Quarterly report pursuant to Section 13 or 15(d)

UNEARNED REVENUE

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UNEARNED REVENUE
 9 Months Ended
Sep. 30, 2019
UNEARNED REVENUE

NOTE 7.             UNEARNED REVENUE

Changes in unearned revenue were as follows:

 

For the period ended   September 30,     December 31     September 30,  
(in thousands)   2019     2018     2018  
Balance at beginning of year   $ 127,075     $ 117,614     $ 117,614  
Deferral of unearned revenue     141,867       166,053       134,527  
Recognition of unearned revenue     (122,465 )     (156,592 )     (117,297 )
Balance at end of period   $ 146,477     $ 127,075     $ 134,844  

 

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.