NOTE 14 — UNEARNED REVENUE

Unearned revenue by segment was as follows:

(In millions)


	March 31, 2018		June 30, 2017

Productivity and Business Processes	$	11,185	$	12,692
Intelligent Cloud		9,987		11,152
More Personal Computing		2,783		2,812


Total	$	23,955	$	26,656

The opening balance of unearned revenue was $22.2 billion as of July 1, 2016.

Changes in unearned revenue were as follows:

(In millions)


Nine Months Ended March 31, 2018

Balance, beginning of period	$	26,656
Deferral of revenue		37,217
Recognition of unearned revenue		(39,918	)


Balance, end of period	$	23,955

Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized (“contracted not recognized revenue”), which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted not recognized revenue was $61 billion as of March 31, 2018, of which we expect to recognize approximately 60% of the revenue over the next 12 months and the remainder thereafter.