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Derivative Financial Instruments | 9 Months Ended
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Oct. 26, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments Foreign Currency Derivatives We utilize foreign currency forward contracts to mitigate the impact of foreign currency exchange rate movements on our operating expenses. The foreign currency forward contracts for operating expenses are designated as accounting hedges. Gains or losses on the contracts are recorded in accumulated other comprehensive income or loss and reclassified to operating expense when the related operating expenses are recognized in earnings. During the first nine months of fiscal years 2026 and 2025, the impact of foreign currency forward contracts designated as accounting hedges on other comprehensive income or loss was not significant and all such instruments were determined to be highly effective. We also entered into foreign currency forward contracts mitigating the impact of foreign currency movements on monetary assets and liabilities. For our foreign currency contracts for assets and liabilities, the change in fair value of these non-designated contracts was recorded in other income or expense and offsets the change in fair value of the hedged foreign currency denominated monetary assets and liabilities, which was also recorded in other income or expense. The table below presents the notional value of our foreign currency contracts outstanding:
| Oct 26, 2025 |  | Jan 26, 2025
| (In millions)
Designated as accounting hedges | $ | 1,736 |  |  | $ | 1,424 |
Not designated as accounting hedges | $ | 592 |  |  | $ | 1,297 |
The unrealized gains and losses or fair value of our foreign currency contracts were not significant as of October 26, 2025 and January 26, 2025. As of October 26, 2025, all foreign currency contracts mature within eighteen months. The expected realized gains and losses deferred into accumulated other comprehensive income or loss related to foreign currency forward contracts within the next twelve months were not significant. Facility Lease Guarantee In the third quarter of fiscal year 2026, we entered into an agreement to guarantee a partner's facility lease obligations in the event of their default. The agreement allows our partner to secure a limited-availability facility lease backed by our credit profile, in exchange for issuing us warrants. The maximum gross exposure is $860 million, which is reduced as the partner makes payments to the lessor over five years. The partner has placed $470 million in escrow and executed an agreement to sell the data center cloud capacity, mitigating our default risk. If the escrow and cloud capacity agreement are not sufficient to cover an event of default, we have the option to assume the lease for internal use or sublease. The guarantee, classified as a credit derivative with changes in fair value recognized in Other income and expense, has an insignificant fair value.

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