Deferred Revenue and Remaining Performance

12 Months Ended

Jan. 01, 2021

Revenue from Contract with Customer [Abstract]

Deferred Revenue and Remaining Performance Obligations

DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS

Deferred Revenue

Changes in our deferred revenue during fiscal 2020 and 2019 were as follows: 

Fiscal Years	2020		2019
(In millions)
Beginning balance of the period	$	541.9	$	387.2
Revenue recognized	(476.9)		(341.3)
Net deferred revenue activity	548.8		496.0
Ending balance of the period	$	613.8	$	541.9

Remaining Performance Obligations

As of the end of fiscal 2020, approximately $1.3 billion of revenue is expected to be recognized from remaining performance obligations for which goods or services have not been delivered, primarily subscription, software, maintenance and support, and to a lesser extent, hardware and professional services. We expect to recognize $1.0 billion or 73% of our remaining performance obligations as revenue during the next 12 months. We expect to recognize the remaining $0.3 billion or 27% of our remaining performance obligations as revenue thereafter.