DEFERRED REVENUES

6 Months Ended

Nov. 30, 2020

Deferred Revenue Disclosure [Abstract]

DEFERRED REVENUES

6. DEFERRED REVENUES

Deferred revenues consisted of the following:

(in millions)	November 30, 2020		May 31, 2020
Cloud services and license support	$	7,057	$	6,996
Hardware		570		613
Services		395		365
Cloud license and on-premise license		40		28
Deferred revenues, current		8,062		8,002
Deferred revenues, non-current (in other non-current liabilities)		656		597
Total deferred revenues	$	8,718	$	8,599

Deferred cloud services and license support revenues and deferred hardware revenues substantially represent customer payments made in advance for cloud or support contracts that are typically billed in advance with corresponding revenues generally being recognized ratably over the contractual periods. Deferred services revenues include prepayments for our services business and revenues for these services are generally recognized as the services are performed. Deferred cloud license and on-premise license revenues typically resulted from customer payments that related to undelivered products and services or specified enhancements.

In connection with our acquisitions, we have estimated the fair values of the cloud services and license support performance obligations assumed from our acquired companies. Refer to Note 9 of Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2020 for further explanation of these estimates.