(In millions)
(Unaudited)
| For the three months ended |
December 1,
2022 |
December 2,
2021 | ||||
| Cash flows from operating activities | ||||||
| Net income (loss) | $ | (195 | ) | $ | 2,306 | |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||
| Depreciation expense and amortization of intangible assets | 1,921 | 1,671 | ||||
| Stock-based compensation | 146 | 118 | ||||
| (Gain) loss on debt repurchases | — | 83 | ||||
| Change in operating assets and liabilities: | ||||||
| Receivables | 1,842 | 67 | ||||
| Inventories | (1,697 | ) | (344 | ) | ||
| Accounts payable and accrued expenses | (1,056 | ) | (42 | ) | ||
| Other | (18 | ) | 79 | |||
| Net cash provided by operating activities | 943 | 3,938 | ||||
| Cash flows from investing activities | ||||||
| Expenditures for property, plant, and equipment | (2,449 | ) | (3,265 | ) | ||
| Purchases of available-for-sale securities | (90 | ) | (528 | ) | ||
| Proceeds from maturities of available-for-sale securities | 358 | 313 | ||||
| Proceeds from sales of available-for-sale securities | 4 | 124 | ||||
| Proceeds from government incentives | 2 | 55 | ||||
| Proceeds from sale of Lehi, Utah fab | — | 893 | ||||
| Other | (91 | ) | (77 | ) | ||
| Net cash provided by (used for) investing activities | (2,266 | ) | (2,485 | ) | ||
| Cash flows from financing activities | ||||||
| Proceeds from issuance of debt | 3,349 | 2,000 | ||||
| Repurchases of common stock - repurchase program | (425 | ) | (259 | ) | ||
| Payments of dividends to shareholders | (126 | ) | (112 | ) | ||
| Payments on equipment purchase contracts | (47 | ) | (78 | ) | ||
| Repayments of debt | (20 | ) | (1,949 | ) | ||
| Other | (99 | ) | (115 | ) | ||
| Net cash provided by (used for) financing activities | 2,632 | (513 | ) | |||
| Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | (6 | ) | (6 | ) | ||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 1,303 | 934 | ||||
| Cash, cash equivalents, and restricted cash at beginning of period | 8,339 | 7,829 | ||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 9,642 | $ | 8,763 | ||
