|9 Months Ended|
Sep. 30, 2019
NOTE 7. UNEARNED REVENUE
Changes in unearned revenue were as follows:
Deferred revenue recognized in the three and nine months ended September 30, 2019 and 2018 were $42.0 million and $39.0 million, respectively and $122.5 million and $117.3 million, respectively.
Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized (“contracted not recognized revenue”), which includes both unearned revenue and revenue that will be invoiced and recognized in future periods. The Company has no material contracted not recognized revenue as of September 30, 2019 or December 31, 2018.
At September 30, 2019 and December 31, 2018, the Company had long-term unearned revenue of $13.5 million and $11.1 million, respectively. Unearned short-term revenue is recognized over the next 12 month period. The majority of unearned long-term revenue is recognized over a period of five years or less with immaterial amounts recognized through 2025.
The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.
No definition available.