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dell-20230804
0001571996February 22024FYfalse
(a) Includes related party cost of net revenue as follows (Note 15):
Products384 426 $591 $681 
Services880 762 $1,756 $1,471 
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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 endedAugust 4, 2023
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 of $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 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 September 6, 2023, there were 723,426,643 shares of the registrant’s common stock outstanding, consisting of 254,312,441 outstanding shares of Class C Common Stock, 378,480,523 outstanding shares of Class A Common Stock, and 90,633,679 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 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 February 3, 2023, 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.

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DELL TECHNOLOGIES INC.

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PART I — FINANCIAL INFORMATION

ITEM 1 — FINANCIAL STATEMENTS (UNAUDITED)

Index
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DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in millions; unaudited)
August 4, 2023February 3, 2023
ASSETS
Current assets:  
Cash and cash equivalents$8,364 $8,607 
Accounts receivable, net of allowance of $80 and $78
10,351 12,482 
Due from related party, net404 378 
Short-term financing receivables, net of allowance of $72 and $142 (Note 4)
4,807 5,281 
Inventories3,584 4,776 
Other current assets11,047 10,827 
Current assets held for sale442 — 
Total current assets38,999 42,351 
Property, plant, and equipment, net6,252 6,209 
Long-term investments1,331 1,518 
Long-term financing receivables, net of allowance of $77 and $59 (Note 4)
5,813 5,638 
Goodwill19,640 19,676 
Intangible assets, net6,060 6,468 
Due from related party, net236 440 
Other non-current assets7,327 7,311 
Total assets$85,658 $89,611 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:  
Short-term debt$6,961 $6,573 
Accounts payable19,969 18,598 
Due to related party1,252 2,067 
Accrued and other6,586 8,874 
Short-term deferred revenue16,174 15,542 
Total current liabilities50,942 51,654 
Long-term debt20,177 23,015 
Long-term deferred revenue14,138 14,744 
Other non-current liabilities3,078 3,223 
Total liabilities$88,335 $92,636 
Commitments and contingencies (Note 10)
Stockholders’ equity (deficit):
Common stock and capital in excess of $0.01 par value (Note 13)
$8,554 $8,424 
Treasury stock at cost(4,320)(3,813)
Accumulated deficit(6,249)(6,732)
Accumulated other comprehensive loss(757)(1,001)
Total Dell Technologies Inc. stockholders’ equity (deficit)(2,772)(3,122)
Non-controlling interests95 97 
Total stockholders’ equity (deficit)(2,677)(3,025)
Total liabilities and stockholders’ equity$85,658 $89,611 

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

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DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)
Three Months EndedSix Months Ended
 August 4, 2023July 29, 2022August 4, 2023July 29, 2022
Net revenue: 
Products$16,935 $20,810 $31,971 $41,274 
Services5,999 5,615 11,885 11,267 
Total net revenue22,934 26,425 43,856 52,541 
Cost of net revenue (a):
Products14,002 17,671 26,377 34,680 
Services3,545 3,315 7,074 6,638 
Total cost of net revenue17,547 20,986 33,451 41,318 
Gross margin5,387 5,439 10,405 11,223 
Operating expenses:
Selling, general, and administrative3,517 3,543 6,778 7,096 
Research and development705 626 1,393 1,307 
Total operating expenses4,222 4,169 8,171 8,403 
Operating income1,165 1,270 2,234 2,820 
Interest and other, net(451)(635)(815)(972)
Income before income taxes714 635 1,419 1,848 
Income tax expense259 129 386 273 
Net income455 506 1,033 1,575 
Less: Net loss attributable to non-controlling interests(7)(5)(12)(8)
Net income attributable to Dell Technologies Inc.$462 $511 $1,045 $1,583 
Earnings per share attributable to Dell Technologies Inc.
Basic$0.64 $0.69 $1.44 $2.12 
Diluted$0.63 $0.68 $1.42 $2.06 
(a) Includes related party cost of net revenue as follows (Note 15):
Products$384 $426 $591 $681 
Services $880 $762 $1,756 $1,471 
 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


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DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions; unaudited)
Three Months EndedSix Months Ended
August 4, 2023July 29, 2022August 4, 2023July 29, 2022
Net income$455 $506 $1,033 $1,575 
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments(6)(138)25 (424)
Cash flow hedges:
Change in unrealized gains49 166 59 538 
Reclassification adjustment for net (gains) losses included in net income68 (306)159 (402)
Net change in cash flow hedges117 (140)218 136 
Pension and other postretirement plans:
Recognition of actuarial net gains (losses) from pension and other postretirement plans— (4)1 13 
Net change in actuarial net gains from pension and other postretirement plans— (4)1 13 
Total other comprehensive income (loss), net of tax expense (benefit) of $7 and $(8), respectively, and $12 and $8, respectively
111 (282)244 (275)
Comprehensive income, net of tax566 224 1,277 1,300 
Less: Net loss attributable to non-controlling interests(7)(5)(12)(8)
Less: Other comprehensive loss attributable to non-controlling interests— (1)— (1)
Comprehensive income attributable to Dell Technologies Inc.$573 $230 $1,289 $1,309 

