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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 10-Q
 
(Mark One)
 
 
 
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 
 
For the quarterly period ended
May 1, 2020
 
or
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from            to           
 
Commission File Number: 001-37867
 
Dell Technologies Inc.
(Exact name of registrant as specified in its charter) 
 
Delaware
 
80-0890963
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
One Dell Way, Round Rock, Texas 78682
(Address of principal executive offices) (Zip Code)

1-800-289-3355 
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class C Common Stock, par value $0.01 per share
DELL
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
þ 
 
 
Accelerated filer 
¨
Non-accelerated filer
¨
 
 
Smaller reporting company
 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No þ

As of June 1, 2020, there were 740,816,465 shares of the registrant’s common stock outstanding, consisting of 254,592,425 outstanding shares of Class C Common Stock, 384,538,823 outstanding shares of Class A Common Stock, and 101,685,217 outstanding shares of Class B Common Stock.


1


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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words may, will, anticipate, estimate, expect, intend, plan, aim, seek, and similar expressions as they relate to us or our management are intended to identify these forward-looking statements. All statements by us regarding our expected financial position, revenues, cash flows and other operating results, business strategy, legal proceedings, future responses to and effects of the coronavirus disease 2019 (“COVID-19”), and similar matters are forward-looking statements. Our expectations expressed or implied in these forward-looking statements may not turn out to be correct. Our results could be materially different from our expectations because of various risks, including the risks discussed in “Part I — Item 1A — Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended January 31, 2020 and in our other periodic and current reports filed with the Securities and Exchange Commission (“SEC”). Any forward-looking statement speaks only as of the date as of which such statement is made, and, except as required by law, we undertake no obligation to update any forward-looking statement after the date as of which such statement was made, whether to reflect changes in circumstances or our expectations, the occurrence of unanticipated events, or otherwise.



2


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DELL TECHNOLOGIES INC.

TABLE OF CONTENTS
 
 
Page
 




3


Table of Contents


PART I — FINANCIAL INFORMATION

ITEM 1 FINANCIAL STATEMENTS (UNAUDITED)

Index
 
Page



4


Table of Contents

DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in millions; unaudited)
 
May 1, 2020
 
January 31, 2020
ASSETS
Current assets:
 

 
 

Cash and cash equivalents
$
12,229

 
$
9,302

Accounts receivable, net of allowance of $144 and $94 (Note 18)
10,797

 
12,484

Short-term financing receivables, net of allowance of $229 and $109 (Note 4)
4,752

 
4,895

Inventories, net
3,616

 
3,281

Other current assets
7,437

 
6,906

Current assets held for sale
2,100

 

Total current assets
40,931

 
36,868

Property, plant, and equipment, net
6,100

 
6,055

Long-term investments
974

 
864

Long-term financing receivables, net of allowance of $92 and $40 (Note 4)
4,710

 
4,848

Goodwill
40,248

 
41,691

Intangible assets, net
16,827

 
18,107

Other non-current assets
10,446

 
10,428

Total assets
$
120,236

 
$
118,861

LIABILITIES, REDEEMABLE SHARES, AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
 

 
 

Short-term debt
$
8,375

 
$
7,737

Accounts payable
18,432

 
20,065

Accrued and other
8,073

 
9,773

Short-term deferred revenue
14,766

 
14,881

Current liabilities held for sale
365

 

Total current liabilities
50,011

 
52,456

Long-term debt
48,353

 
44,319

Long-term deferred revenue
12,851

 
12,919

Other non-current liabilities
5,340

 
5,383

Total liabilities
116,555

 
115,077

Commitments and contingencies (Note 10)


 


Redeemable shares (Note 16)
441

 
629

Stockholders’ equity (deficit):
 
 
 
Common stock and capital in excess of $0.01 par value (Note 14)
16,339

 
16,091

Treasury stock at cost
(305
)
 
(65
)
Accumulated deficit
(16,858
)
 
(16,891
)
Accumulated other comprehensive loss
(790
)
 
(709
)
Total Dell Technologies Inc. stockholders’ deficit
(1,614
)
 
(1,574
)
Non-controlling interests
4,854

 
4,729

Total stockholders’ equity (deficit)
3,240

 
3,155

Total liabilities, redeemable shares, and stockholders’ equity (deficit)
$
120,236

 
$
118,861


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


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Table of Contents

DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in millions, except per share amounts; unaudited)
 
Three Months Ended
 
May 1, 2020
 
May 3, 2019
Net revenue:
 

 
 
