Two customers accounted for 24% and 11% of our accounts receivable balance as of January 28, 2024. Two customers accounted for 14% and 11% of our accounts receivable balance as of January 29, 2023.


	Jan 28, 2024		Jan 29, 2023

	(In millions)
Inventories (1):
Raw materials	$	1,719	$	2,430
Work in-process	1,505		466
Finished goods	2,058		2,263
Total inventories	$	5,282	$	5,159

(1) In fiscal years 2024 and 2023, we recorded an inventory provision of $774 million and $1.0 billion, respectively, in cost of revenue.


	Jan 28, 2024		Jan 29, 2023		Estimated Useful Life

	(In millions)				(In years)
Property and Equipment:
Land	$	218	$	218	(A)
Buildings, leasehold improvements, and furniture	1,816		1,598		(B)
Equipment, compute hardware, and software	5,200		4,303		3-7
Construction in process	189		382		(C)
Total property and equipment, gross	7,423		6,501
Accumulated depreciation and amortization	(3,509)		(2,694)
Total property and equipment, net	$	3,914	$	3,807

(B)The estimated useful lives of our buildings are up to thirty years. Leasehold improvements and finance leases are amortized based on the lesser of either the asset’s estimated useful life or the expected remaining lease term.

(C)Construction in process represents assets that are not available for their intended use as of the balance sheet date.

Depreciation expense for fiscal years 2024, 2023, and 2022 was $894 million, $844 million, and $611 million, respectively.

Accumulated amortization of leasehold improvements and finance leases was $400 million and $327 million as of January 28, 2024 and January 29, 2023, respectively.

Property, equipment and intangible assets acquired by assuming related liabilities during fiscal years 2024, 2023, and 2022 were $170 million, $374 million, and $258 million, respectively.


	Jan 28, 2024		Jan 29, 2023

Other assets:	(In millions)
Prepaid supply and capacity agreements (1)	$	2,458	$	2,989
Investments in non-affiliated entities	1,546		299
Prepaid royalties	364		387



Other	132		145
Total other assets	$	4,500	$	3,820

(1)As of January 28, 2024 and January 29, 2023, there was an additional $2.5 billion and $458 million of short-term prepaid supply and capacity agreements included in Prepaid expenses and other current assets, respectively.


	Jan 28, 2024		Jan 29, 2023

	(In millions)
Accrued and Other Current Liabilities:
Customer program accruals	$	2,081	$	1,196
Excess inventory purchase obligations (1)	1,655		954
Deferred revenue (2)	764		354
Accrued payroll and related expenses	675		530
Product warranty and return provisions	415		108
Taxes payable	296		467
Operating leases	228		176
Unsettled share repurchases	187		117
Licenses and royalties	182		149








Other	199		69
Total accrued and other current liabilities	$	6,682	$	4,120

(1)In fiscal years 2024 and 2023, we recorded an expense of approximately $1.4 billion and $1.1 billion, respectively, in cost of revenue for inventory purchase obligations in excess of our current demand projections, supplier charges and for penalties related to cancellations and underutilization.

(2)Deferred revenue primarily includes customer advances and deferrals related to support for hardware and software, license and development arrangements, and cloud services. $233 million and $35 million of the balance in fiscal 2024 and 2023 respectively, related to customer advances.


	Jan 28, 2024		Jan 29, 2023

	(In millions)
Other Long-Term Liabilities:
Income tax payable (1)	$	1,361	$	1,204
Deferred income tax	462		247
Deferred revenue (2)	573		218
Licenses payable	80		181


Other	65		63
Total other long-term liabilities	$	2,541	$	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.


	Jan 28, 2024		Jan 29, 2023

	(In millions)
Balance at beginning of period	$	572	$	502
Deferred revenue additions during the period	2,038		830

Revenue recognized during the period	(1,273)		(760)
Balance at end of period	$	1,337	$	572

Revenue recognized during fiscal year 2024 that was included in deferred revenue as of January 29, 2023 was $338 million. Revenue recognized during fiscal year 2023 that was included in deferred revenue as of January 30, 2022 was $282 million.

Revenue related to remaining performance obligations represents the contracted license and development arrangements and support for hardware and software. This includes deferred revenue currently recorded and amounts that will be

invoiced in future periods. Revenue allocated to remaining performance obligations, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods, was $1.1 billion as of January 28, 2024. We expect to recognize approximately 40% 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.