Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 30, 2022 | Mar. 03, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Sep. 01, 2022 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 83.9 | ||
Entity Common Stock, Shares Outstanding | 1,087,168,584 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Proxy Statement for the registrant’s Fiscal 2022 Annual Meeting of Shareholders to be held on January 12, 2023 are incorporated by reference into Part II and Part III of this Annual Report on Form 10-K. | ||
Entity Central Index Key | 0000723125 | ||
Current Fiscal Year End Date | --09-01 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Sep. 01, 2022 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | San Jose, California |
Auditor Firm ID | 238 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Income Statement [Abstract] | |||
Revenue | $ 30,758 | $ 27,705 | $ 21,435 |
Cost of goods sold | 16,860 | 17,282 | 14,883 |
Gross margin | 13,898 | 10,423 | 6,552 |
Research and development | 3,116 | 2,663 | 2,600 |
Selling, general, and administrative | 1,066 | 894 | 881 |
Restructure and asset impairments | 48 | 488 | 60 |
Other operating (income) expense, net | (34) | 95 | 8 |
Operating income | 9,702 | 6,283 | 3,003 |
Interest income | 96 | 37 | 114 |
Interest expense | (189) | (183) | (194) |
Other non-operating income (expense), net | (38) | 81 | 60 |
Income (loss) before income taxes, net income (loss) attributable to noncontrolling interests, and equity in net income (loss) of equity method investees | 9,571 | 6,218 | 2,983 |
Income tax (provision) benefit | (888) | (394) | (280) |
Equity in net income (loss) of equity method investees | 4 | 37 | 7 |
Net income | 8,687 | 5,861 | 2,710 |
Net income attributable to noncontrolling interests | 0 | 0 | (23) |
Net income attributable to Micron | $ 8,687 | $ 5,861 | $ 2,687 |
Earnings per share | |||
Basic (in dollars per share) | $ 7.81 | $ 5.23 | $ 2.42 |
Diluted (in dollars per share) | $ 7.75 | $ 5.14 | $ 2.37 |
Number of shares used in per share calculations | |||
Basic (in shares) | 1,112 | 1,120 | 1,110 |
Diluted (in shares) | 1,122 | 1,141 | 1,131 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 8,687 | $ 5,861 | $ 2,710 |
Other comprehensive income (loss), net of tax | |||
Gains (losses) on derivative instruments | (516) | (67) | 46 |
Gains (losses) on investments | (48) | (7) | 1 |
Foreign currency translation adjustments | (1) | 2 | 0 |
Pension liability adjustments | 3 | 3 | 15 |
Other comprehensive income (loss) | (562) | (69) | 62 |
Total comprehensive income | 8,125 | 5,792 | 2,772 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | (23) |
Comprehensive income attributable to Micron | $ 8,125 | $ 5,792 | $ 2,749 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 01, 2022 | Sep. 02, 2021 | |
Assets | |||
Cash and equivalents | $ 8,262 | $ 7,763 | |
Short-term investments | 1,069 | 870 | |
Receivables | 5,130 | 5,311 | |
Inventories | 6,663 | 4,487 | |
Assets held for sale | 13 | 974 | |
Other current assets | 644 | 502 | |
Total current assets | 21,781 | 19,907 | |
Long-term marketable investments | [1] | 1,647 | 1,765 |
Property, plant, and equipment | 38,549 | 33,213 | |
Operating lease right-of-use assets | 678 | 551 | |
Intangible assets | 421 | 349 | |
Deferred tax assets | 702 | 782 | |
Goodwill | 1,228 | 1,228 | |
Other noncurrent assets | 1,277 | 1,054 | |
Total assets | 66,283 | 58,849 | |
Liabilities and equity | |||
Accounts payable and accrued expenses | 6,090 | 5,325 | |
Current debt | 103 | 155 | |
Other current liabilities | 1,346 | 944 | |
Total current liabilities | 7,539 | 6,424 | |
Long-term debt | 6,803 | 6,621 | |
Noncurrent operating lease liabilities | 610 | 504 | |
Noncurrent unearned government incentives | 589 | 808 | |
Other noncurrent liabilities | 835 | 559 | |
Total liabilities | 16,376 | 14,916 | |
Commitments and contingencies | |||
Shareholders’ equity | |||
Common stock, $0.10 par value, 3,000 shares authorized, 1,226 shares issued and 1,094 outstanding (1,216 shares issued and 1,119 outstanding as of September 2, 2021) | 123 | 122 | |
Additional capital | 10,197 | 9,453 | |
Retained earnings | 47,274 | 39,051 | |
Treasury stock, 132 shares held (97 shares as of September 2, 2021) | (7,127) | (4,695) | |
Accumulated other comprehensive income (loss) | (560) | 2 | |
Total equity | 49,907 | 43,933 | |
Total liabilities and equity | $ 66,283 | $ 58,849 | |
[1] The maturities of long-term marketable securities primarily range from one four years. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions | Sep. 01, 2022 | Sep. 02, 2021 |
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) | 1,226 | 1,216 |
Common Stock, outstanding (in shares) | 1,094 | 1,119 |
Treasury Stock, held (in shares) | 132 | 97 |
STATEMENT OF CHANGES IN EQUITY
STATEMENT OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Additional Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Micron Shareholders’ Equity | Noncontrolling Interests in Subsidiaries |
Balance (in shares) at Aug. 29, 2019 | 1,182 | |||||||
