dell-202210280001571996February 32023Q3false | | | | | | | | | | | | | | | | | | | | | | | |
| (a) Includes related party cost of net revenue as follows: | | | | | | | |
| Products | $ | 426 | | | $ | 387 | | | $ | 681 | | | $ | 706 | |
| Services | $ | 762 | | | $ | 616 | | | $ | 1,471 | | | $ | 1,194 | |
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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 ended | October 28, 2022 | |
| 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 of $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 | ☑ | | | 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 Act). Yes ☐ No þ
As of November 30, 2022, there were 716,128,296 shares of the registrant’s common stock outstanding, consisting of 242,297,546 outstanding shares of Class C Common Stock, 378,480,523 outstanding shares of Class A Common Stock, and 95,350,227 outstanding shares of Class B Common Stock.
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 (including the risk associated with final court approval of the litigation settlement agreement described in this report), 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 28, 2022, 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.
DELL TECHNOLOGIES INC.
TABLE OF CONTENTS
PART I — FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS (UNAUDITED)
Index
DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in millions; unaudited) | | | | | | | | | | | |
| October 28, 2022 | | January 28, 2022 |
| ASSETS |
| Current assets: | | | |
| Cash and cash equivalents | $ | 4,909 | | | $ | 9,477 | |
Accounts receivable, net of allowance of $75 and $90 | 11,431 | | | 12,912 | |
| Due from related party, net | 203 | | | 131 | |
Short-term financing receivables, net of allowance of $132 and $142 (Note 5) | 4,915 | | | 5,089 | |
| Inventories | 6,172 | | | 5,898 | |
| Other current assets | 11,157 | | | 11,526 | |
| Total current assets | 38,787 | | | 45,033 | |
| Property, plant, and equipment, net | 5,847 | | | 5,415 | |
| Long-term investments | 1,534 | | | 1,839 | |
Long-term financing receivables, net of allowance of $54 and $47 (Note 5) | 5,659 | | | 5,522 | |
| Goodwill | 19,366 | | | 19,770 | |
| Intangible assets, net | 6,728 | | | 7,461 | |
| Due from related party, net | 612 | | | 710 | |
| Other non-current assets | 6,639 | | | 6,985 | |
| Total assets | $ | 85,172 | | | $ | 92,735 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
| Current liabilities: | | | |
| Short-term debt | $ | 6,767 | | | $ | 5,823 | |
| Accounts payable | 22,507 | | | 27,143 | |
| Due to related party | 712 | | | 1,414 | |
| Accrued and other | 7,915 | | | 7,578 | |
| Short-term deferred revenue | 14,106 | | | 14,261 | |
| Total current liabilities | 52,007 | | | 56,219 | |
| Long-term debt | 20,562 | | | 21,131 | |
| Long-term deferred revenue | 12,983 | | | 13,312 | |
| Other non-current liabilities | 2,988 | | | 3,653 | |
| Total liabilities | 88,540 | | | 94,315 | |
Commitments and contingencies (Note 11) | | | |
| Stockholders’ equity (deficit): | | | |
Common stock and capital in excess of $0.01 par value (Note 14) | 8,216 | | | 7,898 | |
| Treasury stock at cost | (3,663) | | | (964) | |
| Accumulated deficit | (7,102) | | | (8,188) | |
| Accumulated other comprehensive loss | (920) | | | (431) | |
| Total Dell Technologies Inc. stockholders’ equity (deficit) | (3,469) | | | (1,685) | |
| Non-controlling interests | 101 | | | 105 | |
| Total stockholders’ equity (deficit) | (3,368) | | | (1,580) | |
| Total liabilities and stockholders’ equity | $ | 85,172 | | | $ | 92,735 | |
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| | October 28, 2022 | | October 29, 2021 | | October 28, 2022 | | October 29, 2021 |
| Net revenue: | | | | | | | |
| Products | $ | 18,938 | | | $ | 20,979 | | | $ | 60,212 | | | $ | 57,361 | |
| Services | 5,783 | | | 5,445 | | | 17,050 | | | 15,844 | |
| Total net revenue | 24,721 | | | 26,424 | | | 77,262 | | | 73,205 | |
| Cost of net revenue (a): | | | | | | | |
