Cisco 2004 Annual Report Download - page 49

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5. BALANCE SHEET DETAILS
The following tables provide details of selected balance sheet items (in millions):
July 31, 2004 July 26, 2003
Inventories:
Raw materials $58 $38
Work in process 459 291
Finished goods 656 515
Demonstration systems 34 29
Total $ 1,207 $ 873
Property and equipment, net:
Land, buildings, and leasehold improvements $ 3,429 $ 3,411
Computer equipment and related software 1,120 1,147
Production, engineering, and other equipment 2,643 2,410
Operating lease assets 94 356
Furniture and fixtures 356 350
7,642 7,674
Less accumulated depreciation and amortization (4,352) (4,031)
Total $ 3,290 $ 3,643
Other assets:
Deferred tax assets $1,130 $1,476
Investments in privately held companies 354 516
Income tax receivable 690 727
Lease receivables, net 231 158
Other 435 384
Total $2,840 $3,261
Deferred revenue:
Service $ 3,047 $ 2,451
Product 1,455 1,357
Total $ 4,502 $ 3,808
Reported as:
Current $3,527 $3,034
Noncurrent 975 774
Total $ 4,502 $ 3,808
6. LEASE RECEIVABLES, NET
Lease receivables represent sales-type and direct-financing leases resulting from the sale of the Company’s and complementary third-party
products and services. These lease arrangements typically have terms from two to three years and are usually collateralized by a security
interest in the underlying assets. The current portion of lease receivables, net, is recorded in prepaid expenses and other current assets,
and the noncurrent portion is recorded in other assets in the Consolidated Balance Sheets. The net lease receivables are summarized
as follows (in millions):
July 31, 2004 July 26, 2003
Gross lease receivables $ 616 $ 840
Unearned income and other allowances (170) (553)
Total $ 446 $ 287
Reported as:
Current $ 215 $129
Noncurrent 231 158
Total $ 446 $ 287
52 CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS