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Revenue | 3 Months Ended
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Jul. 31, 2020
Revenue From Contract With Customer [Abstract] |
Revenue | 6. Revenue Disaggregation of revenue The following table depicts the disaggregation of revenue by our products and services (in millions):
|  | Three Months Ended |
|  | July 31, 2020 |  |  | July 26, 2019 |
Product revenues |  | $ | 627 |  |  | $ | 644 |
Software maintenance revenues |  | 301 |  |  | 250 |
Hardware maintenance and other services revenues |  |  | 375 |  |  |  | 342 |
Hardware maintenance support contracts |  | 307 |  |  |  | 284 |
Professional and other services |  | 68 |  |  |  | 58 |
Net revenues |  | $ | 1,303 |  |  | $ | 1,236 |
Revenues by geographic region are presented in Note 15 – Segment, Geographic, and Significant Customer Information. Deferred revenue and financed unearned services revenue 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 31, 2020 |  |  | April 24, 2020 |
Deferred product revenue |  | $ | 49 |  |  | $ | 75 |
Deferred services revenue |  |  | 3,520 |  |  |  | 3,567 |
Financed unearned services revenue |  |  | 51 |  |  |  | 56 |
Total |  | $ | 3,620 |  |  | $ | 3,698 |
Reported as: |  |  |  |  |  |  |  |
Short-term |  | $ | 1,814 |  |  | $ | 1,894 |
Long-term |  |  | 1,806 |  |  |  | 1,804 |
Total |  | $ | 3,620 |  |  | $ | 3,698 |
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 16 – 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 31, 2020 |  |  | July 26, 2019 |
Balance at beginning of period |  | $ | 3,698 |  |  | $ | 3,668 |
Additions |  |  | 644 |  |  |  | 447 |
Revenue recognized during the period |  |  | (722 | ) |  |  | (605 | )
Balance at end of period |  | $ | 3,620 |  |  | $ | 3,510 |
During the three months ended July 31, 2020 and July 26, 2019, we recognized $661 million and $552 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 31, 2020, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer contracts that are unsatisfied or partially unsatisfied was $3,620 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. Deferred commissions 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 31, 2020 |  |  | July 26, 2019 |
Balance at beginning of period |  | $ | 156 |  |  | $ | 172 |
Additions |  |  | 21 |  |  |  | 16 |
Expense recognized during the period |  |  | (25 | ) |  |  | (25 | )
Balance at end of period |  | $ | 152 |  |  | $ | 163 |
|  | July 31, 2020 |  |  | April 24, 2020 |
Other current assets |  | $ | 64 |  |  | $ | 67 |
Other non-current assets |  |  | 88 |  |  |  | 89 |
Total deferred commissions |  | $ | 152 |  |  | $ | 156 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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