| Products | 15,601 | | | 17,833 | | | 50,281 | | | 47,959 | |
| Services | 3,413 | | | 3,057 | | | 10,051 | | | 8,973 | |
| Total cost of net revenue | 19,014 | | | 20,890 | | | 60,332 | | | 56,932 | |
| Gross margin | 5,707 | | | 5,534 | | | 16,930 | | | 16,273 | |
| Operating expenses: | | | | | | | |
| Selling, general, and administrative | 3,268 | | | 3,838 | | | 10,364 | | | 11,257 | |
| Research and development | 677 | | | 650 | | | 1,984 | | | 1,966 | |
| Total operating expenses | 3,945 | | | 4,488 | | | 12,348 | | | 13,223 | |
| Operating income | 1,762 | | | 1,046 | | | 4,582 | | | 3,050 | |
| Interest and other, net | (1,308) | | | 3,501 | | | (2,280) | | | 2,921 | |
| Income before income taxes | 454 | | | 4,547 | | | 2,302 | | | 5,971 | |
| Income tax expense | 213 | | | 864 | | | 486 | | | 1,000 | |
| Net income from continuing operations | 241 | | | 3,683 | | | 1,816 | | | 4,971 | |
Income from discontinued operations, net of income taxes (Note 2) | — | | | 205 | | | — | | | 735 | |
| Net income | 241 | | | 3,888 | | | 1,816 | | | 5,706 | |
| Less: Net loss attributable to non-controlling interests | (4) | | | (2) | | | (12) | | | (5) | |
| Less: Net income attributable to non-controlling interests of discontinued operations | — | | | 47 | | | — | | | 150 | |
| Net income attributable to Dell Technologies Inc. | $ | 245 | | | $ | 3,843 | | | $ | 1,828 | | | $ | 5,561 | |
| | | | | | | |
| Earnings per share attributable to Dell Technologies Inc. — basic: | | | | |
| Continuing operations | $ | 0.34 | | | $ | 4.81 | | | $ | 2.47 | | | $ | 6.53 | |
| Discontinued operations | $ | — | | | $ | 0.21 | | | $ | — | | | $ | 0.77 | |
| | | | | | | |
| Earnings per share attributable to Dell Technologies Inc. — diluted: | | | | |
| Continuing operations | $ | 0.33 | | | $ | 4.68 | | | $ | 2.41 | | | $ | 6.34 | |
| Discontinued operations | $ | — | | | $ | 0.19 | | | $ | — | | | $ | 0.74 | |
| | | | | | | |
(a) Includes related party cost of net revenue as follows (Note 16): | | | | | | | |
| Products | $ | 281 | | | $ | 355 | | | $ | 962 | | | $ | 1,061 | |
| Services | $ | 733 | | | $ | 636 | | | $ | 2,204 | | | $ | 1,830 | |
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions; unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| October 28, 2022 | | October 29, 2021 | | October 28, 2022 | | October 29, 2021 |
| Net income | $ | 241 | | | $ | 3,888 | | | $ | 1,816 | | | $ | 5,706 | |
| | | | | | | |
| Other comprehensive income (loss), net of tax | | | | | | | |
| Foreign currency translation adjustments | (196) | | | (61) | | | (620) | | | (201) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Cash flow hedges: | | | | | | | |
| Change in unrealized gains | 306 | | | 86 | | | 844 | | | 150 | |
| Reclassification adjustment for net gains included in net income | (324) | | | (74) | | | (726) | | | (34) | |
| Net change in cash flow hedges | (18) | | | 12 | | | 118 | | | 116 | |
| Pension and other postretirement plans: | | | | | | | |
| Recognition of actuarial net gains (losses) from pension and other postretirement plans | (2) | | | 1 | | | 11 | | | 2 | |
| Reclassification adjustments for net losses from pension and other postretirement plans | 1 | | | 1 | | | 1 | | | 3 | |
| Net change in actuarial net gains (losses) from pension and other postretirement plans | (1) | | | 2 | | | 12 | | | 5 | |
| | | | | | | |
Total other comprehensive (loss), net of tax expense of $6 and $1, respectively, and $14 and $6, respectively | (215) | | | (47) | | | (490) | | | (80) | |
| Comprehensive income, net of tax | 26 | | | 3,841 | | | 1,326 | | | 5,626 | |
| Less: Net income (loss) attributable to non-controlling interests | (4) | | | 45 | | | (12) | | | 145 | |
| Less: Other comprehensive (loss) attributable to non-controlling interests | — | | | — | | | (1) | | | — | |
| Comprehensive income attributable to Dell Technologies Inc. | $ | 30 | | | $ | 3,796 | | | $ | 1,339 | | | $ | 5,481 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; continued on next page; unaudited)
