Supplemental Financial Information (in millions)

9 Months Ended

Oct. 29, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 includes $12.7 million and $38.7 million respectively related 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.