Products
$
16,038

 
$
16,575

Services
5,859

 
5,333

Total net revenue
21,897

 
21,908

Cost of net revenue:
 
 
 
Products
12,804

 
13,079

Services
2,240

 
2,032

Total cost of net revenue
15,044

 
15,111

Gross margin
6,853

 
6,797

Operating expenses:
 
 
 
Selling, general, and administrative
4,886

 
5,071

Research and development
1,265

 
1,176

Total operating expenses
6,151

 
6,247

Operating income
702

 
550

Interest and other, net
(566
)
 
(693
)
Income (loss) before income taxes
136

 
(143
)
Income tax benefit
(46
)
 
(472
)
Net income
182

 
329

Less: Net income attributable to non-controlling interests
39

 
36

Net income attributable to Dell Technologies Inc.
$
143

 
$
293

 
 
 
 
Earnings per share attributable to Dell Technologies Inc.
Dell Technologies Common Stock — Basic
$
0.19

 
$
0.41

Dell Technologies Common Stock — Diluted
$
0.19

 
$
0.38

 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


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Table of Contents

DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions; unaudited)
 
Three Months Ended
 
May 1, 2020
 
May 3, 2019
Net income
$
182

 
$
329

 
 
 
 
Other comprehensive income (loss), net of tax
 
 
 
Foreign currency translation adjustments
(146
)
 
(158
)
Cash flow hedges:
 
 
 
Change in unrealized gains
167

 
152

Reclassification adjustment for net gains included in net income
(100
)
 
(58
)
Net change in cash flow hedges
67

 
94

Pension and other postretirement plans:
 
 
 
Recognition of actuarial net gain (loss) from pension and other postretirement plans
(7
)
 
7

Reclassification adjustments for net (gains) losses from pension and other postretirement plans
2

 

Net change in actuarial net gain (loss) from pension and other postretirement plans
(5
)
 
7

 
 
 
 
Total other comprehensive loss, net of tax expense of $10 and $7, respectively
(84
)
 
(57
)
Comprehensive income, net of tax
98

 
272

Less: Net income attributable to non-controlling interests
39

 
36

Less: Other comprehensive income (loss) attributable to non-controlling interests
(3
)
 
1

Comprehensive income attributable to Dell Technologies Inc.
$
62

 
$
235


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


7


Table of Contents

DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
 
Three Months Ended
 
May 1, 2020
 
May 3, 2019
Cash flows from operating activities:
 
 
 
Net income
$
182

 
$
329

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
Depreciation and amortization
1,316

 
1,616

Stock-based compensation expense
370

 
263

Deferred income taxes
(225
)
 
(813
)
Other, net
104

 
35

Changes in assets and liabilities, net of effects from acquisitions and dispositions:
 
 
 
Accounts receivable
1,284

 
1,753

Financing receivables
(14
)
 
121

Inventories
(352
)
 
273

Other assets and liabilities
(2,234
)
 
(2,119
)
Accounts payable
(1,538
)
 
(1,045
)
Deferred revenue
311

 
269

Change in cash from operating activities
(796
)
 
682

Cash flows from investing activities:
 
 
 
Purchases of investments
(56
)
 
(38
)
Maturities and sales of investments
39

 
337

Capital expenditures and capitalized software development costs
(559
)
 
(716
)
Acquisition of businesses and assets, net
(38
)
 
(45
)
Divestitures of businesses and assets, net
120

 
(3
)
Other
9

 
7

Change in cash from investing activities
(485
)
 
(458
)
Cash flows from financing activities:
 
 
 
Proceeds from the issuance of common stock
116

 
134

Repurchases of parent common stock
(240
)
 
(6
)
Repurchases of subsidiary common stock
(300
)
 
(803
)
Proceeds from debt
10,135

 
9,563

Repayments of debt
(5,405
)
 
(9,569
)
Other
(42
)
 
(38
)
Change in cash from financing activities
4,264

 
(719
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(136
)
 
(36
)
Change in cash, cash equivalents, and restricted cash
2,847

 
(531
)
Cash, cash equivalents, and restricted cash at beginning of the period
10,151

 
10,240

Cash, cash equivalents, and restricted cash at end of the period
$
12,998

 
$
9,709


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.



