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DELL INC (4331)
10-K
Annual report pursuant to section 13 and 15(d)
Filed on 03/26/2009
Filed Period 01/30/2009

Table of contents

  • Page 1
    DELL INC (4331) 10-K Annual report pursuant to section 13 and 15(d) Filed on 03/26/2009 Filed Period 01/30/2009

  • Page 2
    ... One Dell Way, Round Rock, Texas 78682 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (512) 338-4400 Securities registered pursuant to Section 12(b) of the Act: Title of each class Common Stock, par value $.01 per share Name of each exchange...

  • Page 3
    ... not set forth herein, is incorporated by reference from the registrant's proxy statement relating to the 2009 annual meeting of stockholders. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.

  • Page 4
    ... Issuer Purchases of Equity Securities Selected Financial Data Management's Discussion and Analysis of Financial Condition and Results of Operations Quantitative and Qualitative Disclosures About Market Risk Financial Statements and Supplementary Data Changes in and Disagreements with Accountants on...

  • Page 5
    ...end of Fiscal 2011. Our growth strategy involves reaching more customers worldwide through new distribution partners, such as retail, expanding our relationships with value-added resellers and distributors, and augmenting select areas of our business through targeted acquisitions. Our goal continues...

  • Page 6
    ... related in-process research and development of $2 million for Fiscal 2009 and $83 million for Fiscal 2008. Products and Services We design, develop, manufacture, market, sell, and support a wide range of products that in many cases are customized to individual customer requirements. Our product...

  • Page 7
    ... systems, business and office applications, anti-virus and related security software, entertainment software, and products in various other categories. In Fiscal 2009, we launched the Dell Download Store, an online software store for consumers and small-and-medium-sized businesses. - Printers. We...

  • Page 8
    ... sales and customer care, and a dedicated web portal. We also offer select consumer products in retail stores in several countries in the Americas, EMEA, and APJ. Our goal is to have strategic relationships with a number of major retailers in our larger geographic regions. During Fiscal 2009...

  • Page 9
    .... At the end of Fiscal 2009, we remained the number one supplier of computer systems in the U.S. and the number two supplier worldwide. Manufacturing and Materials We manufacture many of the products we sell and have manufacturing locations worldwide to service our global customer base. See "Part...

  • Page 10
    ... employees at the end of Fiscal 2009 were located in the U.S., and approximately 50,600 regular employees were located in other countries. We continue to comprehensively review costs across all processes and organizations, from product development and procurement through service and support delivery...

  • Page 11
    ... we complete the realignment of our management and financial reporting structure, which is expected to be in the first half of Fiscal 2010. We have invested in high growth countries such as Brazil, Russia, India, and China ("BRIC") to design and manufacture products and support our customers, and...

  • Page 12
    ...server, storage, peripheral, and infrastructure products. Before joining HP in 1996, Mr. Anderson held top management positions at Cray Research in executive staff, field marketing, sales, finance, and corporate marketing. Mr. Anderson earned a Bachelor of Science in Petroleum Engineering from Texas...

  • Page 13
    ... security and corporate responsibility on a worldwide basis. He currently is an executive sponsor for aDellante, our internal networking group responsible for the development of Hispanic employees within the company. Prior to joining Dell, he held human resource positions with NCR Corporation from...

  • Page 14
    ..., increasing funding costs, and reduced availability of funding through securitizations. Decreased customer spending directly reduces the potential sales revenue that we can seek to finance. Loan delinquencies and defaults impact our net credit losses and have been increasing for more than a year...

  • Page 15
    .... Sales outside the U.S. accounted for approximately 48% of our consolidated net revenue in Fiscal 2009. Our future growth rates and success are dependent on continued growth outside the U.S., including the key developing countries of Brazil, Russia, India, and China. Our international operations...

  • Page 16
    ...significant write-offs in the financial services sector, the re-pricing of credit risk, and the current weak economic conditions have made, and will likely continue to make, it difficult to obtain funding. The cost of accessing debt and capital markets has increased as many lenders and institutional...

  • Page 17
    ... services may result in reduced revenue and profitability. We use a variety of distribution methods to sell our products and services, including directly to customers and through select retailers and third-party value-added resellers. As we reach more customers worldwide through an increasing number...

  • Page 18
    ... support anticipated continued rapid international growth and increasingly complex product and service offerings. There can be no assurance that we will be able to attract, retain, and motivate the key professional, technical, marketing, and staff resources we need. • Loss of government contracts...

  • Page 19
    ... rates by extending expiring leases or by finding alternative space. Our principal executive offices, including global headquarters, are located at One Dell Way, Round Rock, Texas, United States of America. Americas Properties Description Headquarters Business Centers(a) Principal Locations n Round...

  • Page 20
    ... and India, which house sales, customer care, technical support, and administrative support functions, are used by each of our geographic regions. During Fiscal 2009, we closed a manufacturing plant in Austin, Texas and business centers in Ottawa and Edmonton, Canada, and we sold our call center in...

  • Page 21
    ... stock and capital in excess of $0.01 par value, accordingly. These shares were treated as outstanding for financial reporting purposes. The registered rescission offer expired on September 26, 2008, and payments of $29 million under the offer have been substantially completed during Fiscal 2009...

  • Page 22
    ...regarding our repurchases or acquisitions of common stock during the fourth quarter of Fiscal 2009 and the remaining authorized amount for future purchases: Total Number of Shares Repurchased as Part of Publicly Announced Plans Approximate Dollar Value of Shares that May Yet Be Repurchased Under the...

  • Page 23
    ... compares the cumulative total return on Dell's common stock during the last five fiscal years with the S&P 500 Index and the Dow Jones Computer Index during the same period. The graph shows the value, at the end of each of the last five fiscal years, of $100 invested in Dell common stock or the...

  • Page 24
    ...-K for Fiscal 2008 and Fiscal 2007. The balance sheet data as of January 28, 2005, is derived from our unaudited financial statements for that period. January 30, 2009(a) Results of Operations: Net revenue Gross margin Operating income Income before income taxes Net income Earnings per common share...

  • Page 25
    ...optimal balance of long-term sustained growth, profitability, and liquidity: - Global Consumer - In the first quarter of Fiscal 2009, we realigned our management and financial reporting structure to focus on worldwide sales to individual consumers and retailers as a part of an internal consolidation...

  • Page 26
    ... new Vostro A notebooks and desktops designed specifically for cost sensitive growing businesses in emerging economies. We continue to invest in initiatives that will align our new and existing products around customers' needs in order to drive long-term, sustainable growth, profitability, and cash...

