falseQ2202100008588777/31us-gaap:OtherAssetsus-gaap:OtherAssetsus-gaap:OtherLiabilitiesCurrentus-gaap:OtherLiabilitiesCurrentus-gaap:OtherLiabilitiesNoncurrentus-gaap:OtherLiabilitiesNoncurrent00008588772020-07-262021-01-23xbrli:shares00008588772021-02-11iso4217:USD00008588772021-01-2300008588772020-07-25iso4217:USDxbrli:shares0000858877us-gaap:ProductMember2020-10-252021-01-230000858877us-gaap:ProductMember2019-10-272020-01-250000858877us-gaap:ProductMember2020-07-262021-01-230000858877us-gaap:ProductMember2019-07-282020-01-250000858877us-gaap:ServiceMember2020-10-252021-01-230000858877us-gaap:ServiceMember2019-10-272020-01-250000858877us-gaap:ServiceMember2020-07-262021-01-230000858877us-gaap:ServiceMember2019-07-282020-01-2500008588772020-10-252021-01-2300008588772019-10-272020-01-2500008588772019-07-282020-01-2500008588772019-07-2700008588772020-01-250000858877us-gaap:CommonStockMember2020-10-240000858877us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2020-10-240000858877us-gaap:RetainedEarningsMember2020-10-240000858877us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-10-2400008588772020-10-240000858877us-gaap:RetainedEarningsMember2020-10-252021-01-230000858877us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-10-252021-01-230000858877us-gaap:CommonStockMember2020-10-252021-01-230000858877us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2020-10-252021-01-230000858877us-gaap:CommonStockMember2021-01-230000858877us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2021-01-230000858877us-gaap:RetainedEarningsMember2021-01-230000858877us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-230000858877us-gaap:CommonStockMember2020-07-250000858877us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2020-07-250000858877us-gaap:RetainedEarningsMember2020-07-250000858877us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-250000858877us-gaap:RetainedEarningsMember2020-07-262021-01-230000858877us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-262021-01-230000858877us-gaap:CommonStockMember2020-07-262021-01-230000858877us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2020-07-262021-01-230000858877us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-07-250000858877srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-07-250000858877us-gaap:CommonStockMember2019-10-260000858877us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2019-10-260000858877us-gaap:RetainedEarningsMember2019-10-260000858877us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-10-2600008588772019-10-260000858877us-gaap:RetainedEarningsMember2019-10-272020-01-250000858877us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-10-272020-01-250000858877us-gaap:CommonStockMember2019-10-272020-01-250000858877us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2019-10-272020-01-250000858877us-gaap:CommonStockMember2020-01-250000858877us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2020-01-250000858877us-gaap:RetainedEarningsMember2020-01-250000858877us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-250000858877us-gaap:CommonStockMember2019-07-270000858877us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2019-07-270000858877us-gaap:RetainedEarningsMember2019-07-270000858877us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-07-270000858877us-gaap:RetainedEarningsMember2019-07-282020-01-250000858877us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-07-282020-01-250000858877us-gaap:CommonStockMember2019-07-282020-01-250000858877us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2019-07-282020-01-25csco:segment0000858877csco:InfrastructurePlatformsMember2020-10-252021-01-230000858877csco:InfrastructurePlatformsMember2019-10-272020-01-250000858877csco:InfrastructurePlatformsMember2020-07-262021-01-230000858877csco:InfrastructurePlatformsMember2019-07-282020-01-250000858877csco:ApplicationsMember2020-10-252021-01-230000858877csco:ApplicationsMember2019-10-272020-01-250000858877csco:ApplicationsMember2020-07-262021-01-230000858877csco:ApplicationsMember2019-07-282020-01-250000858877csco:SecurityMember2020-10-252021-01-230000858877csco:SecurityMember2019-10-272020-01-250000858877csco:SecurityMember2020-07-262021-01-230000858877csco:SecurityMember2019-07-282020-01-250000858877csco:OtherProductsMember2020-10-252021-01-230000858877csco:OtherProductsMember2019-10-272020-01-250000858877csco:OtherProductsMember2020-07-262021-01-230000858877csco:OtherProductsMember2019-07-282020-01-250000858877csco:SoftwareAndServiceAgreementsMember2021-01-230000858877csco:SoftwareAndServiceAgreementsMember2020-07-250000858877csco:OneToFourInternalGradeMember2021-01-230000858877csco:FiveToSixInternalGradeMember2021-01-230000858877csco:SevenAndHigherInternalGradeMember2021-01-23csco:acquisition0000858877us-gaap:GeneralAndAdministrativeExpenseMember2020-07-262021-01-230000858877us-gaap:GeneralAndAdministrativeExpenseMember2019-07-282020-01-250000858877srt:ScenarioForecastMembercsco:AcaciaCommunicationsInc.Member2021-05-010000858877srt:ScenarioForecastMembercsco:AcaciaCommunicationsInc.Member2021-01-242021-05-010000858877csco:AmericasSegmentMember2020-07-250000858877csco:AmericasSegmentMember2020-07-262021-01-230000858877csco:AmericasSegmentMember2021-01-230000858877csco:EuropeMiddleEastAndAfricaSegmentMember2020-07-250000858877csco:EuropeMiddleEastAndAfricaSegmentMember2020-07-262021-01-230000858877csco:EuropeMiddleEastAndAfricaSegmentMember2021-01-230000858877csco:AsiaPacificJapanAndChinaSegmentMember2020-07-250000858877csco:AsiaPacificJapanAndChinaSegmentMember2020-07-262021-01-230000858877csco:AsiaPacificJapanAndChinaSegmentMember2021-01-230000858877us-gaap:TechnologyBasedIntangibleAssetsMember2020-07-262021-01-230000858877us-gaap:CustomerRelationshipsMember2020-07-262021-01-230000858877us-gaap:OtherIntangibleAssetsMember2020-07-262021-01-230000858877us-gaap:InProcessResearchAndDevelopmentMember2020-07-262021-01-230000858877us-gaap:TechnologyBasedIntangibleAssetsMember2021-01-230000858877us-gaap:CustomerRelationshipsMember2021-01-230000858877us-gaap:OtherIntangibleAssetsMember2021-01-230000858877us-gaap:TechnologyBasedIntangibleAssetsMember2020-07-250000858877us-gaap:CustomerRelationshipsMember2020-07-250000858877us-gaap:OtherIntangibleAssetsMember2020-07-250000858877us-gaap:CostOfSalesMember2020-10-252021-01-230000858877us-gaap:CostOfSalesMember2019-10-272020-01-250000858877us-gaap:CostOfSalesMember2020-07-262021-01-230000858877us-gaap:CostOfSalesMember2019-07-282020-01-250000858877us-gaap:OperatingExpenseMember2020-10-252021-01-230000858877us-gaap:OperatingExpenseMember2019-10-272020-01-250000858877us-gaap:OperatingExpenseMember2020-07-262021-01-230000858877us-gaap:OperatingExpenseMember2019-07-282020-01-250000858877csco:CostofSalesandOperatingExpensesMember2020-10-252021-01-230000858877csco:CostofSalesandOperatingExpensesMember2019-10-272020-01-250000858877csco:CostofSalesandOperatingExpensesMember2020-07-262021-01-230000858877csco:CostofSalesandOperatingExpensesMember2019-07-282020-01-250000858877csco:Fiscal2021PlanMember2021-01-230000858877csco:Fiscal2021PlanMember2020-10-252021-01-230000858877csco:Fiscal2021PlanMember2020-07-262021-01-230000858877csco:Fiscal2020PlanMember2021-01-230000858877csco:Fiscal2020PlanAndPriorPlansMemberus-gaap:EmployeeSeveranceMember2020-07-250000858877us-gaap:OtherRestructuringMembercsco:Fiscal2020PlanAndPriorPlansMember2020-07-250000858877csco:Fiscal2021PlanMemberus-gaap:EmployeeSeveranceMember2020-07-250000858877csco:Fiscal2021PlanMemberus-gaap:OtherRestructuringMember2020-07-250000858877csco:Fiscal2020PlanAndPriorPlansMemberus-gaap:EmployeeSeveranceMember2020-07-262021-01-230000858877us-gaap:OtherRestructuringMembercsco:Fiscal2020PlanAndPriorPlansMember2020-07-262021-01-230000858877csco:Fiscal2021PlanMemberus-gaap:EmployeeSeveranceMember2020-07-262021-01-230000858877csco:Fiscal2021PlanMemberus-gaap:OtherRestructuringMember2020-07-262021-01-230000858877csco:Fiscal2020PlanAndPriorPlansMemberus-gaap:EmployeeSeveranceMember2021-01-230000858877us-gaap:OtherRestructuringMembercsco:Fiscal2020PlanAndPriorPlansMember2021-01-230000858877csco:Fiscal2021PlanMemberus-gaap:EmployeeSeveranceMember2021-01-230000858877csco:Fiscal2021PlanMemberus-gaap:OtherRestructuringMember2021-01-230000858877csco:Fiscal2018PlanAndPriorPlansMemberus-gaap:EmployeeSeveranceMember2019-07-270000858877csco:Fiscal2018PlanAndPriorPlansMemberus-gaap:OtherRestructuringMember2019-07-270000858877csco:Fiscal2018PlanAndPriorPlansMemberus-gaap:EmployeeSeveranceMember2019-07-282020-01-250000858877csco:Fiscal2018PlanAndPriorPlansMemberus-gaap:OtherRestructuringMember2019-07-282020-01-250000858877csco:Fiscal2018PlanAndPriorPlansMemberus-gaap:EmployeeSeveranceMember2020-01-250000858877csco:Fiscal2018PlanAndPriorPlansMemberus-gaap:OtherRestructuringMember2020-01-250000858877us-gaap:LandBuildingsAndImprovementsMember2021-01-230000858877us-gaap:LandBuildingsAndImprovementsMember2020-07-250000858877csco:ComputerEquipmentAndRelatedSoftwareMember2021-01-230000858877csco:ComputerEquipmentAndRelatedSoftwareMember2020-07-250000858877us-gaap:EquipmentMember2021-01-230000858877us-gaap:EquipmentMember2020-07-250000858877us-gaap:AssetsLeasedToOthersMember2021-01-230000858877us-gaap:AssetsLeasedToOthersMember2020-07-250000858877us-gaap:FurnitureAndFixturesMember2021-01-230000858877us-gaap:FurnitureAndFixturesMember2020-07-250000858877us-gaap:ProductMember2021-01-230000858877us-gaap:ProductMember2020-07-250000858877us-gaap:ServiceMember2021-01-230000858877us-gaap:ServiceMember2020-07-250000858877us-gaap:UnbilledRevenuesMember2021-01-23xbrli:pure00008588772021-01-242021-01-230000858877us-gaap:UnbilledRevenuesMember2020-07-250000858877srt:MinimumMember2020-07-262021-01-230000858877srt:MaximumMember2020-07-262021-01-230000858877us-gaap:FinanceReceivablesMember2021-01-230000858877us-gaap:LoansReceivableMember2021-01-230000858877csco:FinancedServiceContractsMember2021-01-230000858877us-gaap:FinanceReceivablesMember2020-07-250000858877us-gaap:LoansReceivableMember2020-07-250000858877csco:FinancedServiceContractsMember2020-07-250000858877csco:OneToFourInternalGradeMemberus-gaap:FinanceReceivablesMember2021-01-230000858877csco:FiveToSixInternalGradeMemberus-gaap:FinanceReceivablesMember2021-01-230000858877us-gaap:FinanceReceivablesMembercsco:SevenAndHigherInternalGradeMember2021-01-230000858877us-gaap:LoansReceivableMembercsco:OneToFourInternalGradeMember2021-01-230000858877us-gaap:LoansReceivableMembercsco:FiveToSixInternalGradeMember2021-01-230000858877us-gaap:LoansReceivableMembercsco:SevenAndHigherInternalGradeMember2021-01-230000858877csco:FinancedServiceContractsMembercsco:OneToFourInternalGradeMember2021-01-230000858877csco:FinancedServiceContractsMembercsco:FiveToSixInternalGradeMember2021-01-230000858877csco:FinancedServiceContractsMembercsco:SevenAndHigherInternalGradeMember2021-01-230000858877csco:OneToFourInternalGradeMemberus-gaap:FinanceReceivablesMember2020-07-250000858877csco:FiveToSixInternalGradeMemberus-gaap:FinanceReceivablesMember2020-07-250000858877us-gaap:FinanceReceivablesMembercsco:SevenAndHigherInternalGradeMember2020-07-250000858877us-gaap:LoansReceivableMembercsco:OneToFourInternalGradeMember2020-07-250000858877us-gaap:LoansReceivableMembercsco:FiveToSixInternalGradeMember2020-07-250000858877us-gaap:LoansReceivableMembercsco:SevenAndHigherInternalGradeMember2020-07-250000858877csco:FinancedServiceContractsMembercsco:OneToFourInternalGradeMember2020-07-250000858877csco:FinancedServiceContractsMembercsco:FiveToSixInternalGradeMember2020-07-250000858877csco:FinancedServiceContractsMembercsco:SevenAndHigherInternalGradeMember2020-07-250000858877csco:OneToFourInternalGradeMember2020-07-250000858877csco:FiveToSixInternalGradeMember2020-07-250000858877csco:SevenAndHigherInternalGradeMember