0000723125-23-000077 | 10-Q | XBRL Viewer

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Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2023	Dec. 01, 2022
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)	$ (312)
Other comprehensive income (loss) before reclassifications	20
Amount reclassified out of accumulated other comprehensive income (loss)	46
Tax effects	(14)
Other comprehensive income (loss)	52	$ 87
Accumulated other comprehensive income (loss)	(260)
Gains (Losses) on Derivative Instruments
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)	(304)
Other comprehensive income (loss) before reclassifications	14
Amount reclassified out of accumulated other comprehensive income (loss)	44
Tax effects	(14)
Other comprehensive income (loss)	44
Accumulated other comprehensive income (loss)	(260)
Unrealized Gains (Losses) on Investments
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)	(41)
Other comprehensive income (loss) before reclassifications	7
Amount reclassified out of accumulated other comprehensive income (loss)	0
Tax effects	0
Other comprehensive income (loss)	7
Accumulated other comprehensive income (loss)	(34)
Pension Liability Adjustments
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)	36
Other comprehensive income (loss) before reclassifications	0
Amount reclassified out of accumulated other comprehensive income (loss)	2
Tax effects	0
Other comprehensive income (loss)	2
Accumulated other comprehensive income (loss)	38
Cumulative Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)	(3)
Other comprehensive income (loss) before reclassifications	(1)
Amount reclassified out of accumulated other comprehensive income (loss)	0
Tax effects	0
Other comprehensive income (loss)	(1)
Accumulated other comprehensive income (loss)	$ (4)

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Nov. 30, 2023	Dec. 01, 2022
Pay vs Performance Disclosure
Net income (loss)	$ (1,234)	$ (195)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Receivables

3 Months Ended

Nov. 30, 2023

Receivables [Abstract]

Receivables


As of	November 30, 2023		August 31, 2023

Trade receivables	$	2,478	$	2,048
Income and other taxes	217		194
Other	248		201
	$	2,943	$	2,443

Debt - Long-term Debt (Details) - USD ($)
$ in Millions

Nov. 30, 2023

Aug. 31, 2023

Long-term Debt by Current and Noncurrent

Total Long-term Debt

$ 12,024

Finance Lease Effective Rate (in ten thousandths)

4.25%

3.86%

Current Finance Lease Obligations

$ 215

$ 172

Long-Term Finance Lease Obligations

1,266

1,109

Total Finance Lease Obligations

1,481

1,281

Long-term Debt and Lease Obligation

Current debt (including finance lease obligation)

908

278

Long-term debt (including finance lease obligation)

12,597

13,052

Total Net Carrying Amount of Debt (including finance lease obligation)

$ 13,505

$ 13,330

Current finance lease liability, statement of financial position

Current debt (including finance lease obligation)

Noncurrent finance lease liability, statement of financial position

Long-term debt (including finance lease obligation)

Interest rate swap | Fair value hedges | Designated hedging instruments

Long-term Debt and Lease Obligation

Notional or Contractual Amount

$ 900

SOFR | Interest rate swap | Fair value hedges | Designated hedging instruments

Long-term Debt and Lease Obligation

Spread on 2027 Variable Interest Rate

3.33%

Term Loan | 2024 Term Loan A

Long-term Debt by Current and Noncurrent

Stated Rate (exact percentage)

6.163%

Effective Rate (in ten thousandths)

6.20%

Current Portion of Long-term Debt

$ 587

Noncurrent Long-Term Debt

587

Total Long-term Debt

$ 587

587

Term Loan | 2025 Term Loan A

Long-term Debt by Current and Noncurrent

Stated Rate (exact percentage)

6.698%

Effective Rate (in ten thousandths)

6.83%

Current Portion of Long-term Debt

$ 0

Noncurrent Long-Term Debt

1,050

Total Long-term Debt

$ 1,050

1,050

Term Loan | 2026 Term Loan A

Long-term Debt by Current and Noncurrent

Stated Rate (exact percentage)

6.823%

Effective Rate (in ten thousandths)

6.96%

Current Portion of Long-term Debt

$ 49

Noncurrent Long-Term Debt

909

921

Total Long-term Debt

$ 958

970

Term Loan | 2027 Term Loan A

Long-term Debt by Current and Noncurrent

Stated Rate (exact percentage)

6.948%

Effective Rate (in ten thousandths)

7.09%

Current Portion of Long-term Debt

$ 57

Noncurrent Long-Term Debt

1,049

1,063

Total Long-term Debt

$ 1,106

1,120

Corporate Bonds | 2026 Notes

Long-term Debt by Current and Noncurrent

Stated Rate (exact percentage)

4.975%

Effective Rate (in ten thousandths)

5.07%

Current Portion of Long-term Debt

$ 0

Noncurrent Long-Term Debt

499

Total Long-term Debt

$ 499

499

Corporate Bonds | 2027 Notes(1)

Long-term Debt by Current and Noncurrent

Stated Rate (exact percentage)

^[1]

4.185%

Effective Rate (in ten thousandths)

^[1]

4.27%

Current Portion of Long-term Debt

^[1]

$ 0

Noncurrent Long-Term Debt

^[1]

797

798

Total Long-term Debt

^[1]

$ 797

798

Corporate Bonds | 2028 Notes

Long-term Debt by Current and Noncurrent

Stated Rate (exact percentage)

5.375%

Effective Rate (in ten thousandths)

