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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 March 3, 2022
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
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Micron Technology, Inc.
(Exact name of registrant as specified in its charter)
Delaware75-1618004
(State or other jurisdiction of incorporation or organization)(I.R.S. 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
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 24, 2022 was 1,116,666,857.



Micron Corporate Profile
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Founded on October 5, 1978
 
Headquartered in
Boise, Idaho, USA
 
4th
Largest semiconductor company
in the world, excluding IP/software revenue*
 
135
On the 2021 Fortune 500
 
49,000+
Patents granted and growing**
 
17
Countries**
 
11
Manufacturing sites** and
18 customer labs**
 
~44,000
Team members**
It’s All About Data
Data is today’s new business currency, and memory and storage are a critical foundation for the data economy. Memory and storage innovations will help transform society and enable significant value for all.
Who We Are
Micron designs, develops and manufactures industry-leading memory and storage products. By providing foundational capability for AI and 5G across data center, the intelligent edge, and consumer devices, we unlock innovation across industries including healthcare, automotive and communications. Our technology and expertise are central to maximizing value from cutting-edge computing applications and new business models which disrupt and advance the industry.
Our Vision
As a global leader in memory and storage solutions, we are transforming how the world uses information to enrich life for all. By advancing technologies to collect, store and manage data with unprecedented speed and efficiency, we lead the transformation of data to intelligence. In a world of change, we remain nimble, delivering products that help inspire the world to learn, communicate and advance faster than ever.
Our Commitment
*Gartner Market Share: Semiconductors by
End Market, Worldwide, 2020 (April 2021)
**Micron data as of March 3, 2022

Our customers depend on our innovative solutions every day. We dedicate ourselves to demonstrating our environmental conscience, an inclusive team culture where all voices are heard and respected, and engaging in our communities to enrich life for all.

Media Inquiries
mediarelations@micron.com

Government Inquiries
govaffairs@micron.com

Investor Inquiries
investorrelations@micron.com
Global Product Portfolio
DRAM | NAND | NOR | Solid-State Drives | Graphics and High Bandwidth
Memory (HBM) | Managed NAND and Multichip Packages
Connect with us on micron.com
© 2022 Micron Technology, Inc. Micron, the Micron orbit 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 03/22 CCMMD-1707390403-3712



Table of Contents
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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:
TermDefinitionTermDefinition
2023 Notes2.497% Senior Notes due April 2023InoteraInotera Memories, Inc.
2024 Notes
4.640% Senior Notes due February 2024Intel
Intel Corporation
2024 Term Loan ASenior Term Loan A due October 2024LIBORLondon Interbank Offered Rate
2026 Notes
4.975% Senior Notes due February 2026LPDRAMLow-power DRAM
2027 Notes
4.185% Senior Notes due February 2027MCPMultichip packaged solutions with managed NAND and LPDRAM
2029 Notes
5.327% Senior Notes due February 2029Micron
Micron Technology, Inc. (Parent Company)
2030 Notes
4.663% Senior Notes due February 2030MTUMicron Technology Utah, LLC
2032 Green Bonds2.703% Senior Notes due April 2032NVMeHardware interface for SSDs that connect via a PCIe bus
2041 Notes3.366% Senior Notes due November 2041
Qimonda
Qimonda AG
2051 Notes3.477% Senior Notes due November 2051Revolving Credit Facility$2.5 billion revolving credit facility due May 2026
DDRDouble Data Rate DRAMSOFRSecured Overnight Financing Rate
EUVExtreme ultraviolet lithography
SSD
Solid State Drive
IMFTIM Flash Technologies, LLCTITexas Instruments Incorporated

Micron Technology, Inc., including its consolidated subsidiaries, is 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 and 5G applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience.

Micron, Crucial, any associated logos, and all other Micron trademarks are the property of Micron. Intel and 3D XPoint are trademarks of Intel Corporation or its subsidiaries. Other product names or trademarks that are not owned by Micron are for identification purposes only and may be the trademarks of their respective owners.

Available Information

Investors and others should note that we announce material financial information about our business and products through a variety of means, including our investor relations website (investors.micron.com), filings with the U.S. Securities and Exchange Commission (the “SEC”), press releases, public conference calls, and webcasts. We use these channels to achieve broad, non-exclusionary distribution of information to the public and for complying with our disclosure obligations under Regulation FD. Therefore, we encourage investors, the media, and others interested in our company to review the information we post on such channels.