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

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DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
 Six Months Ended
 August 4, 2023July 29, 2022
Cash flows from operating activities: 
Net income$1,033 $1,575 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization1,640 1,470 
Stock-based compensation expense448 468 
Deferred income taxes(194)(382)
Other, net480 449 
Changes in assets and liabilities, net of effects from acquisitions and dispositions:
Accounts receivable1,982 (926)
Financing receivables(130)78 
Inventories1,050 (113)
Other assets and liabilities(2,248)(1,710)
Due from/to related party, net(610)(84)
Accounts payable1,427 (1,700)
Deferred revenue113 1,330 
Change in cash from operating activities4,991 455 
Cash flows from investing activities:
Purchases of investments(113)(80)
Maturities and sales of investments127 68 
Capital expenditures and capitalized software development costs(1,325)(1,497)
Other22 11 
Change in cash from investing activities(1,289)(1,498)
Cash flows from financing activities:
Proceeds from the issuance of common stock4 5 
Repurchases of common stock(500)(2,118)
Repurchases of common stock for employee tax withholdings(312)(358)
Payments of dividends and dividend equivalents(545)(490)
Proceeds from debt4,655 6,465 
Repayments of debt(7,082)(6,242)
Debt-related costs and other, net(49)(14)
Change in cash from financing activities(3,829)(2,752)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(117)(194)
Change in cash, cash equivalents, and restricted cash(244)(3,989)
Cash, cash equivalents, and restricted cash at beginning of the period8,894 10,082 
Cash, cash equivalents, and restricted cash at the end of the period$8,650 $6,093 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.





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DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(in millions, except per share amounts; continued on next page; unaudited)
Common Stock and Capital in Excess of Par ValueTreasury Stock
Three Months Ended August 4, 2023Issued SharesAmountSharesAmountAccumulated DeficitAccumulated Other Comprehensive Income/(Loss)Dell Technologies
Stockholders’ Equity (Deficit)		Non-Controlling InterestsTotal Stockholders’ Equity (Deficit)
Balances as of May 5, 2023
817 $8,339 88 $(4,064)$(6,430)$(868)$(3,023)$99 $(2,924)
Net income (loss)— — — — 462 — 462 (7)455 
Dividends and dividend equivalents declared ($0.37 per common share)
— — — — (281)— (281)— (281)
Foreign currency translation adjustments— — — — — (6)(6)— (6)
Cash flow hedges, net change— — — — — 117 117 — 117 
Issuance of common stock, net of shares repurchased for employee tax withholding
— (4)— — — — (4)— (4)
Stock-based compensation expense— 215 — — — — 215 8 223 
Repurchases of common stock— — 5 (256)— — (256)— (256)
Impact from equity transactions of non-controlling interests— 4 — — — — 4 (5)(1)
Balances as of August 4, 2023
817 $8,554 93 $(4,320)$(6,249)$(757)$(2,772)$95 $(2,677)
Common Stock and Capital in Excess of Par ValueTreasury Stock
Six Months Ended August 4, 2023Issued SharesAmountSharesAmountAccumulated DeficitAccumulated Other Comprehensive Income/(Loss)Dell Technologies
Stockholders’ Equity (Deficit)		Non-Controlling InterestsTotal Stockholders’ Equity (Deficit)
Balances as of February 3, 2023
798 $8,424 82 $(3,813)$(6,732)$(1,001)$(3,122)$97 $(3,025)
Net income (loss)— — — — 1,045 — 1,045 (12)1,033 
Dividends and dividend equivalents declared ($0.74 per common share)
— — — — (562)— (562)— (562)
Foreign currency translation adjustments— — — — — 25 25 — 25 
Cash flow hedges, net change— — — — — 218 218 — 218 
Pension and other post-retirement— — — — — 1 1 — 1 
Issuance of common stock, net of shares repurchased for employee tax withholding
19 (303)— — — — (303)— (303)
Stock-based compensation expense— 433 — — — — 433 15 448 
Repurchases of common stock— — 11 (507)— — (507)— (507)
Impact from equity transactions of non-controlling interests— — — — — — — (5)(5)
Balances as of August 4, 2023
817 $8,554 93 $(4,320)$(6,249)$(757)$(2,772)$95 $(2,677)
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(continued; in millions, except per share amounts; unaudited)
Common Stock and Capital in Excess of Par ValueTreasury Stock
Three Months Ended July 29, 2022Issued SharesAmountSharesAmountAccumulated DeficitAccumulated Other Comprehensive Income/(Loss)Dell Technologies
Stockholders’ Equity (Deficit)		Non-Controlling InterestsTotal Stockholders’ Equity (Deficit)
Balances as of April 29, 2022
795 $7,777 48 $(2,446)$(7,369)$(424)$(2,462)$107 $(2,355)
Net income (loss)— — — — 511 — 511 (5)506 
Dividends and dividend equivalents declared ($0.33 per common share)
— — — — (248)— (248)— (248)
Foreign currency translation adjustments— — — — — (137)(137)(1)(138)
Cash flow hedges, net change— — — — — (140)(140)— (140)
Pension and other post-retirement— — — — — (4)(4)— (4)
Issuance of common stock, net of shares repurchased for employee tax withholding
1 (5)— — — — (5)— (5)
Stock-based compensation expense— 227 — — — — 227 9 236 
Repurchases of common stock— — 14 (608)— — (608)— (608)
Impact from equity transactions of non-controlling interests— 6 — — — — 6 (5)1 
Balances as of July 29, 2022
796 $8,005 62 $(3,054)$(7,106)$(705)$(2,860)$105 $(2,755)
Common Stock and Capital in Excess of Par ValueTreasury Stock
Six Months Ended July 29, 2022Issued SharesAmountSharesAmountAccumulated DeficitAccumulated Other Comprehensive Income/(Loss)Dell Technologies
Stockholders’ Equity (Deficit)		Non-Controlling InterestsTotal Stockholders’ Equity (Deficit)
Balances as of January 28, 2022
777 $7,898 20 $(964)$(8,188)$(431)$(1,685)$105 $(1,580)
Net income (loss)— — — — 1,583 — 1,583 (8)1,575 
Dividends and dividend equivalents declared ($0.66 per common share)
— — — — (501)— (501)— (501)
Foreign currency translation adjustments— — — — — (423)(423)(1)(424)
Cash flow hedges, net change— — — — — 136 136 — 136 
Pension and other post-retirement— — — — — 13 13 — 13 
Issuance of common stock, net of shares repurchased for employee tax withholding
19 (344)— — — — (344)— (344)
Stock-based compensation expense— 451 — — — — 451 17 468 
Repurchases of common stock— — 42 (2,090)— — (2,090)— (2,090)
Impact from equity transactions of non-controlling interests— — — — — — — (8)(8)
Balances as of July 29, 2022
796 $8,005 62 $(3,054)$(7,106)$(705)$(2,860)$105 $(2,755)
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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