5.52%

Current Portion of Long-term Debt

$ 0

Noncurrent Long-Term Debt

597

596

Total Long-term Debt

$ 597

596

Corporate Bonds | 2029 A Notes

Long-term Debt by Current and Noncurrent

Stated Rate (exact percentage)

5.327%

Effective Rate (in ten thousandths)

5.40%

Current Portion of Long-term Debt

$ 0

Noncurrent Long-Term Debt

697

Total Long-term Debt

$ 697

697

Corporate Bonds | 2029 B Notes

Long-term Debt by Current and Noncurrent

Stated Rate (exact percentage)

6.75%

Effective Rate (in ten thousandths)

6.54%

Current Portion of Long-term Debt

$ 0

Noncurrent Long-Term Debt

1,263

Total Long-term Debt

$ 1,263

1,263

Corporate Bonds | 2030 Notes

Long-term Debt by Current and Noncurrent

Stated Rate (exact percentage)

4.663%

Effective Rate (in ten thousandths)

4.73%

Current Portion of Long-term Debt

$ 0

Noncurrent Long-Term Debt

847

846

Total Long-term Debt

$ 847

846

Corporate Bonds | 2032 Green Bonds

Long-term Debt by Current and Noncurrent

Stated Rate (exact percentage)

2.703%

Effective Rate (in ten thousandths)

2.77%

Current Portion of Long-term Debt

$ 0

Noncurrent Long-Term Debt

995

Total Long-term Debt

$ 995

995

Corporate Bonds | 2033 A Notes

Long-term Debt by Current and Noncurrent

Stated Rate (exact percentage)

5.875%

Effective Rate (in ten thousandths)

5.96%

Current Portion of Long-term Debt

$ 0

Noncurrent Long-Term Debt

745

Total Long-term Debt

$ 745

745

Corporate Bonds | 2033 B Notes

Long-term Debt by Current and Noncurrent

Stated Rate (exact percentage)

5.875%

Effective Rate (in ten thousandths)

6.01%

Current Portion of Long-term Debt

$ 0

Noncurrent Long-Term Debt

890

Total Long-term Debt

$ 890

890

Corporate Bonds | 2041 Notes

Long-term Debt by Current and Noncurrent

Stated Rate (exact percentage)

3.366%

Effective Rate (in ten thousandths)

3.41%

Current Portion of Long-term Debt

$ 0

Noncurrent Long-Term Debt

497

Total Long-term Debt

$ 497

497

Corporate Bonds | 2051 Notes

Long-term Debt by Current and Noncurrent

Stated Rate (exact percentage)

3.477%

Effective Rate (in ten thousandths)

3.52%

Current Portion of Long-term Debt

$ 0

Noncurrent Long-Term Debt

496

Total Long-term Debt

$ 496

[1]

In 2021, we entered into fixed-to-floating interest rate swaps on the 2027 Notes with an aggregate $900 million notional amount equal to the principal amount of the 2027 Notes. The resulting variable interest paid is at a rate equal to SOFR plus approximately 3.33%. The fixed-to-floating interest rate swaps are accounted for as fair value hedges, and as a result, the carrying values of our 2027 Notes reflect adjustments in fair value.

Cover Page - shares	3 Months Ended
Cover Page - shares	Nov. 30, 2023	Dec. 14, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 30, 2023
Document Transition Report	false
Entity File Number	1-10658
Entity Registrant Name	Micron Technology, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-1618004
Entity Address, Address Line One	8000 S. Federal Way
Entity Address, City or Town	Boise
Entity Address, State or Province	ID
Entity Address, Postal Zip Code	83716
City Area Code	208
Local Phone Number	368-4000
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	MU
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,103,908,880
Entity Central Index Key	0000723125
Current Fiscal Year End Date	--08-29
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Derivative Instruments (Tables)

3 Months Ended

Nov. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments


	Notional or Contractual Amount		Fair Value of
			Assets(1)		Liabilities(2)

As of November 30, 2023
Derivative instruments with hedge accounting designation
Cash flow currency hedges	$	4,057	$	34	$	(139)
Cash flow commodity hedges	310		25		(2)
Fair value interest rate hedges	900		—		(101)

Derivative instruments without hedge accounting designation
Non-designated currency hedges	1,860		23		(20)
			$	82	$	(262)

As of August 31, 2023
Derivative instruments with hedge accounting designation
Cash flow currency hedges	$	3,873	$	16	$	(180)
Cash flow commodity hedges	331		45		—
Fair value interest rate hedges	900		—		(100)

Derivative instruments without hedge accounting designation
Non-designated currency hedges	1,839		2		(17)
			$	63	$	(297)

(1)Included in receivables and other noncurrent assets.

(2)Included in accounts payable and accrued expenses and other noncurrent liabilities.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions	Nov. 30, 2023	Aug. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 1,721	$ 1,725
Property, plant, and equipment	1,197	1,419
Salaries, wages, and benefits	621	367
Income and other taxes	97	67
Other	310	380
Total accounts payable and accrued expenses	$ 3,946	$ 3,958

Fair Value Measurements - Fair and Carrying Value of Debt (Details) - USD ($) $ in Millions	Nov. 30, 2023	Aug. 31, 2023
Fair Value
Fair Value of Notes Payable
Notes (level 2)	$ 11,651	$ 11,549
Carrying Value
Fair Value of Notes Payable
Notes (level 2)	$ 12,024	$ 12,049

Fair Value Measurements (Tables)

3 Months Ended

Nov. 30, 2023

Fair Value Disclosures [Abstract]