Balance of equity (including noncontrolling interest) at Aug. 29, 2019 | $ 36,770 | $ 118 | $ 8,214 | $ 30,761 | $ (3,221) | $ 9 | $ 35,881 | $ 889 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (including redeemable noncontrolling interest) | 2,702 | 2,687 | 2,687 | 15 | ||||
Net income | 2,687 | |||||||
Other comprehensive income (loss), net | 62 | 62 | 62 | |||||
Stock issued under stock plans (in shares) | 14 | |||||||
Stock issued under stock plans | 225 | $ 1 | 224 | 225 | ||||
Stock-based compensation expense | 328 | 328 | 328 | |||||
Repurchase of stock - repurchase program | (176) | (176) | (176) | |||||
Repurchase of stock - withholdings on employee equity awards (in shares) | (2) | |||||||
Repurchase of stock - withholdings on employee equity awards | (75) | $ 0 | (11) | (64) | (75) | |||
Settlement of capped calls | 0 | 98 | (98) | 0 | ||||
Acquisitions of noncontrolling interest | (784) | 120 | 120 | (904) | ||||
Cash settlement of convertible notes | (56) | (56) | (56) | |||||
Balance (in shares) at Sep. 03, 2020 | 1,194 | |||||||
Balance of equity (including noncontrolling interest) at Sep. 03, 2020 | 38,996 | $ 119 | 8,917 | 33,384 | (3,495) | 71 | $ 38,996 | $ 0 |
Balance of total equity at Sep. 03, 2020 | 38,996 | $ 119 | 8,917 | 33,384 | (3,495) | 71 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 5,861 | 5,861 | ||||||
Other comprehensive income (loss), net | (69) | (69) | ||||||
Stock issued under stock plans (in shares) | 13 | |||||||
Stock issued under stock plans | 225 | $ 2 | 223 | |||||
Stock-based compensation expense | 378 | 378 | ||||||
Repurchase of stock - repurchase program | (1,200) | (1,200) | ||||||
Repurchase of stock - withholdings on employee equity awards (in shares) | (2) | |||||||
Repurchase of stock - withholdings on employee equity awards | (94) | $ 0 | (12) | (82) | ||||
Cash settlement of convertible notes | (52) | (52) | ||||||
Stock issued for convertible notes (shares) | 11 | |||||||
Stock issued for convertible notes | $ 0 | $ 1 | (1) | |||||
Cash dividends declared (per share) | $ 0.10 | |||||||
Dividends and dividend equivalents declared | $ (112) | (112) | ||||||
Balance (in shares) at Sep. 02, 2021 | 1,216 | 1,216 | ||||||
Balance of total equity at Sep. 02, 2021 | $ 43,933 | $ 122 | 9,453 | 39,051 | (4,695) | 2 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 8,687 | 8,687 | ||||||
Other comprehensive income (loss), net | (562) | (562) | ||||||
Stock issued under stock plans (in shares) | 12 | |||||||
Stock issued under stock plans | 245 | $ 1 | 244 | |||||
Stock-based compensation expense | 514 | 514 | ||||||
Repurchase of stock - repurchase program | (2,432) | (2,432) | ||||||
Repurchase of stock - withholdings on employee equity awards (in shares) | (2) | |||||||
Repurchase of stock - withholdings on employee equity awards | $ (126) | $ 0 | (14) | (112) | ||||
Cash dividends declared (per share) | $ 0.315 | |||||||
Dividends and dividend equivalents declared | $ (352) | (352) | ||||||
Balance (in shares) at Sep. 01, 2022 | 1,226 | 1,226 | ||||||
Balance of total equity at Sep. 01, 2022 | $ 49,907 | $ 123 | $ 10,197 | $ 47,274 | $ (7,127) | $ (560) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Cash flows from operating activities | |||
Net income | $ 8,687 | $ 5,861 | $ 2,710 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation expense and amortization of intangible assets | 7,116 | 6,214 | 5,650 |
Stock-based compensation | 514 | 378 | 328 |
(Gain) loss on debt repurchases and conversions | 83 | 1 | (40) |
Restructure and asset impairments | 44 | 454 | 40 |
Change in operating assets and liabilities: | |||
Receivables | 190 | (1,446) | (723) |
Inventories | (2,179) | 866 | (435) |
Accounts payable and accrued expenses | 744 | 210 | 725 |
Other | (18) | (70) | 51 |
Net cash provided by operating activities | 15,181 | 12,468 | 8,306 |
Cash flows from investing activities | |||
Expenditures for property, plant, and equipment | (12,067) | (10,030) | (8,223) |
Purchases of available-for-sale securities | (1,770) | (3,163) | (1,857) |
Proceeds from maturities of available-for-sale securities | 1,321 | 1,250 | 814 |
Proceeds from sale of Lehi, Utah fab | 888 | 0 | 0 |
Proceeds from sales of available-for-sale securities | 294 | 856 | 1,458 |
Proceeds from government incentives | 115 | 495 | 262 |
Other | (366) | 3 | (43) |
Net cash provided by (used for) investing activities | (11,585) | (10,589) | (7,589) |
Cash flows from financing activities | |||
Repurchases of common stock - repurchase program | (2,432) | (1,200) | (176) |
Repayments of debt | (2,032) | (1,520) | (4,366) |
Payments of dividends to shareholders | (461) | 0 | 0 |
Payments on equipment purchase contracts | (141) | (295) | (63) |
Repurchases of common stock - withholdings on employee equity awards | (125) | (94) | (75) |
Acquisition of noncontrolling interest in IMFT | 0 | 0 | (744) |
Proceeds from issuance of debt | 2,000 | 1,188 | 5,000 |
Other | 211 | 140 | 107 |
Net cash provided by (used for) financing activities | (2,980) | (1,781) | (317) |
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | (106) | 41 | 11 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 510 | 139 | 411 |
Cash, cash equivalents, and restricted cash at beginning of period | 7,829 | 7,690 | 7,279 |
