0001571996-21-000063 | 10-Q | XBRL Viewer

CAPITALIZATION

NOTE 13 — CAPITALIZATION

The following table presents the Company’s authorized, issued, and outstanding common stock as of the dates indicated:


	Authorized	Issued	Outstanding
	(in millions)
Common stock as of October 29, 2021
Class A	600	379	379
Class B	200	95	95
Class C	7,900	301	293
Class D	100	—	—
Class V	343	—	—
	9,143	775	767

Common stock as of January 29, 2021
Class A	600	385	385
Class B	200	102	102
Class C	7,900	274	266
Class D	100	—	—
Class V	343	—	—
	9,143	761	753

Under the Company’s certificate of incorporation as amended and restated upon the completion of the Class V transaction described in Note 1 of the Notes to the Condensed Consolidated Financial Statements, the Company is prohibited from issuing any of the authorized shares of Class V Common Stock.

Preferred Stock

The Company is authorized to issue one million shares of preferred stock, par value $0.01 per share. As of October 29, 2021 and January 29, 2021, no shares of preferred stock were issued or outstanding.

Common Stock

Dell Technologies Common Stock — The Class A Common Stock, the Class B Common Stock, the Class C Common Stock, and the Class D Common Stock are collectively referred to as Dell Technologies Common Stock. The par value for all classes of Dell Technologies Common Stock is $0.01 per share. The Class A Common Stock, the Class B Common Stock, the Class C Common Stock, and the Class D Common Stock share equally in dividends declared or accumulated and have equal participation rights in undistributed earnings.

Voting Rights — Each holder of record of (a) Class A Common Stock is entitled to ten votes per share of Class A Common Stock; (b) Class B Common Stock is entitled to ten votes per share of Class B Common Stock; (c) Class C Common Stock is entitled to one vote per share of Class C Common Stock; and (d) Class D Common Stock is not entitled to any vote on any matter except to the extent required by provisions of Delaware law (in which case such holder is entitled to one vote per share of Class D Common Stock).

Conversion Rights — Under the Company’s certificate of incorporation, at any time and from time to time, any holder of Class A Common Stock or Class B Common Stock has the right to convert all or any of the shares of Class A Common Stock or Class B Common Stock, as applicable, held by such holder into shares of Class C Common Stock on a one-to-one basis. During the nine months ended October 29, 2021, the Company issued 5,912,845 shares of Class C Common Stock to stockholders upon the conversion of the same number of shares of Class A Common Stock into Class C Common Stock in accordance with the Company’s certificate of incorporation. During the nine months ended October 29, 2021, the Company issued 6,334,990 shares of Class C Common Stock to stockholders upon their conversion of the same number of shares of Class B Common Stock into Class C Common Stock in accordance with the Company’s certificate of incorporation.

Repurchases of Common Stock

Dell Technologies Common Stock Repurchases by Dell Technologies

On February 24, 2020, the Company’s board of directors approved a stock repurchase program under which the Company was authorized to repurchase up to $1.0 billion of shares of the Class C Common Stock over a 24-month period expiring on February 28, 2022. During the nine months ended October 30, 2020, the Company repurchased approximately 6 million shares of Class C Common Stock for approximately $240 million and subsequently suspended activity under its stock repurchase program.

Effective as of September 23, 2021, the Company’s board of directors terminated the Company’s previous stock repurchase program and approved a new stock repurchase program (the “2021 Stock Repurchase Program”) under which the Company is authorized to use assets to repurchase up to $5 billion of shares of the Company’s Class C Common Stock with no established expiration date. The repurchase of shares commenced in the fourth quarter of Fiscal 2022 and, accordingly, as of October 29, 2021 the cumulative authorized amount remaining for stock repurchases was $5 billion.

To the extent not retired, shares repurchased under the repurchase program are placed in the Company’s treasury.

VMware, Inc. Class A Common Stock Repurchases by VMware, Inc.

On May 29, 2019, VMware, Inc.’s board of directors authorized the repurchase of up to $1.5 billion of VMware, Inc.’s Class A common stock through January 29, 2021. On July 15, 2020, VMware, Inc.’s board of directors extended authorization of VMware, Inc.’s existing repurchase program and authorized the repurchase of up to an additional $1.0 billion of VMware, Inc.’s Class A common stock through January 28, 2022. On October 7, 2021, VMware authorized the termination of the existing stock repurchase program, under which $183 million remained authorized and unpurchased as of October 29, 2021, and authorized a new repurchase program of up to $2.0 billion of Class A common stock through the end of fiscal 2024, in each case, effective upon the close of the VMware Spin-off.

During the nine months ended October 29, 2021, VMware, Inc. repurchased 5.7 million shares of its Class A common stock in the open market for approximately $872 million. During the nine months ended October 30, 2020, VMware, Inc. repurchased approximately 4.2 million shares of its Class A common stock in the open market for approximately $566 million.

All shares repurchased under VMware, Inc.’s stock repurchase programs are retired.

The above VMware, Inc. Class A common stock repurchases for the nine months ended October 29, 2021 and October 30, 2020 exclude shares repurchased to settle employee tax withholding related to the vesting of VMware, Inc. stock awards of $284 million and $315 million, respectively.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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FINANCIAL SERVICES - Aging Customer Financing Receivables, Gross, Including Accrued Interest (Details) - USD ($) $ in Millions	Oct. 29, 2021	Jan. 29, 2021
Financing Receivable, Past Due [Line Items]
Total customer receivables, gross	$ 10,200	$ 10,391
Customer receivables
Financing Receivable, Past Due [Line Items]
Total customer receivables, gross	10,200	10,391
Revolving \| Customer receivables
Financing Receivable, Past Due [Line Items]
Total customer receivables, gross	705	796
Revolving \| Revolving — DPA \| Customer receivables
Financing Receivable, Past Due [Line Items]
Total customer receivables, gross	529	621
Revolving \| Revolving — DBC \| Customer receivables
Financing Receivable, Past Due [Line Items]
Total customer receivables, gross	176	175
Fixed-term \| Customer receivables
Financing Receivable, Past Due [Line Items]
Total customer receivables, gross	9,495	9,595
Fixed-term \| Fixed-term — Consumer and Commercial \| Customer receivables
Financing Receivable, Past Due [Line Items]
Total customer receivables, gross	9,495	9,595
Current \| Customer receivables
Financing Receivable, Past Due [Line Items]
Total customer receivables, gross	9,705	9,927
Current \| Revolving \| Revolving — DPA \| Customer receivables
Financing Receivable, Past Due [Line Items]
Total customer receivables, gross	485	578
Current \| Revolving \| Revolving — DBC \| Customer receivables
Financing Receivable, Past Due [Line Items]
Total customer receivables, gross	157	157
Current \| Fixed-term \| Fixed-term — Consumer and Commercial \| Customer receivables
Financing Receivable, Past Due [Line Items]
Total customer receivables, gross	9,063	9,192
Past Due 1 — 90 Days \| Customer receivables
Financing Receivable, Past Due [Line Items]
Total customer receivables, gross	461	360
Past Due 1 — 90 Days \| Revolving \| Revolving — DPA \| Customer receivables
Financing Receivable, Past Due [Line Items]
Total customer receivables, gross	34	30
Past Due 1 — 90 Days \| Revolving \| Revolving — DBC \| Customer receivables
Financing Receivable, Past Due [Line Items]
Total customer receivables, gross	16	14
Past Due 1 — 90 Days \| Fixed-term \| Fixed-term — Consumer and Commercial \| Customer receivables
Financing Receivable, Past Due [Line Items]
Total customer receivables, gross	411	316
Past Due >90 Days \| Customer receivables
Financing Receivable, Past Due [Line Items]
Total customer receivables, gross	34	104
Past Due >90 Days \| Revolving \| Revolving — DPA \| Customer receivables
Financing Receivable, Past Due [Line Items]
Total customer receivables, gross	10	13
Past Due >90 Days \| Revolving \| Revolving — DBC \| Customer receivables
Financing Receivable, Past Due [Line Items]
Total customer receivables, gross	3	4
Past Due >90 Days \| Fixed-term \| Fixed-term — Consumer and Commercial \| Customer receivables
Financing Receivable, Past Due [Line Items]
Total customer receivables, gross	$ 21	$ 87

FINANCIAL SERVICES - Schedule of Changes in the Allowance for Financing Receivable Losses (Details) - Customer receivables - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balances at beginning of period	$ 287	$ 323	$ 321	$ 149
Charge-offs, net of recoveries	(29)	(19)	(57)	(73)
Provision charged to income statement	(33)	3	(39)	120
Balances at end of period	225	307	225	307
Adjustment for adoption of accounting standards
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balances at beginning of period			0	111
Revolving
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balances at beginning of period	126	143	148	70
Charge-offs, net of recoveries	(9)	(13)	(32)	(51)
Provision charged to income statement	(5)	12	(4)	83
Balances at end of period	112	142	112	142
Revolving \| Adjustment for adoption of accounting standards
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balances at beginning of period			0	40
Fixed-term
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balances at beginning of period	161	180	173	79
Charge-offs, net of recoveries	(20)	(6)	(25)	(22)
Provision charged to income statement	(28)	(9)	(35)	37
Balances at end of period	$ 113	$ 165	113	165
Fixed-term \| Adjustment for adoption of accounting standards
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balances at beginning of period			$ 0	$ 71

Reconciliation of revenue from segments to consolidated

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

SEGMENT INFORMATION (Tables)

9 Months Ended

Oct. 29, 2021

Segment Reporting [Abstract]

The following table presents a reconciliation of net revenue by the Company’s reportable segments to the Company’s consolidated net revenue as well as a reconciliation of consolidated segment operating income to the Company’s consolidated operating income for the periods indicated:


	Three Months Ended				Nine Months Ended
	October 29, 2021		October 30, 2020		October 29, 2021		October 30, 2020
	(in millions)
Consolidated net revenue:
Infrastructure Solutions Group	$	8,428	$	8,024	$	24,771	$	23,800
Client Solutions Group	16,546		12,286		44,114		34,593
VMware	3,178		2,893		9,317		8,556
Reportable segment net revenue	28,152		23,203		78,202		66,949
Other businesses (a)	251		314		829		1,288
Unallocated transactions (b)	2		4		6		4
Impact of purchase accounting (c)	(11)		(39)		(34)		(129)
Total consolidated net revenue	$	28,394	$	23,482	$	79,003	$	68,112

Consolidated operating income:
Infrastructure Solutions Group	$	892	$	882	$	2,650	$	2,587
Client Solutions Group	1,147		1,002		3,232		2,309
VMware	837		837		2,527		2,504
Reportable segment operating income	2,876		2,721		8,409		7,400
Other businesses (a)	(9)		3		(17)		105
Unallocated transactions (b)	1		1		1		(1)
Impact of purchase accounting (c)	(17)		(49)		(62)		(165)
Amortization of intangibles	(694)		(845)		(2,114)		(2,547)
Transaction-related expenses (d)	(311)		(52)		(422)		(211)
Stock-based compensation expense (e)	(472)		(436)		(1,406)		(1,219)
Other corporate expenses (f)	(25)		(214)		(293)		(395)
Total consolidated operating income	$	1,349	$	1,129	$	4,096	$	2,967

____________________

(a)Secureworks and Virtustream constitute Other businesses and do not meet the requirements for a reportable segment, either individually or collectively. The results of Other businesses are not material to the Company’s overall results. On September 1, 2020, the Company completed the sale of RSA Security. On October 1, 2021, the Company completed the sale of Boomi. Prior to the divestitures, Boomi and RSA Security’s results were included within Other businesses. See Note 1 of the Notes to the Condensed Consolidated Financial Statements for more information about the divestitures of Boomi and RSA Security.

(b)Unallocated transactions includes other corporate items that are not allocated to Dell Technologies’ reportable segments.

(c)Impact of purchase accounting includes non-cash purchase accounting adjustments that are primarily related to the EMC merger transaction.

(d)Transaction-related expenses includes acquisition, integration, and divestiture related costs.

(e)Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date.

(f)Other corporate expenses includes impairment charges, incentive charges related to equity investments, severance, facilities action, and other costs.

Disaggregation of revenue

The following table presents the disaggregation of net revenue by reportable segment, and by major product categories within the segments for the periods indicated:


	Three Months Ended				Nine Months Ended
	October 29, 2021		October 30, 2020		October 29, 2021		October 30, 2020
	(in millions)
Net revenue:
Infrastructure Solutions Group:
Servers and networking	$	4,533	$	4,164	$	13,104	$	12,118
Storage	3,895		3,860		11,667		11,682
Total ISG net revenue	8,428		8,024		24,771		23,800
Client Solutions Group:
Commercial	12,292		8,783		32,668		25,456
Consumer	4,254		3,503		11,446		9,137
Total CSG net revenue	16,546		12,286		44,114		34,593
VMware:
Total VMware net revenue	3,178		2,893		9,317		8,556
Total segment net revenue	$	28,152	$	23,203	$	78,202	$	66,949

DEBT (Tables)

9 Months Ended

Oct. 29, 2021

Debt Disclosure [Abstract]

Outstanding debt

The following table presents DFS debt as of the dates indicated. The table excludes the allocated portion of the Company’s other borrowings, which represents the additional amount considered to fund the DFS business.


	October 29, 2021		January 29, 2021
	(in millions)
DFS U.S. debt:
Asset-based financing and securitization facilities	$	2,650	$	3,311
Fixed-term securitization offerings	3,618		2,961
Other	147		140
Total DFS U.S. debt	6,415		6,412
DFS international debt:
Securitization facility	751		786
Other borrowings	809		1,006
Note payable	250		250
Dell Bank Senior Unsecured Eurobonds	1,752		1,212
Total DFS international debt	3,562		3,254
Total DFS debt	$	9,977	$	9,666
Total short-term DFS debt	$	5,475	$	4,888
Total long-term DFS debt	$	4,502	$	4,778

The following table presents the Company’s outstanding debt as of the dates indicated:


	October 29, 2021		January 29, 2021
	(in millions)
Secured Debt
Senior Secured Credit Facilities:
2.00% Term Loan B-2 Facility due September 2025 (a)	$	3,120	$	3,143
1.84% Term Loan A-6 Facility due March 2024 (a)	3,134		3,134
First Lien Notes:
5.45% due June 2023 (a)	3,750		3,750
4.00% due July 2024	1,000		1,000
5.85% due July 2025	1,000		1,000
6.02% due June 2026	4,500		4,500
4.90% due October 2026	1,750		1,750
6.10% due July 2027	500		500
5.30% due October 2029	1,750		1,750
6.20% due July 2030	750		750
8.10% due July 2036	1,500		1,500
8.35% due July 2046	2,000		2,000
Unsecured Debt
Unsecured Notes and Debentures:
4.625% due April 2021	—		400
7.10% due April 2028	300		300
6.50% due April 2038	388		388
5.40% due September 2040	264		264
Senior Notes:
5.875% due June 2021	—		1,075
7.125% due June 2024 (a)	1,625		1,625
EMC Notes:
3.375% due June 2023	—		1,000

VMware Notes:
2.95% due August 2022	1,500		1,500
0.60% due August 2023	1,000		—
1.00% due August 2024	1,250		—
4.50% due May 2025	750		750
1.40% due August 2026	1,500		—
4.65% due May 2027	500		500
3.90% due August 2027	1,250		1,250
1.80% due August 2028	750		—
4.70% due May 2030	750		750
2.20% due August 2031	1,500		—
DFS Debt (Note 3)	9,977		9,666
Other
2.44% Margin Loan Facility due April 2022	—		4,000
Other	400		235
Total debt, principal amount	$	48,458	$	48,480


	October 29, 2021		January 29, 2021
	(in millions)
Total debt, principal amount	$	48,458	$	48,480
Unamortized discount, net of unamortized premium	(175)		(194)
Debt issuance costs	(304)		(302)
Total debt, carrying value	$	47,979	$	47,984
Total short-term debt, carrying value (b)	$	16,280	$	6,362
Total long-term debt, carrying value	$	31,699	$	41,622

____________________

(a) Subsequent to October 29, 2021, the Company used the net proceeds from its $9.3 billion pro rata share of the cash dividend received in connection with the VMware Spin-off, as well as cash on hand, to repay $3.12 billion principal amount of the 2.00% Term Loan B-2 Facility due September 2025, $3.13 billion principal amount of the 1.84% Term Loan A-6 Facility due March 2024, $1.63 billion principal amount of the 7.125% Senior Notes due June 2024, and $1.50 billion principal amount of the 5.45% First Lien Notes due June 2023.

(b) Given the probability of the close of the VMware Spin-off and the Company’s intent and ability to repay, the Company classified $9.4 billion principal amount of debt as short-term liabilities on the Condensed Consolidated Statements of Financial Position as of October 29, 2021.

Aggregate future maturities

The following table presents the aggregate future maturities of the Company’s debt as of October 29, 2021 for the periods indicated:


	Maturities by Fiscal Year (a)
	2022 (remaining three months)		2023		2024		2025		2026		Thereafter		Total
	(in millions)
Senior Secured Credit Facilities and First Lien Notes	$	7,754	$	—	$	2,250	$	1,000	$	1,000	$	12,750	$	24,754
Unsecured Notes and Debentures	—		—		—		—		—		952		952
Senior Notes and EMC Notes	1,625		—		—		—		—		—		1,625
VMware Notes	—		1,500		1,000		1,250		750		6,250		10,750
DFS Debt	1,378		5,019		1,888		1,016		86		590		9,977

Other	9		33		187		124		23		24		400
Total maturities, principal amount	10,766		6,552		5,325		3,390		1,859		20,566		48,458
Associated carrying value adjustments	(94)		(7)		(20)		(20)		(6)		(332)		(479)
Total maturities, carrying value amount	$	10,672	$	6,545	$	5,305	$	3,370	$	1,853	$	20,234	$	47,979

____________________

(a) Maturities by Fiscal Year reflects $9.4 billion principal amount of debt within the remaining three months of Fiscal 2022 to align to the classification of this debt as short-term on the Condensed Consolidated Statements of Financial Position and reflect the Company’s intent to repay during the fourth quarter of Fiscal 2022.

REDEEMABLE SHARES (Tables)

9 Months Ended

Oct. 29, 2021

Temporary Equity Disclosure [Abstract]

Temporary equity

The following table presents the amount of redeemable shares classified as temporary equity and summarizes the award type as of the fiscal year ended January 29, 2021:


		January 29, 2021
	(in millions)
Redeemable shares classified as temporary equity		$	472
Issued and outstanding unrestricted common shares		2


Outstanding stock options		6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 3,888	$ 881	$ 5,706	$ 2,162
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(61)	(21)	(201)	243
Cash flow hedges:
Change in unrealized gains (losses)	86	45	150	(45)
Reclassification adjustment for net (gains) losses included in net income	(74)	84	(34)	(24)
Net change in cash flow hedges	12	129	116	(69)
Pension and other postretirement plans:
Recognition of actuarial net gains (losses) from pension and other postretirement plans	1	1	2	(21)
Reclassification adjustments for net (gains) losses from pension and other postretirement plans	1	(1)	3	3
Net change in actuarial net gains (losses) from pension and other postretirement plans	2	0	5	(18)
Total other comprehensive income (loss), net of tax expense (benefit) of $1 and $9, respectively, and $6 and $(3), respectively	(47)	108	(80)	156
Comprehensive income, net of tax	3,841	989	5,626	2,318
Less: Net income attributable to non-controlling interests	45	49	145	139
Less: Other comprehensive income attributable to non-controlling interests	0	1	0	0
Comprehensive income attributable to Dell Technologies Inc.	$ 3,796	$ 939	$ 5,481	$ 2,179

FINANCIAL SERVICES - Schedule of Financing Receivables Held by the Consolidated VIEs (Details) - USD ($) $ in Millions	Oct. 29, 2021	Jan. 29, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets	$ 135,677	$ 123,415
Liabilities	121,483	115,390
Other current assets \| Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets	843	838
Short-term \| Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets	3,467	3,534
Long-term \| Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets	3,294	3,314
Property, plant, and equipment, net \| Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets	874	792
Short-term \| Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Liabilities	4,180	4,208
Long-term \| Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Liabilities	$ 2,826	$ 2,841

LEASES - Narrative (Details) $ in Millions	Oct. 29, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease not yet commenced	$ 64
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 month
Term of lease contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	25 years
Term of lease contract	10 years

OVERVIEW AND BASIS OF PRESENTATION - Narrative (Details) $ in Millions					9 Months Ended
	Nov. 01, 2021 USD ($) shares	Oct. 01, 2021 USD ($)	Sep. 01, 2020 USD ($)	Dec. 28, 2018 USD ($) shares	Oct. 29, 2021
Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amount of dividend received	$ 9,300
Stock award adjustment ratio, spinoff transaction	197.00%
Subsequent Event \| Restricted stock units
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stock award adjustment, incremental shares issued for spinoff transaction (in shares) \| shares	30,100,000
Subsequent Event \| Stock options
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stock award adjustment, incremental shares issued for spinoff transaction (in shares) \| shares	1,900,000
Merger Agreement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash payment				$ 14,000
Shares issued (in shares) \| shares				149,387,617
Equity issued in acquisition				$ 6,900
Boomi \| Held-for-sale
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Proceeds from divestiture		$ 4,000
Gain on sale		4,000
Gain (loss) on sale, net of tax		3,000
Tax expense from sale		$ 1,000
RSA Security \| Held-for-sale
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Proceeds from divestiture			$ 2,082
Gain on sale			338
Gain (loss) on sale, net of tax			(21)
Tax expense from sale			$ 359
Spinoff
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Commercial Framework Agreement (CFA), term					5 years
Commercial Framework Agreement (CFA), renewal term					1 year
VMware \| Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash dividend	$ 11,500
VMware \| Spinoff \| Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stock issuance ratio, spinoff transaction	0.440626

INCOME AND OTHER TAXES	9 Months Ended
INCOME AND OTHER TAXES	Oct. 29, 2021
Income Tax Disclosure [Abstract]
INCOME AND OTHER TAXES	NOTE 10 — INCOME AND OTHER TAXES For the three months ended October 29, 2021 and October 30, 2020, the Company’s effective income tax rate was 18.7% and 37.2%, respectively, on pre-tax income of $4.8 billion and $1.4 billion, respectively. For the nine months ended October 29, 2021 and October 30, 2020, the Company’s effective income tax rate was 15.9% and -6.1%, respectively, on pre-tax income of $6.8 billion and $2.0 billion, respectively. For the three and nine months ended October 29, 2021, the Company’s effective income tax rate includes tax expense of $1.0 billion related to the divestiture of Boomi during the period. In comparison, for the nine months ended October 30, 2020, the Company’s effective income tax rate includes discrete tax benefits of $746 million related to an audit settlement that was recorded in the second quarter of Fiscal 2021 and tax expenses of $359 million relating to the divestiture of RSA Security during the third quarter of Fiscal 2021. The Company’s effective income tax rates were also impacted by changes in the Company’s jurisdictional mix of income and lower overall taxes on foreign operations. The differences between the estimated effective income tax rates and the U.S. federal statutory rate of 21% principally result from the Company’s geographical distribution of income, differences between the book and tax treatment of certain items, and the discrete tax items discussed above. In certain jurisdictions, the Company’s tax rate is significantly less than the applicable statutory rate as a result of tax holidays. The majority of the Company’s foreign income that is subject to these tax holidays and lower tax rates is attributable to Singapore and China. A significant portion of these income tax benefits relate to a tax holiday that will be effective until January 31, 2029. The Company’s other tax holidays will expire in whole or in part during fiscal years 2022 through 2030. Many of these tax holidays and reduced tax rates may be extended when certain conditions are met or may be terminated early if certain conditions are not met. As of October 29, 2021, the Company was not aware of any matters of non-compliance related to these tax holidays. The Internal Revenue Service is currently examining fiscal years 2015 through 2019. The Company is also currently under income tax audits in various state and foreign jurisdictions. The Company is undergoing negotiations, and in some cases contested proceedings, relating to tax matters with the taxing authorities in these jurisdictions. The Company believes that it has valid positions supporting its tax returns and that it has provided adequate reserves related to all matters contained in tax periods open to examination. Although the Company believes it has made adequate provisions for the uncertainties surrounding these audits, should the Company experience unfavorable outcomes, such outcomes could have a material impact on its results of operations, financial position, and cash flows. With respect to major U.S., state and foreign taxing jurisdictions, the Company is generally not subject to tax examinations for years prior to the fiscal year ended January 29, 2010. Judgment is required in evaluating the Company’s uncertain tax positions and determining the Company’s provision for income taxes. The unrecognized tax benefits were $1.5 billion and $1.4 billion as of October 29, 2021 and January 29, 2021, respectively, and are included in Other non-current liabilities in the Condensed Consolidated Statements of Financial Position. The Company does not anticipate a significant change to the total amount of unrecognized tax benefits within the next twelve months. The Company takes certain non-income tax positions in the jurisdictions in which it operates and has received certain non-income tax assessments from various jurisdictions. The Company believes that a material loss in these matters is not probable and that it is not reasonably possible that a material loss exceeding amounts already accrued has been incurred. The Company believes its positions in these non-income tax litigation matters are supportable and that it ultimately will prevail in the matters. In the normal course of business, the Company’s positions and conclusions related to its non-income taxes could be challenged and assessments may be made. To the extent new information is obtained and the Company’s views on its positions, probable outcomes of assessments, or litigation change, changes in estimates to the Company’s accrued liabilities would be recorded in the period in which such a determination is made. In the resolution process for income tax and non-income tax audits, the Company is required in certain situations to provide collateral guarantees or indemnification to regulators and tax authorities until the matter is resolved.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

LEASES - Supplemental Information Related to Operating Leases (Details) - USD ($) $ in Millions	Oct. 29, 2021	Jan. 29, 2021
Leases [Abstract]
Operating lease right of use assets	$ 1,953	$ 2,117
Operating lease right of use (“ROU”) assets extensible list	Other non-current assets	Other non-current assets
Current operating lease liabilities	$ 439	$ 436
Current operating lease liabilities extensible list	Accrued and other	Accrued and other
Non-current operating lease liabilities	$ 1,657	$ 1,787
Non-current operating lease liabilities extensible list	Other non-current liabilities	Other non-current liabilities
Total operating lease liabilities	$ 2,096	$ 2,223
Weighted-average remaining lease term (in years)	8 years 9 months	8 years 10 months 6 days
Weighted-average discount rate	3.18%	3.47%

