Dell Technologies Inc.DELL
Dell Technologies Inc. Goodwill & Intangibles Disclosure
GOODWILL AND INTANGIBLE ASSETS
Goodwill
The Infrastructure Solutions Group (“ISG”) and Client Solutions Group (“CSG”) reporting units are consistent with the reportable segments identified in Note 18 of the Notes to the Consolidated Financial Statements. Corporate and other consists of results of VMware Resale, Virtustream, and Secureworks prior to the sale of Secureworks as discussed in Note 1 of the Notes to the Consolidated Financial Statements, each of which represents a separate reporting unit not classified as a reportable segment, either individually or collectively.
The following table presents goodwill allocated to the Company’s reportable segments and changes in the carrying amount of goodwill as of the dates indicated:
| Infrastructure Solutions Group | Client Solutions Group | Corporate and other | Total | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| Balances as of February 2, 2024 | $ | 15,041 | $ | 4,232 | $ | 427 | $ | 19,700 | |||||||||||||||
| Impact of foreign currency translation and other | (153) | — | — | (153) | |||||||||||||||||||
| Reclassification to assets held for sale (a) | — | — | (427) | (427) | |||||||||||||||||||
| Balances as of January 31, 2025 | $ | 14,888 | $ | 4,232 | $ | — | $ | 19,120 | |||||||||||||||
| Impact of foreign currency translation | 366 | — | — | 366 | |||||||||||||||||||
| Goodwill acquired | 61 | — | — | 61 | |||||||||||||||||||
| Balances as of January 30, 2026 | $ | 15,315 | $ | 4,232 | $ | — | $ | 19,547 | |||||||||||||||
____________________
(a)During the fiscal year ended January 31, 2025, Secureworks goodwill was reclassified to current assets held for sale on the Consolidated Statements of Financial Position. The sale of Secureworks was completed during the three months ended May 2, 2025. See Note 1 of the Notes to the Consolidated Financial Statements for additional information about the sale of Secureworks.
Intangible Assets
The following table presents the Company’s intangible assets as of the dates indicated:
| January 30, 2026 | January 31, 2025 | ||||||||||||||||||||||||||||||||||
| Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||||||||
| Customer relationships | $ | 16,644 | $ | (15,321) | $ | 1,323 | $ | 16,642 | $ | (15,013) | $ | 1,629 | |||||||||||||||||||||||
| Developed technology | 9,525 | (9,376) | 149 | 9,500 | (9,211) | 289 | |||||||||||||||||||||||||||||
| Trade names | 875 | (869) | 6 | 875 | (860) | 15 | |||||||||||||||||||||||||||||
| Definite-lived intangible assets | 27,044 | (25,566) | 1,478 | 27,017 | (25,084) | 1,933 | |||||||||||||||||||||||||||||
| Indefinite-lived trade names | 3,055 | — | 3,055 | 3,055 | — | 3,055 | |||||||||||||||||||||||||||||
| Total intangible assets | $ | 30,099 | $ | (25,566) | $ | 4,533 | $ | 30,072 | $ | (25,084) | $ | 4,988 | |||||||||||||||||||||||
Amortization expense related to definite-lived intangible assets was $0.5 billion, $0.7 billion and $0.8 billion for the fiscal years ended January 30, 2026, January 31, 2025 and February 2, 2024, respectively. There were no material impairment charges related to intangible assets during the fiscal years ended January 30, 2026, January 31, 2025 and February 2, 2024.
The following table presents the estimated future annual pre-tax amortization expense of definite-lived intangible assets as of the date indicated:
| January 30, 2026 | |||||
| (in millions) | |||||
| Fiscal 2027 | $ | 377 | |||
| Fiscal 2028 | 235 | ||||
| Fiscal 2029 | 195 | ||||
| Fiscal 2030 | 158 | ||||
| Fiscal 2031 | 134 | ||||
| Thereafter | 379 | ||||
| Total | $ | 1,478 | |||
Goodwill and Indefinite-Lived Intangible Assets Impairment Testing
Goodwill and indefinite-lived intangible assets are tested for impairment annually during the third fiscal quarter and whenever events or circumstances may indicate that an impairment has occurred.
During the three months ended October 31, 2025, the Company performed the annual assessment for goodwill in each of its reporting units and indefinite-lived intangible assets. The Company is permitted to conduct a qualitative assessment to determine whether it is necessary to perform a quantitative goodwill impairment test. The Company’s qualitative assessment included consideration of the relevant events and circumstances affecting the reporting unit, including macroeconomic, industry and market conditions, recent market transactions, overall financial performance, trends in the public company market valuation, changes in projected future cash flows, and the results of the most recent quantitative assessment, where applicable. Based on this assessment, the Company concluded that it was more likely than not that the estimated fair value of the reporting units and indefinite-lived intangible assets were higher than their respective carrying values. No goodwill or indefinite-lived assets impairment test was performed during the fiscal year ended January 30, 2026 other than the Company’s annual impairment review.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Mar 16, 2026 | Showing above |
| 2025 | Mar 25, 2025 | |
| 2024 | Mar 25, 2024 | |
| 2023 | Mar 30, 2023 | |
| 2022 | Mar 24, 2022 | |
| 2021 | Mar 26, 2021 | |
| 2020 | Mar 27, 2020 | |
| 2019 | Mar 29, 2019 | |
| 2018 | Mar 29, 2018 | |
| 2017 | Mar 31, 2017 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.