MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
| Nine months ended |
June 2,
2022 |
June 3,
2021 | ||||
| Cash flows from operating activities | ||||||
| Net income | $ | 7,195 | $ | 3,141 | ||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||
| Depreciation expense and amortization of intangible assets | 5,234 | 4,593 | ||||
| Stock-based compensation | 378 | 285 | ||||
| (Gain) loss on debt repurchases and conversions | 83 | 1 | ||||
| Restructure and asset impairments | 43 | 446 | ||||
| Change in operating assets and liabilities | ||||||
| Receivables | (906 | ) | (340 | ) | ||
| Inventories | (1,146 | ) | 814 | |||
| Accounts payable and accrued expenses | 382 | (309 | ) | |||
| Other | 141 | (47 | ) | |||
| Net cash provided by operating activities | 11,404 | 8,584 | ||||
| Cash flows from investing activities | ||||||
| Expenditures for property, plant, and equipment | (8,454 | ) | (8,015 | ) | ||
| Purchases of available-for-sale securities | (1,359 | ) | (1,919 | ) | ||
| Proceeds from sale of Lehi, Utah fab | 888 | — | ||||
| Proceeds from maturities of available-for-sale securities | 964 | 1,024 | ||||
| Proceeds from sales of available-for-sale securities | 258 | 473 | ||||
| Proceeds from government incentives | 104 | 335 | ||||
| Other | (162 | ) | 47 | |||
| Net cash provided by (used for) investing activities | (7,761 | ) | (8,055 | ) | ||
| Cash flows from financing activities | ||||||
| Repayments of debt | (2,008 | ) | (1,344 | ) | ||
| Repurchases of common stock - repurchase program | (1,648 | ) | (150 | ) | ||
| Payments of dividends to shareholders | (335 | ) | — | |||
| Payments on equipment purchase contracts | (132 | ) | (139 | ) | ||
| Repurchases of common stock - withholdings on employee equity awards | (116 | ) | (84 | ) | ||
| Proceeds from issuance of debt | 2,000 | 1,188 | ||||
| Other | 99 | 92 | ||||
| Net cash provided by (used for) financing activities | (2,140 | ) | (437 | ) | ||
| Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | (71 | ) | 44 | |||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 1,432 | 136 | ||||
| Cash, cash equivalents, and restricted cash at beginning of period | 7,829 | 7,690 | ||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 9,261 | $ | 7,826 | ||
