DEBT (Tables)

6 Months Ended

Jul. 31, 2020

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.


	July 31, 2020		January 31, 2020
	(in millions)
DFS U.S. debt:
Asset-based financing and securitization facilities	$	2,936	$	2,606
Fixed-term securitization offerings	2,788		2,593
Other	187		141
Total DFS U.S. debt	5,911		5,340
DFS international debt:
Securitization facility	835		743
Other borrowings	719		931
Note payable	187		200
Dell Bank Senior Unsecured Eurobonds	1,185		551
Total DFS international debt	2,926		2,425
Total DFS debt	$	8,837	$	7,765
Total short-term DFS debt	$	4,188	$	4,152
Total long-term DFS debt	$	4,649	$	3,613

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


	July 31, 2020		January 31, 2020
	(in millions)
Secured Debt
Senior Secured Credit Facilities:

2.75% Term Loan B-1 Facility due September 2025	$	4,691	$	4,738

1.93% Term Loan A-4 Facility due December 2023	679		679

1.93% Term Loan A-6 Facility due March 2024	3,316		3,497
First Lien Notes:

4.42% due June 2021	3,065		4,500
5.45% due June 2023	3,750		3,750
4.00% due July 2024	1,000		1,000
5.85% due July 2025	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		—
5.30% due October 2029	1,750		1,750
6.20% due July 2030	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		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		1,075
7.125% due June 2024	1,625		1,625
EMC Notes:
2.650% due June 2020	—		600
3.375% due June 2023	1,000		1,000
Debt of Public Subsidiary
VMware Notes:
2.30% due August 2020	—		1,250
2.95% due August 2022	1,500		1,500
4.50% due May 2025	750		—
4.65% due May 2027	500		—
3.90% due August 2027	1,250		1,250
4.70% due May 2030	750		—
VMware Term Loan Facility	1,500		1,500
DFS Debt (Note 4)	8,837		7,765
Other
2.51% Margin Loan Facility due April 2022	4,000		4,000
Other	147		84
Total debt, principal amount	$	54,537	$	52,665


	July 31, 2020		January 31, 2020
	(in millions)
Total debt, principal amount	$	54,537	$	52,665
Unamortized discount, net of unamortized premium	(226)		(241)
Debt issuance costs	(358)		(368)
Total debt, carrying value	$	53,953	$	52,056
Total short-term debt, carrying value	$	10,345	$	7,737
Total long-term debt, carrying value	$	43,608	$	44,319

Aggregate future maturities

The following table presents the aggregate future maturities of the Company’s debt as of July 31, 2020 for the periods indicated:


	Maturities by Fiscal Year
	2021 (remaining six months)		2022		2023		2024		2025		Thereafter		Total
	(in millions)
Senior Secured Credit Facilities and First Lien Notes	$	—	$	3,237	$	286	$	6,702	$	1,775	$	18,251	$	30,251
Unsecured Notes and Debentures	—		400		—		—		—		952		1,352
Senior Notes and EMC Notes	—		1,075		—		1,000		1,625		—		3,700
VMware Notes	1,500		—		1,500		—		—		3,250		6,250
DFS Debt	2,912		2,906		2,229		163		627		—		8,837
Margin Loan Facility	—		—		4,000		—		—		—		4,000
Other	5		10		11		8		8		105		147
Total maturities, principal amount	4,417		7,628		8,026		7,873		4,035		22,558		54,537
Associated carrying value adjustments	(1)		(29)		(21)		(43)		(84)		(406)		(584)
Total maturities, carrying value amount	$	4,416	$	7,599	$	8,005	$	7,830	$	3,951	$	22,152	$	53,953