Estimated Fair Value and Carrying Value of Debt Instruments


	As of November 30, 2023				As of August 31, 2023
	Fair Value		Carrying Value		Fair Value		Carrying Value

Notes	$	11,651	$	12,024	$	11,549	$	12,049

Derivative Instruments - Gain (Loss) on Derivatives (Details) - Designated hedging instruments - Cash flow hedges - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2023	Dec. 01, 2022
Cash Flow Hedges
Net gains (losses) recognized in other comprehensive income (loss) from cash flow hedges		$ 53
Cash flow hedge (losses) expected to be reclassified into earnings within twelve months	$ (153)

Property, Plant, and Equipment

3 Months Ended

Nov. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment


As of	November 30, 2023		August 31, 2023

Land	$	283	$	283
Buildings	18,652		17,967
Equipment(1)	66,392		65,555
Construction in progress(2)	2,215		2,464
Software	1,377		1,316
	88,919		87,585
Accumulated depreciation	(51,242)		(49,657)
	$	37,677	$	37,928

(1)Includes costs related to equipment not placed into service of $2.88 billion as of November 30, 2023 and $2.91 billion as of August 31, 2023.

(2)Includes building-related construction, tool installation, and software costs for assets not placed into service.

Segment and Other Information (Details) $ in Millions	3 Months Ended
Segment and Other Information (Details) $ in Millions	Nov. 30, 2023 USD ($) segment	Dec. 01, 2022 USD ($)
Reportable Segments
Number of reportable segments \| segment	4
Net sales
Revenue	$ 4,726	$ 4,085
Operating income (loss)
Stock-based compensation	(182)	(126)
Restructure and asset impairments	0	(13)
Operating income (loss)	(1,128)	(209)
Operating Segments
Operating income (loss)
Operating income (loss)	(1,560)	(65)
Unallocated
Operating income (loss)
Lower costs from sale of inventory written down in prior periods	605	0
Stock-based compensation	(182)	(126)
Restructure and asset impairments	0	(13)
Other	9	(5)
Operating income (loss)	432	(144)
CNBU
Net sales
Revenue	1,737	1,746
CNBU \| Operating Segments
Operating income (loss)
Operating income (loss)	(397)	190
MBU
Net sales
Revenue	1,293	655
MBU \| Operating Segments
Operating income (loss)
Operating income (loss)	(687)	(195)
EBU
Net sales
Revenue	1,037	1,000
EBU \| Operating Segments
Operating income (loss)
Operating income (loss)	10	194
SBU
Net sales
Revenue	653	680
SBU \| Operating Segments
Operating income (loss)
Operating income (loss)	(490)	(257)
All Other
Net sales
Revenue	6	4
All Other \| Operating Segments
Operating income (loss)
Operating income (loss)	$ 4	$ 3

Accounts Payable and Accrued Expenses

3 Months Ended

Nov. 30, 2023

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses


As of	November 30, 2023		August 31, 2023

Accounts payable	$	1,721	$	1,725
Property, plant, and equipment	1,197		1,419
Salaries, wages, and benefits	621		367
Income and other taxes	97		67
Other	310		380
	$	3,946	$	3,958

Cash and Investments

3 Months Ended

Nov. 30, 2023

Investments and Cash [Abstract]

Cash and Investments

All of our short-term investments and long-term marketable 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:


	As of November 30, 2023								As of August 31, 2023
	Cash and Equivalents		Short-term Investments		Long-term Marketable Investments(1)		Total Fair Value		Cash and Equivalents		Short-term Investments		Long-term Marketable Investments(1)		Total Fair Value

Cash	$	5,400	$	—	$	—	$	5,400	$	5,771	$	—	$	—	$	5,771
Level 1(2)
Money market funds	1,570		—		—		1,570		1,629		—		—		1,629
Level 2(3)
Certificates of deposit	1,090		26		—		1,116		1,172		25		—		1,197
Corporate bonds	—		681		359		1,040		—		737		437		1,174
Asset-backed securities	—		16		349		365		—		15		387		402
Government securities	15		152		12		179		5		131		20		156
Commercial paper	—		98		—		98		—		109		—		109
	8,075		$	973	$	720	$	9,768	8,577		$	1,017	$	844	$	10,438
Restricted cash(4)	71								79
Cash, cash equivalents, and restricted cash	$	8,146							$	8,656

(1)The maturities of long-term marketable investments primarily range from one to five years, except for asset-backed securities which are not due at a single maturity date.

(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 November 30, 2023 or August 31, 2023.

(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 or which will be returned if performance conditions are not met.

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

Non-marketable Equity Investments

In addition to the amounts included in the table above, we had $188 million and $218 million of non-marketable equity investments without a readily determinable fair value that were included in other noncurrent assets as of November 30, 2023 and August 31, 2023, respectively. We recognized losses in other non-operating income (expense) on our non-marketable investments of $31 million for the first quarter of 2024 and net losses of $7 million for the first quarter of 2023. Our non-marketable equity investments are recorded at fair value on a non-recurring basis and classified as Level 3.

Revenue and Customer Contract Liabilities

3 Months Ended

Nov. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue and Customer Contract Liabilities

Revenue is primarily recognized at a point in time when control of the promised goods is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods. Substantially all contracts with our customers are short-term in duration at fixed, negotiated prices with payment generally due shortly after delivery. From time to time, we have contracts with initial terms that include performance obligations that extend beyond one year. As of November 30, 2023, our future performance obligations beyond one year were not significant.