8


Table of Contents

DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(in millions; continued on next page; unaudited)

 
Common Stock and Capital in Excess of Par Value
 
Treasury Stock
 
 
 
 
 
 
 
 
 
 
 
Issued Shares
 
Amount
 
Shares
 
Amount
 
Accumulated Deficit
 
Accumulated Other Comprehensive Income/(Loss)
 
Dell Technologies
Stockholders’ Equity (Deficit)
 
Non-Controlling Interests
 
Total Stockholders Equity (Deficit)
Balances as of January 31, 2020
745

 
$
16,091

 
2

 
$
(65
)
 
$
(16,891
)
 
$
(709
)
 
$
(1,574
)
 
$
4,729

 
$
3,155

Adjustment for adoption of accounting standards (Note 1)

 

 

 

 
(110
)
 

 
(110
)
 

 
(110
)
Net income

 

 

 

 
143

 

 
143

 
39

 
182

Foreign currency translation adjustments

 

 

 

 

 
(146
)
 
(146
)
 

 
(146
)
Cash flow hedges, net change

 

 

 

 

 
70

 
70

 
(3
)
 
67

Pension and other post-retirement

 

 

 

 

 
(5
)
 
(5
)
 

 
(5
)
Issuance of common stock
3

 
9

 

 

 

 

 
9

 

 
9

Stock-based compensation expense

 
92

 

 

 

 

 
92

 
278

 
370

Treasury stock repurchases

 

 
6

 
(240
)
 

 

 
(240
)
 

 
(240
)
Revaluation of redeemable shares

 
188

 

 

 

 

 
188

 

 
188

Impact from equity transactions of non-controlling interests

 
(41
)
 

 

 

 

 
(41
)
 
(189
)
 
(230
)
Balances as of May 1, 2020
748

 
$
16,339

 
8

 
$
(305
)
 
$
(16,858
)
 
$
(790
)
 
$
(1,614
)
 
$
4,854

 
$
3,240



The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


9


Table of Contents

DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(continued; in millions; unaudited)

 
Common Stock and Capital in Excess of Par Value
 
Treasury Stock
 
 
 
 
 
 
 
 
 
 
 
Issued Shares
 
Amount
 
Shares
 
Amount
 
Accumulated Deficit
 
Accumulated Other Comprehensive Income/(Loss)
 
Dell Technologies
Stockholders’ Equity (Deficit)
 
Non-Controlling Interests
 
Total Stockholders Equity (Deficit)
Balances as of February 2, 2019
721

 
$
16,114

 
2

 
$
(63
)
 
$
(21,349
)
 
$
(467
)
 
$
(5,765
)
 
$
4,823

 
$
(942
)
Adjustment for adoption of accounting standards

 

 

 

 
3

 

 
3

 

 
3

Net income

 

 

 

 
293

 

 
293

 
36

 
329

Foreign currency translation adjustments

 

 

 

 

 
(158
)
 
(158
)
 

 
(158
)
Cash flow hedges, net change

 

 

 

 

 
93

 
93

 
1

 
94

Pension and other post-retirement

 

 

 

 

 
7

 
7

 

 
7

Issuance of common stock

 
(3
)
 

 

 

 

 
(3
)
 

 
(3
)
Stock-based compensation expense

 
42

 

 

 

 

 
42

 
221

 
263

Treasury stock repurchases

 

 

 
(2
)
 

 

 
(2
)
 

 
(2
)
Revaluation of redeemable shares

 
(578
)
 

 

 

 

 
(578
)
 

 
(578
)
Impact from equity transactions of non-controlling interests

 
(396
)
 

 

 

 

 
(396
)
 
(278
)
 
(674
)
Balances as of May 3, 2019
721

 
$
15,179

 
2

 
$
(65
)
 
$
(21,053
)
 
$
(525
)
 
$
(6,464
)
 
$
4,803

 
$
(1,661
)


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


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Table of Contents
DELL TECHNOLOGIES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
(unaudited)




NOTE 1 — 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 31, 2020. 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 May 1, 2020 and January 31, 2020 and the results of its operations and corresponding comprehensive income (loss) and its cash flows for the three months ended May 1, 2020 and May 3, 2019.

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 potential economic implications of the outbreak 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) and the cash flows for the three months ended May 1, 2020 and May 3, 2019 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. The fiscal year ended January 31, 2020 (“Fiscal 2020”) was a 52-week period, and the fiscal year ending January 29, 2021 (“Fiscal 2021”) will be a 52-week period.

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.

Revenue Reclassification — For the fiscal year ended January 31, 2020, Dell Technologies made certain reclassifications of net revenue between the products and services categories on the Consolidated Statement of Net Income (Loss), which impacted previously reported amounts for the three months ended May 3, 2019. The reclassifications were made to provide a more meaningful representation of the nature of certain service and software-as-a-service offerings of VMware, Inc. Prior period results were recast to conform with these changes, and resulted in an increase to services revenue and an equal and offsetting decrease to product revenue of $179 million for the three months ended May 3, 2019. Total net revenue as previously reported remains unchanged. The Company did not recast cost of goods sold for the related revenue reclassifications due to immateriality.