  • Page 27
    ... slowdown; however, its revenue increased 5% year-over-year, aided by our expansion into retail through an increased number of worldwide retail locations. Outside of the U.S. we continue to focus on revenue and unit growth in the BRIC countries. BRIC revenue growth during Fiscal 2009 was 20% as we...

  • Page 28
    ... by an increase in our effective tax rate from 22.8% to 23.0%. Revenues by Segment We conduct operations worldwide. Effective in the first quarter of Fiscal 2009, we combined our consumer businesses of EMEA, APJ, and Americas International (formerly reported through Americas Commercial) with our...

  • Page 29
    ... in retail through an increased number of worldwide retail locations. Retail typically has lower average selling prices than our on-line and phone direct business. Mobility revenue grew 32% year-over-year on unit growth of 67%, and desktop revenue decreased 17% year-over-year on a unit decline...

  • Page 30
    ... in desktop unit volumes. In Fiscal 2008, this segment's average selling price increased 6% year-over-year mainly due to realigning prices and selling a more profitable product mix. In the fourth quarter of Fiscal 2008, the Global Consumer business began to improve and posted revenue growth of...

  • Page 31
    ...Socket rack servers, and our cloud computing initiatives. We expanded our server coverage to 88% of the server space, and we plan to increase our coverage to 95% next year. For calendar 2008, we were again ranked number one in the United States with a 35% share in server units shipped; worldwide, we...

  • Page 32
    ... desktop revenue and units both increased 13% during Fiscal 2008 over prior year. In Fiscal 2008, we introduced VostroTM desktops specifically designed to meet the needs of small business customers. Software and Peripherals - In Fiscal 2008, S&P revenue increased 10% year-over-year. EMEA Commercial...

  • Page 33
    ... an increased number of worldwide retail locations, there was a decrease in our average selling prices, which contributed to a decline in gross margin. The year-over-year gross margin percentage decline can be further attributed to the fact that Fiscal 2008 witnessed unusually high component costs...

  • Page 34
    ... versus bonus plan targets and lower sales commission expenses. Compensation-related expenses also included $73 million of stock option acceleration in Fiscal 2009, while Fiscal 2008 included $76 million for the cash payments made for expiring stock options. Additionally, with the increase in retail...

  • Page 35
    ... profitability in our EMEA Commercial segment and higher than historical average declines in component costs in Fiscal 2008, which returned to more typical declines in Fiscal 2009. Americas Commercial - For Fiscal 2009, operating income percentage increased 40 basis points year-over-year. Operating...

  • Page 36
    ...(R) effective the first quarter of Fiscal 2007. Included in stock-based compensation is the fair value of stock-based awards earned during the year, including restricted stock, restricted stock units, and stock options, as well as the discount associated with stock purchased under our employee stock...

  • Page 37
    ... the fourth quarter of Fiscal 2008. Foreign exchange increased year-over-year for Fiscal 2009 due to gains realized on our hedge program. During Fiscal 2009, we recognized a $35 million decline in the fair market value of our investments related to our deferred compensation plan. These expenses...

  • Page 38
    Table of Contents exchange loss in Fiscal 2008 and Fiscal 2007 is mainly due to higher net losses on derivative instruments. The gain on sale of building relates to the sale of a building in EMEA. Income Taxes Our effective tax rate was 25.4%, 23.0%, and 22.8% for Fiscal 2009, 2008, and 2007, ...

  • Page 39
    ... an allowance to cover financing receivable credit losses. Consistent with trends in the financial services industry, during Fiscal 2009 and Fiscal 2008, we experienced year-over-year increased financing receivable credit losses. Net principal charge-offs for Fiscal 2009 and Fiscal 2008 were $86...

  • Page 40
    ... or intangible assets. • Changed our investment strategy to hold securities with shorter durations. • Continued to monitor the effectiveness of our foreign currency hedging program. We monitor credit risk associated with our financial counterparties using various market credit risk indicators...

  • Page 41
    ... in market value. The investments other-than-temporarily impaired during Fiscal 2009 were asset-backed securities and were impaired due to severe price degradation or price degradation over an extended period of time, rise in delinquency rates and general credit enhancement declines. The fair value...

  • Page 42
    ... and October 15 (includes fair value adjustment related to SFAS 133) Other Less current portion Total long-term debt $ 599 $ 499 400 400 1,898 1,898 $ 359 201 560 2 (200) 362 $ During Fiscal 2009, we issued and sold $600 million aggregate principal amount of Notes with a fixed rate of 4.70% due...

  • Page 43
    ... would increase. Also, a downgrade in our credit rating could increase our borrowing costs and may limit our ability to issue commercial paper or additional term debt. Off-Balance Sheet Arrangements Asset Securitization - During Fiscal 2009, we continued to transfer customer financing receivables to...

  • Page 44
    ... revolving credit conduit owned by third parties falls below 10%. We expect the securitization transaction related to revolving receivables to terminate completely in Fiscal 2010. The impact to our balance sheet is anticipated to be immaterial. Our fixed-term lease and loan securitization programs...

  • Page 45
    ...to support business operations. Over the past year, we have utilized external capital sources to supplement our domestic liquidity to fund a number of strategic initiatives. We ended the fourth quarter of Fiscal 2009 with a negative cash conversion cycle of 25 days, which is a contraction of 11 days...

  • Page 46
    ... by a two-day increase in DPO largely attributed to an increase in the amount of strategic material purchases in inventory at the end of Fiscal 2008 and the number of suppliers with extended payment terms as compared to Fiscal 2007. We defer the cost of revenue associated with customer shipments not...

  • Page 47
    ... investments in order to support future growth. The significant decrease in capital expenditures from Fiscal 2008 is primarily due to the completion of facilities related projects during Fiscal 2008 and other cost reduction actions. Product demand, product mix, and the increased use of contract...

  • Page 48
    ... on Citibank India's internal cost of funds plus 0.25%. At January 30, 2009, and February 1, 2008, outstanding advances from Citibank India totaled $12 million and $23 million, respectively, which are included in short-term borrowings on our Consolidated Statement of Financial Position. There have...

  • Page 49
    ... policies relate to revenue recognition, business combinations, warranty accruals, income taxes, stock-based compensation, and loss contingencies. We have discussed the development, selection, and disclosure of our critical accounting policies with the Audit Committee of our Board of Directors...

