Services 58,476 48,660 123,897 96,636 Total segment operating income 256,604 253,611 518,472 481,558 Operating costs and expenses not allocated to segments: Direct costs 1,713 6,441 20,023 10,764 SG&A expenses 80,235 84,070 164,396 154,557 Depreciation and amortization 68,763 65,589 135,078 131,007 Income from operations $ 105,893 $ 97,511 $ 198,975 $ 185,230 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 June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Revenue: North America $ 574,060 $ 527,009 $ 1,132,299 $ 1,026,926 Latin America 45,711 39,628 90,621 78,593 Europe, Middle East and Africa 279,159 331,340 633,610 657,171 Asia-Pacific 111,988 98,554 226,850 197,579 Revenue $ 1,010,918 $ 996,531 $ 2,083,380 $ 1,960,269

Entity-wide Information by Geog

Entity-wide Information by Geographic Location	6 Months Ended
	Jun. 30, 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 operating income, including reimbursed costs. Previously, certain revenue amounts were not allocated to segments, whereas following the change, all revenue and reimbursed costs are 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 June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Segment revenue: Clinical Development Services $ 815,250 $ 833,341 $ 1,686,136 $ 1,642,705 Laboratory Services 195,668 163,190 397,244 317,564 Total segment revenue 1,010,918 996,531 2,083,380 1,960,269 Segment direct costs: Clinical Development Services 283,378 293,596 592,456 584,215 Laboratory Services 89,748 75,466 176,799 147,726 Total segment direct costs 373,126 369,062 769,255 731,941 Segment reimbursed costs: Clinical Development Services 198,226 202,713 421,755 412,593 Laboratory Services 25,581 19,160 52,902 34,299 Total segment reimbursed costs 223,807 221,873 474,657 446,892 Segment SG&A expenses: Clinical Development Services 135,518 132,081 277,350 260,975 Laboratory Services 21,863 19,904 43,646 38,903 Total segment SG&A expenses 157,381 151,985 320,996 299,878 Segment operating income: Clinical Development Services 198,128 204,951 394,575 384,922 Laboratory Services 58,476 48,660 123,897 96,636 Total segment operating income 256,604 253,611 518,472 481,558 Operating costs and expenses not allocated to segments: Direct costs 1,713 6,441 20,023 10,764 SG&A expenses 80,235 84,070 164,396 154,557 Depreciation and amortization 68,763 65,589 135,078 131,007 Income from operations $ 105,893 $ 97,511 $ 198,975 $ 185,230 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 June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Revenue: North America $ 574,060 $ 527,009 $ 1,132,299 $ 1,026,926 Latin America 45,711 39,628 90,621 78,593 Europe, Middle East and Africa 279,159 331,340 633,610 657,171 Asia-Pacific 111,988 98,554 226,850 197,579 Revenue $ 1,010,918 $ 996,531 $ 2,083,380 $ 1,960,269

Other (Expense) Income, Net

Other (Expense) Income, Net	6 Months Ended
	Jun. 30, 2020
Other Income and Expenses [Abstract]
Other (Expense) Income, Net	Other (Expense) Income, Net The components of other (expense) income, net, for the respective periods were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Other (expense) income, net: Foreign currency (losses) gains, net $ (23,198 ) $ 12,734 $ 14,454 $ (12,135 ) Interest rate swap losses (3,268 ) — (11,606 ) — Other income 424 554 589 1,900 Other expense (196 ) (1,302 ) (381 ) (2,080 ) Total other (expense) income, net $ (26,238 ) $ 11,986 $ 3,056 $ (12,315 )

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 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, as superseded by, and solely to the extent set forth in, the Company’s first Current Report on Form 8-K filed on May 21, 2020 (the “May 2020 Form 8-K”). There have been no significant changes to the Company’s significant accounting policies during the first six 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 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”), 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 (expense) income, 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)	6 Months Ended
	Jun. 30, 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: (in thousands) June 30, 2020 December 31, 2019 Accounts receivable $ 663,142 $ 726,111 Unbilled services 742,144 609,674 Total accounts receivable and unbilled services 1,405,286 1,335,785 Allowance for doubtful accounts (7,406 ) (9,171 ) Total accounts receivable and unbilled services, net $ 1,397,880 $ 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: (in thousands) June 30, 2020 December 31, 2019 Unearned revenue $ 1,105,651 $ 1,110,872

Stockholders_ Deficit and Red_2

Stockholders’ Deficit and Redeemable Noncontrolling Interest (Tables)	6 Months Ended
	Jun. 30, 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: (in thousands) June 30, 2020 December 31, 2019 Shares authorized 2,000,000 2,080,000 Shares issued 349,312 280,127 Shares outstanding: Voting 348,586 276,052 Non-voting — 3,374 Total shares outstanding 348,586 279,426

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Schedule of Finite-Lived Intangible Assets Acquired	The Company acquired the following definite-lived intangible assets with the acquisition of Medimix: Acquired Intangible Assets Weighted-Average Amortization Period Customer relationships $ 7,500 13 Trade names 900 10 Technology/intellectual property 5,100 8 Total $ 13,500 11 The Company acquired the following definite-lived intangible assets with the acquisition of Synarc: Acquired Intangible Assets Weighted-Average Amortization Period 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
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 (in thousands): 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 (10,118 ) Other liabilities (331 ) Operating lease liabilities (1,609 ) Total liabilities assumed (25,449 ) Separately identifiable net assets acquired 40,281 Goodwill 8,354 Total net assets $ 48,635

