Revenues

6 Months Ended

Sep. 29, 2023

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

Contract liabilities

During the three and six months ended September 29, 2023, we recognized $693 million and $1,206 million from the contract liabilities balances as of June 30, 2023 and March 31, 2023, respectively. During the three and six months ended September 30, 2022, we recognized $502 million and $875 million from the contract liabilities balances as of July 1, 2022 and April 1, 2022, respectively.

Remaining performance obligations

Remaining performance obligations represent contract revenue that has not been recognized, which include contract liabilities and amounts that will be billed and recognized as revenue in future periods. As of September 29, 2023, we had $1,148 million of remaining performance obligations, excluding customer deposit liabilities of $524 million, of which we expect to recognize approximately 94% as revenue over the next 12 months.

See Note 17 for tabular disclosures of disaggregated revenue by solution and geographic region.