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 assets | 5,650 | 5,424 | ||||
| Amortization of debt discount and other costs | 26 | 49 | ||||
| Stock-based compensation | 328 | 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 expenses | 725 | (174) | ||||
| Deferred income taxes, net | 79 | 150 | ||||
| Other | 40 | (160) | ||||
| Net cash provided by operating activities | 8,306 | 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 securities | 1,458 | 1,504 | ||||
| Proceeds from maturities of available-for-sale securities | 814 | 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 | ||
