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MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) | |||||||
| Nine months ended |
June 1,
2023 |
June 2,
2022 | |||||
| Cash flows from operating activities | |||||||
| Net income (loss) | $ | (4,403 | ) | $ | 7,195 | ||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
| Depreciation expense and amortization of intangible assets | 5,819 | 5,234 | |||||
| Provision to write down inventories to net realizable value | 1,831 | — | |||||
| Stock-based compensation | 448 | 378 | |||||
| (Gain) loss on debt repurchases | — | 83 | |||||
| Change in operating assets and liabilities: | |||||||
| Receivables | 2,728 | (906 | ) | ||||
| Inventories | (3,406 | ) | (1,146 | ) | |||
| Accounts payable and accrued expenses | (1,764 | ) | 382 | ||||
| Other | 57 | 184 | |||||
| Net cash provided by operating activities | 1,310 | 11,404 | |||||
| Cash flows from investing activities | |||||||
| Expenditures for property, plant, and equipment | (6,215 | ) | (8,454 | ) | |||
| Purchases of available-for-sale securities | (496 | ) | (1,359 | ) | |||
| Proceeds from maturities of available-for-sale securities | 1,170 | 964 | |||||
| Proceeds from government incentives | 248 | 104 | |||||
| Proceeds from sales of available-for-sale securities | 22 | 258 | |||||
| Proceeds from sale of Lehi, Utah fab | — | 888 | |||||
| Other | (90 | ) | (162 | ) | |||
| Net cash provided by (used for) investing activities | (5,361 | ) | (7,761 | ) | |||
| Cash flows from financing activities | |||||||
| Proceeds from issuance of debt | 6,716 | 2,000 | |||||
| Repayments of debt | (706 | ) | (2,008 | ) | |||
| Repurchases of common stock - repurchase program | (425 | ) | (1,648 | ) | |||
| Payments of dividends to shareholders | (378 | ) | (335 | ) | |||
| Payments on equipment purchase contracts | (112 | ) | (132 | ) | |||
| Other | — | (17 | ) | ||||
| Net cash provided by (used for) financing activities | 5,095 | (2,140 | ) | ||||
| Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | (13 | ) | (71 | ) | |||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 1,031 | 1,432 | |||||
| Cash, cash equivalents, and restricted cash at beginning of period | 8,339 | 7,829 | |||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 9,370 | $ | 9,261 | |||
