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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended February 27, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to
Commission file number 1-10658
https://cdn.kscope.io/02b629ffc7c33d13569c61bc3f63d063-mu-20200227_g1.jpg
Micron Technology, Inc.
(Exact name of registrant as specified in its charter)
Delaware75-1618004
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
8000 S. Federal Way, Boise, Idaho
83716-9632
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code
(208) 368-4000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.10 per shareMUNASDAQ Global Select Market
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.YesNo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).YesNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated FilerNon-Accelerated FilerSmaller Reporting CompanyEmerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YesNo
The number of outstanding shares of the registrants common stock as of March 19, 2020 was 1,112,186,006.





Micron
Company
Profile
https://cdn.kscope.io/02b629ffc7c33d13569c61bc3f63d063-mu-20200227_g2.jpg
Founded over 40 years ago
on October 5, 1978
  
Headquartered in
Boise, Idaho, USA
  
4th
Largest semiconductor company
in the world*
    
18
Countries*
    
13
Manufacturing sites and
13 customer labs*
  
37,000
Team members*
Redefining
What’s Possible
The world is moving to a new economic model, where data is driving value creation in ways nobody had imagined just a few years ago.
Who We Are
Data is today’s new business currency, and memory and storage are emerging as strategic differentiators that will redefine how we extract value from data to learn, explore, communicate, and experience. Our more than 37,000 team members, in 18 different countries, work with countless customers to innovate every day and pursue the products that will shape how we live and work tomorrow.
Our Vision
As a global leader in memory and storage solutions, we are transforming how the world uses information to enrich life by enabling technologies to collect, store, and manage data with unprecedented speed and efficiency. We are accelerating the transformation of information into intelligence – inspiring the world to learn, communicate, and advance faster than ever.
Our Commitment
*Micron data as of August 29, 2019.
Gartner Market Share: Semiconductors by End Market, Worldwide, 2018 (April 2019)
Our day-to-day operations wouldn’t be possible without our team members’ commitment to business integrity and environmental sustainability. Whether it’s adhering to our professional values or valuing the communities we work in, for us, doing business better means doing business right.
Media Inquiries
mediarelations@micron.com

Government Inquiries
govaffairs@micron.com

Investor Inquiries
investorrelations@micron.com
Global Product Portfolio
DRAM | NAND | 3D XPointTM Memory | NOR | Solid-State Drives
High Bandwidth Memory (HBM) | Multichip Packages | Advanced Solutions
Connect with us on micron.com
© 2020 Micron Technology, Inc. Micron, the Micron logo, the M orbit logo, Intelligence AcceleratedTM, and other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners. Products and specifications are subject to change without notice. Rev 03/20



Table of Contents

Introduction
Part I. Financial Statements
Item 1.Financial Statements:
Consolidated Statements of Operations
Consolidated Statements of Comprehensive Income
Consolidated Balance Sheets
Consolidated Statements of Changes in Equity
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Results of Operations
Liquidity and Capital Resources
Item 3.Quantitative and Qualitative Disclosures about Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
Signatures


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Definitions of Commonly Used Terms

As used herein, “we,” “our,” “us,” and similar terms include Micron Technology, Inc. and our 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:
TermDefinitionTermDefinition
2024 Term Loan ASenior Term Loan A due 2024IMFTIM Flash Technologies, LLC
2024 Notes
5.25% Senior Notes due 2024
Intel
Intel Corporation
2025 Notes
5.50% Senior Notes due 2025
MCP
Multi-Chip Package
2026 Notes
5.63% Senior Notes due 2026
Micron
Micron Technology, Inc. (Parent Company)
2027 Notes
4.19% Senior Notes due 2027
MMJ
Micron Memory Japan, G.K.
2029 Notes
5.33% Senior Notes due 2029
MMT
Micron Memory Taiwan Co., Ltd.
2030 Notes
4.66% Senior Notes due 2030
MTTW
Micron Technology Taiwan, Inc.
2032D Notes
3.13% Convertible Senior Notes due 2032
MTUMicron Technology Utah, LLC
2033F Notes
2.13% Convertible Senior Notes due 2033
Qimonda
Qimonda AG
DDRDouble Data Rate
SSD
Solid State Drive
GDDR
Graphics Double Data Rate
VIE
Variable Interest Entity

Micron Technology, Inc., including its consolidated subsidiaries, is an industry leader in innovative memory and storage solutions. Through our global brands — Micron® and Crucial® — our broad portfolio of high-performance memory and storage technologies, including DRAM, NAND, 3D XPoint memory, and NOR, is transforming how the world uses information to enrich life. Backed by more than 40 years of technology leadership, our memory and storage solutions enable disruptive trends, including artificial intelligence, 5G, machine learning, and autonomous vehicles, in key market segments like mobile, data center, client, consumer, industrial, graphics, automotive, and networking.