2020-07-250000858877us-gaap:FinanceReceivablesMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-01-230000858877us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:FinanceReceivablesMember2021-01-230000858877us-gaap:FinanceReceivablesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-01-230000858877us-gaap:LoansReceivableMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-01-230000858877us-gaap:LoansReceivableMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-01-230000858877us-gaap:LoansReceivableMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-01-230000858877csco:FinancedServiceContractsMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-01-230000858877csco:FinancedServiceContractsMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-01-230000858877csco:FinancedServiceContractsMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-01-230000858877us-gaap:FinancingReceivables30To59DaysPastDueMember2021-01-230000858877us-gaap:FinancingReceivables60To89DaysPastDueMember2021-01-230000858877us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-01-230000858877us-gaap:FinanceReceivablesMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-07-250000858877us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:FinanceReceivablesMember2020-07-250000858877us-gaap:FinanceReceivablesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-07-250000858877us-gaap:LoansReceivableMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-07-250000858877us-gaap:LoansReceivableMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-07-250000858877us-gaap:LoansReceivableMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-07-250000858877csco:FinancedServiceContractsMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-07-250000858877csco:FinancedServiceContractsMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-07-250000858877csco:FinancedServiceContractsMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-07-250000858877us-gaap:FinancingReceivables30To59DaysPastDueMember2020-07-250000858877us-gaap:FinancingReceivables60To89DaysPastDueMember2020-07-250000858877us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-07-250000858877us-gaap:FinanceReceivablesMember2020-10-240000858877us-gaap:LoansReceivableMember2020-10-240000858877csco:FinancedServiceContractsMember2020-10-240000858877us-gaap:FinanceReceivablesMember2020-10-252021-01-230000858877us-gaap:LoansReceivableMember2020-10-252021-01-230000858877csco:FinancedServiceContractsMember2020-10-252021-01-230000858877us-gaap:FinanceReceivablesMember2020-07-262021-01-230000858877us-gaap:LoansReceivableMember2020-07-262021-01-230000858877csco:FinancedServiceContractsMember2020-07-262021-01-230000858877us-gaap:FinanceReceivablesMember2019-10-260000858877us-gaap:LoansReceivableMember2019-10-260000858877csco:FinancedServiceContractsMember2019-10-260000858877us-gaap:FinanceReceivablesMember2019-10-272020-01-250000858877us-gaap:LoansReceivableMember2019-10-272020-01-250000858877csco:FinancedServiceContractsMember2019-10-272020-01-250000858877us-gaap:FinanceReceivablesMember2020-01-250000858877us-gaap:LoansReceivableMember2020-01-250000858877csco:FinancedServiceContractsMember2020-01-250000858877us-gaap:FinanceReceivablesMember2019-07-270000858877us-gaap:LoansReceivableMember2019-07-270000858877csco:FinancedServiceContractsMember2019-07-270000858877us-gaap:FinanceReceivablesMember2019-07-282020-01-250000858877us-gaap:LoansReceivableMember2019-07-282020-01-250000858877csco:FinancedServiceContractsMember2019-07-282020-01-250000858877us-gaap:USTreasuryAndGovernmentMember2021-01-230000858877us-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-01-230000858877us-gaap:CorporateDebtSecuritiesMember2021-01-230000858877us-gaap:AssetBackedSecuritiesMember2021-01-230000858877us-gaap:CommercialPaperMember2021-01-230000858877us-gaap:CertificatesOfDepositMember2021-01-230000858877us-gaap:USTreasuryAndGovernmentMember2020-07-250000858877us-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-07-250000858877us-gaap:CorporateDebtSecuritiesMember2020-07-250000858877us-gaap:AssetBackedSecuritiesMember2020-07-250000858877us-gaap:CommercialPaperMember2020-07-250000858877us-gaap:CertificatesOfDepositMember2020-07-250000858877us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMember2020-07-250000858877us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMember2021-01-230000858877us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel1Member2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel2Member2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CertificatesOfDepositMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel1Member2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel2Member2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CertificatesOfDepositMember2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel1Member2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Member2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel3Member2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel1Member2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Member2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel3Member2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Member2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Member2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2020-07-250000858877us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-01-230000858877us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-01-230000858877us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-01-230000858877us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-230000858877us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-07-250000858877us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-07-250000858877us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-07-250000858877us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPaperMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPaperMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPaperMember2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMember2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPaperMember2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CertificatesOfDepositMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CertificatesOfDepositMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CertificatesOfDepositMember2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMember2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CertificatesOfDepositMember2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CertificatesOfDepositMember2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMember2021-01-230000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-07-250000858877us-gaap:FairValueMeasurementsRecurringMember2020-07-250000858877us-gaap:FairValueInputsLevel2Member2021-01-230000858877us-gaap:FairValueInputsLevel2Member2020-07-250000858877us-gaap:SeniorNotesMember2021-01-230000858877us-gaap:SeniorNotesMember2020-07-250000858877us-gaap:CommercialPaperMember2021-01-230000858877csco:FixedRateNotes2.2DueFebruary2021Member2021-01-230000858877csco:FixedRateNotes2.2DueFebruary2021Member2020-07-250000858877csco:FixedRateNotes2.9DueMarch2021Member2021-01-230000858877csco:FixedRateNotes2.9DueMarch2021Member2020-07-250000858877csco:FixedRateNotes1.85DueSeptember2021Member2021-01-230000858877csco:FixedRateNotes1.85DueSeptember2021Member2020-07-250000858877csco:FixedRateNotes3.0DueJune152022Member2021-01-230000858877csco:FixedRateNotes3.0DueJune152022Member2020-07-250000858877csco:FixedRateNotes2.6DueFebruary2023Member2021-01-230000858877csco:FixedRateNotes2.6DueFebruary2023Member2020-07-250000858877csco:FixedRateNotes2.20DueSeptember2023Member2021-01-230000858877csco:FixedRateNotes2.20DueSeptember2023Member2020-07-250000858877csco:FixedRateNotes3.625DueMarch2024Member2021-01-230000858877csco:FixedRateNotes3.625DueMarch2024Member2020-07-250000858877csco:FixedRateNotes3.5DueJune152025Member2021-01-230000858877csco:FixedRateNotes3.5DueJune152025Member2020-07-250000858877csco:FixedRateNotes2.95DueFebruary2026Member2021-01-230000858877csco:FixedRateNotes2.95DueFebruary2026Member2020-07-250000858877csco:FixedRateNotes2.50DueSeptember2026Member2021-01-230000858877csco:FixedRateNotes2.50DueSeptember2026Member2020-07-250000858877csco:FixedRateNotes5.9DueFebruary2039Member2021-01-230000858877csco:FixedRateNotes5.9DueFebruary2039Member2020-07-250000858877csco:FixedRateNotes5.5DueJanuary2040Member2021-01-230000858877csco:FixedRateNotes5.5DueJanuary2040Member2020-07-250000858877us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-230000858877us-gaap:UnsecuredDebtMember2020-05-152020-05-150000858877us-gaap:UnsecuredDebtMember2020-05-150000858877us-gaap:UnsecuredDebtMember2020-05-142020-05-140000858877us-gaap:UnsecuredDebtMember2021-01-230000858877us-gaap:UnsecuredDebtMemberus-gaap:FederalFundsEffectiveSwapRateMember2020-05-152020-05-150000858877us-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:UnsecuredDebtMember2020-05-152020-05-150000858877us-gaap:EurodollarMemberus-gaap:UnsecuredDebtMember2020-05-152020-05-150000858877us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMember2021-01-230000858877us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMember2020-07-250000858877us-gaap:OtherCurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-01-230000858877us-gaap:OtherCurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2020-07-250000858877us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:OtherCurrentAssetsMember2021-01-230000858877us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:OtherCurrentAssetsMember2020-07-250000858877us-gaap:OtherCurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2021-01-230000858877us-gaap:OtherCurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2020-07-250000858877us-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2021-01-230000858877us-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2020-07-250000858877us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:OtherNoncurrentLiabilitiesMember2021-01-230000858877us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:OtherNoncurrentLiabilitiesMember2020-07-250000858877us-gaap:DesignatedAsHedgingInstrumentMember2021-01-230000858877us-gaap:DesignatedAsHedgingInstrumentMember2020-07-250000858877us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMember2021-01-230000858877us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMember2020-07-250000858877us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeContractMember2021-01-230000858877us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeContractMember2020-07-250000858877us-gaap:NondesignatedMemberus-gaap:OtherAssetsMemberus-gaap:EquityContractMember2021-01-230000858877us-gaap:NondesignatedMemberus-gaap:OtherAssetsMemberus-gaap:EquityContractMember2020-07-250000858877us-gaap:NondesignatedMemberus-gaap:EquityContractMemberus-gaap:OtherNoncurrentLiabilitiesMember2021-01-230000858877us-gaap:NondesignatedMemberus-gaap:EquityContractMemberus-gaap:OtherNoncurrentLiabilitiesMember2020-07-250000858877us-gaap:NondesignatedMember2021-01-230000858877us-gaap:NondesignatedMember2020-07-250000858877us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ShortTermDebtMember2021-01-230000858877us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ShortTermDebtMember2020-07-250000858877us-gaap:LongTermDebtMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-230000858877us-gaap:LongTermDebtMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-07-250000858877us-gaap:NonoperatingIncomeExpenseMemberus-gaap:InterestRateContractMember2020-10-252021-01-230000858877us-gaap:NonoperatingIncomeExpenseMemberus-gaap:InterestRateContractMember2019-10-272020-01-250000858877us-gaap