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Revenue Recognition | 6 Months Ended
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Jun. 30, 2021
Revenue from Contract with Customer [Abstract] |
Revenue Recognition |
13. Revenue Recognition
Transaction price allocated to the remaining performance obligations As of June 30, 2021, approximately $797 million of revenue is expected to be recognized from remaining performance obligations. We expect to recognize revenue on approximately 55% of these remaining performance obligations over the next 12 months, with the remainder recognized thereafter. We applied the practical expedient in ASC 606-10-50-14 and have excluded the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less (one-time services); and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed (transactional revenue). Contract balances Our contract assets as of June 30, 2021 and December 31, 2020 were insignificant. Our opening and closing balances of deferred revenue were as follows:
(in thousands) | June 30, 2021 | December 31, 2020
Total deferred revenue | $ | 345,419 |  | $ | 316,914 |
The increase in deferred revenue during the six months ended June 30, 2021 was primarily due to a seasonal increase in customer contract renewals and, to a lesser extent, early progress in initiatives to bring our pricing in line with the market. Historically, due to the timing of customer budget cycles, we have an increase in customer contract renewals at or near the beginning of our third quarter. The amount of revenue recognized during the six months ended June 30, 2021 that was included in the deferred reven ue balance at the beginning of the period was approximately $229 million. The amount of revenue recognized during the six months ended June 30, 2021 from performance obligations satisfied in prior periods was insignificant. Disaggregation of revenue We sell our cloud solutions and related services in three primary geographical markets: to customers in the United States, to customers in the United Kingdom and to customers located in other countries. The following table presents our revenue by geographic area based on the address of our customers:
| Three months ended June 30, |  | Six months ended June 30,
(dollars in thousands) | 2021 | 2020 |  | 2021 | 2020
United States | $ | 192,000 |  | $ | 189,304 |  |  | $ | 377,327 |  | $ | 383,263 |
United Kingdom | 24,505 |  | 29,535 |  |  | 46,810 |  | 45,359 |
Other countries | 12,935 |  | 13,152 |  |  | 24,494 |  | 26,990 |
Total revenue | $ | 229,440 |  | $ | 231,991 |  |  | $ | 448,631 |  | $ | 455,612 |
Beginning in the second quarter of 2021, we combined our General Markets Group ("GMG") and Enterprise Markets Group ("EMG") into a single U.S. Markets Group ("UMG") and moved our Corporations vertical under our International Markets Group ("IMG"). This change was made to better align our resources toward customer retention and growth, which are key objectives as we progress toward our long-term aspirational goals. The UMG and the IMG comprised our go-to-market organizations as of June 30, 2021. The following is a description of each market group as of that date: •The UMG focuses on sales primarily to all prospects and customers inside of the U.S.; and •The IMG focuses on sales primarily to all prospects and customers outside of the U.S, as well as corporations. The following table presents our revenue by market group:
| Three months ended June 30, |  | Six months ended June 30,
(dollars in thousands) | 2021 | 2020(1) |  | 2021 | 2020(1)
UMG | $ | 179,436 |  | $ | 182,925 |  |  | $ | 352,903 |  | $ | 370,544 |
IMG | 50,028 |  | 49,790 |  |  | 95,797 |  | 85,828 |
Other | (24) |  | (724) |  |  | (69) |  | (760) |
Total revenue | $ | 229,440 |  | $ | 231,991 |  |  | $ | 448,631 |  | $ | 455,612 |
(1)Due to the market group change discussed above, we have recast our revenue by market group for the three and six months ended June 30, 2020 to present them on a consistent basis with the current year. The following table presents our recurring revenue by type:
| Three months ended June 30, |  | Six months ended June 30,
(dollars in thousands) | 2021 | 2020 |  | 2021 | 2020
Contractual recurring | $ | 151,150 |  | $ | 148,214 |  |  | $ | 297,971 |  | $ | 295,958 |
Transactional recurring | 65,836 |  | 68,046 |  |  | 125,765 |  | 125,169 |
Total recurring revenue | $ | 216,986 |  | $ | 216,260 |  |  | $ | 423,736 |  | $ | 421,127 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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