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions								9 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Oct. 29, 2021 USD ($) patent	May 03, 2021 patent	Mar. 23, 2020 patent	Dec. 30, 2019 plaintiff	Oct. 22, 2019 patent	Aug. 20, 2019 patent	Apr. 25, 2019 patent trademark	Oct. 29, 2021 USD ($) plaintiff	Jan. 31, 2020 USD ($) patent
Loss Contingencies [Line Items]
2022 (remaining six month)	$ 5,200							$ 5,200
2023	700							700
2024	$ 800							$ 800
Class V Transaction Class Action Case
Loss Contingencies [Line Items]
Number of stockholders \| plaintiff								4
Cirba Inc Versus VMware, Inc
Loss Contingencies [Line Items]
Patents allegedly infringed \| patent	4		1			4	2		2
Trademarks allegedly infringed \| trademark							3
Amount awarded to other party									$ 237
Ex parte reexamination \| patent	2
Inter partes review \| patent	1
Cirba Inc Versus VMware, Inc \| Selling, general, and administrative
Loss Contingencies [Line Items]
Amount awarded to other party									$ 0
VMware Inc Versus Cirba Inc
Loss Contingencies [Line Items]
Patents allegedly infringed \| patent		4			4
Class Actions VMware, Inc.’s Acquisition Of Pivotal Software
Loss Contingencies [Line Items]
Number of stockholders \| plaintiff				2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Statement of Comprehensive Income [Abstract]
Tax expense (benefit)	$ 1	$ 9	$ 6	$ (3)

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Fair Value of Derivative Instruments in the Condensed Consolidated Statements of Financial Position (Details) - USD ($) $ in Millions	Oct. 29, 2021	Jan. 29, 2021
Derivatives, Fair Value [Line Items]
Asset position	$ 406	$ 298
Liability position	(311)	(327)
Gross Amounts of Recognized Assets/ (Liabilities)	95	(29)
Other current assets
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets/ (Liabilities)	178	94
Other Non- Current Assets
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets/ (Liabilities)	17	10
Other Current Liabilities
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets/ (Liabilities)	(61)	(98)
Other Non-Current Liabilities
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets/ (Liabilities)	(39)	(35)
Designated as cash flow hedging instruments
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets/ (Liabilities)	89	21
Designated as cash flow hedging instruments \| Other current assets
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets/ (Liabilities)	93	18
Designated as cash flow hedging instruments \| Other Non- Current Assets
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets/ (Liabilities)	0	0
Designated as cash flow hedging instruments \| Other Current Liabilities
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets/ (Liabilities)	(4)	3
Designated as cash flow hedging instruments \| Other Non-Current Liabilities
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets/ (Liabilities)	0	0
Designated as cash flow hedging instruments \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Asset position	120	46
Liability position	(31)	(25)
Designated as cash flow hedging instruments \| Foreign exchange contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Asset position	112	28
Liability position	(19)	(10)
Designated as cash flow hedging instruments \| Foreign exchange contracts \| Other Non- Current Assets
Derivatives, Fair Value [Line Items]
Asset position	0	0
Liability position	0	0
Designated as cash flow hedging instruments \| Foreign exchange contracts \| Other Current Liabilities
Derivatives, Fair Value [Line Items]
Asset position	8	18
Liability position	(12)	(15)
Designated as cash flow hedging instruments \| Foreign exchange contracts \| Other Non-Current Liabilities
Derivatives, Fair Value [Line Items]
Asset position	0	0
Liability position	0	0
Non-designated as hedging instruments
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets/ (Liabilities)	6	(50)
Non-designated as hedging instruments \| Other current assets
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets/ (Liabilities)	85	76
Non-designated as hedging instruments \| Other Non- Current Assets
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets/ (Liabilities)	17	10
Non-designated as hedging instruments \| Other Current Liabilities
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets/ (Liabilities)	(57)	(101)
Non-designated as hedging instruments \| Other Non-Current Liabilities
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets/ (Liabilities)	(39)	(35)
Non-designated as hedging instruments \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Asset position	269	242
Liability position	(248)	(271)
Non-designated as hedging instruments \| Foreign exchange contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Asset position	244	184
Liability position	(159)	(108)
Non-designated as hedging instruments \| Foreign exchange contracts \| Other Non- Current Assets
Derivatives, Fair Value [Line Items]
Asset position	0	0
Liability position	0	0
Non-designated as hedging instruments \| Foreign exchange contracts \| Other Current Liabilities
Derivatives, Fair Value [Line Items]
Asset position	25	58
Liability position	(82)	(159)
Non-designated as hedging instruments \| Foreign exchange contracts \| Other Non-Current Liabilities
Derivatives, Fair Value [Line Items]
Asset position	0	0
Liability position	(7)	(4)
Non-designated as hedging instruments \| Interest rate contracts
Derivatives, Fair Value [Line Items]
Asset position	17	10
Liability position	(32)	(31)
Non-designated as hedging instruments \| Interest rate contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Asset position	0	0
Liability position	0	0
Non-designated as hedging instruments \| Interest rate contracts \| Other Non- Current Assets
Derivatives, Fair Value [Line Items]
Asset position	17	10
Liability position	0	0
Non-designated as hedging instruments \| Interest rate contracts \| Other Current Liabilities
Derivatives, Fair Value [Line Items]
Asset position	0	0
Liability position	0	0
Non-designated as hedging instruments \| Interest rate contracts \| Other Non-Current Liabilities
Derivatives, Fair Value [Line Items]
Asset position	0	0
Liability position	$ (32)	$ (31)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

9 Months Ended

Oct. 29, 2021

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

NOTE 6 — DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

As part of its risk management strategy, the Company uses derivative instruments, primarily foreign currency forward and option contracts and interest rate swaps, to hedge certain foreign currency and interest rate exposures, respectively.

The Company’s objective is to offset gains and losses resulting from these exposures with gains and losses on the derivative contracts used to hedge the exposures, thereby reducing volatility of earnings and protecting the fair values of assets and liabilities. The earnings effects of the derivative instruments are presented in the same income statement line items as the earnings effects of the hedged items. For derivatives designated as cash flow hedges, the Company assesses hedge effectiveness both at the onset of the hedge and at regular intervals throughout the life of the derivative. The Company does not have any derivatives designated as fair value hedges.

Foreign Exchange Risk

The Company uses foreign currency forward and option contracts designated as cash flow hedges to protect against the foreign currency exchange rate risks inherent in its forecasted transactions denominated in currencies other than the U.S. Dollar. Hedge accounting is applied based upon the criteria established by accounting guidance for derivative instruments and hedging activities. The risk of loss associated with purchased options is limited to premium amounts paid for the option contracts. The risk of loss associated with forward contracts is equal to the exchange rate differential from the time the contract is entered into until the time it is settled. The majority of these contracts typically expire in twelve months or less.

During the three and nine months ended October 29, 2021 and October 30, 2020, the Company did not discontinue any cash flow hedges related to foreign exchange contracts that had a material impact on the Company’s results of operations due to the probability that the forecasted cash flows would not occur.

The Company uses forward contracts to hedge monetary assets and liabilities denominated in a foreign currency. These contracts generally expire in three months or less, are considered economic hedges, and are not designated for hedge accounting. The change in the fair value of these instruments represents a natural hedge as their gains and losses offset the changes in the underlying fair value of the monetary assets and liabilities due to movements in currency exchange rates.

In connection with expanded offerings of DFS in Europe, forward contracts are used to hedge financing receivables denominated in foreign currencies other than Euro. These contracts are not designated for hedge accounting and most expire within three years or less.

Interest Rate Risk

The Company uses interest rate swaps to hedge the variability in cash flows related to the interest rate payments on structured financing debt. The interest rate swaps economically convert the variable rate on the structured financing debt to a fixed interest rate to match the underlying fixed rate being received on fixed-term customer leases and loans. These contracts are not designated for hedge accounting and most expire within four years or less.

Interest rate swaps are utilized to manage the interest rate risk, at a portfolio level, associated with DFS operations in Europe. The interest rate swaps economically convert the fixed rate on financing receivables to a three-month Euribor floating rate basis in order to match the floating rate nature of the banks’ funding pool. These contracts are not designated for hedge accounting and most expire within five years or less.

The Company utilizes cross currency amortizing swaps to hedge the currency and interest rate risk exposure associated with the European securitization program. The cross currency swaps combine a Euro-based interest rate swap with a British Pound or U.S. Dollar foreign exchange forward contract in which the Company pays a fixed British Pound or U.S. Dollar amount and receives a floating amount in Euros linked to the one-month Euribor. The notional value of the swaps amortizes in line with the expected cash flows and run-off of the securitized assets. The swaps are not designated for hedge accounting and expire within five years or less.

Derivative Instruments

Notional Amounts of Outstanding Derivative Instruments


	October 29, 2021		January 29, 2021
	(in millions)
Foreign exchange contracts:
Designated as cash flow hedging instruments	$	8,354	$	6,840
Non-designated as hedging instruments	9,570		9,890
Total	$	17,924	$	16,730
Interest rate contracts:
Non-designated as hedging instruments	$	6,393	$	5,859

Effect of Derivative Instruments Designated as Hedging Instruments on the Condensed Consolidated Statements of Financial Position and the Condensed Consolidated Statements of Income


Derivatives in Cash Flow Hedging Relationships	Gain (Loss) Recognized in Accumulated OCI, Net of Tax, on Derivatives		Location of Gain (Loss) Reclassified from Accumulated OCI into Income	Gain (Loss) Reclassified from Accumulated OCI into Income
	(in millions)			(in millions)
For the three months ended October 29, 2021
			Total net revenue	$	66
Foreign exchange contracts	$	86	Total cost of net revenue	8
Interest rate contracts	—		Interest and other, net	—
Total	$	86		$	74

For the three months ended October 30, 2020
			Total net revenue	$	(88)
Foreign exchange contracts	$	45	Total cost of net revenue	4
Interest rate contracts	—		Interest and other, net	—
Total	$	45		$	(84)

For the nine months ended October 29, 2021
			Total net revenue	$	31
Foreign exchange contracts	$	150	Total cost of net revenue	3
Interest rate contracts	—		Interest and other, net	—
Total	$	150		$	34

For the nine months ended October 30, 2020
			Total net revenue	$	17
Foreign exchange contracts	$	(45)	Total cost of net revenue	7
Interest rate contracts	—		Interest and other, net	—
Total	$	(45)		$	24

Effect of Derivative Instruments Not Designated as Hedging Instruments on the Condensed Consolidated Statements of Income


	Three Months Ended				Nine Months Ended
	October 29, 2021		October 30, 2020		October 29, 2021		October 30, 2020		Location of Gain (Loss) Recognized
	(in millions)
Gain (Loss) Recognized:
Foreign exchange contracts	$	(85)	$	(127)	$	(242)	$	87	Interest and other, net
Interest rate contracts	4		1		1		(43)		Interest and other, net
Total	$	(81)	$	(126)	$	(241)	$	44

Fair Value of Derivative Instruments in the Condensed Consolidated Statements of Financial Position

The Company presents its foreign exchange derivative instruments on a net basis in the Condensed Consolidated Statements of Financial Position due to the right of offset by its counterparties under master netting arrangements. The following tables present the fair value of those derivative instruments presented on a gross basis as of the dates indicated:


	October 29, 2021
	Other Current Assets		Other Non- Current Assets		Other Current Liabilities		Other Non-Current Liabilities		Total Fair Value
	(in millions)
Derivatives designated as hedging instruments:
Foreign exchange contracts in an asset position	$	112	$	—	$	8	$	—	$	120
Foreign exchange contracts in a liability position	(19)		—		(12)		—		(31)
Net asset (liability)	93		—		(4)		—		89
Derivatives not designated as hedging instruments:
Foreign exchange contracts in an asset position	244		—		25		—		269
Foreign exchange contracts in a liability position	(159)		—		(82)		(7)		(248)
Interest rate contracts in an asset position	—		17		—		—		17
Interest rate contracts in a liability position	—		—		—		(32)		(32)
Net asset (liability)	85		17		(57)		(39)		6
Total derivatives at fair value	$	178	$	17	$	(61)	$	(39)	$	95

	January 29, 2021
	Other Current Assets		Other Non- Current Assets		Other Current Liabilities		Other Non-Current Liabilities		Total Fair Value
	(in millions)
Derivatives designated as hedging instruments:
Foreign exchange contracts in an asset position	$	28	$	—	$	18	$	—	$	46
Foreign exchange contracts in a liability position	(10)		—		(15)		—		(25)
Net asset (liability)	18		—		3		—		21
Derivatives not designated as hedging instruments:
Foreign exchange contracts in an asset position	184		—		58		—		242
Foreign exchange contracts in a liability position	(108)		—		(159)		(4)		(271)
Interest rate contracts in an asset position	—		10		—		—		10
Interest rate contracts in a liability position	—		—		—		(31)		(31)
Net asset (liability)	76		10		(101)		(35)		(50)
Total derivatives at fair value	$	94	$	10	$	(98)	$	(35)	$	(29)

The following tables present the gross amounts of the Company’s derivative instruments, amounts offset due to master netting agreements with the Company’s counterparties, and the net amounts recognized in the Condensed Consolidated Statements of Financial Position as of the dates indicated:


	October 29, 2021
	Gross Amounts of Recognized Assets/ (Liabilities)		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ (Liabilities) Presented in the Statement of Financial Position		Gross Amounts not Offset in the Statement of Financial Position				Net Amount of Assets/ (Liabilities) Recognized in the Statement of Financial Position
							Financial Instruments		Cash Collateral Received or Pledged
	(in millions)
Derivative instruments:
Financial assets	$	406	$	(211)	$	195	$	—	$	—	$	195
Financial liabilities	(311)		211		(100)		—		21		(79)
Total derivative instruments	$	95	$	—	$	95	$	—	$	21	$	116

	January 29, 2021
	Gross Amounts of Recognized Assets/ (Liabilities)		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ (Liabilities) Presented in the Statement of Financial Position		Gross Amounts not Offset in the Statement of Financial Position				Net Amount of Assets/ (Liabilities) Recognized in the Statement of Financial Position
							Financial Instruments		Cash Collateral Received or Pledged
	(in millions)
Derivative instruments:
Financial assets	$	298	$	(194)	$	104	$	—	$	—	$	104
Financial liabilities	(327)		194		(133)		—		2		(131)
Total derivative instruments	$	(29)	$	—	$	(29)	$	—	$	2	$	(27)

NON-CONTROLLING INTERESTS - Effect of Changes in Ownership Interests of Less than Wholly Owned Subsidiaries (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Noncontrolling Interest [Abstract]
Net income attributable to Dell Technologies Inc.	$ 3,843	$ 832	$ 5,561	$ 2,023
Transfers (to)/from the non-controlling interests:
Increase in Dell Technologies Inc. additional paid-in-capital for equity issuances and other equity activity			762
Decrease in Dell Technologies Inc. additional paid-in-capital for equity issuances and other equity activity			(828)
Net transfers to non-controlling interests			(66)
Change from net income attributable to Dell Technologies Inc. and transfers to the non-controlling interests			$ 5,495

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Revenue from Contract with Customer [Abstract]

DEFERRED REVENUE (Tables)

9 Months Ended

Oct. 29, 2021

Changes in deferred revenue

The following table presents the changes in the Company’s deferred revenue for the periods indicated:


	Three Months Ended				Nine Months Ended
	October 29, 2021		October 30, 2020		October 29, 2021		October 30, 2020
	(in millions)
Deferred revenue:
Deferred revenue at beginning of period	$	31,843	$	28,791	$	30,801	$	27,800
Revenue deferrals	5,706		5,432		18,889		17,560
Revenue recognized	(6,095)		(5,542)		(18,092)		(16,418)
Other (a)	—		—		(144)		(261)
Deferred revenue at end of period	$	31,454	$	28,681	$	31,454	$	28,681
Short-term deferred revenue	$	16,569	$	15,259	$	16,569	$	15,259
Long-term deferred revenue	$	14,885	$	13,422	$	14,885	$	13,422

____________________

(a) For the nine months ended October 29, 2021, Other consists of divested deferred revenue from the sale of Boomi. For the nine months ended October 30, 2020, Other consists of divested deferred revenue from the sale of RSA Security. See Note 1 of the Notes to the Condensed Consolidated Financial Statements for more information about the divestitures of Boomi and of RSA Security. There was no impact to deferred revenue for the three months ended October 29, 2021 or October 30, 2020 as liabilities in both instances were previously classified as held for sale.

NON-CONTROLLING INTERESTS (Tables)

9 Months Ended

Oct. 29, 2021

Noncontrolling Interest [Abstract]

Effect of changes in ownership interest

The following table presents the effect of changes in the Company’s ownership interest in VMware, Inc. and Secureworks on the Company’s equity for the period indicated:


	Nine Months Ended
	October 29, 2021
	(in millions)
Net income attributable to Dell Technologies Inc.	$	5,561
Transfers (to)/from the non-controlling interests:
Increase in Dell Technologies Inc. additional paid-in-capital for equity issuances and other equity activity	762
Decrease in Dell Technologies Inc. additional paid-in-capital for equity issuances and other equity activity	(828)
Net transfers to non-controlling interests	(66)
Change from net income attributable to Dell Technologies Inc. and transfers to the non-controlling interests	$	5,495

FINANCIAL SERVICES - Finance Leases Future Maturity (Details) $ in Millions	Oct. 29, 2021 USD ($)
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract]
Fiscal 2022 (remaining three months)	$ 775
Fiscal 2023	2,207
Fiscal 2024	1,445
Fiscal 2025	735
Fiscal 2026 and beyond	335
Total undiscounted cash flows	5,497
Total customer receivables, gross	10,200
Less: unearned income	(622)
Fixed-term loans
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract]
Total customer receivables, gross	4,620
Revolving loans
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract]
Total customer receivables, gross	$ 705

CAPITALIZATION - Repurchases of Common Stock Narrative (Details) - USD ($) shares in Millions, $ in Millions		9 Months Ended
	Feb. 24, 2020	Oct. 29, 2021	Oct. 30, 2020	Oct. 07, 2021	Sep. 23, 2021	Jul. 15, 2020	May 29, 2019
Class of Stock [Line Items]
Treasury stock repurchases			$ (240)
Class C
Class of Stock [Line Items]
Stock repurchases, authorized amount	$ 1,000				$ 5,000
Stock repurchase program, term	24 months
Shares repurchased (in shares)			6.0
Treasury stock repurchases			$ (240)
Stock repurchases, remaining authorized amount		$ 5,000
Class A
Class of Stock [Line Items]
Shares withheld for tax withholding obligation		$ 284	$ 315
Class A \| VMware
Class of Stock [Line Items]
Stock repurchases, authorized amount						$ 1,000
Shares repurchased (in shares)		5.7	4.2
Treasury stock repurchases		$ (872)	$ (566)
Stock repurchases, remaining authorized amount		$ 183
Class A \| January 2017 and August 2017 Authorizations \| VMware
Class of Stock [Line Items]
Stock repurchases, authorized amount							$ 1,500
Class A \| Repurchase Program Effective upon Close of Spinoff \| VMware
Class of Stock [Line Items]
Stock repurchases, authorized amount				$ 2,000

LEASES - Maturity of Operating Leases (Details) - USD ($) $ in Millions	Oct. 29, 2021	Jan. 29, 2021
Leases [Abstract]
Fiscal 2022 (remaining three months)	$ 111
Fiscal 2023	475
Fiscal 2024	374
Fiscal 2025	276
Fiscal 2026	228
Thereafter	995
Total lease payments	2,459
Less: Imputed interest	(363)
Total operating lease liabilities	2,096	$ 2,223
Current operating lease liabilities	439	436
Non-current operating lease liabilities	$ 1,657	$ 1,787

LEASES

9 Months Ended

Oct. 29, 2021

Leases [Abstract]

LEASES

NOTE 4 — LEASES

The Company enters into leasing transactions in which the Company is the lessee. These lease contracts are typically classified as operating leases. The Company’s lease contracts are generally for office buildings used to conduct its business, and the determination of whether such contracts contain leases generally does not require significant estimates or judgments. The Company also leases certain global logistics warehouses, employee vehicles, and equipment. As of October 29, 2021, the remaining terms of the Company’s leases range from less than one month to approximately 25 years.

The Company also enters into leasing transactions in which the Company is the lessor, primarily through customer financing arrangements offered through DFS. DFS originates leases that are primarily classified as either sales-type leases or operating leases. See Note 3 of the Notes to the Condensed Consolidated Financial Statements for more information on the DFS lease portfolio and related lease disclosures.

Financial information associated with the Company’s leases in which the Company is the lessee is contained in this Note. As of both October 29, 2021 and January 29, 2021, there were no material finance leases for which the Company was a lessee.

The following table presents components of lease costs included in the Condensed Consolidated Statements of Income for the periods indicated:


	Three Months Ended				Nine Months Ended
	October 29, 2021		October 30, 2020		October 29, 2021		October 30, 2020
	(in millions)
Operating lease costs	$	129	$	129	$	404	$	384
Variable costs	35		37		97		113
Total lease costs	$	164	$	166	$	501	$	497

During both the nine months ended October 29, 2021 and October 30, 2020, sublease income, finance lease costs, and short-term lease costs were immaterial.

The following table presents supplemental information related to operating leases included in the Condensed Consolidated Statements of Financial Position as of the dates indicated:


	Classification	October 29, 2021			January 29, 2021
		(in millions, except for term and discount rate)
Operating lease right of use assets	Other non-current assets	$	1,953		$	2,117

Current operating lease liabilities	Accrued and other current liabilities	$	439		$	436
Non-current operating lease liabilities	Other non-current liabilities	1,657			1,787
Total operating lease liabilities		$	2,096		$	2,223

Weighted-average remaining lease term (in years)		8.75			8.85
Weighted-average discount rate		3.18		%	3.47		%

The following table presents supplemental cash flow information related to leases for the periods indicated:


	Nine Months Ended
	October 29, 2021		October 30, 2020
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities — operating cash outflows from operating leases	$	379	$	384
Right-of-Use assets obtained in exchange for new operating lease liabilities	$	232	$	763

The following table presents the future maturities of the Company’s operating lease liabilities under non-cancelable leases and reconciles the undiscounted cash flows for these leases to the lease liability recognized on the Condensed Consolidated Statements of Financial Position as of the date indicated:


	October 29, 2021
	(in millions)
Fiscal 2022 (remaining three months)	$	111
Fiscal 2023	475
Fiscal 2024	374
Fiscal 2025	276
Fiscal 2026	228
Thereafter	995
Total lease payments	2,459
Less: Imputed interest	(363)
Total	$	2,096
Current operating lease liabilities	$	439
Non-current operating lease liabilities	$	1,657

Future lease commitments after Fiscal 2026 include the ground lease on VMware, Inc.’s Palo Alto, California headquarters facilities, which expires in Fiscal 2047.

As of October 29, 2021, the Company has additional operating leases that have not yet commenced representing $64 million of undiscounted lease liabilities. These operating leases will commence in the remaining three months of Fiscal 2022 or Fiscal 2023 with lease terms of one year to 10 years.

SUBSEQUENT EVENTS (Details)					9 Months Ended
SUBSEQUENT EVENTS (Details)	Dec. 03, 2021 USD ($)	Nov. 02, 2021 USD ($)	Nov. 02, 2021 USD ($)	Nov. 01, 2021 USD ($) shares	Oct. 29, 2021 USD ($)	Oct. 30, 2020 USD ($)	Nov. 30, 2021 USD ($) shares	Nov. 19, 2021 USD ($)	Sep. 23, 2021 USD ($)	Jul. 15, 2020 USD ($)	Feb. 24, 2020 USD ($)
Subsequent Event [Line Items]
Repayments of debt					$ 13,069,000,000	$ 17,244,000,000
Class A \| VMware
Subsequent Event [Line Items]
Stock repurchases, authorized amount										$ 1,000,000,000
Class C
Subsequent Event [Line Items]
Stock repurchases, authorized amount									$ 5,000,000,000		$ 1,000,000,000
Term Loan A-6 Facility Due March 2024 \| Secured Debt
Subsequent Event [Line Items]
Interest rate at period end					1.84%
5.45% Due June 2023 \| Secured Debt
Subsequent Event [Line Items]
Interest rate					5.45%
7.125% Due June 2024 \| Unsecured Debt
Subsequent Event [Line Items]
Interest rate					7.125%
Subsequent Event
Subsequent Event [Line Items]
Amount of dividend received				$ 9,300,000,000
Debt breakage fees		$ 181,000,000
Writeoff of unamortized debt discount		$ 110,000,000
Subsequent Event \| VMware
Subsequent Event [Line Items]
Cash dividend				$ 11,500,000,000
Subsequent Event \| VMware \| Spinoff
Subsequent Event [Line Items]
Stock issuance ratio, spinoff transaction				0.440626
Subsequent Event \| Class A \| VMware \| Spinoff
Subsequent Event [Line Items]
Special dividends (in shares) \| shares				30,678,605
Subsequent Event \| Class B \| VMware \| Spinoff
Subsequent Event [Line Items]
Special dividends (in shares) \| shares				307,221,836
Subsequent Event \| Class C
Subsequent Event [Line Items]
Repurchased shares (in shares) \| shares							3,100,000
Stock repurchases, authorized amount							$ 173,000,000
Subsequent Event \| 2021 Revolving Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity				$ 5,000,000,000
Subsequent Event \| 2021 Revolving Credit Facility, Letter Of Credit Sub Facility
Subsequent Event [Line Items]
Maximum borrowing capacity				500,000,000
Subsequent Event \| 2021 Revolving Credit Facility, Swing-Line Sub Facility
Subsequent Event [Line Items]
Maximum borrowing capacity				500,000,000
Subsequent Event \| 2021 Revolving Credit Facility, Incremental Commitments
Subsequent Event [Line Items]
Maximum borrowing capacity				10,000,000
Subsequent Event \| Term Loan A-6 Facility Due March 2024 \| Secured Debt
Subsequent Event [Line Items]
Repayments of debt	$ 3,130,000,000			3,134,000,000
Subsequent Event \| 2.00% Term Loan B-2 Facility due September 2025 (a) \| Secured Debt
Subsequent Event [Line Items]
Repayments of debt	3,120,000,000			$ 3,120,000,000
Subsequent Event \| 5.45% Due June 2023 \| Secured Debt
Subsequent Event [Line Items]
Repayments of debt	1,500,000,000		$ 1,500,000,000
Debt instrument, amount to be redeemed								$ 1,250,000,000
Subsequent Event \| 7.125% Due June 2024 \| Secured Debt
Subsequent Event [Line Items]
Repayments of debt	1,630,000,000
Subsequent Event \| 7.125% Due June 2024 \| Unsecured Debt
Subsequent Event [Line Items]
Repayments of debt	$ 1,630,000,000		$ 1,625,000,000

SUPPLEMENTAL CONSOLIDATED FINANCIAL INFORMATION - Warranty Liability (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty liability at beginning of period	$ 471	$ 479	$ 473	$ 496
Costs accrued for new warranty contracts and changes in estimated for pre-existing warranties	281	219	724	573
Service obligations honored	(248)	(206)	(693)	(577)
Warranty liability at end of period	504	492	504	492
Current portion	377	362	377	362
Non-current portion	$ 127	$ 130	$ 127	$ 130

DEBT - Aggregate Future Maturities (Details) - USD ($) $ in Millions	Oct. 29, 2021	Jan. 29, 2021
Total maturities, principal amount
2022 (remaining three months)	$ 10,766
2023	6,552
2024	5,325
2025	3,390
2026	1,859
Thereafter	20,566
Total debt, principal amount	48,458	$ 48,480
Associated carrying value adjustments
2022 (remaining three months)	(94)
2023	(7)
2024	(20)
2025	(20)
2026	(6)
Thereafter	(332)
Total	(479)
Total maturities, carrying value amount
2022 (remaining three months)	10,672
2023	6,545
2024	5,305
2025	3,370
2026	1,853
Thereafter	20,234
Total debt, carrying value	47,979	47,984
Short-term debt	16,280	$ 6,362
VMware
Total maturities, carrying value amount
Short-term debt	9,400
Senior Secured Credit Facilities and First Lien Notes
Total maturities, principal amount
2022 (remaining three months)	7,754
2023	0
2024	2,250
2025	1,000
2026	1,000
Thereafter	12,750
Total debt, principal amount	24,754
Unsecured Notes and Debentures
Total maturities, principal amount
2022 (remaining three months)	0
2023	0
2024	0
2025	0
2026	0
Thereafter	952
Total debt, principal amount	952
Senior Notes and EMC Notes
Total maturities, principal amount
2022 (remaining three months)	1,625
2023	0
2024	0
2025	0
2026	0
Thereafter	0
Total debt, principal amount	1,625
VMware Notes
Total maturities, principal amount
2022 (remaining three months)	0
2023	1,500
2024	1,000
2025	1,250
2026	750
Thereafter	6,250
Total debt, principal amount	10,750
DFS Debt
Total maturities, principal amount
2022 (remaining three months)	1,378
2023	5,019
2024	1,888
2025	1,016
2026	86
Thereafter	590
Total debt, principal amount	9,977
Other
Total maturities, principal amount
2022 (remaining three months)	9
2023	33
2024	187
2025	124
2026	23
Thereafter	24
Total debt, principal amount	$ 400

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Additional Information (Narrative) (Details)	9 Months Ended
	Oct. 29, 2021
Foreign Exchange Forward and Option \| Designated as cash flow hedging instruments
Derivative [Line Items]
Term of derivative contract	12 months
Foreign Exchange Forward \| Not Designated as Hedging Instrument
Derivative [Line Items]
Term of derivative contract	3 months
Foreign Exchange Forward \| Not Designated as Hedging Instrument \| Financing receivables
Derivative [Line Items]
Term of derivative contract	3 years
Interest Rate Swap \| Not Designated as Hedging Instrument
Derivative [Line Items]
Term of derivative contract	5 years
Interest Rate Swap \| Not Designated as Hedging Instrument \| Structured financing debt
Derivative [Line Items]
Term of derivative contract	4 years
Cross Currency Interest Rate Contract \| Not Designated as Hedging Instrument
Derivative [Line Items]
Term of derivative contract	5 years

FINANCIAL SERVICES - Finance Leases (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Receivables [Abstract]
Net revenue — products	$ 183	$ 184	$ 607	$ 648
Cost of net revenue — products	162	102	467	435
Gross margin — products	$ 21	$ 82	$ 140	$ 213

FINANCIAL SERVICES - Operating Leases Payments and Depreciation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Income related to lease payments	$ 187	$ 120	$ 510	$ 310
Operating Lease
Accounts, Notes, Loans and Financing Receivable [Line Items]
Depreciation expense	$ 140	$ 92	$ 383	$ 228

SEGMENT INFORMATION

9 Months Ended

Oct. 29, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 16 — SEGMENT INFORMATION

The Company has three reportable segments that are based on the following business units: Infrastructure Solutions Group (“ISG”); Client Solutions Group (“CSG”); and VMware.