Revenue by Technology


Three months ended	November 30, 2023		December 1, 2022

DRAM	$	3,427	$	2,829
NAND	1,230		1,103
Other (primarily NOR)	69		153
	$	4,726	$	4,085

See “Segment and Other Information” for disclosure of disaggregated revenue by market segment.

Customer Contract Liabilities

Contract liabilities from customer prepayments made to secure product supply in future periods were approximately $600 million as of November 30, 2023 and were reported within other current liabilities.

As of November 30, 2023 and August 31, 2023, other current liabilities also included $455 million and $453 million, respectively, for estimates of consideration payable to customers including estimates for pricing adjustments and returns.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)(2)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
Intangible Assets (Details) - USD ($) $ in Millions	Nov. 30, 2023	Dec. 01, 2022	Aug. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	$ 642		$ 613
Accumulated Amortization	(226)		(209)
Net Carrying Amount	416		404
Amortization [Abstract]
Amortization of Intangible Assets	20	$ 23
Annual amortization expense for intangible assets [Abstract]
Remainder of 2024	59
2025	54
2026	50
2027	46
2028	44
Product and process technology
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	631		613
Accumulated Amortization	(226)		(209)
Net Carrying Amount	405		404
Increase in product and process technology	22	$ 30
Other
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	11		0
Accumulated Amortization	0		0
Net Carrying Amount	$ 11		$ 0
Weighted Average \| Product and process technology
Finite-Lived Intangible Assets, Net [Abstract]
Useful lives of assets placed into service	9 years	10 years

Debt (Tables)

3 Months Ended

Nov. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt


	As of November 30, 2023										As of August 31, 2023
					Net Carrying Amount						Net Carrying Amount
	Stated Rate		Effective Rate		Current		Long-Term		Total		Current		Long-Term		Total

2024 Term Loan A	6.163	%	6.20	%	$	587	$	—	$	587	$	—	$	587	$	587
2025 Term Loan A	6.698	%	6.83	%	—		1,050		1,050		—		1,050		1,050
2026 Term Loan A	6.823	%	6.96	%	49		909		958		49		921		970
2027 Term Loan A	6.948	%	7.09	%	57		1,049		1,106		57		1,063		1,120
2026 Notes	4.975	%	5.07	%	—		499		499		—		499		499
2027 Notes(1)	4.185	%	4.27	%	—		797		797		—		798		798
2028 Notes	5.375	%	5.52	%	—		597		597		—		596		596
2029 A Notes	5.327	%	5.40	%	—		697		697		—		697		697
2029 B Notes	6.750	%	6.54	%	—		1,263		1,263		—		1,263		1,263
2030 Notes	4.663	%	4.73	%	—		847		847		—		846		846
2032 Green Bonds	2.703	%	2.77	%	—		995		995		—		995		995
2033 A Notes	5.875	%	5.96	%	—		745		745		—		745		745
2033 B Notes	5.875	%	6.01	%	—		890		890		—		890		890
2041 Notes	3.366	%	3.41	%	—		497		497		—		497		497
2051 Notes	3.477	%	3.52	%	—		496		496		—		496		496
Finance lease obligations	N/A		4.25	%	215		1,266		1,481		172		1,109		1,281
					$	908	$	12,597	$	13,505	$	278	$	13,052	$	13,330

(1) In 2021, we entered into fixed-to-floating interest rate swaps on the 2027 Notes with an aggregate $900 million notional amount equal to the principal amount of the 2027 Notes. The resulting variable interest paid is at a rate equal to SOFR plus approximately 3.33%. The fixed-to-floating interest rate swaps are accounted for as fair value hedges, and as a result, the carrying values of our 2027 Notes reflect adjustments in fair value.

Schedule of Maturities of Notes Payable

As of November 30, 2023, maturities of notes payable by fiscal year were as follows:


Remainder of 2024	$	81
2025	695
2026	1,659
2027	1,780
2028	1,492
2029 and thereafter	6,450
Unamortized issuance costs, discounts, and premium, net	(32)
Hedge accounting fair value adjustment	(101)
	$	12,024

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Equity - Common Stock Repurchases and Dividends (Details) - USD ($)		3 Months Ended		63 Months Ended
	Dec. 20, 2023	Nov. 30, 2023	Dec. 01, 2022	Nov. 30, 2023
Common Stock Repurchases
Payments for Repurchase of Common Stock		$ 0	$ 425,000,000
Dividends
Payments of Common Stock Dividends		$ 129,000,000	$ 126,000,000
Payments of Common Stock Dividends (per share)		$ 0.115
Cash dividends declared (per share)		$ 0.115	$ 0.115
Subsequent Event
Dividends
Cash dividends declared (per share)	$ 0.115
Dividends Payable, Date to be Paid	Jan. 18, 2024
Dividends Payable, Date of Record	Jan. 02, 2024
Repurchases Authorized by the BOD
Common Stock Repurchases
Common Stock Repurchase, Authorized Amount		$ 10,000,000,000		$ 10,000,000,000
Treasury Shares Repurchased (in shares)		0
Payments for Repurchase of Common Stock				$ 6,890,000,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Nov. 30, 2023	Aug. 31, 2023
Shareholders’ equity
Common Stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common Stock, authorized shares (in shares)	3,000	3,000
Common Stock, issued (in shares)	1,245	1,239
Common Stock, outstanding (in shares)	1,104	1,098
Treasury Stock, held (in shares)	141	141