4 | 2022 Q2 10-Q

Table of Contents
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," "pledge," "committed," "plans," "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 the impact of the new Idaho tax law; potential increases in our effective tax rate; the impact of coronavirus disease 2019, including variant strains (“COVID-19”) to our business; the sufficiency of our cash and investments; the payment of future cash dividends; capital spending in 2022; and funding of sustainability-focused projects. 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.”

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Table of Contents
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
March 3,
2022
March 4,
2021
March 3,
2022
March 4,
2021
Revenue$7,786 $6,236 $15,473 $12,009 
Cost of goods sold4,110 4,587 8,232 8,624 
Gross margin3,676 1,649 7,241 3,385 
Research and development792 641 1,504 1,288 
Selling, general, and administrative263 214 522 428 
Restructure and asset impairments5 5 43 13 
Other operating (income) expense, net70 126 (5)127 
Operating income2,546 663 5,177 1,529 
Interest income12 10 22 20 
Interest expense(55)(42)(100)(90)
Other non-operating income (expense), net6 4 (69)17 
2,509 635 5,030 1,476 
Income tax (provision) benefit(255)(48)(474)(99)
Equity in net income (loss) of equity method investees
9 16 13 29 
Net income$2,263 $603 $4,569 $1,406 
Earnings per share
Basic$2.02 $0.54 $4.08 $1.26 
Diluted2.00 0.53 4.04 1.23 
Number of shares used in per share calculations
Basic1,119 1,120 1,119 1,118 
Diluted1,130 1,144 1,130 1,139 












See accompanying notes to consolidated financial statements.
6 | 2022 Q2 10-Q

Table of Contents
Micron Technology, Inc.
Consolidated Statements of Comprehensive Income
(In millions)
(Unaudited)
Quarter endedSix months ended
March 3,
2022
March 4,
2021
March 3,
2022
March 4,
2021
Net income$2,263 $603 $4,569 $1,406 
Other comprehensive income (loss), net of tax
Gains (losses) on derivative instruments(34)(28)(120)12 
Gains (losses) on investments(13)(3)(20)(4)
Pension liability adjustments(1)1 (1)1 
Cumulative translation adjustments1 1 1 1 
Other comprehensive income (loss)(47)(29)(140)10 
Total comprehensive income$2,216 $574 $4,429 $1,416 




































See accompanying notes to consolidated financial statements.
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Table of Contents
Micron Technology, Inc.
Consolidated Balance Sheets
(In millions, except par value amounts)
(Unaudited)
As ofMarch 3,
2022
September 2,
2021
Assets
Cash and equivalents$9,116 $7,763 
Short-term investments1,006 870 
Receivables5,384 5,311 
Inventories5,383 4,487 
Assets held for sale13 974 
Other current assets600 502 
Total current assets21,502 19,907 
Long-term marketable investments1,717 1,765 
Property, plant, and equipment36,171 33,213 
Operating lease right-of-use assets587 551 
Intangible assets414 349 
Deferred tax assets762 782 
Goodwill1,228 1,228 
Other noncurrent assets1,315 1,054 
Total assets$63,696 $58,849 
Liabilities and equity
Accounts payable and accrued expenses$5,650 $5,325 
Current debt123 155 
Other current liabilities1,145 944 
Total current liabilities6,918 6,424 
Long-term debt6,953 6,621 
Noncurrent operating lease liabilities535 504 
Noncurrent unearned government incentives704 808 
Other noncurrent liabilities741 559 
Total liabilities15,851 14,916 
Commitments and contingencies
Shareholders’ equity
Common stock, $0.10 par value, 3,000 shares authorized, 1,223 shares issued and 1,118 outstanding (1,216 shares issued and 1,119 outstanding as of September 2, 2021)
122 122 
Additional capital9,816 9,453 
Retained earnings43,407 39,051 
Treasury stock, 105 shares held (97 shares as of September 2, 2021)
(5,362)(4,695)
Accumulated other comprehensive income (loss)(138)2 
Total equity47,845 43,933 
Total liabilities and equity$63,696 $58,849 


