(In millions)
(Unaudited)
| Three months ended |
December 2,
2021 |
December 3,
2020 | ||||
| Cash flows from operating activities | ||||||
| Net income | $ | 2,306 | $ | 803 | ||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||
| Depreciation expense and amortization of intangible assets | 1,671 | 1,487 | ||||
| Stock-based compensation | 118 | 92 | ||||
| (Gain) loss on debt repurchases and conversions | 83 | — | ||||
| Change in operating assets and liabilities | ||||||
| Receivables | 67 | 251 | ||||
| Inventories | (344 | ) | 130 | |||
| Accounts payable and accrued expenses | (42 | ) | (753 | ) | ||
| Deferred income taxes, net | 54 | (24 | ) | |||
| Other | 25 | (19 | ) | |||
| Net cash provided by operating activities | 3,938 | 1,967 | ||||
| Cash flows from investing activities | ||||||
| Expenditures for property, plant, and equipment | (3,265 | ) | (2,738 | ) | ||
| Purchases of available-for-sale securities | (528 | ) | (1,002 | ) | ||
| Proceeds from sale of Lehi, Utah fab | 893 | — | ||||
| Proceeds from maturities of available-for-sale securities | 313 | 216 | ||||
| Proceeds from sales of available-for-sale securities | 124 | 45 | ||||
| Proceeds from government incentives | 55 | 40 | ||||
| Other | (77 | ) | 21 | |||
| Net cash provided by (used for) investing activities | (2,485 | ) | (3,418 | ) | ||
| Cash flows from financing activities | ||||||
| Repayments of debt | (1,949 | ) | (84 | ) | ||
| Repurchases of common stock - repurchase program | (259 | ) | — | |||
| Payments of dividends to shareholders | (112 | ) | — | |||
| Repurchases of common stock - withholdings on employee equity awards | (102 | ) | (57 | ) | ||
| Payments on equipment purchase contracts | (78 | ) | (97 | ) | ||
| Proceeds from issuance of debt | 2,000 | — | ||||
| Other | (13 | ) | 24 | |||
| Net cash provided by (used for) financing activities | (513 | ) | (214 | ) | ||
| Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | (6 | ) | 27 | |||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 934 | (1,638 | ) | |||
| Cash, cash equivalents, and restricted cash at beginning of period | 7,829 | 7,690 | ||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 8,763 | $ | 6,052 | ||
MICRON TECHNOLOGY, INC.
