PPD (PPD) 10-Q 29 Jul 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 26, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-39212
Entity Registrant Name	PPD, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3806427
Entity Address, Address Line One	929 North Front Street
Entity Address, City or Town	Wilmington
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28401
City Area Code	910
Local Phone Number	251-0081
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	PPD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		351,315,324
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001793294
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 1,575,472	$ 1,010,918	$ 2,953,852	$ 2,083,380
Operating costs and expenses:
Direct costs, exclusive of depreciation and amortization	500,196	374,839	977,820	789,278
Reimbursed costs	516,509	223,807	897,346	474,657
Selling, general and administrative expenses	330,027	237,616	623,963	485,392
Depreciation and amortization	80,255	68,763	153,398	135,078
Long-lived asset impairment	0	0	1,584	0
Total operating costs and expenses	1,426,987	905,025	2,654,111	1,884,405
Income from operations	148,485	105,893	299,741	198,975
Interest expense, net of interest income of $530 and $294 for the three months ended June 30, 2021 and 2020, respectively, and $996 and $1,564 for the six months ended June 30, 2021 and 2020, respectively	(46,134)	(51,403)	(93,346)	(116,113)
Loss on extinguishment of debt	0	(43,469)	(10,677)	(93,534)
(Loss) gain on investments	(9,869)	96,621	(47,098)	69,749
Other (expense) income, net	(12,634)	(26,238)	(3,631)	3,056
Income before provision for income taxes	79,848	81,404	144,989	62,133
Provision for income taxes	26,375	17,230	41,428	9,513
Income before equity in losses of unconsolidated affiliates	53,473	64,174	103,561	52,620
Equity in losses of unconsolidated affiliates, net of income taxes	(2,009)	(2,063)	(4,761)	(3,629)
Net income	51,464	62,111	98,800	48,991
Net income attributable to noncontrolling interest	(456)	(194)	(1,911)	(2,912)
Net income attributable to PPD, Inc.	51,008	61,917	96,889	46,079
Recapitalization investment portfolio consideration	7,727	(71,059)	36,339	(50,997)
Net income (loss) attributable to common stockholders of PPD, Inc.	$ 58,735	$ (9,142)	$ 133,228	$ (4,918)
Earnings (loss) per share attributable to common stockholders of PPD, Inc.:
Basic (in usd per share)	$ 0.17	$ (0.03)	$ 0.38	$ (0.01)
Diluted (in usd per share)	$ 0.16	$ (0.03)	$ 0.37	$ (0.01)
Weighted-average common shares outstanding:
Basic (in shares)	351,134	348,584	350,784	333,023
Diluted (in shares)	359,272	348,584	358,468	333,023

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Investment income. interest	$ 530	$ 294	$ 996	$ 1,564

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 51,464	$ 62,111	$ 98,800	$ 48,991
Other comprehensive income (loss), net of tax expense (benefit):
Foreign currency translation	20,935	35,159	1,086	(52,794)
Defined benefit plan, net of income taxes of $44 and $27 for the three months ended June 30, 2021 and 2020, respectively, and $88 and $57 for the six months ended June 30, 2021 and 2020, respectively	188	132	371	242
Derivative instruments, net of income taxes of $(445) and $(6,488) for the three months ended June 30, 2021 and 2020, respectively, and $11,664 and $(31,597) for the six months ended June 30, 2021 and 2020, respectively	(1,454)	(19,790)	35,427	(97,495)
Other comprehensive income (loss)	19,669	15,501	36,884	(150,047)
Comprehensive income (loss)	71,133	77,612	135,684	(101,056)
Comprehensive income attributable to noncontrolling interest	(1,674)	(868)	(1,116)	(3,573)
Comprehensive income (loss) attributable to PPD, Inc.	69,459	76,744	134,568	(104,629)
Recapitalization investment portfolio consideration	7,727	(71,059)	36,339	(50,997)
Comprehensive income (loss) attributable to common stockholders of PPD, Inc.	$ 77,186	$ 5,685	$ 170,907	$ (155,626)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Defined benefit plan, net of income taxes	$ 44	$ 27	$ 88	$ 57
Derivative instruments adjustments, income tax expense (benefit)	$ (445)	$ (6,488)	$ 11,664	$ (31,597)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 948,997	$ 767,999
Accounts receivable and unbilled services, net	2,006,725	1,609,718
Income taxes receivable	30,356	22,386
Prepaid expenses and other current assets	166,580	146,100
Total current assets	3,152,658	2,546,203
Property and equipment, net	498,408	496,474
Investments in unconsolidated affiliates	41,855	43,178
Investments	221,533	265,894
Goodwill, net	1,820,000	1,820,208
Intangible assets, net	663,640	748,404
Other assets	201,463	201,643
Operating lease right-of-use assets	149,585	171,839
Total assets	6,749,142	6,293,843
Current liabilities:
Accounts payable	190,531	176,341
Accrued expenses:
Payables to investigators	525,469	404,654
Accrued employee compensation	289,469	331,156
Other accrued expenses	181,296	195,779
Income taxes payable	33,336	21,206
Unearned revenue	1,351,584	1,060,544
Current portion of operating lease liabilities	45,123	51,643
Current portion of long-term debt and finance lease obligations	34,696	36,238
Total current liabilities	2,651,504	2,277,561
Accrued income taxes	22,098	18,658
Deferred tax liabilities	54,793	54,535
Recapitalization investment portfolio liability	155,584	191,923
Long-term operating lease liabilities, less current portion	119,957	137,657
Long-term debt and finance lease obligations, less current portion	4,206,241	4,226,192
Other liabilities	45,707	98,908
Total liabilities	7,255,884	7,005,434
Commitments and contingencies
Redeemable noncontrolling interest	36,045	34,929
Stockholders’ deficit:
Preferred stock - $0.01 par value; 100,000 shares authorized; None issued and outstanding	0	0
Common stock - $0.01 par value; 2,000,000 shares authorized; 351,952 shares issued and 351,312 shares outstanding as of June 30, 2021 and 350,858 shares issued and 350,132 shares outstanding as of December 31, 2020	3,520	3,509
Treasury stock, at cost, 640 and 726 shares as of June 30, 2021 and December 31, 2020, respectively	(11,941)	(13,268)
Additional paid-in-capital	1,852,175	1,819,892
Accumulated deficit	(2,138,580)	(2,271,808)
Accumulated other comprehensive loss	(247,961)	(284,845)
Total stockholders’ deficit	(542,787)	(746,520)
Total liabilities, redeemable noncontrolling interest and stockholders’ deficit	$ 6,749,142	$ 6,293,843

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par or stated value per share (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par or stated value per share (in usd per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	2,000,000,000	2,000,000,000
Shares issued (in shares)	351,952,000	350,858,000
Shares outstanding (in shares)	351,312,000	350,132,000
Treasury stock, shares (in shares)	640,000	726,000
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 98,800	$ 48,991
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	153,398	135,078
Stock-based compensation expense	20,948	10,690
Operating lease right-of-use asset expense	24,344	21,710
Amortization of debt issuance costs and debt discounts	3,969	6,013
Loss (gain) on investments	47,098	(69,749)
Deferred income tax (benefit) expense	(15,657)	18,575
Loss on extinguishment of debt	10,677	93,534
Amortization of costs to obtain a contract	8,009	4,660
Other	5,951	7,025
Change in operating assets and liabilities:
Accounts receivable and unbilled services, net	(406,100)	(96,636)
Prepaid expenses and other current assets	(16,267)	29,362
Other assets	3,988	(24,134)
Income taxes, net	8,224	(28,480)
Accounts payable, accrued expenses and other liabilities	88,893	(22,312)
Operating lease liabilities	(26,333)	(21,244)
Unearned revenue	285,094	17,694
Net cash provided by operating activities	295,036	130,777
Cash flows from investing activities:
Purchases of property and equipment	(52,901)	(68,508)
Capital contributions paid for investments, net of distributions	(2,737)	(1,918)
Investment in unconsolidated affiliate	(5,000)	0
Other	0	1,664
Net cash used in investing activities	(60,638)	(68,762)
Cash flows from financing activities:
Proceeds from New Term Loan	3,034,750	0
Redemption of 2015 Term Loan	(3,064,006)	0
Borrowing on revolving credit facility	0	150,000
Repayment of revolving credit facility	0	(150,000)
Proceeds from issuance of 2025 and 2028 Notes	0	1,200,000
Redemption of HoldCo Notes	0	(1,464,500)
Redemption of OpCo Notes		(1,160,865)
Payments on long-term debt and finance leases	(9,695)	(23,153)
Payment of debt issuance costs	(24,112)	(17,232)
Net proceeds from initial public offering	0	1,772,960
Recapitalization investment portfolio distribution	(12,819)	0
Proceeds from exercise of stock options	14,587	2,709
Payments related to tax withholdings for stock-based compensation	(2,240)	0
Purchase of treasury stock	0	(626)
Net cash (used in) provided by financing activities	(63,535)	309,293
Effect of exchange rate changes on cash and cash equivalents	10,135	(23,460)
Net increase in cash and cash equivalents	180,998	347,848
Cash and cash equivalents, beginning of the period	767,999	345,187
Cash and cash equivalents, end of the period	$ 948,997	$ 693,035

