Quarterly report pursuant to Section 13 or 15(d)

UNEARNED REVENUE

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UNEARNED REVENUE
 3 Months Ended
Mar. 31, 2019
Revenue from Contract with Customer [Abstract]  
UNEARNED REVENUE

NOTE 7.           UNEARNED REVENUE

 

Changes in unearned revenue were as follows:

 

For the period ended   March 31,   December 31,   March 31,
(in thousands)   2019   2018   2018
Balance at beginning of year   $ 127,075     $ 117,614     $ 117,614  
Deferral of unearned revenue     47,737       166,053       47,725  
Recognition of unearned revenue     (39,958 )     (156,592 )     (38,309 )
Balance at end of period   $ 134,854     $ 127,075     $ 126,530  

 

Deferred revenue recognized in the three months ended March 31, 2019 and 2018 was $40.0 million and $38.8 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 March 31, 2019 or December 31, 2018.

 

At March 31, 2019 and December 31, 2018, the Company had long-term unearned revenue of $10.9 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.