NOTE 1 — OVERVIEW AND BASIS OF PRESENTATION

Dell Technologies is a leading global end-to-end technology provider that designs, develops, manufactures, markets, sells, and supports a wide range of comprehensive and integrated solutions, products, and services. Dell Technologies offerings include servers and networking, storage, cloud solutions, desktops, notebooks, services, software, and third-party software and peripherals. 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 February 3, 2023. 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 the Company as of August 4, 2023 and February 3, 2023, the results of its operations, corresponding comprehensive income, and changes in stockholders’ equity for the three and for the six months ended August 4, 2023 and July 29, 2022, and its cash flows for the six months ended August 4, 2023 and July 29, 2022.

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. Actual results could differ materially from those estimates. The results of the Company’s operations, corresponding comprehensive income, and changes in stockholders’ equity for the three and six months ended August 4, 2023 and July 29, 2022, and its cash flows for the six months ended August 4, 2023 and July 29, 2022 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 February 3, 2023 (“Fiscal 2023”) was a 53-week period while the fiscal year ending February 2, 2024 (“Fiscal 2024”) will be a 52-week period.

Principles of Consolidation — These Condensed Consolidated Financial Statements include the accounts of Dell Technologies Inc. and its wholly-owned subsidiaries, and the accounts of SecureWorks Corp. (“Secureworks”), which is majority-owned by Dell Technologies. All intercompany transactions have been eliminated.

Secureworks — As of August 4, 2023 and February 3, 2023, the Company held approximately 81.2% and 82.6%, respectively, of the outstanding equity interest in Secureworks. The portion of the results of operations of Secureworks allocable to its other owners is shown as net loss attributable to the non-controlling interests in the Condensed Consolidated Statements of Income, as an adjustment to net income attributable to Dell Technologies stockholders. The non-controlling interests’ share of equity in Secureworks is reflected as a component of the non-controlling interests in the Condensed Consolidated Statements of Financial Position and was $95 million and $97 million as of August 4, 2023 and February 3, 2023, respectively.