CONDENSED CONSOLIDATED STATEM_6

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	$ 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 (loss)	(150,047)				(150,047)
Issuance of common stock (in shares)		69,185
Issuance of common stock	1,775,664	$ 692	1,774,972
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)
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
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 (loss)	15,501				15,501
Issuance of common stock (in shares)		2
Issuance of common stock	(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
Net income	194
Other comprehensive income	674
Ending balance at Mar. 31, 2020	32,741
Redeemable Noncontrolling Interest
Beginning balance	33,609
Beginning balance	34,929
Beginning balance (in shares) at Dec. 31, 2020		350,858		726
Beginning balance at Dec. 31, 2020	(746,520)	$ 3,509	1,819,892	$ (13,268)	(284,845)	(2,271,808)
PPD, Inc. Stockholders’ Deficit
Net income	96,889					96,889
Other comprehensive income (loss)	36,884				36,884
Issuance of common stock (in shares)		1,094		(86)
Issuance of common stock	14,913	$ 11	13,575	$ 1,327
Stock-based compensation expense	20,948		20,948
Payments for taxes withheld for stock-based compensation	(2,240)		(2,240)
Recapitalization investment portfolio consideration	36,339					36,339
Ending balance (in shares) at Jun. 30, 2021		351,952		640
Ending balance at Jun. 30, 2021	(542,787)	$ 3,520	1,852,175	$ (11,941)	(247,961)	(2,138,580)
Redeemable Noncontrolling Interest
Net income	1,911
Other comprehensive income	(795)
Ending balance at Dec. 31, 2020	34,929
Redeemable Noncontrolling Interest
Beginning balance	34,371
Beginning balance (in shares) at Mar. 31, 2021		351,609		674
Beginning balance at Mar. 31, 2021	(640,116)	$ 3,516	1,833,774	$ (12,461)	(267,630)	(2,197,315)
PPD, Inc. Stockholders’ Deficit
Net income	51,008					51,008
Other comprehensive income (loss)	19,669				19,669
Issuance of common stock (in shares)		343		(34)
Issuance of common stock	5,518	$ 4	4,994	$ 520
Stock-based compensation expense	13,448		13,448
Payments for taxes withheld for stock-based compensation	(41)		(41)
Recapitalization investment portfolio consideration	7,727					7,727
Ending balance (in shares) at Jun. 30, 2021		351,952		640
Ending balance at Jun. 30, 2021	(542,787)	$ 3,520	$ 1,852,175	$ (11,941)	$ (247,961)	$ (2,138,580)
Redeemable Noncontrolling Interest
Net income	456
Other comprehensive income	1,218
Ending balance at Mar. 31, 2021	34,371
Redeemable Noncontrolling Interest
Beginning balance	$ 36,045

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2021
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 medicines and other treatments to patients around the world. The Company has been in the drug development services business for 35 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, “Basis of Presentation and Summary of Significant Accounting Policies,” of the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”). There have been no significant changes to the Company’s significant accounting policies during the first six months of 2021. 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 (“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, 2021 are not necessarily indicative of the results to be expected for the full twelve-month period ending December 31, 2021 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 the 2020 Form 10-K. The information as of December 31, 2020 in the Company’s condensed consolidated balance sheet included herein is derived from the Company’s audited consolidated financial statements included in the 2020 Form 10-K. Merger Agreement On April 15, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Thermo Fisher Scientific Inc., a company organized under the laws of Delaware (“Thermo Fisher”) and Powder Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of Thermo Fisher (“Merger Sub”) pursuant to which the Company will be, subject to the terms and conditions of the Merger Agreement, merged with and into Merger Sub, with PPD continuing as the surviving corporation and a wholly owned subsidiary of Thermo Fisher. Under, and subject to, the terms of the Merger Agreement, the Company’s stockholders will have the right to receive $47.50 per share in cash, without interest and less applicable withholding tax, for each share of Company common stock upon the closing of the proposed merger. The board of directors of the Company have unanimously approved the Merger Agreement and the transactions contemplated thereby and stockholders holding in aggregate approximately 60% of the issued and outstanding shares of the Company’s common stock duly executed and delivered to Thermo Fisher a written consent, adopting and approving the Merger Agreement and the transactions contemplated thereby. The consummation of the proposed merger remains subject to the satisfaction or, to the extent permitted by law, waiver of customary closing conditions, including approvals under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended and certain other competition and foreign direct investment laws. Subject to such closing conditions, the Company continues to expect the proposed merger to close by the end of 2021.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Performance Obligations Revenue recognized from performance obligations partially satisfied in prior periods was $51.9 million and $84.0 million for the three and six months ended June 30, 2021, respectively, and $30.9 million and $54.5 million for the three and six months ended June 30, 2020, respectively. These cumulative catch-up adjustments primarily relate to contract modifications executed in the relevant period, which resulted in changes to the transaction price, and to a lesser extent, changes in transaction price related to variable consideration and changes in estimates such as estimated total costs. As of June 30, 2021, the aggregate amounts of transaction price allocated to unsatisfied performance obligations with an original contract term of greater than one year was $8.6 billion. The Company expects to recognize 36% to 42% 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, for contracts which are determined to be short-term based on certain termination for convenience provisions or where the right to invoice practical expedient has been applied. 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, 2021 December 31, 2020 Accounts receivable $ 1,028,954 $ 735,568 Unbilled services 984,794 882,078 Total accounts receivable and unbilled services 2,013,748 1,617,646 Allowance for doubtful accounts (7,023) (7,928) Total accounts receivable and unbilled services, net $ 2,006,725 $ 1,609,718 The Company’s unearned revenue consisted of the following amounts on the dates set forth below: (in thousands) June 30, 2021 December 31, 2020 Unearned revenue $ 1,351,584 $ 1,060,544 As of June 30, 2021 and December 31, 2020, contract assets of $208.3 million and $171.2 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, 2021 and 2020, the Company recognized revenue of $669.4 million and $709.5 million, respectively, from the balance of unearned revenue outstanding as of the beginning of each respective year. Impairments of accounts receivable, unbilled services and contract assets were insignificant during the three and six months ended June 30, 2021 and 2020. 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, 2021, no one customer accounted for greater than 10% of accounts receivable and unbilled services, net. As of December 31, 2020, one customer accounted for approximately 12% of accounts receivable and unbilled services, net. During each of the three months ended June 30, 2021 and 2020, one customer accounted for approximately 13% and 11%, respectively, of revenues. No one customer accounted for greater than 10% of revenues for the six months ended June 30, 2021 or 2020.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	6 Months Ended
	Jun. 30, 2021
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, 2020: Goodwill $ 1,946,919 $ 1,720,305 $ 226,614 Accumulated impairment losses (126,711) (99,432) (27,279) Goodwill, net 1,820,208 1,620,873 199,335 Activity: Translation adjustments (208) (208) — Balance at June 30, 2021: Goodwill 1,946,711 1,720,097 226,614 Accumulated impairment losses (126,711) (99,432) (27,279) Goodwill, net $ 1,820,000 $ 1,620,665 $ 199,335 Intangible Assets, Net The Company’s definite-lived intangible assets consisted of the following on the dates set forth below: June 30, 2021 December 31, 2020 (in thousands) Carrying Amount Accumulated Amortization Net Carrying Amount Accumulated Amortization Net Customer relationships $ 901,683 $ (504,960) $ 396,723 $ 902,302 $ (479,341) $ 422,961 Trade names 378,636 (175,229) 203,407 378,764 (159,131) 219,633 Backlog 181,685 (181,685) — 181,762 (181,196) 566 Investigator/payer network 243,804 (228,633) 15,171 245,683 (217,963) 27,720 Technology/intellectual property 8,600 (4,725) 3,875 8,600 (4,256) 4,344 Know-how/processes 599,147 (554,683) 44,464 598,922 (525,742) 73,180 Total $ 2,313,555 $ (1,649,915) $ 663,640 $ 2,316,033 $ (1,567,629) $ 748,404