:NonoperatingIncomeExpenseMemberus-gaap:InterestRateContractMember2020-07-262021-01-230000858877us-gaap:NonoperatingIncomeExpenseMemberus-gaap:InterestRateContractMember2019-07-282020-01-250000858877us-gaap:NondesignatedMemberus-gaap:OtherIncomeMemberus-gaap:ForeignExchangeContractMember2020-10-252021-01-230000858877us-gaap:NondesignatedMemberus-gaap:OtherIncomeMemberus-gaap:ForeignExchangeContractMember2019-10-272020-01-250000858877us-gaap:NondesignatedMemberus-gaap:OtherIncomeMemberus-gaap:ForeignExchangeContractMember2020-07-262021-01-230000858877us-gaap:NondesignatedMemberus-gaap:OtherIncomeMemberus-gaap:ForeignExchangeContractMember2019-07-282020-01-250000858877us-gaap:NondesignatedMemberus-gaap:OperatingExpenseMemberus-gaap:TotalReturnSwapMember2020-10-252021-01-230000858877us-gaap:NondesignatedMemberus-gaap:OperatingExpenseMemberus-gaap:TotalReturnSwapMember2019-10-272020-01-250000858877us-gaap:NondesignatedMemberus-gaap:OperatingExpenseMemberus-gaap:TotalReturnSwapMember2020-07-262021-01-230000858877us-gaap:NondesignatedMemberus-gaap:OperatingExpenseMemberus-gaap:TotalReturnSwapMember2019-07-282020-01-250000858877us-gaap:NondesignatedMemberus-gaap:OtherIncomeMemberus-gaap:EquityContractMember2020-10-252021-01-230000858877us-gaap:NondesignatedMemberus-gaap:OtherIncomeMemberus-gaap:EquityContractMember2019-10-272020-01-250000858877us-gaap:NondesignatedMemberus-gaap:OtherIncomeMemberus-gaap:EquityContractMember2020-07-262021-01-230000858877us-gaap:NondesignatedMemberus-gaap:OtherIncomeMemberus-gaap:EquityContractMember2019-07-282020-01-250000858877us-gaap:NondesignatedMember2020-10-252021-01-230000858877us-gaap:NondesignatedMember2019-10-272020-01-250000858877us-gaap:NondesignatedMember2020-07-262021-01-230000858877us-gaap:NondesignatedMember2019-07-282020-01-250000858877us-gaap:ForeignExchangeContractMember2021-01-230000858877us-gaap:ForeignExchangeContractMember2020-07-250000858877us-gaap:InterestRateContractMember2021-01-230000858877us-gaap:InterestRateContractMember2020-07-250000858877us-gaap:TotalReturnSwapMember2021-01-230000858877us-gaap:TotalReturnSwapMember2020-07-250000858877us-gaap:CashFlowHedgingMember2020-07-262021-01-230000858877us-gaap:NetInvestmentHedgingMember2020-07-262021-01-230000858877us-gaap:InventoriesMember2020-07-262021-01-230000858877us-gaap:InventoriesMember2019-07-282020-07-250000858877us-gaap:InventoriesMember2021-01-230000858877us-gaap:InventoriesMember2020-07-250000858877us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2020-10-252021-01-230000858877us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2019-10-272020-01-250000858877us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2020-07-262021-01-230000858877us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2019-07-282020-01-250000858877csco:InvestmentsInPrivatelyHeldCompaniesMember2021-01-230000858877csco:InvestmentsInPrivatelyHeldCompaniesMember2020-07-250000858877csco:COVID19Member2020-07-262021-01-230000858877csco:ThirdPartyChannelPartnerMember2021-01-230000858877csco:ThirdPartyChannelPartnerMember2020-07-250000858877csco:EndUserMember2021-01-230000858877csco:EndUserMember2020-07-25csco:patent0000858877us-gaap:JudicialRulingMembercsco:PatentInfringementMembercsco:SprintCommunicationsCompanyL.P.Vs.TimeWarnerCableInc.Member2017-03-032017-03-03csco:company0000858877csco:ChanbondLLCMemberus-gaap:PendingLitigationMember2015-09-212015-09-210000858877csco:TaxYear2003Through2007Membercsco:BrazilianTaxAuthorityMember2020-07-262021-01-230000858877csco:SRIInternationalMemberus-gaap:PendingLitigationMember2013-09-042013-09-040000858877csco:SRIInternationalMemberus-gaap:PendingLitigationMember2016-05-122016-05-120000858877csco:SRIInternationalMemberus-gaap:PendingLitigationMember2017-05-252017-05-250000858877csco:SRIInternationalMemberus-gaap:PendingLitigationMember2020-04-012020-04-010000858877csco:SRIInternationalMemberus-gaap:PendingLitigationMember2016-05-122021-01-230000858877csco:CentripetalMemberus-gaap:PendingLitigationMembercsco:PatentInfringementMember2018-02-132018-02-130000858877csco:PatentInfringementIPRProceedingsMembercsco:CentripetalMemberus-gaap:PendingLitigationMember2018-02-132018-02-130000858877csco:CentripetalMemberus-gaap:PendingLitigationMembercsco:PatentInfringementPatentTrialandAppealBoardMember2018-02-132018-02-130000858877csco:CentripetalMemberus-gaap:PendingLitigationMembercsco:PatentInfringementNotSubjectToIPRProceedingsMember2018-02-132018-02-130000858877csco:CentripetalMembercsco:PatentInfringementNotSubjectToIPRProceedingsAndIPRDeclinedMemberus-gaap:PendingLitigationMember2018-02-132018-02-130000858877csco:CentripetalMemberus-gaap:PendingLitigationMembercsco:PatentInfringementMember2020-10-052020-10-050000858877csco:CentripetalMemberus-gaap:PendingLitigationMember2020-10-052020-10-050000858877csco:CentripetalMembersrt:MinimumMemberus-gaap:PendingLitigationMember2020-10-052020-10-050000858877csco:CentripetalMemberus-gaap:PendingLitigationMembersrt:MaximumMember2020-10-052020-10-050000858877csco:PatentInfringementEuropeanPatentsMembercsco:CentripetalMemberus-gaap:PendingLitigationMember2020-04-292020-04-300000858877csco:FinjanMemberus-gaap:PendingLitigationMembercsco:PatentInfringementMember2017-01-062017-01-060000858877csco:RamotMemberus-gaap:PendingLitigationMembercsco:PatentInfringementMember2019-06-122019-06-120000858877us-gaap:SubsequentEventMember2021-02-092021-02-0900008588772020-07-262020-10-2400008588772020-04-262020-07-2500008588772020-01-262020-04-2500008588772019-07-282019-10-260000858877csco:StockRepurchaseProgramMember2021-01-230000858877csco:StockRepurchaseProgramMember2020-07-25csco:stock_incentive_plan0000858877csco:TwoThousandFivePlanMember2020-12-102020-12-100000858877csco:TwoThousandFivePlanMember2021-01-230000858877csco:TwoThousandFivePlanMembercsco:StockawardssubsequenttoNovember122009Member2021-01-230000858877us-gaap:EmployeeStockMember2021-01-230000858877us-gaap:EmployeeStockMember2020-07-262021-01-23csco:period0000858877us-gaap:EmployeeStockMember2020-10-252021-01-230000858877us-gaap:EmployeeStockMember2019-10-272020-01-250000858877us-gaap:EmployeeStockMember2019-07-282020-01-250000858877us-gaap:ProductMemberus-gaap:CostOfSalesMember2020-10-252021-01-230000858877us-gaap:ProductMemberus-gaap:CostOfSalesMember2019-10-272020-01-250000858877us-gaap:ProductMemberus-gaap:CostOfSalesMember2020-07-262021-01-230000858877us-gaap:ProductMemberus-gaap:CostOfSalesMember2019-07-282020-01-250000858877us-gaap:ServiceMemberus-gaap:CostOfSalesMember2020-10-252021-01-230000858877us-gaap:ServiceMemberus-gaap:CostOfSalesMember2019-10-272020-01-250000858877us-gaap:ServiceMemberus-gaap:CostOfSalesMember2020-07-262021-01-230000858877us-gaap:ServiceMemberus-gaap:CostOfSalesMember2019-07-282020-01-250000858877us-gaap:ResearchAndDevelopmentExpenseMember2020-10-252021-01-230000858877us-gaap:ResearchAndDevelopmentExpenseMember2019-10-272020-01-250000858877us-gaap:ResearchAndDevelopmentExpenseMember2020-07-262021-01-230000858877us-gaap:ResearchAndDevelopmentExpenseMember2019-07-282020-01-250000858877us-gaap:SellingAndMarketingExpenseMember2020-10-252021-01-230000858877us-gaap:SellingAndMarketingExpenseMember2019-10-272020-01-250000858877us-gaap:SellingAndMarketingExpenseMember2020-07-262021-01-230000858877us-gaap:SellingAndMarketingExpenseMember2019-07-282020-01-250000858877us-gaap:GeneralAndAdministrativeExpenseMember2020-10-252021-01-230000858877us-gaap:GeneralAndAdministrativeExpenseMember2019-10-272020-01-250000858877us-gaap:GeneralAndAdministrativeExpenseMember2020-07-262021-01-230000858877us-gaap:GeneralAndAdministrativeExpenseMember2019-07-282020-01-250000858877us-gaap:RestructuringChargesMember2020-10-252021-01-230000858877us-gaap:RestructuringChargesMember2019-10-272020-01-250000858877us-gaap:RestructuringChargesMember2020-07-262021-01-230000858877us-gaap:RestructuringChargesMember2019-07-282020-01-250000858877us-gaap:StockCompensationPlanMember2019-07-270000858877us-gaap:StockCompensationPlanMember2019-07-282020-07-250000858877us-gaap:StockCompensationPlanMember2020-07-250000858877us-gaap:StockCompensationPlanMember2020-07-262021-01-230000858877us-gaap:StockCompensationPlanMember2021-01-230000858877us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-07-250000858877us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-07-250000858877us-gaap:AccumulatedTranslationAdjustmentMember2020-07-250000858877us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-07-262021-01-230000858877us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-07-262021-01-230000858877us-gaap:AccumulatedTranslationAdjustmentMember2020-07-262021-01-230000858877us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-230000858877us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-230000858877us-gaap:AccumulatedTranslationAdjustmentMember2021-01-230000858877us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-07-270000858877us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-07-270000858877us-gaap:AccumulatedTranslationAdjustmentMember2019-07-270000858877us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-07-282020-01-250000858877us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-07-282020-01-250000858877us-gaap:AccumulatedTranslationAdjustmentMember2019-07-282020-01-250000858877us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-250000858877us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-250000858877us-gaap:AccumulatedTranslationAdjustmentMember2020-01-250000858877csco:AmericasSegmentMemberus-gaap:OperatingSegmentsMember2020-10-252021-01-230000858877csco:AmericasSegmentMemberus-gaap:OperatingSegmentsMember2019-10-272020-01-250000858877csco:AmericasSegmentMemberus-gaap:OperatingSegmentsMember2020-07-262021-01-230000858877csco:AmericasSegmentMemberus-gaap:OperatingSegmentsMember2019-07-282020-01-250000858877csco:EuropeMiddleEastAndAfricaSegmentMemberus-gaap:OperatingSegmentsMember2020-10-252021-01-230000858877csco:EuropeMiddleEastAndAfricaSegmentMemberus-gaap:OperatingSegmentsMember2019-10-272020-01-250000858877csco:EuropeMiddleEastAndAfricaSegmentMemberus-gaap:OperatingSegmentsMember2020-07-262021-01-230000858877csco:EuropeMiddleEastAndAfricaSegmentMemberus-gaap:OperatingSegmentsMember2019-07-282020-01-250000858877us-gaap:OperatingSegmentsMembercsco:AsiaPacificJapanAndChinaSegmentMember2020-10-252021-01-230000858877us-gaap:OperatingSegmentsMembercsco:AsiaPacificJapanAndChinaSegmentMember2019-10-272020-01-250000858877us-gaap:OperatingSegmentsMembercsco:AsiaPacificJapanAndChinaSegmentMember2020-07-262021-01-230000858877us-gaap:OperatingSegmentsMembercsco:AsiaPacificJapanAndChinaSegmentMember2019-07-282020-01-250000858877us-gaap:OperatingSegmentsMember2020-10-252021-01-230000858877us-gaap:OperatingSegmentsMember2019-10-272020-01-250000858877us-gaap:OperatingSegmentsMember2020-07-262021-01-230000858877us-gaap:OperatingSegmentsMember2019-07-282020-01-250000858877us-gaap:CorporateNonSegmentMember2020-10-252021-01-230000858877us-gaap:CorporateNonSegmentMember2019-10-272020-01-250000858877us-gaap:CorporateNonSegmentMember2020-07-262021-01-230000858877us-gaap:CorporateNonSegmentMember2019-07-282020-01-250000858877country:US2019-10-272020-01-250000858877country:US2020-10-252021-01-230000858877country:US2020-07-262021-01-230000858877country:US2019-07-282020-01-25
Table of Contents
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 January 23, 2021
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-20210123_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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per shareCSCOThe 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 filerAccelerated filer 
Non-accelerated filerSmaller 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 February 11, 2021: 4,221,785,547
____________________________________ 
1

