7. Balance Sheet Details

Cash and cash equivalents (in millions):

	April 29, 2016		April 24, 2015
Cash	$	2,714	$	1,666
Cash equivalents		154		256
Cash and cash equivalents	$	2,868	$	1,922

Inventories (in millions):

	April 29, 2016		April 24, 2015
Purchased components	$	10	$	36
Finished goods		88		110
Inventories	$	98	$	146

Other current assets (in millions):

	April 29, 2016		April 24, 2015
Prepaid expenses and other current assets	$	234	$	268
Deferred tax assets		—		254
Other current assets	$	234	$	522

Property and equipment, net (in millions):

	April 29, 2016			April 24, 2015
Land	$	215		$	265
Buildings and improvements		605			607
Leasehold improvements		106			107
Computer, production, engineering and other equipment		751			754
Computer software		352			372
Furniture and fixtures		88			85
Construction-in-progress		74			33
		2,191			2,223
Accumulated depreciation and amortization		(1,254	)		(1,193	)
Property and equipment, net	$	937		$	1,030

On April 19, 2016, we sold certain buildings and land in Sunnyvale, California which had a net book value of $118 million at the time of sale, for $250 million in cash. As described in Note 10 – Financing Arrangements, certain of the properties did not qualify as sales under accounting standards due to continuing involvement related to leaseback arrangements. The remaining properties, which had a net book value of $51 million and related sales proceeds of $102 million, were recognized as sales, resulting in a gain of $51 million in fiscal 2016.

Depreciation and amortization expense related to property and equipment, net is summarized below (in millions):

Year Ended

April 29,

2016

April 24,

2015

April 25,

2014

Depreciation and amortization expense

212

243

275

Other non-current assets (in millions):

	April 29, 2016		April 24, 2015
Deferred tax assets	$	621	$	256
Other assets		175		225
Other non-current assets	$	796	$	481

Accrued expenses (in millions):

	April 29, 2016		April 24, 2015
Accrued compensation and benefits	$	371	$	359
Product warranty liability		48		58
Other current liabilities		346		284
Accrued expenses	$	765	$	701

Product warranty liabilities:

Equipment and software systems sales include a standard product warranty. The following tables summarize the activity related to product warranty liabilities and their balances as reported in our consolidated balance sheets (in millions):

	Year Ended
	April 29, 2016			April 24, 2015
Balance at beginning of period	$	86		$	110
Expense accrued during the period		35			35
Warranty costs incurred		(51	)		(59	)
Balance at end of period	$	70		$	86

	April 29, 2016		April 24, 2015
Accrued expenses	$	48	$	58
Other long-term liabilities		22		28
Total warranty liabilities	$	70	$	86

Warranty expense accrued during the period includes amounts accrued for systems at the time of shipment, adjustments for changes in estimated costs for warranties on systems shipped in the period and changes in estimated costs for warranties on systems shipped in prior periods.

Deferred revenue and financed unearned services revenue (in millions):

	April 29, 2016		April 24, 2015
Deferred product revenue	$	68	$	17
Deferred services revenue		3,100		3,075
Financed unearned services revenue		217		105
Total	$	3,385	$	3,197

Reported as:
Short-term	$	1,794	$	1,724
Long-term		1,591		1,473
Total	$	3,385	$	3,197

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 18 for additional information related to these arrangements.