v3.23.1
Balance Sheet Components
 3 Months Ended
Apr. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components 
Certain balance sheet components are as follows:
April 30,January 29,
 20232023
Inventories:(In millions)
Raw materials$1,809 $2,430 
Work in-process930 466 
Finished goods1,872 2,263 
Total inventories$4,611 $5,159 
April 30,January 29,
 20232023
Other Assets:(In millions)
Prepaid supply and capacity agreements$3,002 $2,989 
Investment in non-affiliated entities505 299 
Prepaid royalties381 387 
Prepaid cloud services171 23 
Other145 122 
Total other assets$4,204 $3,820 

April 30,January 29,
 20232023
Accrued and Other Current Liabilities:(In millions)
Taxes payable$1,544 $467 
Customer program accruals1,245 1,196 
Excess inventory purchase obligations786 954 
Deferred revenue (1)367 354 
Accrued payroll and related expenses320 530 
Operating leases187 176 
Licenses and royalties143 149 
Product warranty and return provisions112 108 
Other165 186 
Total accrued and other current liabilities$4,869 $4,120 
(1)    Deferred revenue primarily includes customer advances and deferrals related to license and development arrangements, support for hardware and software, and cloud services.
April 30,January 29,
 20232023
Other Long-Term Liabilities:(In millions)
Income tax payable (1)$1,300 $1,204 
Deferred income tax290 247 
Deferred revenue (2)230 218 
Licenses payable155 181 
Other62 63 
Total other long-term liabilities$2,037 $1,913 
(1)    Income tax payable is comprised of the long-term portion of the one-time transition tax payable, unrecognized tax benefits, and related interest and penalties.
(2)    Deferred revenue primarily includes deferrals related to support for hardware and software.
Deferred Revenue
The following table shows the changes in deferred revenue during the first quarter of fiscal years 2024 and 2023:
April 30,May 1,
 20232022
(In millions)
Balance at beginning of period$572 $502 
Deferred revenue additions during the period287 212 
Revenue recognized during the period(262)(177)
Balance at end of period$597 $537 
Revenue allocated to remaining performance obligations, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods, was $639 million as of April 30, 2023. We expect to recognize approximately 46% of this revenue over the next twelve months and the remainder thereafter. This excludes revenue related to performance obligations for contracts with a length of one year or less.