Deferred Revenue And Remaining Performance Obligations

9 Months Ended

Sep. 30, 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 third quarter and first three quarters of 2022 and 2021 were as follows: 

	Third Quarter of				First Three Quarters of
(In millions)	2022		2021		2022		2021
Beginning balance of the period	$	685.2	$	606.1	$	631.8	$	613.8
Revenue recognized from prior year-end	(92.0)		(92.3)		(453.8)		(471.8)
Billings net of revenue recognized from current year	43.6		75.2		458.8		447.0
Ending balance of the period	$	636.8	$	589.0	$	636.8	$	589.0

Remaining Performance Obligations

At the end of the third quarter of 2022, approximately $1.5 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 $1.1 billion or 72% of our remaining performance obligations as revenue during the next 12 months and the remainder thereafter.