See accompanying notes to consolidated financial statements.
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Micron Technology, Inc.
Consolidated Statements of Changes in Equity
(In millions, except per share amounts)
(Unaudited)
Common StockAdditional CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive
Income (Loss)
Total Shareholders’ Equity
Number
of Shares
Amount
Balance at September 2, 20211,216$122 $9,453 $39,051 $(4,695)$2 $43,933 
Net income— — — 2,306 — — 2,306 
Other comprehensive income (loss), net— — — — — (93)(93)
Stock issued under stock plans5  5 — — — 5 
Stock-based compensation expense— — 118 — — — 118 
Repurchase of stock - repurchase program— — — — (259)— (259)
Repurchase of stock - withholdings on employee equity awards (1) (12)(90)— — (102)
Balance at December 2, 20211,220$122 $9,564 $41,267 $(4,954)$(91)$45,908 
Net income— — — 2,263 — — 2,263 
Other comprehensive income (loss), net— — — — — (47)(47)
Stock issued under stock plans4  124 — — — 124 
Stock-based compensation expense— — 129 — — — 129 
Repurchase of stock - repurchase program— — — — (408)— (408)
Repurchase of stock - withholdings on employee equity awards(1) (1)(10)— — (11)
Dividends and dividend equivalents declared ($0.10 per share)
— — — (113)— — (113)
Balance at March 3, 20221,223$122 $9,816 $43,407 $(5,362)$(138)$47,845 


Common StockAdditional CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive
Income (Loss)
Total Shareholders’ Equity
Number
of Shares
Amount
Balance at September 3, 20201,194$119 $8,917 $33,384 $(3,495)$71 $38,996 
Net income— — — 803 — — 803
Other comprehensive income (loss), net— — — — — 39 39 
Stock issued under stock plans51 33 — — — 34 
Stock-based compensation expense— — 92 — — — 92 
Repurchase of stock - withholdings on employee equity awards(1) (8)(49)— — (57)
Balance at December 3, 20201,198$120 $9,034 $34,138 $(3,495)$110 $39,907 
Net income— — — 603 — — 603 
Other comprehensive income (loss), net— — — — — (29)(29)
Stock issued under stock plans4 105 — — — 105 
Stock-based compensation expense— — 97 — — — 97 
Repurchase of stock - withholdings on employee equity awards  (2)(18)— — (20)
Balance at March 4, 20211,202$120 $9,234 $34,723 $(3,495)$81 $40,663 


See accompanying notes to consolidated financial statements.
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Micron Technology, Inc.
Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
Six months endedMarch 3,
2022
March 4,
2021
Cash flows from operating activities
Net income$4,569 $1,406 
Adjustments to reconcile net income to net cash provided by operating activities  
Depreciation expense and amortization of intangible assets3,413 3,036 
Stock-based compensation247 189 
(Gain) loss on debt repurchases and conversions83  
Change in operating assets and liabilities  
Receivables(44)533 
Inventories(900)629 
Accounts payable and accrued expenses107 (777)
Other91 8 
Net cash provided by operating activities7,566 5,024 
Cash flows from investing activities  
Expenditures for property, plant, and equipment(5,876)(5,756)
Purchases of available-for-sale securities(922)(1,349)
Proceeds from sale of Lehi, Utah fab893  
Proceeds from maturities of available-for-sale securities631 746 
Proceeds from sales of available-for-sale securities172 178 
Proceeds from government incentives66 176 
Other(140)31 
Net cash provided by (used for) investing activities(5,176)(5,974)
Cash flows from financing activities  
Repayments of debt(1,981)(103)
Repurchases of common stock - repurchase program(667) 
Payments of dividends to shareholders(224) 
Repurchases of common stock - withholdings on employee equity awards (112)(78)
Payments on equipment purchase contracts(105)(123)
Proceeds from issuance of debt2,000  
Other110 95 
Net cash provided by (used for) financing activities(979)(209)
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash(16)43 
Net increase (decrease) in cash, cash equivalents, and restricted cash1,395 (1,116)
Cash, cash equivalents, and restricted cash at beginning of period7,829 7,690 
Cash, cash equivalents, and restricted cash at end of period$9,224 $6,574 



See accompanying notes to consolidated financial statements.
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Micron Technology, Inc.
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 September 2, 2021. There have been no changes to our significant accounting policies since our Annual Report on Form 10-K for the year ended September 2, 2021.