Long-term Debt and Finance Leas

Long-term Debt and Finance Lease Obligations	6 Months Ended
	Jun. 30, 2021
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 on the dates set forth below: (dollars in thousands) Maturity Date Effective Rate Stated Rate June 30, 2021 December 31, 2020 New Term Loan January 2028 2.94% 2.75% $ 3,042,375 $ — 2025 Notes June 2025 4.97% 4.63% 500,000 500,000 2028 Notes June 2028 5.24% 5.00% 700,000 700,000 2015 Term Loan (1) August 2022 3.71% 3.50% — 3,064,006 Finance lease obligations Various Various Various 50,297 25,734 4,292,672 4,289,740 Unamortized debt discount (14,302) (4,198) Unamortized debt issuance costs (37,433) (23,112) Current portion of long-term debt and finance lease obligations (34,696) (36,238) Long-term debt and finance lease obligations, less current portion $ 4,206,241 $ 4,226,192 (1) Maturity date, effective rate and stated rate are as of December 31, 2020 for the extinguished 2015 Term Loan. Extinguished 2015 Credit Agreement On August 18, 2015, Jaguar Holding Company II and Pharmaceutical Product Development, LLC entered into a credit agreement (the “2015 Credit Agreement”), as amended, consisting of a $2.575 billion senior secured term loan (the “2015 Term Loan”) issued at 99.5% of face value, or a discount of 0.5%, and a $300.0 million senior secured revolving credit facility (the “2015 Revolving Credit Facility”). In May and November of 2016, the Company amended the 2015 Credit Agreement to increase the borrowings of the 2015 Term Loan by $660.0 million in total. Borrowings under the 2015 Term Loan bore interest at a variable rate based on the London Inter-bank Offered Rate (“LIBOR”) for a specific interest period plus an applicable margin, subject to a Eurocurrency rate floor of 1.00%. The 2015 Term Loan was scheduled to mature on August 18, 2022 and the 2015 Revolving Credit Facility was scheduled to mature on May 15, 2022. On January 13, 2021, the Company extinguished the 2015 Term Loan in accordance with the provisions governing the 2015 Credit Agreement for $3,064.0 million with the proceeds received from the Company’s New Term Loan (as defined below), together with cash on hand. At the same time, the Company also extinguished its then existing 2015 Revolving Credit Facility. The total loss on extinguishment of debt associated with the extinguishments of the 2015 Term Loan and the 2015 Revolving Credit Facility was $10.7 million. As a result, the obligations of the Company under the 2015 Credit Agreement were discharged on that date. New Credit Agreement On January 13, 2021, the Company and its indirect wholly-owned subsidiary, PPD Development, L.P. (the “Co-Borrower”) entered into and closed a new (i) $3,050.0 million aggregate principal amount senior secured first-lien term loan facility (the “New Term Loan”) issued at 99.5% of face value, or a discount of 0.5%, maturing in January 2028 and (ii) $600.0 million committed principal amount senior secured first-lien revolving credit facility (the “New Revolving Credit Facility”) maturing in January 2026 under the credit agreement dated as of January 13, 2021 (the “New Credit Agreement”). Debt issuance costs of $23.0 million, consisting primarily of arrangement fees and professional fees, were deferred in connection with the New Term Loan. Additionally, debt issuance costs of $1.1 million related to professional fees were deferred in connection with the New Revolving Credit Facility. The proceeds from borrowings under the New Term Loan, together with cash on hand, were used to (i) refinance in full the principal amount outstanding and accrued and unpaid interest, fees and other amounts then due and owing under the 2015 Term Loan and (ii) pay fees and expenses relating to the New Credit Agreement. Borrowings under the New Term Loan bear interest, initially, at a rate equal to, at the option of the Company, either (a) Adjusted LIBOR (as defined in the New Credit Agreement) plus a margin of 2.25% with an “Adjusted LIBOR floor” of 0.50% or (b) Base Rate (as defined in the New Credit Agreement) plus a margin of 1.25%, with a “Base Rate floor” of 1.50%. Loans under the New Revolving Credit Facility bear interest, initially, at a rate equal to, at the option of the Company either (a) Adjusted LIBOR plus a margin of 2.00% with an “Adjusted LIBOR floor” of 0.00% or (b) Base Rate plus a margin of 1.00% with a “Base Rate floor” of 1.00%. Pricing on each of the New Term Loan and New Revolving Credit Facility includes a 25 basis point step-down to the respective interest rate margins upon the achievement and maintenance of a total net leverage ratio of 3.75:1.00 or lower or upon the public announcement that the Company’s corporate credit rating from each of Moody’s and S&P is equal to or better than Ba2 or BB, respectively. Interest on the New Term Loan was based on Adjusted LIBOR as of June 30, 2021. In addition to paying interest on outstanding principal under the New Revolving Credit Facility, the Company is required to pay a commitment fee, payable quarterly in arrears, of 0.50% per annum on the average daily unused portion of the New Revolving Credit Facility, with step-downs to (i) 0.375% and (ii) 0.25% per annum on such portion upon achievement of a total net leverage ratio equal to or less than (i) 4.75x and (ii) 3.75x, respectively, and an additional 0.125% per annum upon the public announcement that the Company’s corporate credit rating from each of Moody’s and S&P is equal to or better than Ba2 or BB, respectively. The commitment fee shall, however, in no event be less than 0.25% per annum. The commitment fee was set at 0.375% per annum until the date the Company delivers the applicable financial statements for the quarter ending June 30, 2021. The borrowers must also pay customary letter of credit fees. The borrowers are required, subject to certain exceptions, to pay outstanding loans under the New Term Loan, (i) commencing with the fiscal year ending December 31, 2022, with 50% of excess cash flow, with step-downs upon achievement of certain first lien net leverage ratios, (ii) with 100% of the net cash proceeds of all non-ordinary course asset sales by the Company and its restricted subsidiaries, with step-downs upon achievement of certain first lien net leverage ratios and subject to the Company’s reinvestment right and (iii) with 100% of the net cash proceeds of issuances of debt obligations of the Company and its restricted subsidiaries, other than permitted debt. The borrowers may also voluntarily repay outstanding loans under the New Term Loan and the New Revolving Credit Facility at any time without premium or penalty, except in connection with, or resulting in, any repricing event. In addition, the borrowers may elect to permanently terminate or reduce all or a portion of the revolving credit commitments and the letter of credit sub-limit under the New Revolving Credit Facility at any time without premium or penalty. The borrowers are required to repay installments on the New Term Loan in quarterly principal amounts equal to 0.25% of the original principal amount of the New Term Loan borrowed on the closing date on the last business day of each calender quarter end, with the balance payable on January 13, 2028. The entire principal amount of revolving loans outstanding (if any) under the New Revolving Credit Facility are due and payable in full at maturity on January 13, 2026, on which day the revolving credit commitments thereunder will terminate. All obligations under the New Credit Agreement are unconditionally guaranteed on a senior basis by, subject to certain exceptions, each existing and subsequently acquired or organized wholly owned restricted subsidiary of the Company organized in the United States and certain other non-U.S. subsidiaries. The obligations of the borrowers under the New Credit Agreement and the guarantees are secured, subject to certain exceptions and excluded assets, by (i) the equity securities of the Co-Borrower and each guarantor, and of each direct, restricted subsidiary of the Company, the Co-Borrower and of each subsidiary guarantor and (ii) security interests in, and mortgages on, substantially all personal property and material owned real property of the Company and each subsidiary guarantor. The New Credit Agreement includes negative covenants limiting the ability of the Company and its restricted subsidiaries to incur indebtedness and liens, sell assets and make restricted payments, including dividends and investments, subject to certain exceptions. In addition, the New Credit Agreement also contains other customary affirmative and negative covenants and customary events of default (with customary grace periods, as applicable). Additionally, certain negative covenants are subject to customary investment grade fall-away provisions if the Company has a public corporate credit/family ratings that is investment grade from Moody’s and S&P (so long as there is no ongoing event of default) and will be reinstated if the rating condition is no longer met. If an event of default occurs the administrative agent shall, at the request of, or may, with the consent of the required lenders, (i) terminate lenders’ commitments under the New Credit Agreement, (ii) declare any outstanding loans under the New Credit Agreement to be immediately due and payable, (iii) require that the Company cash collateralize the letters of credit (“L/C”) obligations and (iv) exercise on behalf of itself, the L/C issuers and the lenders all rights and remedies available to it, the L/C issuers and the lenders under the loan documents or applicable law. From time to time, the Company is required to have L/C issued on its behalf to provide credit support for guarantees, contractual commitments and insurance policies. As of June 30, 2021 and December 31, 2020, the Company had L/C outstanding with an aggregate value of $1.6 million, respectively, which reduced available borrowings under the New Revolving Credit Facility and 2015 Revolving Credit Facility by such amount. As of June 30, 2021, the Company had available credit under the New Revolving Credit Facility of $598.4 million. The Company did not have any borrowings outstanding under the New Revolving Credit Facility as of or at any time during the three and six month periods ended June 30, 2021. Debt Covenants and Default Provisions Other than the customary covenants and default provisions related to the New Credit Agreement, there were no changes to the debt covenants or default provisions related to the Company’s other outstanding debt or other obligations during the first six months of 2021. The Company was in compliance with all covenants for all long-term debt arrangements as of June 30, 2021 and December 31, 2020. For additional information on the Company’s debt arrangements, debt covenants and default provisions, see Note 9, “Long-term Debt and Finance Lease Obligations,” of the Company’s audited consolidated financial statements included in the 2020 Form 10-K. New Finance Lease Agreement In January 2021, the Company entered into a new lease agreement for its existing laboratory facilities in Virginia. The new lease agreement replaced the prior operating lease agreements for certain existing facilities, consolidated multiple operating leases into one new lease agreement and extended the term of the lease for the facilities. The new finance lease totaling $26.3 million was recorded as a component of property and equipment, net, and current and long-term debt and finance lease obligations on the condensed consolidated balance sheets. Scheduled Maturities of Long-term Debt and Finance Lease Obligations As of June 30, 2021, the scheduled maturities of long-term debt and settlement of finance lease obligations for the remainder of 2021, each of the next five years and thereafter were as follows (in thousands): Year Amount 2021 (remaining six months) $ 17,517 2022 34,363 2023 34,417 2024 34,331 2025 534,421 2026 34,835 Thereafter 3,602,788 Total $ 4,292,672

