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 26, 2024		April 28, 2023
Cash and cash equivalents	$	1,903	$	2,316
Restricted cash		6		6
Cash, cash equivalents and restricted cash	$	1,909	$	2,322

Inventories (in millions):


	April 26, 2024		April 28, 2023
Purchased components	$	116	$	65
Finished goods		70		102
Inventories	$	186	$	167

Property and equipment, net (in millions):


	April 26, 2024			April 28, 2023
Land	$	46		$	46
Buildings and improvements		367			359
Leasehold improvements		81			91
Computer, production, engineering and other equipment		1,101			1,053
Computer software		340			325
Furniture and fixtures		77			84
Construction-in-progress		70			55
		2,082			2,013
Accumulated depreciation and amortization		(1,478	)		(1,363	)
Property and equipment, net	$	604		$	650

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


	Year Ended
	April 26, 2024		April 28, 2023		April 29, 2022
Depreciation and amortization expense	$	198	$	181	$	148

Other non-current assets (in millions):


	April 26, 2024		April 28, 2023
Deferred tax assets	$	896	$	948
Operating lease ROU assets		247		281
Other assets		360		319
Other non-current assets	$	1,503	$	1,548

Other non-current assets as of April 26, 2024 and April 28, 2023 include $85 million and $80 million, respectively, for our 49% non-controlling equity interest in Lenovo NetApp Technology Limited (LNTL), a China-based entity that we formed with Lenovo (Beijing) Information Technology Ltd. in fiscal 2019. 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. LNTL is also focused on localizing our products and services, and developing new joint offerings for the China market by leveraging NetApp and Lenovo technologies.

Accrued expenses (in millions):


	April 26, 2024		April 28, 2023
Accrued compensation and benefits	$	538	$	363
Product warranty liabilities		18		17
Operating lease liabilities		40		47
Other current liabilities		417		430
Accrued expenses	$	1,013	$	857

Other long-term liabilities (in millions):


	April 26, 2024		April 28, 2023
Liability for uncertain tax positions	$	153	$	144
Income taxes payable		100		215
Product warranty liabilities		9		8
Operating lease liabilities		220		248
Other liabilities		103		93
Other long-term liabilities	$	585	$	708

The following table summarizes the components of our deferred revenue and financed unearned services revenue balance as reported in our consolidated balance sheets (in millions):


	April 26, 2024		April 28, 2023
Deferred product revenue	$	59	$	18
Deferred services revenue		4,123		4,247
Financed unearned services revenue		52		48
Total	$	4,234	$	4,313

Reported as:
Short-term	$	2,176	$	2,218
Long-term		2,058		2,095
Total	$	4,234	$	4,313

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 support contracts, certain public cloud services and other services. Financed unearned services revenue represents undelivered services for which cash has been received under certain third-party financing arrangements. See Note 17 – Commitments and Contingencies for additional information related to these arrangements.

During the years ended April 26, 2024 and April 28, 2023, we recognized revenue of $2,218 million and $2,171 million, respectively, that was included in the deferred revenue and financed unearned services revenue balance at the beginning of the respective periods.

As of April 26, 2024, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer contracts that are unsatisfied or partially unsatisfied approximated our deferred revenue and unearned services revenue balance. Because customer orders are typically placed on an as-needed basis, and cancellable without penalty prior to shipment, orders in backlog may not be a meaningful indicator of future revenue and have not been included in this amount. We expect to recognize as revenue approximately 51% of our deferred revenue and financed unearned services revenue balance in the next 12 months, approximately 24% in the next 13 to 24 months, and the remainder thereafter.

The following table summarizes deferred commissions balances as reported in our consolidated balance sheets (in millions):


	April 26, 2024		April 28, 2023
Other current assets	$	69	$	64
Other non-current assets		100		99
Total deferred commissions	$	169	$	163

During the years ended April 26, 2024 and April 28, 2023, we recognized amortization expense from deferred commissions of $101 million and $116 million, respectively, and there were no impairment charges recognized.

Other income (expense), net (in millions):


	Year Ended
	April 26, 2024			April 28, 2023			April 29, 2022
Interest income	$	112		$	69		$	7
Interest expense		(64	)		(67	)		(73	)
Other, net		1			46			4
Other income (expense), net	$	49		$	48		$	(62	)

Other, net for fiscal 2023 includes $22 million of other income for non-refundable, up-front payments from customers in Russia for support contracts, which we were not able to fulfill due to imposed sanctions and for which we have no remaining legal obligation to perform. Other, net for fiscal 2023 also includes a $32 million gain recognized on our sale of a minority equity interest in a privately held company for proceeds of approximately $59 million.

Supplemental cash flow information related to our operating leases is included in Note 9 – Leases. Non-cash investing and financing activities and other supplemental cash flow information are presented below:


	Year Ended
	April 26, 2024		April 28, 2023		April 29, 2022
Non-cash Investing and Financing Activities:
Capital expenditures incurred but not paid	$	16	$	12	$	22
Liabilities incurred to former owners of acquired business	$	—	$	—	$	5
Supplemental Cash Flow Information:
Income taxes paid, net of refunds	$	357	$	386	$	398
Interest paid	$	59	$	65	$	67