Cash and Investments (Tables)

3 Months Ended

Nov. 30, 2023

Investments and Cash [Abstract]

Cash and Investments


	As of November 30, 2023								As of August 31, 2023
	Cash and Equivalents		Short-term Investments		Long-term Marketable Investments(1)		Total Fair Value		Cash and Equivalents		Short-term Investments		Long-term Marketable Investments(1)		Total Fair Value

Cash	$	5,400	$	—	$	—	$	5,400	$	5,771	$	—	$	—	$	5,771
Level 1(2)
Money market funds	1,570		—		—		1,570		1,629		—		—		1,629
Level 2(3)
Certificates of deposit	1,090		26		—		1,116		1,172		25		—		1,197
Corporate bonds	—		681		359		1,040		—		737		437		1,174
Asset-backed securities	—		16		349		365		—		15		387		402
Government securities	15		152		12		179		5		131		20		156
Commercial paper	—		98		—		98		—		109		—		109
	8,075		$	973	$	720	$	9,768	8,577		$	1,017	$	844	$	10,438
Restricted cash(4)	71								79
Cash, cash equivalents, and restricted cash	$	8,146							$	8,656

(1)The maturities of long-term marketable investments primarily range from one to five years, except for asset-backed securities which are not due at a single maturity date.

(2)The fair value of Level 1 securities is measured based on quoted prices in active markets for identical assets.

Cash and equivalents and the fair values of available-for-sale investments


	As of November 30, 2023								As of August 31, 2023
	Cash and Equivalents		Short-term Investments		Long-term Marketable Investments(1)		Total Fair Value		Cash and Equivalents		Short-term Investments		Long-term Marketable Investments(1)		Total Fair Value

Cash	$	5,400	$	—	$	—	$	5,400	$	5,771	$	—	$	—	$	5,771
Level 1(2)
Money market funds	1,570		—		—		1,570		1,629		—		—		1,629
Level 2(3)
Certificates of deposit	1,090		26		—		1,116		1,172		25		—		1,197
Corporate bonds	—		681		359		1,040		—		737		437		1,174
Asset-backed securities	—		16		349		365		—		15		387		402
Government securities	15		152		12		179		5		131		20		156
Commercial paper	—		98		—		98		—		109		—		109
	8,075		$	973	$	720	$	9,768	8,577		$	1,017	$	844	$	10,438
Restricted cash(4)	71								79
Cash, cash equivalents, and restricted cash	$	8,146							$	8,656

(1)The maturities of long-term marketable investments primarily range from one to five years, except for asset-backed securities which are not due at a single maturity date.

(2)The fair value of Level 1 securities is measured based on quoted prices in active markets for identical assets.

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Equity (Tables)

3 Months Ended

Nov. 30, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)


	Gains (Losses) on Derivative Instruments		Unrealized Gains (Losses) on Investments		Pension Liability Adjustments		Cumulative Foreign Currency Translation Adjustment		Total

As of August 31, 2023	$	(304)	$	(41)	$	36	$	(3)	$	(312)
Other comprehensive income (loss) before reclassifications	14		7		—		(1)		20
Amount reclassified out of accumulated other comprehensive income (loss)	44		—		2		—		46
Tax effects	(14)		—		—		—		(14)
Other comprehensive income (loss)	44		7		2		(1)		52
As of November 30, 2023	$	(260)	$	(34)	$	38	$	(4)	$	(260)

Certain Concentrations (Tables)

3 Months Ended

Nov. 30, 2023

Risks and Uncertainties [Abstract]

Schedule of Market Concentration Risk


Three months ended	November 30, 2023		December 1, 2022

Mobile	25	%	15	%
Automotive, industrial, and consumer	20	%	25	%
Client and graphics	20	%	15	%
Enterprise and cloud server	15	%	20	%
SSDs and other storage	15	%	15	%

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Nov. 30, 2023	Dec. 01, 2022
Earnings Per Share Reconciliation
Net income (loss) - Basic	$ (1,234)	$ (195)
Net income (loss) - Diluted	$ (1,234)	$ (195)
Weighted Average Number of Shares Outstanding Reconciliation
Weighted-average common shares outstanding - Basic	1,100	1,090
Weighted-average common shares outstanding - Diluted	1,100	1,090
Basic (in dollars per share)	$ (1.12)	$ (0.18)
Diluted (in dollars per share)	$ (1.12)	$ (0.18)
Antidilutive potential common shares that could dilute basic earnings per share in the future (in shares)	35	35

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Nov. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	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.

Property, Plant, and Equipment (Details) - USD ($)
$ in Millions

Nov. 30, 2023

Aug. 31, 2023

Property, Plant, and Equipment including Finance Lease Right-of-Use Asset

Property, plant, and equipment, gross

$ 88,919

$ 87,585

Accumulated depreciation

(51,242)

(49,657)

Property, plant, and equipment, net

37,677

37,928

Land

Property, Plant, and Equipment including Finance Lease Right-of-Use Asset

Property, plant, and equipment, gross

283

Buildings

Property, Plant, and Equipment including Finance Lease Right-of-Use Asset

Property, plant, and equipment, gross

18,652

17,967

Equipment

Property, Plant, and Equipment including Finance Lease Right-of-Use Asset

Property, plant, and equipment, gross

^[1]

66,392

65,555

Equipment not placed into service

Property, Plant, and Equipment including Finance Lease Right-of-Use Asset

Property, plant, and equipment, gross

2,880

2,910

Construction in progress

Property, Plant, and Equipment including Finance Lease Right-of-Use Asset

Property, plant, and equipment, gross

^[2]

2,215

2,464

Software

Property, Plant, and Equipment including Finance Lease Right-of-Use Asset

Property, plant, and equipment, gross

$ 1,377

$ 1,316

[1]	Includes costs related to equipment not placed into service of $2.88 billion as of November 30, 2023 and $2.91 billion as of August 31, 2023.
[2]	Includes building-related construction, tool installation, and software costs for assets not placed into service.

