Micron Technology Files 10-Q for Period Ending May 30, 2024

TL;DR

Micron's Q3 2024 10-Q is in. Check financials.

AI Summary

Micron Technology Inc. filed its 10-Q for the period ending May 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details for the quarter and year-to-date are presented within the report.

Why It Matters

This filing provides investors and analysts with a detailed look at Micron's financial health and operational performance during the specified period, crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the semiconductor industry is subject to significant market volatility and technological shifts.

Key Numbers

• 20240530 — Reporting Period End Date (The end of the fiscal quarter for which the 10-Q report is filed.)
• 20240627 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• MICRON TECHNOLOGY INC (company) — Filer
• 20240530 (date) — Reporting Period End Date
• 20240627 (date) — Filing Date
• 8000 S FEDERAL WAY (address) — Business and Mailing Address
• BOISE (location) — City for Business and Mailing Address
• ID (location) — State for Business and Mailing Address
• 83716-9632 (zip_code) — ZIP Code for Business and Mailing Address
• 2083684000 (phone_number) — Business Phone Number

FAQ

Key Financial Figures

• $0.10 — ich registered Common Stock, par value $0.10 per share MU Nasdaq Global Select Marke
• $2.5 billion — January 2031 Revolving Credit Facility $2.5 billion Revolving Credit Facility due May 2026

Filing Documents

• mu-20240530.htm (10-Q) — 1608KB
• a2024q3ex311-ceocert.htm (EX-31.1) — 10KB
• a2024q3ex312-cfocert.htm (EX-31.2) — 10KB
• a2024q3ex321-906ceocert.htm (EX-32.1) — 4KB
• a2024q3ex322-906cfocert.htm (EX-32.2) — 4KB
• mu-20240530_g1.jpg (GRAPHIC) — 31KB
• 0000723125-24-000019.txt ( ) — 8930KB
• mu-20240530.xsd (EX-101.SCH) — 54KB
• mu-20240530_cal.xml (EX-101.CAL) — 87KB
• mu-20240530_def.xml (EX-101.DEF) — 260KB
• mu-20240530_lab.xml (EX-101.LAB) — 758KB
• mu-20240530_pre.xml (EX-101.PRE) — 508KB
• mu-20240530_htm.xml (XML) — 1459KB

. 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 28 Results of Operations 30 Liquidity and Capital Resources 34 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37

Other Information

PART II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58 Item 5. Other Information 59 Item 6. Exhibits 60

Signatures

Signatures 61 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, repaid May 29, 2024 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 EBITDA Earnings before interest, taxes, depreciation, and amortization 2026 Notes 4.975% Senior Notes due February 2026 EUV Extreme ultraviolet lithography 2027 Notes 4.185% Senior Notes due February 2027 HBM High-bandwidth memory, a stacked DRAM technology optimized for memory-bandwidth intensive applications 2028 Notes 5.375% Senior Notes due April 2028 LPDRAM Low-power DRAM 2029 A Notes 5.327% Senior Notes due February 2029 MCP Multichip packaged solutions with managed NAND and LPDRAM 2029 B Notes 6.750% Senior Notes due November 2029 Micron Micron Technology, Inc. (Parent Company) 2030 Notes 4.663% Senior Notes due February 2030 NRV Net realizable value 2031 Notes 5.300% Senior Notes due January 2031 Revolving Credit Facility $2.5 billion Revolving Credit Facility due May 2026 2032 Green Bonds 2.703% Senior Notes due April 2032 SOFR Secured Overnight Financing Rate 2033 A Notes 5.875% Senior Notes due February 2033 SSD Solid state drive 2033 B Notes 5.875% Senior Notes due September 2033 We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all . With a relentl

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; receipt and maintenance of government incentives; the payment of future cash dividends; market conditions and profitability in our industry; our DRAM and NAND market share; 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 Nine months ended May 30, 2024 June 1, 2023 May 30, 2024 June 1, 2023 Revenue $ 6,811 $ 3,752 $ 17,361 $ 11,530 Cost of goods sold 4,979 4,420 14,485 12,511 Gross margin 1,832 ( 668 ) 2,876 ( 981 ) Research and development 850 758 2,527 2,395 Selling, general, and administrative 291 219 834 701 Restructure and asset impairments — 68 — 167 Other operating (income) expense, net ( 28 ) 48 ( 267 ) 29 Operating income (loss) 719 ( 1,761 ) ( 218 ) ( 4,273 ) Interest income 136 127 398 334 Interest expense ( 150 ) ( 119 ) ( 426 ) ( 259 ) Other non-operating income (expense), net 10 — ( 24 ) ( 2 ) 715 ( 1,753 ) ( 270 ) ( 4,200 ) Income tax (provision) benefit ( 377 ) ( 139 ) 172 ( 201 ) Equity in net income (loss) of equity method investees ( 6 ) ( 4 ) ( 11 ) ( 2 ) Net income (loss) $ 332 $ ( 1,896 ) $ ( 109 ) $ ( 4,403 ) Earnings (loss) per share Basic $ 0.30 $ ( 1.73 ) $ ( 0.10 ) $ ( 4.03 ) Diluted 0.30 ( 1.73 ) ( 0.10 ) ( 4.03 ) Number of shares used in per share calculations Basic 1,107 1,094 1,104 1,092 Diluted 1,123 1,094 1,104 1,092 See accompanying notes to consolidated financial statements. 5 | 2024 Q3 10-Q Table of Contents Micron Technology, Inc. Consolidated Statements of Comprehensive Income (Loss) (In millions) (Unaudited) Quarter ended Nine months ended May 30, 2024 June 1, 2023 May 30, 2024 June 1, 2023 Net income (loss) $ 332 $ ( 1,896 ) $ ( 109 ) $ ( 4,403 ) Other comprehensive income (loss), net of tax Gains (losses) on derivative instruments ( 47 ) 22 ( 14 ) 222 Pension liability adjustments ( 1 ) ( 2 ) ( 2 ) ( 1 ) Unrealized gains (losses) on investments 1 12 17 — Foreign currency translation adjustments — 1 — ( 1 ) Other comprehensive income (loss) ( 47 ) 33 1 220 Total comprehensive income (loss) $ 285 $ ( 1,863 ) $ ( 108 ) $ ( 4,183 ) S

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 ("