(In millions)
(Unaudited)
| Six months ended |
February 27,
2020 |
February 28,
2019 | ||||||
| Cash flows from operating activities | ||||||||
| Net income | $ | 915 | $ | 4,921 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
| Depreciation expense and amortization of intangible assets | 2,661 | 2,648 | ||||||
| Amortization of debt discount and other costs | 16 | 29 | ||||||
| Stock-based compensation | 157 | 118 | ||||||
| Gain on debt prepayments, repurchases, and conversions | (42 | ) | 69 | |||||
| Change in operating assets and liabilities | ||||||||
| Receivables | 104 | 1,202 | ||||||
| Inventories | (90 | ) | (800 | ) | ||||
| Accounts payable and accrued expenses | 257 | (326 | ) | |||||
| Deferred income taxes, net | 38 | 320 | ||||||
| Other | (4 | ) | 64 | |||||
| Net cash provided by operating activities | 4,012 | 8,245 | ||||||
| Cash flows from investing activities | ||||||||
| Expenditures for property, plant, and equipment | (3,999 | ) | (5,349 | ) | ||||
| Purchases of available-for-sale securities | (566 | ) | (2,566 | ) | ||||
| Proceeds from sales of available-for-sale securities | 1,059 | 160 | ||||||
| Proceeds from maturities of available-for-sale securities | 523 | 391 | ||||||
| Proceeds from government incentives | 105 | 455 | ||||||
| Other | (21 | ) | (10 | ) | ||||
| Net cash provided by (used for) investing activities | (2,899 | ) | (6,919 | ) | ||||
| Cash flows from financing activities | ||||||||
| Repayments of debt | (1,676 | ) | (705 | ) | ||||
| Acquisition of noncontrolling interest in IMFT | (744 | ) | — | |||||
| Payments to acquire treasury stock | (159 | ) | (2,568 | ) | ||||
| Payments on equipment purchase contracts | (29 | ) | (37 | ) | ||||
| Proceeds from issuance of debt | 1,250 | 1,800 | ||||||
| Other | 151 | 27 | ||||||
| Net cash provided by (used for) financing activities | (1,207 | ) | (1,483 | ) | ||||
| Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | (14 | ) | (1 | ) | ||||
| Net decrease in cash, cash equivalents, and restricted cash | (108 | ) | (158 | ) | ||||
| Cash, cash equivalents, and restricted cash at beginning of period | 7,279 | 6,587 | ||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 7,171 | $ | 6,429 | ||||
MICRON TECHNOLOGY, INC.
