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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
_____________________________________
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
          
For the transition period from              to             
Commission file number 001-39940 
_____________________________________
csco-20220430_g1.jpg
CISCO SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware   77-0059951
(State or other jurisdiction of
incorporation or organization)
  (I.R.S. Employer
Identification Number)
170 West Tasman Drive
San Jose, California 95134
(Address of principal executive office and zip code)
(408) 526-4000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and formal fiscal year, if changed since last report.)
_____________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.001 per share CSCO The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No    
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No    
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer  
Non-accelerated filer Smaller reporting company  
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  No 
Number of shares of the registrant’s common stock outstanding as of May 19, 2022: 4,140,964,037
____________________________________ 
1

Cisco Systems, Inc.
Form 10-Q for the Quarter Ended April 30, 2022
INDEX
Page
Part I
3
Item 1.
3
3
4
5
6
7
9
Item 2.
Item 3.
Item 4.
Part II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2

PART I. FINANCIAL INFORMATION 
Item 1. Financial Statements (Unaudited)
CISCO SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except par value)
(Unaudited)
April 30, 2022 July 31, 2021
ASSETS
Current assets:
Cash and cash equivalents $ 6,952  $ 9,175 
Investments 13,156  15,343 
Accounts receivable, net of allowance of $78 at April 30, 2022 and $109 at July 31, 2021
5,783  5,766 
Inventories 2,231  1,559 
Financing receivables, net 3,804  4,380 
Other current assets 4,055  2,889 
Total current assets 35,981  39,112 
Property and equipment, net 2,046  2,338 
Financing receivables, net 3,959  4,884 
Goodwill 38,452  38,168 
Purchased intangible assets, net 2,811  3,619 
Deferred tax assets 4,276  4,360 
Other assets 5,272  5,016 
TOTAL ASSETS $ 92,797  $ 97,497 
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt $ 1,000  $ 2,508 
Accounts payable 2,289  2,362 
Income taxes payable 852  801 
Accrued compensation 3,032  3,818 
Deferred revenue 12,249  12,148 
Other current liabilities 4,728  4,620 
Total current liabilities 24,150  26,257 
Long-term debt 8,418  9,018 
Income taxes payable 7,689  8,538 
Deferred revenue 10,044  10,016 
Other long-term liabilities 2,096  2,393 
Total liabilities 52,397  56,222 
Commitments and contingencies (Note 14)
Equity:
Cisco stockholders’ equity:
Preferred stock, $0.001 par value: 5 shares authorized; none issued and outstanding
—  — 
Common stock and additional paid-in capital, $0.001 par value: 20,000 shares authorized; 4,149 and 4,217 shares issued and outstanding at April 30, 2022 and July 31, 2021, respectively
42,587  42,346 
Accumulated deficit (724) (654)
Accumulated other comprehensive loss (1,463) (417)
Total equity 40,400  41,275 
TOTAL LIABILITIES AND EQUITY $ 92,797  $ 97,497 
See Notes to Consolidated Financial Statements.
3

CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per-share amounts)
(Unaudited) 
Three Months Ended Nine Months Ended
April 30, 2022 May 1, 2021 April 30, 2022 May 1, 2021
REVENUE:
Product $ 9,448  $ 9,139  $ 28,330  $ 26,298 
Service 3,387  3,664  10,125  10,394 
Total revenue 12,835  12,803  38,455  36,692 
COST OF SALES:
Product 3,606  3,422  10,848  9,672 
Service 1,108  1,196  3,384  3,470 
Total cost of sales 4,714  4,618  14,232  13,142 
GROSS MARGIN 8,121  8,185  24,223  23,550 
OPERATING EXPENSES:
Research and development 1,708  1,697  5,092  4,836 
Sales and marketing 2,209  2,317  6,736  6,811 
General and administrative 517  603  1,612  1,631 
Amortization of purchased intangible assets 77  61  240  136 
Restructuring and other charges —  42  878 
Total operating expenses 4,511  4,720  13,688  14,292 
OPERATING INCOME 3,610  3,465  10,535  9,258 
Interest income 115  153  347  488 
Interest expense (90) (111) (267) (336)
Other income (loss), net 166  84  446  117 
Interest and other income (loss), net 191  126  526  269 
INCOME BEFORE PROVISION FOR INCOME TAXES 3,801  3,591  11,061  9,527 
Provision for income taxes 757  728  2,064  1,945 
NET INCOME $ 3,044  $ 2,863  $ 8,997  $ 7,582 
Net income per share:
Basic $ 0.73  $ 0.68  $ 2.15  $ 1.79 
Diluted $ 0.73  $ 0.68  $ 2.14  $ 1.79 
Shares used in per-share calculation:
Basic 4,152  4,219  4,184  4,224 
Diluted 4,170  4,238  4,204  4,237 
See Notes to Consolidated Financial Statements.
4

CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(Unaudited)
Three Months Ended Nine Months Ended
April 30, 2022 May 1, 2021 April 30, 2022 May 1, 2021
Net income $ 3,044  $ 2,863  $ 8,997  $ 7,582 
Available-for-sale investments:
Change in net unrealized gains and losses, net of tax benefit (expense) of $45 and $120 for the third quarter and first nine months of fiscal 2022, respectively, and $30 and $47 for the corresponding periods of fiscal 2021, respectively
(376) (85) (597) (103)
Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $2 and $7 for the third quarter and first nine months of fiscal 2022, respectively, and $5 and $12 for the corresponding periods of fiscal 2021, respectively
—  (17) (11) (34)
(376) (102) (608) (137)
Cash flow hedging instruments:
Change in unrealized gains and losses, net of tax benefit (expense) of $(10) and $(14) for the third quarter and first nine months of fiscal 2022, respectively, and $(5) and $(4) for the corresponding periods of fiscal 2021, respectively
35  16  49  12 
Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $2 and $3 for the third quarter and first nine months of fiscal 2022, respectively, and $1 and $2 for the corresponding periods of fiscal 2021, respectively
(10) (6) (12) (10)
25  10  37 
Net change in cumulative translation adjustment and actuarial gains and losses net of tax benefit (expense) of $0 and $9 for the third quarter and first nine months of fiscal 2022, respectively, and $2 and $(1) for the corresponding periods of fiscal 2021, respectively
(323) 22  (475) 366 
Other comprehensive income (loss) (674) (70) (1,046) 231 
Comprehensive income $ 2,370  $ 2,793  $ 7,951  $ 7,813 
See Notes to Consolidated Financial Statements.