Cash, cash equivalents, and restricted cash at end of period | 8,339 | 7,829 | 7,690 |
Supplemental disclosures | |||
Income taxes paid, net | (493) | (361) | (167) |
Interest paid, net of amounts capitalized | (154) | (171) | (165) |
Capital Expenditures Incurred on Purchase Contracts Not Yet Paid | $ 157 | $ 289 | $ 171 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Sep. 01, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all . With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and 5G applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. 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. Intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period amounts to conform to current period presentation. See “Inventories” below for changes to our significant accounting policies, and the “Inventories” note for additional information. Our fiscal year is the 52 or 53-week period ending on the Thursday closest to August 31. Fiscal 2022 and 2021 each contained 52 weeks and fiscal 2020 contained 53 weeks. Our fourth quarter of fiscal 2020 contained 14 weeks and all other fiscal quarters in the years presented contained 13 weeks. All period references are to our fiscal periods unless otherwise indicated. Derivative and Hedging Instruments We use derivative instruments to manage our exposure to changes in currency exchange rates from (1) our monetary assets and liabilities denominated in currencies other than the U.S. dollar and (2) forecasted cash flows for certain capital expenditures and manufacturing costs. We also use derivative instruments to manage our exposure to changes in commodity prices for manufacturing supplies and to minimize certain exposures to changes in the fair value of fixed-rate debt that result from fluctuations in benchmark interest rates. Derivative instruments are measured at their fair values and recognized as either assets or liabilities. The accounting for changes in the fair value of derivative instruments is based on the intended use of the derivative and the resulting designation. For derivative instruments that are not designated for hedge accounting, gains or losses from changes in fair values are recognized in other non-operating income (expense). For derivative instruments designated as cash flow hedges, gains or losses are included as a component of accumulated other comprehensive income and reclassified into earnings in the same line items and in the same periods in which the underlying transactions affect earnings. For derivative instruments designated as cash flow hedges, time value is excluded from the assessment of effectiveness and the gains and losses attributable to time value are recognized in earnings. For derivative instruments designated as fair value hedges, changes in the fair values of the derivative instruments and the offsetting changes in the fair values of the underlying hedged items are both recognized in earnings. We enter into master netting arrangements with our counterparties to mitigate credit risk in derivative hedge transactions. These master netting arrangements allow us and our counterparties to net settle amounts owed to each other. Derivative assets and liabilities that can be net settled with each counterparty have been presented in our consolidated balance sheet on a net basis. Financial Instruments Cash equivalents include highly liquid short-term investments with original maturities to us of three months or less that are readily convertible to known amounts of cash. Other investments with remaining maturities of less than one year are included in short-term investments. Investments with remaining maturities greater than one year are included in long-term marketable investments. The carrying value of investment securities sold is determined using the specific identification method. Functional Currency The U.S. dollar is the functional currency for us and all of our consolidated subsidiaries. Goodwill We perform an annual impairment assessment for goodwill in our fourth quarter each year. Government Incentives We receive incentives from governmental entities related to expenses, assets, and other activities. Our government incentives may require that we meet or maintain specified spending levels and other operational metrics and may be subject to reimbursement if such conditions are not met or maintained. Government incentives are recorded in the financial statements in accordance with their purpose: as a reduction of expenses, a reduction of asset costs, or other income. Incentives related to specific operating activities are offset against the related expense in the period the expense is incurred. Incentives related to the acquisition or construction of fixed assets are recognized as a reduction in the carrying amounts of the related assets and reduce depreciation expense over the useful lives of the assets. Other incentives are recognized as other operating income. Government incentives received prior to being earned are recognized in current or noncurrent deferred income or restricted cash, whereas government incentives earned prior to being received are recognized in current or noncurrent receivables. Cash received from government incentives