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.