MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
| Three months ended |
November 28,
2019 |
November 29,
2018 | ||||
| Cash flows from operating activities | ||||||
| Net income | $ | 508 | $ | 3,296 | ||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||
| Depreciation expense and amortization of intangible assets | 1,296 | 1,335 | ||||
| Amortization of debt discount and other costs | 10 | 18 | ||||
| Stock-based compensation | 72 | 61 | ||||
| Gain on debt prepayments, repurchases, and conversions | (42 | ) | (14 | ) | ||
| Change in operating assets and liabilities | ||||||
| Receivables | (208 | ) | 189 | |||
| Inventories | 175 | (286 | ) | |||
| Accounts payable and accrued expenses | 178 | (46 | ) | |||
| Deferred income taxes, net | 19 | 192 | ||||
| Other | 3 | 65 | ||||
| Net cash provided by operating activities | 2,011 | 4,810 | ||||
| Cash flows from investing activities | ||||||
| Expenditures for property, plant, and equipment | (1,943 | ) | (2,700 | ) | ||
| Purchases of available-for-sale securities | (407 | ) | (2,047 | ) | ||
| Proceeds from sales of available-for-sale securities | 988 | 77 | ||||
| Proceeds from maturities of available-for-sale securities | 163 | 60 | ||||
| Proceeds from government incentives | 22 | 236 | ||||
| Other | (12 | ) | (53 | ) | ||
| Net cash provided by (used for) investing activities | (1,189 | ) | (4,427 | ) | ||
| Cash flows from financing activities | ||||||
| Repayments of debt | (1,415 | ) | (577 | ) | ||
| Acquisition of noncontrolling interest in IMFT | (744 | ) | — | |||
| Payments to acquire treasury stock | (89 | ) | (1,836 | ) | ||
| Payments on equipment purchase contracts | (11 | ) | (20 | ) | ||
| Proceeds from issuance of debt | 1,250 | — | ||||
| Other | 17 | (2 | ) | |||
| Net cash provided by (used for) financing activities | (992 | ) | (2,435 | ) | ||
| Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | (14 | ) | (10 | ) | ||
| Net decrease in cash, cash equivalents, and restricted cash | (184 | ) | (2,062 | ) | ||
| Cash, cash equivalents, and restricted cash at beginning of period | 7,279 | 6,587 | ||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 7,095 | $ | 4,525 | ||
