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2008 Annual Report 47
Consolidated Balance Sheets
(in millions, except par value)
July 26, 2008 July 28, 2007
ASSETS
Current assets:
Cash and cash equivalents $ 5,191 $ 3,728
Investments 21,044 18,538
Accounts receivable, net of allowance for doubtful accounts of $177 at July 26, 2008 and $166 at July 28, 2007 3,821 3,989
Inventories 1,235 1,322
Deferred tax assets 2,075 1,953
Prepaid expenses and other current assets 2,333 2,044
Total current assets 35,699 31,574
Property and equipment, net 4,151 3,893
Goodwill 12,392 12,121
Purchased intangible assets, net 2,089 2,540
Other assets 4,403 3,212
TOTAL ASSETS $ 58,734 $ 53,340
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt $ 500 $ —
Accounts payable 869 786
Income taxes payable 107 1,740
Accrued compensation 2,428 2,019
Deferred revenue 6,197 5,391
Other current liabilities 3,757 3,422
Total current liabilities 13,858 13,358
Long-term debt 6,393 6,408
Income taxes payable 749 —
Deferred revenue 2,663 1,646
Other long-term liabilities 669 438
Total liabilities 24,332 21,850
Commitments and contingencies (Note 10)
Minority interest 49 10
Shareholders’ equity:
Preferred stock, no par value: 5 shares authorized; none issued and outstanding — —
Common stock and additional paid-in capital, $ 0.001 par value: 20,000 shares authorized;
5,893 and 6,100 shares issued and outstanding at July 26, 2008 and July 28, 2007, respectively 33,505 30,687
Retained earnings 120 231
Accumulated other comprehensive income 728 562
Total shareholders’ equity 34,353 31,480
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 58,734 $ 53,340
See Notes to Consolidated Financial Statements.