ISG enables the digital transformation of the Company’s customers through its trusted multi-cloud and big data solutions, which are built upon a modern data center infrastructure. The ISG comprehensive portfolio of advanced storage solutions includes traditional as well as next-generation storage solutions (such as all-flash arrays, scale-out file, object platforms, and software-defined solutions), while the Company’s server portfolio includes high-performance rack, blade, tower, and hyperscale servers. The ISG networking portfolio helps business customers transform and modernize their infrastructure, mobilize and enrich end-user experiences, and accelerate business applications and processes. ISG also offers attached software, peripherals, and services, including support and deployment, configuration, and extended warranty services.

CSG includes sales to commercial and consumer customers of branded hardware (such as desktops, workstations, and notebooks) and branded peripherals (such as displays and projectors), as well as services and third-party software and peripherals. CSG also offers attached software, peripherals, and services, including support and deployment, configuration, and extended warranty services.

VMware works with customers in the areas of hybrid and multi-cloud, virtual cloud networking, digital workspaces, modern applications, and intrinsic security, helping customers manage their IT resources across private clouds and complex multi-cloud, multi-device environments. VMware enables its customers to digitally transform their operations as they ready their applications, infrastructure, and employees for constantly evolving business needs.

As described in Note 1 and Note 18 of the Notes to the Condensed Consolidated Financial Statements, the Company completed the VMware Spin-off on November 1, 2021, subsequent to the close of the third quarter of Fiscal 2022. Beginning in the fourth quarter of Fiscal 2022, the Company’s Consolidated Statements of Income will be recast to reflect VMware results as discontinued operations. As such, VMware will no longer be identified as a reportable segment. Pursuant to the CFA, Dell Technologies will continue to integrate VMware, Inc.’s products and services with Dell Technologies’ offerings and sell them to end users. The results of those transactions will be reflected within CSG and ISG, based on the nature of the underlying offering sold. Dell Technologies will also continue to act as a distributor, purchasing VMware, Inc.’s standalone products and services for resale to end-user customers. The results of this business will be reflected in Other businesses. The Company's prior period segment results will be recast to reflect the change.

The reportable segments disclosed herein are based on information reviewed by the Company’s management to evaluate the business segment results. The Company’s measure of segment revenue and segment operating income for management reporting purposes excludes the impact of Other businesses, unallocated corporate transactions, the impact of purchase accounting, amortization of intangible assets, transaction-related expenses, stock-based compensation expense, and other corporate expenses, as applicable. The Company does not allocate assets to its reportable segments for internal reporting purposes.


	Three Months Ended				Nine Months Ended
	October 29, 2021		October 30, 2020		October 29, 2021		October 30, 2020
	(in millions)
Consolidated net revenue:
Infrastructure Solutions Group	$	8,428	$	8,024	$	24,771	$	23,800
Client Solutions Group	16,546		12,286		44,114		34,593
VMware	3,178		2,893		9,317		8,556
Reportable segment net revenue	28,152		23,203		78,202		66,949
Other businesses (a)	251		314		829		1,288
Unallocated transactions (b)	2		4		6		4
Impact of purchase accounting (c)	(11)		(39)		(34)		(129)
Total consolidated net revenue	$	28,394	$	23,482	$	79,003	$	68,112

Consolidated operating income:
Infrastructure Solutions Group	$	892	$	882	$	2,650	$	2,587
Client Solutions Group	1,147		1,002		3,232		2,309
VMware	837		837		2,527		2,504
Reportable segment operating income	2,876		2,721		8,409		7,400
Other businesses (a)	(9)		3		(17)		105
Unallocated transactions (b)	1		1		1		(1)
Impact of purchase accounting (c)	(17)		(49)		(62)		(165)
Amortization of intangibles	(694)		(845)		(2,114)		(2,547)
Transaction-related expenses (d)	(311)		(52)		(422)		(211)
Stock-based compensation expense (e)	(472)		(436)		(1,406)		(1,219)
Other corporate expenses (f)	(25)		(214)		(293)		(395)
Total consolidated operating income	$	1,349	$	1,129	$	4,096	$	2,967

____________________

(b)Unallocated transactions includes other corporate items that are not allocated to Dell Technologies’ reportable segments.

(c)Impact of purchase accounting includes non-cash purchase accounting adjustments that are primarily related to the EMC merger transaction.

(d)Transaction-related expenses includes acquisition, integration, and divestiture related costs.

(e)Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date.

(f)Other corporate expenses includes impairment charges, incentive charges related to equity investments, severance, facilities action, and other costs.

The following table presents the disaggregation of net revenue by reportable segment, and by major product categories within the segments for the periods indicated:


	Three Months Ended				Nine Months Ended
	October 29, 2021		October 30, 2020		October 29, 2021		October 30, 2020
	(in millions)
Net revenue:
Infrastructure Solutions Group:
Servers and networking	$	4,533	$	4,164	$	13,104	$	12,118
Storage	3,895		3,860		11,667		11,682
Total ISG net revenue	8,428		8,024		24,771		23,800
Client Solutions Group:
Commercial	12,292		8,783		32,668		25,456
Consumer	4,254		3,503		11,446		9,137
Total CSG net revenue	16,546		12,286		44,114		34,593
VMware:
Total VMware net revenue	3,178		2,893		9,317		8,556
Total segment net revenue	$	28,152	$	23,203	$	78,202	$	66,949

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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NON-CONTROLLING INTERESTS - Additional Information (Narrative) (Details) - USD ($) $ in Millions	Oct. 29, 2021	Jul. 30, 2021	Jan. 29, 2021	Oct. 30, 2020	Jul. 31, 2020	Jan. 31, 2020
Noncontrolling Interest [Line Items]
Non-controlling interests	$ 14,194	$ 9,943	$ 7,553	$ 5,939	$ 4,558	$ 3,155
Non-controlling interests
Noncontrolling Interest [Line Items]
Non-controlling interests	$ 5,240	$ 5,118	$ 5,074	$ 5,056	$ 4,977	$ 4,729
VMware, Inc.
Noncontrolling Interest [Line Items]
Outstanding equity interest held	80.50%		80.60%
VMware, Inc. \| Non-controlling interests
Noncontrolling Interest [Line Items]
Non-controlling interests	$ 5,100		$ 5,000
SecureWorks
Noncontrolling Interest [Line Items]
Outstanding equity interest held	84.00%		85.70%
Outstanding equity interest, including RSAs	83.10%		84.90%
SecureWorks \| Non-controlling interests
Noncontrolling Interest [Line Items]
Non-controlling interests	$ 105		$ 96

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(3)(iii)(03)

CAPITALIZATION - Schedule of Stock by Class (Details) - shares	Oct. 29, 2021	Jan. 29, 2021
Class of Stock [Line Items]
Authorized (in shares)	9,143,000,000	9,143,000,000
Issued (in shares)	775,000,000	761,000,000
Outstanding shares (in shares)	767,000,000	753,000,000
Class A
Class of Stock [Line Items]
Authorized (in shares)	600,000,000	600,000,000
Issued (in shares)	379,000,000	385,000,000
Outstanding shares (in shares)	379,000,000	385,000,000
Class B
Class of Stock [Line Items]
Authorized (in shares)	200,000,000	200,000,000
Issued (in shares)	95,000,000	102,000,000
Outstanding shares (in shares)	95,000,000	102,000,000
Class C
Class of Stock [Line Items]
Authorized (in shares)	7,900,000,000	7,900,000,000
Issued (in shares)	301,000,000	274,000,000
Outstanding shares (in shares)	293,000,000	266,000,000
Class D
Class of Stock [Line Items]
Authorized (in shares)	100,000,000	100,000,000
Issued (in shares)	0	0
Outstanding shares (in shares)	0	0
Class V
Class of Stock [Line Items]
Authorized (in shares)	343,000,000	343,000,000
Issued (in shares)	0	0
Outstanding shares (in shares)	0	0

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Oct. 29, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 9 — COMMITMENTS AND CONTINGENCIES Purchase Obligations The Company has contractual obligations to purchase goods or services, which specify significant terms, including fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the approximate timing of the transaction. As of October 29, 2021, purchase obligations were $5.2 billion, $0.7 billion, and $0.8 billion for the remaining three months of Fiscal 2022, for Fiscal 2023, and for Fiscal 2024 and thereafter, respectively. Legal Matters The Company is involved in various claims, suits, assessments, investigations, and legal proceedings that arise from time to time in the ordinary course of its business, including those identified below, consisting of matters involving consumer, antitrust, tax, intellectual property, and other issues on a global basis. The Company accrues a liability when it believes that it is both probable that a liability has been incurred and that it can reasonably estimate the amount of the loss. The Company reviews these accruals at least quarterly and adjusts them to reflect ongoing negotiations, settlements, rulings, advice of legal counsel, and other relevant information. As additional information is obtained and the Company’s views on the probable outcomes of claims, suits, assessments, investigations, or legal proceedings change, the Company would record related impacts to accrued liabilities in the period in which a determination is made. For some matters, the incurrence of a liability is not probable or the amount cannot be reasonably estimated and therefore accruals have not been made. The following is a discussion of the Company’s significant legal matters and other proceedings: Class Actions Related to the Class V Transaction — Four purported stockholders brought putative class action complaints arising out of the Class V transaction described in Note 1 of the Notes to the Condensed Consolidated Financial Statements. The actions were captioned Hallandale Beach Police and Fire Retirement Plan v. Michael Dell et al. (Civil Action No. 2018-0816-JTL), Howard Karp v. Michael Dell et al. (Civil Action No. 2019-0032-JTL), Miramar Police Officers’ Retirement Plan v. Michael Dell et al. (Civil Action No. 2019-0049-JTL), and Steamfitters Local 449 Pension Plan v. Michael Dell et al. (Civil Action No. 2019-0115-JTL). The four actions were consolidated in the Delaware Chancery Court into In Re Dell Class V Litigation (Consol. C.A. No. 2018-0816-JTL), which names as defendants the Company’s board of directors, Goldman Sachs & Co. LLC, and certain stockholders of the Company, including Michael S. Dell. The plaintiffs generally allege that the defendants breached their fiduciary duties to the former holders of Class V Common Stock in connection with the Class V transaction by allegedly causing the Company to enter into a transaction that favored the interests of the controlling stockholders at the expense of such former stockholders. The plaintiffs seek, among other remedies, a judicial declaration that the defendants breached their fiduciary duties and an award of damages, fees, and costs. The plaintiffs filed an amended complaint in August 2019 making substantially similar allegations to those described above. The defendants filed a motion to dismiss the action in September 2019. The court denied the motion in June 2020 and the case is currently in the discovery phase. Trial is currently scheduled to begin on December 5, 2022. Patent Litigation — On April 25, 2019, Cirba Inc. and Cirba IP, Inc. (collectively, “Cirba”) filed a lawsuit against VMware, Inc. in the United States District Court for the District of Delaware (the “Delaware Court”), alleging two patent infringement claims and three trademark infringement-related claims (the “First Action”). Following a hearing on August 6, 2019, the Delaware Court denied Cirba’s preliminary injunction motion. On August 20, 2019, VMware, Inc. filed counterclaims against Cirba, asserting among other claims that Cirba is infringing four VMware, Inc. patents. The Delaware Court severed those claims from the January 2020 trial on Cirba’s claims. On January 24, 2020, a jury returned a verdict that VMware, Inc. had willfully infringed Cirba’s two patents and awarded approximately $237 million in damages. As to Cirba’s trademark-related claims, the jury found that VMware, Inc. was not liable. A total of $237 million was accrued for the First Action as of January 31, 2020, which reflected the estimated losses that were considered both probable and reasonably estimable at that time. The amount accrued for this matter was included in Accrued and other in the Consolidated Statements of Financial Position as of January 31, 2020, and the charge was classified in Selling, general and administrative in the Consolidated Statements of Income (Loss) for the fiscal year ended January 31, 2020. On March 9, 2020, the parties filed post-trial motions in the First Action. On December 21, 2020, the Delaware Court granted VMware, Inc.’s request for a new trial based, in part, on Cirba’s Inc.’s lack of standing, set aside the verdict and damages award, and denied Cirba’s post-trial motions (the “Post-Trial Order”). On October 22, 2019, VMware, Inc. filed a separate lawsuit against Cirba in the United States District Court for the Eastern District of Virginia alleging infringement of four additional VMware, Inc. patents (The “Second Action”). The Virginia court transferred the Second Action to the Delaware Court on February 25, 2020. On March 23, 2020, Cirba filed a counterclaim asserting one additional patent against VMware, Inc. The Delaware Court consolidated the First and Second Actions and ordered a consolidated trial on all of the parties’ patent infringement claims and counterclaims. On May 3, 2021, the Court denied Cirba’s motion to certify the Post-Trial Order to enable an interlocutory appeal to the United States Court of Appeals for the Federal Circuit. Also, on May 3, 2021, the Court granted Cirba’s motion for leave to assert an additional patent against VMware, Inc. Separately, VMware has filed challenges with the United States Patent and Trademark Office against each of the four patents that are subject of Cirba’s allegation. To date, of the four challenges, two ex parte reexams have been granted and one Inter Partes Review has been instituted. As of January 29, 2021, VMware, Inc. reassessed its estimated loss accrual for the First Action based on the Post-Trial Order and determined that a loss was no longer probable and reasonably estimable with respect to the consolidated First and Second Actions. Accordingly, the estimated loss accrual recognized during the fiscal year ended January 31, 2020 totaling $237 million was adjusted to $0 with the credit included in Selling, general, and administrative in the Consolidated Statements of Income (Loss) for the fiscal year ended January 29, 2021. VMware, Inc. has reported that it is unable at this time to assess whether, or to what extent, it may be found liable and, if found liable, the amount any damages that may be awarded. VMware, Inc. intends to vigorously defend itself in this matter. Class Actions Related to VMware, Inc.’s Acquisition of Pivotal — Two purported stockholders brought putative class action complaints arising out of VMware, Inc.’s acquisition of Pivotal Software, Inc. on December 30, 2019 as described in Note 1 of the Notes to the Condensed Consolidated Financial Statements. The two actions were consolidated in the Delaware Chancery Court into In re: Pivotal Software, Inc. Stockholders Litigation (Civil Action No. 2020-0440-KSJM). The complaint names as defendants the Company, VMware, Inc., Michael S. Dell, and certain officers of Pivotal. The plaintiffs generally allege that the defendants breached their fiduciary duties to the former holders of Pivotal Class A common stock in connection with VMware, Inc.’s acquisition of Pivotal by allegedly causing Pivotal to enter into a transaction that favored the interests of Pivotal’s controlling stockholders at the expense of such former stockholders. The plaintiffs seek, among other remedies, a judicial declaration that the defendants breached their fiduciary duties and an award of damages, fees, and costs. Trial is currently scheduled to begin on July 6, 2022. Other Litigation — Dell does not currently expect that any other proceedings or matters will have a material adverse effect on its business, financial condition, results of operations, or cash flows. In accordance with the relevant accounting guidance, the Company provides disclosures of matters where it is at least reasonably possible that the Company could experience a material loss exceeding the amounts already accrued for these or other proceedings or matters. In addition, the Company also discloses matters based on its consideration of other matters and qualitative factors, including the experience of other companies in the industry, and investor, customer, and employee relations considerations. As of October 29, 2021, the Company does not believe there is a reasonable possibility that a material loss exceeding the amounts already accrued for these or other proceedings or matters has been incurred. However, since the ultimate resolution of any such proceedings and matters is inherently unpredictable, the Company’s business, financial condition, results of operations, or cash flows could be materially affected in any particular period by unfavorable outcomes in one or more of these proceedings or matters. Whether the outcome of any claim, suit, assessment, investigation, or legal proceeding, individually or collectively, could have a material adverse effect on the Company’s business, financial condition, results of operations, or cash flows will depend on a number of factors, including the nature, timing, and amount of any associated expenses, amounts paid in settlement, damages, or other remedies or consequences. Indemnifications In the ordinary course of business, the Company enters into contractual arrangements under which it may agree to indemnify other parties for losses incurred from certain events as defined in the relevant contract, such as litigation, regulatory penalties, or claims relating to past performance. Such indemnification obligations may not be subject to maximum loss clauses. Historically, payments related to these indemnifications have not been material to the Company.

SUPPLEMENTAL CONSOLIDATED FINANCIAL INFORMATION - Severance Liability (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Restructuring Reserve [Roll Forward]
Severance liability at beginning of period	$ 126	$ 168	$ 138	$ 196
Severance charges to provision	10	226	120	417
Cash paid and other	(50)	(181)	(172)	(400)
Severance liability at end of period	$ 86	$ 213	$ 86	$ 213

FAIR VALUE MEASUREMENTS AND INVESTMENTS - Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Oct. 29, 2021	Jan. 29, 2021
Assets:
Equity and other securities	$ 155	$ 449
Derivative instruments	195	104
Total assets	17,107	9,399
Liabilities:
Derivative instruments	100	133
Total liabilities	100	133
Money market funds
Assets:
Money market funds	16,757	8,846
Level 1
Assets:
Equity and other securities	155	449
Derivative instruments	0	0
Total assets	16,912	9,295
Liabilities:
Derivative instruments	0	0
Total liabilities	0	0
Level 1 \| Money market funds
Assets:
Money market funds	16,757	8,846
Level 2
Assets:
Equity and other securities	0	0
Derivative instruments	195	104
Total assets	195	104
Liabilities:
Derivative instruments	100	133
Total liabilities	100	133
Level 2 \| Money market funds
Assets:
Money market funds	0	0
Level 3
Assets:
Equity and other securities	0	0
Derivative instruments	0	0
Total assets	0	0
Liabilities:
Derivative instruments	0	0
Total liabilities	0	0
Level 3 \| Money market funds
Assets:
Money market funds	$ 0	$ 0

FAIR VALUE MEASUREMENTS AND INVESTMENTS - Additional Information (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 29, 2021	Jan. 29, 2021
Fair Value Disclosures [Abstract]
Deferred compensation plan assets	$ 361	$ 308
Deferred compensation liability	361	308
Investments without readily determinable fair values	1,300	$ 1,000
Equity securities, upward price adjustment	448
Equity securities, upward (downward) price adjustment, net	411
Equity securities, downward price adjustment	$ 37

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) $ in Millions	9 Months Ended
	Oct. 29, 2021 USD ($)
Goodwill [Roll Forward]
Goodwill	$ 40,829
Goodwill acquired	(1)
Impact of foreign currency translation	(88)
Goodwill divested	(39)
Goodwill	40,701
Infrastructure Solutions Group
Goodwill [Roll Forward]
Goodwill	15,324
Goodwill acquired	0
Impact of foreign currency translation	(88)
Goodwill divested	0
Goodwill	15,236
Client Solutions Group
Goodwill [Roll Forward]
Goodwill	4,237
Goodwill acquired	0
Impact of foreign currency translation	0
Goodwill divested	0
Goodwill	4,237
VMware
Goodwill [Roll Forward]
Goodwill	20,802
Goodwill acquired	(1)
Impact of foreign currency translation	0
Goodwill divested	0
Goodwill	20,801
Other Businesses
Goodwill [Roll Forward]
Goodwill	466
Goodwill acquired	0
Impact of foreign currency translation	0
Goodwill divested	(39)
Goodwill	$ 427

