Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2020


MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

For the year ended September 3,
2020
August 29,
2019
   
Cash flows from operating activities  
Net income$2,710 $6,358 
Adjustments to reconcile net income to net cash provided by operating activities  
Depreciation expense and amortization of intangible assets5,650 5,424 
Amortization of debt discount and other costs26 49 
Stock-based compensation328 243 
(Gain) loss on debt prepayments, repurchases, and conversions(40) 396 
Change in operating assets and liabilities  
Receivables(723) 2,431 
Inventories(489) (1,528) 
Accounts payable and accrued expenses725 (174) 
Deferred income taxes, net79 150 
Other40 (160) 
Net cash provided by operating activities8,306 13,189 
   
Cash flows from investing activities  
Expenditures for property, plant, and equipment(8,223) (9,780) 
Purchases of available-for-sale securities(1,857) (4,218) 
Proceeds from sales of available-for-sale securities1,458 1,504 
Proceeds from maturities of available-for-sale securities814 1,541  
Proceeds from government incentives 262   748  
Other (43)   120  
Net cash provided by (used for) investing activities (7,589)   (10,085)  
     
Cash flows from financing activities    
Repayments of debt (4,366)   (3,340)  
Acquisition of noncontrolling interest in IMFT (744)    
Payments to acquire treasury stock (251)   (2,729)  
Payments on equipment purchase contracts (63)   (75)  
Proceeds from issuance of debt 5,000   3,550  
Proceeds from issuance of stock 225   179  
Other (118)   (23)  
Net cash provided by (used for) financing activities (317)   (2,438)  
     
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash 11   26  
     
Net increase (decrease) in cash, cash equivalents, and restricted cash 411   692  
Cash, cash equivalents, and restricted cash at beginning of period 7,279   6,587  
Cash, cash equivalents, and restricted cash at end of period $ 7,690   $ 7,279  



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