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 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: (in thousands) 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 (24,665 ) (24,665 ) — Measurement period adjustments for prior acquisition 7,289 7,289 — Balance at June 30, 2020: Goodwill 1,873,439 1,646,825 226,614 Accumulated impairment losses (126,711 ) (99,432 ) (27,279 ) Goodwill, net $ 1,746,728 $ 1,547,393 $ 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: June 30, 2020 December 31, 2019 (in thousands) Carrying Amount Accumulated Amortization Net Carrying Amount Accumulated Amortization Net Customer relationships $ 875,979 $ (438,636 ) $ 437,343 $ 884,788 $ (415,427 ) $ 469,361 Trade names 368,444 (146,304 ) 222,140 372,210 (139,141 ) 233,069 Backlog 175,470 (174,347 ) 1,123 177,599 (175,571 ) 2,028 Investigator/payer network 232,983 (194,812 ) 38,171 236,082 (185,478 ) 50,604 Technology/intellectual property 8,600 (3,788 ) 4,812 8,600 (3,319 ) 5,281 Know-how/processes 580,435 (481,015 ) 99,420 586,971 (455,223 ) 131,748 Total $ 2,241,911 $ (1,438,902 ) $ 803,009 $ 2,266,250 $ (1,374,159 ) $ 892,091

Long-term Debt and Finance Le_2

Long-term Debt and Finance Lease Obligations (Tables)	6 Months Ended
	Jun. 30, 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: (dollars in thousands) Maturity Date Effective Rate Stated Rate June 30, 2020 December 31, 2019 Term Loan August 2022 3.71% 3.50% $ 3,080,217 $ 3,096,429 2025 Notes June 2025 4.97% 4.63% 500,000 — 2028 Notes June 2028 5.24% 5.00% 700,000 — OpCo Notes (1) — 6.61% 6.38% — 1,125,000 Initial HoldCo Notes (1) — 8.92% 7.63% — 550,000 Additional HoldCo Notes (1) — 8.90% 7.75% — 900,000 Other debt (1) — 1.13% 1.13% — 5,707 Finance lease obligations Various Various Various 27,298 28,726 4,307,515 5,705,862 Unamortized debt discount (5,443 ) (13,956 ) Unamortized debt issuance costs (26,123 ) (47,978 ) Current portion of long-term debt and finance lease obligations (35,939 ) (35,794 ) Long-term debt and finance lease obligations, less current portion $ 4,240,010 $ 5,608,134 (1) Effective rate and stated rate are as of December 31, 2019 for the extinguished OpCo Notes, Initial HoldCo Notes, Additional HoldCo Notes and Other debt.
Schedule of Redemption Prices	On or after June 15, 2022, in the case of the 2025 Notes, and June 15, 2023, in the case of the 2028 Notes, the Company may redeem some or all of such notes at the redemption prices listed below (expressed as a percentage of the principal amount), plus accrued and unpaid interest, if any, to the redemption date, if redeemed during the 12-month period commencing on June 15 of the years set forth below. 2025 Notes Period Redemption Price 2022 102.313 % 2023 101.156 % 2024 and thereafter 100.000 % 2028 Notes Period Redemption Price 2023 102.500 % 2024 101.250 % 2025 and thereafter 100.000 %
Scheduled Maturities of Long-term Debt and Finance Lease Obligations	As of June 30, 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 (in thousands): Year Amount 2020 (remaining six months) $ 18,299 2021 35,984 2022 3,035,423 2023 3,557 2024 3,449 2025 503,523 Thereafter 707,280 Total $ 4,307,515

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 (dollars in thousands): 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 and six months ended June 30, 2020 and 2019 : (in thousands) Pre-Tax Loss Recognized in AOCL Derivatives in Cash Flow Hedging Relationships Three Months Ended June 30, Six Months Ended 2020 2019 2020 2019 Interest rate swaps $ (31,955 ) $ — $ (138,345 ) $ —
Reclassification out of Accumulated Other Comprehensive Income	The following table provides the location of the pre-tax (loss) gain reclassified from AOCL into the condensed consolidated statements of operations during the three and six months ended June 30, 2020 and 2019 : Pre-Tax (Loss) Gain Reclassified from AOCL into Statements of Operations (in thousands) Location of (Loss) Gain Reclassified from AOCL into Statements of Operations Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest rate swaps Interest expense, net $ (2,563 ) $ 3,072 $ 488 $ 6,044 Interest rate swaps Other (expense) income, net (3,114 ) — (9,741 ) — 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: (in thousands) Three Months Ended June 30, Six Months Ended June 30, Details about AOCL or AOCI Components 2020 2019 2020 2019 Affected line item in statements of operations (Losses) gains on derivative instruments: Interest rate swaps $ (2,563 ) $ 3,072 $ 488 $ 6,044 Interest expense, net Interest rate swaps (3,114 ) — (9,741 ) — Other (expense) income, net Income tax benefit (expense) 1,402 (744 ) 2,275 (1,306 ) Provision for income taxes Total net of income tax $ (4,275 ) $ 2,328 $ (6,978 ) $ 4,738 Defined benefit plan: Amortization of actuarial loss $ (159 ) $ (151 ) $ (321 ) $ (306 ) Other (expense) income, net Income tax benefit 27 26 57 62 Provision for income taxes Total net of income tax $ (132 ) $ (125 ) $ (264 ) $ (244 )
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: June 30, 2020 December 31, 2019 (in thousands) Balance sheet location Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps Other accrued expenses $ — $ 31,616 $ — $ — Interest rate swaps Other liabilities — 87,116 — — Derivatives not designated as hedging instruments: Interest rate swaps Prepaid expenses and other current assets 1,786 — — — Interest rate swaps Other assets 1,890 — — — Interest rate swaps Other accrued expenses — 5,081 — — Interest rate swaps Other liabilities — 13,921 — — $ 3,676 $ 137,734 $ — $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 (in thousands): As of June 30, 2020 Level 1 Level 2 Level 3 Total Assets Investments $ 3,729 $ — $ 315,944 $ 319,673 Derivative instruments — 3,676 — 3,676 Total assets $ 3,729 $ 3,676 $ 315,944 $ 323,349 Liabilities Contingent consideration $ — $ — $ 9,489 $ 9,489 Derivative instruments — 137,734 — 137,734 Recapitalization investment portfolio liability — — 242,675 242,675 Total liabilities $ — $ 137,734 $ 252,164 $ 389,898 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 (dollars in thousands): Quantitative Information About Level 3 Fair Value Measurements for June 30, 2020 Description Fair Value Valuation Technique Unobservable Input Range of Rates Fair value option investments $308,855 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: (in thousands) 2020 2019 Balance as of January 1, $ 248,453 $ 256,124 Recognized fair value gain (loss) 67,727 (1,577 ) Cash distributions received or receivable (2,247 ) (101 ) Capital contributions paid 2,011 2,049 Balance as of June 30, $ 315,944 $ 256,495
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: (in thousands) 2020 2019 Balance as of January 1, $ 191,678 $ 198,524 Recapitalization investment portfolio consideration change in value 50,997 (5,599 ) Balance as of June 30, $ 242,675 $ 192,925
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: June 30, 2020 December 31, 2019 (in thousands) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Cash and cash equivalents $ 693,035 $ 693,035 $ 345,187 $ 345,187 Liabilities: Term Loan 3,080,217 3,034,045 3,096,429 3,111,911 2025 Notes 500,000 509,170 — — 2028 Notes 700,000 719,096 — — OpCo Notes — — 1,125,000 1,164,566 Initial HoldCo Notes — — 550,000 559,873 Additional HoldCo Notes — — 900,000 915,120 Other debt — — 5,707 5,707