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rate was 33.0% and 21.2% for the three months ended June 30, 2021 and 2020, respectively, and 28.6% and 15.3% for the six months ended June 30, 2021 and 2020, respectively. The Company’s provision for income taxes for the three and six months ended June 30, 2021 was primarily due to the estimated tax effect on the Company’s pre-tax income and the impact of statutory rate changes in the United Kingdom. The Company’s provision for income taxes for the three and 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 certain favorable discrete items, partially offset by the tax impact of certain non-deductible compensation costs. As of June 30, 2021 and December 31, 2020, the Company’s total unrecognized tax benefits were $23.9 million and $21.3 million, respectively. Included in the balance of unrecognized tax benefits as of June 30, 2021 and December 31, 2020, were $17.1 million and $14.9 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 up to $3.4 million within the next 12 months due to the filing of amended returns, 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 where the Company does business are the 2017 through 2020 tax years for the United States and the United Kingdom. Various U.S., foreign and state income tax returns are under examination by taxing authorities. The Company does not believe that the outcome of any examination will have a material impact on its results of operations, financial condition and/or cash flows.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging ActivitiesThe Company has variable rate borrowings under its New 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 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 to fixed rate borrowings based on the fixed interest rate for the interest rate swaps plus the applicable margin on the New Term Loan. For those designated 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. Current market conditions, including dislocation in the financial markets and volatility in interest rates, may affect the performance of the Company’s hedging relationships for cash flow hedges, which could cause the hedges to no longer be effective. The following table summarizes the material terms of the interest rate swaps outstanding as of June 30, 2021 (dollars in thousands): Swap # Terms Notional Amount Fixed Interest Rate Maturity Date Designated/Undesignated 1 Variable to fixed $ 1,500,000 1.19% March 31, 2025 Designated 2 Variable to fixed 1,428,000 1.22% March 31, 2025 Designated 3 Variable to fixed 72,000 1.22% March 31, 2025 Undesignated 4 Variable to fixed 500,000 1.17% March 31, 2025 Undesignated 5 Fixed to variable 500,000 0.52% March 31, 2025 Undesignated During the three months ended June 30, 2021 and 2020, the Company recorded a loss of $0.3 million and $0.2 million, respectively, in other (expense) income, net, from the settlement and change in the fair value of the undesignated interest rate swaps. During the six months ended June 30, 2021 and 2020, the Company recorded a gain of $0.7 million and a loss of $1.9 million, respectively, in other (expense) income, net, from the settlement and change in the fair value of the undesignated interest rate swaps. The Company expects to reclassify current unrealized losses of $32.5 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 New Term Loan. The Company recognized the following amounts of pre-tax (loss) gain as a component of other comprehensive income (“OCI”) or other comprehensive loss (“OCL”) during the three and six months ended June 30, 2021 and 2020: (in thousands) Pre-Tax (Loss) Gain Recognized in OCI or OCL Derivatives in Cash Flow Hedging Relationships Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Interest rate swaps $ (10,271) $ (31,955) $ 30,595 $ (138,345) The following table provides the location of the pre-tax (loss) gain reclassified from AOCL into the condensed consolidated statements of operations for the periods indicated below: 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, 2021 2020 2021 2020 Interest rate swaps Interest expense, net $ (8,372) $ (2,563) $ (16,496) $ 488 Interest rate swaps Other income, net — (3,114) — (9,741) The fair value of derivative instruments consisted of the following balances on the dates set forth below: June 30, 2021 December 31, 2020 (in thousands) Balance sheet location Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps Other accrued expenses $ — $ 31,445 $ — $ 32,188 Interest rate swaps Other liabilities — 25,784 — 74,286 Derivatives not designated as hedging instruments: Interest rate swaps Prepaid expenses and other current assets 1,907 — 1,901 — Interest rate swaps Other assets — — 1,667 — Interest rate swaps Other accrued expenses — 5,973 — 5,184 Interest rate swaps Other liabilities — 9,330 — 11,893 $ 1,907 $ 72,532 $ 3,568 $ 123,551 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 8, “Fair Value Measurements,” for additional information.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company records liabilities for pending and threatened litigation matters when an adverse outcome is probable and the amount of the potential liability can be reasonably estimated. 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 information pertinent to a particular matter. Legal costs associated with contingencies are charged to expense as incurred. In the ordinary course of business, the Company periodically becomes involved in a variety of pending and threatened proceedings and claims, including investigations, disputes, litigations and regulatory matters. These actions may be threatened or commenced by various parties, including customers, current or former employees, vendors, government agencies, including tax authorities, or others. Based on the latest information available, the Company does not expect that any pending or threatened proceeding, claim or investigation, dispute, litigation or regulatory matter, either individually or in the aggregate, will have a material adverse effect on the business, financial position, results of operations and/or cash flows of the Company.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
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, 2021 Level 1 Level 2 Level 3 Total Assets Investments $ 1,266 $ — $ 220,267 $ 221,533 Derivative instruments — 1,907 — 1,907 Total assets $ 1,266 $ 1,907 $ 220,267 $ 223,440 Liabilities Derivative instruments $ — $ 72,532 $ — $ 72,532 Recapitalization investment portfolio liability — — 155,584 155,584 Total liabilities $ — $ 72,532 $ 155,584 $ 228,116 As of December 31, 2020 Level 1 Level 2 Level 3 Total Assets Investments $ 1,307 $ — $ 264,587 $ 265,894 Derivative instruments — 3,568 — 3,568 Total assets $ 1,307 $ 3,568 $ 264,587 $ 269,462 Liabilities Derivative Instruments $ — $ 123,551 $ — $ 123,551 Recapitalization investment portfolio liability — — 204,742 204,742 Total liabilities $ — $ 123,551 $ 204,742 $ 328,293 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. (“venBio”) on the dates set forth below (dollars in thousands): Quantitative Information About Level 3 Fair Value Measurements for June 30, 2021 Description Fair Value Valuation Technique Unobservable Input Range of Rates Fair value option investments $205,434 Market evaluation/pricing models Discount for lack of marketability 20.0% - 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, 2020 Description Fair Value Valuation Technique Unobservable Input Range of Rates Fair value option investments $253,801 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% See Note 6, “Investments,” of the Company’s audited consolidated financial statements included in the 2020 Form 10-K for additional information on the Company’s investments. Changes in fair value of the Company’s investments measured on a recurring basis using significant unobservable inputs (Level 3) for the respective periods were as follows: (in thousands) 2021 2020 Balance as of January 1, $ 264,587 $ 248,453 Recognized fair value (loss) gain (47,057) 67,727 Cash distributions received (112) (2,247) Capital contributions paid 2,849 2,011 Balance as of June 30, $ 220,267 $ 315,944 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) for the respective periods were as follows: (in thousands) 2021 2020 Balance as of January 1, $ 204,742 $ 191,678 Recapitalization investment portfolio consideration change in value (36,339) 50,997 Cash distributions paid (12,819) — Balance as of June 30, $ 155,584 $ 242,675 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 carrying amounts for cash and cash equivalents, accounts receivable and unbilled services, net, accounts payable and unearned revenue approximate their fair values due to the short-term nature of these financial instruments. 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, 2021 December 31, 2020 (in thousands) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value New Term Loan $ 3,042,375 $ 3,038,572 $ — $ — 2025 Notes 500,000 526,250 500,000 527,645 2028 Notes 700,000 756,875 700,000 754,257 2015 Term Loan — — 3,064,006 3,067,652 The estimated fair value of the New Term Loan, 2025 Notes and 2028 Notes is based on recently reported market transactions and prices for identical or similar financial instruments obtained from a third-party pricing source. The Company considers the fair value of the New Term Loan, 2025 Notes and the 2028 Notes to be within the Level 2 classification of the fair value hierarchy. The estimated fair value of the Company’s previously outstanding 2015 Term Loan was determined in the same manner as the New Term Loan.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2021
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, 2021 and 2020: (in thousands) Foreign Derivative Defined Benefit Plan Accumulated Other Comprehensive Loss Balance as of March 31, 2021 $ (221,275) $ (43,041) $ (3,314) $ (267,630) OCI or (OCL) before reclassifications 20,935 (7,756) — 13,179 Amounts reclassified from AOCL — 6,302 188 6,490 Net OCI or (OCL) 20,935 (1,454) 188 19,669 Balance as of June 30, 2021 $ (200,340) $ (44,495) $ (3,126) $ (247,961) (in thousands) Foreign Derivative Defined Benefit Plan Accumulated Other Comprehensive Loss Balance as of December 31, 2020 $ (201,426) $ (79,922) $ (3,497) $ (284,845) OCI before reclassifications 1,086 23,009 — 24,095 Amounts reclassified from AOCL — 12,418 371 12,789 Net OCI 1,086 35,427 371 36,884 Balance as of June 30, 2021 $ (200,340) $ (44,495) $ (3,126) $ (247,961) (in thousands) Foreign Derivative Defined Benefit Plan 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 Defined Benefit Plan 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) The following table presents the significant reclassifications to the condensed consolidated statements of operations out of AOCL or AOCI and the line item affected on the condensed consolidated statements of operations for the respective periods were as follows: (in thousands) Three Months Ended June 30, Six Months Ended June 30, Details about AOCL or AOCI Components 2021 2020 2021 2020 Affected line item in statements of operations (Losses) gains on derivative instruments: Interest rate swaps $ (8,372) $ (2,563) $ (16,496) $ 488 Interest expense, net Interest rate swaps — (3,114) — (9,741) Other (expense) income, net Income tax benefit 2,070 1,402 4,078 2,275 Provision for income taxes Total net of income tax $ (6,302) $ (4,275) $ (12,418) $ (6,978) Defined benefit plan: Amortization of actuarial loss $ (232) $ (159) $ (459) $ (321) Other (expense) income, net Income tax benefit 44 27 88 57 Provision for income taxes Total net of income tax $ (188) $ (132) $ (371) $ (264)

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Majority Sponsors Transactions The Company’s majority sponsors include the Carlyle Group Inc. (“Carlyle”) and Hellman & Friedman LLC (“H&F”). Affiliates of Carlyle had investments in the New Term Loan totaling $91.9 million as of June 30, 2021 and investments in the 2015 Term Loan totaling $12.6 million as of December 31, 2020. The amounts paid to the relevant affiliates for those loans for the respective periods were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Interest paid $ 640 $ 600 $ 1,174 $ 1,400 Principal paid 230 200 12,853 400 Recapitalization investment portfolio distributions made to affiliates of Carlyle and affiliates of H&F during the three and six months ended June 30, 2021 were $11.8 million. There were no such payments made during the three and six months ended June 30, 2020. See Note 1, “Basis of Presentation and Summary of Significant Accounting Policies,” of the Company’s audited consolidated financial statements included in the 2020 Form 10-K for additional information related to the recapitalization investment portfolio liability. SNBL Transactions The Company owns 60% of its consolidated subsidiary PPD-SNBL K.K. (“PPD-SNBL”). The 40% ownership interest 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, one of which is triggered by a change in control of the Company, 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, 2021, no such events had occurred. Upon closing of the proposed merger with Thermo Fisher and for a period of one year thereafter, SNBL will have the right, but not the obligation, to exercise its put option to sell its 40% ownership interest in PPD-SNBL to the Company. 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, 2021 and 2020, the Company incurred expenses for services rendered under the services agreement of $0.3 million. For the six months ended June 30, 2021 and 2020, the Company incurred expenses under the services agreement of $0.5 million and $0.5 million, respectively. The expenses are recorded as a component of SG&A expenses on the condensed consolidated statements of operations. Additionally, as of June 30, 2021, the Company owed SNBL $0.3 million for services rendered under the services agreement. No such amount was owed to SNBL as of December 31, 2020.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
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 June 30, Six Months Ended June 30, (in thousands, except per share data) 2021 2020 2021 2020 Numerator: Net income $ 51,464 $ 62,111 $ 98,800 $ 48,991 Net income attributable to noncontrolling interest (456) (194) (1,911) (2,912) Recapitalization investment portfolio consideration 7,727 (71,059) 36,339 (50,997) Net income (loss) attributable to common stockholders of PPD, Inc. $ 58,735 $ (9,142) $ 133,228 $ (4,918) Denominator: Basic weighted-average common shares outstanding 351,134 348,584 350,784 333,023 Effect of dilutive stock options and share awards 8,138 — 7,684 — Diluted weighted-average common shares outstanding 359,272 348,584 358,468 333,023 Earnings (loss) per share: Basic $ 0.17 $ (0.03) $ 0.38 $ (0.01) Diluted $ 0.16 $ (0.03) $ 0.37 $ (0.01) See Note 4, “Stockholders’ Deficit and Redeemable Noncontrolling Interest,” and Note 1, “Basis of Presentation and Summary of Significant Accounting Policies,” of the Company’s audited consolidated financial statements included in the 2020 Form 10-K for additional information related to shares and the recapitalization investment portfolio consideration. The Company does not include potentially dilutive shares in the calculation of diluted weighted-average number of common shares outstanding in cases where the inclusion of such additional shares would be anti-dilutive. Potential common shares related to time-based and vested performance-based stock options and unvested restricted stock units may be determined to be anti-dilutive based on the application of the treasury stock method and are also anti-dilutive in periods when there is a net loss attributable to common stockholders of PPD, Inc. 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, for the respective periods were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Anti-dilutive equity awards 2,252 1,088 2,031 544 At June 30, 2021, unvested (i) performance-based options, (ii) performance stock units and (iii) liquidity/realization options totaling 5.2 million potential shares were outstanding but excluded from the calculation of diluted EPS, as these shares are contingently issuable based on the Company’s actual or expected achievement of performance factors or certain market conditions.