5

CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Nine Months Ended
April 30, 2022 May 1, 2021
Cash flows from operating activities:
Net income $ 8,997  $ 7,582 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and other 1,527  1,373 
Share-based compensation expense 1,407  1,337 
Provision (benefit) for receivables 49  (4)
Deferred income taxes (167) (89)
(Gains) losses on divestitures, investments and other, net (470) (201)
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable (134) 1,250 
Inventories (683) (260)
Financing receivables 1,431  1,160 
Other assets (1,295) (233)
Accounts payable (54) 24 
Income taxes, net (730) (828)
Accrued compensation (730) 145 
Deferred revenue 292  263 
Other liabilities 109  (569)
Net cash provided by operating activities 9,549  10,950 
Cash flows from investing activities:
Purchases of investments (5,383) (7,855)
Proceeds from sales of investments 2,488  2,724 
Proceeds from maturities of investments 4,308  6,445 
Acquisitions, net of cash and cash equivalents acquired and divestitures (373) (6,333)
Purchases of investments in privately held companies (158) (138)
Return of investments in privately held companies 149  96 
Acquisition of property and equipment (338) (530)
Proceeds from sales of property and equipment 14 
Other (15) (56)
Net cash provided by (used in) investing activities 684  (5,633)
Cash flows from financing activities:
Issuances of common stock 306  307 
Repurchases of common stockrepurchase program
(5,347) (2,096)
Shares repurchased for tax withholdings on vesting of restricted stock units (546) (419)
Short-term borrowings, original maturities of 90 days or less, net — 
Issuances of debt 1,049  — 
Repayments of debt (3,050) (3,000)
Dividends paid (4,657) (4,601)
Other (230) 39 
Net cash used in financing activities (12,466) (9,770)
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents (2,233) (4,453)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period 9,942  11,812 
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period $ 7,709  $ 7,359 
Supplemental cash flow information:
Cash paid for interest $ 292  $ 377 
Cash paid for income taxes, net $ 2,960  $ 2,862 


See Notes to Consolidated Financial Statements.
6

CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, except per-share amounts)
(Unaudited)
Three Months Ended April 30, 2022 Shares of
Common
Stock
Common Stock
and
Additional
Paid-In Capital
Accumulated Deficit Accumulated
Other
Comprehensive Loss
Total
Equity
Balance at January 29, 2022 4,151  $ 42,291  $ (2,006) $ (789) $ 39,496 
Net income 3,044  3,044 
Other comprehensive loss (674) (674)
Issuance of common stock — 
Repurchase of common stock (5) (47) (205) (252)
Shares repurchased for tax withholdings on vesting of restricted stock units (2) (135) (135)
Cash dividends declared ($0.38 per common share)
(1,555) (1,555)
Share-based compensation 477  477 
Other (2) (2) (1)
Balance at April 30, 2022 4,149 $ 42,587  $ (724) $ (1,463) $ 40,400 

Nine Months Ended April 30, 2022 Shares of
Common
Stock
Common Stock
and
Additional
Paid-In Capital
Accumulated Deficit Accumulated
Other
Comprehensive Loss
Total
Equity
Balance at July 31, 2021 4,217  $ 42,346  $ (654) $ (417) $ 41,275 
Net income 8,997  8,997 
Other comprehensive loss (1,046) (1,046)
Issuance of common stock 36  306  306 
Repurchase of common stock (92) (929) (4,403) (5,332)
Shares repurchased for tax withholdings on vesting of restricted stock units (10) (546) (546)
Cash dividends declared ($1.12 per common share)
(4,657) (4,657)
Share-based compensation 1,407  1,407 
Other (2) (7) (4)
Balance at April 30, 2022 4,149 $ 42,587  $ (724) $ (1,463) $ 40,400 


















7

CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, except per-share amounts)
(Unaudited)

Three Months Ended May 1, 2021 Shares of
Common
Stock
Common Stock
and
Additional
Paid-In Capital
Accumulated Deficit Accumulated
Other
Comprehensive
Loss
Total
Equity
Balance at January 23, 2021 4,221  $ 41,690  $ (2,351) $ (218) $ 39,121 
Net income 2,863  2,863 
Other comprehensive loss (70) (70)
Issuance of common stock
Repurchase of common stock (10) (103) (407) (510)
Shares repurchased for tax withholdings on vesting of restricted stock units (2) (102) (102)
Cash dividends declared ($0.37 per common share)
(1,561) (1,561)
Share-based compensation 463  463 
Balance at May 1, 2021 4,215  $ 41,949  $ (1,456) $ (288) $ 40,205 


