DEBT (Tables)

3 Months Ended

Apr. 29, 2022

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 and excludes the allocated portion of the Company’s other borrowings, which represents the additional amount considered to fund the DFS business:


	April 29, 2022		January 28, 2022
DFS debt	(in millions)
DFS U.S. debt:
Asset-based financing and securitization facilities	$	2,720	$	3,054
Fixed-term securitization offerings	3,607		3,011
Other	125		135
Total DFS U.S. debt	6,452		6,200
DFS international debt:
Securitization facility	730		739
Other borrowings	818		785
Note payable	250		250
Dell Bank senior unsecured eurobonds	1,575		1,672
Total DFS international debt	3,373		3,446
Total DFS debt	$	9,825	$	9,646
Total short-term DFS debt	$	5,907	$	5,803
Total long-term DFS debt	$	3,918	$	3,843

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


	April 29, 2022		January 28, 2022
	(in millions)
Senior Notes:
5.45% due June 2023	1,000		1,000
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	1,000		1,000
3.38% due December 2041	1,000		1,000
8.35% due July 2046	800		800
3.45% due December 2051	1,250		1,250
Legacy Notes and Debentures:
7.10% due April 2028	300		300
6.50% due April 2038	388		388
5.40% due September 2040	264		264
DFS Debt (Note 5)	9,825		9,646
Other	320		337
Total debt, principal amount	$	27,397	$	27,235
Unamortized discount, net of unamortized premium	(131)		(134)
Debt issuance costs	(144)		(147)
Total debt, carrying value	$	27,122	$	26,954
Total short-term debt, carrying value	$	5,925	$	5,823
Total long-term debt, carrying value	$	21,197	$	21,131

Aggregate future maturities

The following tables presents the aggregate future maturities of the Company’s debt as of April 29, 2022 for the periods indicated:


	Maturities by Fiscal Year
	2023 (remaining nine months)		2024		2025		2026		2027		Thereafter		Total
	(in millions)
Senior Notes	$	—	$	1,000	$	1,000	$	1,000	$	6,250	$	7,050	$	16,300
Legacy Notes and Debentures	—		—		—		—		—		952		952
DFS Debt	5,201		2,612		1,294		165		550		3		9,825
Other	23		165		109		20		1		2		320
Total maturities, principal amount	5,224		3,777		2,403		1,185		6,801		8,007		27,397
Associated carrying value adjustments	(5)		(6)		(9)		(8)		(56)		(191)		(275)
Total maturities, carrying value amount	$	5,219	$	3,771	$	2,394	$	1,177	$	6,745	$	7,816	$	27,122