We generate revenue primarily from the sale of products and services, both as a principal and as an agent. We generate all of our operating revenue from contracts with customers. Our revenue excludes sales and usage-based taxes collected.

Revenue from product sales and services is reported net of sales refunds, which includes an estimate of future returns and contract cancellations based on historical refund rates, with a corresponding reduction to cost of sales. For revenue transactions that involve more than one performance obligation, we defer the revenue associated with any unsatisfied performance obligation until the obligation is satisfied.

Our contract liabilities primarily relate to product merchandise not yet delivered to customers; unredeemed gift cards; services not yet completed; and options that provide a material right to customers, such as our customer loyalty programs. We do not have any material contract assets.

Information about our contracts with customers, which reflects the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied, was as follows ($ in millions):



	November 2, 2019		February 2, 2019		November 3, 2018
Receivables, net⁽¹⁾	$	591	$	565	$	588
Short-term contract liabilities included in:
Unredeemed gift cards		271		290		281
Deferred revenue		445		446		449
Accrued liabilities		145		146		149
Long-term contract liabilities included in:
Long-term liabilities		9		11		12

(1)Receivables are recorded net of allowances for doubtful accounts of $13 million, $13 million, and $15 million as of November 2, 2019, February 2, 2019, and November 3, 2018, respectively.

During the first nine months of fiscal 2020 and 2019, $762 million and $729 million of revenue was recognized, respectively, that was included in the contract liabilities at the beginning of the respective periods. No revenue was recognized from performance obligations satisfied in previous periods.

Revenue from our contract liabilities expected to be recognized in future periods if performance of the contract is expected to have a duration of more than one year is as follows ($ in millions):



	November 2, 2019⁽¹⁾
Remainder of fiscal 2020	$	3
Fiscal 2021		8
Fiscal 2022		4
Fiscal 2023		1
Thereafter		-

(1)Amounts exclude unsatisfied performance obligations from contract liability balances with a duration of one year or less. The estimated transaction price revenue disclosed above also does not include amounts of variable consideration attributable to contracts where the consideration is constrained at November 2, 2019.