Nine Months Ended May 1, 2021 Shares of
Common
Stock
Common Stock
and
Additional
Paid-In Capital
Accumulated Deficit Accumulated
Other
Comprehensive
Loss
Total
Equity
Balance at July 25, 2020 4,237  $ 41,202  $ (2,763) $ (519) $ 37,920 
Net income 7,582  7,582 
Other comprehensive income 231  231 
Issuance of common stock 37  307  307 
Repurchase of common stock (49) (478) (1,633) (2,111)
Shares repurchased for tax withholdings on vesting of restricted stock units (10) (419) (419)
Cash dividends declared ($1.09 per common share)
(4,604) (4,604)
Effect of adoption of accounting standard (38) (38)
Share-based compensation 1,337  1,337 
Balance at May 1, 2021 4,215  $ 41,949  $ (1,456) $ (288) $ 40,205 











8

CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.Organization and Basis of Presentation
The fiscal year for Cisco Systems, Inc. (the “Company,” “Cisco,” “we,” “us,” or “our”) is the 52 or 53 weeks ending on the last Saturday in July. Fiscal 2022 is a 52-week fiscal year and fiscal 2021 was a 53-week fiscal year. The Consolidated Financial Statements include our accounts and those of our subsidiaries. All intercompany accounts and transactions have been eliminated. We conduct business globally and are primarily managed on a geographic basis in the following three geographic segments: the Americas; Europe, Middle East, and Africa (EMEA); and Asia Pacific, Japan, and China (APJC).
We have prepared the accompanying financial data as of April 30, 2022 and for the third quarter and first nine months of fiscal 2022 and 2021, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. The July 31, 2021 Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. However, we believe that the disclosures are adequate to make the information presented not misleading. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended July 31, 2021.
The preparation of financial statements and related disclosures in conformity with GAAP requires us to make judgments, assumptions, and estimates that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. The inputs into certain of our judgments, assumptions, and estimates considered the economic implications of the COVID-19 pandemic, including the associated impact of supply constraints, on our critical and significant accounting estimates. The actual results that we experience may differ materially from our estimates. As these events continue, many of our estimates could require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve our estimates may change materially in future periods.
In the opinion of management, all normal recurring adjustments necessary to state fairly the consolidated balance sheet as of April 30, 2022, the results of operations, the statements of comprehensive income and the statements of equity for the third quarter and first nine months of fiscal 2022 and 2021, and the statements of cash flows for the first nine months of fiscal 2022 and 2021, as applicable, have been made. The results of operations for the third quarter and first nine months of fiscal 2022 are not necessarily indicative of the operating results for the full fiscal year or any future periods.
Our consolidated financial statements include our accounts and entities consolidated under the variable interest and voting models. The noncontrolling interests attributed to these investments, if material, are presented as a separate component from our equity in the equity section of the Consolidated Balance Sheets. The share of earnings attributable to the noncontrolling interests are not presented separately in the Consolidated Statements of Operations as these amounts are not material for any of the fiscal periods presented.
Certain reclassifications have been made to the amounts in prior periods in order to conform to the current period’s presentation. We have evaluated subsequent events through the date that the financial statements were issued.

2.Recent Accounting Pronouncements
(a)New Accounting Updates Recently Adopted
Acquired Revenue Contracts with Customers in Business Combination In October 2021, the Financial Accounting Standards Board (FASB) issued an accounting standard update that requires companies to apply Accounting Standards Codification 606 to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. We early adopted this accounting standard update beginning in the first quarter of fiscal 2022 and it did not have a material impact on our Consolidated Financial Statements. The ongoing impact of this standard will be fact dependent on the transactions within its scope.
(b)Recent Accounting Standards or Updates Not Yet Effective
Reference Rate Reform In March 2020, the FASB issued an accounting standard update and subsequent amendments that provide optional expedients and exceptions to the current guidance on contract modification and hedging relationships to ease the financial reporting burden of the expected market transition from the London InterBank Offered Rate (LIBOR) and other
9

CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

interbank offered rates to alternative reference rates. This accounting standard update was effective upon issuance and may be applied prospectively through December 31, 2022. We are currently evaluating the impact of this accounting standard update on our Consolidated Financial Statements.

3.Revenue
We enter into contracts with customers that can include various combinations of products and services which are generally distinct and accounted for as separate performance obligations. As a result, our contracts may contain multiple performance obligations. We determine whether arrangements are distinct based on whether the customer can benefit from the product or service on its own or together with other resources that are readily available and whether our commitment to transfer the product or service to the customer is separately identifiable from other obligations in the contract. We classify our hardware, perpetual software licenses, and software-as-a-service (SaaS) as distinct performance obligations. Term software licenses represent multiple obligations, which include software licenses and software maintenance. In transactions where we deliver hardware or software, we are typically the principal and we record revenue and costs of goods sold on a gross basis. We refer to our term software licenses, security software licenses, SaaS, and associated service arrangements as subscription offers.
We recognize revenue upon transfer of control of promised goods or services in a contract with a customer in an amount that reflects the consideration we expect to receive in exchange for those products or services. Transfer of control occurs once the customer has the contractual right to use the product, generally upon shipment, electronic delivery (or when the software is available for download by the customer), or once title and risk of loss has transferred to the customer. Transfer of control can also occur over time for software maintenance and services as the customer receives the benefit over the contract term. Our hardware and perpetual software licenses are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses include multiple performance obligations where the term licenses are recognized upfront upon transfer of control, with the associated software maintenance revenue recognized ratably over the contract term as services and software updates are provided. SaaS arrangements do not include the right for the customer to take possession of the software during the term, and therefore have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term as the customer consumes the services. On our product sales, we record consideration from shipping and handling on a gross basis within net product sales. We record our revenue net of any associated sales taxes.
An allowance for future sales returns is established based on historical trends in product return rates. The allowance for future sales returns as of April 30, 2022 and July 31, 2021 was $42 million and $55 million, respectively, and was recorded as a reduction of our accounts receivable and revenue.
Significant Judgments
Revenue is allocated among these performance obligations in a manner that reflects the consideration that we expect to be entitled to for the promised goods or services based on standalone selling prices (SSP). SSP is estimated for each distinct performance obligation and judgment may be required in their determination. The best evidence of SSP is the observable price of a product or service when we sell the goods separately in similar circumstances and to similar customers. In instances where SSP is not directly observable, we determine SSP using information that may include market conditions and other observable inputs.
We assess relevant contractual terms in our customer contracts to determine the transaction price. We apply judgment in identifying contractual terms and determining the transaction price as we may be required to estimate variable consideration when determining the amount of revenue to recognize. Variable consideration includes potential contractual penalties and various rebate, cooperative marketing and other incentive programs that we offer to our distributors, channel partners and customers. When determining the amount of revenue to recognize, we estimate the expected usage of these programs, applying the expected value or most likely estimate and update the estimate at each reporting period as actual utilization becomes available. We also consider the customers’ right of return in determining the transaction price, where applicable.
We assess certain software licenses, such as for security software, that contain critical updates or upgrades which customers can download throughout the contract term. Without these updates or upgrades, the functionality of the software would diminish over a relatively short time period. These updates or upgrades provide the customer the full functionality of the purchased security software licenses and are required to maintain the security license’s utility as the risks and threats in the environment are rapidly changing. In these circumstances, the revenue from these software arrangements is recognized as a single performance obligation satisfied over the contract term.
10

CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)


(a)Disaggregation of Revenue
We disaggregate our revenue into groups of similar products and services that depict the nature, amount, and timing of revenue and cash flows for our various offerings. The sales cycle, contractual obligations, customer requirements, and go-to-market strategies differ for each of our product categories, resulting in different economic risk profiles for each category. Effective fiscal 2022, we began reporting our product and service revenue in the following categories: Secure, Agile Networks; Internet for the Future; Collaboration; End-to-End Security; Optimized Application Experiences; Other Products; and Services. This change will better align our product categories with our strategic priorities. The following table presents this disaggregation of revenue (in millions):
Three Months Ended Nine Months Ended
April 30,
2022
May 1,
2021
April 30,
2022
May 1,
2021
Product revenue:
Secure, Agile Networks $ 5,869  $ 5,620  $ 17,735  $ 16,543 
Internet for the Future 1,324  1,249  4,021  3,121 
Collaboration 1,132  1,220  3,308  3,580 
End-to-End Security 938  876  2,716  2,559 
Optimized Application Experiences 183  170  544  483 
Other Products 11 
Total Product 9,448  9,139  28,330  26,298 
Services 3,387  3,664  10,125  10,394 
Total $ 12,835  $ 12,803  $ 38,455  $ 36,692 
Amounts may not sum due to rounding.
Secure, Agile Networks consists of our core networking technologies of switching, enterprise routing, wireless, and compute products. These technologies consist of both hardware and software offerings, including software licenses and SaaS, that help our customers build networks, automate, orchestrate, integrate, and digitize data. Our hardware and perpetual software in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses are multiple performance obligations where the term license is recognized upfront upon transfer of control with the associated software maintenance revenue recognized ratably over the contract term. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.
Internet for the Future consists of our routed optical networking, public 5G, silicon, and optics offerings. These products consist primarily of both hardware and software offerings, including software licenses and SaaS. Our hardware and perpetual software in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses are multiple performance obligations where the term license is recognized upfront upon transfer of control with the associated software maintenance revenue recognized ratably over the contract term. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.
Collaboration consists of our Collaboration Devices, Meetings, Calling and contact center offerings. These products consist primarily of software offerings, including software licenses and SaaS, as well as hardware. Our perpetual software and hardware in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses are multiple performance obligations where the term license is recognized upfront upon transfer of control with the associated software maintenance revenue recognized ratably over the contract term. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.
End-to-End Security consists of our overall security offerings. These products consist of both hardware and software offerings, including software licenses and SaaS. Updates and upgrades for the term software licenses are critical for our software to perform its intended commercial purpose because of the continuous need for our software to secure our customers’ network environments against frequent threats. Therefore, security software licenses are generally represented by a single distinct performance obligation with revenue recognized ratably over the contract term. Our hardware and perpetual software in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. SaaS arrangements
11

CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.
Optimized Application Experiences consists of our full stack observability and cloud-native platform offerings. These products consist primarily of software offerings, including software licenses and SaaS. Our perpetual software in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses are multiple performance obligations where the term license is recognized upfront upon transfer of control with the associated software maintenance revenue recognized ratably over the contract term. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.
In addition to our product offerings, we provide a broad range of service and support options for our customers, including technical support services and advanced services. Technical support services represent the majority of these offerings which are distinct performance obligations that are satisfied over time with revenue recognized ratably over the contract term. Advanced services are distinct performance obligations that are satisfied over time with revenue recognized as services are delivered.
The sales arrangements as discussed above are typically made pursuant to customer purchase orders based on master purchase or partner agreements. Cash is received based on our standard payment terms which is typically 30 days. We provide financing arrangements to customers for all of our hardware, software and service offerings. Refer to Note 9 for additional information. For these arrangements, cash is typically received over time.
(b)Contract Balances
Accounts Receivable
Accounts receivable, net was $5.8 billion as of each of April 30, 2022 and July 31, 2021, as reported on the Consolidated Balance Sheets.
The allowances for credit loss for our accounts receivable are summarized as follows (in millions):
Three Months Ended Nine Months Ended
April 30, 2022 May 1, 2021 April 30, 2022 May 1, 2021
Allowance for credit loss at beginning of period $ 70  $ 102  $ 109  $ 143 
Provisions (benefits) 17  16  53  15 
Recoveries (write-offs), net (9) (8) (75) (22)
Foreign exchange and other —  —  (9) (26)
Allowance for credit loss at end of period $ 78  $ 110  $ 78  $ 110 
Contract Assets and Liabilities
Gross contract assets by our internal risk ratings are summarized as follows (in millions):
April 30,
2022
July 31,
2021
1 to 4 $ 422  $ 521 
5 to 6 807  770 
7 and Higher 169  166 
Total $ 1,398  $ 1,457 
Contract assets consist of unbilled receivables and are recorded when revenue is recognized in advance of scheduled billings to our customers. These amounts are primarily related to software and service arrangements where transfer of control has occurred but we have not yet invoiced. Our contract assets for these unbilled receivables, net of allowances, was $1.3 billion and $1.4 billion as of April 30, 2022 and July 31, 2021, respectively, and were included in other current assets and other assets.
Contract liabilities consist of deferred revenue. Deferred revenue was $22.3 billion as of April 30, 2022 compared to $22.2 billion as of July 31, 2021. We recognized approximately $2.5 billion and $9.9 billion of revenue during the third quarter and first nine months of fiscal 2022, respectively, that was included in the deferred revenue balance at July 31, 2021.
12

CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

(c)Capitalized Contract Acquisition Costs
We capitalize direct and incremental costs incurred to acquire contracts, primarily sales commissions, for which the associated revenue is expected to be recognized in future periods. We incur these costs in connection with both initial contracts and renewals. These costs are initially deferred and typically amortized over the term of the customer contract which corresponds to the period of benefit. Deferred sales commissions were $1.0 billion and $967 million as of April 30, 2022 and July 31, 2021, respectively, and were included in other current assets and other assets. The amortization expense associated with these costs was $175 million and $492 million for the third quarter and first nine months of fiscal 2022, respectively, and $134 million and $386 million for the corresponding periods of fiscal 2021, respectively, and was included in sales and marketing expenses.


4.Acquisitions and Divestitures
We completed three acquisitions during the first nine months of fiscal 2022. A summary of the allocation of the total purchase consideration is presented as follows (in millions):
Purchase Consideration Net Tangible Assets Acquired (Liabilities Assumed) Purchased Intangible Assets Goodwill
Total acquisitions (three in total)
$ 364  $ 12  $ 20  $ 332 
The total purchase consideration related to our acquisitions completed during the first nine months of fiscal 2022 consisted of cash consideration and vested share-based awards assumed. The total cash and cash equivalents acquired from these acquisitions was approximately $7 million. Total transaction costs related to acquisition and divestiture activities were $44 million and $30 million for the first nine months of fiscal 2022 and 2021, respectively. These transaction costs were expensed as incurred in general and administrative expenses (“G&A”) in the Consolidated Statements of Operations.
The goodwill generated from acquisitions completed during the first nine months of fiscal 2022 is primarily related to expected synergies. The goodwill is generally not deductible for income tax purposes.
The Consolidated Financial Statements include the operating results of each acquisition from the date of acquisition. Pro forma results of operations and the revenue and net income subsequent to the acquisition date for the acquisitions completed during the first nine months of fiscal 2022 have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to our financial results.

5.Goodwill and Purchased Intangible Assets
(a)Goodwill
The following table presents the goodwill allocated to our reportable segments as of April 30, 2022 and during the first nine months of fiscal 2022 (in millions):
Balance at July 31, 2021 Acquisitions & Divestitures Other Balance at April 30, 2022
Americas $ 23,673  $ 222  $ 79  $ 23,974 
EMEA 9,094  83  (80) 9,097 
APJC 5,401  27  (47) 5,381 
Total $ 38,168  $ 332  $ (48) $ 38,452 
“Other” in the table above consists of foreign currency translation as well as purchase accounting adjustments.
13

CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

(b)Purchased Intangible Assets
The following table presents details of our intangible assets acquired through acquisitions completed during the first nine months of fiscal 2022 (in millions, except years):
  FINITE LIVES INDEFINITE LIVES TOTAL
  TECHNOLOGY CUSTOMER
RELATIONSHIPS
OTHER IPR&D
Weighted-
Average Useful
Life (in Years)
Amount Weighted-
Average Useful
Life (in Years)
Amount Weighted-
Average Useful
Life (in Years)
Amount Amount Amount
Total acquisitions (three in total)
2.7 $ 16  2.0 $ —  $ —  $ —  $ 20 
The following tables present details of our purchased intangible assets (in millions): 
April 30, 2022 Gross Accumulated Amortization Net
Purchased intangible assets with finite lives:
Technology $ 2,837  $ (1,140) $ 1,697 
Customer relationships 1,355  (701) 654 
Other 54  (24) 30 
Total purchased intangible assets with finite lives 4,246  (1,865) 2,381 
In-process research and development, with indefinite lives 430  —  430 
       Total $ 4,676  $ (1,865) $ 2,811 
July 31, 2021 Gross Accumulated Amortization Net
Purchased intangible assets with finite lives:
Technology $ 3,629  $ (1,437) $ 2,192 
Customer relationships 1,387  (523) 864 
Other 71  (13) 58 
Total purchased intangible assets with finite lives 5,087  (1,973) 3,114 
In-process research and development, with indefinite lives 505  —  505 
       Total $ 5,592  $ (1,973) $ 3,619 
Purchased intangible assets include intangible assets acquired through acquisitions as well as through direct purchases or licenses.
Impairment charges related to purchased intangible assets for the third quarter and first nine months of fiscal 2022 were $15 million. Impairment charges are primarily a result of declines in estimated fair values of certain purchased intangible assets resulting from the reduction or elimination of expected future cash flows associated with certain of our technology and in-process research and development (IPR&D) intangible assets.
The following table presents the amortization of purchased intangible assets, including impairment charges (in millions):
Three Months Ended Nine Months Ended
April 30, 2022 May 1, 2021 April 30, 2022 May 1, 2021
Amortization of purchased intangible assets:
Cost of sales $ 180  $ 187  $ 583  $ 513 
Operating expenses 92  61  255  136 
Total $ 272  $ 248  $ 838  $ 649 
14

CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

The estimated future amortization expense of purchased intangible assets with finite lives as of April 30, 2022 is as follows (in millions):
Fiscal Year Amount
2022 (remaining three months) $ 238 
2023 $ 902 
2024 $ 774 
2025 $ 404 
2026 $ 61 
Thereafter $

6.Restructuring and Other Charges
We initiated a restructuring plan in fiscal 2021 (the “Fiscal 2021 Plan”), which included a voluntary early retirement program, in order to realign the organization and enable further investment in key priority areas. The total pretax charges were estimated to be approximately $900 million. In connection with the Fiscal 2021 Plan, we have incurred cumulative charges of $894 million and completed this plan in fiscal 2022.
We initiated a restructuring plan in fiscal 2020 (the “Fiscal 2020 Plan”) in order to realign the organization and enable further investment in key priority areas. In connection with the Fiscal 2020 Plan, we incurred cumulative charges of $255 million. We completed the Fiscal 2020 Plan in fiscal 2021.
The aggregate pretax charges related to these plans are primarily cash-based and consist of severance and other one-time termination benefits, and other costs.
The following tables summarize the activities related to the restructuring and other charges (in millions):
FISCAL 2020 AND PRIOR PLANS FISCAL 2021 PLAN
Employee
Severance
Other Employee
Severance
Other Total
Liability as of July 31, 2021 $ —  $ 10  $ 16  $ $ 34 
Charges —  (5) 10 
Cash payments —  (1) (21) (1) (23)
Non-cash items —  —  —  (5) (5)
Liability as of April 30, 2022 $ —  $ $ $ $ 14 
FISCAL 2020 AND PRIOR PLANS FISCAL 2021 PLAN
Employee
Severance
Other Employee Severance Other Total
Liability as of July 25, 2020 $ 58  $ 14  $ —  $ —  $ 72 
Charges —  828  41  878 
Cash payments (58) (5) (801) (4) (868)
Non-cash items —  (1) —  (31) (32)
Liability as of May 1, 2021 $ —  $ 17  $ 27  $ $ 50 

15

CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

7.Balance Sheet and Other Details
The following tables provide details of selected balance sheet and other items (in millions):
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
April 30,
2022
July 31,
2021
Cash and cash equivalents $ 6,952  $ 9,175 
Restricted cash and restricted cash equivalents included in other current assets 14 
Restricted cash and restricted cash equivalents included in other assets 750  753 
Total $ 7,709  $ 9,942 
Our restricted cash equivalents are funds primarily related to contractual obligations with suppliers.
Inventories
April 30,
2022
July 31,
2021
Raw materials $ 1,414  $ 801 
Work in process 165  54 
Finished goods:
Deferred cost of sales 80  97 
Manufactured finished goods 462  422 
Total finished goods 542  519 
Service-related spares 103  174 
Demonstration systems 11 
Total $ 2,231  $ 1,559 

Property and Equipment, Net
April 30,
2022
July 31,
2021
Gross property and equipment:
Land, buildings, and building and leasehold improvements $ 4,243  $ 4,304 
Computer equipment and related software 834  858 
Production, engineering, and other equipment 4,733  5,106 
Operating lease assets 205  273 
Furniture, fixtures and other 345  377 
Total gross property and equipment 10,360  10,918 
Less: accumulated depreciation and amortization
(8,314) (8,580)
Total $ 2,046  $ 2,338 
16

CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

Remaining Performance Obligations (RPO)
April 30,
2022
July 31,
2021
Product $ 13,416  $ 13,270 
Service 16,789  17,623 
Total $ 30,205  $ 30,893 
Short-term RPO $ 16,241  $ 16,289 
Long-term RPO 13,964  14,604 
Total $ 30,205  $ 30,893 
Amount to be recognized as revenue over next 12 months
54  % 53  %
Deferred revenue $ 22,293  $ 22,164 
Unbilled contract revenue 7,912  8,729 
Total $ 30,205  $ 30,893 
Unbilled contract revenue represents noncancelable contracts for which we have not invoiced, have an obligation to perform, and revenue has not yet been recognized in the financial statements.
Deferred Revenue
April 30,
2022
July 31,
2021
Product $ 9,835  $ 9,416 
Service 12,458  12,748 
Total $ 22,293  $ 22,164 
Reported as:
Current $ 12,249  $ 12,148 
Noncurrent 10,044  10,016 
Total $ 22,293  $ 22,164 


8.Leases
(a)Lessee Arrangements
The following table presents our operating lease balances (in millions):
Balance Sheet Line Item April 30, 2022 July 31, 2021
Operating lease right-of-use assets Other assets $ 1,024  $ 1,095 
Operating lease liabilities Other current liabilities $ 334  $ 337 
Operating lease liabilities Other long-term liabilities 739  831 
Total operating lease liabilities $ 1,073  $ 1,168 