Segments

Segments	6 Months Ended
	Jun. 30, 2021
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 chief operating decision maker (“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 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. 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) 2021 2020 2021 2020 Segment revenue: Clinical Development Services $ 1,300,217 $ 815,250 $ 2,417,587 $ 1,686,136 Laboratory Services 275,255 195,668 536,265 397,244 Total segment revenue 1,575,472 1,010,918 2,953,852 2,083,380 Segment direct costs: Clinical Development Services 377,056 283,378 733,105 592,456 Laboratory Services 120,887 89,748 238,956 176,799 Total segment direct costs 497,943 373,126 972,061 769,255 Segment reimbursed costs: Clinical Development Services 480,404 198,226 830,086 421,755 Laboratory Services 36,105 25,581 67,260 52,902 Total segment reimbursed costs 516,509 223,807 897,346 474,657 Segment SG&A expenses: Clinical Development Services 193,941 135,518 367,425 277,350 Laboratory Services 30,072 21,863 57,434 43,646 Total segment SG&A expenses 224,013 157,381 424,859 320,996 Segment operating income: Clinical Development Services 248,816 198,128 486,971 394,575 Laboratory Services 88,191 58,476 172,615 123,897 Total segment operating income 337,007 256,604 659,586 518,472 Operating costs and expenses not allocated to segments: Direct costs 2,253 1,713 5,759 20,023 SG&A expenses 106,014 80,235 199,104 164,396 Depreciation and amortization 80,255 68,763 153,398 135,078 Long-lived asset impairment — — 1,584 — Income from operations $ 148,485 $ 105,893 $ 299,741 $ 198,975 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. Total revenues by geographic location for the respective periods were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Revenue: North America $ 967,637 $ 574,060 $ 1,788,849 $ 1,132,299 Latin America 51,640 45,711 94,016 90,621 Europe, Middle East and Africa 391,425 279,159 774,384 633,610 Asia-Pacific 164,770 111,988 296,603 226,850 Revenue $ 1,575,472 $ 1,010,918 $ 2,953,852 $ 2,083,380

Entity-wide Information by Geog

Entity-wide Information by Geographic Location	6 Months Ended
	Jun. 30, 2021
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 chief operating decision maker (“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 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. 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) 2021 2020 2021 2020 Segment revenue: Clinical Development Services $ 1,300,217 $ 815,250 $ 2,417,587 $ 1,686,136 Laboratory Services 275,255 195,668 536,265 397,244 Total segment revenue 1,575,472 1,010,918 2,953,852 2,083,380 Segment direct costs: Clinical Development Services 377,056 283,378 733,105 592,456 Laboratory Services 120,887 89,748 238,956 176,799 Total segment direct costs 497,943 373,126 972,061 769,255 Segment reimbursed costs: Clinical Development Services 480,404 198,226 830,086 421,755 Laboratory Services 36,105 25,581 67,260 52,902 Total segment reimbursed costs 516,509 223,807 897,346 474,657 Segment SG&A expenses: Clinical Development Services 193,941 135,518 367,425 277,350 Laboratory Services 30,072 21,863 57,434 43,646 Total segment SG&A expenses 224,013 157,381 424,859 320,996 Segment operating income: Clinical Development Services 248,816 198,128 486,971 394,575 Laboratory Services 88,191 58,476 172,615 123,897 Total segment operating income 337,007 256,604 659,586 518,472 Operating costs and expenses not allocated to segments: Direct costs 2,253 1,713 5,759 20,023 SG&A expenses 106,014 80,235 199,104 164,396 Depreciation and amortization 80,255 68,763 153,398 135,078 Long-lived asset impairment — — 1,584 — Income from operations $ 148,485 $ 105,893 $ 299,741 $ 198,975 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. Total revenues by geographic location for the respective periods were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Revenue: North America $ 967,637 $ 574,060 $ 1,788,849 $ 1,132,299 Latin America 51,640 45,711 94,016 90,621 Europe, Middle East and Africa 391,425 279,159 774,384 633,610 Asia-Pacific 164,770 111,988 296,603 226,850 Revenue $ 1,575,472 $ 1,010,918 $ 2,953,852 $ 2,083,380

Other (Expense) Income, Net

Other (Expense) Income, Net	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Other (expense) income, net: Foreign currency (losses) gains, net $ (12,798) $ (23,198) $ (4,765) $ 14,454 Interest rate swap (losses) gains (335) (3,268) 668 (11,606) Other income 531 424 676 589 Other expense (32) (196) (210) (381) Total other (expense) income, net $ (12,634) $ (26,238) $ (3,631) $ 3,056

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2021
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, “Basis of Presentation and Summary of Significant Accounting Policies,” of the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”). There have been no significant changes to the Company’s significant accounting policies during the first six months of 2021.
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 (“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.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging ActivitiesThe Company has variable rate borrowings under its New 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 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 to fixed rate borrowings based on the fixed interest rate for the interest rate swaps plus the applicable margin on the New Term Loan. For those designated 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. Current market conditions, including dislocation in the financial markets and volatility in interest rates, may affect the performance of the Company’s hedging relationships for cash flow hedges, which could cause the hedges to no longer be effective.
Commitments and Contingencies	Commitments and ContingenciesThe Company records liabilities for pending and threatened litigation matters when an adverse outcome is probable and the amount of the potential liability can be reasonably estimated. 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 information pertinent to a particular matter. 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, 2021
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, 2021 December 31, 2020 Accounts receivable $ 1,028,954 $ 735,568 Unbilled services 984,794 882,078 Total accounts receivable and unbilled services 2,013,748 1,617,646 Allowance for doubtful accounts (7,023) (7,928) Total accounts receivable and unbilled services, net $ 2,006,725 $ 1,609,718
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, 2021 December 31, 2020 Unearned revenue $ 1,351,584 $ 1,060,544

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2020: Goodwill $ 1,946,919 $ 1,720,305 $ 226,614 Accumulated impairment losses (126,711) (99,432) (27,279) Goodwill, net 1,820,208 1,620,873 199,335 Activity: Translation adjustments (208) (208) — Balance at June 30, 2021: Goodwill 1,946,711 1,720,097 226,614 Accumulated impairment losses (126,711) (99,432) (27,279) Goodwill, net $ 1,820,000 $ 1,620,665 $ 199,335
Schedule of Definite-Lived Intangible Assets	The Company’s definite-lived intangible assets consisted of the following on the dates set forth below: June 30, 2021 December 31, 2020 (in thousands) Carrying Amount Accumulated Amortization Net Carrying Amount Accumulated Amortization Net Customer relationships $ 901,683 $ (504,960) $ 396,723 $ 902,302 $ (479,341) $ 422,961 Trade names 378,636 (175,229) 203,407 378,764 (159,131) 219,633 Backlog 181,685 (181,685) — 181,762 (181,196) 566 Investigator/payer network 243,804 (228,633) 15,171 245,683 (217,963) 27,720 Technology/intellectual property 8,600 (4,725) 3,875 8,600 (4,256) 4,344 Know-how/processes 599,147 (554,683) 44,464 598,922 (525,742) 73,180 Total $ 2,313,555 $ (1,649,915) $ 663,640 $ 2,316,033 $ (1,567,629) $ 748,404

Long-term Debt and Finance Le_2

Long-term Debt and Finance Lease Obligations (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt and Finance Lease Obligations	Long-term debt and finance lease obligations consisted of the following on the dates set forth below: (dollars in thousands) Maturity Date Effective Rate Stated Rate June 30, 2021 December 31, 2020 New Term Loan January 2028 2.94% 2.75% $ 3,042,375 $ — 2025 Notes June 2025 4.97% 4.63% 500,000 500,000 2028 Notes June 2028 5.24% 5.00% 700,000 700,000 2015 Term Loan (1) August 2022 3.71% 3.50% — 3,064,006 Finance lease obligations Various Various Various 50,297 25,734 4,292,672 4,289,740 Unamortized debt discount (14,302) (4,198) Unamortized debt issuance costs (37,433) (23,112) Current portion of long-term debt and finance lease obligations (34,696) (36,238) Long-term debt and finance lease obligations, less current portion $ 4,206,241 $ 4,226,192 (1) Maturity date, effective rate and stated rate are as of December 31, 2020 for the extinguished 2015 Term Loan.
Scheduled Maturities of Long-term Debt and Finance Lease Obligations	As of June 30, 2021, the scheduled maturities of long-term debt and settlement of finance lease obligations for the remainder of 2021, each of the next five years and thereafter were as follows (in thousands): Year Amount 2021 (remaining six months) $ 17,517 2022 34,363 2023 34,417 2024 34,331 2025 534,421 2026 34,835 Thereafter 3,602,788 Total $ 4,292,672

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 (dollars in thousands): Swap # Terms Notional Amount Fixed Interest Rate Maturity Date Designated/Undesignated 1 Variable to fixed $ 1,500,000 1.19% March 31, 2025 Designated 2 Variable to fixed 1,428,000 1.22% March 31, 2025 Designated 3 Variable to fixed 72,000 1.22% March 31, 2025 Undesignated 4 Variable to fixed 500,000 1.17% March 31, 2025 Undesignated 5 Fixed to variable 500,000 0.52% March 31, 2025 Undesignated
Derivative Instruments, Gain (Loss)	The Company recognized the following amounts of pre-tax (loss) gain as a component of other comprehensive income (“OCI”) or other comprehensive loss (“OCL”) during the three and six months ended June 30, 2021 and 2020: (in thousands) Pre-Tax (Loss) Gain Recognized in OCI or OCL Derivatives in Cash Flow Hedging Relationships Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Interest rate swaps $ (10,271) $ (31,955) $ 30,595 $ (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 for the periods indicated below: 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, 2021 2020 2021 2020 Interest rate swaps Interest expense, net $ (8,372) $ (2,563) $ (16,496) $ 488 Interest rate swaps Other income, net — (3,114) — (9,741) The following table presents the significant reclassifications to the condensed consolidated statements of operations out of AOCL or AOCI and the line item affected on the condensed consolidated statements of operations for the respective periods were as follows: (in thousands) Three Months Ended June 30, Six Months Ended June 30, Details about AOCL or AOCI Components 2021 2020 2021 2020 Affected line item in statements of operations (Losses) gains on derivative instruments: Interest rate swaps $ (8,372) $ (2,563) $ (16,496) $ 488 Interest expense, net Interest rate swaps — (3,114) — (9,741) Other (expense) income, net Income tax benefit 2,070 1,402 4,078 2,275 Provision for income taxes Total net of income tax $ (6,302) $ (4,275) $ (12,418) $ (6,978) Defined benefit plan: Amortization of actuarial loss $ (232) $ (159) $ (459) $ (321) Other (expense) income, net Income tax benefit 44 27 88 57 Provision for income taxes Total net of income tax $ (188) $ (132) $ (371) $ (264)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The fair value of derivative instruments consisted of the following balances on the dates set forth below: June 30, 2021 December 31, 2020 (in thousands) Balance sheet location Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps Other accrued expenses $ — $ 31,445 $ — $ 32,188 Interest rate swaps Other liabilities — 25,784 — 74,286 Derivatives not designated as hedging instruments: Interest rate swaps Prepaid expenses and other current assets 1,907 — 1,901 — Interest rate swaps Other assets — — 1,667 — Interest rate swaps Other accrued expenses — 5,973 — 5,184 Interest rate swaps Other liabilities — 9,330 — 11,893 $ 1,907 $ 72,532 $ 3,568 $ 123,551

