5. Balance Sheet Details

Cash and cash equivalents (in millions):

	July 29, 2016		April 29, 2016
Cash	$	2,121	$	2,714
Cash equivalents		173		154
Cash and cash equivalents	$	2,294	$	2,868

Inventories (in millions):

	July 29, 2016		April 29, 2016
Purchased components	$	11	$	10
Finished goods		70		88
Inventories	$	81	$	98

Property and equipment, net (in millions):

	July 29, 2016			April 29, 2016
Land	$	215		$	215
Buildings and improvements		605			605
Leasehold improvements		106			106
Computer, production, engineering and other equipment		744			751
Computer software		352			352
Furniture and fixtures		88			88
Construction-in-progress		108			74
		2,218			2,191
Accumulated depreciation and amortization		(1,276	)		(1,254	)
Property and equipment, net	$	942		$	937

Other non-current assets (in millions):

	July 29, 2016		April 29, 2016
Deferred tax assets	$	599	$	621
Other assets		178		175
Other non-current assets	$	777	$	796

Accrued expenses (in millions):

	July 29, 2016		April 29, 2016
Accrued compensation and benefits	$	239	$	371
Product warranty liability		40		48
Other current liabilities		282		346
Accrued expenses	$	561	$	765

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 condensed consolidated balance sheets (in millions):

	Three Months Ended
	July 29, 2016			July 31, 2015
Balance at beginning of period	$	70		$	86
Expense accrued during the period		4			9
Warranty costs incurred		(13	)		(14	)
Balance at end of period	$	61		$	81

	July 29, 2016		April 29, 2016
Accrued expenses	$	40	$	48
Other long-term liabilities		21		22
Total warranty liabilities	$	61	$	70

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):

	July 29, 2016		April 29, 2016
Deferred product revenue	$	63	$	68
Deferred services revenue		3,017		3,100
Financed unearned services revenue		220		217
Total	$	3,300	$	3,385

Reported as:
Short-term	$	1,724	$	1,794
Long-term		1,576		1,591
Total	$	3,300	$	3,385

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 15 for additional information related to these arrangements.