(In millions)
(Unaudited)
| For the year ended |
August 31,
2023 |
September 1,
2022 | ||||
| Cash flows from operating activities | ||||||
| Net income (loss) | $ | (5,833 | ) | $ | 8,687 | |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||
| Depreciation expense and amortization of intangible assets | 7,756 | 7,116 | ||||
| Provision to write down inventories to net realizable value | 1,831 | — | ||||
| Stock-based compensation | 596 | 514 | ||||
| Goodwill impairment | 101 | — | ||||
| Restructure and asset impairments | 11 | 44 | ||||
| Loss on debt repurchases and conversions | — | 83 | ||||
| Change in operating assets and liabilities: | ||||||
| Receivables | 2,763 | 190 | ||||
| Inventories | (3,555 | ) | (2,179 | ) | ||
| Accounts payable and accrued expenses | (2,104 | ) | 744 | |||
| Other | (7 | ) | (18 | ) | ||
| Net cash provided by operating activities | 1,559 | 15,181 | ||||
| Cash flows from investing activities | ||||||
| Expenditures for property, plant, and equipment | (7,676 | ) | (12,067 | ) | ||
| Purchases of available-for-sale securities | (723 | ) | (1,770 | ) | ||
| Proceeds from maturities of available-for-sale securities | 1,566 | 1,321 | ||||
| Proceeds from government incentives | 710 | 115 | ||||
| Proceeds from sales of available-for-sale securities | 25 | 294 | ||||
| Proceeds from sale of Lehi, Utah fab | — | 888 | ||||
| Other | (93 | ) | (366 | ) | ||
| Net cash provided by (used for) investing activities | (6,191 | ) | (11,585 | ) | ||
| Cash flows from financing activities | ||||||
| Proceeds from issuance of debt | 6,716 | 2,000 | ||||
| Repayments of debt | (761 | ) | (2,032 | ) | ||
| Payments of dividends to shareholders | (504 | ) | (461 | ) | ||
| Repurchases of common stock - repurchase program | (425 | ) | (2,432 | ) | ||
| Payments on equipment purchase contracts | (138 | ) | (141 | ) | ||
| Other | 95 | 86 | ||||
| Net cash provided by (used for) financing activities | 4,983 | (2,980 | ) | |||
| Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | (34 | ) | (106 | ) | ||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 317 | 510 | ||||
| Cash, cash equivalents, and restricted cash at beginning of period | 8,339 | 7,829 | ||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 8,656 | $ | 8,339 | ||
MICRON TECHNOLOGY, INC.