Table of Contents
Cisco Systems, Inc.
Form 10-Q for the Quarter Ended January 23, 2021
INDEX
Page
Part I
Item 1.
Item 2.
Item 3.
Item 4.
Part II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2

Table of Contents
PART I. FINANCIAL INFORMATION 
Item 1.Financial Statements (Unaudited)
CISCO SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except par value)
(Unaudited)
January 23, 2021July 25, 2020
ASSETS
Current assets:
Cash and cash equivalents$11,793 $11,809 
Investments18,795 17,610 
Accounts receivable, net of allowance for doubtful accounts of $102 at January 23, 2021 and $143 at July 25, 2020
4,307 5,472 
Inventories1,436 1,282 
Financing receivables, net5,027 5,051 
Other current assets2,553 2,349 
Total current assets43,911 43,573 
Property and equipment, net2,386 2,453 
Financing receivables, net5,100 5,714 
Goodwill34,733 33,806 
Purchased intangible assets, net1,462 1,576 
Deferred tax assets4,109 3,990 
Other assets3,900 3,741 
TOTAL ASSETS$95,601 $94,853 
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt$5,000 $3,005 
Accounts payable1,867 2,218 
Income taxes payable763 839 
Accrued compensation3,295 3,122 
Deferred revenue11,552 11,406 
Other current liabilities4,791 4,741 
Total current liabilities27,268 25,331 
Long-term debt9,554 11,578 
Income taxes payable8,084 8,837 
Deferred revenue9,294 9,040 
Other long-term liabilities2,280 2,147 
Total liabilities56,480 56,933 
Commitments and contingencies (Note 14)
Equity:
Cisco shareholders’ equity:
Preferred stock, no par value: 5 shares authorized; none issued and outstanding
  
