Micron Technology Files 2024 10-K

Ticker: MU · Form: 10-K · Filed: 2024-10-04T00:00:00.000Z

Sentiment: neutral

Topics: 10-K, annual-report, semiconductors, financials

TL;DR

Micron's 2024 10-K is in. Shows assets, debt, and the usual semiconductor biz details.

AI Summary

Micron Technology Inc. filed its 10-K for the fiscal year ending August 29, 2024. The company, headquartered in Boise, Idaho, operates in the semiconductors and related devices industry. Key financial reporting elements include property, plant, and equipment, along with current and long-term debt obligations.

Why It Matters

This filing provides a comprehensive overview of Micron's financial health and operational status for the past fiscal year, crucial for investors and industry analysts.

Risk Assessment

Risk Level: low — This is a standard annual financial filing with no immediate red flags indicated in the provided snippet.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Micron Technology Inc. according to this filing?

Micron Technology Inc. is primarily involved in the Semiconductors & Related Devices industry, as indicated by its Standard Industrial Classification code [3674].

What is the fiscal year end date for Micron Technology Inc.?

The fiscal year end date for Micron Technology Inc. is August 29, 2024.

Where is Micron Technology Inc. headquartered?

Micron Technology Inc. is headquartered in Boise, Idaho, with its business and mail address listed as 8000 S Federal Way, PO Box 6, Boise, ID 83716-9632.

What are some of the key financial statement components mentioned in the filing snippet?

Key financial statement components mentioned include Property, Plant, and Equipment, Accounts Payable and Accrued Liabilities (Current), Debt (Current), and Long-Term Debt and Capital Lease Obligations.

What is the SEC file number for this 10-K filing?

The SEC file number for this 10-K filing is 001-10658.

Filing Stats: 4,392 words · 18 min read · ~15 pages · Grade level 13.7 · Accepted 2024-10-04 16:12:50

Key Financial Figures

Filing Documents

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 21 Item 1B. Unresolved Staff Comments 41

C

Item 1 C . Cybersecurity 42 Item 2 .

Properties

Properties 43 Item 3.

Legal Proceedings

Legal Proceedings 44 Item 4. Mine Safety Disclosures 44 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 45 Item 6. [Reserved] 46 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 47 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 56 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 58 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 95 Item 9A.

Controls and Procedures

Controls and Procedures 95 Item 9B. Other Information 96 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 96 PART III Item 10. Directors, Executive Officers, and Corporate Governance 96 Item 11.

Executive Compensation

Executive Compensation 96 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 96 Item 13. Certain Relationships and Related Transactions, and Director Independence 96 Item 14. Principal Accountant Fees and Services 97 PART IV Item 15. Exhibits and Financial Statement Schedule 97 Item 16. Form 10-K Summary 101

Signatures

Signatures 102 4 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 2023 Notes 2.497% Senior Notes due April 2023, repaid November 2021 2033 B Notes 5.875% Senior Notes due September 2033 2024 Notes 4.640% Senior Notes due February 2024, repaid November 2021 2041 Notes 3.366% Senior Notes due November 2041 2024 Term Loan A Senior Term Loan A due October 2024, repaid January 12, 2024 2051 Notes 3.477% Senior Notes due November 2051 2025 Term Loan A Senior Term Loan A due November 2025, repaid May 29, 2024 AI Artificial intelligence 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 2028 Notes 5.375% Senior Notes due April 2028 Micron Micron Technology, Inc. (Parent Company) 2029 A Notes 5.327% Senior Notes due February 2029 Multi-Tranche Term Loan Agreement Borrowing agreement that governs the 2026 Term Loan A and 2027 Term Loan A 2029 B Notes 6.750% Senior Notes due November 2029 NRV Net realizable value 2030 Notes 4.663% Senior Notes due February 2030 OEM Original equipment manufacturer 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 Mi

Forward-Looking Statements

Forward-Looking Statements This Form 10-K 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," "pledge," "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 expected production ramp of certain products; plans to invest in research and development, including the plans to implement EUV lithography; anticipated technological developments; potential change in our effective tax rate; the timing for construction and ramping of production for our facilities, including 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; future demand for our products; the impact of the Cyberspace Administration of China decision; capital spending in 2025; 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 I – Item 1A. Risk Factors." 5 | 2024 10-K Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS Overview We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all . With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron and Crucial brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. We manufacture our products at wholly-owned facilities and also utilize subcontractors for certain manufacturing processes. Our global network of manufacturing centers of excellence not only allows us to benefit from scale while streamlining processes and operations, but it also brings together some of the world's brightest talent to work on the most advanced memory technology. Centers of excellence bring expertise together in one location, providing an efficient support structure for end-to-end manufacturing, with quicker cycle times, in partnership with teams such as research and development ("R&D"), product development, human resources, procurement, and supply chain. For our locations in Singapore and Taiwan, this is also a combination of bringing fabrication and back-end manufacturing together. We make significant investments to develop proprietary product and process technology, which generally increases bit density per wafer and reduces per-bit manufacturing costs of each generation of product. We continue to introduce new generations of products that offer improved performance characteristics, including higher data transfer rates, advanced packaging solutions, lower power consumption, improved read/write reliability, and increased memory density. We face intense compe

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