DEBT - Outstanding Debt (Details) - USD ($) $ in Millions				3 Months Ended	9 Months Ended
DEBT - Outstanding Debt (Details) - USD ($) $ in Millions	Dec. 03, 2021	Nov. 02, 2021	Nov. 01, 2021	Oct. 29, 2021	Oct. 29, 2021	Oct. 30, 2020	Jan. 29, 2021
Debt Instrument [Line Items]
Total debt, principal amount				$ 48,458.0	$ 48,458.0		$ 48,480.0
Unamortized discount, net of unamortized premium				(175.0)	(175.0)		(194.0)
Debt issuance costs				(304.0)	(304.0)		(302.0)
Total debt, carrying value				47,979.0	47,979.0		47,984.0
Total short-term debt, carrying value				16,280.0	16,280.0		6,362.0
Total long-term debt, carrying value				31,699.0	31,699.0		41,622.0
Repayments of debt					13,069.0	$ 17,244.0
Subsequent Event
Debt Instrument [Line Items]
Amount of dividend received			$ 9,300.0
VMware
Debt Instrument [Line Items]
Total short-term debt, carrying value				9,400.0	9,400.0
DFS Debt
Debt Instrument [Line Items]
Total debt, principal amount				9,977.0	9,977.0
Secured Debt \| 2.00% Term Loan B-2 Facility Due September 2025
Debt Instrument [Line Items]
Total debt, principal amount				$ 3,120.0	$ 3,120.0		3,143.0
Interest rate at period end				2.00%	2.00%
Secured Debt \| 2.00% Term Loan B-2 Facility Due September 2025 \| Subsequent Event
Debt Instrument [Line Items]
Repayments of debt	$ 3,120.0
Secured Debt \| Term Loan A-6 Facility Due March 2024
Debt Instrument [Line Items]
Total debt, principal amount				$ 3,134.0	$ 3,134.0		3,134.0
Interest rate at period end				1.84%	1.84%
Secured Debt \| Term Loan A-6 Facility Due March 2024 \| Subsequent Event
Debt Instrument [Line Items]
Repayments of debt	3,130.0		$ 3,134.0
Secured Debt \| 5.45% Due June 2023
Debt Instrument [Line Items]
Total debt, principal amount				$ 3,750.0	$ 3,750.0		3,750.0
Interest rate				5.45%	5.45%
Secured Debt \| 5.45% Due June 2023 \| Subsequent Event
Debt Instrument [Line Items]
Repayments of debt	1,500.0	$ 1,500.0
Secured Debt \| 4.00% due July 2024
Debt Instrument [Line Items]
Total debt, principal amount				$ 1,000.0	$ 1,000.0		1,000.0
Interest rate				4.00%	4.00%
Secured Debt \| 5.85% due July 2025
Debt Instrument [Line Items]
Total debt, principal amount				$ 1,000.0	$ 1,000.0		1,000.0
Interest rate				5.85%	5.85%
Secured Debt \| 6.02% due June 2026
Debt Instrument [Line Items]
Total debt, principal amount				$ 4,500.0	$ 4,500.0		4,500.0
Interest rate				6.02%	6.02%
Secured Debt \| 4.90% due October 2026
Debt Instrument [Line Items]
Total debt, principal amount				$ 1,750.0	$ 1,750.0		1,750.0
Interest rate				4.90%	4.90%
Secured Debt \| 6.10% due July 2027
Debt Instrument [Line Items]
Total debt, principal amount				$ 500.0	$ 500.0		500.0
Interest rate				6.10%	6.10%
Secured Debt \| 5.30% due October 2029
Debt Instrument [Line Items]
Total debt, principal amount				$ 1,750.0	$ 1,750.0		1,750.0
Interest rate				5.30%	5.30%
Secured Debt \| 6.20% due July 2030
Debt Instrument [Line Items]
Total debt, principal amount				$ 750.0	$ 750.0		750.0
Interest rate				6.20%	6.20%
Secured Debt \| 8.10% due July 2036
Debt Instrument [Line Items]
Total debt, principal amount				$ 1,500.0	$ 1,500.0		1,500.0
Interest rate				8.10%	8.10%
Secured Debt \| 8.35% due July 2046
Debt Instrument [Line Items]
Total debt, principal amount				$ 2,000.0	$ 2,000.0		2,000.0
Interest rate				8.35%	8.35%
Secured Debt \| 7.125% Due June 2024 \| Subsequent Event
Debt Instrument [Line Items]
Repayments of debt	1,630.0
Secured Debt \| DFS Debt
Debt Instrument [Line Items]
Total debt, principal amount				$ 9,977.0	$ 9,977.0		9,666.0
Total short-term debt, carrying value				5,475.0	5,475.0		4,888.0
Total long-term debt, carrying value				4,502.0	4,502.0		4,778.0
Unsecured Debt \| 4.625% due April 2021
Debt Instrument [Line Items]
Total debt, principal amount				$ 0.0	$ 0.0		400.0
Interest rate				4.625%	4.625%
Repayments of debt					$ 400.0
Unsecured Debt \| 7.10% due April 2028
Debt Instrument [Line Items]
Total debt, principal amount				$ 300.0	$ 300.0		300.0
Interest rate				7.10%	7.10%
Unsecured Debt \| 6.50% due April 2038
Debt Instrument [Line Items]
Total debt, principal amount				$ 388.0	$ 388.0		388.0
Interest rate				6.50%	6.50%
Unsecured Debt \| 5.40% due September 2040
Debt Instrument [Line Items]
Total debt, principal amount				$ 264.0	$ 264.0		264.0
Interest rate				5.40%	5.40%
Unsecured Debt \| 5.875% due June 2021
Debt Instrument [Line Items]
Total debt, principal amount				$ 0.0	$ 0.0		1,075.0
Interest rate				5.875%	5.875%
Repayments of debt					$ 1,100.0
Unsecured Debt \| 7.125% Due June 2024
Debt Instrument [Line Items]
Total debt, principal amount				$ 1,625.0	$ 1,625.0		1,625.0
Interest rate				7.125%	7.125%
Unsecured Debt \| 7.125% Due June 2024 \| Subsequent Event
Debt Instrument [Line Items]
Repayments of debt	$ 1,630.0	$ 1,625.0
Unsecured Debt \| 3.375% due June 2023
Debt Instrument [Line Items]
Total debt, principal amount				$ 0.0	$ 0.0		1,000.0
Repayments of debt				1,000.0
Unsecured Debt \| 2.95% due August 2022
Debt Instrument [Line Items]
Total debt, principal amount				$ 1,500.0	$ 1,500.0		1,500.0
Interest rate				2.95%	2.95%
Unsecured Debt \| 0.60% due August 2023
Debt Instrument [Line Items]
Total debt, principal amount				$ 1,000.0	$ 1,000.0		0.0
Interest rate				0.60%	0.60%
Unsecured Debt \| 1.00% due August 2024
Debt Instrument [Line Items]
Total debt, principal amount				$ 1,250.0	$ 1,250.0		0.0
Interest rate				1.00%	1.00%
Unsecured Debt \| 4.50% due May 2025
Debt Instrument [Line Items]
Total debt, principal amount				$ 750.0	$ 750.0		750.0
Interest rate				4.50%	4.50%
Unsecured Debt \| 1.40% due August 2026
Debt Instrument [Line Items]
Total debt, principal amount				$ 1,500.0	$ 1,500.0		0.0
Interest rate				1.40%	1.40%
Unsecured Debt \| 4.65% due May 2027
Debt Instrument [Line Items]
Total debt, principal amount				$ 500.0	$ 500.0		500.0
Interest rate				4.65%	4.65%
Unsecured Debt \| 3.90% due August 2027
Debt Instrument [Line Items]
Total debt, principal amount				$ 1,250.0	$ 1,250.0		1,250.0
Interest rate				3.90%	3.90%
Unsecured Debt \| 1.80% due August 2028
Debt Instrument [Line Items]
Total debt, principal amount				$ 750.0	$ 750.0		0.0
Interest rate				1.80%	1.80%
Unsecured Debt \| 4.70% due May 2030
Debt Instrument [Line Items]
Total debt, principal amount				$ 750.0	$ 750.0		750.0
Interest rate				4.70%	4.70%
Unsecured Debt \| 2.20% due August 2031
Debt Instrument [Line Items]
Total debt, principal amount				$ 1,500.0	$ 1,500.0		0.0
Interest rate				2.20%	2.20%
Other
Debt Instrument [Line Items]
Total debt, principal amount				$ 400.0	$ 400.0		235.0
Other \| 2.44% Margin Loan Facility due April 2022
Debt Instrument [Line Items]
Total debt, principal amount				$ 0.0	$ 0.0		$ 4,000.0
Interest rate at period end				2.44%	2.44%

REDEEMABLE SHARES (Details) - USD ($) $ in Millions	9 Months Ended
REDEEMABLE SHARES (Details) - USD ($) $ in Millions	Oct. 29, 2021	Jan. 29, 2021
Temporary Equity [Line Items]
Holding period	6 months
Redeemable shares classified as temporary equity	$ 0	$ 472
Redeemable shares outstanding (in shares)	0
Redeemable shares issued (in shares)	0
Employee Stock Option
Temporary Equity [Line Items]
Redeemable shares outstanding (in shares)		6,000,000
Redeemable shares issued (in shares)		6,000,000
Common Stock
Temporary Equity [Line Items]
Redeemable shares outstanding (in shares)		2,000,000
Redeemable shares issued (in shares)		2,000,000

Components of lease expense and supplemental information

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

LEASES (Tables)

9 Months Ended

Oct. 29, 2021

Leases [Abstract]

The following table presents components of lease costs included in the Condensed Consolidated Statements of Income for the periods indicated:


	Three Months Ended				Nine Months Ended
	October 29, 2021		October 30, 2020		October 29, 2021		October 30, 2020
	(in millions)
Operating lease costs	$	129	$	129	$	404	$	384
Variable costs	35		37		97		113
Total lease costs	$	164	$	166	$	501	$	497

During both the nine months ended October 29, 2021 and October 30, 2020, sublease income, finance lease costs, and short-term lease costs were immaterial.

The following table presents supplemental information related to operating leases included in the Condensed Consolidated Statements of Financial Position as of the dates indicated:


	Classification	October 29, 2021			January 29, 2021
		(in millions, except for term and discount rate)
Operating lease right of use assets	Other non-current assets	$	1,953		$	2,117

Current operating lease liabilities	Accrued and other current liabilities	$	439		$	436
Non-current operating lease liabilities	Other non-current liabilities	1,657			1,787
Total operating lease liabilities		$	2,096		$	2,223

Weighted-average remaining lease term (in years)		8.75			8.85
Weighted-average discount rate		3.18		%	3.47		%

The following table presents supplemental cash flow information related to leases for the periods indicated:


	Nine Months Ended
	October 29, 2021		October 30, 2020
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities — operating cash outflows from operating leases	$	379	$	384
Right-of-Use assets obtained in exchange for new operating lease liabilities	$	232	$	763

Maturity of operating lease liabilities


	October 29, 2021
	(in millions)
Fiscal 2022 (remaining three months)	$	111
Fiscal 2023	475
Fiscal 2024	374
Fiscal 2025	276
Fiscal 2026	228
Thereafter	995
Total lease payments	2,459
Less: Imputed interest	(363)
Total	$	2,096
Current operating lease liabilities	$	439
Non-current operating lease liabilities	$	1,657

OVERVIEW AND BASIS OF PRESENTATION (Policies)	9 Months Ended
OVERVIEW AND BASIS OF PRESENTATION (Policies)	Oct. 29, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	References in these Notes to the Condensed Consolidated Financial Statements to the “Company” or “Dell Technologies” mean Dell Technologies Inc. individually and together with its consolidated subsidiaries.
Basis of Presentation	Basis of Presentation — The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and accompanying Notes filed with the U.S. Securities and Exchange Commission (“SEC”) in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2021. These Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, the accompanying Condensed Consolidated Financial Statements reflect all adjustments of a normal recurring nature considered necessary to fairly state the financial position of Dell Technologies Inc. as of October 29, 2021 and January 29, 2021, the results of its operations and corresponding comprehensive income (loss) for the three and nine months ended October 29, 2021 and October 30, 2020, its cash flows for the nine months ended October 29, 2021 and October 30, 2020, and its statements of stockholders’ equity for the three and nine months ended October 29, 2021 and October 30, 2020.
Use of Estimates	The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying Notes. Management has considered the actual and potential economic impacts of the coronavirus disease 2019 (“COVID-19”) pandemic on the Company’s critical and significant accounting estimates. Actual results could differ materially from those estimates. The results of operations and comprehensive income (loss), cash flows, and statements of stockholders’ equity for the three and nine months ended October 29, 2021 and October 30, 2020 are not necessarily indicative of the results to be expected for the full fiscal year or for any other fiscal period.
Fiscal Period	The Company’s fiscal year is the 52- or 53-week period ending on the Friday nearest January 31. Both the fiscal year ending January 28, 2022 (“Fiscal 2022”) and fiscal year ended January 29, 2021 (“Fiscal 2021”) are 52-week periods.
Principles of Consolidation	Principles of Consolidation — These Condensed Consolidated Financial Statements include the accounts of Dell Technologies and its wholly-owned subsidiaries, as well as the accounts of VMware, Inc. and SecureWorks Corp. (“Secureworks”), each of which is majority-owned by Dell Technologies. All intercompany transactions have been eliminated.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements Accounting for Contract Assets and Contract Liabilities from Contracts with Customers — In October 2021, the Financial Accounting Standards Board (“FASB”) issued guidance which requires companies to apply Topic 606, Revenue from Contracts with Customers, to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. Public entities must adopt the new guidance for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact and timing of adoption of this guidance. Reference Rate Reform — In March 2020, the FASB issued guidance which provides temporary optional expedients and exceptions to GAAP guidance on contract modifications and certain hedging relationships to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate to alternative reference rates. The Company may elect to apply the amendments prospectively through December 31, 2022. Adoption of the new guidance is not expected to have a material impact on the Company’s financial results. Recently Adopted Accounting Pronouncements Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity — In August 2020, the FASB issued guidance to simplify the accounting for convertible debt instruments and convertible preferred stock, and the derivatives scope exception for contracts in an entity's own equity. In addition, the guidance on calculating diluted earnings per share has been simplified and made more internally consistent. The Company early adopted this standard as of January 30, 2021. There was no impact on the Condensed Consolidated Financial Statements or to diluted earnings per share as of the adoption date. Simplifying Accounting for Income Taxes — In December 2019, the FASB issued guidance to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes, and by clarifying and amending existing guidance in order to improve consistent application of GAAP for other areas of Topic 740. The Company adopted the standard during the three months ended April 30, 2021. The impact of the adoption of this standard was immaterial to the Condensed Consolidated Financial Statements.
Money Market Funds	Money Market Funds — The Company’s investments in money market funds that are classified as cash equivalents hold underlying investments with a weighted average maturity of 90 days or less and are recognized at fair value. The valuations of these securities are based on quoted prices in active markets for identical assets, when available, or pricing models whereby all significant inputs are observable or can be derived from or corroborated by observable market data. The Company reviews security pricing and assesses liquidity on a quarterly basis. As of October 29, 2021, the Company’s U.S. portfolio had no material exposure to money market funds with a fluctuating net asset value.
Equity and Other Securities	Equity and Other Securities — The majority of the Company’s investments in equity and other securities that are measured at fair value on a recurring basis consist of strategic investments in publicly-traded companies. The valuation of these securities is based on quoted prices in active markets.
Derivative Instruments	Derivative Instruments — The Company’s derivative financial instruments consist primarily of foreign currency forward and purchased option contracts and interest rate swaps. The fair value of the portfolio is determined using valuation models based on market observable inputs, including interest rate curves, forward and spot prices for currencies, and implied volatilities. Credit risk is also factored into the fair value calculation of the Company’s derivative financial instrument portfolio. See Note 6 of the Notes to the Condensed Consolidated Financial Statements for a description of the Company’s derivative financial instrument activities. As part of its risk management strategy, the Company uses derivative instruments, primarily foreign currency forward and option contracts and interest rate swaps, to hedge certain foreign currency and interest rate exposures, respectively. The Company’s objective is to offset gains and losses resulting from these exposures with gains and losses on the derivative contracts used to hedge the exposures, thereby reducing volatility of earnings and protecting the fair values of assets and liabilities. The earnings effects of the derivative instruments are presented in the same income statement line items as the earnings effects of the hedged items. For derivatives designated as cash flow hedges, the Company assesses hedge effectiveness both at the onset of the hedge and at regular intervals throughout the life of the derivative. The Company does not have any derivatives designated as fair value hedges.
Deferred Compensation Plans	Deferred Compensation Plans — The Company offers deferred compensation plans for eligible employees, which allow participants to defer payment for a portion of their compensation. Assets were the same as liabilities associated with the plans at approximately $361 million and $308 million as of October 29, 2021 and January 29, 2021, respectively, and are included in other assets and other liabilities on the Condensed Consolidated Statements of Financial Position. The net impact to the Condensed Consolidated Statements of Income is not material since changes in the fair value of the assets substantially offset changes in the fair value of the liabilities. As such, assets and liabilities associated with these plans have not been included in the recurring fair value table above.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis	Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis — Certain assets are measured at fair value on a nonrecurring basis and therefore are not included in the recurring fair value table above. These assets consist primarily of non-financial assets such as goodwill and intangible assets. See Note 7 of the Notes to the Condensed Consolidated Financial Statements for additional information about goodwill and intangible assets. As of October 29, 2021 and January 29, 2021, the Company held private strategic investments of $1.3 billion and $1.0 billion, respectively. As these investments represent early-stage companies without readily determinable fair values, they are not included in the recurring fair value table above. The Company has elected to apply the measurement alternative for these investments. Under the alternative, the Company measures investments without readily determinable fair values at cost, less impairment, adjusted by observable price changes. The Company must make a separate election to use the alternative for each eligible investment and is required to reassess at each reporting period whether an investment qualifies for the alternative. In evaluating these investments for impairment or observable price changes, the Company uses inputs including pre- and post-money valuations of recent financing events and the impact of those events on its fully diluted ownership percentages, as well as other available information regarding the issuer’s historical and forecasted performance.
Legal Matters	Legal Matters The Company is involved in various claims, suits, assessments, investigations, and legal proceedings that arise from time to time in the ordinary course of its business, including those identified below, consisting of matters involving consumer, antitrust, tax, intellectual property, and other issues on a global basis. The Company accrues a liability when it believes that it is both probable that a liability has been incurred and that it can reasonably estimate the amount of the loss. The Company reviews these accruals at least quarterly and adjusts them to reflect ongoing negotiations, settlements, rulings, advice of legal counsel, and other relevant information. As additional information is obtained and the Company’s views on the probable outcomes of claims, suits, assessments, investigations, or legal proceedings change, the Company would record related impacts to accrued liabilities in the period in which a determination is made. For some matters, the incurrence of a liability is not probable or the amount cannot be reasonably estimated and therefore accruals have not been made.

SUPPLEMENTAL CONSOLIDATED FINANCIAL INFORMATION

9 Months Ended

Oct. 29, 2021

Condensed Financial Information Disclosure [Abstract]

SUPPLEMENTAL CONSOLIDATED FINANCIAL INFORMATION

NOTE 17 — SUPPLEMENTAL CONSOLIDATED FINANCIAL INFORMATION

The following table presents additional information on selected accounts included in the Condensed Consolidated Statements of Financial Position as of the dates indicated:


	October 29, 2021		January 29, 2021
	(in millions)
Cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$	22,406	$	14,201
Restricted cash - other current assets (a)	889		891
Restricted cash - other non-current assets (a)	74		92
Total cash, cash equivalents, and restricted cash	$	23,369	$	15,184
Inventories, net:
Production materials	$	3,209	$	1,717
Work-in-process	812		677
Finished goods	1,421		1,008
Total inventories, net	$	5,442	$	3,402






Property, plant, and equipment, net:
Computer equipment	$	7,628	$	6,506
Land and buildings	4,775		4,745
Machinery and other equipment	4,173		3,933
Total property, plant, and equipment	16,576		15,184
Accumulated depreciation and amortization	(9,651)		(8,753)
Total property, plant, and equipment, net	$	6,925	$	6,431
Other non-current assets:
Deferred and other tax assets	$	6,450	$	6,230
Operating lease right of use assets	1,953		2,117
Deferred commissions	1,158		1,094
Other	1,895		1,755
Total other non-current assets	$	11,456	$	11,196

____________________

(a) Restricted cash primarily includes cash required to be held in escrow pursuant to DFS securitization arrangements.

Trade Receivables — Allowance for Expected Credit Losses

The following table presents the changes in the Company’s allowance for expected credit losses for the periods indicated:


	Three Months Ended				Nine Months Ended
	October 29, 2021		October 30, 2020		October 29, 2021		October 30, 2020
	(in millions)
Trade Receivables — Allowance for expected credit losses:
Balance at beginning of period	$	98	$	146	$	104	$	94
Adjustment for adoption of accounting standard (a)	—		—		—		27

Allowance charged to provision	12		(4)		25		43
Bad debt write-offs	(10)		(27)		(29)		(49)
Balance at end of period	$	100	$	115	$	100	$	115

____________________

(a)The Company adopted the current expected credit losses standard as of February 1, 2020 using the modified retrospective method, with the cumulative-effect adjustment to the opening balance of stockholders’ equity (deficit) as of the adoption date.

Warranty Liability

The following table presents changes in the Company’s liability for standard limited warranties for the periods indicated:


	Three Months Ended				Nine Months Ended
	October 29, 2021		October 30, 2020		October 29, 2021		October 30, 2020
	(in millions)
Warranty liability:
Warranty liability at beginning of period	$	471	$	479	$	473	$	496

Costs accrued for new warranty contracts and changes in estimates for pre-existing warranties (a) (b)	281		219		724		573
Service obligations honored	(248)		(206)		(693)		(577)
Warranty liability at end of period	$	504	$	492	$	504	$	492
Current portion	$	377	$	362	$	377	$	362
Non-current portion	$	127	$	130	$	127	$	130

____________________

(a)Changes in cost estimates related to pre-existing warranties are aggregated with accruals for new standard warranty contracts. The Company’s warranty liability process does not differentiate between estimates made for pre-existing warranties and new warranty obligations.

(b)Includes the impact of foreign currency exchange rate fluctuations.

Severance Charges

The Company incurs costs related to employee severance and records a liability for these costs when it is probable that employees will be entitled to termination benefits and the amounts can be reasonably estimated. The liability related to these actions is included in accrued and other current liabilities in the Condensed Consolidated Statements of Financial Position. The following table presents the activity related to the Company’s severance liability for the periods indicated:


	Three Months Ended				Nine Months Ended
	October 29, 2021		October 30, 2020		October 29, 2021		October 30, 2020
	(in millions)
Severance liability:
Severance liability at beginning of period	$	126	$	168	$	138	$	196
Severance charges to provision	10		226		120		417
Cash paid and other (a)	(50)		(181)		(172)		(400)
Severance liability at end of period	$	86	$	213	$	86	$	213

____________________

(a)Other adjustments include the impact of foreign currency exchange rate fluctuations.

The following table presents severance charges as included in the Condensed Consolidated Statements of Income for the periods indicated:


	Three Months Ended				Nine Months Ended
	October 29, 2021		October 30, 2020		October 29, 2021		October 30, 2020
	(in millions)
Severance charges:
Cost of net revenue	$	2	$	46	$	24	$	58
Selling, general, and administrative	7		139		90		308
Research and development	1		41		6		51
Total severance charges	$	10	$	226	$	120	$	417

Interest and Other, Net

The following table provides information regarding interest and other, net for the periods indicated:


	Three Months Ended				Nine Months Ended
	October 29, 2021		October 30, 2020		October 29, 2021		October 30, 2020
	(in millions)
Interest and other, net:
Investment income, primarily interest	$	11	$	11	$	32	$	47
Gain on investments, net	27		489		352		591
Interest expense	(482)		(566)		(1,475)		(1,855)
Foreign exchange	(33)		(31)		(146)		(130)
Gain on disposition of businesses and assets	3,968		338		3,968		458
Other	(55)		32		(42)		(40)
Total interest and other, net	$	3,436	$	273	$	2,689	$	(929)

Cover Page - shares	9 Months Ended
Cover Page - shares	Oct. 29, 2021	Nov. 30, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 29, 2021
Document Transition Report	false
Entity File Number	001-37867
Entity Registrant Name	Dell Technologies Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0890963
Entity Address, Address Line One	One Dell Way
Entity Address, City or Town	Round Rock
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78682
City Area Code	800
Local Phone Number	289-3355
Title of 12(b) Security	Class C Common Stock, par value $0.01 per share
Trading Symbol	DELL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001571996
Current Fiscal Year End Date	--01-28
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding - Class C
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		289,981,446
Entity Common Stock, Shares Outstanding - Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		378,553,250
Entity Common Stock, Shares Outstanding - Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		95,350,227

DEBT - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020
Debt Instrument [Line Items]
Repayments of debt	$ 13,069	$ 17,244
3.375 Due June 2023 Notes
Debt Instrument [Line Items]
Repayments of debt	$ 1,000
Interest rate	3.375%
Other \| 2.44% Margin Loan Facility due April 2022
Debt Instrument [Line Items]
Repayments of debt	$ 4,000
Unsecured Debt \| 5.875% due June 2021
Debt Instrument [Line Items]
Repayments of debt	$ 1,100
Interest rate	5.875%
Unsecured Debt \| 4.625% due April 2021
Debt Instrument [Line Items]
Repayments of debt	$ 400
Interest rate	4.625%

FAIR VALUE MEASUREMENTS AND INVESTMENTS

9 Months Ended

Oct. 29, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS AND INVESTMENTS

NOTE 2 — FAIR VALUE MEASUREMENTS AND INVESTMENTS

The following table presents the Company’s hierarchy for its assets and liabilities measured and recorded at fair value on a recurring basis as of the dates indicated:


	October 29, 2021								January 29, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(in millions)
Assets:

Money market funds	$	16,757	$	—	$	—	$	16,757	$	8,846	$	—	$	—	$	8,846






Equity and other securities	155		—		—		155		449		—		—		449
Derivative instruments	—		195		—		195		—		104		—		104
Total assets	$	16,912	$	195	$	—	$	17,107	$	9,295	$	104	$	—	$	9,399
Liabilities:
Derivative instruments	$	—	$	100	$	—	$	100	$	—	$	133	$	—	$	133
Total liabilities	$	—	$	100	$	—	$	100	$	—	$	133	$	—	$	133

The following section describes the valuation methodologies the Company uses to measure financial instruments at fair value:

Money Market Funds — The Company’s investments in money market funds that are classified as cash equivalents hold underlying investments with a weighted average maturity of 90 days or less and are recognized at fair value. The valuations of these securities are based on quoted prices in active markets for identical assets, when available, or pricing models whereby all significant inputs are observable or can be derived from or corroborated by observable market data. The Company reviews security pricing and assesses liquidity on a quarterly basis. As of October 29, 2021, the Company’s U.S. portfolio had no material exposure to money market funds with a fluctuating net asset value.

Equity and Other Securities — The majority of the Company’s investments in equity and other securities that are measured at fair value on a recurring basis consist of strategic investments in publicly-traded companies. The valuation of these securities is based on quoted prices in active markets.

Derivative Instruments — The Company’s derivative financial instruments consist primarily of foreign currency forward and purchased option contracts and interest rate swaps. The fair value of the portfolio is determined using valuation models based on market observable inputs, including interest rate curves, forward and spot prices for currencies, and implied volatilities. Credit risk is also factored into the fair value calculation of the Company’s derivative financial instrument portfolio. See Note 6 of the Notes to the Condensed Consolidated Financial Statements for a description of the Company’s derivative financial instrument activities.

Deferred Compensation Plans — The Company offers deferred compensation plans for eligible employees, which allow participants to defer payment for a portion of their compensation. Assets were the same as liabilities associated with the plans at approximately $361 million and $308 million as of October 29, 2021 and January 29, 2021, respectively, and are included in other assets and other liabilities on the Condensed Consolidated Statements of Financial Position. The net impact to the Condensed Consolidated Statements of Income is not material since changes in the fair value of the assets substantially offset changes in the fair value of the liabilities. As such, assets and liabilities associated with these plans have not been included in the recurring fair value table above.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis — Certain assets are measured at fair value on a nonrecurring basis and therefore are not included in the recurring fair value table above. These assets consist primarily of non-financial assets such as goodwill and intangible assets. See Note 7 of the Notes to the Condensed Consolidated Financial Statements for additional information about goodwill and intangible assets.

As of October 29, 2021 and January 29, 2021, the Company held private strategic investments of $1.3 billion and $1.0 billion, respectively. As these investments represent early-stage companies without readily determinable fair values, they are not included in the recurring fair value table above.

The Company has elected to apply the measurement alternative for these investments. Under the alternative, the Company measures investments without readily determinable fair values at cost, less impairment, adjusted by observable price changes. The Company must make a separate election to use the alternative for each eligible investment and is required to reassess at each reporting period whether an investment qualifies for the alternative. In evaluating these investments for impairment or observable price changes, the Company uses inputs including pre- and post-money valuations of recent financing events and the impact of those events on its fully diluted ownership percentages, as well as other available information regarding the issuer’s historical and forecasted performance.

Carrying Value and Estimated Fair Value of Outstanding Debt — The following table presents the carrying value and estimated fair value of the Company’s outstanding debt as described in Note 5 of the Notes to the Condensed Consolidated Financial Statements, including the current portion, as of the dates indicated:


	October 29, 2021				January 29, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in billions)
Senior Secured Credit Facilities	$	6.2	$	6.3	$	6.2	$	6.3
First Lien Notes	$	18.3	$	22.8	$	18.3	$	22.8
Unsecured Notes and Debentures	$	0.8	$	1.2	$	1.2	$	1.6
Senior Notes	$	1.6	$	1.7	$	2.7	$	2.8
EMC Notes	$	—	$	—	$	1.0	$	1.0
VMware Notes	$	10.7	$	11.1	$	4.7	$	5.3
Margin Loan Facility	$	—	$	—	$	4.0	$	3.9

The fair values of the outstanding debt shown in the table above, as well as the debt of Dell Financial Services and its affiliates (“DFS”) described in Note 3 of the Notes to the Condensed Consolidated Financial Statements, were determined based on observable market prices in a less active market or based on valuation methodologies using observable inputs and were categorized as Level 2 in the fair value hierarchy. The carrying value of DFS debt approximates fair value. Outstanding debt is recorded at carrying value and, as such, is not included in the recurring fair value table above.

