Gross receivables include both billed and unbilled receivables (including Contract Assets). As of January 1, 2022, and July 3, 2021, the Company had total unbilled receivables of $7.7 million and $6.2 million, respectively.

The Company also has short-term and long-term deferred revenues related to undelivered product and professional services, consisting of installations and consulting engagements, which are recognized as the Company's performance obligations under the contract are completed and accepted by the customer.

The following tables summarize the activity related to deferred revenue (in millions):


	January 1, 2022
	Three Months Ended		Six Months Ended
Deferred revenue:
Balance at beginning of period	$	85.1	$	89.5
Revenue deferrals for new contracts (1)	29.7		56.7
Revenue recognized during the period (2)	(33.6)		(65.0)
Balance at end of period (3)	$	81.2	$	81.2

(1) Included in these amounts is the impact from foreign currency exchange rate fluctuations.

(2) Revenue recognized during the period represents releases from the balance at the beginning of the period as well as releases from the current period deferrals.

(3) The long-term portion of deferred revenue is included as a component of other non-current liabilities on the Consolidated Balance Sheets and included below.

Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, adjustments for revenue that have not materialized, and adjustments for currency.

The value of the transaction price allocated to remaining performance obligations as of January 1, 2022, was $271.8 million. The Company expects to recognize approximately 92% of remaining performance obligations as revenue within the next 12 months, and the remainder thereafter.

The following table presents the activities and balances for allowance for credit losses (in millions):


	July 3, 2021		Charged to Costs and Expenses		Deductions (1)		January 1, 2022
Allowance for credit losses	$	2.0	$	0.4	$	(0.9)	$	1.5

(1) Represents the effect of currency translation adjustments and write-offs of uncollectible accounts, net of recoveries.

The following table presents the components of inventories, net (in millions):


	January 1, 2022		July 3, 2021
Finished goods	$	44.9	$	41.0
Work in process	15.9		16.6
Raw materials	53.6		37.3
Inventories, net	$	114.4	$	94.9

The following table presents the components of prepayments and other current assets (in millions):


	January 1, 2022		July 3, 2021
Prepayments	$	13.4	$	13.4
Asset held for sale	6.5		6.5
Advances to contract manufacturers	14.4		10.1
Refundable income taxes	8.2		5.9
Transaction tax receivables	18.6		13.2
Other current assets	8.3		7.9
Prepayments and other current assets	$	69.4	$	57.0

The following table presents the components of other current liabilities (in millions):


	January 1, 2022		July 3, 2021

Customer prepayments	$	1.5	$	0.4
Restructuring accrual	—		0.5
Income tax payable	9.3		22.6
Warranty accrual, current	4.6		4.3
Transaction tax payable	5.3		4.9

Operating lease liabilities (Note 12)	9.7		11.6

Other	16.4		12.8
Other current liabilities	$	46.8	$	57.1

The following table presents components of other non-current liabilities (in millions):


	January 1, 2022		July 3, 2021
Pension and post-employment benefits	$	91.9	$	97.0
Financing obligation	16.0		16.1
Deferred tax liability	17.3		24.3
Long-term deferred revenue	18.4		19.8
Warranty accrual, non-current	6.2		5.4
Operating lease liabilities (Note 12)	32.1		30.8
Uncertain tax position	10.5		18.3
Other	11.5		14.3
Other non-current liabilities	$	203.9	$	226.0