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.

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.

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