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The balances of AOCL, net of tax, were as follows for the three and six months ended June 30, 2020 and 2019 : (in thousands) Foreign Derivative Accumulated Other Comprehensive Loss Balance as of March 31, 2020 $ (394,405 ) $ (69,139 ) $ (908 ) $ (464,452 ) OCI or (OCL) before reclassifications 35,159 (24,065 ) — 11,094 Amounts reclassified from AOCL — 4,275 132 4,407 Net OCI or (OCL) 35,159 (19,790 ) 132 15,501 Balance as of June 30, 2020 $ (359,246 ) $ (88,929 ) $ (776 ) $ (448,951 ) (in thousands) Foreign Derivative Accumulated Other Comprehensive Loss Balance as of December 31, 2019 $ (306,452 ) $ 8,566 $ (1,018 ) $ (298,904 ) OCL before reclassifications (52,794 ) (104,473 ) (22 ) (157,289 ) Amounts reclassified from AOCI or AOCL — 6,978 264 7,242 Net (OCL) or OCI (52,794 ) (97,495 ) 242 (150,047 ) Balance as of June 30, 2020 $ (359,246 ) $ (88,929 ) $ (776 ) $ (448,951 ) (in thousands) Foreign Derivative Accumulated Other Comprehensive Loss Balance as of March 31, 2019 $ (278,739 ) $ 15,679 $ 441 $ (262,619 ) OCL before reclassifications (42,808 ) — — (42,808 ) Amounts reclassified from AOCI — (2,328 ) 125 (2,203 ) Net (OCL) or OCI (42,808 ) (2,328 ) 125 (45,011 ) Balance as of June 30, 2019 $ (321,547 ) $ 13,351 $ 566 $ (307,630 ) (in thousands) Foreign Derivative Defined Benefit Plan Accumulated Other Comprehensive Loss Balance as of December 31, 2018 $ (331,276 ) $ 18,089 $ 296 $ (312,891 ) OCI before reclassifications 9,729 — 26 9,755 Amounts reclassified from AOCI — (4,738 ) 244 (4,494 ) Net OCI or (OCL) 9,729 (4,738 ) 270 5,261 Balance as of June 30, 2019 $ (321,547 ) $ 13,351 $ 566 $ (307,630 )
Reclassification out of Accumulated Other Comprehensive Income	The following table provides the location of the pre-tax (loss) gain reclassified from AOCL into the condensed consolidated statements of operations during the three and six months ended June 30, 2020 and 2019 : Pre-Tax (Loss) Gain Reclassified from AOCL into Statements of Operations (in thousands) Location of (Loss) Gain Reclassified from AOCL into Statements of Operations Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Interest rate swaps Interest expense, net $ (2,563 ) $ 3,072 $ 488 $ 6,044 Interest rate swaps Other (expense) income, net (3,114 ) — (9,741 ) — 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: (in thousands) Three Months Ended June 30, Six Months Ended June 30, Details about AOCL or AOCI Components 2020 2019 2020 2019 Affected line item in statements of operations (Losses) gains on derivative instruments: Interest rate swaps $ (2,563 ) $ 3,072 $ 488 $ 6,044 Interest expense, net Interest rate swaps (3,114 ) — (9,741 ) — Other (expense) income, net Income tax benefit (expense) 1,402 (744 ) 2,275 (1,306 ) Provision for income taxes Total net of income tax $ (4,275 ) $ 2,328 $ (6,978 ) $ 4,738 Defined benefit plan: Amortization of actuarial loss $ (159 ) $ (151 ) $ (321 ) $ (306 ) Other (expense) income, net Income tax benefit 27 26 57 62 Provision for income taxes Total net of income tax $ (132 ) $ (125 ) $ (264 ) $ (244 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended (in thousands, except per share data) 2020 2019 2020 2019 Numerator: Net income $ 62,111 $ 32,113 $ 48,991 $ 17,879 Net income attributable to noncontrolling interest (194 ) (1,368 ) (2,912 ) (2,229 ) Recapitalization investment portfolio consideration (71,059 ) (5,029 ) (50,997 ) 5,599 Net (loss) income attributable to common stockholders of PPD, Inc. $ (9,142 ) $ 25,716 $ (4,918 ) $ 21,249 Denominator: Basic weighted-average common shares outstanding 348,584 279,187 333,023 279,137 Effect of dilutive stock options and restricted stock — 145 — 347 Diluted weighted-average common shares outstanding 348,584 279,332 333,023 279,484 (Loss)/earnings per share: Basic $ (0.03 ) $ 0.09 $ (0.01 ) $ 0.08 Diluted $ (0.03 ) $ 0.09 $ (0.01 ) $ 0.08
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 June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Anti-dilutive equity awards 1,088 811 544 650

