NOTE 15 — UNEARNED REVENUE

Unearned revenue by segment was as follows:

(In millions)


June 30,	2018		2017

Productivity and Business Processes	$	14,864	$	12,692
Intelligent Cloud		14,706		11,152
More Personal Computing		3,150		2,812


Total	$	32,720	$	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)


Year Ended June 30, 2018

Balance, beginning of period	$	26,656
Deferral of revenue		61,142
Recognition of unearned revenue		(55,078	)


Balance, end of period	$	32,720

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 $73 billion as of June 30, 2018, of which we expect to recognize approximately 60% of the revenue over the next 12 months and the remainder thereafter.