Common stock and additional paid-in capital, $0.001 par value: 20,000 shares authorized; 4,221 and 4,237 shares issued and outstanding at January 23, 2021 and July 25, 2020, respectively
41,690 41,202 
Accumulated deficit(2,351)(2,763)
Accumulated other comprehensive loss(218)(519)
Total equity39,121 37,920 
TOTAL LIABILITIES AND EQUITY$95,601 $94,853 
See Notes to Consolidated Financial Statements.
3

Table of Contents
CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per-share amounts)
(Unaudited) 
Three Months EndedSix Months Ended
January 23, 2021January 25, 2020January 23, 2021January 25, 2020
REVENUE:
Product$8,572 $8,671 $17,159 $18,549 
Service3,388 3,334 6,730 6,615 
Total revenue11,960 12,005 23,889 25,164 
COST OF SALES:
Product3,044 3,126 6,250 6,650 
Service1,132 1,115 2,274 2,286 
Total cost of sales4,176 4,241 8,524 8,936 
GROSS MARGIN7,784 7,764 15,365 16,228 
OPERATING EXPENSES:
Research and development1,527 1,570 3,139 3,236 
Sales and marketing2,277 2,279 4,494 4,759 
General and administrative484 455 1,028 974 
Amortization of purchased intangible assets39 38 75 74 
Restructuring and other charges234 42 836 226 
Total operating expenses4,561 4,384 9,572 9,269 
OPERATING INCOME3,223 3,380 5,793 6,959 
Interest income161 242 335 515 
Interest expense(113)(158)(225)(336)
Other income (loss), net(16)70 33 82 
Interest and other income (loss), net32 154 143 261 
INCOME BEFORE PROVISION FOR INCOME TAXES3,255 3,534 5,936 7,220 
Provision for income taxes710 656 1,217 1,416 
NET INCOME$2,545 $2,878 $4,719 $5,804 
Net income per share:
Basic$0.60 $0.68 $1.12 $1.37 
Diluted$0.60 $0.68 $1.11 $1.36 
Shares used in per-share calculation:
Basic4,223 4,242 4,227 4,244 
Diluted4,234 4,260 4,239 4,265 
See Notes to Consolidated Financial Statements.
4

