(Unaudited)
Inventories
In the third and second quarters of 2023, we recorded charges of $401 million and $1.43 billion, respectively, to cost of goods sold to write down the carrying value of work in process and finished goods inventories to their estimated net realizable values (“NRV”). The impact of inventory NRV write-downs for each period reflects (1) inventory write-downs in that period, offset by (2) lower costs in that period on the sale of inventory written down in prior periods. The impacts of inventory NRV write-downs are summarized below:
| 4th Qtr. | 3rd Qtr. | 4th Qtr. | Year Ended | |||||||||
|
August 31,
2023 |
June 1,
2023 |
September 1,
2022 |
August 31,
2023 |
September 1,
2022 | ||||||||
| Provision to write down inventory to NRV | $ | — | $ | (401 | ) | $ | — | $ | (1,831 | ) | $ | — |
| Lower costs from sale of inventory written down in prior periods | 563 | 281 | — | 844 | — | |||||||
| $ | 563 | $ | (120 | ) | $ | — | $ | (987 | ) | $ | — | |
MICRON TECHNOLOGY, INC.
