Deferred Revenue and Remaining Performance

12 Months Ended

Dec. 30, 2022

Revenue from Contract with Customer [Abstract]

Deferred Revenue and Remaining Performance Obligations

NOTE 11: DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS

Deferred Revenue

Changes in our deferred revenue during 2022 and 2021 were as follows: 

	2022		2021
(In millions)
Beginning balance of the period	$	631.8	$	613.8
Revenue recognized from prior year-end	(511.5)		(533.8)
Billings net of revenue recognized from current year	617.3		551.8
Ending balance of the period	$	737.6	$	631.8

Remaining Performance Obligations

At the end of 2022, approximately $1.6 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 $1.2 billion or 72% of our remaining performance obligations as revenue during the next 12 months and the remainder thereafter.