Investments

The following table presents the carrying value of the Company’s investments as of the dates indicated:


	October 29, 2021								January 29, 2021
	Cost		Unrealized Gain		Unrealized (Loss)		Carrying Value		Cost		Unrealized Gain		Unrealized (Loss)		Carrying Value
	(in millions)
Equity and other securities	$	1,236	$	488	$	(224)	$	1,500	$	907	$	677	$	(145)	$	1,439
Fixed income debt securities	333		—		(6)		327		176		9		—		185
Total securities							$	1,827							$	1,624

Equity and other securities — The Company has strategic investments in publicly-traded and privately-held companies. For the nine months ended October 29, 2021, the equity and other securities without readily determinable fair values of $1.3 billion increased by $411 million, primarily due to upward adjustments for observable price changes of $448 million, partially offset by $37 million of downward adjustments that were primarily attributable to observable price changes. The remainder of equity and other securities consists of publicly-traded investments that are measured at fair value on a recurring basis.

Fixed income debt securities — The Company has fixed income debt securities carried at amortized cost. The debt securities are held as collateral for borrowings. The Company intends to hold the investments to maturity. Unrealized gains relate to foreign currency impacts.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Oct. 29, 2021

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

NOTE 11 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income (loss) is presented in stockholders’ equity (deficit) in the Condensed Consolidated Statements of Financial Position and consists of amounts related to foreign currency translation adjustments, unrealized net gains (losses) on cash flow hedges, and actuarial net gains (losses) from pension and other postretirement plans.

The following table presents changes in accumulated other comprehensive income (loss), net of tax, by the following components as of the dates indicated:


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Pension and Other Postretirement Plans		Accumulated Other Comprehensive Income (Loss)
	(in millions)
Balances as of January 29, 2021	$	(150)	$	(86)	$	(78)	$	(314)

Other comprehensive income (loss) before reclassifications	(201)		150		2		(49)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(34)		3		(31)
Total change for the period	(201)		116		5		(80)
Less: Change in comprehensive income (loss) attributable to non-controlling interests	—		—		—		—
Balances as of October 29, 2021	$	(351)	$	30	$	(73)	$	(394)

Amounts related to the Company’s cash flow hedges are reclassified to net income during the same period in which the items being hedged are recognized in earnings. See Note 6 of the Notes to the Condensed Consolidated Financial Statements for more information on the Company’s derivative instruments.

The following table presents reclassifications out of accumulated other comprehensive income (loss), net of tax, to net income for the periods indicated:


	Three Months Ended
	October 29, 2021						October 30, 2020
	Cash Flow Hedges		Pensions		Total		Cash Flow Hedges		Pensions		Total
	(in millions)
Total reclassifications, net of tax:
Net revenue	$	66	$	—	$	66	$	(88)	$	—	$	(88)
Cost of net revenue	8		—		8		4		—		4
Operating expenses	—		(1)		(1)		—		1		1

Total reclassifications, net of tax	$	74	$	(1)	$	73	$	(84)	$	1	$	(83)

	Nine Months Ended
	October 29, 2021						October 30, 2020
	Cash Flow Hedges		Pensions		Total		Cash Flow Hedges		Pensions		Total
	(in millions)
Total reclassifications, net of tax:
Net revenue	$	31	$	—	$	31	$	17	$	—	$	17
Cost of net revenue	3		—		3		7		—		7
Operating expenses	—		(3)		(3)		—		(3)		(3)

Total reclassifications, net of tax	$	34	$	(3)	$	31	$	24	$	(3)	$	21

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

9 Months Ended

Oct. 29, 2021

Oct. 30, 2020

Cash flows from operating activities:

Net income

$ 5,706

$ 2,162

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization

3,721

4,017

Stock-based compensation expense

1,406

1,219

Deferred income taxes

(450)

(219)

Other, net (a)

^[1]

(4,312)

(322)

Changes in assets and liabilities, net of effects from acquisitions and dispositions:

Accounts receivable

(1,587)

885

Financing receivables

234

(624)

Inventories

(2,063)

(198)

Other assets and liabilities

(1,624)

(2,175)

Accounts payable

5,149

(216)

Deferred revenue

1,034

1,001

Change in cash from operating activities

7,214

5,530

Cash flows from investing activities:

Purchases of investments

(320)

(296)

Maturities and sales of investments

454

Capital expenditures and capitalized software development costs

(2,056)

(1,584)

Acquisition of businesses and assets, net

(16)

(405)

Divestitures of businesses and assets, net

3,957

2,187

Other

Change in cash from investing activities

2,053

Cash flows from financing activities:

Proceeds from the issuance of common stock

326

389

Repurchases of parent common stock

(35)

(240)

Repurchases of subsidiary common stock

(1,174)

(890)

Proceeds from debt

13,037

14,772

Repayments of debt

(13,069)

(17,244)

Other

(113)

(270)

Change in cash from financing activities

(1,028)

(3,483)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(54)

(67)

Change in cash, cash equivalents, and restricted cash

8,185

2,006

Cash, cash equivalents, and restricted cash at beginning of the period

15,184

10,151

Cash, cash equivalents, and restricted cash at end of the period

$ 23,369

$ 12,157

[1]	During the nine months ended October 29, 2021, other, net, includes $4.0 billion pre-tax gain on the sale of Boomi.

SUPPLEMENTAL CONSOLIDATED FINANCIAL INFORMATION - Trade Receivables — Allowance for Expected Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 98	$ 146	$ 104	$ 94
Allowance charged to provision	12	(4)	25	43
Bad debt write-offs	(10)	(27)	(29)	(49)
Balance at end of period	100	115	100	115
Adjustment for adoption of accounting standards
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 0	$ 0	$ 0	$ 27

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) shares in Millions, $ in Millions	Total	Adjustment for adoption of accounting standards	Capital in Excess of Par Value	Treasury Stock	Accumulated Deficit	Accumulated Deficit Adjustment for adoption of accounting standards	Accumulated Other Comprehensive Income (Loss)	Dell Technologies Stockholders’ Equity (Deficit)	Dell Technologies Stockholders’ Equity (Deficit) Adjustment for adoption of accounting standards	Non-Controlling Interests
Balance, beginning of period (in shares) at Jan. 31, 2020			745	2
Balance, beginning of period at Jan. 31, 2020	$ 3,155	$ (110)	$ 16,091	$ (65)	$ (16,891)	$ (110)	$ (709)	$ (1,574)	$ (110)	$ 4,729
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,162				2,023			2,023		139
Foreign currency translation adjustments	243						243	243
Cash flow hedges, net change	(69)						(69)	(69)
Pension and other post-retirement	(18)						(18)	(18)
Issuance of common stock (in shares)			12
Issuance of common stock	124		$ 124					124
Stock-based compensation expense	1,219		332					332		887
Shares repurchased (in shares)				6
Treasury stock repurchases	(240)			$ (240)				(240)
Revaluation of redeemable shares	102		102					102
Impact from equity transactions of non-controlling interests	(629)		$ 70					70		(699)
Balance, end of period (in shares) at Oct. 30, 2020			757	8
Balance, end of period at Oct. 30, 2020	5,939		$ 16,719	$ (305)	(14,978)		(553)	883		5,056
Balance, beginning of period (in shares) at Jul. 31, 2020			753	8
Balance, beginning of period at Jul. 31, 2020	4,558		$ 16,356	$ (305)	(15,810)		(660)	(419)		4,977
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	881				832			832		49
Foreign currency translation adjustments	(21)						(21)	(21)
Cash flow hedges, net change	129						128	128		1
Pension and other post-retirement	0
Issuance of common stock (in shares)			4
Issuance of common stock	46		$ 46					46
Stock-based compensation expense	436		126					126		310
Revaluation of redeemable shares	83		83					83
Impact from equity transactions of non-controlling interests	(173)		$ 108					108		(281)
Balance, end of period (in shares) at Oct. 30, 2020			757	8
Balance, end of period at Oct. 30, 2020	5,939		$ 16,719	$ (305)	(14,978)		(553)	883		5,056
Balance, beginning of period (in shares) at Jan. 29, 2021			761	8
Balance, beginning of period at Jan. 29, 2021	7,553		$ 16,849	$ (305)	(13,751)		(314)	2,479		5,074
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,706				5,561			5,561		145
Foreign currency translation adjustments	(201)						(201)	(201)
Cash flow hedges, net change	116						116	116
Pension and other post-retirement	5						5	5
Issuance of common stock (in shares)			14
Issuance of common stock	19		$ 19					19
Stock-based compensation expense	1,406		569					569		837
Revaluation of redeemable shares	472		472					472
Impact from equity transactions of non-controlling interests	(882)		$ (66)					(66)		(816)
Balance, end of period (in shares) at Oct. 29, 2021			775	8
Balance, end of period at Oct. 29, 2021	14,194		$ 17,843	$ (305)	(8,190)		(394)	8,954		5,240
Balance, beginning of period (in shares) at Jul. 30, 2021			773	8
Balance, beginning of period at Jul. 30, 2021	9,943		$ 17,510	$ (305)	(12,033)		(347)	4,825		5,118
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,888				3,843			3,843		45
Foreign currency translation adjustments	(61)						(61)	(61)
Cash flow hedges, net change	12						12	12
Pension and other post-retirement	2						2	2
Issuance of common stock (in shares)			2
Issuance of common stock	(9)		$ (9)					(9)
Stock-based compensation expense	472		204					204		268
Impact from equity transactions of non-controlling interests	(53)		$ 138					138		(191)
Balance, end of period (in shares) at Oct. 29, 2021			775	8
Balance, end of period at Oct. 29, 2021	$ 14,194		$ 17,843	$ (305)	$ (8,190)		$ (394)	$ 8,954		$ 5,240

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities — operating cash outflows from operating leases	$ 379	$ 384
Right-of-Use assets obtained in exchange for new operating lease liabilities	$ 232	$ 763

SUPPLEMENTAL CONSOLIDATED FINANCIAL INFORMATION - Severance Charges (Details) - Employee Severance - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Restructuring Cost and Reserve [Line Items]
Total severance charges	$ 10	$ 226	$ 120	$ 417
Cost of net revenue
Restructuring Cost and Reserve [Line Items]
Total severance charges	2	46	24	58
Selling, general, and administrative
Restructuring Cost and Reserve [Line Items]
Total severance charges	7	139	90	308
Research and development
Restructuring Cost and Reserve [Line Items]
Total severance charges	$ 1	$ 41	$ 6	$ 51

LEASES - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Operating lease expense:
Operating lease costs	$ 129	$ 129	$ 404	$ 384
Variable costs	35	37	97	113
Total lease costs	$ 164	$ 166	$ 501	$ 497

EARNINGS PER SHARE

9 Months Ended

Oct. 29, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 14 — EARNINGS PER SHARE

Basic earnings per share is based on the weighted-average effect of all common shares issued and outstanding and is calculated by dividing net income by the weighted-average shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares used in the basic earnings per share calculation, adjusted for incremental dilution from non-controlling interests, plus the number of common shares that would be issued assuming exercise or conversion of all potentially dilutive instruments. The Company excludes equity instruments from the calculation of diluted earnings per share if the effect of including such instruments is antidilutive.

For purposes of calculating earnings per share, the Company uses the two-class method. As all classes of Dell Technologies Common Stock share the same rights in dividends, basic and diluted earnings per share are the same for each class of Dell Technologies Common Stock.

The following table presents the basic and diluted earnings per share for Dell Technologies Common Stock for the periods indicated:


	Three Months Ended				Nine Months Ended
	October 29, 2021		October 30, 2020		October 29, 2021		October 30, 2020
Earnings per share attributable to Dell Technologies Inc.
Dell Technologies Common Stock — Basic	$	5.02	$	1.11	$	7.30	$	2.73
Dell Technologies Common Stock — Diluted	$	4.87	$	1.08	$	7.08	$	2.64

The following table presents the computation of basic and diluted earnings per share for the periods indicated:


	Three Months Ended				Nine Months Ended
	October 29, 2021		October 30, 2020		October 29, 2021		October 30, 2020
	(in millions)
Numerator: Dell Technologies Common Stock
Net income attributable to Dell Technologies — basic	$	3,843	$	832	$	5,561	$	2,023
Incremental dilution from VMware, Inc. attributable to Dell Technologies (a)	(2)		(3)		(7)		(8)
Net income attributable to Dell Technologies — diluted	$	3,841	$	829	$	5,554	$	2,015

Denominator: Dell Technologies Common Stock weighted-average shares outstanding
Weighted-average shares outstanding — basic	766		747		762		742
Dilutive effect of options, restricted stock units, restricted stock, and other	22		24		23		22
Weighted-average shares outstanding — diluted	788		771		785		764
Weighted-average shares outstanding — antidilutive	—		—		—		1

____________________

(a)The incremental dilution from VMware, Inc. attributable to Dell Technologies represents the impact of VMware, Inc.’s dilutive securities on diluted earnings per share of Dell Technologies Common Stock, and is calculated by multiplying the difference between VMware, Inc.’s basic and diluted earnings per share by the number of shares of VMware, Inc. common stock held by the Company. For both periods presented, there was no incremental dilution from Secureworks due to its net loss position.

DEFERRED REVENUE

9 Months Ended

Oct. 29, 2021

Revenue from Contract with Customer [Abstract]

DEFERRED REVENUE

NOTE 8 — DEFERRED REVENUE

Deferred Revenue — Deferred revenue is recorded for support and deployment services, software maintenance, professional services, training, and software-as-a-service when the Company has a right to invoice or payments have been received for undelivered products or services where transfer of control has not occurred. Revenue is recognized on these items when the revenue recognition criteria are met, generally resulting in ratable recognition over the contract term. The Company also has deferred revenue related to undelivered hardware and professional services, consisting of installations and consulting engagements, which are recognized as the Company’s performance obligations under the contract are completed.

The following table presents the changes in the Company’s deferred revenue for the periods indicated:


	Three Months Ended				Nine Months Ended
	October 29, 2021		October 30, 2020		October 29, 2021		October 30, 2020
	(in millions)
Deferred revenue:
Deferred revenue at beginning of period	$	31,843	$	28,791	$	30,801	$	27,800
Revenue deferrals	5,706		5,432		18,889		17,560
Revenue recognized	(6,095)		(5,542)		(18,092)		(16,418)
Other (a)	—		—		(144)		(261)
Deferred revenue at end of period	$	31,454	$	28,681	$	31,454	$	28,681
Short-term deferred revenue	$	16,569	$	15,259	$	16,569	$	15,259
Long-term deferred revenue	$	14,885	$	13,422	$	14,885	$	13,422

____________________

Remaining Performance Obligations — Remaining performance obligations represent the aggregate amount of the transaction price allocated to performance obligations not delivered, or partially undelivered, as of the end of the reporting period. Remaining performance obligations include deferred revenue plus unbilled amounts not yet recorded in deferred revenue. The value of the transaction price allocated to remaining performance obligations as of October 29, 2021 was approximately $47 billion. The Company expects to recognize approximately 62% of remaining performance obligations as revenue in the next twelve months, and the remainder thereafter.

The aggregate amount of the transaction price allocated to remaining performance obligations does not include amounts owed under cancellable contracts where there is no substantive termination penalty. The Company applied the practical expedient to exclude the value of remaining performance obligations for contracts for which revenue is recognized in the amount to which the Company has the right to invoice for services performed.

Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, periodic revalidation, adjustments for revenue that have not materialized, and adjustments for currency.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Goodwill and Intangible Assets Disclosure [Abstract]

DEFERRED REVENUE - Changes in Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020	Jan. 29, 2021
Deferred revenue:
Deferred revenue at beginning of period	$ 31,843	$ 28,791	$ 30,801	$ 27,800
Revenue deferrals	5,706	5,432	18,889	17,560
Revenue recognized	(6,095)	(5,542)	(18,092)	(16,418)
Other	0	0	(144)	(261)
Deferred revenue at end of period	31,454	28,681	31,454	28,681
Short-term deferred revenue	16,569	15,259	16,569	15,259	$ 16,525
Long-term deferred revenue	$ 14,885	$ 13,422	$ 14,885	$ 13,422	$ 14,276

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Oct. 29, 2021

GOODWILL AND INTANGIBLE ASSETS

NOTE 7 — GOODWILL AND INTANGIBLE ASSETS

Goodwill

The Infrastructure Solutions Group, Client Solutions Group, and VMware reporting units are consistent with the reportable segments identified in Note 16 of the Notes to the Condensed Consolidated Financial Statements. Other businesses consists of Secureworks and Virtustream which each represent separate reporting units.

The following table presents goodwill allocated to the Company’s reportable segments and changes in the carrying amount of goodwill as of the dates indicated:


	Infrastructure Solutions Group		Client Solutions Group		VMware		Other Businesses		Total
	(in millions)
Balance as of January 29, 2021	$	15,324	$	4,237	$	20,802	$	466	$	40,829
Goodwill acquired	—		—		(1)		—		(1)
Impact of foreign currency translation	(88)		—		—		—		(88)
Goodwill divested (a)	—		—		—		(39)		(39)


Balance as of October 29, 2021	$	15,236	$	4,237	$	20,801	$	427	$	40,701

____________________

(a) During the three months ended October 29, 2021, Dell Technologies completed its sale of Boomi. Prior to the divestiture, Boomi was included within Other businesses. See Note 1 of the Notes to the Condensed Consolidated Financial Statements for additional information about the divestiture of Boomi.

Intangible Assets

The following table presents the Company’s intangible assets as of the dates indicated:


	October 29, 2021						January 29, 2021
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
	(in millions)
Customer relationships	$	22,387	$	(16,672)	$	5,715	$	22,394	$	(15,448)	$	6,946
Developed technology	15,479		(12,939)		2,540		15,488		(12,136)		3,352
Trade names	1,286		(977)		309		1,285		(909)		376
Definite-lived intangible assets	39,152		(30,588)		8,564		39,167		(28,493)		10,674
Indefinite-lived trade names	3,755		—		3,755		3,755		—		3,755
Total intangible assets	$	42,907	$	(30,588)	$	12,319	$	42,922	$	(28,493)	$	14,429

Amortization expense related to definite-lived intangible assets was approximately $0.7 billion and $0.8 billion for the three months ended October 29, 2021 and October 30, 2020, respectively, and $2.1 billion and $2.5 billion for the nine months ended October 29, 2021 and October 30, 2020, respectively. There were no material impairment charges related to intangible assets during the three and nine months ended October 29, 2021 or October 30, 2020.

During the three months ended May 1, 2020, the Company recognized proceeds and a gain of $120 million from the sale of certain internally developed intellectual property assets.

The following table presents the estimated future annual pre-tax amortization expense of definite-lived intangible assets as of the date indicated:


	October 29, 2021
	(in millions)
Fiscal 2022 (remaining three months)	$	589
Fiscal 2023	1,826
Fiscal 2024	1,458
Fiscal 2025	1,107
Fiscal 2026	858
Thereafter	2,726
Total	$	8,564

Goodwill and Intangible Assets Impairment Testing

Goodwill and indefinite-lived intangible assets are tested for impairment annually during the third fiscal quarter and whenever events or circumstances may indicate that an impairment has occurred.

For the annual impairment review in the third quarter of Fiscal 2022, the Company elected to bypass the assessment of qualitative factors to determine whether it was more likely than not that the fair value of a reporting unit was less than its carrying amount, including goodwill. In electing to bypass the qualitative assessment, the Company proceeded directly to performing a quantitative goodwill impairment test to measure the fair value of each goodwill reporting unit relative to its carrying amount, and to determine the amount of goodwill impairment loss to be recognized, if any.

Management exercised significant judgment related to the above assessment, including the identification of goodwill reporting units, assignment of assets and liabilities to goodwill reporting units, assignment of goodwill to reporting units, and determination of the fair value of each goodwill reporting unit. The fair value of each goodwill reporting unit is generally estimated using a combination of public company multiples and discounted cash flow methodologies, unless the reporting unit relates to a publicly-traded entity (VMware, Inc. or Secureworks), in which case the fair value is determined based primarily on the public company market valuation. The discounted cash flow and public company multiples methodologies require significant judgment, including estimation of future revenues, gross margins, and operating expenses, which are dependent on internal forecasts, current and anticipated economic conditions and trends, selection of market multiples through assessment of the reporting unit’s performance relative to peer competitors, the estimation of the long-term revenue growth rate and discount rate of the Company’s business, and the determination of the Company’s weighted average cost of capital. Changes in these estimates and assumptions could materially affect the fair value of the goodwill reporting unit, potentially resulting in a non-cash impairment charge.

The fair value of the indefinite-lived trade names is generally estimated using discounted cash flow methodologies. The discounted cash flow methodology requires significant judgment, including estimation of future revenue, the estimation of the long-term revenue growth rate of the Company’s business and the determination of the Company’s weighted average cost of capital and royalty rates. Changes in these estimates and assumptions could materially affect the fair value of the indefinite-lived intangible assets, potentially resulting in a non-cash impairment charge.

Based on the results of the annual impairment test performed during the three months ended October 29, 2021, the fair values of each of the reporting units exceeded their carrying values. No impairment test was performed during the nine months ended October 29, 2021 other than the Company’s annual impairment review.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Effect of Derivative Instruments on the Condensed Consolidated Statements of Financial Position and the Condensed Consolidated Statements of Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Accumulated OCI, Net of Tax, on Derivatives	$ 86	$ 45	$ 150	$ (45)
Gain (Loss) Reclassified from Accumulated OCI into Income	74	(84)	34	24
Gain (Loss) Recognized in Income	(81)	(126)	(241)	44
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Accumulated OCI, Net of Tax, on Derivatives	86	45	150	(45)
Foreign exchange contracts \| Total net revenue
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	66	(88)	31	17
Foreign exchange contracts \| Total cost of net revenue
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	8	4	3	7
Foreign exchange contracts \| Interest and other, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income	(85)	(127)	(242)	87
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Accumulated OCI, Net of Tax, on Derivatives	0	0	0	0
Interest rate contracts \| Interest and other, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	0	0	0	0
Gain (Loss) Recognized in Income	$ 4	$ 1	$ 1	$ (43)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (Tables)

9 Months Ended

Oct. 29, 2021

Fair Value Disclosures [Abstract]

Hierarchy for assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s hierarchy for its assets and liabilities measured and recorded at fair value on a recurring basis as of the dates indicated:


	October 29, 2021								January 29, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(in millions)
Assets:

Money market funds	$	16,757	$	—	$	—	$	16,757	$	8,846	$	—	$	—	$	8,846






Equity and other securities	155		—		—		155		449		—		—		449
Derivative instruments	—		195		—		195		—		104		—		104
Total assets	$	16,912	$	195	$	—	$	17,107	$	9,295	$	104	$	—	$	9,399
Liabilities:
Derivative instruments	$	—	$	100	$	—	$	100	$	—	$	133	$	—	$	133
Total liabilities	$	—	$	100	$	—	$	100	$	—	$	133	$	—	$	133

Carrying value and estimated fair value of outstanding debt


	October 29, 2021				January 29, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in billions)
Senior Secured Credit Facilities	$	6.2	$	6.3	$	6.2	$	6.3
First Lien Notes	$	18.3	$	22.8	$	18.3	$	22.8
Unsecured Notes and Debentures	$	0.8	$	1.2	$	1.2	$	1.6
Senior Notes	$	1.6	$	1.7	$	2.7	$	2.8
EMC Notes	$	—	$	—	$	1.0	$	1.0
VMware Notes	$	10.7	$	11.1	$	4.7	$	5.3
Margin Loan Facility	$	—	$	—	$	4.0	$	3.9

Investments

The following table presents the carrying value of the Company’s investments as of the dates indicated:


	October 29, 2021								January 29, 2021
	Cost		Unrealized Gain		Unrealized (Loss)		Carrying Value		Cost		Unrealized Gain		Unrealized (Loss)		Carrying Value
	(in millions)
Equity and other securities	$	1,236	$	488	$	(224)	$	1,500	$	907	$	677	$	(145)	$	1,439
Fixed income debt securities	333		—		(6)		327		176		9		—		185
Total securities							$	1,827							$	1,624

SEGMENT INFORMATION - Reconciliation of net revenue by reportable segments to consolidated net revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Segment Reporting Information [Line Items]
Total net revenue	$ 28,394	$ 23,482	$ 79,003	$ 68,112
Consolidated operating income (loss)	1,349	1,129	4,096	2,967
Amortization of intangibles	(700)	(800)	(2,100)	(2,500)
Operating segments
Segment Reporting Information [Line Items]
Total net revenue	28,152	23,203	78,202	66,949
Consolidated operating income (loss)	2,876	2,721	8,409	7,400
Operating segments \| Infrastructure Solutions Group
Segment Reporting Information [Line Items]
Total net revenue	8,428	8,024	24,771	23,800
Consolidated operating income (loss)	892	882	2,650	2,587
Operating segments \| Client Solutions Group
Segment Reporting Information [Line Items]
Total net revenue	16,546	12,286	44,114	34,593
Consolidated operating income (loss)	1,147	1,002	3,232	2,309
Operating segments \| VMware
Segment Reporting Information [Line Items]
Total net revenue	3,178	2,893	9,317	8,556
Consolidated operating income (loss)	837	837	2,527	2,504
Operating segments \| Other businesses
Segment Reporting Information [Line Items]
Total net revenue	251	314	829	1,288
Consolidated operating income (loss)	(9)	3	(17)	105
Unallocated transactions
Segment Reporting Information [Line Items]
Total net revenue	2	4	6	4
Consolidated operating income (loss)	1	1	1	(1)
Other corporate expenses	(25)	(214)	(293)	(395)
Reconciling items
Segment Reporting Information [Line Items]
Total net revenue	(11)	(39)	(34)	(129)
Impact of purchase accounting	(17)	(49)	(62)	(165)
Amortization of intangibles	(694)	(845)	(2,114)	(2,547)
Transaction-related expenses	(311)	(52)	(422)	(211)
Stock-based compensation expense	$ (472)	$ (436)	$ (1,406)	$ (1,219)

FINANCIAL SERVICES - Variable Interest Entities Narrative (Details) - USD ($) $ in Billions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Financing receivables transferred via securitization through SPEs	$ 1.4	$ 1.6	$ 4.1	$ 4.6

