UNEARNED REVENUE

3 Months Ended

Mar. 31, 2021

Unearned Revenue

UNEARNED REVENUE

NOTE 8. 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 months ended March 31, 2021 and 2020 were $45.8 million and $42.7 million, respectively. Changes in unearned revenue were as follows:

Changes in unearned revenue were as follows:

	Three Months Ended
	March 31,
(in thousands)	2021			2020
Balance at beginning of year	$	149,224		$	136,507
Deferral of unearned revenue		55,379			49,552
Recognition of unearned revenue		(45,837	)		(42,707	)
Balance at end of period	$	158,766		$	143,352

The Company had no material contracted, but not recognized, revenue as of March 31, 2021 or December 31, 2020.

At March 31, 2021 and December 31, 2020, the Company had long-term unearned revenue of $18.4 million and $18.0 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.