Basis of Presentation

The accompanying consolidated financial statements include the accounts of Micron 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 September 2, 2021.

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 2022 and 2021 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 September 2, 2021.


Lehi, Utah Fab and 3D XPoint

In the second quarter of 2021, we updated our portfolio strategy to further strengthen our focus on memory and storage innovations for the data center market. In connection therewith, we determined that there was insufficient market validation to justify the ongoing investments required to commercialize 3D XPoint at scale. Accordingly, we ceased development of 3D XPoint technology and engaged in discussions with potential buyers for the sale of our facility located in Lehi, Utah that was dedicated to 3D XPoint production. As a result, we classified the property, plant, and equipment as held for sale as of the second quarter of 2021 and ceased depreciating the assets. On June 30, 2021, we announced a definitive agreement to sell our Lehi facility to TI and closed the sale on October 22, 2021.

In the first quarter of 2022, we received $893 million from TI for the sale of the Lehi facility and disposed of $918 million of net assets, consisting primarily of property, plant, and equipment of $921 million; $55 million of other assets, consisting primarily of a receivable for reimbursement of property taxes, equipment spare parts, and raw materials; and $58 million of liabilities, consisting primarily of a finance lease obligation. As a result of the disposition of the Lehi facility and other related adjustments, we recognized a loss of $23 million included in restructure and asset impairments in the first quarter of 2022.

In the third quarter of 2021, we recognized a charge of $435 million included in restructure and asset impairments in connection with the definitive agreement with TI (and a tax benefit of $104 million included in income tax (provision) benefit) to write down the assets held for sale to the expected consideration, net of estimated selling costs. In the second quarter of 2021, we also recognized a charge of $49 million in cost of goods sold to write down 3D XPoint inventory in connection with our decision to cease further development of this technology.


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Cash and Investments

Substantially all of our marketable debt investments were classified as available-for-sale as of the dates noted below. Cash and equivalents and the fair values of our available-for-sale investments, which approximated amortized costs, were as follows:
March 3, 2022September 2, 2021
As ofCash and EquivalentsShort-term Investments
Long-term Marketable Investments(1)
Total Fair ValueCash and EquivalentsShort-term Investments
Long-term Marketable Investments(1)
Total Fair Value
Cash$7,810 $ $ $7,810 $5,796 $ $ $5,796 
Level 1(2)
Money market funds103   103 38   38 
Level 2(3)
Corporate bonds 616 1,126 1,742 9 429 1,134 1,572 
Certificates of deposits1,158 54  1,212 1,907 69  1,976 
Asset-backed securities 72 504 576 8 95 509 612 
Government securities9 183 87 279 1 190 122 313 
Commercial paper36 81  117 4 87  91 
9,116 $1,006 $1,717 $11,839 7,763 $870 $1,765 $10,398 
Restricted cash(4)
108 66 
Cash, cash equivalents, and restricted cash$9,224 $7,829 
(1)The maturities of long-term marketable securities primarily range from one to four years.
(2)The fair value of Level 1 securities is measured based on quoted prices in active markets for identical assets.
(3)The fair value of Level 2 securities is measured using information obtained from pricing services, which obtain quoted market prices for similar instruments, non-binding market consensus prices that are corroborated by observable market data, or various other methodologies, to determine the appropriate value at the measurement date. We perform supplemental analysis to validate information obtained from these pricing services. No adjustments were made to the fair values indicated by such pricing information as of March 3, 2022 or September 2, 2021.
(4)Restricted cash is included in other current assets and other noncurrent assets and primarily relates to certain government incentives received prior to being earned and for which restrictions lapse upon achieving certain performance conditions.

Gross realized gains and losses from sales of available-for-sale securities were not significant for any period presented.

In addition to the amounts included in the table above, we had $196 million and $153 million of non-marketable equity investments without a readily determinable fair value that were included in other noncurrent assets as of March 3, 2022 and September 2, 2021, respectively.