CAPITALIZATION - Common Stock Narrative (Details)	9 Months Ended
CAPITALIZATION - Common Stock Narrative (Details)	Oct. 29, 2021 vote $ / shares shares	Jan. 29, 2021 $ / shares
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Class A
Class of Stock [Line Items]
Number of voting interests per share	10
Class B
Class of Stock [Line Items]
Number of voting interests per share	10
Class C
Class of Stock [Line Items]
Number of voting interests per share	1
Class C \| Class A Common Stock into Class C Common Stock
Class of Stock [Line Items]
Conversion of stock, shares issued (in shares) \| shares	5,912,845
Class C \| Class B Common Stock into Class C Common Stock
Class of Stock [Line Items]
Conversion of stock, shares issued (in shares) \| shares	6,334,990
Class D
Class of Stock [Line Items]
Number of voting interests per share	1

GOODWILL AND INTANGIBLE ASSETS - Amortization Expense (Details) - USD ($) $ in Millions	Oct. 29, 2021	Jan. 29, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Fiscal 2022 (remaining three months)	$ 589
Fiscal 2023	1,826
Fiscal 2024	1,458
Fiscal 2025	1,107
Fiscal 2026	858
Thereafter	2,726
Total	$ 8,564	$ 10,674

FAIR VALUE MEASUREMENTS AND INVESTMENTS - Investments (Details) - USD ($) $ in Millions	Oct. 29, 2021	Jan. 29, 2021
Equity and other securities
Carrying Value	$ 1,300	$ 1,000
Fixed income debt securities
Total securities	1,827	1,624
Long-Term Investments
Equity and other securities
Cost	1,236	907
Unrealized Gain	488	677
Unrealized (Loss)	(224)	(145)
Carrying Value	1,500	1,439
Fixed income debt securities
Fixed income debt securities
Cost	333	176
Unrealized Gain	0	9
Unrealized (Loss)	(6)	0
Carrying Value	$ 327	$ 185

EARNINGS PER SHARE (Tables)

9 Months Ended

Oct. 29, 2021

Earnings Per Share [Abstract]

Computation of basic and diluted earnings (loss) per share and reconciliation to consolidated net income (loss)

The following table presents the basic and diluted earnings per share for Dell Technologies Common Stock for the periods indicated:


	Three Months Ended				Nine Months Ended
	October 29, 2021		October 30, 2020		October 29, 2021		October 30, 2020
Earnings per share attributable to Dell Technologies Inc.
Dell Technologies Common Stock — Basic	$	5.02	$	1.11	$	7.30	$	2.73
Dell Technologies Common Stock — Diluted	$	4.87	$	1.08	$	7.08	$	2.64

The following table presents the computation of basic and diluted earnings per share for the periods indicated:


	Three Months Ended				Nine Months Ended
	October 29, 2021		October 30, 2020		October 29, 2021		October 30, 2020
	(in millions)
Numerator: Dell Technologies Common Stock
Net income attributable to Dell Technologies — basic	$	3,843	$	832	$	5,561	$	2,023
Incremental dilution from VMware, Inc. attributable to Dell Technologies (a)	(2)		(3)		(7)		(8)
Net income attributable to Dell Technologies — diluted	$	3,841	$	829	$	5,554	$	2,015

Denominator: Dell Technologies Common Stock weighted-average shares outstanding
Weighted-average shares outstanding — basic	766		747		762		742
Dilutive effect of options, restricted stock units, restricted stock, and other	22		24		23		22
Weighted-average shares outstanding — diluted	788		771		785		764
Weighted-average shares outstanding — antidilutive	—		—		—		1

____________________

INCOME AND OTHER TAXES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020	Jan. 29, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	18.70%	37.20%	15.90%	(6.10%)
Pre-tax gains (losses)	$ 4,785	$ 1,402	$ 6,785	$ 2,038
Tax expense from share-based payment arrangement	1,000		1,000	359
Discrete tax benefit from intra-entity asset transfer				$ 746
Unrecognized tax benefits	$ 1,500		$ 1,500		$ 1,400

SUPPLEMENTAL CONSOLIDATED FINANCIAL INFORMATION - Interest and Other, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Interest and other, net:
Investment income, primarily interest	$ 11	$ 11	$ 32	$ 47
Gain on investments, net	27	489	352	591
Interest expense	(482)	(566)	(1,475)	(1,855)
Foreign exchange	(33)	(31)	(146)	(130)
Gain on disposition of businesses and assets	3,968	338	3,968	458
Other	(55)	32	(42)	(40)
Interest and other, net	$ 3,436	$ 273	$ 2,689	$ (929)

SEGMENT INFORMATION - Additional Information (Narrative) (Details)	9 Months Ended
	Oct. 29, 2021 segment
Segment Reporting [Abstract]
Number of reportable segments	3

FINANCIAL SERVICES - Customer Receivables Sales Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020
Receivables [Abstract]
Financing receivables sold	$ 180	$ 414

DEBT - Unsecured Debt Narrative (Details)					3 Months Ended	9 Months Ended
DEBT - Unsecured Debt Narrative (Details)	Dec. 03, 2021 USD ($)	Nov. 02, 2021 USD ($)	Nov. 01, 2021 USD ($)	Sep. 02, 2021 USD ($) option_period	Oct. 29, 2021 USD ($)	Oct. 29, 2021 USD ($)	Oct. 30, 2020 USD ($)	Aug. 02, 2021 USD ($)	Jan. 29, 2021 USD ($)	Apr. 07, 2020 USD ($)	Sep. 12, 2017 USD ($)	Aug. 21, 2017 USD ($)	Jun. 22, 2016 USD ($)
Debt Instrument [Line Items]
Repayments of debt						$ 13,069,000,000	$ 17,244,000,000
Total debt, principal amount					$ 48,458,000,000	48,458,000,000			$ 48,480,000,000
VMware Notes
Debt Instrument [Line Items]
Total debt, principal amount					10,750,000,000	10,750,000,000
Revolving Credit Facility \| VMware Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					4,500,000,000	4,500,000,000
Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal amount													$ 3,300,000,000
Unsecured Debt \| 3.375% due June 2023
Debt Instrument [Line Items]
Repayments of debt					1,000,000,000
Total debt, principal amount					0	0			1,000,000,000
Unsecured Debt \| 7.125% Due June 2024
Debt Instrument [Line Items]
Total debt, principal amount					1,625,000,000	1,625,000,000			$ 1,625,000,000
Unsecured Debt \| 7.125% Due June 2024 \| Subsequent Event
Debt Instrument [Line Items]
Repayments of debt	$ 1,630,000,000	$ 1,625,000,000
Unsecured Debt \| VMware Notes
Debt Instrument [Line Items]
Aggregate principal amount								$ 6,000,000,000		$ 2,000,000,000		$ 4,000,000,000
Unsecured Debt \| VMware Term Loan Facility A
Debt Instrument [Line Items]
Commitments term				3 years
Unsecured Debt \| VMware Term Loan Facility B
Debt Instrument [Line Items]
Commitments term				5 years
Unsecured Debt \| Revolving Credit Facility \| VMware Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 1,000,000,000							$ 1,000,000,000
Unsecured Debt \| Revolving Credit Facility \| 2021 VMware Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 1,500,000,000
Debt instrument, term				5 years
Number of extension periods \| option_period				2
Conditional extension period				1 year
Total debt, principal amount					$ 0	$ 0
Unsecured Debt \| Revolving Credit Facility \| VMware Term Loan Facilities
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 4,000,000,000
Unsecured Debt \| Revolving Credit Facility \| VMware Term Loan Facilities \| Subsequent Event
Debt Instrument [Line Items]
Proceeds from credit facility			$ 4,000,000,000

EARNINGS PER SHARE - Schedule of Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Earnings Per Share [Abstract]
Earnings (loss) per share - basic (in dollars per share)	$ 5.02	$ 1.11	$ 7.30	$ 2.73
Earnings (loss) per share - diluted (in dollars per share)	$ 4.87	$ 1.08	$ 7.08	$ 2.64
Numerator: Continuing operations
Net income attributable to Dell Technologies — basic	$ 3,843	$ 832	$ 5,561	$ 2,023
Incremental dilution from VMware, Inc. attributable to Dell Technologies	(2)	(3)	(7)	(8)
Net income (loss) - diluted	$ 3,841	$ 829	$ 5,554	$ 2,015
Denominator: weighted-average shares outstanding
Weighted-average shares outstanding - basic (in shares)	766	747	762	742
Dilutive effect of options, restricted stock units, restricted stock, and other (in shares)	22	24	23	22
Weighted-average shares outstanding - diluted (in shares)	788	771	785	764
Weighted-average shares outstanding - antidilutive (in shares)	0	0	0	1

FINANCIAL SERVICES - Future Maturities (Details) $ in Millions	Oct. 29, 2021 USD ($)
Operating Leases
Fiscal 2022 (remaining three months)	$ 220
Fiscal 2023	702
Fiscal 2024	437
Fiscal 2025	189
Fiscal 2026 and beyond	21
Total	$ 1,569

OVERVIEW AND BASIS OF PRESENTATION	9 Months Ended
OVERVIEW AND BASIS OF PRESENTATION	Oct. 29, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
OVERVIEW AND BASIS OF PRESENTATION	NOTE 1 — OVERVIEW AND BASIS OF PRESENTATION References in these Notes to the Condensed Consolidated Financial Statements to the “Company” or “Dell Technologies” mean Dell Technologies Inc. individually and together with its consolidated subsidiaries. Basis of Presentation — The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and accompanying Notes filed with the U.S. Securities and Exchange Commission (“SEC”) in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2021. These Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, the accompanying Condensed Consolidated Financial Statements reflect all adjustments of a normal recurring nature considered necessary to fairly state the financial position of Dell Technologies Inc. as of October 29, 2021 and January 29, 2021, the results of its operations and corresponding comprehensive income (loss) for the three and nine months ended October 29, 2021 and October 30, 2020, its cash flows for the nine months ended October 29, 2021 and October 30, 2020, and its statements of stockholders’ equity for the three and nine months ended October 29, 2021 and October 30, 2020. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying Notes. Management has considered the actual and potential economic impacts of the coronavirus disease 2019 (“COVID-19”) pandemic on the Company’s critical and significant accounting estimates. Actual results could differ materially from those estimates. The results of operations and comprehensive income (loss), cash flows, and statements of stockholders’ equity for the three and nine months ended October 29, 2021 and October 30, 2020 are not necessarily indicative of the results to be expected for the full fiscal year or for any other fiscal period. The Company’s fiscal year is the 52- or 53-week period ending on the Friday nearest January 31. Both the fiscal year ending January 28, 2022 (“Fiscal 2022”) and fiscal year ended January 29, 2021 (“Fiscal 2021”) are 52-week periods. Principles of Consolidation — These Condensed Consolidated Financial Statements include the accounts of Dell Technologies and its wholly-owned subsidiaries, as well as the accounts of VMware, Inc. and SecureWorks Corp. (“Secureworks”), each of which is majority-owned by Dell Technologies. All intercompany transactions have been eliminated. Unless the context indicates otherwise, references in these Notes to the Condensed Consolidated Financial Statements to “VMware” mean the VMware reportable segment, which reflects the operations of VMware, Inc. (NYSE: VMW) within Dell Technologies. The Company also consolidates Variable Interest Entities ("VIEs") where it has been determined that the Company is the primary beneficiary of the applicable entities’ operations. For each VIE, the primary beneficiary is the party that has both the power to direct the activities that most significantly impact the VIE's economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to such VIE. In evaluating whether the Company is the primary beneficiary of each entity, the Company evaluates its power to direct the most significant activities of the VIE by considering the purpose and design of each entity and the risks each entity was designed to create and pass through to its respective variable interest holders. The Company also evaluates its economic interests in each of the VIEs. See Note 3 of the Notes to the Condensed Consolidated Financial Statements for more information regarding consolidated VIEs. Spin-off of VMware, Inc. — On November 1, 2021, subsequent to the close of the Company’s third quarter of Fiscal 2022, the Company completed its previously announced spin-off of VMware, Inc. by means of a special stock dividend (the “VMware Spin-off”). The VMware Spin-off was effectuated pursuant to a Separation and Distribution Agreement, dated as of April 14, 2021 (the “Separation and Distribution Agreement”). Immediately prior to the VMware Spin-off, on November 1, 2021, VMware paid a special cash dividend of $11.5 billion, in aggregate, to VMware, Inc. common stockholders of record as of 5:00 p.m., New York City time, on October 29, 2021 (the “Record Date”), of which Dell Technologies received approximately $9.3 billion. Dell Technologies used the net proceeds from its pro rata share of the cash dividend to repay a portion of its outstanding core debt. Dell Technologies stockholders received approximately 0.440626 of a share of VMware Class A common stock for each share of Dell Technologies common stock held as of the Record Date, based on shares outstanding as of the completion of the VMware Spin-off, with no change to the capital structure of Dell Technologies. As a result of the VMware Spin-off, the pre-transaction stockholders of Dell Technologies own shares in two separate public companies, consisting of (1) VMware, Inc., which continues to own the businesses of VMware, Inc. and its subsidiaries, and (2) Dell Technologies, which continues to own Dell Technologies’ other businesses and subsidiaries. Pursuant to the Dell Technologies Inc. 2013 Stock Incentive Plan that provides for equitable adjustments in the event of a restructuring event, stock awards that were outstanding at the time of the VMware spin-off were adjusted in the ratio of approximately 1.97 to 1. The conversion ratio was based on the Company’s pre-VMware Spin-off closing stock price on November 1, 2021 and post-VMware Spin-off opening stock price on November 2, 2021. The adjustment resulted in an increase of 30.1 million restricted stock units and 1.9 million stock options. The adjustment did not result in material incremental stock-based compensation expense as it was required by the Company’s equity incentive plan. In connection with and upon completion of the VMware Spin-off, Dell Technologies and VMware, Inc. entered into various agreements that provide a framework for the relationship between the companies after the transaction, including, among others, a commercial framework agreement, a tax matters agreement, and a transition services agreement. The Commercial Framework Agreement (“CFA”) provides a framework under which the Company and VMware, Inc. will continue their strategic commercial relationship after the transaction, particularly with respect to projects mutually agreed by the parties as having the potential to accelerate the growth of an industry, product, service, or platform that may provide one or both companies with a strategic market opportunity. The CFA has an initial term of five years, with automatic one-year renewals occurring annually thereafter, subject to certain terms and conditions. The Tax Matters Agreement governs the respective rights, responsibilities, and obligations of Dell Technologies and VMware, Inc. with respect to tax liabilities (including taxes, if any, incurred as a result of any failure of the VMware Spin-off to qualify for tax-free treatment for U.S. federal income tax purposes) and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings, cooperation, and other matters regarding tax. The Company will report VMware, Inc. results as discontinued operations beginning in the fourth quarter of Fiscal 2022. See Note 5 and Note 18 of the Notes to the Condensed Consolidated Financial Statements for more information regarding debt repayments and the completion of the VMware Spin-off. Boomi Divestiture — On October 1, 2021, Dell Technologies completed the sale of Boomi and certain related assets to Francisco Partners and TPG Capital. At the completion of the sale, the Company received total cash consideration of approximately $4.0 billion, resulting in a pre-tax gain on sale of $4.0 billion. The Company ultimately recorded a $3.0 billion gain, net of $1.0 billion in tax expense. The transaction was intended to support the Company’s focus on fueling growth initiatives through targeted investments to modernize Dell Technologies’ core infrastructure and by expanding in high-priority areas, including hybrid and private cloud, edge, telecommunications solutions, and the Company’s APEX offerings. Prior to the divestiture, Boomi’s operating results were included within Other businesses and did not qualify for presentation as a discontinued operation. RSA Security Divestiture — On September 1, 2020, Dell Technologies completed the sale of RSA Security to a consortium led by Symphony Technology Group, Ontario Teachers’ Pension Plan Board and AlpInvest Partners for total cash consideration of approximately $2.082 billion, resulting in a pre-tax gain on sale of $338 million. The Company ultimately recorded a $21 million loss, net of $359 million in tax expense due to the relatively low tax basis for the assets sold, particularly goodwill. The transaction included the sale of RSA Archer, RSA NetWitness Platform, RSA SecurID, RSA Fraud and Risk Intelligence, and RSA Conference and was intended to further simplify Dell Technologies’ product portfolio and corporate structure. Prior to the divestiture, RSA Security’s operating results were included within Other businesses and did not qualify for presentation as a discontinued operation. VMware, Inc. Acquisition of Pivotal — On December 30, 2019, VMware, Inc. completed its acquisition of Pivotal Software, Inc. (“Pivotal”) from the Company by merger (the “Pivotal acquisition”). As of the transaction date, Pivotal’s Class A common stock (NYSE: PVTL) ceased to be listed and traded on the New York Stock Exchange (“NYSE”). Due to the Company’s ownership of a controlling interest in Pivotal, the Company and VMware, Inc. accounted for the acquisition of the controlling interest in Pivotal as a transaction between entities under common control, and, consequently, the transaction had no net effect on the Company’s consolidated financial statements. Subsequent to the Pivotal acquisition, Pivotal operates as a wholly-owned subsidiary of VMware, Inc. and Dell Technologies reports Pivotal results within the VMware reportable segment. Prior to the Pivotal acquisition, Pivotal results were reported within Other businesses. This change in Pivotal segment classification was reflected retrospectively in the Company’s reportable segment results. Class V Transaction — On December 28, 2018, the Company completed a transaction (the “Class V transaction”) in which it paid $14.0 billion in cash and issued 149,387,617 shares of its Class C Common Stock to holders of its Class V Common Stock in exchange for all outstanding shares of Class V Common Stock. The non-cash consideration portion of the Class V transaction totaled $6.9 billion. As a result of the Class V transaction, the tracking stock feature of the Company’s capital structure associated with the Class V Common Stock was terminated. The Class C Common Stock is traded on the NYSE. EMC Merger Transaction — On September 7, 2016, the Company completed its acquisition of EMC Corporation (“EMC”) by merger (the “EMC merger transaction”). Recently Issued Accounting Pronouncements Accounting for Contract Assets and Contract Liabilities from Contracts with Customers — In October 2021, the Financial Accounting Standards Board (“FASB”) issued guidance which requires companies to apply Topic 606, Revenue from Contracts with Customers, to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. Public entities must adopt the new guidance for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact and timing of adoption of this guidance. Reference Rate Reform — In March 2020, the FASB issued guidance which provides temporary optional expedients and exceptions to GAAP guidance on contract modifications and certain hedging relationships to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate to alternative reference rates. The Company may elect to apply the amendments prospectively through December 31, 2022. Adoption of the new guidance is not expected to have a material impact on the Company’s financial results. Recently Adopted Accounting Pronouncements Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity — In August 2020, the FASB issued guidance to simplify the accounting for convertible debt instruments and convertible preferred stock, and the derivatives scope exception for contracts in an entity's own equity. In addition, the guidance on calculating diluted earnings per share has been simplified and made more internally consistent. The Company early adopted this standard as of January 30, 2021. There was no impact on the Condensed Consolidated Financial Statements or to diluted earnings per share as of the adoption date. Simplifying Accounting for Income Taxes — In December 2019, the FASB issued guidance to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes, and by clarifying and amending existing guidance in order to improve consistent application of GAAP for other areas of Topic 740. The Company adopted the standard during the three months ended April 30, 2021. The impact of the adoption of this standard was immaterial to the Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) $ in Millions	Oct. 29, 2021	Jan. 29, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 100	$ 104
Short-term financing receivables, allowance	164	228
Long-term financing receivables, allowance	$ 61	$ 93
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

DEBT - Other Narrative (Details) - USD ($) shares in Millions, $ in Millions		9 Months Ended
	Apr. 12, 2017	Oct. 29, 2021	Oct. 30, 2020	Dec. 20, 2018
Debt Instrument [Line Items]
Repayments of debt		$ 13,069	$ 17,244
Other \| 2.44% Margin Loan Facility due April 2022
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,000			$ 3,400
Repayments of debt		$ 4,000
Other \| 2.44% Margin Loan Facility due April 2022 \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Other \| 2.44% Margin Loan Facility due April 2022 \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Class B \| Other \| 2.44% Margin Loan Facility due April 2022
Debt Instrument [Line Items]
Debt instrument, collateral (in shares)		76
Class A \| Other \| 2.44% Margin Loan Facility due April 2022
Debt Instrument [Line Items]
Debt instrument, collateral (in shares)		24

REDEEMABLE SHARES

9 Months Ended

Oct. 29, 2021

Temporary Equity Disclosure [Abstract]

REDEEMABLE SHARES

NOTE 15 — REDEEMABLE SHARES

Through June 27, 2021, awards under the Company’s stock incentive plans included certain rights that allowed the holder to exercise a put feature for the underlying Class A or Class C Common Stock after a six month holding period following the issuance of such common stock. The put feature required the Company to purchase the stock at its fair market value. Accordingly, these awards and such common stock were subject to reclassification from equity to temporary equity. The put feature expired on June 27, 2021, and as a result there were no issued and outstanding awards that were reclassified as temporary equity as of October 29, 2021.

As of the fiscal year ended January 29, 2021, the Company determined the award amounts to be classified as temporary equity as follows:

•For stock options to purchase Class C Common Stock subject to service requirements, the intrinsic value of the option was multiplied by the portion of the option for which services had been rendered. Upon exercise of the option, the amount in temporary equity represented the fair value of the Class C Common Stock.

•For stock appreciation rights, restricted stock units, or restricted stock awards, any of which stock award types are subject to service requirements, the fair value of the share is multiplied by the portion of the share for which services have been rendered.

•For share-based arrangements that were subject to the occurrence of a contingent event, those amounts were reclassified to temporary equity based on a probability assessment performed by the Company on a periodic basis. Contingent events included the achievement of performance-based metrics.

The following table presents the amount of redeemable shares classified as temporary equity and summarizes the award type as of the fiscal year ended January 29, 2021:


		January 29, 2021
	(in millions)
Redeemable shares classified as temporary equity		$	472
Issued and outstanding unrestricted common shares		2


Outstanding stock options		6

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications Out of Accumulated Other Comprehensive Income (Loss), Net of Tax, to Net Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net revenue	$ 28,394	$ 23,482	$ 79,003	$ 68,112
Cost of net revenue	(20,335)	(16,221)	(55,301)	(46,842)
Operating expenses	6,710	6,132	19,606	18,303
Total reclassifications, net of tax	3,888	881	5,706	2,162
Total reclassifications, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net revenue	66	(88)	31	17
Cost of net revenue	8	4	3	7
Operating expenses	(1)	1	(3)	(3)
Total reclassifications, net of tax	73	(83)	31	21
Total reclassifications, net of tax \| Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net revenue	66	(88)	31	17
Cost of net revenue	8	4	3	7
Operating expenses	0	0	0	0
Total reclassifications, net of tax	74	(84)	34	24
Total reclassifications, net of tax \| Pension and Other Postretirement Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net revenue	0	0	0	0
Cost of net revenue	0	0	0	0
Operating expenses	(1)	1	(3)	(3)
Total reclassifications, net of tax	$ (1)	$ 1	$ (3)	$ (3)

The aggregate cost of goods produced and sold and services rendered during the reporting period.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Oct. 29, 2021

Schedule of goodwill

The following table presents goodwill allocated to the Company’s reportable segments and changes in the carrying amount of goodwill as of the dates indicated:


	Infrastructure Solutions Group		Client Solutions Group		VMware		Other Businesses		Total
	(in millions)
Balance as of January 29, 2021	$	15,324	$	4,237	$	20,802	$	466	$	40,829
Goodwill acquired	—		—		(1)		—		(1)
Impact of foreign currency translation	(88)		—		—		—		(88)
Goodwill divested (a)	—		—		—		(39)		(39)


Balance as of October 29, 2021	$	15,236	$	4,237	$	20,801	$	427	$	40,701

____________________

Schedule of definite-lived intangible assets

The following table presents the Company’s intangible assets as of the dates indicated:


	October 29, 2021						January 29, 2021
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
	(in millions)
Customer relationships	$	22,387	$	(16,672)	$	5,715	$	22,394	$	(15,448)	$	6,946
Developed technology	15,479		(12,939)		2,540		15,488		(12,136)		3,352
Trade names	1,286		(977)		309		1,285		(909)		376
Definite-lived intangible assets	39,152		(30,588)		8,564		39,167		(28,493)		10,674
Indefinite-lived trade names	3,755		—		3,755		3,755		—		3,755
Total intangible assets	$	42,907	$	(30,588)	$	12,319	$	42,922	$	(28,493)	$	14,429

Schedule of indefinite-lived intangible assets

The following table presents the Company’s intangible assets as of the dates indicated:


	October 29, 2021						January 29, 2021
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
	(in millions)
Customer relationships	$	22,387	$	(16,672)	$	5,715	$	22,394	$	(15,448)	$	6,946
Developed technology	15,479		(12,939)		2,540		15,488		(12,136)		3,352
Trade names	1,286		(977)		309		1,285		(909)		376
Definite-lived intangible assets	39,152		(30,588)		8,564		39,167		(28,493)		10,674
Indefinite-lived trade names	3,755		—		3,755		3,755		—		3,755
Total intangible assets	$	42,907	$	(30,588)	$	12,319	$	42,922	$	(28,493)	$	14,429

Estimated future annual pre-tax amortization expense

The following table presents the estimated future annual pre-tax amortization expense of definite-lived intangible assets as of the date indicated:


	October 29, 2021
	(in millions)
Fiscal 2022 (remaining three months)	$	589
Fiscal 2023	1,826
Fiscal 2024	1,458
Fiscal 2025	1,107
Fiscal 2026	858
Thereafter	2,726
Total	$	8,564

FINANCIAL SERVICES - Schedule of Components of the Company's Financing Receivables Segregated by Portfolio Segment (Details) - USD ($) $ in Millions	Oct. 29, 2021	Jul. 30, 2021	Jan. 29, 2021	Oct. 30, 2020	Jul. 31, 2020	Jan. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Customer receivables, gross	$ 10,200		$ 10,391
Financing receivables, net	10,240		10,494
Short-term	4,970		5,155
Long-term	5,270		5,339
Customer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Customer receivables, gross	10,200		10,391
Allowances for losses	(225)	$ (287)	(321)	$ (307)	$ (323)	$ (149)
Financing receivables, net	9,975		10,070
Residual interest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, net	265		424
Revolving
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, net	593		648
Short-term	593		648
Long-term	0		0
Revolving \| Customer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Customer receivables, gross	705		796
Allowances for losses	(112)	(126)	(148)	(142)	(143)	(70)
Financing receivables, net	593		648
Revolving \| Residual interest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, net	0		0
Fixed-term
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, net	9,647		9,846
Short-term	4,377		4,507
Long-term	5,270		5,339
Fixed-term \| Customer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Customer receivables, gross	9,495		9,595
Allowances for losses	(113)	$ (161)	(173)	$ (165)	$ (180)	$ (79)
Financing receivables, net	9,382		9,422
Fixed-term \| Residual interest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, net	$ 265		$ 424