Contingencies	3 Months Ended
Contingencies	Nov. 30, 2023
Loss Contingency [Abstract]
Contingencies	Contingencies We are currently a party to legal actions other than those described below arising from the normal course of business, none of which are expected to have a material adverse effect on our business, results of operations, or financial condition. Patent Matters As is typical in the semiconductor and other high-tech industries, from time to time, others have asserted, and may in the future assert, that our products or manufacturing processes infringe upon their intellectual property rights. On March 19, 2018, Micron Semiconductor (Xi’an) Co., Ltd. (“MXA”) was served with a patent infringement complaint filed by Fujian Jinhua Integrated Circuit Co., Ltd. (“Jinhua”) in the Fuzhou Intermediate People’s Court in Fujian Province, China (the “Fuzhou Court”). On April 3, 2018, Micron Semiconductor (Shanghai) Co. Ltd. (“MSS”) was served with the same complaint. The complaint alleged that MXA and MSS infringed one Chinese patent by manufacturing and selling certain Crucial DDR4 DRAM modules. The complaint sought an order requiring MXA and MSS to destroy inventory of the accused products and equipment for manufacturing the accused products in China; to stop manufacturing, using, selling, and offering for sale the accused products in China; and to pay damages of 98 million Chinese yuan plus court fees incurred. On December 4, 2023, Micron and Jinhua entered a settlement agreement under which Jinhua will file an application to the Fuzhou Court to withdraw its complaints against MXA and MSS. On March 21, 2018, MXA was served with a patent infringement complaint filed by United Microelectronics Corporation (“UMC”) in the Fuzhou Court. On April 3, 2018, MSS was served with the same complaint. The complaint alleges that MXA and MSS infringed one Chinese patent by manufacturing and selling certain Crucial DDR4 DRAM modules. The complaint seeks an order requiring MXA and MSS to destroy inventory of the accused products and equipment for manufacturing the accused products in China; to stop manufacturing, using, selling, and offering for sale the accused products in China; and to pay damages of 90 million Chinese yuan plus court fees incurred. On November 26, 2021, pursuant to a settlement agreement between UMC and Micron, UMC filed an application to the Fuzhou Court to withdraw its complaints against MXA and MSS. On April 3, 2018, MSS was served with another patent infringement complaint filed by Jinhua and an additional complaint filed by UMC in the Fuzhou Court. The additional complaints alleged that MSS infringed two Chinese patents by manufacturing and selling certain Crucial MX300 SSDs. The complaint filed by UMC sought an order requiring MSS to destroy inventory of the accused products and equipment for manufacturing the accused products in China; to stop manufacturing, using, selling, and offering for sale the accused products in China; and to pay damages of 90 million Chinese yuan plus court fees incurred. The complaint filed by Jinhua sought an order requiring MSS to destroy inventory of the accused products and equipment for manufacturing the accused products in China; to stop manufacturing, using, selling, and offering for sale the accused products in China; and to pay damages of 98 million Chinese yuan plus court fees incurred. On November 26, 2021, pursuant to a settlement agreement between UMC and Micron, UMC filed an application to the Fuzhou Court to withdraw its complaint against MSS. On December 4, 2023, Micron and Jinhua entered a settlement agreement under which Jinhua will file an application to the Fuzhou Court to withdraw its complaint against MSS. On July 5, 2018, MXA and MSS were notified that the Fuzhou Court granted a preliminary injunction against those entities that enjoins them from manufacturing, selling, or importing certain Crucial and Ballistix-branded DRAM modules and solid-state drives in China. On December 4, 2023, Micron and Jinhua entered a settlement agreement under which Jinhua will file an application to the Fuzhou Court to withdraw the injunction. On April 28, 2021, Netlist, Inc. (“Netlist”) filed two patent infringement actions against Micron, Micron Semiconductor Products, Inc. (“MSP”), and Micron Technology Texas, LLC (“MTEC”) in the U.S. District Court for the Western District of Texas. The first complaint alleges that one U.S. patent is infringed by certain of our non-volatile dual in-line memory modules. The second complaint alleges that three U.S. patents are infringed by certain of our load-reduced dual in-line memory modules (“LRDIMMs”). Each complaint seeks injunctive relief, damages, attorneys’ fees, and costs. On March 31, 2022, Netlist filed a patent infringement complaint against Micron and Micron Semiconductor Germany, GmbH in Dusseldorf Regional Court alleging that two German patents are infringed by certain of our LRDIMMs. The complaint seeks damages, costs, and injunctive relief. On June 10, 2022, Netlist filed a patent infringement complaint against Micron, MSP, and MTEC in the U.S. District Court for the Eastern District of Texas (“E.D. Tex.”) alleging that six U.S. patents are infringed by certain of our memory modules and HBM products. On August 1, 2022, Netlist filed a second patent infringement complaint against the same defendants in E.D. Tex. alleging that one U.S. patent is infringed by certain of our LRDIMMs. On August 15, 2022, Netlist amended the second complaint to assert that two additional U.S. patents are infringed by certain of our LRDIMMs. The complaints in E.D. Tex. seek injunctive relief, damages, and attorneys’ fees. On August 16, 2022, Sonrai Memory Ltd. filed a patent infringement complaint against Micron in the U.S. District Court for the Western District of Texas. The complaint alleges that two U.S. patents are infringed by certain SSD and NAND flash products. The complaint seeks damages, attorneys’ fees, and costs. On January 23, 2023, Besang Inc. filed a patent infringement complaint against Micron in the U.S. District Court for the Eastern District of Texas. The complaint alleges that one U.S. patent is infringed by certain of our 3D NAND and SSD products. The complaint seeks an injunction, damages, attorneys’ fees, and costs. On November 9, 2023, Yangtze Memory Technologies Company, Ltd. (“YMTC”) filed a patent infringement complaint against Micron and one of its subsidiaries in the U.S. District Court for the Northern District of California. The complaint alleges that eight U.S. patents are infringed by certain of our 3D NAND products. The complaint seeks an injunction, damages, attorneys’ fees, and costs. Among other things, the above lawsuits pertain to substantially all of our DRAM, NAND, and other memory and storage products we manufacture, which account for substantially all of our revenue. Antitrust Matters Six cases have been filed against Micron alleging price fixing of DRAM products in the following Canadian courts on the dates indicated: Superior Court of Quebec (April 30, 2018 and May 3, 2018), the Federal Court of Canada (May 2, 2018), the Ontario Superior Court of Justice (May 15, 2018), and the Supreme Court of British Columbia (May 10, 2018). The plaintiffs in these cases are individuals seeking certification of class actions on behalf of direct and indirect purchasers of DRAM in Canada (or regions of Canada) between June 1, 2016 and February 1, 2018. On May 15, 2018, the Chinese State Administration for Market Regulation (“SAMR”) notified Micron that it was investigating potential collusion and other anticompetitive conduct by DRAM suppliers in China. On May 31, 2018, SAMR made unannounced visits to our sales offices in Beijing, Shanghai, and Shenzhen to seek certain information as part of its investigation. We are cooperating with SAMR in its investigation. Securities Matters On February 9, 2021, a derivative complaint was filed by a shareholder against Sanjay Mehrotra and other current and former directors of Micron, allegedly on behalf of and for the benefit of Micron, in the U.S. District Court for the District of Delaware alleging violations of securities laws, breaches of fiduciary duties, and other violations of law involving allegedly false and misleading statements about Micron’s commitment to diversity and progress in diversifying its workforce, executive leadership, and Board of Directors. The complaint sought damages, fees, interest, costs, and an order requiring Micron to take various actions to allegedly improve its corporate governance and internal procedures. On November 2, 2023, the District Court granted the defendants’ motion to dismiss the complaint. Other Matters In the normal course of business, we are a party to a variety of agreements pursuant to which we may be obligated to indemnify another party. It is not possible to predict the maximum potential amount of future payments under these types of agreements due to the conditional nature of our obligations and the unique facts and circumstances involved in each particular agreement. Historically, our payments under these types of agreements have not had a material adverse effect on our business, results of operations, or financial condition. Contingency Assessment We are unable to predict the outcome of any of the matters noted above and cannot make a reasonable estimate of the potential loss or range of possible losses. A determination that our products or manufacturing processes infringe the intellectual property rights of others or entering into a license agreement covering such intellectual property could result in significant liability and/or require us to make material changes to our products and/or manufacturing processes. Any of the foregoing, as well as the resolution of any other legal matter noted above, could have a material adverse effect on our business, results of operations, or financial condition.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References + Details

