Deferred Revenue And Remaining Performance Obligations

3 Months Ended

Mar. 31, 2023

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 first quarter of 2023 and 2022 were as follows: 

	First Quarter of
(In millions)	2023		2022
Beginning balance of the period	$	737.6	$	631.8
Revenue recognized from prior year-end	(293.5)		(234.6)
Billings net of revenue recognized from current year	316.7		306.7
Ending balance of the period	$	760.8	$	703.9

Remaining Performance Obligations

At the end of the first quarter of 2023, 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.