DEBT - Secured Debt Narrative (Details) - USD ($) $ in Millions				9 Months Ended
	Dec. 03, 2021	Nov. 01, 2021	Feb. 18, 2021	Oct. 29, 2021	Oct. 30, 2020	Jun. 30, 2021	Jan. 29, 2021	Apr. 09, 2020	Mar. 20, 2019	Jun. 01, 2016
Debt Instrument [Line Items]
Repayments of debt				$ 13,069	$ 17,244
Total debt, principal amount				48,458			$ 48,480
Secured Debt
Debt Instrument [Line Items]
Aggregate principal amount									$ 4,500	$ 20,000
VMware Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				4,500
Senior Secured Credit Facilities \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				500
Senior Secured Credit Facilities \| Other
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 400
Refinancing Term B-2 Loans \| Secured Debt
Debt Instrument [Line Items]
Aggregate principal amount			$ 3,100
Annual principal amortization			0.25%
Refinancing Term B-2 Loans \| Secured Debt \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%
Refinancing Term B-2 Loans \| Secured Debt \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.75%
Term Loan A-4 Facility And Term Loan A-6 Facility \| Secured Debt \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Term Loan A-4 Facility And Term Loan A-6 Facility \| Secured Debt \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				2.00%
Term Loan A-4 Facility And Term Loan A-6 Facility \| Secured Debt \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				0.25%
Term Loan A-4 Facility And Term Loan A-6 Facility \| Secured Debt \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				1.00%
Term Loan A-6 Facility \| Other
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 4,000
Repayments of debt				$ 4,000
Term Loan A-6 Facility \| Line of Credit \| First Four Years After March 13, 2019
Debt Instrument [Line Items]
Annual principal amortization				5.00%
Term Loan A-6 Facility \| Line of Credit \| Fifth Year After March 13, 2019
Debt Instrument [Line Items]
Annual principal amortization				80.00%
3.33% Revolving Credit Facility due September 2021 \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, collateral, percent of capital stock of borrowers				100.00%
2.00% Term Loan B-2 Facility due September 2025 (a) \| Secured Debt \| Subsequent Event
Debt Instrument [Line Items]
Repayments of debt	$ 3,120	$ 3,120
Notes Due April 9, 2020 \| Secured Debt
Debt Instrument [Line Items]
Aggregate principal amount								$ 2,250
First Lien Notes \| Secured Debt
Debt Instrument [Line Items]
Aggregate principal amount						$ 18,400
Total debt, principal amount				$ 100

FAIR VALUE MEASUREMENTS AND INVESTMENTS - Carrying Value and Estimated Fair Value of Outstanding Debt (Details) - USD ($) $ in Billions	Oct. 29, 2021	Jan. 29, 2021
Carrying Value \| Senior Secured Credit Facilities \| Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	$ 6.2	$ 6.2
Carrying Value \| First Lien Notes \| Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	18.3	18.3
Carrying Value \| Unsecured Notes and Debentures \| Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	0.8	1.2
Carrying Value \| Senior Notes \| Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	1.6	2.7
Carrying Value \| EMC Notes \| Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	0.0	1.0
Carrying Value \| VMware Notes \| Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	10.7	4.7
Carrying Value \| Margin Loan Facility \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	0.0	4.0
Fair Value \| Senior Secured Credit Facilities \| Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	6.3	6.3
Fair Value \| First Lien Notes \| Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	22.8	22.8
Fair Value \| Unsecured Notes and Debentures \| Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	1.2	1.6
Fair Value \| Senior Notes \| Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	1.7	2.8
Fair Value \| EMC Notes \| Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	0.0	1.0
Fair Value \| VMware Notes \| Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	11.1	5.3
Fair Value \| Margin Loan Facility \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	$ 0.0	$ 3.9

DEFERRED REVENUE - Remaining Performance Obligation, Expected Timing (Details) $ in Billions	Oct. 29, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 47
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	62.00%
Deferred revenue recognition period	12 months

CAPITALIZATION - Preferred Stock Narrative (Details) - $ / shares	Oct. 29, 2021	Jan. 29, 2021
Equity [Abstract]
Preferred stock, authorized (in shares)	1,000,000
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

FINANCIAL SERVICES - Additional Information (Narrative) (Details) - USD ($) $ in Billions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
New financing originations	$ 2.0	$ 2.1	$ 5.8	$ 6.5
Revolving
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment term (in years)			12 months
Fixed-term \| Minimum \| Commercial Borrower
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment term (in years)			2 years
Fixed-term \| Minimum \| Other Borrower
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment term (in years)			3 years
Fixed-term \| Maximum \| Commercial Borrower
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment term (in years)			4 years
Fixed-term \| Maximum \| Other Borrower
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment term (in years)			5 years

DEBT

9 Months Ended

Oct. 29, 2021

Debt Disclosure [Abstract]

DEBT

NOTE 5 — DEBT

The following table presents the Company’s outstanding debt as of the dates indicated:


	October 29, 2021		January 29, 2021
	(in millions)
Secured Debt
Senior Secured Credit Facilities:
2.00% Term Loan B-2 Facility due September 2025 (a)	$	3,120	$	3,143
1.84% Term Loan A-6 Facility due March 2024 (a)	3,134		3,134
First Lien Notes:
5.45% due June 2023 (a)	3,750		3,750
4.00% due July 2024	1,000		1,000
5.85% due July 2025	1,000		1,000
6.02% due June 2026	4,500		4,500
4.90% due October 2026	1,750		1,750
6.10% due July 2027	500		500
5.30% due October 2029	1,750		1,750
6.20% due July 2030	750		750
8.10% due July 2036	1,500		1,500
8.35% due July 2046	2,000		2,000
Unsecured Debt
Unsecured Notes and Debentures:
4.625% due April 2021	—		400
7.10% due April 2028	300		300
6.50% due April 2038	388		388
5.40% due September 2040	264		264
Senior Notes:
5.875% due June 2021	—		1,075
7.125% due June 2024 (a)	1,625		1,625
EMC Notes:
3.375% due June 2023	—		1,000

VMware Notes:
2.95% due August 2022	1,500		1,500
0.60% due August 2023	1,000		—
1.00% due August 2024	1,250		—
4.50% due May 2025	750		750
1.40% due August 2026	1,500		—
4.65% due May 2027	500		500
3.90% due August 2027	1,250		1,250
1.80% due August 2028	750		—
4.70% due May 2030	750		750
2.20% due August 2031	1,500		—
DFS Debt (Note 3)	9,977		9,666
Other
2.44% Margin Loan Facility due April 2022	—		4,000
Other	400		235
Total debt, principal amount	$	48,458	$	48,480


	October 29, 2021		January 29, 2021
	(in millions)
Total debt, principal amount	$	48,458	$	48,480
Unamortized discount, net of unamortized premium	(175)		(194)
Debt issuance costs	(304)		(302)
Total debt, carrying value	$	47,979	$	47,984
Total short-term debt, carrying value (b)	$	16,280	$	6,362
Total long-term debt, carrying value	$	31,699	$	41,622

____________________

During the nine months ended October 29, 2021, the net decrease in the Company’s debt balance was primarily due to:

•repayment of $1.0 billion principal amount of the 3.375% EMC Notes due June 2023;

•repayment of $4.0 billion principal amount of the 2.44% Margin Loan Facility due April 2022;

•repayment of $1.1 billion principal amount of the 5.875% Senior Notes due June 2021; and

•repayment of $0.4 billion principal amount of the 4.625% Unsecured Notes due April 2021.

See Note 18 of the Notes to the Condensed Consolidated Financial Statements for more information about debt repayments that occurred subsequent to October 29, 2021.

Secured Debt

Senior Secured Credit Facilities — The Company has entered into a credit agreement (the “Existing Credit Agreement”) that provides for senior secured credit facilities (the “Senior Secured Credit Facilities”) comprising (a) term loan facilities and (b) a senior secured Revolving Credit Facility, which provides for a borrowing capacity of up to $4.5 billion for general corporate purposes, including capacity for up to $0.5 billion of letters of credit and for borrowings of up to $0.4 billion under swing-line loans. The Revolving Credit Facility expires December 20, 2023.

As of October 29, 2021, available borrowings under the Revolving Credit Facility totaled $4.5 billion. The Senior Secured Credit Facilities provide that the borrowers have the right at any time, subject to customary conditions, to request incremental term loans or incremental revolving commitments.

On February 18, 2021, the Company entered into an eighth refinancing amendment to the credit agreement for the Senior Secured Credit Facilities to refinance the existing term B loans (the “Original Term B Loans”) with a new term loan B facility consisting of an aggregate principal amount of $3.1 billion refinancing term B-2 loans (the “Refinancing Term B-2 Loans”) maturing on September 19, 2025. Proceeds from the Refinancing Term B-2 Loans, together with other funds available to the borrowers, were used to repay in full the Original Term B Loans and all accrued and unpaid fees in respect thereof.

Except for a change in the interest rate, the Refinancing Term B-2 Loans have substantially the same terms as the Original Term B Loans under the sixth refinancing amendment to the Senior Secured Credit Agreement. Amortization payments on the Refinancing Term B-2 Loans are equal to 0.25% of the aggregate principal amount of Refinancing Term B-2 Loans outstanding on the effective date of the eighth refinancing amendment, payable at the end of each fiscal quarter, commencing with the fiscal quarter ended April 30, 2021.

Borrowings under the Senior Secured Credit Facilities bear interest at a rate per annum equal to an applicable margin, plus, at the borrowers’ option, either (a) a base rate, or (b) the London Interbank Offered Rate (“LIBOR”). The Term Loan A-6 Facility

bears interest at LIBOR plus an applicable margin ranging from 1.25% to 2.00% or a base rate plus an applicable margin ranging from 0.25% to 1.00%. The Refinancing Term B-2 Loans bear interest at LIBOR plus an applicable margin of 1.75% or a base rate plus an applicable margin of 0.75%. Interest is payable, in the case of loans bearing interest based on LIBOR, at the end of each interest period (but at least every three months), in arrears and, in the case of loans bearing interest based on the base rate, quarterly in arrears.

The Term Loan A-6 Facility amortizes in equal quarterly installments in aggregate annual amounts equal to 5% of the original principal amount in each of the first four years after the facility closing date of March 13, 2019, and 80% of the original principal amount in the fifth year after March 13, 2019. The Revolving Credit Facility has no amortization.

The borrowers may voluntarily repay outstanding loans under the term loan facilities and the Revolving Credit Facility at any time without premium or penalty, other than customary “breakage” costs.

All obligations of the borrowers under the Senior Secured Credit Facilities and certain swap agreements, cash management arrangements, and certain letters of credit provided by any lender or agent party to the Senior Secured Credit Facilities or any of its affiliates and certain other persons are secured by (a) a first-priority security interest in certain tangible and intangible assets of the borrowers and the guarantors and (b) a first-priority pledge of 100% of the capital stock of the borrowers, Dell Inc., a wholly-owned subsidiary of the Company (“Dell”), and each wholly-owned material restricted subsidiary of the borrowers and the guarantors, in each case subject to certain thresholds, exceptions, and permitted liens.

Subsequent to October 29, 2021, the Company repaid the remaining $3.12 billion principal amount of the Term B-2 Loans and the remaining $3.13 billion principal amount of the Term Loan A-6 Facility. On November 1, 2021, the Company entered into a new senior secured Revolving Credit Facility (the “2021 Revolving Credit Facility”) to replace the old senior secured Revolving Credit Facility under the Existing Credit Agreement. Following the full redemption of the outstanding term loan facilities and placement of the Revolving Credit Facility, the Existing Credit Agreement was terminated. See Note 18 of the Notes to the Condensed Consolidated Financial Statements for more information.

First Lien Notes — Dell International L.L.C. and EMC Corporation (collectively, the “Issuers”), both of which are wholly-owned subsidiaries of Dell Technologies Inc., completed offerings of multiple series of senior secured notes (collectively, the “First Lien Notes”) pursuant to Rule 144A and Regulation S. Various series of the First Lien Notes were issued on June 1, 2016, March 20, 2019, and April 9, 2020 in aggregate principal amounts of $20.0 billion, $4.5 billion, and $2.25 billion, respectively. Interest on the First Lien Notes is payable semiannually. The First Lien Notes are secured on an equal and ratable basis with the Senior Secured Credit Facilities by substantially all of the tangible and intangible assets of the issuers and guarantors that secure obligations under the Senior Secured Credit Facilities, including pledges of all capital stock of the issuers, Dell, and certain wholly-owned material subsidiaries of the issuers and the guarantors, subject to certain exceptions.

In June 2021, Dell International L.L.C and EMC Corporation completed the previously announced offers to exchange any and all outstanding First Lien Notes for registered first lien notes having terms substantially identical to the terms of the First Lien Notes. The Issuers issued an aggregate $18.4 billion principal amount of registered first lien notes in exchange for the same principal amount of First Lien Notes. The aggregate principal amount of unregistered First Lien Notes remaining outstanding following the settlement of the exchange offers was approximately $0.1 billion. Following the exchange offer, such registered first lien notes, together with the remaining unregistered First Lien Notes, are collectively referred to as “First Lien Notes” in these Notes to the Condensed Consolidated Financial Statements.

Subsequent to October 29, 2021, the Company repaid $1.5 billion principal amount of First Lien Notes. Further, in conjunction with the termination of the Existing Credit Agreement, the tangible and intangible assets of the issuers and guarantors that secure obligations under the Senior Secured Credit Facilities were released as collateral and the First Lien Notes became fully unsecured. See Note 18 of the Notes to the Condensed Consolidated Financial Statements for more information about the First Lien Notes principal repayment subsequent to October 29, 2021.

Unsecured Debt

Unsecured Notes and Debentures — The Company has outstanding unsecured notes and debentures (collectively, the “Unsecured Notes and Debentures”) that were issued by Dell prior to the acquisition of Dell by Dell Technologies Inc. in the going-private transaction that closed in October 2013. Interest on outstanding borrowings is payable semiannually.

Senior Notes — The senior unsecured notes (collectively, the “Senior Notes”) were issued on June 22, 2016 in an aggregate principal amount of $3.3 billion. Interest on outstanding borrowings is payable semiannually. Subsequent to October 29, 2021, the Company repaid the remaining $1.63 billion principal amount of Senior Notes. Following the full redemption of the Senior Note, the indenture governing the Senior Notes was terminated. See Note 18 of the Notes to the Condensed Consolidated Financial Statements for more information about the Senior Notes principal repayment subsequent to October 29, 2021.

EMC Notes — On September 7, 2016, as result of the merger with EMC, Dell acquired multiple outstanding Notes (collectively, the “EMC Notes”). During the three months ended October 29, 2021, the Company repaid the remaining $1.0 billion principal amount of the EMC Notes.

VMware Notes — VMware, Inc. completed public offerings of unsecured senior notes in the aggregate amounts of $4.0 billion, $2.0 billion, and $6.0 billion on August 21, 2017, April 7, 2020, and August 2, 2021, respectively (the “VMware Notes”). None of the net proceeds of such borrowings will be made available to support the operations or satisfy any corporate purposes of Dell Technologies, other than the operations and corporate purposes of VMware, Inc. and VMware, Inc.’s subsidiaries. Interest on outstanding borrowings is payable semiannually.

VMware Revolving Credit Facility and Term Loan Facilities — On September 12, 2017, VMware, Inc. entered into an unsecured credit agreement, that established a revolving credit facility (the “VMware Revolving Credit Facility”) with a syndicate of lenders that provided the company with a borrowing capacity of up to $1.0 billion for VMware, Inc. general corporate purposes. On September 2, 2021, VMware, Inc. entered into an unsecured credit agreement establishing a revolving credit facility with a syndicate of lenders that provides VMware, Inc. with a borrowing capacity of up to $1.5 billion for general corporate purposes (the “2021 VMware Revolving Credit Facility”). The 2021 VMware Revolving Credit Facility replaced VMware, Inc.’s existing $1.0 billion revolving credit facility that was undrawn. Commitments under the 2021 Revolving Credit Facility are available for a period of five years, which may be extended, subject to the satisfaction of certain conditions, by up to two one-year periods. The credit agreement contains certain representations, warranties and covenants. Commitment fees, interest rates and other terms of borrowing under the 2021 Revolving Credit Facility may vary based on VMware’s external credit ratings. As of October 29, 2021, there were no outstanding borrowings under the 2021 VMware Revolving Credit Facility.

In addition, VMware, Inc. received commitments from financial institutions for a 3-year senior unsecured term loan facility and a 5-year senior unsecured term loan facility that would provide VMware, Inc. with a borrowing capacity of up to $4.0 billion (the “VMware Term Loan Facilities”). VMware, Inc. may borrow against the term loan once up to its borrowing capacity of $4.0 billion. Subsequent to October 29, 2021, and in advance of the close of the VMware Spin-off on November 1, 2021, VMware, Inc. borrowed $4.0 billion against the VMware Term Loan Facilities with the proceeds utilized to fund a portion of the special cash dividend paid by VMware, Inc. in connection with the VMware Spin-off transaction. See Note 18 of the Notes to the Condensed Consolidated Financial Statements for more information about the VMware Spin-off transaction.

None of the net proceeds of the 2021 VMware Revolving Credit Facility or the VMware Term Loan Facilities will be made available to support the operations or satisfy any corporate purposes of Dell Technologies, other than the operations and corporate purposes of VMware, Inc. and VMware, Inc.’s subsidiaries.

DFS Debt

See Note 3 and Note 6 of the Notes to the Condensed Consolidated Financial Statements, respectively, for discussion of DFS debt and the interest rate swap agreements that hedge a portion of that debt.

Other

Margin Loan Facility — On April 12, 2017, the Company entered into the Margin Loan Facility in an aggregate principal amount of $2.0 billion. In connection with the Class V transaction described in Note 1 of the Notes to the Condensed Consolidated Financial Statements, on December 20, 2018, the Company amended the Margin Loan Facility to increase the aggregate principal amount to $3.4 billion. In connection with obtaining the Term Loan A-6 Facility during the fiscal year ended January 31, 2020, the Company increased the aggregate principal amount of the Margin Loan Facility to $4.0 billion. VMware Holdco LLC, a wholly-owned subsidiary of EMC, was the borrower under the Margin Loan Facility, which was secured by approximately 76 million shares of Class B common stock of VMware, Inc. and approximately 24 million shares of Class A common stock of VMware, Inc.

Loans under the Margin Loan Facility bore interest at a rate per annum payable, at the borrower’s option, either at (a) a base rate plus 1.25% per annum or (b) a LIBOR-based rate plus 2.25% per annum. Interest under the Margin Loan Facility was payable quarterly. The Margin Loan Facility was scheduled to mature in April 2022. The borrower had the option to voluntarily repay outstanding loans under the Margin Loan Facility at any time without premium or penalty, other than customary “breakage” costs, subject to certain minimum threshold amounts for prepayment. During the nine months ended October 29, 2021, the Company repaid the $4.0 billion principal amount of the Margin Loan Facility. Upon repayment, the VMware, Inc. common stock pledged to secure the Margin Loan Facility was released as collateral in accordance with the associated Margin Loan Facility agreement.

Aggregate Future Maturities

The following table presents the aggregate future maturities of the Company’s debt as of October 29, 2021 for the periods indicated:


	Maturities by Fiscal Year (a)
	2022 (remaining three months)		2023		2024		2025		2026		Thereafter		Total
	(in millions)
Senior Secured Credit Facilities and First Lien Notes	$	7,754	$	—	$	2,250	$	1,000	$	1,000	$	12,750	$	24,754
Unsecured Notes and Debentures	—		—		—		—		—		952		952
Senior Notes and EMC Notes	1,625		—		—		—		—		—		1,625
VMware Notes	—		1,500		1,000		1,250		750		6,250		10,750
DFS Debt	1,378		5,019		1,888		1,016		86		590		9,977

Other	9		33		187		124		23		24		400
Total maturities, principal amount	10,766		6,552		5,325		3,390		1,859		20,566		48,458
Associated carrying value adjustments	(94)		(7)		(20)		(20)		(6)		(332)		(479)
Total maturities, carrying value amount	$	10,672	$	6,545	$	5,305	$	3,370	$	1,853	$	20,234	$	47,979

____________________

Covenants and Unrestricted Net Assets — The credit agreement for the Senior Secured Credit Facilities contains customary negative covenants that generally limit the ability of Denali Intermediate Inc., a wholly-owned subsidiary of Dell Technologies (“Denali Intermediate”), Dell, and Dell’s and Denali Intermediate’s other restricted subsidiaries to incur debt, create liens, make fundamental changes, enter into asset sales, make certain investments, pay dividends or distribute or redeem certain equity interests, prepay or redeem certain debt, and enter into certain transactions with affiliates. The indenture governing the Senior Notes contains customary negative covenants that generally limit the ability of Denali Intermediate, Dell, and Dell’s and Denali Intermediate’s other restricted subsidiaries to incur additional debt or issue certain preferred shares, pay dividends on or make other distributions in respect of capital stock or make other restricted payments, make certain investments, sell or transfer certain assets, create liens on certain assets to secure debt, consolidate, merge, sell, or otherwise dispose of all or substantially all assets, enter into certain transactions with affiliates, and designate subsidiaries as unrestricted subsidiaries. The negative covenants under such credit agreements and indenture are subject to certain exceptions, qualifications, and “baskets.” The indentures governing the First Lien Notes, the Unsecured Notes and Debentures, and the EMC Notes variously impose limitations, subject to specified exceptions, on creating certain liens, entering into sale and lease-back transactions, and entering into certain asset sales. The foregoing credit agreements and indentures contain customary events of default, including failure to make required payments, failure to comply with covenants, and the occurrence of certain events of bankruptcy and insolvency.

As of October 29, 2021, the Company had certain consolidated subsidiaries that were designated as unrestricted subsidiaries for all purposes of the applicable credit agreements and the indentures governing the First Lien Notes and the Senior Notes. Substantially all of the net assets of the Company’s consolidated subsidiaries were restricted, with the exception of the Company’s unrestricted subsidiaries, primarily VMware, Inc., Secureworks, and their respective subsidiaries, as of October 29, 2021.

The Senior Secured Credit Facilities and the Revolving Credit Facility are subject to a first lien leverage ratio covenant that is tested at the end of each fiscal quarter of Dell with respect to Dell’s preceding four fiscal quarters. The Company was in compliance with all financial covenants as of October 29, 2021.

Subsequent to October 29, 2021 and following the full redemption of the outstanding term loan facilities and Senior Notes, the Existing Credit Agreement and the indenture governing the Senior Notes were terminated. The 2021 Revolving Credit Facility contains customary negative covenants that generally limit the ability of Dell, Dell International L.L.C, and EMC to create liens and make fundamental changes. The 2021 Revolving Credit Facility is subject to an interest coverage ratio covenant that is tested at the end of each fiscal quarter of Dell with respect to Dell’s preceding four fiscal quarters. See Note 18 of the Notes to the Condensed Consolidated Financial Statements for more information about debt repayments that occurred subsequent to October 29, 2021.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

FINANCIAL SERVICES - Credit Quality Indicators (Details) - USD ($) $ in Millions	Oct. 29, 2021	Jan. 29, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Customer receivables, gross	$ 10,200	$ 10,391
Fixed-term \| Fixed-term — Consumer and Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
2022	3,692	5,111
2021	3,433	2,972
2020	1,801	1,191
2019	483	277
2018	79	44
Years Prior	7	0
Revolving \| Revolving — DPA
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, revolving	529	621
Revolving \| Revolving — DBC
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, revolving	176	175
Higher
Financing Receivable, Credit Quality Indicator [Line Items]
Customer receivables, gross	6,131	5,999
Higher \| Fixed-term \| Fixed-term — Consumer and Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
2022	2,441	3,125
2021	2,055	1,802
2020	1,108	661
2019	297	166
2018	45	26
Years Prior	5	0
Higher \| Revolving \| Revolving — DPA
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, revolving	135	172
Higher \| Revolving \| Revolving — DBC
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, revolving	45	47
Mid
Financing Receivable, Credit Quality Indicator [Line Items]
Customer receivables, gross	2,423	2,401
Mid \| Fixed-term \| Fixed-term — Consumer and Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
2022	765	1,121
2021	863	671
2020	426	287
2019	126	73
2018	24	9
Years Prior	1	0
Mid \| Revolving \| Revolving — DPA
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, revolving	163	188
Mid \| Revolving \| Revolving — DBC
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, revolving	55	52
Lower
Financing Receivable, Credit Quality Indicator [Line Items]
Customer receivables, gross	1,646	1,991
Lower \| Fixed-term \| Fixed-term — Consumer and Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
2022	486	865
2021	515	499
2020	267	243
2019	60	38
2018	10	9
Years Prior	1	0
Lower \| Revolving \| Revolving — DPA
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, revolving	231	261
Lower \| Revolving \| Revolving — DBC
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, revolving	$ 76	$ 76

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Oct. 29, 2021

Notional amounts of outstanding derivative instruments

Notional Amounts of Outstanding Derivative Instruments


	October 29, 2021		January 29, 2021
	(in millions)
Foreign exchange contracts:
Designated as cash flow hedging instruments	$	8,354	$	6,840
Non-designated as hedging instruments	9,570		9,890
Total	$	17,924	$	16,730
Interest rate contracts:
Non-designated as hedging instruments	$	6,393	$	5,859

Derivative instruments designated as hedging instruments

Effect of Derivative Instruments Designated as Hedging Instruments on the Condensed Consolidated Statements of Financial Position and the Condensed Consolidated Statements of Income


Derivatives in Cash Flow Hedging Relationships	Gain (Loss) Recognized in Accumulated OCI, Net of Tax, on Derivatives		Location of Gain (Loss) Reclassified from Accumulated OCI into Income	Gain (Loss) Reclassified from Accumulated OCI into Income
	(in millions)			(in millions)
For the three months ended October 29, 2021
			Total net revenue	$	66
Foreign exchange contracts	$	86	Total cost of net revenue	8
Interest rate contracts	—		Interest and other, net	—
Total	$	86		$	74

For the three months ended October 30, 2020
			Total net revenue	$	(88)
Foreign exchange contracts	$	45	Total cost of net revenue	4
Interest rate contracts	—		Interest and other, net	—
Total	$	45		$	(84)

For the nine months ended October 29, 2021
			Total net revenue	$	31
Foreign exchange contracts	$	150	Total cost of net revenue	3
Interest rate contracts	—		Interest and other, net	—
Total	$	150		$	34

For the nine months ended October 30, 2020
			Total net revenue	$	17
Foreign exchange contracts	$	(45)	Total cost of net revenue	7
Interest rate contracts	—		Interest and other, net	—
Total	$	(45)		$	24

Derivative instruments not designated as hedging instruments

Effect of Derivative Instruments Not Designated as Hedging Instruments on the Condensed Consolidated Statements of Income