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 Level 1 Level 2 Level 3 Total Assets Investments $ 1,266 $ — $ 220,267 $ 221,533 Derivative instruments — 1,907 — 1,907 Total assets $ 1,266 $ 1,907 $ 220,267 $ 223,440 Liabilities Derivative instruments $ — $ 72,532 $ — $ 72,532 Recapitalization investment portfolio liability — — 155,584 155,584 Total liabilities $ — $ 72,532 $ 155,584 $ 228,116 As of December 31, 2020 Level 1 Level 2 Level 3 Total Assets Investments $ 1,307 $ — $ 264,587 $ 265,894 Derivative instruments — 3,568 — 3,568 Total assets $ 1,307 $ 3,568 $ 264,587 $ 269,462 Liabilities Derivative Instruments $ — $ 123,551 $ — $ 123,551 Recapitalization investment portfolio liability — — 204,742 204,742 Total liabilities $ — $ 123,551 $ 204,742 $ 328,293
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. (“venBio”) on the dates set forth below (dollars in thousands): Quantitative Information About Level 3 Fair Value Measurements for June 30, 2021 Description Fair Value Valuation Technique Unobservable Input Range of Rates Fair value option investments $205,434 Market evaluation/pricing models Discount for lack of marketability 20.0% - 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, 2020 Description Fair Value Valuation Technique Unobservable Input Range of Rates Fair value option investments $253,801 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%
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) for the respective periods were as follows: (in thousands) 2021 2020 Balance as of January 1, $ 264,587 $ 248,453 Recognized fair value (loss) gain (47,057) 67,727 Cash distributions received (112) (2,247) Capital contributions paid 2,849 2,011 Balance as of June 30, $ 220,267 $ 315,944
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) for the respective periods were as follows: (in thousands) 2021 2020 Balance as of January 1, $ 204,742 $ 191,678 Recapitalization investment portfolio consideration change in value (36,339) 50,997 Cash distributions paid (12,819) — Balance as of June 30, $ 155,584 $ 242,675
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, 2021 December 31, 2020 (in thousands) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value New Term Loan $ 3,042,375 $ 3,038,572 $ — $ — 2025 Notes 500,000 526,250 500,000 527,645 2028 Notes 700,000 756,875 700,000 754,257 2015 Term Loan — — 3,064,006 3,067,652

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 and 2020: (in thousands) Foreign Derivative Defined Benefit Plan Accumulated Other Comprehensive Loss Balance as of March 31, 2021 $ (221,275) $ (43,041) $ (3,314) $ (267,630) OCI or (OCL) before reclassifications 20,935 (7,756) — 13,179 Amounts reclassified from AOCL — 6,302 188 6,490 Net OCI or (OCL) 20,935 (1,454) 188 19,669 Balance as of June 30, 2021 $ (200,340) $ (44,495) $ (3,126) $ (247,961) (in thousands) Foreign Derivative Defined Benefit Plan Accumulated Other Comprehensive Loss Balance as of December 31, 2020 $ (201,426) $ (79,922) $ (3,497) $ (284,845) OCI before reclassifications 1,086 23,009 — 24,095 Amounts reclassified from AOCL — 12,418 371 12,789 Net OCI 1,086 35,427 371 36,884 Balance as of June 30, 2021 $ (200,340) $ (44,495) $ (3,126) $ (247,961) (in thousands) Foreign Derivative Defined Benefit Plan 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 Defined Benefit Plan 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)
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 for the periods indicated below: 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, 2021 2020 2021 2020 Interest rate swaps Interest expense, net $ (8,372) $ (2,563) $ (16,496) $ 488 Interest rate swaps Other income, net — (3,114) — (9,741) The following table presents the significant reclassifications to the condensed consolidated statements of operations out of AOCL or AOCI and the line item affected on the condensed consolidated statements of operations for the respective periods were as follows: (in thousands) Three Months Ended June 30, Six Months Ended June 30, Details about AOCL or AOCI Components 2021 2020 2021 2020 Affected line item in statements of operations (Losses) gains on derivative instruments: Interest rate swaps $ (8,372) $ (2,563) $ (16,496) $ 488 Interest expense, net Interest rate swaps — (3,114) — (9,741) Other (expense) income, net Income tax benefit 2,070 1,402 4,078 2,275 Provision for income taxes Total net of income tax $ (6,302) $ (4,275) $ (12,418) $ (6,978) Defined benefit plan: Amortization of actuarial loss $ (232) $ (159) $ (459) $ (321) Other (expense) income, net Income tax benefit 44 27 88 57 Provision for income taxes Total net of income tax $ (188) $ (132) $ (371) $ (264)

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The amounts paid to the relevant affiliates for those loans for the respective periods were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Interest paid $ 640 $ 600 $ 1,174 $ 1,400 Principal paid 230 200 12,853 400

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, Six Months Ended June 30, (in thousands, except per share data) 2021 2020 2021 2020 Numerator: Net income $ 51,464 $ 62,111 $ 98,800 $ 48,991 Net income attributable to noncontrolling interest (456) (194) (1,911) (2,912) Recapitalization investment portfolio consideration 7,727 (71,059) 36,339 (50,997) Net income (loss) attributable to common stockholders of PPD, Inc. $ 58,735 $ (9,142) $ 133,228 $ (4,918) Denominator: Basic weighted-average common shares outstanding 351,134 348,584 350,784 333,023 Effect of dilutive stock options and share awards 8,138 — 7,684 — Diluted weighted-average common shares outstanding 359,272 348,584 358,468 333,023 Earnings (loss) per share: Basic $ 0.17 $ (0.03) $ 0.38 $ (0.01) Diluted $ 0.16 $ (0.03) $ 0.37 $ (0.01)
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, for the respective periods were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Anti-dilutive equity awards 2,252 1,088 2,031 544

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Segment revenue: Clinical Development Services $ 1,300,217 $ 815,250 $ 2,417,587 $ 1,686,136 Laboratory Services 275,255 195,668 536,265 397,244 Total segment revenue 1,575,472 1,010,918 2,953,852 2,083,380 Segment direct costs: Clinical Development Services 377,056 283,378 733,105 592,456 Laboratory Services 120,887 89,748 238,956 176,799 Total segment direct costs 497,943 373,126 972,061 769,255 Segment reimbursed costs: Clinical Development Services 480,404 198,226 830,086 421,755 Laboratory Services 36,105 25,581 67,260 52,902 Total segment reimbursed costs 516,509 223,807 897,346 474,657 Segment SG&A expenses: Clinical Development Services 193,941 135,518 367,425 277,350 Laboratory Services 30,072 21,863 57,434 43,646 Total segment SG&A expenses 224,013 157,381 424,859 320,996 Segment operating income: Clinical Development Services 248,816 198,128 486,971 394,575 Laboratory Services 88,191 58,476 172,615 123,897 Total segment operating income 337,007 256,604 659,586 518,472 Operating costs and expenses not allocated to segments: Direct costs 2,253 1,713 5,759 20,023 SG&A expenses 106,014 80,235 199,104 164,396 Depreciation and amortization 80,255 68,763 153,398 135,078 Long-lived asset impairment — — 1,584 — Income from operations $ 148,485 $ 105,893 $ 299,741 $ 198,975

Entity-wide Information by Ge_2

Entity-wide Information by Geographic Location (Tables)	6 Months Ended
	Jun. 30, 2021
Segments, Geographical Areas [Abstract]
Revenue from External Customers by Geographic Area	Total revenues by geographic location for the respective periods were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Revenue: North America $ 967,637 $ 574,060 $ 1,788,849 $ 1,132,299 Latin America 51,640 45,711 94,016 90,621 Europe, Middle East and Africa 391,425 279,159 774,384 633,610 Asia-Pacific 164,770 111,988 296,603 226,850 Revenue $ 1,575,472 $ 1,010,918 $ 2,953,852 $ 2,083,380

Other (Expense) Income, Net (Ta

Other (Expense) Income, Net (Tables)	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Other (expense) income, net: Foreign currency (losses) gains, net $ (12,798) $ (23,198) $ (4,765) $ 14,454 Interest rate swap (losses) gains (335) (3,268) 668 (11,606) Other income 531 424 676 589 Other expense (32) (196) (210) (381) Total other (expense) income, net $ (12,634) $ (26,238) $ (3,631) $ 3,056

Basis of Presentation (Details)

Basis of Presentation (Details) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended	9 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)segment	Dec. 31, 2021$ / shares
Business Acquisition [Line Items]
Number of reportable segments | segment		2
PPD, Inc. | Thermo Fisher Scientific Inc.
Business Acquisition [Line Items]
Acquisition costs | $	$ 11.5	$ 11.5
Forecast | PPD, Inc. | Subsequent Event | Thermo Fisher Scientific Inc.
Business Acquisition [Line Items]
Business acquisition, share price (in usd per share) | $ / shares			$ 47.50
Majority shareholders, percentage			60.00%