  • Page 50
    ... for doubtful accounts, and adjust the amounts as necessary. During Fiscal 2008, we began selling our products through retailers. Sales to our retail customers are generally made under agreements allowing for limited rights of return, price protection, rebates, and marketing development funds. We...

  • Page 51
    ... stock awards granted to employees. The dividend yield of zero is based on the fact that we have never paid cash dividends and have no present intention to pay cash dividends. The cost of restricted stock awards is determined using the fair market value of our common stock on the date of grant. Loss...

  • Page 52
    ... in earnings caused by measuring related assets and liabilities differently, and it may reduce the need for applying complex hedge accounting provisions. While SFAS 159 became effective for our 2009 fiscal year, we did not elect the fair value measurement option for any of our financial assets or...

  • Page 53
    ...CONSOLIDATED FINANCIAL STATEMENTS Page Financial Statements: Report of Independent Registered Public Accounting Firm Consolidated Statements of Financial Position at January 30, 2009 and February 1, 2008 Consolidated Statements of Income for the fiscal years ended January 30, 2009, February 1, 2008...

  • Page 54
    ... for each of the three years in the period ended January 30, 2009 in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedule listed in the accompanying index presents fairly, in all material respects, the...

  • Page 55
    ... Contents DELL INC. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in millions) January 30, February 1, 2009 2008 Current assets: Cash and cash equivalents Short-term investments Accounts receivable, net Financing receivables, net Inventories, net Other current assets Total current assets Property...

  • Page 56
    ...STATEMENTS OF INCOME (in millions, except per share amounts) Fiscal Year Ended January 30, February 1, 2009 2008 61,101 $ 61,133 $ 50,144 49,462 10,957 11,671 February 2, 2007 57,420 47,904 9,516 5,948 498 6,446 3,070 275 3,345 762 2,583 1.15 1.14 2,255 2,271 Net revenue $ Cost of net revenue Gross...

  • Page 57
    ...-process research and development charges 2 Effects of exchange rate changes on monetary assets and liabilities denominated in foreign currencies (115) Deferred income taxes 86 Other 231 Changes in operating assets and liabilities, net of effects from acquisitions: Accounts receivable 591 Financing...

  • Page 58
    ... net of taxes Total comprehensive income Impact of adoption of FIN 48 Stock issuances under employee plans(a) Repurchases Stock-based compensation expense under SFAS 123(R) Tax benefit from employee stock plans Balances at February 1, 2008 Net income Change in net unrealized loss on investments, net...

  • Page 59
    ...-term leases and loans resulting from the sale of Dell products and services. Financing receivables are presented net of the allowance for losses. See Note 6 of Notes to Consolidated Financial Statements for additional information. Asset Securitization -- Dell transfers certain financing receivables...

  • Page 60
    ...rates of exchange in effect at the balance sheet date. Revenue and expenses from these international subsidiaries are translated using the monthly average exchange rates in effect for the period in which the items occur. Cumulative foreign currency translation adjustments totaled an $11 million loss...

  • Page 61
    ... over the term of the arrangement. For sales of extended warranties with a separate contract price, Dell defers revenue equal to the separately stated price. Revenue associated with undelivered elements is deferred and recorded when delivery occurs or services are provided. Product revenue is...

  • Page 62
    ...Statement of Financial Position. Dell records revenue from the sale of equipment under sales-type leases as product revenue at the inception of the lease. Sales-type leases also produce financing income, which Dell recognizes at consistent rates of return over the lease term. Customer revolving loan...

  • Page 63
    ..., during Fiscal 2009, 2008, and 2007, respectively. General and administrative expenses include items for Dell's administrative functions, such as Finance, Legal, Human Resources, and Information Technology support. These functions include costs for items such as salaries, maintenance and supplies...

  • Page 64
    ... FINANCIAL STATEMENTS (Continued) The following table sets forth the computation of basic and diluted earnings per share for each of the past three fiscal years: Fiscal Year Ended January 30, February 1, February 2, 2009 2008 2007 (in millions, except per share amounts) Numerator: Net income...

  • Page 65
    ...DELL INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) caused by measuring related assets and liabilities differently, and it may reduce the need for applying complex hedge accounting provisions. While SFAS 159 became effective for Dell's 2009 fiscal year, Dell did not elect the fair value...

  • Page 66
    ...purchased option contracts. The portfolio is valued using internal models based on market observable inputs, including forward and spot prices for currencies, and implied volatilities. Upon adoption of SFAS 157 in the first quarter of Fiscal 2009, Dell began factoring credit risk into the fair value...

  • Page 67
    ...fair value and cost of Dell's investments. All investments with remaining maturities in excess of one year are recorded as long-term investments in the Consolidated Statements of Financial Position. Fair Value Debt securities: U.S. government and agencies U.S. corporate International corporate State...

  • Page 68
    ... any anticipated recovery in market value. The investments other-than-temporarily impaired during Fiscal 2009 were asset-backed securities and were impaired due to severe price degradation or price degradation over an extended period of time, rise in delinquency rates and general credit enhancement...

  • Page 69
    ... or pricing models using current market rates and records all derivatives in the Consolidated Statements of Financial Position at fair value. Cash Flow Hedges Dell uses a combination of forward contracts and options designated as cash flow hedges to protect against the foreign currency exchange rate...

  • Page 70
    ... FINANCIAL STATEMENTS (Continued) expire in three months or less. These contracts are not designated as hedges under SFAS 133, and therefore, the change in the instrument's fair value is recognized currently in earnings as a component of investment and other income, net. The gross notional value...

  • Page 71
    ... fair value adjustment related to SFAS 133) Other Less current portion Total long-term debt $ 599 $ 499 400 400 1,898 1,898 $ 359 201 560 2 (200) 362 $ During Fiscal 2009, Dell Inc. issued and sold debt comprising $600 million aggregate principal amount due 2013 with a fixed interest rate...

  • Page 72
    ... Dell's effective interest rate for the Senior Notes, prior to repayment, was 4.03% for the first quarter of Fiscal 2009. In November 2008, Dell filed a shelf registration statement with the SEC, which provides Dell with the ability to issue additional term debt up to $1.5 billion, subject to market...

  • Page 73
    ...30, February 1, 2009 2008 (in millions) Deferred tax assets: Deferred revenue Inventory and warranty provisions Investment impairments and unrealized losses Provisions for product returns and doubtful accounts Capital loss Leasing and financing Credit carryforwards Loss carryforwards Stock-based and...