| | | | | | | | | | | | | |
| | Nine Months Ended |
| | October 28, 2022 | | October 29, 2021 | | |
| Cash flows from operating activities: | | | | | |
| Net income | $ | 1,816 | | | $ | 5,706 | | | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | |
| Depreciation and amortization | 2,302 | | | 3,721 | | | |
| Stock-based compensation expense | 703 | | | 1,406 | | | |
| Deferred income taxes | (745) | | | (450) | | | |
| Other, net (a) | 648 | | | (4,312) | | | |
| Changes in assets and liabilities, net of effects from acquisitions and dispositions: | | | | | |
| Accounts receivable | 803 | | | (1,587) | | | |
| Financing receivables | (286) | | | 234 | | | |
| Inventories | (485) | | | (2,063) | | | |
| Other assets and liabilities | 430 | | | (1,624) | | | |
| Due from/to related party, net | (641) | | | — | | | |
| Accounts payable | (4,466) | | | 5,149 | | | |
| Deferred revenue | 772 | | | 1,034 | | | |
| Change in cash from operating activities | 851 | | | 7,214 | | | |
| Cash flows from investing activities: | | | | | |
| Purchases of investments | (101) | | | (320) | | | |
| Maturities and sales of investments | 99 | | | 454 | | | |
| Capital expenditures and capitalized software development costs | (2,244) | | | (2,056) | | | |
| Acquisition of businesses and assets, net | — | | | (16) | | | |
| Divestitures of businesses and assets, net | — | | | 3,957 | | | |
| Other | 18 | | | 34 | | | |
| Change in cash from investing activities | (2,228) | | | 2,053 | | | |
| Cash flows from financing activities: | | | | | |
| | | | | |
Proceeds from the issuance of common stock | 5 | | | 326 | | | |
Repurchases of parent common stock | (3,090) | | | (35) | | | |
| Repurchases of subsidiary common stock | (8) | | | (1,174) | | | |
| | | | | |
| Payments of dividends to stockholders | (728) | | | — | | | |
| | | | | |
| Proceeds from debt | 8,779 | | | 13,037 | | | |
| Repayments of debt | (8,079) | | | (13,069) | | | |
| Debt-related costs and other, net | (17) | | | (113) | | | |
| Change in cash from financing activities | (3,138) | | | (1,028) | | | |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (343) | | | (54) | | | |
| Change in cash, cash equivalents, and restricted cash | (4,858) | | | 8,185 | | | |
____________________
(a) During the nine months ended October 29, 2021, other, net, includes $4.0 billion pre-tax gain on the sale of Boomi.
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(continued; in millions; unaudited)
| | | | | | | | | | | | | |
| | Nine Months Ended |
| | October 28, 2022 | | October 29, 2021 | | |
| Change in cash, cash equivalents, and restricted cash | (4,858) | | | 8,185 | | | |
| Cash, cash equivalents, and restricted cash at beginning of the period, including cash attributable to discontinued operations | 10,082 | | | 15,184 | | | |
| Cash, cash equivalents, and restricted cash at end of the period, including cash attributable to discontinued operations | 5,224 | | | 23,369 | | | |
| Less: Cash, cash equivalents, and restricted cash attributable to discontinued operations | — | | | 12,553 | | | |
| Cash, cash equivalents, and restricted cash from continuing operations | $ | 5,224 | | | $ | 10,816 | | | |
| | | | | |
| | | | | |
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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 | | | | | | | | | | |
| Three Months Ended October 28, 2022 | 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 July 29, 2022 | 796 | | | $ | 8,005 | | | 62 | | | $ | (3,054) | | | $ | (7,106) | | | $ | (705) | | | $ | (2,860) | | | $ | 105 | | | $ | (2,755) | |
| | | | | | | | | | | | | | | | | |
| Net income | — | | | — | | | — | | | — | | | 245 | | | — | | | 245 | | | (4) | | | 241 | |
Dividends and dividend equivalents declared ($0.33 per common share) | — | | | — | | | — | | | — | | | (241) | | | — | | | (241) | | | — | | | (241) | |
| Foreign currency translation adjustments | — | | | — | | | — | | | — | | | — | | | (196) | | | (196) | | | — | | | (196) | |
