MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
| Six months ended |
March 3,
2022 |
March 4,
2021 | ||||
| Cash flows from operating activities | ||||||
| Net income | $ | 4,569 | $ | 1,406 | ||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||
| Depreciation expense and amortization of intangible assets | 3,413 | 3,036 | ||||
| Stock-based compensation | 247 | 189 | ||||
| (Gain) loss on debt repurchases and conversions | 83 | — | ||||
| Change in operating assets and liabilities | ||||||
| Receivables | (44 | ) | 533 | |||
| Inventories | (900 | ) | 629 | |||
| Accounts payable and accrued expenses | 107 | (777 | ) | |||
| Other | 91 | 8 | ||||
| Net cash provided by operating activities | 7,566 | 5,024 | ||||
| Cash flows from investing activities | ||||||
| Expenditures for property, plant, and equipment | (5,876 | ) | (5,756 | ) | ||
| Purchases of available-for-sale securities | (922 | ) | (1,349 | ) | ||
| Proceeds from sale of Lehi, Utah fab | 893 | — | ||||
| Proceeds from maturities of available-for-sale securities | 631 | 746 | ||||
| Proceeds from sales of available-for-sale securities | 172 | 178 | ||||
| Proceeds from government incentives | 66 | 176 | ||||
| Other | (140 | ) | 31 | |||
| Net cash provided by (used for) investing activities | (5,176 | ) | (5,974 | ) | ||
| Cash flows from financing activities | ||||||
| Repayments of debt | (1,981 | ) | (103 | ) | ||
| Repurchases of common stock - repurchase program | (667 | ) | — | |||
| Payments of dividends to shareholders | (224 | ) | — | |||
| Repurchases of common stock - withholdings on employee equity awards | (112 | ) | (78 | ) | ||
| Payments on equipment purchase contracts | (105 | ) | (123 | ) | ||
| Proceeds from issuance of debt | 2,000 | — | ||||
| Other | 110 | 95 | ||||
| Net cash provided by (used for) financing activities | (979 | ) | (209 | ) | ||
| Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | (16 | ) | 43 | |||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 1,395 | (1,116 | ) | |||
| Cash, cash equivalents, and restricted cash at beginning of period | 7,829 | 7,690 | ||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 9,224 | $ | 6,574 | ||