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Concentration Risk [Line Items]
Revenue recognized from performance obligations partially satisfied in prior periods	$ 51.9	$ 30.9	$ 84	$ 54.5
Unsatisfied performance obligations, amount	8,600		8,600
Contract assets	$ 208.3		208.3		$ 171.2
Contract with customer, liability, revenue recognized			$ 669.4	$ 709.5
Customer Concentration Risk | Largest Customer | Accounts Receivable and Unbilled Revenues
Concentration Risk [Line Items]
Concentration risk, percentage					12.00%
Customer Concentration Risk | Largest Customer | Revenue
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%	11.00%

Revenue - Remaining Performance

Revenue - Remaining Performance Obligation (Details)	Jun. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
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	36.00%
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations, percentage	42.00%

Revenue - Schedule of Accounts

Revenue - Schedule of Accounts Receivable and Unbilled Services (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 1,028,954	$ 735,568
Unbilled services	984,794	882,078
Total accounts receivable and unbilled services	2,013,748	1,617,646
Allowance for doubtful accounts	(7,023)	(7,928)
Total accounts receivable and unbilled services, net	$ 2,006,725	$ 1,609,718

Revenue - Contract with Custome

Revenue - Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Unearned revenue	$ 1,351,584	$ 1,060,544

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Carrying Amount of Goodwill by Segment (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,946,919
Accumulated impairment losses, beginning balance	(126,711)
Goodwill, net, beginning balance	1,820,208
Translation adjustments	(208)
Goodwill, ending balance	1,946,711
Accumulated impairment losses, ending balance	(126,711)
Goodwill, net, ending balance	1,820,000
Clinical Development Services
Goodwill [Roll Forward]
Goodwill, beginning balance	1,720,305
Accumulated impairment losses, beginning balance	(99,432)
Goodwill, net, beginning balance	1,620,873
Translation adjustments	(208)
Goodwill, ending balance	1,720,097
Accumulated impairment losses, ending balance	(99,432)
Goodwill, net, ending balance	1,620,665
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
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, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	$ 2,313,555	$ 2,316,033
Accumulated Amortization	(1,649,915)	(1,567,629)
Net	663,640	748,404
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	901,683	902,302
Accumulated Amortization	(504,960)	(479,341)
Net	396,723	422,961
Trade names
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	378,636	378,764
Accumulated Amortization	(175,229)	(159,131)
Net	203,407	219,633
Backlog
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	181,685	181,762
Accumulated Amortization	(181,685)	(181,196)
Net	0	566
Investigator/payer network
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	243,804	245,683
Accumulated Amortization	(228,633)	(217,963)
Net	15,171	27,720
Technology/intellectual property
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	8,600	8,600
Accumulated Amortization	(4,725)	(4,256)
Net	3,875	4,344
Know-how/processes
Finite-Lived Intangible Assets [Line Items]
Carrying Amount	599,147	598,922
Accumulated Amortization	(554,683)	(525,742)
Net	$ 44,464	$ 73,180

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 46.1	$ 39.4	$ 84.7	$ 79.1

Long-term Debt and Finance Le_3

Long-term Debt and Finance Lease Obligations - Schedule of Long-term Debt and Finance Lease Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jan. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Finance lease obligations	$ 50,297	$ 26,300	$ 25,734
Long-term debt and finance lease obligations	4,292,672		4,289,740
Unamortized debt discount	(14,302)		(4,198)
Unamortized debt issuance costs	(37,433)		(23,112)
Current portion of long-term debt and finance lease obligations	(34,696)		(36,238)
Long-term debt and finance lease obligations, less current portion	$ 4,206,241		4,226,192
Senior Notes | 2025 Notes
Debt Instrument [Line Items]
Effective Rate	4.97%
Stated Rate	4.63%
Long-term debt, gross	$ 500,000		500,000
Senior Notes | 2028 Notes
Debt Instrument [Line Items]
Effective Rate	5.24%
Stated Rate	5.00%
Long-term debt, gross	$ 700,000		700,000
Term Loan Facility | Line of Credit | New Term Loan
Debt Instrument [Line Items]
Effective Rate	2.94%
Stated Rate	2.75%
Long-term debt, gross	$ 3,042,375		$ 0
Term Loan Facility | Line of Credit | 2015 Term Loan
Debt Instrument [Line Items]
Effective Rate			3.71%
Stated Rate			3.50%
Long-term debt, gross	$ 0		$ 3,064,006

Long-term Debt and Finance Le_4

Long-term Debt and Finance Lease Obligations - Senior Secured Credit Facilities (Details) - USD ($)	Jan. 13, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jan. 31, 2021	Dec. 31, 2020	Nov. 30, 2016	Aug. 18, 2015
Line of Credit Facility [Line Items]
Loss on extinguishment of debt		$ 0	$ 43,469,000	$ 10,677,000	$ 93,534,000
Letters of credit outstanding, aggregate value		1,600,000		1,600,000			$ 1,600,000
Finance lease, right-of-use asset						$ 26,300,000
Finance lease obligations		50,297,000		50,297,000		$ 26,300,000	$ 25,734,000
Line of Credit | New Credit Agreement
Line of Credit Facility [Line Items]
Interest rate	0.25%
Total net leverage ratio	3.75
Term Loan Facility | 2015 Credit Agreement
Line of Credit Facility [Line Items]
Loss on extinguishment of debt	$ 10,700,000
Term Loan Facility | Line of Credit | 2015 Credit Agreement
Line of Credit Facility [Line Items]
Aggregate principal amount									$ 2,575,000,000
Percentage of face value at issuance									99.50%
Discount percentage									0.50%
Accordion feature, increase capacity								$ 660,000,000
Extinguishment of debt, amount	3,064,000,000
Term Loan Facility | Line of Credit | 2015 Credit Agreement | Eurocurrency
Line of Credit Facility [Line Items]
Rate floor								1.00%
Term Loan Facility | Line of Credit | New Credit Agreement
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 3,050,000,000
Percentage of face value at issuance	99.50%
Discount percentage	0.50%
Debt issuance costs	$ 23,000,000
Percentage of excess cash flow	50.00%
Percentage of net cash proceeds of course asset sales	100.00%
Percentage of net cash proceeds of debt issuances	100.00%
Redemption price, percentage	0.25%
Term Loan Facility | Line of Credit | New Credit Agreement | LIBOR
Line of Credit Facility [Line Items]
Rate floor	0.50%
Interest rate	2.25%
Term Loan Facility | Line of Credit | New Credit Agreement | Base Rate
Line of Credit Facility [Line Items]
Rate floor	1.50%
Interest rate	1.25%
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Borrowings outstanding under the facility		0		0
Revolving Credit Facility | Line of Credit | 2015 Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity									$ 300,000,000
Revolving Credit Facility | Line of Credit | New Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 600,000,000
Debt issuance costs	$ 1,100,000
Commitment fee percentage on unused portion	0.375%
Commitment fee percentage	0.125%
Revolving Credit Facility | Line of Credit | New Credit Agreement | Step-down One
Line of Credit Facility [Line Items]
Total net leverage ratio	4.75
Commitment fee percentage on unused portion	0.375%
Revolving Credit Facility | Line of Credit | New Credit Agreement | Step-down Two
Line of Credit Facility [Line Items]
Total net leverage ratio	3.75
Commitment fee percentage on unused portion	0.25%
Revolving Credit Facility | Line of Credit | New Credit Agreement | Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage on unused portion	0.50%
Revolving Credit Facility | Line of Credit | New Credit Agreement | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage on unused portion	0.25%
Revolving Credit Facility | Line of Credit | New Credit Agreement | LIBOR
Line of Credit Facility [Line Items]
Rate floor	0.00%
Interest rate	2.00%
Revolving Credit Facility | Line of Credit | New Credit Agreement | Base Rate
Line of Credit Facility [Line Items]
Rate floor	1.00%
Interest rate	1.00%
Letter of Credit | Line of Credit
Line of Credit Facility [Line Items]
Available credit		$ 598,400,000		$ 598,400,000

Long-term Debt and Finance Le_5

Long-term Debt and Finance Lease Obligations - Scheduled Maturities of Long-term Debt and Finance Lease Obligations (Details) $ in Thousands	Jun. 30, 2021USD ($)
Debt Disclosure [Abstract]
2021 (remaining six months)	$ 17,517
2022	34,363
2023	34,417
2024	34,331
2025	534,421
2026	34,835
Thereafter	3,602,788
Total	$ 4,292,672

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	33.00%	21.20%	28.60%	15.30%
Unrecognized tax benefits	$ 23.9		$ 23.9		$ 21.3
Unrecognized tax benefits that would impact effective tax rate	17.1		17.1		$ 14.9
Reasonably possible decrease in unrecognized tax benefits	$ 3.4		$ 3.4

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Schedule of Interest Rate Derivatives (Details) $ in Thousands	Jun. 30, 2021USD ($)
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 and 3 | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 1,428,000
Fixed Interest Rate	1.22%
Swap 2 and 3 | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 72,000
Fixed Interest Rate	1.22%
Swap 4 | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 500,000
Fixed Interest Rate	1.17%
Swap 5 | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 500,000
Fixed Interest Rate	0.52%

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) from settlement	$ (0.3)	$ (0.2)	$ 0.7	$ (1.9)
Unrealized losses to be reclassified within the next 12 months	$ 32.5		$ 32.5

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Pre-Tax (Loss) Gain Recognized in OCI or OCL	$ (10,271)	$ (31,955)	$ 30,595	$ (138,345)

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest expense, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-Tax (Loss) Gain Reclassified from AOCL into Statements of Operations	$ (8,372)	$ (2,563)	$ (16,496)	$ 488
Other income, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-Tax (Loss) Gain Reclassified from AOCL into Statements of Operations	$ 0	$ (3,114)	$ 0	$ (9,741)

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, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Assets	$ 1,907	$ 3,568
Liabilities	72,532	123,551
Designated as Hedging Instrument | Other accrued expenses
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	31,445	32,188
Designated as Hedging Instrument | Other liabilities
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	25,784	74,286
Not Designated as Hedging Instrument | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Assets	1,907	1,901
Liabilities	0	0
Not Designated as Hedging Instrument | Other assets
Derivatives, Fair Value [Line Items]
Assets	0	1,667
Liabilities	0	0
Not Designated as Hedging Instrument | Other accrued expenses
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	5,973	5,184
Not Designated as Hedging Instrument | Other liabilities
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	$ 9,330	$ 11,893

