The following table presents cash and cash equivalents as reported in our condensed consolidated balance sheets, as well as the sum of cash, cash equivalents and restricted cash as reported on our condensed consolidated statements of cash flows:


	October 25, 2024		April 26, 2024
Cash and cash equivalents	$	1,478	$	1,903
Restricted cash		9		6
Cash, cash equivalents and restricted cash	$	1,487	$	1,909

Inventories (in millions):


	October 25, 2024		April 26, 2024
Purchased components	$	229	$	116
Finished goods		88		70
Inventories	$	317	$	186

Property and equipment, net (in millions):


	October 25, 2024			April 26, 2024
Land	$	46		$	46
Buildings and improvements		371			367
Leasehold improvements		86			81
Computer, production, engineering and other equipment		1,141			1,101
Computer software		349			340
Furniture and fixtures		67			77
Construction-in-progress		68			70
		2,128			2,082
Accumulated depreciation and amortization		(1,535	)		(1,478	)
Property and equipment, net	$	593		$	604

Other non-current assets (in millions):


	October 25, 2024		April 26, 2024
Deferred tax assets	$	966	$	896
Operating lease right-of-use (ROU) assets		242		247
Other assets		409		360
Other non-current assets	$	1,617	$	1,503

Other non-current assets as of October 25, 2024 and April 26, 2024 include $87 million and $85 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):


	October 25, 2024		April 26, 2024
Accrued compensation and benefits	$	423	$	538
Product warranty liabilities		18		18
Operating lease liabilities		41		40
Other current liabilities		487		417
Accrued expenses	$	969	$	1,013

Other long-term liabilities (in millions):


	October 25, 2024		April 26, 2024
Liability for uncertain tax positions	$	161	$	153
Income taxes payable		—		100
Product warranty liabilities		9		9
Operating lease liabilities		216		220
Other liabilities		110		103
Other long-term liabilities	$	496	$	585


	October 25, 2024		April 26, 2024
Deferred product revenue	$	57	$	59
Deferred services revenue		4,001		4,123
Financed unearned services revenue		42		52
Total	$	4,100	$	4,234


Reported as:
Short-term	$	2,045	$	2,176
Long-term		2,055		2,058
Total	$	4,100	$	4,234

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 14 – Commitments and Contingencies for additional information related to these arrangements.

During the six months ended October 25, 2024 and October 27, 2023, we recognized revenue of $1,264 million and $1,258 million, respectively, that was included in the deferred revenue and financed unearned services revenue balance at the beginning of the respective periods.

As of October 25, 2024, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer contracts that are unsatisfied or partially unsatisfied was $4.4 billion. 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 49% of our remaining performance obligations in the next 12 months and the remainder thereafter.

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


	October 25, 2024		April 26, 2024
Other current assets	$	67	$	69
Other non-current assets		102		100
Total deferred commissions	$	169	$	169

Other income, net (in millions):


	Three Months Ended						Six Months Ended
	October 25, 2024			October 27, 2023			October 25, 2024			October 27, 2023
Interest income	$	27		$	25		$	63		$	53
Interest expense		(15	)		(15	)		(31	)		(31	)
Other, net		3			1			—			(3	)
Total other income, net	$	15		$	11		$	32		$	19


	Six Months Ended
	October 25, 2024		October 27, 2023
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	16	$	18
Supplemental Cash Flow Information:
Income taxes paid, net of refunds	$	222	$	222
Interest paid	$	30	$	30