Micron Technology, Inc. Reports Results for the Second Quarter of Fiscal 2021

CONSOLIDATED STATEMENTS OF CASH FLOWS
(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 assets3,036  2,661  
Amortization of debt discount and other costs15  16  
Stock-based compensation189  157  
(Gain) loss on debt prepayments, repurchases, and conversions  (42) 
Change in operating assets and liabilities  
Receivables533  104  
Inventories629  (69) 
Accounts payable and accrued expenses(777) 257  
Deferred income taxes, net(11) 38  
Other4  (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.

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