|12 Months Ended|
Dec. 31, 2018
|Revenue from Contract with Customer [Abstract]|
NOTE 12. UNEARNED REVENUE
Changes in unearned revenue were as follows:
Deferred revenue recognized for the year ended December 31, 2018 and 2017 was $156.6 million and $128.7 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 billed and recognized in future periods. The Company has no material contracted not recognized revenue as of December 31, 2018 or December 31, 2017.
At December 31, 2018 and December 31, 2017, the Company had long-term unearned revenue of $11.1 million and $8.6 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.
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef