(In millions)
(Unaudited)
| Nine months ended |
May 28,
2020 |
May 30,
2019 | |||||
| Cash flows from operating activities | |||||||
| Net income | $ | 1,720 | $ | 5,772 | |||
| Adjustments to reconcile net income to net cash provided by operating activities | |||||||
| Depreciation expense and amortization of intangible assets | 4,083 | 4,008 | |||||
| Amortization of debt discount and other costs | 20 | 39 | |||||
| Stock-based compensation | 239 | 176 | |||||
| (Gain) loss on debt prepayments, repurchases, and conversions | (40 | ) | 386 | ||||
| Change in operating assets and liabilities | |||||||
| Receivables | (461 | ) | 2,373 | ||||
| Inventories | (286 | ) | (1,315 | ) | |||
| Accounts payable and accrued expenses | 700 | (703 | ) | ||||
| Deferred income taxes, net | 26 | 195 | |||||
| Other | 34 | 25 | |||||
| Net cash provided by operating activities | 6,035 | 10,956 | |||||
| Cash flows from investing activities | |||||||
| Expenditures for property, plant, and equipment | (5,943 | ) | (7,752 | ) | |||
| Purchases of available-for-sale securities | (793 | ) | (3,814 | ) | |||
| Proceeds from sales of available-for-sale securities | 1,157 | 1,271 | |||||
| Proceeds from maturities of available-for-sale securities | 636 | 626 | |||||
| Proceeds from government incentives | 140 | 668 | |||||
| Other | (48 | ) | 16 | ||||
| Net cash provided by (used for) investing activities | (4,851 | ) | (8,985 | ) | |||
| Cash flows from financing activities | |||||||
| Repayments of debt | (4,286 | ) | (2,376 | ) | |||
| Acquisition of noncontrolling interest in IMFT | (744 | ) | — | ||||
| Payments to acquire treasury stock | (203 | ) | (2,727 | ) | |||
| Payments on equipment purchase contracts | (49 | ) | (54 | ) | |||
| Proceeds from issuance of debt | 5,000 | 1,800 | |||||
| Other | 147 | 27 | |||||
| Net cash provided by (used for) financing activities | (135 | ) | (3,330 | ) | |||
| Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | (8 | ) | 6 | ||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 1,041 | (1,353 | ) | ||||
| Cash, cash equivalents, and restricted cash at beginning of period | 7,279 | 6,587 | |||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 8,320 | $ | 5,234 | |||
MICRON TECHNOLOGY, INC.