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, 2021	Dec. 31, 2020
Assets
Investments	$ 221,533	$ 265,894
Derivative instruments	1,907	3,568
Total assets	223,440	269,462
Liabilities
Derivative instruments	72,532	123,551
Recapitalization investment portfolio liability	155,584	204,742
Total liabilities	228,116	328,293
Level 1
Assets
Investments	1,266	1,307
Derivative instruments	0	0
Total assets	1,266	1,307
Liabilities
Derivative instruments	0	0
Recapitalization investment portfolio liability	0	0
Total liabilities	0	0
Level 2
Assets
Investments	0	0
Derivative instruments	1,907	3,568
Total assets	1,907	3,568
Liabilities
Derivative instruments	72,532	123,551
Recapitalization investment portfolio liability	0	0
Total liabilities	72,532	123,551
Level 3
Assets
Investments	220,267	264,587
Derivative instruments	0	0
Total assets	220,267	264,587
Liabilities
Derivative instruments	0	0
Recapitalization investment portfolio liability	155,584	204,742
Total liabilities	$ 155,584	$ 204,742

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) - Fair Value, Recurring - Level 3 - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 205,434	$ 253,801
Discount for lack of marketability | Market evaluation/pricing models | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Rates	20.00%	12.50%
Discount for lack of marketability | Market evaluation/pricing models | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Rates	32.50%	32.50%
Discount for lack of control | Recent acquisition transactions | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Rates	20.00%	20.00%
Discount for lack of control | Recent acquisition transactions | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Rates	35.00%	35.00%

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, 2021	Jun. 30, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 264,587	$ 248,453
Recognized fair value (loss) gain	(47,057)	67,727
Cash distributions received	(112)	(2,247)
Capital contributions paid	2,849	2,011
Ending balance	$ 220,267	$ 315,944

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, 2021	Jun. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 204,742	$ 191,678
Recapitalization investment portfolio consideration change in value	(36,339)	50,997
Cash distributions paid	(12,819)	0
Ending balance	$ 155,584	$ 242,675

Fair Value Measurements - Fai_4

Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - Level 2 - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Term Loan | Carrying Amount | New Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument	$ 3,042,375	$ 0
Term Loan | Carrying Amount | 2015 Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument	0	3,064,006
Term Loan | Estimated Fair Value | New Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument	3,038,572	0
Term Loan | Estimated Fair Value | 2015 Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument	0	3,067,652
Senior Notes | Carrying Amount | 2025 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument	500,000	500,000
Senior Notes | Carrying Amount | 2028 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument	700,000	700,000
Senior Notes | Estimated Fair Value | 2025 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument	526,250	527,645
Senior Notes | Estimated Fair Value | 2028 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument	$ 756,875	$ 754,257

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
OCI or (OCL) before reclassifications	$ 13,179	$ 11,094	$ 24,095	$ (157,289)
Amounts reclassified from AOCL	6,490	4,407	12,789	7,242
Other comprehensive income (loss)	19,669	15,501	36,884	(150,047)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balances	(221,275)	(394,405)	(201,426)	(306,452)
OCI or (OCL) before reclassifications	20,935	35,159	1,086	(52,794)
Amounts reclassified from AOCL	0	0	0	0
Other comprehensive income (loss)	20,935	35,159	1,086	(52,794)
Ending balances	(200,340)	(359,246)	(200,340)	(359,246)
Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balances	(43,041)	(69,139)	(79,922)	8,566
OCI or (OCL) before reclassifications	(7,756)	(24,065)	23,009	(104,473)
Amounts reclassified from AOCL	6,302	4,275	12,418	6,978
Other comprehensive income (loss)	(1,454)	(19,790)	35,427	(97,495)
Ending balances	(44,495)	(88,929)	(44,495)	(88,929)
Defined Benefit Plan
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balances	(3,314)	(908)	(3,497)	(1,018)
OCI or (OCL) before reclassifications	0	0	0	(22)
Amounts reclassified from AOCL	188	132	371	264
Other comprehensive income (loss)	188	132	371	242
Ending balances	(3,126)	(776)	(3,126)	(776)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balances	(267,630)	(464,452)	(284,845)	(298,904)
Ending balances	$ (247,961)	$ (448,951)	$ (247,961)	$ (448,951)

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	$ (46,134)	$ (51,403)	$ (93,346)	$ (116,113)
Other (expense) income, net	(12,634)	(26,238)	(3,631)	3,056
Provision for income taxes	(26,375)	(17,230)	(41,428)	(9,513)
Net income	51,464	62,111	98,800	48,991
Derivative Instruments | Reclassification out of AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	(8,372)	(2,563)	(16,496)	488
Other (expense) income, net	0	(3,114)	0	(9,741)
Provision for income taxes	2,070	1,402	4,078	2,275
Net income	(6,302)	(4,275)	(12,418)	(6,978)
Pension Plan | Reclassification out of AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (expense) income, net	(232)	(159)	(459)	(321)
Provision for income taxes	44	27	88	57
Net income	$ (188)	$ (132)	$ (371)	$ (264)

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
SNBL
Related Party Transaction [Line Items]
Ownership percentage by parent	40.00%		40.00%
Exercise period			1 year
PPD-SNBL
Related Party Transaction [Line Items]
Ownership percentage of consolidated subsidiary	60.00%		60.00%
Majority Sponsor Affiliates | Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	$ 91,900,000		$ 91,900,000		$ 12,600,000
SNBL | Affiliated Entity
Related Party Transaction [Line Items]
Collaboration agreement minimum requirement for ownership percentage	20.00%		20.00%
Related party transaction, expenses incurred	$ 300,000	$ 300,000	$ 500,000	$ 500,000
Due to related parties	300,000		300,000		$ 0
Recapitalization Investment Liability Repayment | Majority Sponsor Affiliates | Affiliated Entity
Related Party Transaction [Line Items]
Repayments of related party debt	$ 11,800,000	$ 0	$ 11,800,000	$ 0

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - Majority Sponsor Affiliates - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest paid
Related Party Transaction [Line Items]
Repayments of related party debt	$ 640	$ 600	$ 1,174	$ 1,400
Principal paid
Related Party Transaction [Line Items]
Repayments of related party debt	$ 230	$ 200	$ 12,853	$ 400

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income	$ 51,464	$ 62,111	$ 98,800	$ 48,991
Net income attributable to noncontrolling interest	(456)	(194)	(1,911)	(2,912)
Recapitalization investment portfolio consideration	7,727	(71,059)	36,339	(50,997)
Net income (loss) attributable to common stockholders of PPD, Inc.	$ 58,735	$ (9,142)	$ 133,228	$ (4,918)
Denominator:
Basic weighted-average common shares outstanding (in shares)	351,134	348,584	350,784	333,023
Effect of dilutive stock options and restricted stock (in shares)	8,138	0	7,684	0
Diluted weighted-average common shares outstanding (in shares)	359,272	348,584	358,468	333,023
Earnings (loss) per share:
Basic (in usd per share)	$ 0.17	$ (0.03)	$ 0.38	$ (0.01)
Diluted (in usd per share)	$ 0.16	$ (0.03)	$ 0.37	$ (0.01)

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Anti-dilutive equity awards (in shares)	2,252	1,088	2,031	544

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options and restricted stock (in shares)	2,252	1,088	2,031	544
Performance-based Options, PSUs, and Liquidity/realization Event-based Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options and restricted stock (in shares)			5,200

Segments - Additional Informati

Segments - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021segment
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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Revenue	$ 1,575,472	$ 1,010,918	$ 2,953,852	$ 2,083,380
Direct costs	500,196	374,839	977,820	789,278
Reimbursed costs	516,509	223,807	897,346	474,657
SG&A expenses	330,027	237,616	623,963	485,392
Depreciation and amortization	80,255	68,763	153,398	135,078
Long-lived asset impairment	0	0	1,584	0
Income from operations	148,485	105,893	299,741	198,975
Operating Segments
Segment Reporting Information [Line Items]
Revenue	1,575,472	1,010,918	2,953,852	2,083,380
Direct costs	497,943	373,126	972,061	769,255
Reimbursed costs	516,509	223,807	897,346	474,657
SG&A expenses	224,013	157,381	424,859	320,996
Income from operations	337,007	256,604	659,586	518,472
Operating Segments | Clinical Development Services
Segment Reporting Information [Line Items]
Revenue	1,300,217	815,250	2,417,587	1,686,136
Direct costs	377,056	283,378	733,105	592,456
Reimbursed costs	480,404	198,226	830,086	421,755
SG&A expenses	193,941	135,518	367,425	277,350
Income from operations	248,816	198,128	486,971	394,575
Operating Segments | Laboratory Services
Segment Reporting Information [Line Items]
Revenue	275,255	195,668	536,265	397,244
Direct costs	120,887	89,748	238,956	176,799
Reimbursed costs	36,105	25,581	67,260	52,902
SG&A expenses	30,072	21,863	57,434	43,646
Income from operations	88,191	58,476	172,615	123,897
Not Allocated to Segments
Segment Reporting Information [Line Items]
Direct costs	2,253	1,713	5,759	20,023
SG&A expenses	106,014	80,235	199,104	164,396
Depreciation and amortization	80,255	68,763	153,398	135,078
Long-lived asset impairment	$ 0	$ 0	$ 1,584	$ 0

Entity-wide Information by Ge_3

Entity-wide Information by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue:
Revenue	$ 1,575,472	$ 1,010,918	$ 2,953,852	$ 2,083,380
North America
Revenue:
Revenue	967,637	574,060	1,788,849	1,132,299
Latin America
Revenue:
Revenue	51,640	45,711	94,016	90,621
Europe, Middle East and Africa
Revenue:
Revenue	391,425	279,159	774,384	633,610
Asia-Pacific
Revenue:
Revenue	$ 164,770	$ 111,988	$ 296,603	$ 226,850

Other (Expense) Income, Net (De

Other (Expense) Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Income and Expenses [Abstract]
Foreign currency (losses) gains, net	$ (12,798)	$ (23,198)	$ (4,765)	$ 14,454
Interest rate swap (losses) gains	(335)	(3,268)	668	(11,606)
Other income	531	424	676	589
Other expense	(32)	(196)	(210)	(381)
Total other (expense) income, net	$ (12,634)	$ (26,238)	$ (3,631)	$ 3,056