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Segment revenue: Clinical Development Services $ 815,250 $ 833,341 $ 1,686,136 $ 1,642,705 Laboratory Services 195,668 163,190 397,244 317,564 Total segment revenue 1,010,918 996,531 2,083,380 1,960,269 Segment direct costs: Clinical Development Services 283,378 293,596 592,456 584,215 Laboratory Services 89,748 75,466 176,799 147,726 Total segment direct costs 373,126 369,062 769,255 731,941 Segment reimbursed costs: Clinical Development Services 198,226 202,713 421,755 412,593 Laboratory Services 25,581 19,160 52,902 34,299 Total segment reimbursed costs 223,807 221,873 474,657 446,892 Segment SG&A expenses: Clinical Development Services 135,518 132,081 277,350 260,975 Laboratory Services 21,863 19,904 43,646 38,903 Total segment SG&A expenses 157,381 151,985 320,996 299,878 Segment operating income: Clinical Development Services 198,128 204,951 394,575 384,922 Laboratory Services 58,476 48,660 123,897 96,636 Total segment operating income 256,604 253,611 518,472 481,558 Operating costs and expenses not allocated to segments: Direct costs 1,713 6,441 20,023 10,764 SG&A expenses 80,235 84,070 164,396 154,557 Depreciation and amortization 68,763 65,589 135,078 131,007 Income from operations $ 105,893 $ 97,511 $ 198,975 $ 185,230

Entity-wide Information by Ge_2

Entity-wide Information by Geographic Location (Tables)	6 Months Ended
	Jun. 30, 2020
Segments, Geographical Areas [Abstract]
Revenue from External Customers by Geographic Area	Revenues by geographic location are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Revenue: North America $ 574,060 $ 527,009 $ 1,132,299 $ 1,026,926 Latin America 45,711 39,628 90,621 78,593 Europe, Middle East and Africa 279,159 331,340 633,610 657,171 Asia-Pacific 111,988 98,554 226,850 197,579 Revenue $ 1,010,918 $ 996,531 $ 2,083,380 $ 1,960,269

Other (Expense) Income, Net (Ta

Other (Expense) Income, Net (Tables)	6 Months Ended
	Jun. 30, 2020
Other Income and Expenses [Abstract]
Components of Other Nonoperating Income (Expense)	The components of other (expense) income, net, for the respective periods were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Other (expense) income, net: Foreign currency (losses) gains, net $ (23,198 ) $ 12,734 $ 14,454 $ (12,135 ) Interest rate swap losses (3,268 ) — (11,606 ) — Other income 424 554 589 1,900 Other expense (196 ) (1,302 ) (381 ) (2,080 ) Total other (expense) income, net $ (26,238 ) $ 11,986 $ 3,056 $ (12,315 )

Basis of Presentation (Details)

Basis of Presentation (Details)	Feb. 18, 2020USD ($)	Feb. 10, 2020USD ($)$ / sharesshares	May 31, 2020USD ($)shares	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment$ / sharesshares	Jun. 30, 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		$ 90,000,000
Loss on extinguishment of debt				$ (43,469,000)	$ 0	$ (93,534,000)	$ 0
Common stock, shares authorized (in shares) | shares				2,000,000,000		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				$ 0.01
Preferred stock, shares authorized (in shares) | shares				100,000,000		100,000,000		100,000,000
Preferred stock, par or stated value per share (in usd per share) | $ / shares				$ 0.01		$ 0.01
2020 Incentive Plan
Subsidiary, Sale of Stock [Line Items]
Share-based payment awards granted in period (in shares) | shares			1,169,504
Aggregate fair value of share-based payment awards granted			$ 26,600,000
Number of shares available for issuance (in shares) | shares				37,887,711		37,887,711
the “LTIP”
Subsidiary, Sale of Stock [Line Items]
Share-based compensation expense, accelerated cost						$ 22,200,000
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		$ 1,773,000,000
IPO related expenses						$ 4,000,000
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	$ 550,000,000
Stated rate				7.63%		7.63%
Extinguishment of debt, redemption premium, amount	5,500,000
Additional HoldCo Notes | Senior Notes
Subsidiary, Sale of Stock [Line Items]
Aggregate principal amount	900,000,000
Stated rate				7.75%		7.75%
Extinguishment of debt, redemption premium, amount	9,000,000
HoldCo Notes | Senior Notes
Subsidiary, Sale of Stock [Line Items]
Extinguishment of debt, redemption premium, amount	14,500,000
Loss on extinguishment of debt	$ (50,100,000)
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		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Concentration Risk [Line Items]
Revenue recognized from performance obligations partially satisfied in prior periods	$ 30.9	$ 39.4	$ 54.5	$ 45.3
Unsatisfied performance obligations, amount	6,900		6,900
Contract assets	$ 153.4		153.4		$ 178.8
Contract with customer, liability, revenue recognized			$ 709.5	$ 566.1
Customer Concentration Risk | Largest Customer | Accounts Receivable and Unbilled Revenues
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%		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]: 2020-07-01	Jun. 30, 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	35.00%
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations, percentage	41.00%

