MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In millions)
(Unaudited)
| For the year ended |
September 1,
2022 |
September 2,
2021 | ||||
| Cash flows from operating activities | ||||||
| Net income | $ | 8,687 | $ | 5,861 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation expense and amortization of intangible assets | 7,116 | 6,214 | ||||
| Stock-based compensation | 514 | 378 | ||||
| (Gain) loss on debt repurchases and conversions | 83 | 1 | ||||
| Restructure and asset impairment | 44 | 454 | ||||
| Change in operating assets and liabilities: | ||||||
| Receivables | 190 | (1,446 | ) | |||
| Inventories | (2,179 | ) | 866 | |||
| Accounts payable and accrued expenses | 744 | 210 | ||||
| Other | (18 | ) | (70 | ) | ||
| Net cash provided by operating activities | 15,181 | 12,468 | ||||
| Cash flows from investing activities | ||||||
| Expenditures for property, plant, and equipment | (12,067 | ) | (10,030 | ) | ||
| Purchases of available-for-sale securities | (1,770 | ) | (3,163 | ) | ||
| Proceeds from maturities of available-for-sale securities | 1,321 | 1,250 | ||||
| Proceeds from sale of Lehi, Utah fab | 888 | — | ||||
| Proceeds from sales of available-for-sale securities | 294 | 856 | ||||
| Proceeds from government incentives | 115 | 495 | ||||
| Other | (366 | ) | 3 | |||
| Net cash provided by (used for) investing activities | (11,585 | ) | (10,589 | ) | ||
| Cash flows from financing activities | ||||||
| Repurchases of common stock - repurchase program | (2,432 | ) | (1,200 | ) | ||
| Repayments of debt | (2,032 | ) | (1,520 | ) | ||
| Payments of dividends to shareholders | (461 | ) | — | |||
| Payments on equipment purchase contracts | (141 | ) | (295 | ) | ||
| Repurchases of common stock - withholdings on employee equity awards | (125 | ) | (94 | ) | ||
| Proceeds from issuance of debt | 2,000 | 1,188 | ||||
| Other | 211 | 140 | ||||
| Net cash provided by (used for) financing activities | (2,980 | ) | (1,781 | ) | ||
| Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | (106 | ) | 41 | |||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 510 | 139 | ||||
| Cash, cash equivalents, and restricted cash at beginning of period | 7,829 | 7,690 | ||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 8,339 | $ | 7,829 | ||
