Micron Technology Inc. Files 10-Q for Period Ending February 29, 2024

TL;DR

<b>Micron Technology Inc. filed its quarterly report (10-Q) for the period ending February 29, 2024, detailing financial information and business operations.</b>

AI Summary

MICRON TECHNOLOGY INC (MU) filed a Quarterly Report (10-Q) with the SEC on March 21, 2024. Micron Technology Inc. filed a 10-Q report for the period ending February 29, 2024. The filing covers the fiscal second quarter of 2024. The company's principal executive offices are located in Boise, Idaho. The filing includes financial data for periods ending February 29, 2024, November 30, 2023, and August 31, 2023. The report references US GAAP standards for financial reporting.

Why It Matters

For investors and stakeholders tracking MICRON TECHNOLOGY INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Micron Technology, Inc. during its fiscal second quarter of 2024. The detailed financial statements and disclosures within this report are crucial for understanding the company's current financial health, strategic positioning, and future outlook in the semiconductor industry.

Risk Assessment

Risk Level: medium — MICRON TECHNOLOGY INC shows moderate risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report. While it contains detailed financial information, it does not appear to highlight any immediate, significant risks or positive developments beyond normal business operations.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to assess Micron's performance in key product areas and its financial health.

Key Numbers

• 2024-02-29 — Period End Date (Fiscal second quarter end date)
• 2024-03-21 — Filing Date (Date the report was filed)
• 0829 — Fiscal Year End (Company's fiscal year end month and day)
• 101 — Public Document Count (Number of documents in the submission)

Key Players & Entities

• MICRON TECHNOLOGY INC (company) — Filer name
• 2024-02-29 (date) — Period of report
• 2024-03-21 (date) — Filed as of date
• Boise, ID (location) — Business address state and city
• 0000723125 (company) — Central Index Key
• 3674 (industry) — Standard Industrial Classification
• 2083684000 (phone) — Business phone
• US GAAP (regulation) — Accounting standards referenced

FAQ

Key Dates

• 2024-02-29: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-03-21: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (This filing provides investors with an update on the company's financial performance and condition during the quarter.)

US GAAP

Generally Accepted Accounting Principles in the United States. (Ensures consistency and comparability of financial statements across U.S. companies.)

Key Financial Figures

• $0.10 — ich registered Common Stock, par value $0.10 per share MU Nasdaq Global Select Marke
• $2.5 billion — ue April 2032 Revolving Credit Facility $2.5 billion Revolving Credit Facility due May 2026

Filing Documents

• mu-20240229.htm (10-Q) — 1544KB
• a2024q2ex311-ceocert.htm (EX-31.1) — 10KB
• a2024q2ex312-cfocert.htm (EX-31.2) — 10KB
• a2024q2ex321-906ceocert.htm (EX-32.1) — 4KB
• a2024q2ex322-906cfocert.htm (EX-32.2) — 4KB
• mu-20240229_g1.jpg (GRAPHIC) — 31KB
• 0000723125-24-000007.txt (&nbsp;) — 8725KB
• mu-20240229.xsd (EX-101.SCH) — 53KB
• mu-20240229_cal.xml (EX-101.CAL) — 86KB
• mu-20240229_def.xml (EX-101.DEF) — 251KB
• mu-20240229_lab.xml (EX-101.LAB) — 749KB
• mu-20240229_pre.xml (EX-101.PRE) — 502KB
• mu-20240229_htm.xml (XML) — 1410KB

. Financial Information

PART I . Financial Information Item 1.

Financial Statements

Financial Statements: 5 Consolidated Statements of Operations 5 Consolidated Statements of Comprehensive Income (Loss) 6 Consolidated Balance Sheets 7 Consolidated Statements of Changes in Equity 8 Consolidated Statements of Cash Flows 10

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 11 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Results of Operations 29 Liquidity and Capital Resources 33 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35

Other Information

PART II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56 Item 5. Other Information 57 Item 6. Exhibits 58

Signatures

Signatures 59 2 Table of Contents Definitions of Commonly Used Terms As used herein, "we," "our," "us," and similar terms include Micron Technology, Inc. and its consolidated subsidiaries, unless the context indicates otherwise. Abbreviations, terms, or acronyms are commonly used or found in multiple locations throughout this report and include the following: Term Definition Term Definition 2024 Term Loan A Senior Term Loan A due October 2024, repaid January 12, 2024 2041 Notes 3.366% Senior Notes due November 2041 2025 Term Loan A Senior Term Loan A due November 2025 2051 Notes 3.477% Senior Notes due November 2051 2026 Term Loan A Senior Term Loan A due November 2026 CAC China's Cyberspace Administration 2027 Term Loan A Senior Term Loan A due November 2027 DDR Double data rate DRAM 2026 Notes 4.975% Senior Notes due February 2026 EBITDA Earnings before interest, taxes, depreciation, and amortization 2027 Notes 4.185% Senior Notes due February 2027 EUV Extreme ultraviolet lithography 2028 Notes 5.375% Senior Notes due April 2028 HBM High-bandwidth memory, a stacked DRAM technology optimized for memory-bandwidth intensive applications 2029 A Notes 5.327% Senior Notes due February 2029 LPDRAM Low-power DRAM 2029 B Notes 6.750% Senior Notes due November 2029 MCP Multichip packaged solutions with managed NAND and LPDRAM 2030 Notes 4.663% Senior Notes due February 2030 Micron Micron Technology, Inc. (Parent Company) 2031 Notes 5.300% Senior Notes due January 2031 NRV Net realizable value 2032 Green Bonds 2.703% Senior Notes due April 2032 Revolving Credit Facility $2.5 billion Revolving Credit Facility due May 2026 2033 A Notes 5.875% Senior Notes due February 2033 SOFR Secured Overnight Financing Rate 2033 B Notes 5.875% Senior Notes due September 2033 SSD Solid state drive We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all . With a r

