To provide visibility into our transition from older products to our newer, higher growth products and clarity into the dynamics of our product revenue, we group our products by “Strategic” and “Mature” solutions. As our product portfolio evolves, market dynamics change, and management continues to assess of our largest growth opportunities, we periodically change how we group certain products. Beginning in fiscal 2020, Strategic includes All-flash FAS (AFF) products, including all related add-on hardware and operating system (OS) software, private cloud solutions (including SolidFire, converged and hyper-converged infrastructure products, StorageGrid), enterprise software license agreements (ELAs) and other optional add-on software products. Mature now includes Hybrid FAS products, including all related add-on hardware and OS software, original equipment manufacturers (OEM) products, and branded E-Series. Prior to this grouping change, Hybrid FAS products and branded E-Series were included in Strategic, while all add-on hardware and OS software were included in Mature. For comparability, Strategic and Mature revenues presented for the prior year period have been recast based on the revised groupings.

In addition to the sale of our products and solutions, we provide a variety of services to our customers, including software maintenance, hardware maintenance and other services including professional services, global support solutions, and customer education and training.

The following table depicts the disaggregation of revenue by our products and services (in millions):

	Three Months Ended
	July 26, 2019		July 27, 2018
Product revenues	$	644	$	875
Strategic	337		475
Mature	307		400
Software maintenance revenues	250		229
Hardware maintenance and other services revenues	342		370
Hardware maintenance support contracts	284		303
Professional and other services	58		67
Net revenues	$	1,236	$	1,474

Revenues by geographic region are presented in Note 16 – Segment, Geographic, and Significant Customer Information.

The following table summarizes the components of our deferred revenue and financed unearned services balance as reported in our condensed consolidated balance sheets (in millions):

	July 26, 2019		April 26, 2019
Deferred product revenue	$	74	$	84
Deferred services revenue		3,361		3,502
Financed unearned services revenue		75		82
Total	$	3,510	$	3,668


Reported as:
Short-term	$	1,764	$	1,825
Long-term		1,746		1,843
Total	$	3,510	$	3,668

Deferred product revenue represents unrecognized revenue related to undelivered product commitments and other product deliveries that have not met all revenue recognition criteria. Deferred services revenue represents customer payments made in advance for services, which include software and hardware maintenance contracts and other services. Financed unearned services revenue represents undelivered services for which cash has been received under certain third-party financing arrangements. See Note 17 – Commitments and Contingencies for additional information related to these arrangements.

The following tables summarize the activity related to deferred revenue and financed unearned services revenue (in millions):

	Three Months Ended
	July 26, 2019			July 27, 2018
Balance at beginning of period	$	3,668		$	3,363
Additions		447			511
Revenue recognized during the period		(605	)		(614	)
Balance at end of period	$	3,510		$	3,260

During the three months ended July 26, 2019 and July 27, 2018, we recognized $552 million and $561 million, respectively, that was included in the deferred revenue and financed unearned services revenue balance at the beginning of the respective periods.

As of July 26, 2019, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer contracts that are unsatisfied or partially unsatisfied was $3,510 million, which is equivalent to our deferred revenue and unearned services revenue balance. Because customer orders are typically placed on an as-needed basis, and cancellable without penalty prior to shipment, orders in backlog may not be a meaningful indicator of future revenue and have not been included in this amount. We expect to recognize as revenue approximately 50% of our deferred revenue and financed unearned services revenue balance in the next 12 months, approximately 25% in the next 13 to 24 months, and the remainder thereafter.

The following tables summarize the activity related to deferred commissions and their balances as reported in our condensed consolidated balance sheets (in millions):

	Three Months Ended
	July 26, 2019			July 27, 2018
Balance at beginning of period	$	172		$	137
Additions		16			19
Expense recognized during the period		(25	)		(21	)
Balance at end of period	$	163		$	135

	July 26, 2019		April 26, 2019
Other current assets	$	71	$	75
Other non-current assets		92		97
Total deferred commissions	$	163	$	172