| Cash flow hedges, net change | — | | | — | | | — | | | — | | | — | | | (18) | | | (18) | | | — | | | (18) | |
| Pension and other post-retirement | — | | | — | | | — | | | — | | | — | | | (1) | | | (1) | | | — | | | (1) | |
| Issuance of common stock | 1 | | | (22) | | | — | | | — | | | — | | | — | | | (22) | | | — | | | (22) | |
| Stock-based compensation expense | — | | | 226 | | | — | | | — | | | — | | | — | | | 226 | | | 9 | | | 235 | |
| Treasury stock repurchases | — | | | — | | | 17 | | | (609) | | | — | | | — | | | (609) | | | — | | | (609) | |
| | | | | | | | | | | | | | | | | |
| Impact from equity transactions of non-controlling interests | — | | | 7 | | | — | | | — | | | — | | | — | | | 7 | | | (9) | | | (2) | |
| | | | | | | | | | | | | | | | | |
| Balances as of October 28, 2022 | 797 | | | $ | 8,216 | | | 79 | | | $ | (3,663) | | | $ | (7,102) | | | $ | (920) | | | $ | (3,469) | | | $ | 101 | | | $ | (3,368) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock and Capital in Excess of Par Value | | Treasury Stock | | | | | | | | | | |
| Nine Months Ended October 28, 2022 | 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 28, 2022 | 777 | | | $ | 7,898 | | | 20 | | | $ | (964) | | | $ | (8,188) | | | $ | (431) | | | $ | (1,685) | | | $ | 105 | | | $ | (1,580) | |
| | | | | | | | | | | | | | | | | |
| Net income | — | | | — | | | — | | | — | | | 1,828 | | | — | | | 1,828 | | | (12) | | | 1,816 | |
Dividends and dividend equivalents declared ($0.99 per common share) | — | | | — | | | — | | | — | | | (742) | | | — | | | (742) | | | — | | | (742) | |
| Foreign currency translation adjustments | — | | | — | | | — | | | — | | | — | | | (619) | | | (619) | | | (1) | | | (620) | |
| Cash flow hedges, net change | — | | | — | | | — | | | — | | | — | | | 118 | | | 118 | | | — | | | 118 | |
| Pension and other post-retirement | — | | | — | | | — | | | — | | | — | | | 12 | | | 12 | | | — | | | 12 | |
| Issuance of common stock | 20 | | | (366) | | | — | | | — | | | — | | | — | | | (366) | | | — | | | (366) | |
| Stock-based compensation expense | — | | | 677 | | | — | | | — | | | — | | | — | | | 677 | | | 26 | | | 703 | |
| Treasury stock repurchases | — | | | — | | | 59 | | | (2,699) | | | — | | | — | | | (2,699) | | | — | | | (2,699) | |
| | | | | | | | | | | | | | | | | |
| Impact from equity transactions of non-controlling interests | — | | | 7 | | | — | | | — | | | — | | | — | | | 7 | | | (17) | | | (10) | |
| | | | | | | | | | | | | | | | | |
| Balances as of October 28, 2022 | 797 | | | $ | 8,216 | | | 79 | | | $ | (3,663) | | | $ | (7,102) | | | $ | (920) | | | $ | (3,469) | | | $ | 101 | | | $ | (3,368) | |
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(continued; in millions; unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Capital in Excess of Par Value | | Treasury Stock | | | | | | | | | | |
| Three Months Ended October 29, 2021 | 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 July 31, 2021 | 773 | | | $ | 17,510 | | | 8 | | | $ | (305) | | | $ | (12,033) | | | $ | (347) | | | $ | 4,825 | | | $ | 5,118 | | | $ | 9,943 | |
| Net income | — | | | — | | | — | | | — | | | 3,843 | | | — | | | 3,843 | | | 45 | | | 3,888 | |
| 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 | 2 | | | (9) | | | — | | | — | | | — | | | — | | | (9) | | | — | | | (9) | |
| Stock-based compensation expense | — | | | 204 | | | — | | | — | | | — | | | — | | | 204 | | | 268 | | | 472 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Impact from equity transactions of non-controlling interests | — | | | 138 | | | — | | | — | | | — | | | — | | | 138 | | | (191) | | | (53) | |
| | | | | | | | | | | | | | | | | |
| Balances as of October 29, 2021 | 775 | | | $ | 17,843 | | | 8 | | | $ | (305) | | | $ | (8,190) | | | $ | (394) | | | $ | 8,954 | | | $ | 5,240 | | | $ | 14,194 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Capital in Excess of Par Value | | Treasury Stock | | | | | | | | | | |
| Nine Months Ended October 29, 2021 | Issued Shares | | Amount | | |