RSA Security Divestiture — On February 18, 2020, Dell Technologies announced its entry into a definitive agreement with a consortium led by Symphony Technology Group, Ontario Teachers’ Pension Plan Board and AlpInvest Partners to sell RSA Security in an all-cash transaction for approximately $2.075 billion, subject to certain closing adjustments. The transaction, which includes the purchase of RSA Archer, RSA NetWitness Platform, RSA SecurID, RSA Fraud and Risk Intelligence and RSA Conference, is expected to close in the third quarter of Fiscal 2021 and is subject to customary conditions. The transaction is intended to further simplify Dell Technologies’ product portfolio and corporate structure. The transaction is not expected to have a material impact on the Company’s operating results or financial position.

In accordance with applicable accounting guidance, the Company concluded that RSA Security’s long-lived assets have met the criteria to be classified as held-for-sale as of May 1, 2020. The Company reclassified the related assets and liabilities as “Current assets held for sale” and “Current liabilities held for sale” on the accompanying Condensed Consolidated Statements of Financial Position as of May 1, 2020 as the sale is expected to close within the next twelve months.



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Table of Contents
DELL TECHNOLOGIES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)


The following table presents the major classes of assets and liabilities as of May 1, 2020 related to RSA Security which were classified as held for sale as of the date indicated:
 
May 1, 2020
 
(in millions)
ASSETS
Current assets:
 
Accounts receivable, net
$
221

Other current assets
23

Total current assets
244

Goodwill
1,359

Intangible assets, net
440

Other non-current assets
55

Total assets
$
2,098

LIABILITIES
Current liabilities:
 
Accounts payable
$
25

Accrued and other
68

Short-term deferred revenue
206

Total current liabilities
299

Long-term deferred revenue
44

Other non-current liabilities
22

Total liabilities
$
365



RSA Security does not meet the criteria for discontinued operations reporting, and as a result its operating results and cash flows are not separately stated as a discontinued operation in the accompanying unaudited Condensed Consolidated Financial Statements. RSA Security does not meet the requirements for a reportable segment and, consequently, its operating results are included within Other businesses.

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”), with Pivotal surviving the merger as a wholly-owned subsidiary of VMware, Inc. Each outstanding share of Pivotal’s Class A common stock (other than shares held by Pivotal stockholders who properly exercised their appraisal rights under Delaware law) was converted into the right to receive $15.00 in cash, without interest, and each outstanding share of Pivotal’s Class B common stock was converted into the right to receive 0.0550 of a share of Class B common stock of VMware, Inc. Dell Technologies, which held all outstanding shares of Pivotal’s Class B common stock, received approximately 7.2 million shares of Class B common stock of VMware, Inc. in the transaction. 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 to 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 and is presented in Note 17 of the Notes to the Condensed Consolidated Financial Statements.



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Table of Contents
DELL TECHNOLOGIES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)


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.

The merger pursuant to which the Class V transaction was effected and the Class V transaction have been accounted for as a hybrid liability and equity transaction involving the repurchase of outstanding common stock, with the consideration consisting of a variable combination of cash and shares. Upon settlement, the accounting for the Class V transaction reflected that the outstanding Class V Common Stock was canceled and exchanged for shares of Class C Common Stock at $120.00 per share in cash or combination of cash and shares, depending on each holder’s election and subject to proration of the cash elections.

EMC Merger Transaction — On September 7, 2016, the Company completed its acquisition of EMC Corporation (“EMC”) by merger (the “EMC merger transaction”). The consolidated results of EMC are included in Dell Technologies’ consolidated results presented in these financial statements.

Recently Issued Accounting Pronouncements

Simplifying Accounting for Income Taxes In December 2019, the Financial Accounting Standards Board (“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. Public entities must adopt the new guidance for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, with early adoption permitted for fiscal periods beginning after December 15, 2019. The Company is currently evaluating the impact and timing of adoption of this guidance.

Recently Adopted Accounting Pronouncements

Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued amended guidance which replaces the current incurred loss impairment methodology for measurement of credit losses on financial instruments with a methodology (the “current expected credit losses model,” or “CECL model”) that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Under the CECL model, the allowance for losses on financial assets, measured at amortized cost, reflects management’s estimate of credit losses over the remaining expected life of such assets.

