Deferred Revenue And Remaining Performance Obligations

12 Months Ended

Dec. 29, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Deferred Revenue And Remaining Performance Obligations

NOTE 12: DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS

Deferred Revenue

Changes in our deferred revenue during 2023 and 2022 were as follows: 

(In millions)	2023		2022
Beginning balance of the period	$	737.6	$	631.8
Revenue recognized from prior year-end	(607.8)		(511.5)
Billings net of revenue recognized from current year	631.6		617.3
Ending balance of the period	$	761.4	$	737.6

Remaining Performance Obligations

At the end of 2023, approximately $1.8 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 70% of our remaining performance obligations as revenue during the next 12 months and the remainder thereafter.