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 were $268.1 million for the three months ended May 4, 2024, of which $268.1 million remained subject to servicing by the Company as of May 4, 2024. Factoring fees for the sales of receivables were recorded in interest income and other, net and were not material.


	May 4, 2024		February 3, 2024
Property and equipment, net:
Machinery and equipment	$	1,397.2	$	1,376.2
Land, buildings, and leasehold improvements	320.0		312.4
Computer software	122.1		116.5
Furniture and fixtures	31.8		31.7
	1,871.1		1,836.8
Less: Accumulated depreciation	(1,113.1)		(1,080.8)
Property and equipment, net	$	758.0	$	756.0


	May 4, 2024		February 3, 2024
Other non-current assets:
Prepaid ship and debit	$	495.6	$	547.6
Technology licenses	324.8		350.6
Prepayments on supply capacity reservation agreements	303.1		302.5
Operating right-of-use assets	203.6		203.6


Non-marketable equity investments	50.5		45.8
Other	54.6		56.8
Other non-current assets	$	1,432.2	$	1,506.9


	May 4, 2024		February 3, 2024
Accrued liabilities:
Variable consideration estimates (1)	$	493.7	$	610.7
Technology license obligations	87.7		105.7
Accrued legal reserve	78.9		76.5
Lease liabilities - current portion	38.1		39.4
Deferred revenue	33.9		43.2
Accrued interest payable	23.8		41.3
Accrued warranty expense	21.9		25.5
Accrued income taxes payable	20.9		17.8
Deferred non-recurring engineering credits	15.3		21.7
Other	46.8		51.1
Accrued liabilities	$	861.0	$	1,032.9


	May 4, 2024		February 3, 2024
Other non-current liabilities:
Lease liabilities - non-current	$	196.6	$	196.0
Technology license obligations	188.3		196.5
Non-current income taxes payable	64.6		56.6
Deferred tax liabilities	51.5		58.7
Other	16.0		16.5
Other non-current liabilities	$	517.0	$	524.3


	Unrealized Gain (Loss) on Cash Flow Hedges
Balance at February 3, 2024	$	1.1
Other comprehensive income (loss) before reclassifications	(0.2)
Amounts reclassified from accumulated other comprehensive income (loss)	(0.5)
Net current-period other comprehensive income (loss), net of tax	(0.7)
Balance at May 4, 2024	$	0.4


	Unrealized Gain (Loss) on Cash Flow Hedges
Balance at January 28, 2023	$	—
Other comprehensive income (loss) before reclassifications	(1.4)
Amounts reclassified from accumulated other comprehensive income (loss)	0.5
Net current-period other comprehensive income (loss), net of tax	(0.9)
Balance at April 29, 2023	$	(0.9)

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. As of May 4, 2024, $3.1 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.

During the three months ended May 4, 2024, the Company repurchased 2.2 million shares of its common stock for $150.0 million. During the three months ended April 29, 2023, the Company did not repurchase shares of its common stock. 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.