v3.20.2
Revenue Recognition
 9 Months Ended
Sep. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
3. Revenue Recognition
Contract Balances
The Company’s contract liabilities consist of deferred revenue and customer deposits. The changes in the Company’s contract liabilities were as follows (in thousands):
 
   
Nine Months Ended
September 30, 2020
Balance, beginning of period
  $794,811
Billings and other
(1)
   608,033
Revenue recognized
   (770,582) 
Refunds accrued or paid to customers
   (10,000) 
  
 
 
 
Balance, end of period
  $          622,262
  
 
 
 
 
  
(1)
  Other primarily includes the impact of foreign currency translation.
   
Remaining Performance Obligations
The Company’s arrangements with its customers often have terms that span over multiple years. However, the Company generally allows its customers to terminate contracts for convenience prior to the end of the stated term with less than twelve months’ notice. Revenue allocated to remaining performance obligations represents noncancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. The Company has elected the practical expedient allowing the Company to not disclose remaining performance obligations for contracts with original terms of twelve months or less. Cancelable contracted revenue, which includes customer deposits, is not considered a remaining performance obligation.
The Company’s remaining performance obligations were $321.6 million as of September 30, 2020, of which the Company expects to recognize approximately 58% as revenue over the next twelve months.
Disaggregation of Revenue
See
Note 14. Segment and Geographic Information
for disaggregated revenue by customer segment and geographic region.