Micron and the Micron orbit logo are trademarks of Micron Technology, Inc. 3D XPoint is a trademark of Intel in the United States and/or other countries. All other trademarks are the property of their respective owners.

Forward-Looking Statements

This Form 10-Q contains trend information and other forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements include, but are not limited to, statements such as those made regarding underutilization of our Lehi, Utah manufacturing capacity (previously known as IMFT and now known as MTU); the sufficiency of our cash and investments, cash flows from operations, and available financing; and capital spending in 2020. We are under no obligation to update these forward-looking statements. 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.”
2 | 2020 Q2 10-Q


PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

Micron Technology, Inc.
Consolidated Statements of Operations
(In millions, except per share amounts)
(Unaudited)

Quarter endedSix months ended
February 27,
2020
February 28,
2019
February 27,
2020
February 28,
2019
Revenue$4,797  $5,835  $9,941  $13,748  
Cost of goods sold3,442  2,971  7,220  6,269  
Gross margin1,355  2,864  2,721  7,479  
Selling, general, and administrative223  209  434  418  
Research and development681  601  1,321  1,212  
Other operating (income) expense, net11  97  8  133  
Operating income440  1,957  958  5,716  
Interest income34  58  78  96  
Interest expense(46) (27) (93) (60) 
Other non-operating income (expense), net(1) (84) 45  (75) 
427  1,904  988  5,677  
Income tax (provision) benefit(21) (280) (76) (757) 
Equity in net income (loss) of equity method investees1  1  3  1  
Net income407  1,625  915  4,921  
Net income attributable to noncontrolling interests(2) (6) (19) (9) 
Net income attributable to Micron$405  $1,619  $896  $4,912  
Earnings per share
Basic$0.37  $1.45  $0.81  $4.37  
Diluted0.36  1.42  0.79  4.24  
Number of shares used in per share calculations
Basic1,111  1,114  1,109  1,123  
Diluted1,133  1,141  1,131  1,157  









See accompanying notes to consolidated financial statements.
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Micron Technology, Inc.
Consolidated Statements of Comprehensive Income
(In millions)
(Unaudited)

Quarter endedSix months ended
February 27,
2020
February 28,
2019
February 27,
2020
February 28,
2019
Net income$407  $1,625  $915  4,921  
Other comprehensive income (loss), net of tax
Gains (losses) on derivative instruments(18) 6  (15) (6) 
Gains (losses) on investments3  6  (2) 3  
Foreign currency translation adjustments  (1)   (1) 
Pension liability adjustments    (1)   
Other comprehensive income (loss)(15) 11  (18) (4) 
Total comprehensive income392  1,636  897  4,917  
Comprehensive income attributable to noncontrolling interests
(2) (6) (19) (9) 
Comprehensive income attributable to Micron$390  $1,630  $878  $4,908  

































See accompanying notes to consolidated financial statements.
4 | 2020 Q2 10-Q


Micron Technology, Inc.
Consolidated Balance Sheets
(In millions, except par value amounts)
(Unaudited)
As ofFebruary 27,
2020
August 29,
2019
Assets
Cash and equivalents$7,118  $7,152  
Short-term investments363  803  
Receivables3,049  3,195  
Inventories5,208  5,118  
Other current assets238  235  
Total current assets15,976  16,503  
Long-term marketable investments586  1,164  
Property, plant, and equipment29,647  28,240  
Intangible assets332  340  
Deferred tax assets764  837  
Goodwill1,228  1,228  
Operating lease right-of-use assets605    
Other noncurrent assets510  575  
Total assets$49,648  $48,887  
Liabilities and equity
Accounts payable and accrued expenses$5,077  $4,626  
Current debt237  1,310  
Other current liabilities508  454  
Total current liabilities5,822  6,390  
Long-term debt5,188  4,541  
Noncurrent operating lease liabilities548    
Noncurrent unearned government incentives586  636  
Other noncurrent liabilities383  452  
Total liabilities12,527  12,019  
Commitments and contingencies
Redeemable noncontrolling interest98  98  
Micron shareholders’ equity
Common stock, $0.10 par value, 3,000 shares authorized, 1,191 shares issued and 1,112 outstanding (1,182 shares issued and 1,106 outstanding as of August 29, 2019)
119  118  
Additional capital8,725  8,214  
Retained earnings31,602  30,761  
Treasury stock, 79 shares held (76 shares as of August 29, 2019)
(3,414) (3,221) 
Accumulated other comprehensive income(9) 9  
Total Micron shareholders’ equity37,023  35,881  
Noncontrolling interest in subsidiary  889  
Total equity37,023  36,770  
Total liabilities and equity$49,648  $48,887  
See accompanying notes to consolidated financial statements.
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Micron Technology, Inc.
Consolidated Statements of Changes in Equity
(In millions)
(Unaudited)

