UNEARNED REVENUE

9 Months Ended

Sep. 30, 2020

Unearned Revenue

UNEARNED REVENUE

NOTE 7. UNEARNED REVENUE

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 nine months ended September 30, 2020 and 2019 were $43.3 million and $42.0 million, respectively and $129.4 million and $122.5 million, respectively. Changes in unearned revenue were as follows:

For the period ended	September 30,			December 31,			September 30,
(in thousands)	2020			2019			2019
Balance at beginning of year	$	136,507		$	127,075		$	127,075
Deferral of unearned revenue		150,510			174,404			141,867
Recognition of unearned revenue		(129,377	)		(164,972	)		(122,465	)
Balance at end of period	$	157,640		$	136,507		$	146,477

The Company had no material contracted, but not recognized, revenue as of September 30, 2020 or December 31, 2019.

At September 30, 2020 and December 31, 2019, the Company had long-term unearned revenue of $17.9 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.