Supplemental Financial Information

9 Months Ended

Nov. 01, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Financial Information (in millions)

Consolidated Balance Sheets

Accounts Receivable, net

The Company sells certain of its trade accounts receivable on a non-recourse basis to a third-party financial institution pursuant to a factoring arrangement. The Company accounts for these transactions as sales of receivables and presents cash proceeds as cash provided by operating activities in the unaudited condensed consolidated statements of cash flows. After the sale of its trade accounts receivable, the Company will collect payment from the customer and remit it to the third-party financial institution. Total trade accounts receivable sold under the factoring arrangement was $100.3 million and $627.1 million for the three and nine months ended November 1, 2025, respectively, of which $100.3 million remained subject to servicing by the Company as of November 1, 2025. Total trade accounts receivable sold under the factoring arrangement were $248.8 million and $743.2 million for the three and nine months ended November 2, 2024, respectively, of which $284.3 million remained subject to servicing by the Company as of November 2, 2024. Factoring fees for the sales of receivables were recorded in interest income and other, net and were not material.


	November 1, 2025		February 1, 2025
Inventories:
Work-in-process	$	765.5	$	709.0
Finished goods	249.0		320.7
Inventories	$	1,014.5	$	1,029.7


	November 1, 2025		February 1, 2025
Property and equipment, net:
Machinery and equipment	$	1,706.6	$	1,570.2
Land, buildings, and leasehold improvements	332.0		306.6
Computer software	133.8		126.4
Furniture and fixtures	39.9		34.3
	2,212.3		2,037.5
Less: Accumulated depreciation	(1,357.5)		(1,247.0)
Property and equipment, net	$	854.8	$	790.5


	November 1, 2025		February 1, 2025
Other non-current assets:
Prepaid ship and debits	$	637.1	$	516.9
Technology licenses	316.6		401.3
Prepayments on supply capacity reservation agreements	293.6		307.8
Operating right-of-use assets	272.4		246.0


Non-marketable equity investments	128.4		48.2
Other	119.6		74.8
Other non-current assets	$	1,767.7	$	1,595.0


	November 1, 2025		February 1, 2025
Accrued liabilities:
Variable consideration estimates (1)	$	650.5	$	517.9
Accrued income tax payable	333.6		55.6
Technology license obligations	77.9		101.8
Accrued restructuring	56.0		91.5
Lease liabilities - current portion	53.6		48.3
Accrued interest	40.1		43.5
Deferred revenue	32.2		22.1
Accrued royalties	25.2		11.7


Accrued legal reserve	15.7		11.7
Other	66.3		68.5
Accrued liabilities	$	1,351.1	$	972.6

(1)Substantially all of the variable consideration estimate is comprised of the ship and debit claims accrual, but also includes estimated customer returns, price discounts, price protection, rebates, and stock rotation programs.


	November 1, 2025		February 1, 2025
Other non-current liabilities:
Lease liabilities - non-current	$	255.0	$	231.0
Non-current restructuring liabilities	202.9		228.4
Technology license obligations	176.2		233.8
Non-current income tax payable	117.8		73.4
Deferred tax liabilities	33.9		33.8
Other	30.5		16.0
Other non-current liabilities	$	816.3	$	816.4

Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss), net of tax, by components for the comparative periods are presented in the following table (in millions):


	Unrealized Gain (Loss) on Cash Flow Hedges
Balance at February 1, 2025	$	0.4
Other comprehensive income (loss) before reclassifications	1.1
Amounts reclassified from accumulated other comprehensive income (loss)	(1.1)
Net current-period other comprehensive income (loss), net of tax	—
Balance at November 1, 2025	$	0.4


	Unrealized Gain (Loss) on Cash Flow Hedges
Balance at February 3, 2024	$	1.1
Other comprehensive income (loss) before reclassifications	(0.8)
Amounts reclassified from accumulated other comprehensive income (loss)	(0.6)
Net current-period other comprehensive income (loss), net of tax	(1.4)
Balance at November 2, 2024	$	(0.3)

Government Incentives

On May 1, 2025, the Company received notification that its application for government incentives in a foreign jurisdiction in which the Company operates had been approved by the necessary government agencies. The Company is accounting for the benefit as a government incentive and has elected to reduce qualifying cost of sales and operating expenditures by the incentives earned, recognized in the same line item on the unaudited condensed consolidated statements of operations for which the incentive is intended to compensate. For incentives related to the purchase of qualifying expenditures that are subject to capitalization, the Company has elected to reduce the cost basis of the underlying capitalized assets by the associated incentives and is recognizing incentive benefits in the unaudited condensed consolidated statements of operations in accordance with the cost recovery of the assets. Government incentives earned prior to being received are recognized in prepaid expenses and other current assets on the Company’s unaudited condensed consolidated balance sheets.

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 $3.3 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. On March 7, 2024, the Company announced that its Board of Directors authorized a $3.0 billion addition to the balance of its existing stock repurchase program. On September 24, 2025, the Company announced that its Board of Directors authorized a $5.0 billion addition to the balance of its existing stock repurchase program. As of November 1, 2025, $5.7 billion 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 is 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.

On September 24, 2025, the Company executed an accelerated share repurchase agreement (“ASR Agreement”) with a counterparty financial institution. Pursuant to the terms of the ASR Agreement, the Company made an upfront payment of $1.0 billion and received an initial delivery of approximately 10.7 million shares of its common stock, which represented a portion of the prepayment amount. The final number of shares to be delivered upon settlement of the ASR Agreement will be based on the volume-weighted average price of the Company’s common stock during the term, less an agreed-upon discount. Subsequent to quarter end, the ASR Agreement was partially settled, and the Company received an additional 0.5 million shares on November 21, 2025. Final settlement of the ASR Agreement is expected to occur in the fourth quarter of fiscal 2026.

During the three and nine months ended November 1, 2025, the Company repurchased 15.0 million and 23.3 million shares of its common stock for $1.3 billion and $1.8 billion, respectively. During the three and nine months ended November 2, 2024, the Company repurchased 2.6 million and 7.3 million shares of its common stock for $200.0 million and $525.0 million, respectively. The Company records all repurchases, as well as investment purchases and sales, based on their trade date. The repurchased shares are retired immediately after repurchases are completed.