Micron Shareholders  
Common StockAdditional CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive
Income (Loss)
Total Micron Shareholders’ EquityNoncontrolling Interest in SubsidiaryTotal Equity
Number
of Shares
Amount
Balance at August 29, 20191,182  $118  $8,214  $30,761  $(3,221) $9  $35,881  $889  $36,770  
Net income491  491  15  506  
Other comprehensive income (loss), net
(3) (3) (3) 
Stock issued under stock plans3  1  31  32  32  
Stock-based compensation expense
72  72  72  
Repurchase of stock    (6) (34) (50) (90) (90) 
Acquisition of noncontrolling interest
123  123  (904) (781) 
Conversion and repurchase of convertible notes
(6) (6) (6) 
Balance at November 28, 20191,185  $119  $8,428  $31,218  $(3,271) $6  $36,500  $  $36,500  
Net income405  405    405  
Other comprehensive income (loss), net
(15) (15) (15) 
Stock issued under stock plans7    121  121  121  
Stock-based compensation expense
85  85  85  
Repurchase of stock(1)   (4) (21) (45) (70) (70) 
Settlement of capped calls98  (98)     
Conversion and repurchase of convertible notes
(3) (3) (3) 
Balance at February 27, 20201,191  $119  $8,725  $31,602  $(3,414) $(9) $37,023  $  $37,023  























See accompanying notes to consolidated financial statements.
6 | 2020 Q2 10-Q


Micron Technology, Inc.
Consolidated Statements of Changes in Equity
(In millions)
(Unaudited)


Micron Shareholders
Common StockAdditional CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive Income (Loss)Total Micron Shareholders’ EquityNoncontrolling Interest in SubsidiaryTotal Equity
Number of SharesAmount
Balance at August 30, 20181,170  $117  $8,201  $24,395  $(429) $10  $32,294  $870  $33,164  
Cumulative effect of adoption new accounting standard
92  92  92  
Net income3,293  3,293    3,293  
Other comprehensive income (loss), net(15) (15) (15) 
Stock issued under stock plans3    15  15  15  
Stock-based compensation expense61  61  61  
Repurchase of stock(1)   108  (11) (1,933) (1,836) (1,836) 
Reclassification of redeemable convertible notes, net
1  1  1  
Conversion and repurchase of convertible notes
(36) (36) (36) 
Balance at November 29, 20181,172  $117  $8,350  $27,769  $(2,362) $(5) $33,869  $870  $34,739  
Net income1,619  1,619  51,624  
Other comprehensive income (loss), net1111  11  
Stock issued under stock plans7  1  76  77  77  
Stock-based compensation expense57  57  57  
Repurchase of stock(1)   (5) (24) (702) (731) (731) 
Acquisition of noncontrolling interest  (12) (12) 
Reclassification of redeemable convertible notes, net
1  1  1  
Conversion and repurchase of convertible notes
(336) (336) (336) 
Balance at February 28, 20191,178  $118  $8,143  $29,364  $(3,064) $6  $34,567  $863  $35,430  
















See accompanying notes to consolidated financial statements.
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Micron Technology, Inc.
Consolidated Statements of Cash Flows
(In millions)
(Unaudited)

Six months endedFebruary 27,
2020
February 28,
2019
Cash flows from operating activities
Net income$915  $4,921  
Adjustments to reconcile net income to net cash provided by operating activities
  
Depreciation expense and amortization of intangible assets2,661  2,648  
Amortization of debt discount and other costs16  29  
Stock-based compensation157  118  
(Gain) loss on debt prepayments, repurchases, and conversions(42) 69  
Change in operating assets and liabilities
  
Receivables104  1,202  
Inventories(90) (800) 
Accounts payable and accrued expenses257  (326) 
Deferred income taxes, net38  320  
Other(4) 64  
Net cash provided by operating activities4,012  8,245  
Cash flows from investing activities  
Expenditures for property, plant, and equipment(3,999) (5,349) 
Purchases of available-for-sale securities(566) (2,566) 
Proceeds from sales of available-for-sale securities1,059  160  
Proceeds from maturities of available-for-sale securities523  391  
Proceeds from government incentives105  455  
Other(21) (10) 
Net cash provided by (used for) investing activities(2,899) (6,919) 
Cash flows from financing activities  
Repayments of debt(1,676) (705) 
Acquisition of noncontrolling interest in IMFT(744)   
Payments to acquire treasury stock(159) (2,568) 
Payments on equipment purchase contracts(29) (37) 
Proceeds from issuance of debt1,250  1,800  
Other151  27  
Net cash provided by (used for) financing activities(1,207) (1,483) 
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash
(14) (1) 
Net decrease in cash, cash equivalents, and restricted cash(108) (158) 
Cash, cash equivalents, and restricted cash at beginning of period7,279  6,587