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Deferred Revenue and Other Contract Liabilities
 6 Months Ended
Jul. 03, 2021
Revenue Recognition and Deferred Revenue [Abstract]  
Deferred Revenue and Other Contract Liabilities
13. Deferred Revenue and Other Contract Liabilities, Current
Deferred revenue and other contract liabilities consist of the following (in thousands):
July 3,
2021		January 2,
2021
Deferred revenue$33,132 $33,221 
Accrued rebates and allowances9,583 12,127 
Accrued customer reimbursements5,218 3,829 
     Total deferred revenue and other contract liabilities47,933 49,177 
Less: Non-current portion of deferred revenue(3,775)(4,242)
     Deferred revenue and other contract liabilities - current$44,158 $44,935 
Deferred revenue relates to contracted amounts that have been invoiced to customers for which remaining performance obligations must be completed before the Company can recognize the revenue. These amounts primarily relate to undelivered equipment, sensors and services under deferred equipment agreements, extended warranty agreements and maintenance agreements.
Changes in deferred revenue were as follows (in thousands):
Six Months Ended
July 3,
2021
Deferred revenue, beginning of the period$33,221 
  Revenue deferred during the period16,888 
  Recognition of revenue deferred in prior periods(16,977)
     Deferred revenue, end of the period$33,132 
Expected revenue from remaining contractual performance obligations (Unrecognized Contract Revenue) includes deferred revenue, as well as other amounts that will be invoiced and recognized as revenue in future periods, when the Company completes its performance obligations. While Unrecognized Contract Revenue is similar in concept to backlog, Unrecognized Contract Revenue excludes revenue allocable to monitoring-related equipment that is effectively leased to customers under deferred equipment agreements and other contractual obligations for which neither party has performed.
As of July 3, 2021, the Company had approximately $949.1 million of Unrecognized Contract Revenue related to executed contracts with an original duration of five years or more. The Company expects to recognize approximately $265.6 million of this amount as revenue within the next twelve months and the remaining balance thereafter.
The estimated timing of this revenue is based, in part, on management’s estimates and assumptions about when its performance obligations will be completed. As a result, the actual timing of this revenue in future periods may vary, possibly materially