Forward-Looking Statements

Forward-Looking Statements This Form 10-Q contains trend information and other forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements may be identified by words such as "anticipate," "expect," "intend," "committed," "plan," "opportunities," "future," "believe," "target," "on track," "estimate," "continue," "likely," "may," "will," "would," "should," "could," and variations of such words and similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Specific forward-looking statements include, but are not limited to, statements such as those made regarding potential change in our effective tax rate; the timing for construction and ramping of production for new memory manufacturing fabs in the United States; intent to make investments at our backend facility in Xi'an, China; receipt and maintenance of government incentives; the payment of future cash dividends; market conditions and profitability in our industry; the impact of the Cyberspace Administration of China decision; capital spending in 2024; and the sufficiency of our cash and investments. Our actual results could differ materially from our historical results and those discussed in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, those identified in "Part II. Other Information – Item 1A. Risk Factors." 4 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Micron Technology, Inc. Consolidated Statements of Operations (In millions, except per share amounts) (Unaudited) Quarter ended Six months ended February 29, 2024 March 2, 2023 February 29, 2024 March 2, 2023 Revenue $ 5,824 $ 3,693 $ 10,550 $ 7,778 Cost of goods sold 4,745 4,899 9,506 8,091 Gross margin 1,079 ( 1,206 ) 1,044 ( 313 ) Research and development 832 788 1,677 1,637 Selling, general, and administrative 280 231 543 482 Restructure and asset impairments — 86 — 99 Other operating (income) expense, net ( 224 ) ( 8 ) ( 239 ) ( 19 ) Operating income (loss) 191 ( 2,303 ) ( 937 ) ( 2,512 ) Interest income 130 119 262 207 Interest expense ( 144 ) ( 89 ) ( 276 ) ( 140 ) Other non-operating income (expense), net ( 7 ) 2 ( 34 ) ( 2 ) 170 ( 2,271 ) ( 985 ) ( 2,447 ) Income tax (provision) benefit 622 ( 54 ) 549 ( 62 ) Equity in net income (loss) of equity method investees 1 13 ( 5 ) 2 Net income (loss) $ 793 $ ( 2,312 ) $ ( 441 ) $ ( 2,507 ) Earnings (loss) per share Basic $ 0.72 $ ( 2.12 ) $ ( 0.40 ) $ ( 2.30 ) Diluted 0.71 ( 2.12 ) ( 0.40 ) ( 2.30 ) Number of shares used in per share calculations Basic 1,104 1,091 1,102 1,091 Diluted 1,114 1,091 1,102 1,091 See accompanying notes to consolidated financial statements. 5 | 2024 Q2 10-Q Table of Contents Micron Technology, Inc. Consolidated Statements of Comprehensive Income (Loss) (In millions) (Unaudited) Quarter ended Six months ended February 29, 2024 March 2, 2023 February 29, 2024 March 2, 2023 Net income (loss) $ 793 $ ( 2,312 ) $ ( 441 ) $ ( 2,507 ) Other comprehensive income (loss), net of tax Gains (losses) on derivative instruments ( 11 ) 92 33 200 Pension liability adjustments ( 3 ) — ( 1 ) 1 Unrealized gains (losses) on investments 9 7 16 ( 12 ) Foreign currency translation adjustments 1 1 — ( 2 ) Other comprehensive income (loss) ( 4 ) 100 48 187 Total comprehensive income (loss) $ 789 $ ( 2,212 ) $ ( 393 ) $ ( 2,320

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (All tabular amounts in millions, except per share amounts) (Unaudited) Significant Accounting Policies For a discussion of our significant accounting policies, see "Part II – Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Significant Accounting Policies" of our Annual Report on Form 10-K for the year ended August 31, 2023. There have been no changes to our significant accounting policies since our Annual Report on Form 10-K for the year ended August 31, 2023. Basis of Presentation The accompanying consolidated financial statements include the accounts of Micron Technology, Inc. and our consolidated subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended August 31, 2023. In the opinion of our management, the accompanying unaudited consolidated financial statements contain all necessary adjustments, consisting of a normal recurring nature, to fairly state the financial information set forth herein. Certain reclassifications have been made to prior period amounts to conform to current period presentation. Our fiscal year is the 52 or 53-week period ending on the Thursday closest to August 31. Fiscal years 2024 and 2023 each contain 52 weeks. All period references are to our fiscal periods unless otherwise indicated. These interim financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended August 31, 2023. Variable Interest Entities A number of special purpose entities (the "Lease SPEs") were created by a third-party to facilitate equipment lease financing transactions between us and financial institutions that fund the lease financing transactions ("