17

CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

The components of our lease expenses were as follows (in millions):
Three Months Ended Nine Months Ended
April 30, 2022 May 1, 2021 April 30, 2022 May 1, 2021
Operating lease expense $ 99  $ 105  $ 292  $ 306 
Short-term lease expense 17  14  49  49 
Variable lease expense 37  42  127  131 
Total lease expense $ 153  $ 161  $ 468  $ 486 
Supplemental information related to our operating leases is as follows (in millions):
Nine Months Ended
April 30, 2022 May 1, 2021
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows $ 306  $ 306 
Right-of-use assets obtained in exchange for operating leases liabilities $ 237  $ 270 
The weighted-average lease term was 4.6 years and 5.2 years as of April 30, 2022 and July 31, 2021, respectively. The weighted-average discount rate was 1.8% and 1.7% as of April 30, 2022 and July 31, 2021, respectively.
The maturities of our operating leases (undiscounted) as of April 30, 2022 are as follows (in millions):
Fiscal Year Amount
2022 (remaining three months) $ 99 
2023 328 
2024 242 
2025 166 
2026 92 
Thereafter 216 
Total lease payments 1,143 
Less interest (70)
Total $ 1,073 
(b)Lessor Arrangements
Our leases primarily represent sales-type leases with terms of four years on average. We provide leasing of our equipment and complementary third-party products primarily through our channel partners and distributors, for which the income arising from these leases is recognized through interest income. Interest income for the third quarter and first nine months of fiscal 2022 was $13 million and $42 million, respectively, and $19 million and $59 million for the corresponding periods of fiscal 2021, respectively, and was included in interest income in the Consolidated Statement of Operations. The net investment of our lease receivables is measured at the commencement date as the gross lease receivable, residual value less unearned income and allowance for credit loss. For additional information, see Note 9.
18

CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

Future minimum lease payments on our lease receivables as of April 30, 2022 are summarized as follows (in millions):
Fiscal Year Amount
2022 (remaining three months) $ 249 
2023 502 
2024 317 
2025 154 
2026 65 
Thereafter 17 
Total 1,304 
Less: Present value of lease payments 1,245 
Unearned income $ 59 
Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.
We provide financing of certain equipment through operating leases, and the amounts are included in property and equipment in the Consolidated Balance Sheets. Amounts relating to equipment on operating lease assets held by us and the associated accumulated depreciation are summarized as follows (in millions):
April 30, 2022 July 31, 2021
Operating lease assets $ 205  $ 273 
Accumulated depreciation (119) (165)
Operating lease assets, net $ 86  $ 108 
Our operating lease income for the third quarter and first nine months of fiscal 2022 was $26 million and $87 million, respectively, and $36 million and $119 million for the corresponding periods of fiscal 2021, respectively, and was included in product revenue in the Consolidated Statement of Operations.
Minimum future rentals on noncancelable operating leases as of April 30, 2022 are summarized as follows (in millions):
Fiscal Year Amount
2022 (remaining three months) $ 11 
2023 32 
2024 15 
2025
Total $ 62 

9.Financing Receivables
(a)Financing Receivables
Financing receivables primarily consist of lease receivables, loan receivables, and financed service contracts. Lease receivables represent sales-type leases resulting from the sale of Cisco’s and complementary third-party products and are typically collateralized by a security interest in the underlying assets. Lease receivables consist of arrangements with terms of four years on average. Loan receivables represent financing arrangements related to the sale of our hardware, software, and services, which may include additional funding for other costs associated with network installation and integration of our products and services. Loan receivables have terms of three years on average. Financed service contracts include financing receivables related to technical support and advanced services. Revenue related to the technical support services is typically deferred and included in deferred service revenue and is recognized ratably over the period during which the related services are to be performed, which typically ranges from one year to three years.
19

CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

A summary of our financing receivables is presented as follows (in millions):
April 30, 2022 Lease
Receivables
Loan
Receivables
Financed Service
Contracts
Total
Gross $ 1,304  $ 4,509  $ 2,051  $ 7,864 
Residual value 82  —  —  82 
Unearned income (59) —  —  (59)
Allowance for credit loss (25) (97) (2) (124)
Total, net $ 1,302  $ 4,412  $ 2,049  $ 7,763 
Reported as:
Current $ 623  $ 2,144  $ 1,037  $ 3,804 
Noncurrent 679  2,268  1,012  3,959 
Total, net $ 1,302  $ 4,412  $ 2,049  $ 7,763 
July 31, 2021 Lease
Receivables
Loan
Receivables
Financed Service
Contracts
Total
Gross $ 1,710  $ 5,203  $ 2,453  $ 9,366 
Residual value 103  —  —  103 
Unearned income (78) —  —  (78)
Allowance for credit loss (38) (86) (3) (127)
Total, net $ 1,697  $ 5,117  $ 2,450  $ 9,264 
Reported as:
Current $ 780  $ 2,372  $ 1,228  $ 4,380 
Noncurrent 917  2,745  1,222  4,884 
Total, net $ 1,697  $ 5,117  $ 2,450  $ 9,264 
(b)Credit Quality of Financing Receivables
The tables below present our gross financing receivables, excluding residual value, less unearned income, categorized by our internal credit risk rating by period of origination (in millions):
April 30, 2022 Fiscal Year Nine Months Ended
Internal Credit Risk Rating Prior July 28, 2018 July 27, 2019 July 25, 2020 July 31, 2021 April 30, 2022 Total
Lease Receivables:
1 to 4 $ $ 38  $ 90  $ 144  $ 192  $ 152  $ 619 
5 to 6 18  83  176  183  129  592 
7 and Higher 13  11  34 
Total Lease Receivables $ $ 57  $ 178  $ 333  $ 378  $ 292  $ 1,245 
Loan Receivables:
1 to 4 $ $ 63  $ 173  $ 565  $ 1,018  $ 979  $ 2,804 
5 to 6 22  94  289  547  637  1,591 
7 and Higher 26  40  36  10  114 
Total Loan Receivables $ $ 86  $ 293  $ 894  $ 1,601  $ 1,626  $ 4,509 
Financed Service Contracts:
1 to 4 $ $ $ 52  $ 99  $ 624  $ 567  $ 1,348 
5 to 6 12  47  135  292  202  689 
7 and Higher —  —  14 
Total Financed Service Contracts $ $ 17  $ 102  $ 239  $ 919  $ 772  $ 2,051 
Total $ 18  $ 160  $ 573  $ 1,466  $ 2,898  $ 2,690  $ 7,805 
20

CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

July 31, 2021 Fiscal Year
Internal Credit Risk Rating Prior July 29, 2017 July 28, 2018 July 27, 2019 July 25, 2020 July 31, 2021 Total
Lease Receivables:
1 to 4 $ $ 20  $ 100  $ 168  $ 282  $ 227  $ 799 
5 to 6 17  65  187  285  231  786 
7 and Higher —  12  23  47 
Total Lease Receivables $ $ 39  $ 171  $ 367  $ 590  $ 462  $ 1,632 
Loan Receivables:
1 to 4 $ $ 86  $ 134  $ 577  $ 990  $ 1,552  $ 3,343 
5 to 6 —  19  75  202  505  925  1,726 
7 and Higher 50  43  34  134 
Total Loan Receivables $ $ 107  $ 213  $ 829  $ 1,538  $ 2,511  $ 5,203 
Financed Service Contracts:
1 to 4 $ —  $ 38  $ 26  $ 106  $ 252  $ 1,053  $ 1,475 
5 to 6 —  26  105  302  520  959 
7 and Higher —  —  19 
Total Financed Service Contracts $ —  $ 44  $ 53  $ 217  $ 561  $ 1,578  $ 2,453 
Total $ $ 190  $ 437  $ 1,413  $ 2,689  $ 4,551  $ 9,288 
The following tables present the aging analysis of gross receivables as of April 30, 2022 and July 31, 2021 (in millions):
DAYS PAST DUE
(INCLUDES BILLED AND UNBILLED)
April 30, 2022 31-60 61-90  91+ Total
Past Due
Current Total 120+ Still Accruing Nonaccrual
Financing
Receivables
Impaired
Financing
Receivables
Lease receivables $ 26  $ 10  $ 24  $ 60  $ 1,185  $ 1,245  $ $ 14  $ 14 
Loan receivables 87  38  25  150  4,359  4,509  53  53 
Financed service contracts 45  16  23  84  1,967  2,051 
Total $ 158  $ 64  $ 72  $ 294  $ 7,511  $ 7,805  $ 18  $ 69  $ 69 
DAYS PAST DUE
(INCLUDES BILLED AND UNBILLED)
July 31, 2021 31-60 61-90  91+ Total
Past Due
Current Total 120+ Still Accruing Nonaccrual
Financing
Receivables
Impaired
Financing
Receivables
Lease receivables $ 21  $ 17  $ 29  $ 67  $ 1,565  $ 1,632  $ $ 33  $ 26 
Loan receivables 71  17  35  123  5,080  5,203  33  33 
Financed service contracts 18  13  18  49  2,404  2,453 
Total $ 110  $ 47  $ 82  $ 239  $ 9,049  $ 9,288  $ $ 69  $ 62 
Past due financing receivables are those that are 31 days or more past due according to their contractual payment terms. The data in the preceding tables is presented by contract, and the aging classification of each contract is based on the oldest outstanding receivable, and therefore past due amounts also include unbilled and current receivables within the same contract.
21

CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)


(c)Allowance for Credit Loss Rollforward
The allowances for credit loss and the related financing receivables are summarized as follows (in millions):
Three months ended April 30, 2022 CREDIT LOSS ALLOWANCES
Lease
Receivables
Loan
Receivables
Financed Service
Contracts
Total
Allowance for credit loss as of January 29, 2022 $ 27  $ 67  $ $ 97 
Provisions (benefits) (2) 27  (1) 24 
Other —  — 
Allowance for credit loss as of April 30, 2022 $ 25  $ 97  $ $ 124 
Three Months Ended May 1, 2021 CREDIT LOSS ALLOWANCES
Lease
Receivables
Loan
Receivables
Financed Service
Contracts
Total
Allowance for credit loss as of January 23, 2021 $ 43  $ 96  $ $ 148 
Provisions (benefits) (2) (4) (4) (10)
Recoveries (write-offs), net (1) (1) —  (2)
Allowance for credit loss as of May 1, 2021 $ 40  $ 91  $ $ 136 
Nine months ended April 30, 2022 CREDIT LOSS ALLOWANCES
Lease
Receivables
Loan
Receivables
Financed Service
Contracts
Total
Allowance for credit loss as of July 31, 2021 $ 38  $ 86  $ $ 127 
Provisions (benefits) (11) (1) (4)
Recoveries (write-offs), net (2) —  —  (2)
Other —  — 
Allowance for credit loss as of April 30, 2022 $ 25  $ 97  $ $ 124 
Nine months ended May 1, 2021 CREDIT LOSS ALLOWANCES
Lease
Receivables
Loan
Receivables
Financed Service
Contracts
Total
Allowance for credit loss as of July 25, 2020 $ 48  $ 81  $ $ 138 
Provisions (benefits) (9) (7) (3) (19)
Recoveries (write-offs), net (1) (1) —  (2)
Other 18  (1) 19 
Allowance for credit loss as of May 1, 2021 $ 40  $ 91  $ $ 136 

22

CISCO SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)


10.Available-for-Sale Debt and Equity Investments
(a)Summary of Available-for-Sale Debt Investments
The following tables summarize our available-for-sale debt investments (in millions):

April 30, 2022 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized and Credit
Losses
Fair
Value
U.S. government securities $ 1,346