Revenue - Schedule of Accounts

Revenue - Schedule of Accounts Receivable and Unbilled Services (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 663,142	$ 726,111
Unbilled services	742,144	609,674
Total accounts receivable and unbilled services	1,405,286	1,335,785
Allowance for doubtful accounts	(7,406)	(9,171)
Total accounts receivable and unbilled services, net	$ 1,397,880	$ 1,326,614

Revenue - Contract with Custome

Revenue - Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Unearned revenue	$ 1,105,651	$ 1,110,872

Stockholders_ Deficit and Red_3

Stockholders’ Deficit and Redeemable Noncontrolling Interest - Schedule of Stockholders Equity (Details) - shares	Jun. 30, 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)	349,312,000			280,127,000
Shares outstanding (in shares)	348,586,000			279,426,000
Voting
Class of Stock [Line Items]
Shares outstanding (in shares)	348,586,000			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	Jun. 30, 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	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill			$ 1,746,728,000		$ 1,746,728,000		$ 1,764,104,000
Acquisition costs			0	$ 1,900,000	0	$ 5,600,000
Synarc
Business Acquisition [Line Items]
Percentage of voting interests acquired	100.00%
Purchase price	$ 48,635,000
Goodwill	$ 8,354,000
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
Estimated earn-out liability recorded			$ 9,500,000		$ 9,500,000		$ 9,500,000

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 (in thousands)	$ 7,100
Weighted-Average Amortization Period (in years)	10 years
Synarc | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets (in thousands)	$ 2,000
Weighted-Average Amortization Period (in years)	15 years
Synarc | Know-how/processes
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets (in thousands)	$ 1,800
Weighted-Average Amortization Period (in years)	8 years
Synarc | Investigator network
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets (in thousands)	$ 1,900
Weighted-Average Amortization Period (in years)	8 years
Synarc | Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets (in thousands)	$ 1,400
Weighted-Average Amortization Period (in years)	10 years
Medimix
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets (in thousands)		$ 13,500
Weighted-Average Amortization Period (in years)		11 years
Medimix | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets (in thousands)		$ 7,500
Weighted-Average Amortization Period (in years)		13 years
Medimix | Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets (in thousands)		$ 900
Weighted-Average Amortization Period (in years)		10 years
Medimix | Technology/intellectual property
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets (in thousands)		$ 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	Jun. 30, 2020	Dec. 31, 2019
Liabilities assumed:
Goodwill		$ 1,746,728	$ 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	(10,118)
Other liabilities	(331)
Operating lease liabilities	(1,609)
Total liabilities assumed	(25,449)
Separately identifiable net assets acquired	40,281
Goodwill	8,354
Total net assets	$ 48,635

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Carrying Amount of Goodwill by Segment (Details) $ in Thousands	6 Months Ended
	Jun. 30, 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	(24,665)
Measurement period adjustments for prior acquisition	7,289
Goodwill, ending balance	1,873,439
Accumulated impairment losses, ending balance	(126,711)
Goodwill, net, ending balance	1,746,728
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	(24,665)
Measurement period adjustments for prior acquisition	7,289
Goodwill, ending balance	1,646,825
Accumulated impairment losses, ending balance	(99,432)
Goodwill, net, ending balance	1,547,393
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	Jun. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	$ 2,241,911	$ 2,266,250
Accumulated Amortization	(1,438,902)	(1,374,159)
Net	803,009	892,091
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	875,979	884,788
Accumulated Amortization	(438,636)	(415,427)
Net	437,343	469,361
Trade names
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	368,444	372,210
Accumulated Amortization	(146,304)	(139,141)
Net	222,140	233,069
Backlog
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	175,470	177,599
Accumulated Amortization	(174,347)	(175,571)
Net	1,123	2,028
Investigator/payer network
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	232,983	236,082
Accumulated Amortization	(194,812)	(185,478)
Net	38,171	50,604
Technology/intellectual property
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	8,600	8,600
Accumulated Amortization	(3,788)	(3,319)
Net	4,812	5,281
Know-how/processes
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	580,435	586,971
Accumulated Amortization	(481,015)	(455,223)
Net	$ 99,420	$ 131,748

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 39.4	$ 40.3	$ 79.1	$ 81
Foreign currency translation gain (loss)			$ (10)

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 ($) $ in Thousands	Jun. 30, 2020	Jun. 05, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Finance lease obligations	$ 27,298		$ 28,726
Long-term debt and finance lease obligations, including current portion	4,307,515		5,705,862
Unamortized debt discount	(5,443)		(13,956)
Unamortized debt issuance costs	(26,123)		(47,978)
Current portion of long-term debt and finance lease obligations	(35,939)		(35,794)
Long-term debt and finance lease obligations, less current portion	$ 4,240,010		5,608,134
Term Loan
Debt Instrument [Line Items]
Effective rate	3.71%
Stated rate	3.50%
Long-term debt, gross	$ 3,080,217		3,096,429
Senior Notes | 2025 Notes
Debt Instrument [Line Items]
Effective rate	4.97%
Stated rate	4.63%	4.625%
Long-term debt, gross	$ 500,000		0
Senior Notes | 2028 Notes
Debt Instrument [Line Items]
Effective rate	5.24%
Stated rate	5.00%	5.00%
Long-term debt, gross	$ 700,000		0
Senior Notes | OpCo Notes
Debt Instrument [Line Items]
Effective rate	6.61%
Stated rate	6.38%	6.375%
Long-term debt, gross	$ 0		1,125,000
Senior Notes | Initial HoldCo Notes
Debt Instrument [Line Items]
Effective rate	8.92%
Stated rate	7.63%
Long-term debt, gross	$ 0		550,000
Senior Notes | Additional HoldCo Notes
Debt Instrument [Line Items]
Effective rate	8.90%
Stated rate	7.75%
Long-term debt, gross	$ 0		900,000
Other debt
Debt Instrument [Line Items]
Effective rate	1.13%
Stated rate	1.13%
Long-term debt, gross	$ 0		$ 5,707