  • Page 74
    ...process research and development Other Total The increase in Dell's Fiscal 2009 effective tax rate, compared to Fiscal 2008, is due primarily to an increased profitability mix in higher tax jurisdictions during Fiscal 2009 as compared to Fiscal 2008. The increase in Dell's Fiscal 2008 effective tax...

  • Page 75
    ... favorably affect Dell's effective tax rate. Interest and penalties related to income tax liabilities are included in income tax expense. The balance of gross accrued interest and penalties recorded in the Consolidated Statements of Financial Position at January 30, 2009 and February 1, 2008, was...

  • Page 76
    ... stock in order to increase shareholder value and manage dilution resulting from shares issued under Dell's equity compensation plans. However, Dell does not currently have a policy that requires the repurchase of common stock in conjunction with stock-based payment arrangements. During Fiscal 2009...

  • Page 77
    ... the Stock Plans during Fiscal 2009: WeightedWeighted- Average Number Average Remaining Aggregate of Exercise Contractual Intrinsic Options Price Term Value (in millions) (per share) (in years) (in millions) Options outstanding - February 1, 2008 Granted Exercised Forfeited Cancelled/expired Options...

  • Page 78
    ... FINANCIAL STATEMENTS (Continued) The following table summarizes stock option activity for the Stock Plans during Fiscal 2008: WeightedAverage Exercise Price (per share) 32.16 24.45 18.99 26.80 32.01 32.30 32.43 32.89 4.5 $ 4.2 $ 13 12 WeightedAverage Remaining Contractual Term (in years) Number...

  • Page 79
    ... price multiplied by the number of options exercised) that was received by the option holders who exercised their options during the fiscal year. At January 30, 2009, approximately $1 million of total unrecognized stock-based compensation expense, net of estimated forfeitures, related to stock...

  • Page 80
    ...4.4% 27% 0% 3.6 years 3 months 4.8% 26% 0% 3.6 years N/A(a) 2.3% 37% 0% No purchase rights were granted under the ESPP in Fiscal 2009 and Fiscal 2008 due to Dell suspending the ESPP on April 4, 2007, and subsequently discontinuing the plan effective the first quarter of Fiscal 2009 as a part of an...

  • Page 81
    ... Fiscal 2009 or Fiscal 2008 due to Dell suspending the ESPP on April 4, 2007, and subsequently discontinuing the ESPP as part of an overall assessment of its benefits strategy. Common stock issued under ESPP totaled 6 million shares in Fiscal 2007, and the weighted-average fair value of the purchase...

  • Page 82
    ... were receivable under these special programs. - Dell enters into sales-type lease arrangements with customers who desire lease financing. Leases with business customers have fixed terms of two to five years. Future maturities of minimum lease payments at January 30, 2009 for future fiscal years are...

  • Page 83
    ... each reporting period. The fair value of the retained interest is determined using a discounted cash flow model with various key assumptions, including payment rates, credit losses, discount rates, and remaining life of the receivables sold. These assumptions are supported by both Dell's historical...

  • Page 84
    ... markets. Two of the three conduits fund fixed-term leases and loans, and one conduit funds revolving loans. The principal balance of the securitized receivables at the end of Fiscal 2009 and Fiscal 2008 was $1.4 billion and $1.2 billion, respectively. Dell services securitized contracts and earns...

  • Page 85
    ... about the fair value of assets and liabilities becomes available. Any change in the estimated fair value of the net assets, within one year of acquisition of the acquired companies, will change the amount of the purchase price allocable to goodwill. Fiscal 2009 Acquisitions Dell completed three...

  • Page 86
    ... of business for product revenue reporting purposes. Goodwill, which represents the excess of the purchase price over the net tangible and intangible assets acquired, is expected to be deductible for tax purposes. Other Acquisitions in Fiscal 2008 Dell acquired three other companies in Fiscal 2008...

  • Page 87
    ... STATEMENTS (Continued) NOTE 8 -GOODWILL AND INTANGIBLE ASSETS Goodwill Goodwill allocated to Dell's business segments as of January 30, 2009, and February 1, 2008, and changes in the carrying amount of goodwill for the fiscal year ended January 30, 2009, were as follows: Americas Commercial Balance...

  • Page 88
    ... of Financial Position, are presented in the following tables: Fiscal Year Ended January 30, February 1, February 2, 2009 2008 2007 (in millions) Deferred service revenue: Deferred service revenue at beginning of year Revenue deferred for new extended warranty and service contracts sold(b) Revenue...

  • Page 89
    ... FINANCIAL STATEMENTS (Continued) Fiscal Year Ended January 30, February 1, February 2, 2009 2008 2007 (in millions) Warranty liability: Warranty liability at beginning of year Costs accrued for new warranty contracts and changes in estimates for pre-existing warranties(a)(b) Service obligations...

  • Page 90
    ... claims under ERISA based on allegations that Dell and certain current and former directors and officers imprudently invested and managed participants' funds and failed to disclose information regarding its stock held in the 401(k) Plan. On June 23, 2008, the court granted the defendants' motion to...

  • Page 91
    ...SEGMENT INFORMATION Dell conducts operations worldwide. Effective the first quarter of Fiscal 2009, Dell combined the consumer business of EMEA, APJ, and Americas International (formerly reported through Americas Commercial) with the U.S. Consumer business and re-aligned its management and financial...

  • Page 92
    ... quarter of Fiscal 2008, acquisition-related charges such as in-process research and development and amortization of intangibles are not allocated to Dell's operating segments. The asset totals disclosed by geography are directly managed by those regions and include accounts receivable, inventory...

  • Page 93
    ... FINANCIAL STATEMENTS (Continued) The following tables present depreciation expense and capital expenditures by Dell's reportable segments and assets by region: January 30, 2009 Depreciation expense: Americas Commercial EMEA Commercial APJ Commercial Global Consumer Total Capital expenditures...

  • Page 94
    ... or long-lived assets during Fiscal 2009, 2008, and 2007. No single customer accounted for more than 10% of Dell's consolidated net revenue during Fiscal 2009, 2008, and 2007. The following table presents net revenue by product groups: January 30, 2009 Net revenue: Mobility Desktop PCs Software and...

  • Page 95
    ... STATEMENTS (Continued) NOTE 12 -SUPPLEMENTAL CONSOLIDATED FINANCIAL INFORMATION Supplemental Consolidated Statements of Financial Position Information: Accounts receivable, net: Gross accounts receivable Allowance for doubtful accounts Total Inventories, net: Production materials(a) Work-in-process...

