XML 31 R20.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Supplemental Financial Information (in millions) | 9 Months Ended
--- | ---
Oct. 29, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Supplemental Financial Information | Supplemental Financial Information (in millions) Consolidated Balance Sheets
| October 29, 2022 |  | January 29, 2022
Inventories: |  |  |
Work-in-process | $ | 734.3 |  |  | $ | 578.9 |
Finished goods | 223.2 |  |  | 141.4 |
Inventories | $ | 957.5 |  |  | $ | 720.3 |
The inventory balance at October 29, 2022 and January 29, 2022 incl udes $12.7 million and $38.7 million respectively relat ed to the remaining inventory fair value adjustment from the Innovium acquisition.
| October 29, 2022 |  | January 29, 2022
Property and equipment, net: |  |  |
Machinery and equipment | $ | 1,017.9 |  |  | $ | 895.4 |
Land, buildings, and leasehold improvements | 299.5 |  |  | 293.6 |
Computer software | 112.1 |  |  | 109.1 |
Furniture and fixtures | 30.8 |  |  | 30.1 |
| 1,460.3 |  |  | 1,328.2 |
Less: Accumulated depreciation | (938.8) |  |  | (865.4) |
Property and equipment, net | $ | 521.5 |  |  | $ | 462.8 |
| October 29, 2022 |  | January 29, 2022
Other non-current assets: |  |  |
Technology and other licenses | $ | 462.2 |  |  | $ | 490.2 |
Prepaid ship and debit | 433.5 |  |  | 215.9 |
Prepayments on supply capacity reservation agreements | 226.9 |  |  | 54.6 |
Operating right-of-use assets | 200.8 |  |  | 142.0 |
Non-marketable equity investments | 35.7 |  |  | 30.7 |
Other | 58.8 |  |  | 61.0 |
Other non-current assets | $ | 1,417.9 |  |  | $ | 994.4 |
| October 29, 2022 |  | January 29, 2022
Accrued liabilities: |  |  |
Variable consideration estimates (1) | $ | 519.3 |  |  | $ | 258.6 |
Accrued income tax payable | 167.4 |  |  | 23.3 |
Technology license obligations | 118.7 |  |  | 84.2 |
Accrued legal reserve | 104.9 |  |  | 8.5 |
Deferred revenue | 47.0 |  |  | 39.0 |
Lease liabilities - current portion | 41.6 |  |  | 38.2 |
Deferred non-recurring engineering credits | 29.7 |  |  | 71.2 |
Accrued interest payable | 20.9 |  |  | 20.1 |
Accrued royalty | 15.9 |  |  | 17.4 |
Other | 46.3 |  |  | 62.1 |
Accrued liabilities | $ | 1,111.7 |  |  | $ | 622.6 |
(1) Variable consideration estimates consist of estimated customer returns, price discounts, price protection, rebates, and stock rotation programs.
| October 29, 2022 |  | January 29, 2022
Other non-current liabilities |  |  |
Technology license obligations | $ | 280.3 |  |  | $ | 304.3 |
Lease liabilities - non current | 190.8 |  |  | 140.3 |
Non-current income tax payable | 58.1 |  |  | 35.0 |
Deferred tax liabilities | 45.9 |  |  | 34.5 |
Other | 40.2 |  |  | 19.0 |
Other non-current liabilities | $ | 615.3 |  |  | $ | 533.1 |
Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss, net of tax, by components for the current period are presented in the following table:
|  |  |  |  | Unrealized Gain (Loss) on Cash Flow Hedges |  |  |
Balance as at January 29, 2022 |  |  |  |  | $ | — |  |  |  |
Other comprehensive income (loss) before reclassifications |  |  |  |  | (1.1) |  |  |  |
Amounts reclassified from accumulated other comprehensive income (loss) |  |  |  |  | 0.3 |  |  |  |
Net current-period other comprehensive income (loss), net of tax |  |  |  |  | (0.8) |  |  |  |
Balance as at October 29, 2022 |  |  |  |  | $ | (0.8) |  |  |  |
For the three and nine months ended October 30, 2021, there were no reconciling differences between net income (loss) and comprehensive income (loss). Stock Repurchase Program On November 17, 2016, the Company announced that its Board of Directors authorized a $1.0 billion stock repurchase plan with no fixed expiration. The stock repurchase program replaced in its entirety the prior $3.25 billion stock repurchase program. On October 16, 2018, the Company announced that its Board of Directors authorized a $700.0 million addition to the balance of its existing stock repurchase program. As of October 29, 2022, $449.5 million remained available for future stock repurchases. The Company intends to effect stock repurchases in accordance with the conditions of Rule 10b-18 under the Exchange Act, but may also make repurchases in the open market outside of Rule 10b-18 or in privately negotiated transactions. The stock repurchase program will be subject to market conditions and other factors, and does not obligate the Company to repurchase any dollar amount or number of shares of its common stock and the repurchase program may be extended, modified, suspended or discontinued at any time. The Company resumed its stock repurchase program in the first quarter of fiscal 2023, which had been temporarily suspended in fiscal 2021 to preserve cash during the COVID-19 pandemic. During the three months ended October 29, 2022, the Company repurchased 1.1 million shares of its common stock for $50.0 million. During the nine months ended October 29, 2022, the Company repurchased 2.3 million shares of its common stock for $115.0 million, including 0.9 million shares of its common stock repurchased for $50.0 million pursuant to a 10b5-1 trading plan. There were no stock repurchases during the three and nine months ended October 30, 2021. The Company records all repurchases, as well as investment purchases and sales, based on their trade date. The repurchased stock are retired immediately after repurchases are completed.

X
- Definition The entire disclosures of supplemental information, including descriptions and amounts, related to the balance sheet, income statement, and/or cash flow statement. + References No definition available. + Details
Name: | us-gaap_AdditionalFinancialInformationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration