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FINANCIAL SERVICES (Tables)
 12 Months Ended
Jan. 28, 2022
Receivables [Abstract]  
Components of financing receivables segregated by portfolio segment
Financing Receivables

The following table presents the components of the Company’s financing receivables segregated by portfolio segment as of the dates indicated:
 January 28, 2022January 29, 2021
RevolvingFixed-termTotalRevolvingFixed-termTotal
 (in millions)
Financing receivables, net:  
Customer receivables, gross (a)$750 $9,833 $10,583 $796 $9,588 $10,384 
Allowances for losses(102)(87)(189)(148)(173)(321)
Customer receivables, net648 9,746 10,394 648 9,415 10,063 
Residual interest— 217 217 — 424 424 
Financing receivables, net$648 $9,963 $10,611 $648 $9,839 $10,487 
Short-term$648 $4,441 $5,089 $648 $4,500 $5,148 
Long-term$— $5,522 $5,522 $— $5,339 $5,339 
____________________
(a)    Customer receivables, gross include amounts due from customers under revolving loans, fixed-term loans, fixed-term sales-type or direct financing leases, and accrued interest.
Allowance for financing receivable losses The following table presents the changes in allowance for financing receivable losses for the periods indicated:
RevolvingFixed-termTotal
(in millions)
Allowance for financing receivable losses:
Balances as of February 1, 2019$75 $61 $136 
Charge-offs, net of recoveries(71)(23)(94)
Provision charged to income statement66 41 107 
Balances as of January 31, 202070 79 149 
Adjustment for adoption of accounting standard (Note 2)40 71 111 
Charge-offs, net of recoveries(62)(29)(91)
Provision charged to income statement100 52 152 
Balances as of January 29, 2021148 173 321 
Charge-offs, net of recoveries(43)(29)(72)
Provision charged to income statement(3)(57)(60)
Balances as of January 28, 2022$102 $87 $189 
Aging of customer financing receivables
Aging

The following table presents the aging of the Company’s customer financing receivables, gross, including accrued interest, segregated by class, as of the dates indicated:
January 28, 2022January 29, 2021
Current
Past Due
1 — 90 Days
Past Due
>90 Days		TotalCurrent
Past Due
1 — 90 Days
Past Due
>90 Days		Total
(in millions)
Revolving — DPA$520 $40 $11 $571 $578 $30 $13 $621 
Revolving — DBC158 18 3 179 157 14 4 175 
Fixed-term — Consumer and Commercial9,444 345 44 9,833 9,185 316 87 9,588 
Total customer receivables, gross$10,122 $403 $58 $10,583 $9,920 $360 $104 $10,384 
Credit quality indicators
The following tables present customer receivables, gross, including accrued interest, by credit quality indicator segregated by class, as of the dates indicated:
January 28, 2022
Fixed-term — Consumer and Commercial
Fiscal Year of Origination
20222021202020192018Years PriorRevolving — DPARevolving — DBCTotal
(in millions)
Higher$3,279 $1,824 $914 $221 $25 $3 $150 $46 $6,462 
Mid1,071 751 329 94 17 — 166 57 2,485 
Lower599 450 208 42 6 — 255 76 1,636 
Total$4,949 $3,025 $1,451 $357 $48 $3 $571 $179 $10,583 

