Revenues

9 Months Ended

Jan. 01, 2021

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

Contract liabilities

During the three and nine months ended January 1, 2021, we recognized $450 million and $971 million from the contract liabilities balance at October 2, 2020 and April 3, 2020, respectively. During the three and nine months ended January 3, 2020, we recognized $430 million and $951 million from the contract liabilities balance at October 4, 2019 and March 29, 2019, respectively.

Remaining performance obligations

Remaining performance obligations represent contracted revenue that has not been recognized, which include contract liabilities and amounts that will be billed and recognized as revenue in future periods. As of January 1, 2021, we had $738 million of remaining performance obligations (excluding customer deposit liabilities of $397 million), of which we expect to recognize approximately 94% as revenue over the next twelve months.