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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 10-Q
 
(Mark One)  
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period endedApril 30, 2021
or
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from            to           
 
Commission File Number: 001-37867
 
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 classTrading Symbol(s)Name of each exchange on which registered
Class C Common Stock, par value $0.01 per shareDELLNew 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 filerþ 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, 2021, there were 763,690,159 shares of the registrant’s common stock outstanding, consisting of 277,588,056 outstanding shares of Class C Common Stock, 384,416,886 outstanding shares of Class A Common Stock, and 101,685,217 outstanding shares of Class B Common Stock.

1


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 29, 2021, in this report 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


DELL TECHNOLOGIES INC.

TABLE OF CONTENTS



3



PART I — FINANCIAL INFORMATION

ITEM 1 FINANCIAL STATEMENTS (UNAUDITED)

Index
Page


4


DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in millions; unaudited)
April 30, 2021January 29, 2021
ASSETS
Current assets:  
Cash and cash equivalents$14,244 $14,201 
Accounts receivable, net of allowance of $104 and $104 (Note 17)
10,909 12,788 
Short-term financing receivables, net of allowance of $220 and $228 (Note 3)
4,980 5,155 
Inventories3,828 3,402 
Other current assets8,378 8,021 
Total current assets42,339 43,567 
Property, plant, and equipment, net6,557 6,431 
Long-term investments1,670 1,624 
Long-term financing receivables, net of allowance of $96 and $93 (Note 3)
5,261 5,339 
Goodwill40,839 40,829 
Intangible assets, net13,729 14,429 
Other non-current assets11,357 11,196 
Total assets$121,752 $123,415 
LIABILITIES, REDEEMABLE SHARES, AND STOCKHOLDERS’ EQUITY
Current liabilities:  
Short-term debt$8,748 $6,362 
Accounts payable21,545 21,696 
Accrued and other7,728 9,549 
Short-term deferred revenue16,835 16,525 
Total current liabilities54,856 54,132 
Long-term debt37,935 41,622 
Long-term deferred revenue14,541 14,276 
Other non-current liabilities5,276 5,360 
Total liabilities112,608 115,390 
Commitments and contingencies (Note 9)
Redeemable shares (Note 15)
558 472 
Stockholders’ equity (deficit):
Common stock and capital in excess of $0.01 par value (Note 13)
16,950 16,849 
Treasury stock at cost(305)(305)
Accumulated deficit(12,864)(13,751)
Accumulated other comprehensive loss(294)(314)
Total Dell Technologies Inc. stockholders’ equity3,487 2,479 
Non-controlling interests5,099 5,074 
Total stockholders’ equity8,586 7,553 
Total liabilities, redeemable shares, and stockholders’ equity$121,752 $123,415 

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

5


DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)
Three Months Ended
 April 30, 2021May 1, 2020
Net revenue: 
Products$18,034 $16,038 
Services6,453 5,859 
Total net revenue24,487 21,897 
Cost of net revenue:
Products14,214 12,804 
Services2,615 2,240 
Total cost of net revenue16,829 15,044 
Gross margin7,658 6,853 
Operating expenses:
Selling, general, and administrative4,960 4,886 
Research and development1,323 1,265 
Total operating expenses6,283 6,151 
Operating income1,375 702 
Interest and other, net(388)(566)
Income before income taxes987 136 
Income tax expense (benefit)49 (46)
Net income938 182 
Less: Net income attributable to non-controlling interests51 39 
Net income attributable to Dell Technologies Inc.$887 $143 
Earnings per share attributable to Dell Technologies Inc.
Dell Technologies Common Stock — Basic$1.17 $0.19 
Dell Technologies Common Stock — Diluted$1.13 $0.19 
 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

6


DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions; unaudited)
Three Months Ended
April 30, 2021May 1, 2020
Net income$938 $182 
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments(7)(146)
Cash flow hedges:
Change in unrealized (losses) gains(1)167 
Reclassification adjustment for net losses (gains) included in net income27 (100)
Net change in cash flow hedges26 67 
Pension and other postretirement plans:
Recognition of actuarial net gains (losses) from pension and other postretirement plans1 (7)
Reclassification adjustments for net losses from pension and other postretirement plans 2 
Net change in actuarial net gains (losses) from pension and other postretirement plans1 (5)
Total other comprehensive income (loss), net of tax expense (benefit) of $(2) and $10, respectively
20 (84)
Comprehensive income, net of tax958 98 
Less: Net income attributable to non-controlling interests51 39 
Less: Other comprehensive loss attributable to non-controlling interests (3)
Comprehensive income attributable to Dell Technologies Inc.$907 $62 

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

7


DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
Three Months Ended
April 30, 2021May 1, 2020
Cash flows from operating activities:
Net income$938 $182 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization1,239 1,316 
Stock-based compensation expense435 370 
Deferred income taxes(170)(225)
Other, net(82)104 
Changes in assets and liabilities, net of effects from acquisitions and dispositions:
Accounts receivable1,850 1,284 
Financing receivables276 (14)
Inventories(396)(352)
Other assets and liabilities(2,292)(2,234)
Accounts payable(125)(1,538)
Deferred revenue565 311 
Change in cash from operating activities2,238 (796)
Cash flows from investing activities:
Purchases of investments(146)(56)
Maturities and sales of investments256 39 
Capital expenditures and capitalized software development costs(625)(559)
Acquisition of businesses and assets, net(10)(38)
Divestitures of businesses and assets, net 120 
Other6 9 
Change in cash from investing activities(519)(485)
Cash flows from financing activities:
Proceeds from the issuance of common stock160 116 
Repurchases of parent common stock(9)(240)
Repurchases of subsidiary common stock(434)(300)
Proceeds from debt2,726 10,135 
Repayments of debt(4,070)(5,405)
Other(11)(42)
Change in cash from financing activities(1,638)4,264 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(5)(136)
Change in cash, cash equivalents, and restricted cash76 2,847 
Cash, cash equivalents, and restricted cash at beginning of the period15,184 10,151 
Cash, cash equivalents, and restricted cash at end of the period$15,260 $12,998 

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


8


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 ValueTreasury Stock
Issued SharesAmountSharesAmountAccumulated DeficitAccumulated Other Comprehensive Income/(Loss)Dell Technologies Stockholders’ Equity (Deficit)Non-Controlling InterestsTotal Stockholders’ Equity (Deficit)
Balances as of January 29, 2021761 $16,849 8 $(305)$(13,751)$(314)$2,479 $5,074 $7,553 
Net income— — — — 887 — 887 51 938 
Foreign currency translation adjustments— — — — — (7)(7)— (7)
Cash flow hedges, net change— — — — — 26 26 — 26 
Pension and other post-retirement— — — — — 1 1 — 1 
Issuance of common stock11 19 — — — — 19 — 19 
Stock-based compensation expense— 166 — — — — 166 269 435 
Revaluation of redeemable shares— (86)— — — — (86)— (86)
Impact from equity transactions of non-controlling interests— 2 — — — — 2 (295)(293)
Balances as of April 30, 2021772 $16,950 8 $(305)$(12,864)$(294)$3,487 $5,099 $8,586 

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



9


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

Common Stock and Capital in Excess of Par ValueTreasury Stock
Issued SharesAmountSharesAmountAccumulated DeficitAccumulated Other Comprehensive Income/(Loss)Dell Technologies Stockholders’ Equity (Deficit)Non-Controlling InterestsTotal Stockholders’ Equity (Deficit)
Balances as of January 31, 2020745 $16,091 2 $(65)$(16,891)$(709)$(1,574)$4,729 $3,155 
Adjustment for adoption of accounting standard— — — — (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 stock3 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, 2020748 $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.

10


DELL TECHNOLOGIES INC.
NOTES TO THE 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 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 April 30, 2021 and January 29, 2021 and the results of its operations, corresponding comprehensive income (loss) and its cash flows for the three months ended April 30, 2021 and May 1, 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, comprehensive income (loss), and cash flows for the three months ended April 30, 2021 and May 1, 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 ended January 29, 2021 (“Fiscal 2021”) and fiscal year ending January 28, 2022 (“Fiscal 2022”) 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 April 14, 2021, Dell Technologies entered into a Separation and Distribution Agreement with VMware, Inc, in which Dell Technologies owns a majority equity stake. Subject to the terms and conditions set forth in the Separation and Distribution Agreement, the businesses of VMware, Inc. will be separated from the remaining businesses of Dell Technologies through a series of transactions that will result in the pre-transaction stockholders of Dell Technologies owning shares in two, separate public companies: (1) VMware, Inc., which will own the businesses of VMware, Inc. and its subsidiaries, and (2) Dell Technologies, which will own Dell Technologies’ other businesses and subsidiaries (the “VMware Spin-off”).