Table of Contents
CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(Unaudited)
Three Months EndedSix Months Ended
January 23, 2021January 25, 2020January 23, 2021January 25, 2020
Net income$2,545 $2,878 $4,719 $5,804 
Available-for-sale investments:
Change in net unrealized gains and losses, net of tax benefit (expense) of $0 and $17 for the second quarter and first six months of fiscal 2021, respectively, and $(15) and $(29) for the corresponding periods of fiscal 2020, respectively
6 66 (18)139 
Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $2 and $7 for the second quarter and first six months of fiscal 2021, respectively and $7 and $12 for the corresponding periods of fiscal 2020, respectively
(7)(4)(17)(9)
(1)62 (35)130 
Cash flow hedging instruments:
Change in unrealized gains and losses, net of tax benefit (expense) of $1 for each of the second quarter and first six months of fiscal 2021, and $0 and $1 for the corresponding periods of fiscal 2020, respectively
(2)1 (4)1 
Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $0 and $1 for the second quarter and first six months of fiscal 2021, respectively, and $0 for each of the corresponding periods of fiscal 2020
(3)2 (4)2 
(5)3 (8)3 
Net change in cumulative translation adjustment and actuarial gains and losses net of tax benefit (expense) of $(2) and $(3) for the second quarter and first six months of fiscal 2021, respectively, and $(1) for each of the corresponding periods of fiscal 2020
235 50 344 (41)
Other comprehensive income229 115 301 92 
Comprehensive income$2,774 $2,993 $5,020 $5,896 
See Notes to Consolidated Financial Statements.