Long-term Debt and Finance Le_4

Long-term Debt and Finance Lease Obligations - Additional Information (Details) - USD ($)	Jun. 05, 2020	Feb. 18, 2020	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Aug. 18, 2015
Line of Credit Facility [Line Items]
Letters of credit outstanding, aggregate value				$ 1,600,000		$ 1,600,000
Loss on extinguishment of debt				(43,469,000)	$ 0	(93,534,000)	$ 0
Line of Credit
Line of Credit Facility [Line Items]
Borrowings outstanding under the Revolving Credit Facility				$ 3,080,217,000		$ 3,080,217,000		$ 3,096,429,000
Stated rate				3.50%		3.50%
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				$ 0		$ 0		0
Line of Credit | Letter of Credit
Line of Credit Facility [Line Items]
Long-term line of credit								1,600,000
Available credit				298,400,000		$ 298,400,000
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
Loss on extinguishment of debt		$ (50,100,000)
Senior Notes | New Notes
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 1,200,000,000
Debt issuance costs	18,600,000
Redemption price, percentage						100.00%
Redemption price, percentage of principal amount redeemed						40.00%
Senior Notes | OpCo Notes
Line of Credit Facility [Line Items]
Borrowings outstanding under the Revolving Credit Facility				$ 0		$ 0		1,125,000,000
Aggregate principal amount	$ 1,125,000,000
Stated rate	6.375%			6.38%		6.38%
Extinguishment of debt, amount	$ 1,160,900,000
Extinguishment of debt, redemption premium, amount	35,900,000
Write off of unamortized debt discount and deferred issuance costs	7,600,000
Loss on extinguishment of debt	(43,500,000)
Senior Notes | 2025 Notes
Line of Credit Facility [Line Items]
Borrowings outstanding under the Revolving Credit Facility				$ 500,000,000		$ 500,000,000		0
Aggregate principal amount	$ 500,000,000
Stated rate	4.625%			4.63%		4.63%
Redemption price, percentage						104.625%
Senior Notes | 2028 Notes
Line of Credit Facility [Line Items]
Borrowings outstanding under the Revolving Credit Facility				$ 700,000,000		$ 700,000,000		$ 0
Aggregate principal amount	$ 700,000,000
Stated rate	5.00%			5.00%		5.00%
Redemption price, percentage						105.00%
Redemption Period Four | Senior Notes | New Notes
Line of Credit Facility [Line Items]
Redemption price, percentage						101.00%

Long-term Debt and Finance Le_5

Long-term Debt and Finance Lease Obligations - Schedule of Redemption Prices (Details) - Senior Notes	6 Months Ended
	Jun. 30, 2020
2025 Notes
Debt Instrument, Redemption [Line Items]
Redemption Price	104.625%
2025 Notes | Redemption Period One
Debt Instrument, Redemption [Line Items]
Redemption Price	102.313%
2025 Notes | Redemption Period Two
Debt Instrument, Redemption [Line Items]
Redemption Price	101.156%
2025 Notes | Redemption Period Three
Debt Instrument, Redemption [Line Items]
Redemption Price	100.00%
2028 Notes
Debt Instrument, Redemption [Line Items]
Redemption Price	105.00%
2028 Notes | Redemption Period One
Debt Instrument, Redemption [Line Items]
Redemption Price	102.50%
2028 Notes | Redemption Period Two
Debt Instrument, Redemption [Line Items]
Redemption Price	101.25%
2028 Notes | Redemption Period Three
Debt Instrument, Redemption [Line Items]
Redemption Price	100.00%

Long-term Debt and Finance Le_6

Long-term Debt and Finance Lease Obligations - Scheduled Maturities of Long-term Debt and Finance Lease Obligations (Details) $ in Thousands	Jun. 30, 2020USD ($)
Debt Disclosure [Abstract]
2020 (remaining six months)	$ 18,299
2021	35,984
2022	3,035,423
2023	3,557
2024	3,449
2025	503,523
Thereafter	707,280
Total	$ 4,307,515

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	21.20%	17.00%	15.30%	15.30%
Unrecognized tax benefits	$ 18.3		$ 18.3		$ 39.7
Decrease in unrecognized tax benefits due to CARES Act			13
Unrecognized tax benefits that would impact effective tax rate	11.6		11.6		$ 28.8
Reasonably possible decrease in unrecognized tax benefits	$ 4.1		$ 4.1

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Feb. 29, 2020instrument
Derivative [Line Items]
Loss recorded in other income (expense)	$ (0.2)	$ (1.9)
Unrealized losses to be reclassified within the next 12 months	$ 28	$ 28
Interest rate swaps | Designated as Hedging Instrument
Derivative [Line Items]
Number of interest rate swaps entered | instrument			3

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Schedule of Interest Rate Derivatives (Details) $ in Thousands	Jun. 30, 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_5