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Nov. 30, 2023

Aug. 31, 2023

Assets

Cash and equivalents

$ 8,075

$ 8,577

Short-term investments

973

1,017

Receivables

2,943

2,443

Inventories

8,276

8,387

Other current assets

791

820

Total current assets

21,058

21,244

Long-term marketable investments

^[1]

720

844

Property, plant, and equipment

37,677

37,928

Operating lease right-of-use assets

648

666

Intangible assets

416

404

Deferred tax assets

781

756

Goodwill

1,150

Other noncurrent assets

1,326

1,262

Total assets

63,776

64,254

Liabilities and equity

Accounts payable and accrued expenses

3,946

3,958

Current debt

908

278

Other current liabilities

1,108

529

Total current liabilities

5,962

4,765

Long-term debt

12,597

13,052

Noncurrent operating lease liabilities

601

603

Noncurrent unearned government incentives

705

727

Other noncurrent liabilities

1,026

987

Total liabilities

20,891

20,134

Commitments and contingencies

Shareholders’ equity

Common stock, $0.10 par value, 3,000 shares authorized, 1,245 shares issued and 1,104 outstanding (1,239 shares issued and 1,098 outstanding as of August 31, 2023)

124

Additional capital

11,217

11,036

Retained earnings

39,356

40,824

Treasury stock, 141 shares held (141 shares as of August 31, 2023)

(7,552)

Accumulated other comprehensive income (loss)

(260)

(312)

Total equity

42,885

44,120

Total liabilities and equity

$ 63,776

$ 64,254

[1]	The maturities of long-term marketable investments primarily range from one to five years, except for asset-backed securities which are not due at a single maturity date.