  • Page 96
    ... Statements of Income and stock sales price data for each quarter of Fiscal 2009 and Fiscal 2008: First Quarter Net revenue Gross margin Net income Earnings per common share: Basic Diluted Weighted-average shares outstanding: Basic Diluted Stock sales price per share: High Low $ $ $ $ $ Fiscal Year...

  • Page 97
    ... FINANCIAL STATEMENTS (Continued) Fiscal Year 2008 Second Third Quarter Quarter (in millions, except per share data) 14,776 $ 2,951 $ 746 $ 0.33 $ 0.33 $ 2,237 2,264 29.61 $ 24.64 $ 15,646 $ 2,888 $ 766 $ 0.34 $ 0.34 $ 2,236 2,266 30.77 $ 24.96 $ First Quarter Net revenue Gross margin Net income...

  • Page 98
    ... public accounting firm, as stated in their report, which is included in "Part II - Item 8 - Financial Statements and Supplementary Data." Changes in Internal Control over Financial Reporting Dell's management, with the participation of Dell's Chief Executive Officer and Chief Financial Officer...

  • Page 99
    ... in conditions or deterioration in the degree of compliance with associated policies or procedures. • The design of a control system must reflect the fact that resources are constrained, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in...

  • Page 100
    ...statement relating to the 2009 annual meeting of stockholders. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. PART IV ITEM 15 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES Financial Statements...

  • Page 101
    ... of Contents Financial Statement Schedule The following financial statement schedule is filed as a part of this report under Schedule II immediately preceding the signature page: Schedule II - Valuation and Qualifying Accounts for the three fiscal years ended January 30, 2009, February 1, 2008, and...

  • Page 102
    ... of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. DELL INC. By: /s/ MICHAEL S. DELL Michael S. Dell Chairman and Chief Executive Officer Date: March 26, 2009 98

  • Page 103
    ... 26, 2009 Director March 26, 2009 Director March 26, 2009 Director March 26, 2009 Director March 26, 2009 Director March 26, 2009 Director March 26, 2009 Senior Vice President and Chief Financial Officer Vice President, Corporate Finance (principal accounting officer) 99 March 26, 2009...

  • Page 104
    ...between Dell and each Non-Employee Director of Dell (incorporated by reference to Exhibit 10.11 to Dell's Annual Report on Form 10-K for the fiscal year ended January 31, 2003, Commission File No. 0-17017) 10.12* - Form of Performance Based Stock Unit Agreement for employees under the 2002 Long-Term...

  • Page 105
    ... 10.20* - Form of Performance Based Stock Unit Agreement for Executive Officers under the Amended and Restated 2002 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.17 of Dell's Annual Report on Form 10-K for the fiscal year ended February 1, 2008, Commission File No. 0-17017) 10.21...

  • Page 106
    ... President and Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 * Identifies Exhibit that consists of or includes a management contract or compensatory plan or arrangement. †Filed herewith. ††Furnished herewith...

  • Page 107
    ... into by Dell Inc., a Delaware corporation, having its principal office in Round Rock, Texas (hereinafter referred to as "Employer"): R E C I T A L S: WHEREAS, the Employer has previously established the Dell Inc. 401(k) Plan (the "Plan") for the benefit of those employees who qualify thereunder...

  • Page 108
    ... to be and read as follows: "(v) Notwithstanding the foregoing paragraph (b), the Administrator shall, at the end of each calendar quarter, identify each Participant with a termination of employment date during the previous 365 days who continues to maintain an account balance in the Plan and shall...

  • Page 109
    ...(h) or 419A(d), except that the 25%-of-pay limit below shall not apply to employer contributions to a key employee's medical account after his separation from service. "Limitation Year" shall be the Plan Year. "415 Compensation" shall mean the compensation as defined under Code Section 415(c)(3) and...

  • Page 110
    Exhibit 10.7 DELL INC. DEFERRED COMPENSATION PLAN AMENDED AND RESTATED EFFECTIVE AS OF JANUARY 1, 2005

  • Page 111
    ... Net Income or Loss and Changes in Value Article V. Hypothetical Investment of Accounts 5.1 Hypothetical Investment of Accounts 5.2 Designation of Investment Funds Article VI. Vested Interest 6.1 Vesting of Compensation Deferrals Account 6.2 Vesting of Company Credits Account 6.3 Forfeitures Article...

  • Page 112
    ... Members 10.4 Committee Powers and Duties 10.5 Claims Review 10.6 Company to Supply Information 10.7 Indemnity Article XI. Purpose and Unfunded Nature of the Plan 11.1 Purpose of Plan 11.2 Unfunded Nature of Plan 11.3 Funding of Obligation Article XII. Participating Entities 12.1 Designation...

  • Page 113
    ... and existing under the laws of the State of Delaware (the "Company"), hereby restates the Dell Computer Corporation Deferred Compensation Plan, to be retitled as the Dell Inc. Deferred Compensation Plan (the "Plan"), such restatement to be effective as of January 1, 2005, except as otherwise...

  • Page 114
    ... hold the total of amounts credited to a Participant's Compensation Deferral and Company Credits Account for the applicable Plan Year. (b) (c) (d) (e) Affiliate: Each trade or business (whether or not incorporated), which together with Dell Inc. would be deemed to be a "single employer" within...

  • Page 115
    ... any acquisition by any employee benefit plan (or related trust) sponsored or maintained by Dell Inc. or any corporation controlled by Dell Inc., (iv) any acquisition by Mr. Michael S. Dell, his "affiliates" (as defined in Rule 12b-2 promulgated under the Exchange Act) or "associates" (as defined in...

  • Page 116
    ... any employee benefit plan (or related trust) of Dell Inc., such corporation resulting from such Business Combination, and Michael Dell) beneficially owns, directly or indirectly, 20% or more of the then outstanding shares of common stock of the corporation resulting from such Business Combination...

  • Page 117
    ...is credited with his Compensation Deferral pursuant to Section 3.1, and credited with (or debited for) such account's pro rata share of allocable net income (or net loss) as provided in Section 4.3. Directors: The Board of Directors of Dell Inc. Disability: (1) With Respect to Grandfathered Benefits...

  • Page 118
    ...'s Accounts pursuant to Article V. Participant: An Employee participating in the Plan in accordance with the provisions of Section 2.1. Plan: The Dell Inc. Deferred Compensation Plan, as amended from time to time. (v) (w) (x) (y) (z) (aa) Plan Year: The twelve (12)-consecutive month period...