Derivative Instruments and Hedging Activities - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Pre-Tax Loss Recognized in AOCL	$ (31,955)	$ 0	$ (138,345)	$ 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Interest expense, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-Tax (Loss) Gain Reclassified from AOCL into Statements of Operations	$ (2,563)	$ 3,072	$ 488	$ 6,044
Other (expense) income, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-Tax (Loss) Gain Reclassified from AOCL into Statements of Operations	$ (3,114)	$ 0	$ (9,741)	$ 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	Jun. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Assets	$ 3,676	$ 0
Liabilities	137,734	0
Designated as Hedging Instrument | Other accrued expenses
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	31,616	0
Designated as Hedging Instrument | Other liabilities
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	87,116	0
Not Designated as Hedging Instrument | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Assets	1,786	0
Liabilities	0	0
Not Designated as Hedging Instrument | Other assets
Derivatives, Fair Value [Line Items]
Assets	1,890	0
Liabilities	0	0
Not Designated as Hedging Instrument | Other accrued expenses
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	5,081	0
Not Designated as Hedging Instrument | Other liabilities
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	$ 13,921	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liability Measured at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets
Investments	$ 319,673	$ 250,348
Derivative instruments	3,676
Total assets	323,349	250,348
Liabilities
Contingent consideration	9,489	9,489
Derivative instruments	137,734
Recapitalization investment portfolio liability	242,675	191,678
Total liabilities	389,898	201,167
Level 1
Assets
Investments	3,729	1,895
Derivative instruments	0
Total assets	3,729	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	3,676
Total assets	3,676	0
Liabilities
Contingent consideration	0	0
Derivative instruments	137,734
Recapitalization investment portfolio liability	0	0
Total liabilities	137,734	0
Level 3
Assets
Investments	315,944	248,453
Derivative instruments	0
Total assets	315,944	248,453
Liabilities
Contingent consideration	9,489	9,489
Derivative instruments	0
Recapitalization investment portfolio liability	242,675	191,678
Total liabilities	$ 252,164	$ 201,167

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 05, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total net investment gain (loss) for Auven	$ 371,900	$ (23,900)
Senior Notes | 2025 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated rate	4.63%		4.625%
Senior Notes | 2028 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated rate	5.00%		5.00%
Level 2 | Senior Notes | 2025 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, estimated fair value	$ 509,170			$ 0
Level 2 | Senior Notes | 2028 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, estimated fair value	719,096			0
Carrying Amount | Level 2 | Senior Notes | 2025 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, estimated fair value	500,000			0
Carrying Amount | Level 2 | Senior Notes | 2028 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, estimated fair value	$ 700,000			$ 0
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	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 308,855	$ 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	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 248,453	$ 256,124
Recognized fair value gain (loss)	67,727	(1,577)
Cash distributions received or receivable	(2,247)	(101)
Capital contributions paid	2,011	2,049
Ending balance	$ 315,944	$ 256,495

Fair Value Measurements - Fai_3

Fair Value Measurements - Fair Value Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Recapitalization Investment Liability - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
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	50,997	(5,599)
Ending balance	$ 242,675	$ 192,925

Fair Value Measurements - Fai_4

Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Level 1
Assets:
Cash and cash equivalents	$ 693,035	$ 345,187
Carrying Amount | Level 1
Assets:
Cash and cash equivalents	693,035	345,187
Term Loan | Level 2
Liabilities:
Debt instrument	3,034,045	3,111,911
Term Loan | Carrying Amount | Level 2
Liabilities:
Debt instrument	3,080,217	3,096,429
Senior Notes | Level 2 | 2025 Notes
Liabilities:
Debt instrument	509,170	0
Senior Notes | Level 2 | 2028 Notes
Liabilities:
Debt instrument	719,096	0
Senior Notes | Level 2 | OpCo Notes
Liabilities:
Debt instrument	0	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 | 2025 Notes
Liabilities:
Debt instrument	500,000	0
Senior Notes | Carrying Amount | Level 2 | 2028 Notes
Liabilities:
Debt instrument	700,000	0
Senior Notes | Carrying Amount | Level 2 | OpCo Notes
Liabilities:
Debt instrument	0	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	0	5,707
Other debt | Carrying Amount | Level 2
Liabilities:
Debt instrument	$ 0	$ 5,707

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
OCI or (OCL) before reclassifications	$ 11,094	$ (42,808)	$ (157,289)	$ 9,755
Amounts reclassified from AOCI or AOCL	4,407	(2,203)	7,242	(4,494)
Net OCI or (OCL)	15,501	(45,011)	(150,047)	5,261
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balances	(394,405)	(278,739)	(306,452)	(331,276)
OCI or (OCL) before reclassifications	35,159	(42,808)	(52,794)	9,729
Amounts reclassified from AOCI or AOCL	0	0	0	0
Net OCI or (OCL)	35,159	(42,808)	(52,794)	9,729
Ending balances	(359,246)	(321,547)	(359,246)	(321,547)
Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balances	(69,139)	15,679	8,566	18,089
OCI or (OCL) before reclassifications	(24,065)	0	(104,473)	0
Amounts reclassified from AOCI or AOCL	4,275	(2,328)	6,978	(4,738)
Net OCI or (OCL)	(19,790)	(2,328)	(97,495)	(4,738)
Ending balances	(88,929)	13,351	(88,929)	13,351
Defined Benefit Plan
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balances	(908)	441	(1,018)	296
OCI or (OCL) before reclassifications	0	0	(22)	26
Amounts reclassified from AOCI or AOCL	132	125	264	244
Net OCI or (OCL)	132	125	242	270
Ending balances	(776)	566	(776)	566
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balances	(464,452)	(262,619)	(298,904)	(312,891)
Ending balances	$ (448,951)	$ (307,630)	$ (448,951)	$ (307,630)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (expense) income, net	$ (26,238)	$ 11,986	$ 3,056	$ (12,315)
Provision for income taxes	(17,230)	(6,642)	(9,513)	(3,343)
Net income	62,111	32,113	48,991	17,879
Derivative Instruments | Reclassification out of AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	(2,563)	3,072	488	6,044
Other (expense) income, net	(3,114)	0	(9,741)	0
Provision for income taxes	1,402	(744)	2,275	(1,306)
Net income	(4,275)	2,328	(6,978)	4,738
Pension Plan | Reclassification out of AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (expense) income, net	(159)	(151)	(321)	(306)
Provision for income taxes	27	26	57	62
Net income	$ (132)	$ (125)	$ (264)	$ (244)

