MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
| June 3, | May 28, | |||||
| Nine months ended | 2021 | 2020 | ||||
| Cash flows from operating activities | ||||||
| Net income | $ | 3,141 | $ | 1,720 | ||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||
| Depreciation expense and amortization of intangible assets | 4,593 | 4,083 | ||||
| Amortization of debt discount and other costs | 22 | 20 | ||||
| Noncash restructure and asset impairment | 446 | (7 | ) | |||
| Stock-based compensation | 285 | 239 | ||||
| (Gain) loss on debt prepayments, repurchases, and conversions | 1 | (40 | ) | |||
| Change in operating assets and liabilities | ||||||
| Receivables | (340 | ) | (461 | ) | ||
| Inventories | 814 | (248 | ) | |||
| Accounts payable and accrued expenses | (309 | ) | 700 | |||
| Deferred income taxes, net | (94 | ) | 26 | |||
| Other | 25 | 3 | ||||
| Net cash provided by operating activities | 8,584 | 6,035 | ||||
| Cash flows from investing activities | ||||||
| Expenditures for property, plant, and equipment | (8,015 | ) | (5,943 | ) | ||
| Purchases of available-for-sale securities | (1,919 | ) | (793 | ) | ||
| Proceeds from maturities of available-for-sale securities | 1,024 | 636 | ||||
| Proceeds from sales of available-for-sale securities | 473 | 1,157 | ||||
| Proceeds from government incentives | 335 | 140 | ||||
| Other | 47 | (48 | ) | |||
| Net cash provided by (used for) investing activities | (8,055 | ) | (4,851 | ) | ||
| Cash flows from financing activities | ||||||
| Repayments of debt | (1,344 | ) | (4,286 | ) | ||
| Payments on equipment purchase contracts | (139 | ) | (49 | ) | ||
| Acquisition of noncontrolling interest in IMFT | — | (744 | ) | |||
| Proceeds from issuance of debt | 1,188 | 5,000 | ||||
| Other | (142 | ) | (56 | ) | ||
| Net cash provided by (used for) financing activities | (437 | ) | (135 | ) | ||
| Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | 44 | (8 | ) | |||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 136 | 1,041 | ||||
| Cash, cash equivalents, and restricted cash at beginning of period | 7,690 | 7,279 | ||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 7,826 | $ | 8,320 | ||