  • Page 119
    ...has been providing services to the Company for less than thirty-six (36) months). (dd) Specified Employee: The terms "Specified Employee" means (i) an officer of an Employer earning more than $135,000 per year, as adjusted from time to time in accordance with Internal Revenue Service guidelines, (ii...

  • Page 120
    ... issued thereunder. (ii) (jj) 1.2 1.3 Valuation Dates: Each day the NASDAQ is open for business. Vested Interest: The percentage of a Participant's Accounts that, pursuant to Article VI, is vested. Number and Gender. Wherever appropriate herein, words used in the singular shall be considered to...

  • Page 121
    ... date the election is filed, and (ii) the total number of days in the computation period (typically 365 for annual bonuses (366 in any year that computation period that includes April during a year that is classified as a "leap year)). (2) (c) Once an individual has been designated as an Employee...

  • Page 122
    ... if any, to be effective as of the first day of the following Plan Year. Such election must be made in the form and within the time period required by the Committee. A Participant's election to defer Base Salary for any Plan Year under the Plan must be made prior to the Election Date for Base Salary...

  • Page 123
    ... under the Plan following an Election Date, such Employee's election to make Base Salary deferrals shall become effective as soon as administratively feasible following the date such election is received by the Committee provided the election is made within 30 days of being designated an eligible...

  • Page 124
    ... election applicable to a Plan Year at any time during a Plan Year. Cancellation of Bonus Deferral Election. A Participant may not cancel or modify his Bonus Deferral election applicable to a Bonus Year after such election is submitted to the Committee. Crediting of Deferrals. Compensation Deferrals...

  • Page 125
    ..., to which shall be credited the total of the Participant's Compensation Deferrals and Company Credits for the applicable Plan Year. (f) 4.2 4.3 Investment of Accounts. The Committee shall credit allocable earnings and losses to each Participant's Individual Account according to the hypothetical...

  • Page 126
    ..., and the frequency of such changes may be limited by the Committee. If the Committee elects to establish a hypothetical investment fund that holds shares of the Company's common stock, a Participant may elect to invest his Account in such fund. The Committee may in its sole discretion refuse...

  • Page 127
    ... of this Article VI, a "Year of Vesting Service" means 365 days of Service. An Employee shall receive credit for the aggregate of all time periods commencing on an Employee's Employment Commencement Date, including the Re-Employment Commencement Date, and ending on the date a Break in Service begins...

  • Page 128
    ... (A) Break in Service means a continuous period of 365 days time during which an Employee is not employed by the Employer, and (ii) begins on the date an Employee retires, quits, is discharged, or dies, or, if earlier, the twelve (12) month anniversary of the date on which the Employee was otherwise...

  • Page 129
    ... Employee of the Employer or a Related Employer on the date next following the date of his termination of employment with Dell Financial Services, L.P. 6.3 Forfeitures. A Participant who terminates employment with the Company and its Affiliates with a Vested Interest in his Company Credits Account...

  • Page 130
    ... anything contained in the Plan to the contrary, if at any time any Participant is finally determined by the Internal Revenue Service or the U.S. Department of Labor not to qualify as a member of a select group of "management or highly compensated employees" as such term is used in ERISA Section 401...

  • Page 131
    ... file an irrevocable election to have all or a portion of his Vested Interest in amounts attributable to 409A Benefits that will be credited to his Individual Account for such Plan Year paid directly to him: (A) (B) (2) (3) In a single lump sum cash payment on a designated date; or In annual cash...

  • Page 132
    ... at any time. If a Participant Separates From Service prior to the date on which an in-service payment is scheduled to be made under this Subsection, his election shall be terminated and his Individual Account shall be distributed as provided in Section 8.3 below. ARTICLE VIII. BENEFIT DISTRIBUTIONS...

  • Page 133
    ... sum payment; or Monthly, quarterly or annual installment payments for a term certain not to exceed ten (10) years payable to such Participant or, in the event of such Participant's death prior to the end of such term certain, to his designated beneficiary as provided in Section 8.4. (b) Time and...

  • Page 134
    ... single lump sum cash payment; or In cash payments in monthly, quarterly or annual installments for a term certain not to exceed ten (10) years payable to such Participant or, in the event of such Participant's death prior to the end of such term certain, to his designated beneficiary as provided in...

  • Page 135
    ... relating to a distribution to be made on a specified future date or under a fixed payment schedule shall be filed at least twelve (12) months prior to the date of the first otherwise scheduled payment. A modified election shall not accelerate the time or schedule of any payment under the Plan...

  • Page 136
    ... constitute a nonqualified deferred compensation plan under Proposed Treasury Regulation Section 1.409A-1(c); The payment is made on or before the later of December 31 of the calendar year in which the Participant separates from service or the 15th day of the third month following the Participant...

  • Page 137
    ...benefits directly. To the extent the Trustee does not or cannot pay benefits out of the Trust Fund, the benefits shall be paid by an Employer. Any benefit payments made to a Participant or for his benefit pursuant to any provision of the Plan shall be debited to such Participant's Individual Account...

  • Page 138
    ... and Bonuses in a manner consistent with the Proposed Regulations issued under Code Section 409A. In addition, during December 2008 designated Participants were permitted to make elections to receive in service distributions on designated distribution dates during the calendar year ending December...

  • Page 139
    ... removed by the Leadership Development and Compensation Committee of the Company's Board of Directors. At any time during his term of office, a member of the Committee may resign by giving written notice to the Directors and the Committee, such resignation to become effective upon the appointment of...

  • Page 140
    ... such termination; To make a determination in its sole discretion as to the right of any person to a benefit under the Plan and to prescribe procedures to be followed by distributees in obtaining benefits hereunder; and To receive and review reports from the Trustee as to the financial condition of...

  • Page 141
    ...federal or state court. (c) 10.6 Employer to Supply Information. An Employer shall supply full and timely information to the Committee, including, but not limited to, information relating to each Participant's Compensation, age, retirement, death, or other cause of separation from service and such...

  • Page 142
    ...management or highly compensated employees of an Employer. Further, it is the intention of the Company, as Plan sponsor, that the Plan be "unfunded" for purposes of the Code and Title I of ERISA. The Plan constitutes a mere promise by an Employer to make benefit payments in the future. Plan benefits...

  • Page 143
    ... from the Trust Fund, if any. All income, profits, recoveries, contributions, forfeitures and any and all moneys, securities, and properties of any kind at any time received or held by the Trustee, if any, shall be held for investment purposes as a commingled Trust Fund pursuant to the terms of the...

