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Deferred Revenue and Performance Obligations
 3 Months Ended
May 31, 2019
Revenue from Contract with Customer [Abstract]  
Deferred Revenue and Performance Obligations Deferred Revenue and Performance Obligations
Activity in the Company’s deferred revenue accounts is presented in the following table (in thousands):
 
 
February 28, 2019
 
Revenue recognized from opening balance
 
Deferred revenue, net (1)
 
May 31, 2019
Deferred revenue, short-term
 
$
2,161,206

 
$
(705,210
)
 
$
560,492

 
$
2,016,488

Deferred revenue, long-term
 
821,218

 
—

 
(40,175
)
 
781,043

Total deferred revenue
 
$
2,982,424

 
$
(705,210
)
 
$
520,317

 
$
2,797,531

____________________ 
(1) 
Includes revenue recognized from current period customer contracts and the impact from foreign currency exchange rate fluctuations.
As of May 31, 2019, the value of customer contracts allocated to performance obligations not yet satisfied, including $2.80 billion of total deferred revenue, was approximately $3.75 billion, of which approximately 60% is expected to be recognized as revenue within the next 12 months and the remainder thereafter.
In addition to the approximately $3.75 billion of customer contract value allocated to performance obligations not yet satisfied, as of May 31, 2019, the Company has offered customers options to purchase additional services at an agreed-upon price per hour that total approximately $163.9 million.
The summation of the customer contract value allocated to performance obligations not yet satisfied and the options to purchase additional services equals approximately $3.91 billion, which the Company considers as its total backlog.