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CONTRACT ASSETS AND DEFERRED REVENUE
 9 Months Ended
Sep. 27, 2024
Revenue from Contract with Customer [Abstract]  
CONTRACT ASSETS AND DEFERRED REVENUE CONTRACT ASSETS AND DEFERRED REVENUE
Contract assets exist when the Company has satisfied a performance obligation but does not have an unconditional right to consideration (e.g., because the entity first must satisfy another performance obligation in the contract before it is entitled to invoice the customer). Deferred revenue represents the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer.
Contract assets and deferred revenue consisted of the following:
As of
(in thousands)September 27, 2024December 31, 2023
Contract assets$4,360 $4,772 
Deferred revenue$61,834 $59,705 
Contract assets and the non-current portion of deferred revenue are reported as components of “Prepaid expenses and other current assets” and “Other non-current liabilities,” respectively, on the condensed consolidated balance sheets.
Revenue recognized during the three months ended September 27, 2024 and September 29, 2023, that was included within the deferred revenue balance at January 1, 2024 and January 1, 2023, was $8.0 million and $9.6 million, respectively. Revenue recognized during the nine months ended September 27, 2024 and September 29, 2023, that was included within the deferred revenue balance at January 1, 2024 and January 1, 2023, was $34.6 million and $44.9 million, respectively.
Remaining performance obligations represent contracted revenues that have not yet been recognized and include deferred revenue and unbilled amounts that will be recognized as revenue in the future. The aggregate balance of the Company’s remaining performance obligations as of September 27, 2024 was $584.7 million, 55% of which is expected to be recognized as revenue over the next 12 months and the remainder thereafter.
Refer to Note 10, “Segment Information” for disaggregated revenue information.