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Supplemental Financial Information | 12 Months Ended
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Apr. 30, 2021
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 statements of cash flows:
|  | April 30, 2021 |  |  | April 24, 2020 |
Cash and cash equivalents |  | $ | 4,529 |  |  | $ | 2,658 |
Restricted cash |  |  | 6 |  |  |  | 8 |
Cash, cash equivalents and restricted cash |  | $ | 4,535 |  |  | $ | 2,666 |
Inventories (in millions):
|  | April 30, 2021 |  |  | April 24, 2020 |
Purchased components |  | $ | 22 |  |  | $ | 28 |
Finished goods |  |  | 92 |  |  |  | 117 |
Inventories |  | $ | 114 |  |  | $ | 145 |
Property and equipment, net (in millions):
|  | April 30, 2021 |  |  | April 24, 2020 |
Land |  | $ | 46 |  |  | $ | 103 |
Buildings and improvements |  |  | 356 |  |  |  | 597 |
Leasehold improvements |  |  | 83 |  |  |  | 89 |
Computer, production, engineering and other equipment |  |  | 869 |  |  |  | 802 |
Computer software |  |  | 305 |  |  |  | 359 |
Furniture and fixtures |  |  | 93 |  |  |  | 106 |
Construction-in-progress |  |  | 46 |  |  |  | 32 |
|  |  | 1,798 |  |  |  | 2,088 |
Accumulated depreciation and amortization |  |  | (1,273 | ) |  |  | (1,361 | )
Property and equipment, net |  | $ | 525 |  |  | $ | 727 |
In April 2021, we announced the sale of our corporate headquarters located in Sunnyvale, California, consisting primarily of land, buildings and improvements, for cash proceeds of $365 million. The assets sold had a net book value totaling $210 million. To facilitate an orderly transition to a new location, we executed short-term lease agreements with the buyer to lease back these properties. The agreed lease payments were below market rates and as a result we recognized an asset of $7 million for the difference between the fair value of the leases and the agreed lease payments. The cash proceeds, less direct selling costs, plus the fair value of the below-market leases, resulted in a net gain on the sale of these properties of $156 million. In September 2017, we entered into an agreement to sell certain land and buildings located in Sunnyvale, California through two separate and independent closings. The first closing occurred in fiscal 2018. 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 30, 2021 |  |  | April 24, 2020 |  |  | April 26, 2019 |
Depreciation and amortization expense |  | $ | 158 |  |  | $ | 154 |  |  | $ | 150 |
Other non-current assets (in millions):
|  | April 30, 2021 |  |  | April 24, 2020 |
Deferred tax assets |  | $ | 219 |  |  | $ | 220 |
Operating lease ROU assets |  |  | 114 |  |  |  | 137 |
Other assets |  |  | 361 |  |  |  | 342 |
Other non-current assets |  | $ | 694 |  |  | $ | 699 |
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 sheets. The book value of our investment as of April 30, 2021 and April 24, 2020 was $71 million and $67 million, respectively. The book value as of April 24, 2020 reflected a $10 million other-than-temporary impairment charge recorded to other (expense) income, 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 30, 2021 |  |  | April 24, 2020 |
Accrued compensation and benefits |  | $ | 505 |  |  | $ | 322 |
Product warranty liabilities |  |  | 21 |  |  |  | 26 |
Operating lease liabilities |  |  | 49 |  |  |  | 51 |
Other current liabilities |  |  | 395 |  |  |  | 375 |
Accrued expenses |  | $ | 970 |  |  | $ | 774 |
Product warranty liabilities: Equipment and software systems sales include a standard product warranty. Estimated future hardware and software warranty costs are recorded as a cost of product revenues at the time of product shipment, based on historical and projected warranty claim rates, historical and projected cost-per-claim and knowledge of specific product failures that are outside our typical experience. 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 30, 2021 |  |  | April 24, 2020 |  |  | April 26, 2019 |
Balance at beginning of period |  | $ | 41 |  |  | $ | 40 |  |  | $ | 40 |
Expense accrued during the period |  |  | 13 |  |  |  | 26 |  |  |  | 22 |
Warranty costs incurred |  |  | (22 | ) |  |  | (25 | ) |  |  | (22 | )
Balance at end of period |  | $ | 32 |  |  | $ | 41 |  |  | $ | 40 |
|  | April 30, 2021 |  |  | April 24, 2020 |
Accrued expenses |  | $ | 21 |  |  | $ | 26 |
Other long-term liabilities |  |  | 11 |  |  |  | 15 |
Total warranty liabilities |  | $ | 32 |  |  | $ | 41 |
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 30, 2021 |  |  | April 24, 2020 |
Liability for uncertain tax positions |  | $ | 127 |  |  | $ | 136 |
Income taxes payable |  |  | 351 |  |  |  | 399 |
Product warranty liabilities |  |  | 11 |  |  |  | 15 |
Operating lease liabilities |  |  | 71 |  |  |  | 93 |
Other liabilities |  |  | 90 |  |  |  | 71 |
Other long-term liabilities |  | $ | 650 |  |  | $ | 714 |
Other (expense) income, net (in millions):
|  | Year Ended |
|  | April 30, 2021 |  |  | April 24, 2020 |  |  | April 26, 2019 |
Interest income |  | $ | 9 |  |  | $ | 48 |  |  | $ | 88 |
Interest expense |  |  | (74 | ) |  |  | (55 | ) |  |  | (58 | )
Other income, net |  |  | (4 | ) |  |  | 6 |  |  |  | 17 |
Other (expense) income, net |  | $ | (69 | ) |  | $ | (1 | ) |  | $ | 47 |
Statements of cash flows additional information (in millions): Supplemental cash flow information related to our operating leases is included in Note 10 – Leases. Non-cash investing and other supplemental cash flow information are presented below:
|  | Year Ended |
|  | April 30, 2021 |  |  | April 24, 2020 |  |  | April 26, 2019 |
Non-cash Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures incurred but not paid |  | $ | 15 |  |  | $ | 15 |  |  | $ | 9 |
Supplemental Cash Flow Information: |  |  |  |  |  |  |  |  |  |  |  |
Income taxes paid, net of refunds |  | $ | 338 |  |  | $ | 276 |  |  | $ | 205 |
Interest paid |  | $ | 57 |  |  | $ | 50 |  |  | $ | 53 |

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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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