Variable Interest Entities — The Company 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 4 of the Notes to the Condensed Consolidated Financial Statements for more information regarding consolidated VIEs.


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DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Other Events — On July 12, 2023, the Company entered into a definitive agreement with Comenity Capital Bank, a subsidiary of Bread Financial Holdings, Inc. (“Bread”) to establish a new U.S. Dell Preferred Account program under which transactions will be originated, owned, serviced, and collected by Bread. Under the definitive agreement, the Company will also sell its U.S. consumer revolving customer receivables portfolio. Upon the completion of the sale, such receivables will be serviced by Bread and the Company will have no continuing involvement. The transaction is expected to close in the third quarter of Fiscal 2024, subject to customary closing conditions.

In accordance with applicable accounting guidance, the Company concluded that the U.S. consumer revolving customer financing receivables have met the criteria to be classified as held for sale as of August 4, 2023. Accordingly, the Company reclassified $389 million, net of allowance, to current assets held for sale on the Condensed Consolidated Statements of Financial Position as of August 4, 2023. See Note 4 of the Notes to the Condensed Consolidated Financial Statements for more information.

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DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
NOTE 2 — FAIR VALUE MEASUREMENTS

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:
 August 4, 2023February 3, 2023
 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:        
Money market funds$4,568 $— $— $4,568 $4,301 $— $— $4,301 
Marketable equity and other securities5 — — 5 33 — — 33 
Derivative instruments— 185 — 185 — 295 — 295 
Total assets$4,573 $185 $— $4,758 $4,334 $295 $— $4,629 
Liabilities:        
Derivative instruments$— $76 $— $76 $— $460 $— $460 
Total liabilities$— $76 $— $76 $— $460 $— $460 

The following section describes the valuation methodologies the Company uses to measure financial instruments at fair value.

Money Market Funds — The Company’s investment 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 money market fund liquidity on a quarterly basis. As of August 4, 2023, the Company’s portfolio had no material exposure to money market funds with a fluctuating net asset value.

Marketable Equity and Other Securities — 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 7 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 a portion of their compensation. Assets were the same as liabilities associated with the plans at approximately $197 million and $179 million as of August 4, 2023 and February 3, 2023, 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.


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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 8 of the Notes to the Condensed Consolidated Financial Statements for additional information about goodwill and intangible assets.

As of August 4, 2023 and February 3, 2023, the Company held strategic investments in non-marketable equity and other securities of $1.2 billion and $1.3 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. See Note 3 of the Notes to the Condensed Consolidated Financial Statements for additional information about the Company’s strategic investments.

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 6 of the Notes to the Condensed Consolidated Financial Statements, including the current portion, as of the dates indicated:
August 4, 2023February 3, 2023
Carrying ValueFair ValueCarrying ValueFair Value
(in billions)
Senior Notes$16.0 $15.8 $18.1 $18.2 
Legacy Notes and Debentures$0.9 $1.0 $0.9 $1.0 
DFS Debt$10.0 $9.6 $10.3 $9.9 

The fair values of the outstanding debt shown in the table above 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.




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DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
NOTE 3 — INVESTMENTS

The Company has strategic investments in equity and other securities as well as investments in fixed income debt securities. All equity and other securities as well as long-term fixed income debt securities are recorded as long-term investments in the Condensed Consolidated Statements of Financial Position. Short-term fixed income debt securities are recorded as other current assets in the Condensed Consolidated Statements of Financial Position.

As of both August 4, 2023 and February 3, 2023, total investments were $1.6 billion.

Equity and Other Securities

Equity and other securities include strategic investments in marketable and non-marketable securities. Investments in marketable securities are measured at fair value on a recurring basis. The Company has elected to apply the measurement alternative for non-marketable securities. Under the alternative, the Company measures investments without readily determinable fair values at cost, less impairment, adjusted by observable price changes. The Company makes 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 of Equity and Other Securities

The following table presents the cost, cumulative unrealized gains, cumulative unrealized losses, and carrying value of the Company's strategic investments in marketable and non-marketable equity securities as of the dates indicated:
August 4, 2023February 3, 2023
CostUnrealized GainUnrealized LossCarrying ValueCostUnrealized GainUnrealized LossCarrying Value
(in millions)
Marketable$12 $19 $(26)$5 $56 $17 $(40)$33 
Non-marketable729 660 (146)1,243 714 651 (100)1,265 
Total equity and other securities$741 $679 $(172)$1,248 $770 $668 $(140)$1,298 

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DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Gains and Losses on Equity and Other Securities

The following table presents unrealized gains and losses on marketable and non-marketable equity and other securities for the periods indicated:

Three Months EndedSix Months Ended
August 4, 2023July 29, 2022August 4, 2023July 29, 2022
(in millions)
Marketable securities:
Unrealized gain$