The Company adopted the standard (the “new CECL 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. The cumulative effect of adopting the new CECL standard resulted in an increase of $111 million and $27 million to the allowance for expected credit losses within financing receivables, net and accounts receivable, net, respectively, on the Condensed Consolidated Statements of Financial Position, and a corresponding decrease of $28 million to other non-current liabilities related to deferred taxes and $110 million to stockholders’ equity (deficit) as of February 1, 2020. See Note 2, Note 4, and Note 18 of the Notes to the Condensed Consolidated Financial Statements for additional information about the Company’s allowance for financing receivables losses and allowance for expected credit losses of accounts receivable, respectively.

Intangibles - Goodwill and Other - Internal-Use Software In August 2018, the FASB issued guidance on a customer’s accounting for implementation costs incurred in a cloud-computing arrangement when hosted by a vendor. The guidance provides that, in a hosting arrangement that is a service contract, certain implementation costs should be capitalized and amortized over the term of the arrangement. The Company adopted the standard (the “new cloud computing standard”) during the three months ended May 1, 2020 using the prospective method. The impact of the adoption of this standard was immaterial to the Condensed Consolidated Financial Statements.



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Table of Contents
DELL TECHNOLOGIES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)


NOTE 2INTERIM UPDATE TO SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

As discussed in Note 1 of the Notes to the Condensed Consolidated Financial Statements, the Company adopted the new CECL standard as of February 1, 2020 using the modified retrospective method. The new impairment methodology for measurement of credit losses on financial instruments reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Additionally, the Company adopted the new cloud computing standard during the three months ended May 1, 2020 using the prospective method. In a cloud-computing hosting arrangement hosted by a vendor that is a service contract, certain implementation costs should be capitalized and amortized over the term of the arrangement. The following accounting policies have been updated as part of the adoption of the new standards.

Allowance for Expected Credit Losses — The Company recognizes an allowance for losses on accounts receivable in an amount equal to the current expected credit losses. The estimation of the allowance is based on an analysis of historical loss experience, current receivables aging, and management’s assessment of current conditions and reasonable and supportable expectation of future conditions, as well as an assessment of specific identifiable customer accounts considered at risk or uncollectible. The Company assesses collectibility by pooling receivables where similar characteristics exist and evaluates receivables individually when specific customer balances no longer share those risk characteristics and are considered at risk or uncollectible. The expense associated with the allowance for expected credit losses is recognized in selling, general, and administrative expenses.

Allowance for Financing Receivables Losses — The Company recognizes an allowance for losses on financing receivables in an amount equal to the probable losses net of recoveries. The allowance for losses is determined based on various factors, including lifetime expected losses determined using macroeconomic forecast assumptions and management judgments applicable to and through the expected life of the portfolios as well as past due receivables, receivable type, and customer risk profile. Both fixed and revolving receivable loss rates are affected by macroeconomic conditions, including the level of gross domestic product (“GDP”) growth, the level of commercial capital equipment investment, unemployment rates, and the credit quality of the borrower.

Customer account principal and interest are charged to the allowance for losses when an account is deemed to be uncollectible or generally when the account is 180 days delinquent. While the Company does not generally place financing receivables on non-accrual status during the delinquency period, accrued interest is included in the allowance for loss calculation and, therefore, the Company is adequately reserved in the event of charge off. Recoveries on receivables previously charged off as uncollectible are recorded to the allowance for financing receivables losses. The expense associated with the allowance for financing receivables losses is recognized as cost of net revenue.

Capitalized Software Development Costs — The Company capitalizes certain internal and external costs to acquire or create internal use software which are incurred subsequent to the completion of the preliminary project stage. Development costs are generally amortized on a straight-line basis over five years. Costs associated with maintenance and minor enhancements to the features and functionality of the Company’s website are expensed as incurred.



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Table of Contents
DELL TECHNOLOGIES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)


NOTE 3 — FAIR VALUE MEASUREMENTS AND INVESTMENTS

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the dates indicated:
 
May 1, 2020
 
January 31, 2020
 
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:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Money market funds
$
7,981

 
$

 
$

 
$
7,981

 
$
4,621

 
$

 
$

 
$
4,621

Equity and other securities
3

 

 

 
3

 
12

 

 

 
12

Derivative instruments

 
352

 

 
352

 

 
81

 

 
81

Total assets
$
7,984

 
$
352

 
$

 
$
8,336

 
$
4,633

 
$
81

 
$

 
$
4,714

Liabilities: