v3.25.4
Supplemental Financial Information
 12 Months Ended
Jan. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Financial Information Supplemental Financial Information (in millions)
Consolidated Balance Sheets
January 31,
2026		February 1,
2025
Cash and cash equivalents:
Cash$2,566.1 $891.1 
Cash equivalents:
Time deposits72.7 57.2 
Cash and cash equivalents
$2,638.8 $948.3 

Short-term, highly liquid investments of $72.7 million and $57.2 million as of January 31, 2026 and February 1, 2025, respectively, included in cash and cash equivalents on the accompanying consolidated balance sheets are not considered as investments because of the short-term maturity of such investments.

January 31,
2026		February 1,
2025
Accounts receivable, net:
Accounts receivable $2,191.1 $1,031.0 
Less: Allowance for credit losses
(4.5)(2.6)
Accounts receivable, net$2,186.6 $1,028.4 

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 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 were $735.5 million, $868.8 million, and $335.7 million for the years ended January 31, 2026, February 1, 2025, and February 3, 2024, respectively. $108.5 million and $101.8 million remained subject to servicing by the Company as of January 31, 2026 and February 1, 2025, respectively. Factoring fees for the sales of receivables were recorded in interest income and other, net and were not material for fiscal 2026, 2025 and 2024.

January 31,
2026		February 1,
2025
Inventories:
Work-in-process$1,105.6 $709.0 
Finished goods282.4 320.7 
Inventories$1,388.0 $1,029.7 
January 31,
2026		February 1,
2025
Property and equipment, net:
Machinery and equipment$1,825.2 $1,570.2 
Land, buildings, and leasehold improvements338.8 306.6 
Computer software137.1 126.4 
Furniture and fixtures41.5 34.3 
2,342.6 2,037.5 
Less: Accumulated depreciation(1,407.6)(1,247.0)
Property and equipment, net$935.0 $790.5 

The Company recorded depreciation expense for property and equipment of $221.7 million, $177.0 million and $148.2 million for fiscal 2026, 2025 and 2024, respectively. During fiscal 2026, the Company recorded impairment charges for property and equipment of $69.2 million. Other than those disclosed in “Note 4 – Restructuring,” impairment charges for property and equipment were not material in fiscal 2025 and 2024.

January 31,
2026		February 1,
2025
Other non-current assets:
Prepaid ship and debits$584.2 $516.9 
Technology licenses (1)296.3 401.3 
Operating right-of-use assets284.1 246.0 
Prepayments on supply capacity reservation agreements278.8 307.8 
Non-marketable equity investments129.6 48.2 
Other153.9 74.8 
Other non-current assets$1,726.9 $1,595.0 

(1)Amortization of technology licenses was $124.7 million, $125.5 million and $177.1 million in fiscal 2026, 2025 and 2024, respectively.

January 31,
2026		February 1,
2025
Accrued liabilities:
Variable consideration estimates (1)$713.8 $517.9 
Accrued income taxes payable228.3 55.6 
Technology license obligations84.1 101.8
Lease liabilities - current portion56.5 48.3 
Accrued restructuring55.1 91.5 
Accrued interest45.7 43.5 
Deferred revenue40.1 22.1 
Accrued royalties25.1 11.7 
Other88.4 80.2 
Accrued liabilities$1,337.1 $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.
January 31,
2026		February 1,
2025
Other non-current liabilities:
Lease liabilities - non-current $263.2 $231.0 
Non-current restructuring liabilities193.9 228.4 
Technology license obligations160.4 233.8 
Non-current income taxes payable117.4 73.4 
Deferred tax liabilities 20.5 33.8 
Other30.2 16.0 
Other non-current liabilities$785.6 $816.4 

Government Incentives

See “Note 2 – Significant Accounting Policies – Government Incentives” for information on our accounting policies related to government incentives. The amounts recorded on the consolidated financial statements related to grants receivable and refundable investment credits were as follows (in millions):
January 31,
2026
Consolidated Balance Sheets
Prepaid expenses and other current assets
$107.3 
Inventories
(11.8)
Property and equipment, net
(3.7)
Total$91.8 
Year Ended
January 31,
2026
Consolidated Statements of Operations
Cost of goods sold$68.8 
Research and development15.1 
Selling, general and administrative4.4 
Total$88.3 

Accumulated Other Comprehensive Income

The changes in accumulated other comprehensive income, 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 3, 2024$1.1 
Other comprehensive income (loss) before reclassifications0.1 
Amounts reclassified from accumulated other comprehensive income (loss)(0.8)
Net current-period other comprehensive income (loss), net of tax(0.7)
Balance at February 1, 20250.4 
Other comprehensive income (loss) before reclassifications1.2 
Amounts reclassified from accumulated other comprehensive income (loss)(1.6)
Net current-period other comprehensive income (loss), net of tax(0.4)
Balance at January 31, 2026$— 
Consolidated Statements of Cash Flows
Year Ended
January 31,
2026		February 1,
2025		February 3,
2024
Supplemental Cash Flow Information:
Cash paid for interest$177.7 $173.4 $173.7 
Non-Cash Investing and Financing Activities:
Purchases under technology license obligations$11.9 $307.5 $56.2 
Unpaid purchases of property and equipment at end of year$156.4 $69.3 $80.1