UNEARNED REVENUE

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2021 and 2020 were $46.5 million and $43.2 million, respectively and $92.3 million and $85.9 million respectively. Changes in unearned revenue were as follows:

	Six Months Ended June 30,
(in thousands)	2021			2020
Balance at beginning of year	$	149,224		$	136,507
Deferral of unearned revenue		116,034			105,928
Recognition of unearned revenue		(92,307	)		(85,936	)
Balance at end of period	$	172,951		$	156,499

As of June 30, 2021 and December 31, 2020, the Company had long-term unearned revenue of $21.6 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.