VMware, Inc. will pay a cash dividend, pro rata, to each of the holders of VMware, Inc. common stock in an aggregate amount equal to an amount to be mutually agreed by the Company and VMware, Inc. between $11.5 billion and $12.0 billion, subject to the satisfaction of certain conditions of payment. Immediately following such payment, the separation of VMware, Inc. from the Company will occur, including through the termination or settlement of certain intercompany accounts and intercompany contracts and the other transactions. Upon the closing of the transaction, Dell Technologies intends to use net proceeds from its pro rata share of the cash dividend to repay debt.

11


DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)


The transaction is expected to close during the fourth quarter of calendar 2021, subject to certain closing conditions, including receipt of a favorable private letter ruling from the Internal Revenue Service that the transaction will qualify as tax-free for Dell Technologies stockholders for U.S. federal income tax purposes. Either Dell Technologies or VMware, Inc. may terminate the Separation and Distribution Agreement if the VMware Spin-off is not completed on or before January 28, 2022, among other termination rights.

In connection with and upon consummation of the VMware Spin-off, Dell Technologies and VMware, Inc. will enter into a Commercial Framework Agreement (the “CFA”). The CFA will provide a framework under which Dell Technologies and VMware, Inc. can continue their strategic commercial relationship after the transaction. The CFA will have an initial term of five years, with automatic one-year renewals occurring annually thereafter, subject to certain terms and conditions.

The announcement of the planned VMware Spin-off did not have any impact to the Company’s Condensed Consolidated Financial Statements or segment reporting. The Company will report VMware results as discontinued operations upon the closing of the transaction.

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. 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.

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.


12


DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)

Recently Issued Accounting Pronouncements

Reference Rate Reform — In March 2020, the Financial Accounting Standards Board (“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 Financial Accounting Standards Board (“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.

13


DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)

NOTE 2 — 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:
 April 30, 2021January 29, 2021
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
 Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs 
 (in millions)
Assets:        
Cash and cash equivalents:
Money market funds$8,936 $ $ $8,936 $8,846 $ $ $8,846 
Equity and other securities327   327 449   449 
Derivative instruments 69  69  104  104 
Total assets$9,263 $69 $ $9,332 $9,295 $104 $ $9,399 
Liabilities:        
Derivative instruments$ $103 $ $103 $ $133 $ $133 
Total liabilities$ $103 $ $103 $ $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 April 30, 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 $340 million and $308 million as of April 30, 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.


14


DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)

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 April 30, 2021 and January 29, 2021, the Company held private strategic investments of $1.1 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:
April 30, 2021January 29, 2021
Carrying ValueFair ValueCarrying ValueFair Value
(in billions)
Senior Secured Credit Facilities$6.2 $6.3 $6.2 $6.3 
First Lien Notes$18.3 $22.7 $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 $1.0 $1.0 
VMware Notes$4.7 $5.2 $4.7 $5.3 
Margin Loan Facility$4.0 $3.9 $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 (“DFS”) and its affiliates 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.


15


DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)

Investments

The following table presents the carrying value of the Company’s investments as of the dates indicated:
April 30, 2021January 29, 2021
CostUnrealized GainUnrealized (Loss)Carrying ValueCostUnrealized GainUnrealized (Loss)Carrying Value
(in millions)
Equity and other securities$1,328 $198 $(121)$1,405 $907 $677 $(145)$1,439 
Fixed income debt securities256 9  265 176 9  185 
Total securities$1,670 $1,624 

Equity and other securities — The Company has strategic investments in publicly-traded and privately-held companies. For the three months ended April 30, 2021, the equity and other securities without readily determinable fair values of $1.1 billion increased by $198 million, primarily due to upward adjustments for observable price changes, offset by $26 million of downward adjustments 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.


16


DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)

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 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 $1.9 billion and $1.8 billion for the three months ended April 30, 2021 and May 1, 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. Pursuant to the current lease accounting standard effective February 2, 2019, new 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. 


17


DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)

Financing Receivables

The following table presents the components of the Company’s financing receivables segregated by portfolio segment as of the dates indicated:
 April 30, 2021January 29, 2021
RevolvingFixed-termTotalRevolvingFixed-termTotal
 (in millions)
Financing receivables, net:  
Customer receivables, gross (a)$752 $9,438 $10,190 $796 $9,595 $10,391 
Allowances for losses(139)(177)(316)