January 29, 2021
Fixed-term — Consumer and Commercial
Fiscal Year of Origination
20212020201920182017Years PriorRevolving — DPARevolving — DBCTotal
(in millions)
Higher$3,119 $1,801 $661 $166 $26 $— $172 $47 $5,992 
Mid1,121 671 287 73 9 — 188 52 2,401 
Lower865 499 243 38 9 — 261 76 1,991 
Total$5,105 $2,971 $1,191 $277 $44 $— $621 $175 $10,384 
Finance leases
The following table presents the net revenue, cost of net revenue, and gross margin recognized at the commencement date of sales-type leases for the periods indicated:
Fiscal Year Ended
January 28, 2022January 29, 2021January 31, 2020
(in millions)
Net revenue — products
$756 $824 $770 
Cost of net revenue — products
583 578 582 
Gross margin — products
$173 $246 $188 
Future maturity of fixed-term customer leases
The following table presents the future maturity of the Company’s fixed-term customer leases and associated financing payments, and reconciles the undiscounted cash flows to the customer receivables, gross recognized on the Consolidated Statements of Financial Position as of the date indicated:
January 28, 2022
(in millions)
Fiscal 2023$2,488 
Fiscal 20241,627 
Fiscal 2025938 
Fiscal 2026375 
Fiscal 2027 and beyond96 
Total undiscounted cash flows5,524 
Fixed-term loans4,921 
Revolving loans750 
Less: unearned income(612)
Total customer receivables, gross$10,583 
Operating lease
The following table presents the components of the Company’s operating lease portfolio included in Property, plant, and equipment, net as of the dates indicated:
January 28, 2022January 29, 2021
(in millions)
Equipment under operating lease, gross$2,643 $1,746 
Less: accumulated depreciation(935)(432)
Equipment under operating lease, net$1,708 $1,314 
Operating lease income maturities
The following table presents the future payments to be received by the Company as lessor in operating lease contracts as of the date indicated:
January 28, 2022
(in millions)
Fiscal 2023$809 
Fiscal 2024557 
Fiscal 2025311 
Fiscal 202682 
Fiscal 2027 and beyond25 
Total$1,784 
Summary of debt The majority of DFS debt is non-recourse to Dell Technologies and represents borrowings under securitization programs and structured financing programs, for which the Company’s risk of loss is limited to transferred loan and lease payments and associated equipment. The following table presents DFS debt as of the dates indicated. The table excludes the allocated portion of the Company’s other borrowings, which represents the additional amount considered to fund the DFS business.
January 28, 2022January 29, 2021
DFS debt(in millions)
DFS U.S. debt:
Asset-based financing and securitization facilities$3,054 $3,311 
Fixed-term securitization offerings 3,011 2,961 
Other135 140 
Total DFS U.S. debt6,200 6,412 
DFS international debt:
Securitization facility739 786 
Other borrowings785 1,006 
Note payable250 250 
Dell Bank Senior Unsecured Eurobonds1,672 1,212 
Total DFS international debt3,446 3,254 
Total DFS debt$9,646 $9,666 
Total short-term DFS debt$5,803 $4,888 
Total long-term DFS debt$3,843 $4,778 
The following table summarizes the Company’s outstanding debt as of the dates indicated:
 January 28, 2022January 29, 2021
(in millions)
Senior Secured Credit Facilities:
2.00% Term Loan B-1 Facility due September 2025
$— $3,143 
1.84% Term Loan A-6 Facility due March 2024
— 3,134 
Senior Notes:
5.88% due June 2021
— 1,075 
5.45% due June 2023
1,000 3,750 
7.13% due June 2024
— 1,625 
4.00% due July 2024
1,000 1,000 
5.85% due July 2025
1,000 1,000 
6.02% due June 2026
4,500 4,500 
4.90% due October 2026
1,750 1,750 
6.10% due July 2027
500 500 
5.30% due October 2029
1,750 1,750 
6.20% due July 2030
750 750 
8.10% due July 2036
1,000 1,500 
3.38% due December 2041
1,000 — 
8.35% due July 2046
800 2,000 
3.45% due December 2051
1,250 — 
Legacy Notes and Debentures:
4.63% due April 2021
— 400 
7.10% due April 2028
300 300 
6.50% due April 2038
388 388 
5.40% due September 2040
264 264 
EMC Notes:
3.38% due June 2023
— 1,000 
DFS Debt (Note 5)
9,646 9,666 
Other337 180 
Total debt, principal amount$27,235 $39,675 
Unamortized discount, net of unamortized premium(134)(178)
Debt issuance costs(147)(275)
Total debt, carrying value$26,954 $39,222 
Total short-term debt, carrying value$5,823 $6,357 
Total long-term debt, carrying value$21,131 $32,865 
Financing receivables held by the consolidated VIEs
The following table presents the assets and liabilities held by the consolidated VIEs as of the dates indicated, which are included in the Consolidated Statements of Financial Position:
 January 28, 2022January 29, 2021
 (in millions)
Assets held by consolidated VIEs
Other current assets$535 $838 
Financing receivables, net of allowance
Short-term$3,368 $3,534 
Long-term$3,141 $3,314 
Property, plant, and equipment, net$945 $792 
Liabilities held by consolidated VIEs
Debt, net of unamortized debt issuance costs
Short-term$4,560 $4,208 
Long-term$2,235 $2,841