Two customers accounted for 16% and 15% of our accounts receivable balance as of April 28, 2024. Two customers accounted for 24% and 11% of our accounts receivable balance as of January 28, 2024.


	Apr 28, 2024		Jan 28, 2024

Inventories (1):	(In millions)
Raw materials	$	1,991	$	1,719
Work in process	1,625		1,505
Finished goods	2,248		2,058
Total inventories	$	5,864	$	5,282

(1) During the first quarter of fiscal years 2025 and 2024, we recorded an inventory provision of $210 million and $105 million, respectively, in cost of revenue.


	Apr 28, 2024		Jan 28, 2024

Other Assets:	(In millions)
Prepaid supply and capacity agreements (1)	$	2,232	$	2,458
Investments in non-affiliated entities	1,750		1,546
Prepaid royalties	358		364


Other	228		132
Total other assets	$	4,568	$	4,500

(1) As of April 28, 2024 and January 28, 2024, there were an additional $3.3 billion and $2.5 billion of short-term prepaid supply and capacity agreements included in Prepaid expenses and other current assets, respectively.


	Apr 28, 2024		Jan 28, 2024

Accrued and Other Current Liabilities:	(In millions)
Taxes payable (1)	$	3,881	$	296
Customer program accruals	2,744		2,081
Excess inventory purchase obligations (2)	1,684		1,655
Deferred revenue (3)	845		764
Product warranty and return provisions	643		415
Accrued payroll and related expenses	639		675
Unsettled share repurchases	262		187
Operating leases	246		228
Licenses and royalties	164		182










Other	150		199
Total accrued and other current liabilities	$	11,258	$	6,682

(1) We did not make any estimated federal or state tax payments in the first quarter and expect our cash taxes to substantially increase in the second quarter as we will make two federal and state estimated tax payments.

(2) During the first quarter of fiscal years 2025 and 2024, we recorded an expense of approximately $183 million and $29 million, respectively, in cost of revenue for inventory purchase obligations in excess of our current demand projections, supplier charges, and penalties related to cancellations and underutilization.

(3) Deferred revenue primarily includes customer advances and deferrals related to hardware support, software support, cloud services, and license and development arrangements. $274 million and $233 million of the balance in the first quarter of fiscal year 2025 and in fiscal year 2024, respectively, were related to customer advances.


	Apr 28, 2024		Jan 28, 2024

Other Long-Term Liabilities:	(In millions)
Income tax payable (1)	$	1,553	$	1,361
Deferred revenue (2)	704		573
Deferred income tax	583		462

Licenses payable	60		80

Other	66		65
Total other long-term liabilities	$	2,966	$	2,541

(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 hardware support and software support.

The following table shows the changes in short and long term deferred revenue during the first quarter of fiscal years 2025 and 2024:


	Apr 28, 2024		Apr 30, 2023

	(In millions)
Balance at beginning of period	$	1,337	$	572
Deferred revenue additions during the period	553		287

Revenue recognized during the period	(341)		(262)
Balance at end of period	$	1,549	$	597

We recognized $188 million in revenue in the first quarter of fiscal year 2025 from deferred revenue as of January 28, 2024.

Revenue allocated to remaining performance obligations, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods, was $1.3 billion as of April 28, 2024. We expect to recognize approximately 38% 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.