5

Table of Contents
CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Six Months Ended
January 23, 2021January 25, 2020
Cash flows from operating activities:
Net income$4,719 $5,804 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and other887 918 
Share-based compensation expense874 779 
Provision (benefit) for receivables(10)46 
Deferred income taxes(91)128 
(Gains) losses on divestitures, investments and other, net(86)(162)
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable1,245 1,084 
Inventories(145)25 
Financing receivables748 408 
Other assets(212)130 
Accounts payable(358)(126)
Income taxes, net(836)(1,007)
Accrued compensation125 (521)
Deferred revenue226 236 
Other liabilities(16)(355)
Net cash provided by operating activities7,070 7,387 
Cash flows from investing activities:
Purchases of investments(6,025)(4,250)
Proceeds from sales of investments1,374 3,410 
Proceeds from maturities of investments3,373 4,044 
Acquisitions and divestitures(860)(163)
Purchases of investments in privately held companies(95)(97)
Return of investments in privately held companies58 91 
Acquisition of property and equipment(358)(391)
Proceeds from sales of property and equipment9 131 
Other(4)(10)
Net cash (used in) provided by investing activities(2,528)2,765 
Cash flows from financing activities:
Issuances of common stock306 334 
Repurchases of common stockrepurchase program
(1,569)(1,648)
Shares repurchased for tax withholdings on vesting of restricted stock units(317)(437)
Short-term borrowings, original maturities of 90 days or less, net (3,470)
Repayments of debt (5,220)
Dividends paid(3,041)(2,972)
Other70 (12)
Net cash used in financing activities(4,551)(13,425)
Net decrease in cash, cash equivalents, and restricted cash(9)(3,273)
Cash, cash equivalents, and restricted cash, beginning of period11,812 11,772 
Cash, cash equivalents, and restricted cash, end of period$11,803 $8,499 
Supplemental cash flow information:
Cash paid for interest$220 $349 
Cash paid for income taxes, net$2,142 $2,295 


See Notes to Consolidated Financial Statements.
6

Table of Contents
CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, except per-share amounts)
(Unaudited)
Three Months Ended January 23, 2021Shares of
Common
Stock
Common Stock
and
Additional
Paid-In Capital
Accumulated DeficitAccumulated
Other
Comprehensive Loss
Total
Equity
Balance at October 24, 20204,222 $41,360 $(2,756)(447)$38,157 
Net income2,545 2,545 
Other comprehensive income229 229 
Issuance of common stock24 305 305 
Repurchase of common stock(19)(183)(618)(801)
Shares repurchased for tax withholdings on vesting of restricted stock units(6)(228)(228)
Cash dividends declared ($0.36 per common share)
(1,522)(1,522)
Share-based compensation436 436 
Balance at January 23, 20214,221 $41,690 $(2,351)$(218)$39,121 

Six Months Ended January 23, 2021Shares of
Common
Stock
Common Stock
and
Additional
Paid-In Capital
Accumulated DeficitAccumulated
Other
Comprehensive
Loss
Total
Equity
Balance at July 25, 20204,237 $41,202 $(2,763)$(519)$37,920 
Net income$4,719 4,719 
Other comprehensive income301 301 
Issuance of common stock31 306 306 
Repurchase of common stock(39)(375)(1,226)(1,601)
Shares repurchased for tax withholdings on vesting of restricted stock units(8)(317)(317)
Cash dividends declared ($0.72 per common share)
(3,043)(3,043)
Effect of adoption of accounting standard(38)(38)
Share-based compensation874 874 
Balance at January 23, 20214,221 $41,690 $(2,351)$(218)$39,121 




















7

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

Three Months Ended January 25, 2020Shares of
Common
Stock
Common Stock
and
Additional
Paid-In Capital
Accumulated DeficitAccumulated
Other
Comprehensive
Loss
Total
Equity
Balance at October 26, 20194,241 $40,321 $(5,083)$(815)$34,423 
Net income2,878 2,878 
Other comprehensive income115 115 
Issuance of common stock23 332 332 
Repurchase of common stock(18)(177)(693)(870)
Shares repurchased for tax withholdings on vesting of restricted stock units(5)(243)(243)
Cash dividends declared ($0.35 per common share)
(1,486)(1,486)
Share-based compensation384 384 
Balance at January 25, 20204,241 $40,617 $(4,384)$(700)$35,533 

Six Months Ended January 25, 2020Shares of
Common
Stock
Common Stock
and
Additional
Paid-In Capital
Accumulated DeficitAccumulated
Other
Comprehensive
Loss
Total
Equity
Balance at July 27, 20194,250 $40,266 $(5,903)$(792)$33,571 
Net income5,804 5,804 
Other comprehensive income92 92 
Issuance of common stock34 334 334 
Repurchase of common stock(34)(325)(1,313)(1,638)
Shares repurchased for tax withholdings on vesting of restricted stock units(9)(437)(437)
Cash dividends declared ($0.70 per common share)
(2,972)(2,972)
Share-based compensation779 779 
Balance at January 25, 20204,241 $40,617 $(4,384)$(700)$35,533 



See Notes to Consolidated Financial Statements.
8

Table of Contents
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 2021 is a 53-week fiscal year and fiscal 2020 was a 52-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).
At our annual meeting of shareholders held on December 10, 2020, shareholders voted to approve changing the state of incorporation from California to Delaware. The reincorporation became effective January 25, 2021.
We have prepared the accompanying financial data as of January 23, 2021 and for the second quarter and first six months of fiscal 2021 and 2020, 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 25, 2020 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 25, 2020.
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 on our critical and significant accounting estimates. The actual results that we experience may differ materially from our estimates. As the COVID-19 pandemic continues to develop, 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 present fairly the consolidated balance sheet as of January 23, 2021, the results of operations, the statements of comprehensive income (loss) and the statements of equity for the second quarter and first six months of fiscal 2021 and 2020, and the statements of cash flows for the first six months of fiscal 2021 and 2020, as applicable, have been made. The results of operations for the second quarter and first six months of fiscal 2021 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 any, 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
Credit Losses of Financial Instruments In June 2016, the FASB issued an accounting standard update that requires measurement and recognition of expected credit losses for financial assets held based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. We adopted this standard at the beginning of our first quarter of fiscal 2021, applied it at the beginning of the period of adoption and did not restate prior periods. The standard primarily impacts our financial assets measured at amortized cost and available-for-sale debt securities. The standard did not have a material impact on our consolidated financial statements upon adoption.

