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Supplemental Financial Information | 12 Months Ended
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Apr. 24, 2020
Supplemental Financial Information [Abstract] |
Supplemental Financial Information | 6. Supplemental Financial Information Cash and cash equivalents (in millions): The following table presents cash and cash equivalents as reported in our consolidated balance sheets, as well as the sum of cash, cash equivalents and restricted cash as reported on our consolidated statement of cash flows:
|  | April 24, 2020 |  |  | April 26, 2019 |
Cash and cash equivalents |  | $ | 2,658 |  |  | $ | 2,325 |
Restricted cash |  |  | 8 |  |  |  | 6 |
Cash, cash equivalents and restricted cash |  | $ | 2,666 |  |  | $ | 2,331 |
Inventories (in millions):
|  | April 24, 2020 |  |  | April 26, 2019 |
Purchased components |  | $ | 28 |  |  | $ | 8 |
Finished goods |  |  | 117 |  |  |  | 123 |
Inventories |  | $ | 145 |  |  | $ | 131 |
Property and equipment, net (in millions):
|  | April 24, 2020 |  |  | April 26, 2019 |
Land |  | $ | 103 |  |  | $ | 106 |
Buildings and improvements |  |  | 597 |  |  |  | 605 |
Leasehold improvements |  |  | 89 |  |  |  | 86 |
Computer, production, engineering and other equipment |  |  | 802 |  |  |  | 817 |
Computer software |  |  | 359 |  |  |  | 357 |
Furniture and fixtures |  |  | 106 |  |  |  | 105 |
Construction-in-progress |  |  | 32 |  |  |  | 10 |
|  |  | 2,088 |  |  |  | 2,086 |
Accumulated depreciation and amortization |  |  | (1,361 | ) |  |  | (1,327 | )
Property and equipment, net |  | $ | 727 |  |  | $ | 759 |
In September 2017, we entered into an agreement to sell certain land and buildings located in Sunnyvale, California, with a book value of $118 million, for a total of $306 million, through two separate and independent closings. Upon the completion of the first closing in fiscal 2018, we consummated the sale of properties with a net book value of $66 million for cash proceeds of $210 million, resulting in a gain, net of direct selling costs, of $142 million. The remaining properties, consisting of land, were classified as assets held-for-sale, and included as other current assets in our consolidated balance sheets as of April 26, 2019. On August 26, 2019, the second closing occurred and we consummated the sale of the land, with a net book value of $53 million, and received cash proceeds of $96 million, resulting in a gain, net of direct selling costs, of $38 million. Depreciation and amortization expense related to property and equipment, net is summarized below (in millions):
|  | Year Ended |
|  | April 24, 2020 |  |  | April 26, 2019 |  |  | April 27, 2018 |
Depreciation and amortization expense |  | $ | 154 |  |  | $ | 150 |  |  | $ | 145 |
Other non-current assets (in millions):
|  | April 24, 2020 |  |  | April 26, 2019 |
Deferred tax assets |  | $ | 220 |  |  | $ | 201 |
Operating lease ROU assets |  |  | 137 |  |  |  | — |
Other assets |  |  | 342 |  |  |  | 389 |
Other non-current assets |  | $ | 699 |  |  | $ | 590 |
During fiscal 2019, we formed a joint venture with Lenovo (Beijing) Information Technology Ltd. (“Lenovo”) in China and, in February 2019, contributed assets to the newly formed entity, Lenovo NetApp Technology Limited (“LNTL”), in exchange for a non-controlling 49% equity interest. The group of assets we contributed and derecognized met the definition of a business and included cash, fixed assets, customer relationships and an allocation of goodwill, with an aggregate book value of $7 million. The fair value of our equity interest in LNTL of $80 million, based on discounted cash flows, resulted in a non-cash gain of $73 million. We accounted for our ownership interest as an equity method investment and have presented it in Other non-current assets on our consolidated balance sheet. The book value of our investment as of April 24, 2020 and April 26, 2019 was $67 million and $78 million, respectively, reflecting a $10 million other-than-temporary impairment charge recorded to other income (expense), net in the fourth quarter of fiscal 2020 attributable to a decline in growth rate projections for LNTL, in part due to the COVID-19 pandemic. LNTL is integral to our sales channel strategy in China, acting as a distributor of our offerings to customers headquartered there, and involved in certain OEM sales to Lenovo. It will also endeavor to localize our products and services, and to develop new joint offerings for the China market by leveraging NetApp and Lenovo technologies. . Accrued expenses (in millions):
|  | April 24, 2020 |  |  | April 26, 2019 |
Accrued compensation and benefits |  | $ | 322 |  |  | $ | 433 |
Product warranty liabilities |  |  | 26 |  |  |  | 25 |
Operating lease liabilities |  |  | 51 |  |  |  | — |
Other current liabilities |  |  | 375 |  |  |  | 393 |
Accrued expenses |  | $ | 774 |  |  | $ | 851 |
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 24, 2020 |  |  | April 26, 2019 |
Balance at beginning of period |  | $ | 40 |  |  | $ | 40 |
Expense accrued during the period |  |  | 26 |  |  |  | 22 |
Warranty costs incurred |  |  | (25 | ) |  |  | (22 | )
Balance at end of period |  | $ | 41 |  |  | $ | 40 |
|  | April 24, 2020 |  |  | April 26, 2019 |
Accrued expenses |  | $ | 26 |  |  | $ | 25 |
Other long-term liabilities |  |  | 15 |  |  |  | 15 |
Total warranty liabilities |  | $ | 41 |  |  | $ | 40 |
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. Other long-term liabilities (in millions):
|  | April 24, 2020 |  |  | April 26, 2019 |
Liability for uncertain tax positions |  | $ | 136 |  |  | $ | 252 |
Income taxes payable |  |  | 399 |  |  |  | 447 |
Product warranty liabilities |  |  | 15 |  |  |  | 15 |
Operating lease liabilities |  |  | 93 |  |  |  | — |
Other liabilities |  |  | 71 |  |  |  | 83 |
Other long-term liabilities |  | $ | 714 |  |  | $ | 797 |
Other income (expense), net (in millions):
|  | Year Ended |
|  | April 24, 2020 |  |  | April 26, 2019 |  |  | April 27, 2018 |
Interest income |  | $ | 48 |  |  | $ | 88 |  |  | $ | 79 |
Interest expense |  |  | (55 | ) |  |  | (58 | ) |  |  | (62 | )
Other income, net |  |  | 6 |  |  |  | 17 |  |  |  | 24 |
Other income (expense), net |  | $ | (1 | ) |  | $ | 47 |  |  | $ | 41 |
Statements of cash flows additional information (in millions): Non-cash investing and financing activities and supplemental cash flow information are as follows:
|  | Year Ended |
|  | April 24, 2020 |  |  | April 26, 2019 |  |  | April 27, 2018 |
Non-cash Investing and Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures incurred but not paid |  | $ | 15 |  |  | $ | 9 |  |  | $ | 24 |
Non-cash extinguishment of sale-leaseback financing obligations |  | $ | — |  |  | $ | — |  |  | $ | 130 |
Supplemental Cash Flow Information: |  |  |  |  |  |  |  |  |  |  |  |
Income taxes paid, net of refunds |  | $ | 276 |  |  | $ | 205 |  |  | $ | 87 |
Interest paid |  | $ | 50 |  |  | $ | 53 |  |  | $ | 58 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 + Details
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