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REVENUES | 12 Months Ended
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Dec. 31, 2020
Revenues [Abstract] |
REVENUES | NOTE 16:-REVENUES The Company recognizes contract liabilities, or deferred revenues, when it receives advance payments from customers before performance obligations have been performed. The balance of deferred revenues approximates the aggregate amount of the transaction price allocated to the unsatisfied performance obligations at the end of reporting period. The following table presents the significant changes in the deferred revenue balance during the year ended December 31, 2020:
|  | Year ended December 31, 2019 |  |  | Year ended December 31, 2020 |
Balance, beginning of the period |  | $ | 3,873 |  |  | $ | 7,999 |
New performance obligations |  |  | 11,195 |  |  |  | 5,210 |
Reclassification to revenue as a result of satisfying performance obligations |  |  | (7,069 | ) |  |  | (2,222 | )
Balance, end of the period |  |  | 7,999 |  |  |  | 10,987 |
Less: long-term portion of deferred revenue |  |  | 6,265 |  |  |  | 7,495 |
Current portion, end of period |  | $ | 1,734 |  |  | $ | 3,492 |
F - 45 CERAGON NETWORKS LTD. AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS U.S. dollars in thousands (except share data) NOTE 16:-REVENUES (Cont.) Remaining performance obligations represent contracted revenues that have not yet been recognized, which includes deferred revenues and non-cancelable contracts that will be recognized as revenue in future periods. The following table represents the remaining performance obligations as of December 31, 2020, which are expected to be satisfied and recognized in future periods:
|  | 2021 |  |  | 2022 |  |  | 2023 and thereafter |
Unsatisfied performance obligations |  | $ | 4,320 |  |  | $ | 216 |  |  | $ | 8,129 |
The Company elected to apply the optional exemption under ASC 606 paragraph 10-50-14(a) not to disclose the remaining performance obligations that relate to contracts with an original expected duration of one year or less for which deferred revenues have not been recorded yet.

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