|6 Months Ended|
Jun. 30, 2020
The Company records unearned revenue when we have either received payment or contractually have the right to bill for services in advance of the services or performance obligations being performed. Deferred revenue recognized in the three and six months ended June 30, 2020 and 2019 were $43.2 million and $40.5 million, respectively and $85.9 million and $80.5 million, respectively. Changes in unearned revenue were as follows:
The Company had no material contracted, but not recognized, revenue as of June 30, 2020 or December 31, 2019.
At June 30, 2020 and December 31, 2019, the Company had long-term unearned revenue of $17.0 million and $13.7 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 2029.
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.