Restructuring

9 Months Ended

Nov. 01, 2025

Restructuring and Related Activities [Abstract]

The Company continuously evaluates its existing operations to increase operational efficiency, decrease costs and increase profitability. A restructuring plan was initiated during the third quarter of fiscal 2025 (the “Fiscal 2025 Plan”) to increase research and development investment in the data center end market and reduce investment in new product development in other end markets including the cancellation of certain future product releases. Restructuring charges were mainly comprised of impairment and write-off of acquired intangible assets, purchased technology licenses, inventories, property and equipment and other non-current assets, as well as recognition of contractual obligations, severance, other one-time termination benefits, and other costs. The Company expects the Fiscal 2025 Plan to be substantially completed by the end of fiscal 2027.

The following table provides a summary of restructuring related charges as presented in the unaudited condensed consolidated statements of operations (in millions):


	Three Months Ended				Nine Months Ended
	November 1, 2025		November 2, 2024		November 1, 2025		November 2, 2024
Restructuring related charges in cost of goods sold	$	0.5	$	356.8	$	0.5	$	356.8
Restructuring related charges, net in operating expenses	9.6		358.3		6.0		366.4
	$	10.1	$	715.1	$	6.5	$	723.2

The following table presents details of the restructuring related charges as presented in the unaudited condensed consolidated statements of operations (in millions):


	Three Months Ended				Nine Months Ended
	November 1, 2025		November 2, 2024		November 1, 2025		November 2, 2024
Employee severance	$	2.7	$	6.7	$	6.4	$	13.6
Impairment and write-off assets
Acquired intangible assets	—		240.1		—		240.1
Purchased technology license	—		159.0		—		159.0
Inventories	—		62.0		—		62.0
Property and equipment	—		34.0		—		34.0
Other non-current assets	—		25.2		—		25.2
Recognition of contractual obligations	7.1		114.0		14.5		114.0

Other, net	0.3		74.1		(14.4)		75.3
	$	10.1	$	715.1	$	6.5	$	723.2

The following table sets forth a reconciliation of the beginning and ending restructuring liability balances by major type of cost associated with the restructuring charges (in millions):


	Employee Severance and Related Costs		Other Exit-Related Costs		Total
Balance at February 1, 2025	$	12.9	$	316.2	$	329.1
Charges (1)	6.4		14.1		20.5
Net cash payments	(16.5)		(65.7)		(82.2)

Balance at November 1, 2025	2.8		264.6		267.4
Less: non-current portion	—		202.9		202.9
Current portion	$	2.8	$	61.7	$	64.5

(1)Restructuring gain related to sale of property of $14.0 million recognized during the nine months ended November 1, 2025 was recorded directly to the unaudited condensed consolidated statements of operations and was not included in the restructuring liability balances above.

The current portion of the restructuring liability is comprised of $56.0 million and $8.5 million included as components of accrued liabilities and accounts payable, respectively, and the non-current portion of the restructuring liability is included as a component of other non-current liabilities in the accompanying unaudited condensed consolidated balance sheets.