Quarterly report pursuant to Section 13 or 15(d)

REVENUE

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REVENUE
6 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Contract Balances
The following table represents the opening and closing balances of accounts receivable, net, contract assets and contract liabilities as of the indicated dates.
As of As of
(Dollar amounts in thousands) December 31, 2021 June 30, 2021 $ Change % Change
Accounts receivable, net $ 1,728,376  $ 1,305,479  $ 422,897  32  %
Contract assets $ 96,676  $ 91,052  $ 5,624  %
Contract liabilities $ 842,880  $ 667,703  $ 175,177  26  %
Our payment terms and conditions vary by contract type, although the terms generally include a requirement of payment of 70% to 90% of total contract consideration within 30 to 60 days of product shipment, with the remainder payable within 30 days of acceptance.
The change in contract assets during the six months ended December 31, 2021 was mainly due to $62.1 million of revenue recognized for which the payment is subject to conditions other than passage of time, partially offset by $56.9 million of contract assets reclassified to net accounts receivable as our right to consideration for these contract assets became unconditional. Contract assets are included in Other current assets on our Condensed Consolidated Balance Sheets.
The change in contract liabilities during the six months ended December 31, 2021 was mainly due to the recognition in revenue of $424.4 million that was included in contract liabilities as of July 1, 2021, partially offset by the value of products and services billed to customers for which control of the products and service has not transferred to the customers. The change in contract liabilities during the six months ended December 31, 2020 was mainly due to the recognition in revenue of $439.9 million that was included in contract liabilities as of July 1, 2020, partially offset by the value of products and services billed to customers for which control of the products and service has not transferred to the customers. Contract liabilities are included in current and non-current liabilities on our Condensed Consolidated Balance Sheets.

Remaining Performance Obligations
As of December 31, 2021, we had $8.35 billion of remaining performance obligations, which represents our obligation to deliver products and services, and consists primarily of sales orders where written customer requests have been received. We expect to recognize approximately 25% to 40% of these performance obligations as revenue beyond the next 12 months, but this estimate is subject to constant change depending upon supply chain constraints, customer slot change requests and potential elevated demand levels which could have even longer lead times.
Refer to Note 18 “Segment Reporting and Geographic Information” to our Condensed Consolidated Financial Statements for information related to revenues by geographic region as well as significant product and service offerings.