	Three Months Ended				Nine Months Ended
	October 29, 2021		October 30, 2020		October 29, 2021		October 30, 2020		Location of Gain (Loss) Recognized
	(in millions)
Gain (Loss) Recognized:
Foreign exchange contracts	$	(85)	$	(127)	$	(242)	$	87	Interest and other, net
Interest rate contracts	4		1		1		(43)		Interest and other, net
Total	$	(81)	$	(126)	$	(241)	$	44

Fair value of derivatives

The following tables present the fair value of those derivative instruments presented on a gross basis as of the dates indicated:


	October 29, 2021
	Other Current Assets		Other Non- Current Assets		Other Current Liabilities		Other Non-Current Liabilities		Total Fair Value
	(in millions)
Derivatives designated as hedging instruments:
Foreign exchange contracts in an asset position	$	112	$	—	$	8	$	—	$	120
Foreign exchange contracts in a liability position	(19)		—		(12)		—		(31)
Net asset (liability)	93		—		(4)		—		89
Derivatives not designated as hedging instruments:
Foreign exchange contracts in an asset position	244		—		25		—		269
Foreign exchange contracts in a liability position	(159)		—		(82)		(7)		(248)
Interest rate contracts in an asset position	—		17		—		—		17
Interest rate contracts in a liability position	—		—		—		(32)		(32)
Net asset (liability)	85		17		(57)		(39)		6
Total derivatives at fair value	$	178	$	17	$	(61)	$	(39)	$	95

	January 29, 2021
	Other Current Assets		Other Non- Current Assets		Other Current Liabilities		Other Non-Current Liabilities		Total Fair Value
	(in millions)
Derivatives designated as hedging instruments:
Foreign exchange contracts in an asset position	$	28	$	—	$	18	$	—	$	46
Foreign exchange contracts in a liability position	(10)		—		(15)		—		(25)
Net asset (liability)	18		—		3		—		21
Derivatives not designated as hedging instruments:
Foreign exchange contracts in an asset position	184		—		58		—		242
Foreign exchange contracts in a liability position	(108)		—		(159)		(4)		(271)
Interest rate contracts in an asset position	—		10		—		—		10
Interest rate contracts in a liability position	—		—		—		(31)		(31)
Net asset (liability)	76		10		(101)		(35)		(50)
Total derivatives at fair value	$	94	$	10	$	(98)	$	(35)	$	(29)

Offsetting assets


	October 29, 2021
	Gross Amounts of Recognized Assets/ (Liabilities)		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ (Liabilities) Presented in the Statement of Financial Position		Gross Amounts not Offset in the Statement of Financial Position				Net Amount of Assets/ (Liabilities) Recognized in the Statement of Financial Position
							Financial Instruments		Cash Collateral Received or Pledged
	(in millions)
Derivative instruments:
Financial assets	$	406	$	(211)	$	195	$	—	$	—	$	195
Financial liabilities	(311)		211		(100)		—		21		(79)
Total derivative instruments	$	95	$	—	$	95	$	—	$	21	$	116

	January 29, 2021
	Gross Amounts of Recognized Assets/ (Liabilities)		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ (Liabilities) Presented in the Statement of Financial Position		Gross Amounts not Offset in the Statement of Financial Position				Net Amount of Assets/ (Liabilities) Recognized in the Statement of Financial Position
							Financial Instruments		Cash Collateral Received or Pledged
	(in millions)
Derivative instruments:
Financial assets	$	298	$	(194)	$	104	$	—	$	—	$	104
Financial liabilities	(327)		194		(133)		—		2		(131)
Total derivative instruments	$	(29)	$	—	$	(29)	$	—	$	2	$	(27)

Offsetting liabilities


	October 29, 2021
	Gross Amounts of Recognized Assets/ (Liabilities)		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ (Liabilities) Presented in the Statement of Financial Position		Gross Amounts not Offset in the Statement of Financial Position				Net Amount of Assets/ (Liabilities) Recognized in the Statement of Financial Position
							Financial Instruments		Cash Collateral Received or Pledged
	(in millions)
Derivative instruments:
Financial assets	$	406	$	(211)	$	195	$	—	$	—	$	195
Financial liabilities	(311)		211		(100)		—		21		(79)
Total derivative instruments	$	95	$	—	$	95	$	—	$	21	$	116

	January 29, 2021
	Gross Amounts of Recognized Assets/ (Liabilities)		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/ (Liabilities) Presented in the Statement of Financial Position		Gross Amounts not Offset in the Statement of Financial Position				Net Amount of Assets/ (Liabilities) Recognized in the Statement of Financial Position
							Financial Instruments		Cash Collateral Received or Pledged
	(in millions)
Derivative instruments:
Financial assets	$	298	$	(194)	$	104	$	—	$	—	$	104
Financial liabilities	(327)		194		(133)		—		2		(131)
Total derivative instruments	$	(29)	$	—	$	(29)	$	—	$	2	$	(27)

FINANCIAL SERVICES

9 Months Ended

Oct. 29, 2021

Receivables [Abstract]

FINANCIAL SERVICES

NOTE 3 — FINANCIAL SERVICES

The Company offers or arranges various financing options, services, and alternative payment structures for its customers in North America, Europe, Australia, and New Zealand through Dell Financial Services and its affiliates (“DFS”). The Company also arranges financing for some of its customers in various countries where DFS does not currently operate as a captive enterprise. The Company further strengthens customer relationships through flexible consumption models, which enable the Company to offer its customers the option to pay over time and, in certain cases, based on utilization, to provide them with financial flexibility to meet their changing technological requirements. The key activities of DFS include originating, collecting, and servicing customer financing arrangements primarily related to the purchase or use of Dell Technologies products and services. In some cases, DFS also offers financing on the purchase of third-party technology products that complement the Dell Technologies portfolio of products and services. New financing originations were $2.0 billion and $2.1 billion for the three months ended October 29, 2021 and October 30, 2020, respectively, and $5.8 billion and $6.5 billion for the nine months ended October 29, 2021 and October 30, 2020, respectively.

The Company’s loan and lease arrangements with customers are aggregated into the following categories:

Revolving loans — Revolving loans offered under private label credit financing programs provide qualified customers with a revolving credit line for the purchase of products and services offered by Dell Technologies. These private label credit financing programs are referred to as Dell Preferred Account (“DPA”) and Dell Business Credit (“DBC”). The DPA product is primarily offered to individual consumer customers, and the DBC product is primarily offered to small and medium-sized commercial customers. Revolving loans in the United States bear interest at a variable annual percentage rate that is tied to the prime rate. Based on historical payment patterns, revolving loan transactions are typically repaid within twelve months on average. Due to the short-term nature of the revolving loan portfolio, the carrying value of the portfolio approximates fair value.

Fixed-term leases and loans — The Company enters into financing arrangements with customers who seek lease financing for equipment. DFS leases are classified as sales-type leases, direct financing leases, or operating leases. Direct financing leases are immaterial. Leases that commenced prior to the effective date of the current lease accounting standard continue to be accounted for under previous lease accounting guidance. Leases with business customers have fixed terms of generally two to four years.

The Company also offers fixed-term loans to qualified small businesses, large commercial accounts, governmental organizations, educational entities, and certain individual consumer customers. These loans are repaid in equal payments including interest and have defined terms of generally three to five years. The fair value of the fixed-term loan portfolio is determined using market observable inputs. The carrying value of these loans approximates fair value.

Financing Receivables

The following table presents the components of the Company’s financing receivables segregated by portfolio segment as of the dates indicated:


	October 29, 2021						January 29, 2021
	Revolving		Fixed-term		Total		Revolving		Fixed-term		Total
	(in millions)
Financing receivables, net:
Customer receivables, gross (a)	$	705	$	9,495	$	10,200	$	796	$	9,595	$	10,391
Allowances for losses	(112)		(113)		(225)		(148)		(173)		(321)
Customer receivables, net	593		9,382		9,975		648		9,422		10,070
Residual interest	—		265		265		—		424		424
Financing receivables, net	$	593	$	9,647	$	10,240	$	648	$	9,846	$	10,494
Short-term	$	593	$	4,377	$	4,970	$	648	$	4,507	$	5,155
Long-term	$	—	$	5,270	$	5,270	$	—	$	5,339	$	5,339

____________________

(a) Customer receivables, gross includes amounts due from customers under revolving loans, fixed-term loans, fixed-term sales-type or direct financing leases, and accrued interest.

The following tables present the changes in allowance for financing receivable losses for the periods indicated:


	Three Months Ended
	October 29, 2021						October 30, 2020
	Revolving		Fixed-term		Total		Revolving		Fixed-term		Total
	(in millions)
Allowance for financing receivable losses:
Balances at beginning of period	$	126	$	161	$	287	$	143	$	180	$	323
Charge-offs, net of recoveries	(9)		(20)		(29)		(13)		(6)		(19)
Provision charged to income statement	(5)		(28)		(33)		12		(9)		3
Balances at end of period	$	112	$	113	$	225	$	142	$	165	$	307


	Nine Months Ended
	October 29, 2021						October 30, 2020
	Revolving		Fixed-term		Total		Revolving		Fixed-term		Total
	(in millions)
Allowance for financing receivable losses:
Balances at beginning of period	$	148	$	173	$	321	$	70	$	79	$	149
Adjustment for adoption of accounting standard	—		—		—		40		71		111
Charge-offs, net of recoveries	(32)		(25)		(57)		(51)		(22)		(73)
Provision charged to income statement	(4)		(35)		(39)		83		37		120
Balances at end of period	$	112	$	113	$	225	$	142	$	165	$	307

Aging

The following table presents the aging of the Company’s customer financing receivables, gross, including accrued interest, segregated by class, as of the dates indicated:


	October 29, 2021								January 29, 2021
	Current		Past Due 1 — 90 Days		Past Due >90 Days		Total		Current		Past Due 1 — 90 Days		Past Due >90 Days		Total
	(in millions)
Revolving — DPA	$	485	$	34	$	10	$	529	$	578	$	30	$	13	$	621
Revolving — DBC	157		16		3		176		157		14		4		175
Fixed-term — Consumer and Commercial	9,063		411		21		9,495		9,192		316		87		9,595
Total customer receivables, gross	$	9,705	$	461	$	34	$	10,200	$	9,927	$	360	$	104	$	10,391

Aging is likely to fluctuate as a result of the variability in volume of large transactions entered into over the period, and the administrative processes that accompany those larger transactions. Aging is also impacted by the timing of the Dell Technologies fiscal period end date, relative to calendar month-end customer payment due dates. As a result of these factors, fluctuations in aging from period to period do not necessarily indicate a material change in the collectibility of the portfolio.

Fixed-term consumer and commercial customer receivables are placed on non-accrual status if principal or interest is past due and considered delinquent, or if there is concern about collectibility of a specific customer receivable. These receivables identified as doubtful for collectibility may be classified as current for aging purposes. Aged revolving portfolio customer receivables identified as delinquent are charged-off. Receivables are moved back to accrual status when the collection of interest is probable, or the collection of the net investment is no longer doubtful.

Credit Quality

The following tables present customer receivables, gross, including accrued interest, by credit quality indicator segregated by class and year of origination, as of the dates indicated:


	October 29, 2021
	Fixed-term — Consumer and Commercial
	Fiscal Year of Origination
	2022		2021		2020		2019		2018		Years Prior		Revolving — DPA		Revolving — DBC		Total
	(in millions)
Higher	$	2,441	$	2,055	$	1,108	$	297	$	45	$	5	$	135	$	45	$	6,131
Mid	765		863		426		126		24		1		163		55		2,423
Lower	486		515		267		60		10		1		231		76		1,646
Total	$	3,692	$	3,433	$	1,801	$	483	$	79	$	7	$	529	$	176	$	10,200


	January 29, 2021
	Fixed-term — Consumer and Commercial
	Fiscal Year of Origination
	2021		2020		2019		2018		2017		Years Prior		Revolving — DPA		Revolving — DBC		Total
	(in millions)
Higher	$	3,125	$	1,802	$	661	$	166	$	26	$	—	$	172	$	47	$	5,999
Mid	1,121		671		287		73		9		—		188		52		2,401
Lower	865		499		243		38		9		—		261		76		1,991
Total	$	5,111	$	2,972	$	1,191	$	277	$	44	$	—	$	621	$	175	$	10,391

The categories shown in the tables above segregate customer receivables based on the relative degrees of credit risk. The credit quality indicators for DPA revolving accounts are measured primarily as of each quarter-end date, while all other indicators are generally updated on a periodic basis.

For DPA revolving receivables shown in the table above, the Company makes credit decisions based on proprietary scorecards, which include the customer’s credit history, payment history, credit usage, and other credit agency-related elements. The higher quality category includes prime accounts generally of a higher credit quality that are comparable to U.S. customer FICO scores of 720 or above. The mid-category represents the mid-tier accounts that are comparable to U.S. customer FICO scores from 660 to 719. The lower category is generally sub-prime and represents lower credit quality accounts that are comparable to U.S. customer FICO scores below 660. For the DBC revolving receivables and fixed-term commercial receivables shown in the table above, an internal grading system is utilized that assigns a credit level score based on a number of considerations, including liquidity, operating performance, and industry outlook. The grading criteria and classifications for the fixed-term products differ from those for the revolving products as loss experience varies between these product and customer groups. The credit quality categories cannot be compared between the different classes as loss experience varies substantially between the classes.

Leases

Interest income on sales-type lease receivables was $59 million and $69 million for the three months ended October 29, 2021 and October 30, 2020, respectively, and $186 million and $200 million for the nine months ended October 29, 2021, and October 30, 2020, respectively.

The following table presents the net revenue, cost of net revenue, and gross margin recognized at the commencement date of sales-type leases for the periods indicated:


	Three Months Ended				Nine Months Ended
	October 29, 2021		October 30, 2020		October 29, 2021		October 30, 2020
	(in millions)
Net revenue — products	$	183	$	184	$	607	$	648
Cost of net revenue — products	162		102		467		435
Gross margin — products	$	21	$	82	$	140	$	213

The following table presents the future maturity of the Company’s fixed-term customer leases and associated financing payments, and reconciles the undiscounted cash flows to the customer receivables, gross recognized on the Condensed Consolidated Statements of Financial Position as of the date indicated:


	October 29, 2021
	(in millions)
Fiscal 2022 (remaining three months)	$	775
Fiscal 2023	2,207
Fiscal 2024	1,445
Fiscal 2025	735
Fiscal 2026 and beyond	335
Total undiscounted cash flows	5,497
Fixed-term loans	4,620
Revolving loans	705
Less: unearned income	(622)
Total customer receivables, gross	$	10,200

Operating Leases

The following table presents the components of the Company’s operating lease portfolio included in property, plant, and equipment, net as of the dates indicated:


	October 29, 2021		January 29, 2021
	(in millions)
Equipment under operating lease, gross	$	2,367	$	1,746
Less: accumulated depreciation	(787)		(432)
Equipment under operating lease, net	$	1,580	$	1,314

The following table presents operating lease income related to lease payments and depreciation expense for the Company’s operating lease portfolio for the periods indicated:


	Three Months Ended		Nine Months Ended
	October 29, 2021	October 30, 2020	October 29, 2021	October 30, 2020
	(in millions)
Income related to lease payments	$187	$120	$510	$310
Depreciation expense	$140	$92	$383	$228

The following table presents the future payments to be received by the Company as lessor in operating lease contracts as of the date indicated:


	October 29, 2021
	(in millions)
Fiscal 2022 (remaining three months)	$	220
Fiscal 2023	702
Fiscal 2024	437
Fiscal 2025	189
Fiscal 2026 and beyond	21
Total	$	1,569

DFS Debt

The Company maintains programs that facilitate the funding of leases, loans, and other alternative payment structures in the capital markets. The majority of DFS debt is non-recourse to Dell Technologies and represents borrowings under securitization programs and structured financing programs, for which the Company’s risk of loss is limited to transferred loan and lease payments and associated equipment. The following table presents DFS debt as of the dates indicated. The table excludes the allocated portion of the Company’s other borrowings, which represents the additional amount considered to fund the DFS business.


	October 29, 2021		January 29, 2021
	(in millions)
DFS U.S. debt:
Asset-based financing and securitization facilities	$	2,650	$	3,311
Fixed-term securitization offerings	3,618		2,961
Other	147		140
Total DFS U.S. debt	6,415		6,412
DFS international debt:
Securitization facility	751		786
Other borrowings	809		1,006
Note payable	250		250
Dell Bank Senior Unsecured Eurobonds	1,752		1,212
Total DFS international debt	3,562		3,254
Total DFS debt	$	9,977	$	9,666
Total short-term DFS debt	$	5,475	$	4,888
Total long-term DFS debt	$	4,502	$	4,778

DFS U.S. Debt

Asset-Based Financing and Securitization Facilities — The Company maintains separate asset-based financing facilities and a securitization facility in the United States, which are revolving facilities for fixed-term leases and loans and for revolving loans, respectively. This debt is collateralized solely by the U.S. lease and loan payments and associated equipment in the facilities. The debt has a variable interest rate and the duration of the debt is based on the terms of the underlying loan and lease payment streams. As of October 29, 2021, the total debt capacity related to the U.S. asset-based financing and securitization facilities was $4.5 billion. The Company enters into interest swap agreements to effectively convert a portion of this debt from a floating rate to a fixed rate. See Note 6 of the Notes to the Condensed Consolidated Financial Statements for additional information about interest rate swaps.

The Company’s U.S. securitization facility for revolving loans is effective through June 25, 2022. The Company’s two U.S. asset-based financing facilities for fixed-term leases and loans are effective through July 10, 2023 and July 26, 2022, respectively.

The asset-based financing and securitization facilities contain standard structural features related to the performance of the funded receivables, which include defined credit losses, delinquencies, average credit scores, and minimum collection requirements. In the event one or more of these criteria are not met and the Company is unable to restructure the facility, no further funding of receivables will be permitted and the timing of the Company’s expected cash flows from over-collateralization will be delayed. As of October 29, 2021, these criteria were met.

Fixed-Term Securitization Offerings — The Company periodically issues asset-backed debt securities under fixed-term securitization programs to private investors. The asset-backed debt securities are collateralized solely by the U.S. fixed-term leases and loans in the offerings, which are held by Special Purpose Entities (“SPEs”), as discussed below. The interest rate on these securities is fixed and ranges from 0.18% to 5.92% per annum, and the duration of these securities is based on the terms of the underlying loan and lease payment streams.

DFS International Debt

Securitization Facility — The Company maintains a securitization facility in Europe for fixed-term leases and loans. This facility is effective through December 21, 2022 and had a total debt capacity of $934 million as of October 29, 2021.

The securitization facility contains standard structural features related to the performance of the securitized receivables, which include defined credit losses, delinquencies, average credit scores, and minimum collection requirements. In the event one or more of these criteria are not met and the Company is unable to restructure the program, no further funding of receivables will be permitted and the timing of the Company’s expected cash flows from over-collateralization will be delayed. As of October 29, 2021, these criteria were met.

Other Borrowings — In connection with the Company’s international financing operations, the Company enters into revolving structured financing debt programs related to its fixed-term lease and loan products sold in Canada, Europe, Australia, and New Zealand. The Canadian facility, which is collateralized solely by Canadian lease and loan payments and associated equipment, had a total debt capacity of $364 million as of October 29, 2021, and is effective through January 16, 2025. The European facility, which is collateralized solely by European loan and lease payments and associated equipment, had a total debt capacity of $701 million as of October 29, 2021, and is effective through December 14, 2023. The Australia and New Zealand facility, which is collateralized solely by Australia and New Zealand loan and lease payments and associated equipment, had a total debt capacity of $339 million as of October 29, 2021, and is effective through April 20, 2023.

Note Payable — On August 7, 2020, the Company entered into two new unsecured credit agreements to fund receivables in Mexico. As of October 29, 2021, the aggregate principal amount of the notes payable was $250 million. The notes bear interest at an annual rate of 3.37% and will mature on June 1, 2022.

Dell Bank Senior Unsecured Eurobonds — On October 17, 2019, Dell Bank International D.A.C., a wholly-owned subsidiary of Dell Technologies Inc., issued 500 million Euro of 0.625% senior unsecured three year eurobonds due October 2022. On June 24, 2020, Dell Bank International D.A.C. issued 500 million Euro of 1.625% senior unsecured four year eurobonds due June 2024. On October 27, 2021, Dell Bank International D.A.C. issued 500 million Euro of 0.5% senior unsecured five year eurobonds due October 2026. The issuances of the senior unsecured eurobonds support the expansion of the financing operations in Europe.

Variable Interest Entities

In connection with the asset-based financing facilities, securitization facilities, and fixed-term securitization offerings discussed above, the Company transfers certain U.S. and European loan and lease payments and associated equipment to SPEs that meet the definition of a Variable Interest Entity (“VIE”) and are consolidated, along with the associated debt detailed above, into the Condensed Consolidated Financial Statements, as the Company is the primary beneficiary of those VIEs. The SPEs are bankruptcy-remote legal entities with separate assets and liabilities. The purpose of the SPEs is to facilitate the funding of customer loan and lease payments and associated equipment in the capital markets.

Some of the SPEs have entered into financing arrangements with multi-seller conduits that, in turn, issue asset-backed debt securities in the capital markets. DFS debt outstanding held by the consolidated VIEs is collateralized by the loan and lease payments and associated equipment. The Company’s risk of loss related to securitized receivables is limited to the amount by which the Company’s right to receive collections for assets securitized exceeds the amount required to pay interest, principal, and fees and expenses related to the asset-backed securities. The Company provides credit enhancement to the securitization in the form of over-collateralization.

The following table presents financing receivables and equipment under operating leases, net held by the consolidated VIEs as of the dates indicated:


	October 29, 2021		January 29, 2021
	(in millions)
Assets held by consolidated VIEs
Other current assets	$	843	$	838
Financing receivables, net of allowance
Short-term	$	3,467	$	3,534
Long-term	$	3,294	$	3,314
Property, plant, and equipment, net	$	874	$	792
Liabilities held by consolidated VIEs
Debt, net of unamortized debt issuance costs
Short-term	$	4,180	$	4,208
Long-term	$	2,826	$	2,841

Loan and lease payments and associated equipment transferred via securitization through SPEs were $1.4 billion and $1.6 billion for the three months ended October 29, 2021 and October 30, 2020, respectively, and $4.1 billion and $4.6 billion for the nine months ended October 29, 2021 and October 30, 2020, respectively.

Customer Receivables Sales

To manage certain concentrations of customer credit exposure, the Company may sell selected fixed-term customer receivables to unrelated third parties on a periodic basis, without recourse. The amount of customer receivables sold for this purpose was $180 million and $414 million for the nine months ended October 29, 2021 and October 30, 2020, respectively. The Company’s continuing involvement in such customer receivables is primarily limited to servicing arrangements. The transactions are accounted for as sales and, accordingly, the customer receivables are derecognized from the Condensed Consolidated Statements of Financial Position at the time of sale.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Gross amounts of derivative instruments, amounts offset due to master netting agreements (Details) - USD ($) $ in Millions	Oct. 29, 2021	Jan. 29, 2021
Financial assets
Gross Amounts of Recognized Assets/ (Liabilities)	$ 406	$ 298
Gross Amounts Offset in the Statement of Financial Position	(211)	(194)
Net Amounts of Assets/ (Liabilities) Presented in the Statement of Financial Position	195	104
Financial Instruments	0	0
Cash Collateral Received or Pledged	0	0
Net Amount of Assets/ (Liabilities) Recognized in the Statement of Financial Position	195	104
Financial liabilities
Gross Amounts of Recognized Assets/ (Liabilities)	(311)	(327)
Gross Amounts Offset in the Statement of Financial Position	211	194
Net Amounts of Assets/ (Liabilities) Presented in the Statement of Financial Position	(100)	(133)
Financial Instruments	0	0
Cash Collateral Received or Pledged	21	2
Net Amount of Assets/ (Liabilities) Recognized in the Statement of Financial Position	(79)	(131)
Total derivative instruments
Gross Amounts of Recognized Assets/ (Liabilities)	95	(29)
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Assets/ (Liabilities) Presented in the Statement of Financial Position	95	(29)
Financial Instruments	0	0
Cash Collateral Received or Pledged	21	2
Net Amount of Assets/ (Liabilities) Recognized in the Statement of Financial Position	$ 116	$ (27)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

9 Months Ended

Oct. 29, 2021

Changes in accumulated other comprehensive income (loss)

The following table presents changes in accumulated other comprehensive income (loss), net of tax, by the following components as of the dates indicated:


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Pension and Other Postretirement Plans		Accumulated Other Comprehensive Income (Loss)
	(in millions)
Balances as of January 29, 2021	$	(150)	$	(86)	$	(78)	$	(314)

Other comprehensive income (loss) before reclassifications	(201)		150		2		(49)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(34)		3		(31)
Total change for the period	(201)		116		5		(80)
Less: Change in comprehensive income (loss) attributable to non-controlling interests	—		—		—		—
Balances as of October 29, 2021	$	(351)	$	30	$	(73)	$	(394)

Reclassifications out of accumulated other comprehensive income (loss)

The following table presents reclassifications out of accumulated other comprehensive income (loss), net of tax, to net income for the periods indicated:


	Three Months Ended
	October 29, 2021						October 30, 2020
	Cash Flow Hedges		Pensions		Total		Cash Flow Hedges		Pensions		Total
	(in millions)
Total reclassifications, net of tax:
Net revenue	$	66	$	—	$	66	$	(88)	$	—	$	(88)
Cost of net revenue	8		—		8		4		—		4
Operating expenses	—		(1)		(1)		—		1		1

Total reclassifications, net of tax	$	74	$	(1)	$	73	$	(84)	$	1	$	(83)

	Nine Months Ended
	October 29, 2021						October 30, 2020
	Cash Flow Hedges		Pensions		Total		Cash Flow Hedges		Pensions		Total
	(in millions)
Total reclassifications, net of tax:
Net revenue	$	31	$	—	$	31	$	17	$	—	$	17
Cost of net revenue	3		—		3		7		—		7
Operating expenses	—		(3)		(3)		—		(3)		(3)

Total reclassifications, net of tax	$	34	$	(3)	$	31	$	24	$	(3)	$	21

CAPITALIZATION (Tables)

9 Months Ended

Oct. 29, 2021

Schedule of stock

The following table presents the Company’s authorized, issued, and outstanding common stock as of the dates indicated:


	Authorized	Issued	Outstanding
	(in millions)
Common stock as of October 29, 2021
Class A	600	379	379
Class B	200	95	95
Class C	7,900	301	293
Class D	100	—	—
Class V	343	—	—
	9,143	775	767

Common stock as of January 29, 2021
Class A	600	385	385
Class B	200	102	102
Class C	7,900	274	266
Class D	100	—	—
Class V	343	—	—
	9,143	761	753

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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