Property, Plant, and Equipment (Tables)

3 Months Ended

Nov. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant, and Equipment


As of	November 30, 2023		August 31, 2023

Land	$	283	$	283
Buildings	18,652		17,967
Equipment(1)	66,392		65,555
Construction in progress(2)	2,215		2,464
Software	1,377		1,316
	88,919		87,585
Accumulated depreciation	(51,242)		(49,657)
	$	37,677	$	37,928

(1)Includes costs related to equipment not placed into service of $2.88 billion as of November 30, 2023 and $2.91 billion as of August 31, 2023.

(2)Includes building-related construction, tool installation, and software costs for assets not placed into service.

Intangible Assets

3 Months Ended

Nov. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets


	As of November 30, 2023						As of August 31, 2023
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount

Product and process technology	$	631	$	(226)	$	405	$	613	$	(209)	$	404
Other	11		—		11		—		—		—
	$	642	$	(226)	$	416	$	613	$	(209)	$	404

In the first quarters of 2024 and 2023, we capitalized $22 million and $30 million, respectively, for product and process technology with weighted-average useful lives of 9 years and 10 years, respectively. Amortization expense was $20 million and $23 million for the first three months of 2024 and 2023, respectively. Expected amortization expense is $59 million for the remainder of 2024, $54 million for 2025, $50 million for 2026, $46 million for 2027, and $44 million for 2028.

Debt

3 Months Ended

Nov. 30, 2023

Debt Disclosure [Abstract]

Debt


	As of November 30, 2023										As of August 31, 2023
					Net Carrying Amount						Net Carrying Amount
	Stated Rate		Effective Rate		Current		Long-Term		Total		Current		Long-Term		Total

2024 Term Loan A	6.163	%	6.20	%	$	587	$	—	$	587	$	—	$	587	$	587
2025 Term Loan A	6.698	%	6.83	%	—		1,050		1,050		—		1,050		1,050
2026 Term Loan A	6.823	%	6.96	%	49		909		958		49		921		970
2027 Term Loan A	6.948	%	7.09	%	57		1,049		1,106		57		1,063		1,120
2026 Notes	4.975	%	5.07	%	—		499		499		—		499		499
2027 Notes(1)	4.185	%	4.27	%	—		797		797		—		798		798
2028 Notes	5.375	%	5.52	%	—		597		597		—		596		596
2029 A Notes	5.327	%	5.40	%	—		697		697		—		697		697
2029 B Notes	6.750	%	6.54	%	—		1,263		1,263		—		1,263		1,263
2030 Notes	4.663	%	4.73	%	—		847		847		—		846		846
2032 Green Bonds	2.703	%	2.77	%	—		995		995		—		995		995
2033 A Notes	5.875	%	5.96	%	—		745		745		—		745		745
2033 B Notes	5.875	%	6.01	%	—		890		890		—		890		890
2041 Notes	3.366	%	3.41	%	—		497		497		—		497		497
2051 Notes	3.477	%	3.52	%	—		496		496		—		496		496
Finance lease obligations	N/A		4.25	%	215		1,266		1,481		172		1,109		1,281
					$	908	$	12,597	$	13,505	$	278	$	13,052	$	13,330

Revolving Credit Facility

As of November 30, 2023, no amounts were outstanding under the Revolving Credit Facility and $2.50 billion was available to us. Under the Revolving Credit Facility, borrowings would generally bear interest at a rate equal to adjusted term SOFR plus 1.00% to 1.75%, depending on our corporate credit ratings. Adjusted term SOFR for the Revolving Credit Facility agreement is the SOFR benchmark plus a credit spread adjustment ranging from approximately 0.11% to 0.43% depending on the applicable interest period selected. Any amounts outstanding under the Revolving Credit Facility would mature in May 2026 and amounts borrowed may be prepaid without penalty.

The Revolving Credit Facility requires us to maintain, on a consolidated basis, a leverage ratio of total indebtedness to adjusted EBITDA, as defined in the Revolving Credit Facility and calculated as of the last day of each fiscal quarter, not to exceed 3.25 to 1.00. On March 27, 2023, we amended the Revolving Credit Facility to provide that in lieu of the foregoing leverage ratio, during the fourth quarter of 2023 and each quarter of 2024, we will be required to maintain, on a consolidated basis, a net leverage ratio of total net indebtedness to adjusted EBITDA, as defined in the Revolving Credit Facility and calculated as of the last day of each fiscal quarter, not to exceed 3.25 to 1.00. Alternatively, for up to three of such five quarters, we may elect to comply with a requirement of minimum liquidity, as defined in the Revolving Credit Facility, of not less than $5.0 billion. In the fourth quarter of 2023 and first quarter of 2024, we complied with the net leverage ratio requirement. Each of the leverage ratio and net leverage ratio maximums, as applicable, is subject to a temporary four quarter increase in such ratio to 3.75 to 1.00 following certain material acquisitions.

Maturities of Notes Payable

As of November 30, 2023, maturities of notes payable by fiscal year were as follows:


Remainder of 2024	$	81
2025	695
2026	1,659
2027	1,780
2028	1,492
2029 and thereafter	6,450
Unamortized issuance costs, discounts, and premium, net	(32)
Hedge accounting fair value adjustment	(101)
	$	12,024

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Nov. 30, 2023
Accounting Policies [Abstract]
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.
Reclassifications	Certain reclassifications have been made to prior period amounts to conform to current period presentation.
Fiscal Period	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.