9

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

Our significant accounting policies have been updated as a result of adopting this standard are as follows:
Allowance for Accounts Receivable, Contract Assets and Financing Receivables We estimate our allowances for credit losses using relevant available information from internal and external sources, related to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. When assessing for credit losses, we determine collectibility by pooling our assets with similar characteristics.
The allowances for credit losses are each measured on a collective basis when similar risk characteristics exist. Our internal credit risk ratings are categorized as 1 through 10, with the lowest credit risk rating representing the highest quality. Our assets within each internal credit risk rating share similar risk characteristics and therefore are assessed as one portfolio segment for credit loss. Assets that do not share risk characteristics are evaluated on an individual basis. The allowances for credit losses are each measured by multiplying the exposure probability of default, the probability the asset will default within a given time frame, by the loss given default rate, the percentage of the asset not expected to be collected due to default, based on the pool of assets.
Probability of default rates are published quarterly by third-party credit agencies. Adjustments to our internal credit risk ratings may take into account including, but not limited to, various customer-specific factors, the potential sovereign risk of the geographic locations in which the customer is operating and macroeconomic conditions. These factors are updated regularly or when facts and circumstances indicate that an update is deemed necessary.
Available-for-Sale Debt Investments For our available-for-sale debt securities in an unrealized loss position, we determine whether a credit loss exists. In this assessment, we consider the extent to which the fair value is less than the amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If factors indicate a credit loss exists, an allowance for credit loss is recorded to other income (loss), net, limited by the amount that the fair value is less than the amortized cost basis. The amount of fair value change relating to all other factors will be recognized in other comprehensive income (OCI).

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 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 January 23, 2021 and July 25, 2020 was $73 million and $79 million, respectively, and was recorded as a reduction of our accounts receivable and revenue.

10

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

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 apply judgment in 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.
(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. The following table presents this disaggregation of revenue (in millions):
Three Months EndedSix Months Ended
January 23,
2021
January 25,
2020
January 23,
2021
January 25,
2020
Revenue:
Infrastructure Platforms$6,391 $6,567 $12,732 $14,120 
Applications1,354 1,349 2,734 2,847 
Security822 749 1,684 1,565 
Other Products4 7 9 17 
Total Product8,572 8,671 17,159 18,549 
Services3,388 3,334 6,730 6,615 
Total$11,960 $12,005 $23,889 $25,164 
Amounts may not sum due to rounding. We have made certain reclassifications to the product revenue amounts for prior period to conform to the current year presentation.
Infrastructure Platforms consist of our core networking technologies of switching, routing, wireless, and data center products that are designed to work together to deliver networking capabilities and transport and/or store data. 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. We are shifting and expanding more of our business to software and subscriptions across our core networking portfolio. 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.
Applications consists of offerings that utilize the core networking and data center platforms to provide their functions. The 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
11

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

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.
Security primarily includes our network security, cloud and email security, identity and access management, advanced threat protection, and unified threat management products. 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 in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.
Other Products primarily includes our cloud and system management products. These products include both hardware and software licenses. Our offerings in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control.
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, net was $4.3 billion as of January 23, 2021 compared to $5.5 billion as of July 25, 2020, as reported on the Consolidated Balance Sheets.
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, were $1.3 billion and $1.2 billion as of January 23, 2021 and July 25, 2020, respectively, and were included in other current assets and other assets.
Gross contract assets by our internal risk ratings are summarized as follows (in millions):
January 23,
2021
1 to 4$426 
5 to 6783 
7 and Higher98 
Total$1,307 
Contract liabilities consist of deferred revenue. Deferred revenue was $20.8 billion as of January 23, 2021 compared to $20.4 billion as of July 25, 2020. We recognized approximately $3.0 billion and $6.9 billion of revenue during the second quarter and first six months of fiscal 2021, respectively, that was included in the deferred revenue balance at July 25, 2020.
(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 $817 million and $732 million as of January 23, 2021 and July 25, 2020, respectively, and were included in other current assets and other assets. The amortization expense associated with these costs was $129 million and $252 million for the second quarter and first six months of fiscal 2021, respectively, and $122 million and $238 million for the corresponding periods of fiscal 2020, respectively, and was included in sales and marketing expenses.
12

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


4.Acquisitions and Divestitures
We completed five acquisitions during the first six months of fiscal 2021. A summary of the allocation of the total purchase consideration is presented as follows (in millions):
Purchase ConsiderationNet Tangible Assets Acquired (Liabilities Assumed)Purchased Intangible AssetsGoodwill
Total acquisitions (five in total)
$958 $2 $228 $728 
The total purchase consideration related to our acquisitions completed during the first six months of fiscal 2021 consisted of cash consideration and vested share-based awards assumed. The total cash and cash equivalents acquired from these acquisitions was approximately $35 million. Total transaction costs related to acquisition and divestiture activities were $10 million and $9 million for the first six months of fiscal 2021 and 2020, 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 six months of fiscal 2021 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 six months of fiscal 2021 have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to our financial results.
Pending Acquisition of Acacia Communications On July 9, 2019, we announced our intent to acquire Acacia Communications, Inc. (“Acacia”), a public fabless semiconductor company that develops, manufactures and sells high-speed coherent optical interconnect products that are designed to transform communications networks through improvements in performance, capacity and cost.
On January 14, 2021, Cisco and Acacia announced an amendment to the definitive merger agreement under which we had previously agreed to acquire Acacia. Under the terms of the amended agreement, we have agreed to acquire Acacia for $115 per share in cash, or approximately $4.5 billion on a fully diluted basis, net of cash and marketable securities. The acquisition is expected to close during the third quarter of fiscal 2021, subject to customary closing conditions, including Acacia stockholder approval. All required regulatory approvals have been received. Upon close of the acquisition, revenue from Acacia will be included in our Infrastructure Platforms product category.

13

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

5.Goodwill and Purchased Intangible Assets
(a)Goodwill
The following table presents the goodwill allocated to our reportable segments as of January 23, 2021 and during the first six months of fiscal 2021 (in millions):
Balance at July 25, 2020Acquisitions & DivestituresForeign Currency Translation and OtherBalance at January 23, 2021
Americas$21,304 $415 $135 $21,854 
EMEA8,040 198 51 8,289 
APJC4,462 100 28 4,590 
Total$33,806 $713 $214 $34,733 
(b)Purchased Intangible Assets
The following table presents details of our intangible assets acquired through acquisitions completed during the first six months of fiscal 2021 (in millions, except years):
 FINITE LIVESINDEFINITE LIVESTOTAL
 TECHNOLOGYCUSTOMER
RELATIONSHIPS
OTHERIPR&D
Weighted-
Average Useful
Life (in Years)
AmountWeighted-
Average Useful
Life (in Years)
AmountWeighted-
Average Useful
Life (in Years)
AmountAmountAmount
Total acquisitions (five in total)
3.8$179 4.0$43 2.0$6  $228 
The following tables present details of our purchased intangible assets (in millions): 
January 23, 2021GrossAccumulated AmortizationNet
Purchased intangible assets with finite lives:
Technology$2,625 $(1,700)$925 
Customer relationships773 (404)369 
Other13 (5)8 
Total purchased intangible assets with finite lives3,411 (2,109)1,302 
In-process research and development, with indefinite lives160 — 160 
       Total$3,571