Related Party Transactions (Det

Related Party Transactions (Details) - Affiliated Entity - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Majority Sponsor Affiliates
Related Party Transaction [Line Items]
Due to related parties	$ 64.6		$ 64.6		$ 78
SNBL
Related Party Transaction [Line Items]
Related party transaction, expenses incurred	0.2	$ 0.3	0.5	$ 0.6
Due to related parties	$ 0.3		$ 0.3		0.3
Collaboration agreement minimum requirement for ownership percentage	20.00%		20.00%
SNBL | PPD-SNBL
Related Party Transaction [Line Items]
Notes payable, related parties					$ 5.7
Consulting and Out-of-Pocket Expenses | Majority Sponsor Affiliates
Related Party Transaction [Line Items]
Related party transaction, expenses incurred		1	$ 0.4	1.9
Interest Payments | Majority Sponsor Affiliates
Related Party Transaction [Line Items]
Repayments of related party debt	$ 0.6	1	1.4	2
Principal Repayment | Majority Sponsor Affiliates
Related Party Transaction [Line Items]
Repayments of related party debt	$ 0.2	$ 0.2	$ 0.4	$ 0.4

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
(in thousands, except per share data)
Net income	$ 62,111	$ 32,113	$ 48,991	$ 17,879
Net income attributable to noncontrolling interest	(194)	(1,368)	(2,912)	(2,229)
Recapitalization investment portfolio consideration	(71,059)	(5,029)	(50,997)	5,599
Net (loss) income attributable to common stockholders of PPD, Inc.	$ (9,142)	$ 25,716	$ (4,918)	$ 21,249
Denominator:
Basic weighted-average common shares outstanding (in shares)	348,584	279,187	333,023	279,137
Effect of dilutive stock options and restricted stock (in shares)	0	145	0	347
Diluted weighted-average common shares outstanding (in shares)	348,584	279,332	333,023	279,484
(Loss)/earnings per share:
Basic (in usd per share)	$ (0.03)	$ 0.09	$ (0.01)	$ 0.08
Diluted (in usd per share)	$ (0.03)	$ 0.09	$ (0.01)	$ 0.08

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Anti-dilutive equity awards (in shares)	1,088	811	544	650

Segments - Additional Informati

Segments - Additional Information (Details)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Revenue	$ 1,010,918	$ 996,531	$ 2,083,380	$ 1,960,269
Direct costs	374,839	375,503	789,278	742,705
Reimbursed costs	223,807	221,873	474,657	446,892
SG&A expenses	237,616	236,055	485,392	454,435
Depreciation and amortization	68,763	65,589	135,078	131,007
Income from operations	105,893	97,511	198,975	185,230
Operating Segments
Segment Reporting Information [Line Items]
Revenue	1,010,918	996,531	2,083,380	1,960,269
Direct costs	373,126	369,062	769,255	731,941
Reimbursed costs	223,807	221,873	474,657	446,892
SG&A expenses	157,381	151,985	320,996	299,878
Income from operations	256,604	253,611	518,472	481,558
Operating Segments | Clinical Development Services
Segment Reporting Information [Line Items]
Revenue	815,250	833,341	1,686,136	1,642,705
Direct costs	283,378	293,596	592,456	584,215
Reimbursed costs	198,226	202,713	421,755	412,593
SG&A expenses	135,518	132,081	277,350	260,975
Income from operations	198,128	204,951	394,575	384,922
Operating Segments | Laboratory Services
Segment Reporting Information [Line Items]
Revenue	195,668	163,190	397,244	317,564
Direct costs	89,748	75,466	176,799	147,726
Reimbursed costs	25,581	19,160	52,902	34,299
SG&A expenses	21,863	19,904	43,646	38,903
Income from operations	58,476	48,660	123,897	96,636
Not Allocated to Segments
Segment Reporting Information [Line Items]
Direct costs	1,713	6,441	20,023	10,764
SG&A expenses	80,235	84,070	164,396	154,557
Depreciation and amortization	$ 68,763	$ 65,589	$ 135,078	$ 131,007

Entity-wide Information by Ge_3

Entity-wide Information by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue:
Revenue	$ 1,010,918	$ 996,531	$ 2,083,380	$ 1,960,269
North America
Revenue:
Revenue	574,060	527,009	1,132,299	1,026,926
Latin America
Revenue:
Revenue	45,711	39,628	90,621	78,593
Europe, Middle East and Africa
Revenue:
Revenue	279,159	331,340	633,610	657,171
Asia-Pacific
Revenue:
Revenue	$ 111,988	$ 98,554	$ 226,850	$ 197,579

Other (Expense) Income, Net (De

Other (Expense) Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other Income and Expenses [Abstract]
Foreign currency (losses) gains, net	$ (23,198)	$ 12,734	$ 14,454	$ (12,135)
Interest rate swap losses	(3,268)	0	(11,606)	0
Other income	424	554	589	1,900
Other expense	(196)	(1,302)	(381)	(2,080)
Total other (expense) income, net	$ (26,238)	$ 11,986	$ 3,056	$ (12,315)