Receivables
As ofMarch 3,
2022
September 2,
2021
Trade receivables$5,061 $4,920 
Income and other taxes189 264 
Other134 127 
$5,384 $5,311 

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Inventories
As ofMarch 3,
2022
September 2,
2021
Finished goods$540 $513 
Work in process4,222 3,469 
Raw materials and supplies621 505 
$5,383 $4,487 

Effective as of the beginning of the second quarter of 2021, we changed our method of inventory costing from average cost to FIFO. The change to FIFO was not material to any prior periods, and as such, prior periods were not retrospectively adjusted.


Property, Plant, and Equipment
As ofMarch 3,
2022
September 2,
2021
Land$280 $280 
Buildings15,701 14,776 
Equipment(1)
56,578 51,902 
Construction in progress(2)
1,740 1,517 
Software1,115 987 
 75,414 69,462 
Accumulated depreciation(39,243)(36,249)
 $36,171 $33,213 
(1)Includes costs related to equipment not placed into service of $2.69 billion as of March 3, 2022 and $1.99 billion as of September 2, 2021.
(2)Includes building-related construction, tool installation, and software costs for assets not placed into service.


Intangible Assets and Goodwill
March 3, 2022September 2, 2021
As ofGross
Amount
Accumulated
Amortization
Gross
Amount
Accumulated
Amortization
Product and process technology$718 $(304)$633 $(284)
Goodwill1,228 1,228 

In the first six months of 2022 and 2021, we capitalized $105 million and $49 million, respectively, for product and process technology with weighted-average useful lives of 7 years and 9 years, respectively. Amortization expense was $40 million and $41 million for the first six months of 2022 and 2021, respectively. Expected amortization expense is $42 million for the remainder of 2022, $75 million for 2023, $67 million for 2024, $47 million for 2025, and $38 million for 2026.


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Leases

The components of lease expense are presented below:
Quarter endedSix months ended
March 3,
2022
March 4,
2021
March 3,
2022
March 4,
2021
Finance lease cost
Amortization of right-of-use asset$27 $17 $52 $33 
Interest on lease liability6 5 12 10 
Operating lease cost30 27 59 54 
$63 $49 $123 $97 

Supplemental cash flow information related to leases was as follows:
Six months endedMarch 3,
2022
March 4,
2021
Cash flows used for operating activities
Finance leases
$11 $11 
Operating leases
56 53 
Cash flows used for financing activities from financing leases52 41 
Noncash acquisitions of right-of-use assets
Finance leases304 68 
Operating leases
68 21 

Supplemental balance sheet information related to leases was as follows:
As ofMarch 3,
2022
September 2,
2021
Finance lease right-of-use assets (included in property, plant, and equipment and assets held for sale)$968$766
Current operating lease liabilities (included in accounts payable and accrued expenses)5855
Weighted-average remaining lease term (in years)
Finance leases
1211
Operating leases
1212
Weighted-average discount rate
Finance leases
2.65 %3.14 %
Operating leases
2.62 %2.63 %

As of March 3, 2022, maturities of lease liabilities were as follows:
For the year endingFinance LeasesOperating Leases
Remainder of 2022$74 $34 
2023131 62 
2024106 68 
202591 56 
202691 53 
2027 and thereafter649 440 
Less imputed interest(147)(120)
$995 $593 
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The table above excludes any lease liabilities for leases that have been executed but have not yet commenced. As of March 3, 2022, we had such lease liabilities relating to (1) operating lease payment obligations of $148 million for the initial 10-year lease term for a building, and (2) finance lease obligations of $218 million over a weighted-average period of 14 years for gas supply arrangements deemed to contain embedded leases. We will recognize right-of-use assets and associated lease liabilities at the time such assets become available for our use.


Accounts Payable and Accrued Expenses
As ofMarch 3,
2022
September 2,
2021
Accounts payable$1,924 $1,744 
Property, plant, and equipment2,300 1,887 
Salaries, wages, and benefits705 984 
Income and other taxes367 364 
Other354 346 
$5,650 $5,325 


Debt
March 3, 2022September 2, 2021
Net Carrying AmountNet Carrying Amount
As ofStated RateEffective RateCurrentLong-TermTotalCurrentLong-TermTotal
2024 Term Loan A0.920 %0.96 %$ $