5. Balance Sheet Details

Cash and cash equivalents (in millions):

	July 31, 2015		April 24, 2015
Cash	$	2,120	$	1,666
Cash equivalents		204		256
Cash and cash equivalents	$	2,324	$	1,922

Inventories (in millions):

	July 31, 2015		April 24, 2015
Purchased components	$	63	$	36
Finished goods		130		110
Inventories	$	193	$	146

Other current assets (in millions):

	July 31, 2015		April 24, 2015
Prepaid expenses and other current assets	$	271	$	268
Deferred tax assets		290		254
Other current assets	$	561	$	522

Property and equipment, net (in millions):

	July 31, 2015			April 24, 2015
Land	$	265		$	265
Buildings and improvements		606			607
Leasehold improvements		109			107
Computer, production, engineering and other equipment		759			754
Computer software		369			372
Furniture and fixtures		85			85
Construction-in-progress		38			33
		2,231			2,223
Accumulated depreciation and amortization		(1,220	)		(1,193	)
Property and equipment, net	$	1,011		$	1,030

Other non-current assets (in millions):

	July 31, 2015		April 24, 2015
Deferred tax assets	$	273	$	256
Other assets		203		225
Other non-current assets	$	476	$	481

Accrued expenses (in millions):

	July 31, 2015		April 24, 2015
Accrued compensation and benefits	$	258	$	359
Product warranty liability		54		58
Other current liabilities		280		284
Accrued expenses	$	592	$	701

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 31, 2015			July 25, 2014
Balance at beginning of period	$	86		$	110
Expense accrued during the period		9			10
Warranty costs incurred		(14	)		(16	)
Balance at end of period	$	81		$	104

	July 31, 2015		April 24, 2015
Accrued expenses	$	54	$	58
Other long-term liabilities		27		28
Total warranty liabilities	$	81	$	86

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 31, 2015		April 24, 2015
Deferred product revenue	$	25	$	17
Deferred services revenue		2,934		3,075
Financed unearned services revenue		107		105
Total	$	3,066	$	3,197

Reported as:
Short-term	$	1,639	$	1,724
Long-term		1,427		1,473
Total	$	3,066	$	3,197

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.