Cash equivalents included $1,564 million and $1,716 million of time deposits and $1,454 million and $1,171 million of money-market funds as of August 3, 2025 and November 3, 2024, respectively. For time deposits, carrying value approximates fair value due to the short-term nature of the instruments. The fair value of money-market funds, which was consistent with their carrying value, was determined using unadjusted prices in active, accessible markets for identical assets, and as such, they were classified as Level 1 assets in the fair value hierarchy.

We sell certain of our trade accounts receivable on a non-recourse basis to third-party financial institutions pursuant to factoring arrangements. We account for these transactions as sales of receivables and present cash proceeds as cash provided by operating activities in the condensed consolidated statements of cash flows. Total trade accounts receivable sold under the factoring arrangements were $1,700 million and $5,651 million during the fiscal quarter and three fiscal quarters ended August 3, 2025, respectively, and $1,450 million and $3,950 million during the fiscal quarter and three fiscal quarters ended August 4, 2024, respectively.


	August 3, 2025		November 3, 2024

	(In millions)
Finished goods	$	477	$	504
Work-in-process	1,349		970
Raw materials	354		286
Total inventory	$	2,180	$	1,760

Other Current Assets


	August 3, 2025		November 3, 2024

	(In millions)
Current portion of contract assets	$	4,157	$	1,916
Prepaid expenses	793		1,391
Other	656		764
Total other current assets	$	5,606	$	4,071

Other Current Liabilities


	August 3, 2025		November 3, 2024

	(In millions)
Contract liabilities	$	10,305	$	9,395
Interest payable	644		535
Tax liabilities	410		720
Other	795		1,143
Total other current liabilities	$	12,154	$	11,793

Other Long-Term Liabilities


	August 3, 2025		November 3, 2024

	(In millions)
Contract liabilities	$	4,031	$	5,100
Unrecognized tax benefits	3,817		3,669
Deferred tax liabilities	3,552		4,703
Other	1,410		1,503
Total other long-term liabilities	$	12,810	$	14,975

On July 1, 2024, we sold VMware’s end-user computing business for $3.5 billion, after working capital adjustments. In connection with the sale, we agreed to provide transitional services to the buyer on a short-term basis. We had no material continuing involvement with this business and presented its operating results in discontinued operations as follows:


	Fiscal Quarter Ended		Three Fiscal Quarters Ended
	August 4, 2024		August 4, 2024


	(In millions)
Net revenue	$	178	$	858

Loss from discontinued operations before income taxes	$	(100)	$	(31)


Provision for income taxes	(343)		(361)
Loss from discontinued operations, net of income taxes	$	(443)	$	(392)


	Fiscal Quarter Ended				Three Fiscal Quarters Ended
	August 3, 2025		August 4, 2024		August 3, 2025		August 4, 2024

	(In millions)				(In millions)
Cash paid for interest	$	602	$	816	$	1,973	$	2,512
Cash paid for income taxes	$	822	$	585	$	1,834	$	2,323