(In millions)
(Unaudited)
| Three months ended |
December 3,
2020 |
November 28,
2019 | |||||
| Cash flows from operating activities | |||||||
| Net income | $ | 803 | $ | 508 | |||
| Adjustments to reconcile net income to net cash provided by operating activities | |||||||
| Depreciation expense and amortization of intangible assets | 1,487 | 1,296 | |||||
| Amortization of debt discount and other costs | 7 | 10 | |||||
| Stock-based compensation | 92 | 72 | |||||
| (Gain) loss on debt prepayments, repurchases, and conversions | — | (42 | ) | ||||
| Change in operating assets and liabilities | |||||||
| Receivables | 251 | (208 | ) | ||||
| Inventories | 86 | 175 | |||||
| Accounts payable and accrued expenses | (753 | ) | 178 | ||||
| Deferred income taxes, net | (24 | ) | 19 | ||||
| Other | 18 | 3 | |||||
| Net cash provided by operating activities | 1,967 | 2,011 | |||||
| Cash flows from investing activities | |||||||
| Expenditures for property, plant, and equipment | (2,738 | ) | (1,943 | ) | |||
| Purchases of available-for-sale securities | (1,002 | ) | (407 | ) | |||
| Proceeds from maturities of available-for-sale securities | 216 | 163 | |||||
| Proceeds from sales of available-for-sale securities | 45 | 988 | |||||
| Proceeds from government incentives | 40 | 22 | |||||
| Other | 21 | (12 | ) | ||||
| Net cash provided by (used for) investing activities | (3,418 | ) | (1,189 | ) | |||
| Cash flows from financing activities | |||||||
| Payments on equipment purchase contracts | (97 | ) | (11 | ) | |||
| Repayments of debt | (84 | ) | (1,415 | ) | |||
| Acquisition of noncontrolling interest in IMFT | — | (744 | ) | ||||
| Proceeds from issuance of debt | — | 1,250 | |||||
| Other | (33 | ) | (72 | ) | |||
| Net cash provided by (used for) financing activities | (214 | ) | (992 | ) | |||
| Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | 27 | (14 | ) | ||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (1,638 | ) | (184 | ) | |||
| Cash, cash equivalents, and restricted cash at beginning of period | 7,690 | 7,279 | |||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 6,052 | $ | 7,095 | |||
MICRON TECHNOLOGY, INC.
