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62 Cisco Systems, Inc.
Notes to Consolidated Financial Statements
5. Balance Sheet Details
The following tables provide details of selected balance sheet items (in millions):
July 26, 2008 July 28, 2007
Inventories:
Raw materials $ 111 $ 173
Work in process 53 45
Finished goods:
Distributor inventory and deferred cost of sales 452 544
Manufactured finished goods 381 314
Total finished goods 833 858
Service-related spares 191 211
Demonstration systems 47 35
Total $ 1,235 $ 1,322
Property and equipment, net:
Land, buildings, and leasehold improvements $ 4,445 $ 4,022
Computer equipment and related software 1,770 1,605
Production, engineering, and other equipment 4,839 4,264
Operating lease assets 209 181
Furniture and fixtures 439 394
11,702 10,466
Less accumulated depreciation and amortization (7,551) (6,573)
Total $ 4,151 $ 3,893
Other assets:
Deferred tax assets $ 1,770 $ 1,060
Investments in privately held companies 706 643
Income tax receivable — 277
Lease receivables, net 862 539
Financed service contracts 588 377
Other 477 316
Total $ 4,403 $ 3,212
Deferred revenue:
Service $ 6,133 $ 4,840
Product:
Unrecognized revenue on product shipments and other deferred revenue 2,152 1,769
Cash receipts related to unrecognized revenue from two-tier distributors 575 428
Total product deferred revenue 2,727 2,197
Total $ 8,860 $ 7,037
Reported as:
Current $ 6,197 $ 5,391
Noncurrent 2,663 1,646
Total $ 8,860 $ 7,037