  • Page 144
    ...the Directors, terminate its participation in the Plan. Moreover, the Committee may, in its discretion, terminate a Participating Employer's participation in the Plan at any time by giving written notice to such Participating Employer and the Company. ARTICLE XIII. MISCELLANEOUS 13.1 Not Contract of...

  • Page 145
    ... in the amounts credited to his Individual Accounts as of the date of adoption of such amendment. The Directors have the absolute and unconditional right to terminate the Plan solely with respect to Grandfathered Benefits at any time on behalf of the Company and each Participating Employer. In the...

  • Page 146
    ...time within three (3) years following the date of termination of the arrangement. (4) Such other events and conditions as the Commissioner of Internal Revenue may prescribe in generally applicable guidance published in the Internal Revenue Bulletin. 13.5 Severability. If any provision of the Plan...

  • Page 147
    Exhibit 10.8 DELL INC. DEFERRED COMPENSATION PLAN For Non-Employee Directors Amended and Restated Effective as of January 1, 2005

  • Page 148
    ...of Net Income or Loss and Changes in Value Hypothetical Investment of Accounts 4.1 Investment of Accounts 4.2 Designation of Investment Funds Vested Interest 5.1 Vesting of Compensation Deferrals Account Unforeseeable Financial Emergency 6.1 Rules Governing Grandfathered Benefits 6.2 Rules Governing...

  • Page 149
    ... 9.3 Self-Interest of Committee Members 9.4 Committee Powers and Duties 9.5 Claims Review 9.6 Company to Supply Information 9.7 Indemnity Purpose and Unfunded Nature of the Plan 10.1 Purpose of Plan 10.2 Unfunded Nature of Plan 10.3 Funding of Obligation Miscellaneous 11.1 Limitation of Rights 11...

  • Page 150
    ... Deferred Compensation Plan For Non-Employee Directors, to be retitled as the Dell Inc. Deferred Compensation Plan For Non-Employee Directors (the "Plan"), for the benefit of its non-employee directors, in recognition of their services rendered to the Company; such restatement to be effective as...

  • Page 151
    ... direction of the Committee, the Plan shall establish a subaccount for each Plan Year beginning on and after January 1, 2005, which shall hold the total of amounts credited to a Member's Account for the applicable Plan Year. (b) (c) Annual Compensation: The annual retainer payable by the Company...

  • Page 152
    ... employee benefit plan (or related trust) of the Company, such corporation resulting from such Business Combination, and Michael Dell) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business...

  • Page 153
    ... any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, (iv) any acquisition by Mr. Michael S. Dell. (f) (g) (h) (i) (j) (k) Code: The Internal Revenue Code of 1986, as amended from time to time. Committee: The Compensation...

  • Page 154
    ... of the month subsequent to a Member's Normal Retirement Age on which he actually terminates service as a non-employee Director with the Company. Trust Fund: All assets of whatsoever kind or nature held from time to time by the Trustee pursuant to the Trust Agreement and forming a part of this Plan...

  • Page 155
    ... Financial Emergency under this Subsection (2) shall be made in accordance with the requirements of Code Section 409A and any guidance issued thereunder. (w) 1.2 1.3 Valuation Dates: Each day of the Plan Year the NASDAQ is open for business. Number and Gender. Wherever appropriate herein, words used...

  • Page 156
    ... available to all non-employee directors of the Company. Deferral(s). For any Plan Year, each Member may elect to defer a portion of his Annual Compensation in accordance with this Article II. Any such Deferral(s) shall be in whole percentages of the Member's Annual Compensation, as specified in the...

  • Page 157
    ... credit allocable earnings and losses to each Member's Account according to the hypothetical investments made by a Member pursuant to the terms of Article IV. Allocation of Net Income or Loss and Changes in Value. (a) As of each Valuation Date, the Committee shall determine the fair market value...

  • Page 158
    ... Company. ARTICLE V. VESTED INTEREST (b) (c) 5.1 Vesting of Compensation Deferrals Account. A Member shall have a 100% vested interest in his Account at all times. ARTICLE VI. UNFORESEEABLE FINANCIAL EMERGENCY 6.1 Rules Governing Grandfathered Benefits. Consistent with the Plan's prior terms...

  • Page 159
    ... entire value of his Account determined as of the Valuation Date designated by the Committee for the purposes of valuing distributions coinciding with or next following the Member's termination of service as a non-employee director with the Company. Triggering Events. A Member's benefit shall become...

  • Page 160
    ...Member dies prior to the termination of his service as a non-employee director with the Company, the Member's Beneficiary shall be entitled to the value of the Member's Account. Upon the death of a Member who, at the time of his death, had previously terminated his service as a non-employee director...

  • Page 161
    ... monthly, quarterly or annual installments for a term certain not to exceed ten (10) years payable to such Member or, in the event of such Member's death prior to the end of such term certain, to his Beneficiary. 7.3 Rules Governing Form and Timing of Payment of 409A Benefits. (a) (b) (c) Time...

  • Page 162
    ... relating to a distribution to be made on a specified future date or under a fixed payment schedule shall be filed at least twelve (12) months prior to the date of the first otherwise scheduled payment. A modified election shall not accelerate the time or schedule of any payment under the Plan...

  • Page 163
    ... the Trustee does not or cannot pay benefits out of the Trust Fund, the benefits shall be paid by the Company. Any benefit payments made to a Member for his benefit pursuant to any provision of the Plan shall be debited to such Member's Account. All benefit payments shall be made in cash. Unclaimed...

  • Page 164
    ...'s terms as applicable prior to the adoption of Code Section 409A. With respect to 409A Benefits. Effective with respect to the Plan Years beginning on and after January 1, 2005, at the time a Member made an election to defer an amount attributable to 409A Benefits, the Member was required to make...

  • Page 165
    ... in the administration, interpretation, and application of the Plan; To establish or designate Investment Funds as provided in Article IV; and To receive and review reports from the Trustee as to the financial condition of the Trust Fund, including its receipts and disbursements. (i) (j) All...

  • Page 166
    ... shall, after providing a full and fair review, render its final decision in writing to the Member, his Beneficiary, or the representative of such Member or Beneficiary stating specific reasons for such decision and making specific references to pertinent Plan provisions upon which the decision is...

  • Page 167
    .... 9.6 Company to Supply Information. The Company shall supply full and timely information to the Committee, including, but not limited to, information relating to each Member's Annual Compensation, age, retirement, death, or other cause of termination from service as a non-employee director and...

