Deferred Revenue And Remaining Performance Obligations

3 Months Ended

Apr. 01, 2022

Revenue Recognition and Deferred Revenue [Abstract]

DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS

DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS

Deferred Revenue

Changes in our deferred revenue during the first quarter of 2022 and 2021 were as follows: 

	First Quarter of
(In millions)	2022		2021
Beginning balance of the period	$	631.8	$	613.8
Revenue recognized	(234.6)		(247.3)
Billing and other net activities	306.7		252.4
Ending balance of the period	$	703.9	$	618.9

Remaining Performance Obligations

At the end of the first quarter of 2022, approximately $1.7 billion of revenue is expected to be recognized from remaining performance obligations for which goods or services have not been delivered, primarily subscription, software, and software maintenance, and to a lesser extent, hardware and professional services contracts. We expect to recognize $1.3 billion or 75% of our remaining performance obligations as revenue during the next 12 months and the remainder thereafter.