(In millions)
(Unaudited)
| Six months ended |
March 4,
2021 |
February 27,
2020 | ||||||
| Cash flows from operating activities | ||||||||
| Net income | $ | 1,406 | $ | 915 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
| Depreciation expense and amortization of intangible assets | 3,036 | 2,661 | ||||||
| Amortization of debt discount and other costs | 15 | 16 | ||||||
| Stock-based compensation | 189 | 157 | ||||||
| (Gain) loss on debt prepayments, repurchases, and conversions | — | (42 | ) | |||||
| Change in operating assets and liabilities | ||||||||
| Receivables | 533 | 104 | ||||||
| Inventories | 629 | (69 | ) | |||||
| Accounts payable and accrued expenses | (777 | ) | 257 | |||||
| Deferred income taxes, net | (11 | ) | 38 | |||||
| Other | 4 | (25 | ) | |||||
| Net cash provided by operating activities | 5,024 | 4,012 | ||||||
| Cash flows from investing activities | ||||||||
| Expenditures for property, plant, and equipment | (5,756 | ) | (3,999 | ) | ||||
| Purchases of available-for-sale securities | (1,349 | ) | (566 | ) | ||||
| Proceeds from maturities of available-for-sale securities | 746 | 523 | ||||||
| Proceeds from sales of available-for-sale securities | 178 | 1,059 | ||||||
| Proceeds from government incentives | 176 | 105 | ||||||
| Other | 31 | (21 | ) | |||||
| Net cash provided by (used for) investing activities | (5,974 | ) | (2,899 | ) | ||||
| Cash flows from financing activities | ||||||||
| Payments on equipment purchase contracts | (123 | ) | (29 | ) | ||||
| Repayments of debt | (103 | ) | (1,676 | ) | ||||
| Acquisition of noncontrolling interest in IMFT | — | (744 | ) | |||||
| Proceeds from issuance of debt | — | 1,250 | ||||||
| Other | 17 | (8 | ) | |||||
| Net cash provided by (used for) financing activities | (209 | ) | (1,207 | ) | ||||
| Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | 43 | (14 | ) | |||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (1,116 | ) | (108 | ) | ||||
| Cash, cash equivalents, and restricted cash at beginning of period | 7,690 | 7,279 | ||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 6,574 | $ | 7,171 | ||||
MICRON TECHNOLOGY, INC.
