CISCO SYSTEMS, INC. | 2013 | FY | 3

The aggregate amounts of financing guarantees outstanding at July 27, 2013 and July 28, 2012, representing the total maximum potential future payments under financing arrangements with third parties along with the related deferred revenue, are summarized in the following table (in millions):
 
July 27, 2013
 
July 28, 2012
Maximum potential future payments relating to financing guarantees:
 
 
 
Channel partner
$
438

 
$
277

End user
237

 
232

Total
$
675

 
$
509

Deferred revenue associated with financing guarantees:
 
 
 
Channel partner
$
(225
)
 
$
(193
)
End user
(191
)
 
(200
)
Total
$
(416
)
 
$
(393
)
Maximum potential future payments relating to financing guarantees, net of associated deferred revenue
$
259

 
$
116

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