  • Page 168
    ... the Member and Beneficiaries and hold the assets for the benefit of the Company's general creditors. If the Trustee receives a written allegation that the Company is insolvent, the Trustee shall suspend payments to the Members and beneficiaries and hold the Trust Fund for the benefit of the Company...

  • Page 169
    ... a right to the continued service of the Company as a non-employee director or as to interfering with the right of the Company to terminate the service of any individual as a non-employee director at any time. 11.2 Alienation of Interest Forbidden. The interest of a Member or his Beneficiary or...

  • Page 170
    ... and related guidance issued thereunder) sponsored by the Company are also terminated, so that the Member and all Members under substantially similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the date of...

  • Page 171
    ... 1.409A-1(c), if the same Member participated in both arrangements, at any time within three (3) years following the date of termination of the arrangement. (4) Such other events and conditions as the Commissioner of Internal Revenue may prescribe in generally applicable guidance published in the...

  • Page 172
    ... the right to receive shares of the Company's common stock (the "Shares"), subject to the terms and conditions described below. The target number of units that may be awarded to you (the "Target") is stated in step one of the Stock Plan Administrator's online grant acceptance process ("Grant Summary...

  • Page 173
    ... the gross value of the Shares that were issued to you pursuant to this Agreement during the two-year period preceding the termination of your Employment, determined as of the date such Shares were issued to you and using the Fair Market Value (as defined in the Plan) of Dell stock on that date. You...

  • Page 174
    ... from such employment contract or its consequences; (vi) Units are not part of normal or expected compensation for any purpose, and are not to be used for calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or...

  • Page 175
    ... at that time and you agree to return to the Company an amount of cash equal to the Fair Market Value (as defined in the Plan) of all Shares theretofore issued to you pursuant to this Agreement, determined as of the date such Shares were issued. 18. Acceptance of Terms and Conditions - This award...

  • Page 176
    ... 10.22 United States - Executive Officer Amended & Restated 2002 Plan DELL INC. Nonstatutory Stock Option Agreement 1. Purpose - Dell Inc., a Delaware corporation (the "Company"), is pleased to grant you options to purchase shares of the Company's common stock. The number of options awarded to...

  • Page 177
    ...twelve-month period preceding the termination of your Employment. The term "Option Proceeds" means, with respect to any exercise of Options, an amount equal to the number of Options exercised multiplied by the difference between the market value per share of the Company's common stock at the time of...

  • Page 178
    ... from such employment contract or its consequences ; (f) Options are not part of normal or expected compensation for any purpose and are not to be used for calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or...

  • Page 179
    ... the right to receive shares of the Company's common stock (the "Shares"), subject to the terms and conditions described below. The number of units that are awarded to you (the "Units") is stated in step one of the Stock Plan Administrator's online grant acceptance process ("Grant Summary"). Each...

  • Page 180
    ... any of the products or services being manufactured, offered, marketed, or are actively developed by Dell as of the date your employment with Dell ends. By way of illustration, and not by limitation, at the time of execution of this Agreement, the following companies are currently Direct Competitors...

  • Page 181
    ...employment contract or its consequences; (f) Units are not part of normal or expected compensation for any purpose, and are not to be used for calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments...

  • Page 182
    ...CHARGES January 30, 2009 February 1, 2008 Fiscal Year Ended February 2, 2007 February 3, 2006 January 28, 2005 (in millions, except ratio) Earnings: (a) Pre-tax income from continuing operations Add: fixed charges adjusted for capitalized interest Add: minority interest Total earnings Fixed Charges...

  • Page 183
    ...) Dell Technology Products and Services S.A Dell DFS Holdings Kft. Dell Emerging Markets (EMEA) Limited Magyarorszagi Kereskedelmi Kepviselet - Rep. Office Dell Hungary Technology Solutions Trade LLC Dell International Holdings Kft. Alienware Limited Dell Computer Limited Dell Direct Dell Financial...

  • Page 184
    ... B.V. Dell Technology & Solutions (Nigeria) Limited Dell Corporation Limited - Northern Ireland Place of Business Dell A.S. Dell Products (Poland) Sp. z o.o Dell Sp.z.o.o. Dell Computer Holding I, SGPS, Unipessoal Lda Dell Computer Holding II, SGPS, Unipessoal Lda Dell Computer International (II...

  • Page 185
    ..., Middle East and Africa Jursdiction Dell Computer EEIG Dell Corporation Limited Dell Emerging Markets (EMEA) Limited Dell Solutions (UK) Limited MessageOne Europe Limited The Networked Storage Company Limited Asia-Pacific/Japan United Kingdom United Kingdom United Kingdom United Kingdom United...

  • Page 186
    ... Asset Revolving Trust Dell Asset Securitization GP L.L.C. Dell Asset Securitization Holding L.P. Dell Colombia Inc. Dell Computer de Chile Corp. Dell Computer Holdings Corp. Dell Computer India Corp. Dell Conduit Funding L.P. Dell Conduit GP L.L.C. Dell DFS Corporation Dell DFS Holdings L.L.C. Dell...

  • Page 187
    ... Inc. Dell Funding L.L.C. Dell Revolver Funding L.L.C. CPS Channel Partner Solutions L.P. Dell Computer Holdings L.P. Dell Federal Systems L.P. Dell Marketing L.P. Dell Marketing USA L.P. Dell Products L.P. Dell Receivables L.P. Dell Services L.P. Dell USA L.P. Dell Ventures L.P. Dell World Trade...

  • Page 188
    ...DE C.V. Dell Guatemala Ltda Dell Honduras S de RL de CV Dell Jamaica Ltd. Dell Computer Services de Mexico SA de CV Dell Mexico, S.A. de C.V. Dell Canada Inc. Dell Panama S. de R.L. Dell Perú, SAC Dell Puerto Rico Corp. Dell Quebec Inc. Dell Trinidad and Tobago Limited Corporacion Dell de Venezuela...

  • Page 189
    ...of Dell Inc. (formerly Dell Computer Corporation) of our report dated March 26, 2009, relating to the financial statements, financial statement schedule, and the effectiveness of internal control over financial reporting, which appears in this Form 10-K. /s/ PRICEWATERHOUSECOOPERS LLP Austin, Texas...

  • Page 190
    ... period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report...

  • Page 191
    ... period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report...

  • Page 192
    ...TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 The undersigned officers of Dell Inc. hereby certify that (a) Dell's Annual Report on Form 10-K for the fiscal year ended January 30, 2009, as filed with the Securities and Exchange Commission, fully complies with the requirements of Section 13(a) of...