related to operating expenses is included as an operating activity in the statement of cash flows, whereas cash received from incentives related to the acquisition of property, plant, and equipment is included as an investing activity. Inventories Effective as of the beginning of the second quarter of 2021, we changed the method of inventory costing from average cost to FIFO. The difference between average cost and FIFO was not material to any previously reported financial statements. Therefore, we have recognized the cumulative effect of the change as a reduction of inventories and a charge to cost of goods sold of $133 million as of the beginning of the second quarter of 2021. Inventories are stated at the lower of cost or net realizable value, with cost being determined on a FIFO basis. Cost includes depreciation, labor, material, and overhead costs, including product and process technology costs. When net realizable value (which requires projecting future average selling prices, sales volumes, and costs to complete products in work in process inventories) is below cost, we record a charge to cost of goods sold to write down inventories to their estimated net realizable value in advance of when inventories are actually sold. We review the major characteristics of product type and markets in determining the unit of account for which we perform the lower of cost or net realizable value analysis and categorize all inventories (including DRAM, NAND, and other memory) as a single group. We remove amounts from inventory and charge such amounts to cost of goods sold on a FIFO basis. Leases We determine if an arrangement is a lease, or contains a lease, at the inception of the arrangement and evaluate whether the lease is an operating lease or a finance lease at the commencement date. We recognize right-of-use assets and lease liabilities for operating and finance leases with terms greater than 12 months. Right-of-use assets represent our right to use an asset for the lease term, while lease liabilities represent our obligation to make lease payments. We do not separate lease and non-lease components for real-estate and gas plant leases. Sublease income is included within lease expense. Product and Process Technology Costs incurred to (1) acquire product and process technology, (2) patent technology, and (3) maintain patent technology, are capitalized and amortized on a straight-line basis over periods ranging up to 12.5 years. We capitalize a portion of costs incurred to patent technology based on historical data of patents issued as a percent of patents we file. Product and process technology costs are amortized over the shorter of (1) the estimated useful life of the technology, (2) the patent term, or (3) the term of the technology agreement. Fully-amortized assets are removed from product and process technology and accumulated amortization. Product Warranty We generally provide a limited warranty that our products are in compliance with applicable specifications existing at the time of delivery. Under our standard terms and conditions of sale, liability for certain failures of product during a stated warranty period is usually limited to repair or replacement of defective items or return of, or a credit with respect to, amounts paid for such items. Under certain circumstances, we provide more extensive limited warranty coverage than that provided under our standard terms and conditions. Our warranty obligations are not material. Property, Plant, and Equipment Property, plant, and equipment is stated at cost and depreciated using the straight-line method over estimated useful lives of generally 10 to 30 years for buildings, 5 to 7 years for equipment, and 3 to 5 years for software. Assets held for sale are carried at the lower of estimated fair value or carrying value and are included in current assets. When property, plant, or equipment is retired or otherwise disposed, the net book value is removed and we recognize any gain or loss in results of operations. We capitalize interest on borrowings during the period of time we carry out the activities necessary to bring assets to the condition of their intended use and location. Capitalized interest becomes part of the cost of assets. Research and Development Costs related to the conceptual formulation and design of products and processes are charged to R&D expense as incurred. Development of a product is deemed complete when it is qualified through reviews and tests for performance and reliability. Subsequent to product qualification, product costs are included in cost of goods sold. Amounts from cost-sharing arrangements are reflected as a reduction of R&D expense. Revenue Recognition 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. Contracts with our customers are generally short-term in duration at fixed, negotiated prices with payment generally due shortly after delivery. We estimate a liability for returns using the expected value method based on historical returns. In addition, we generally offer price protection to our distributors, which is a form of variable consideration that decreases the transaction price. We use the expected value method, based on historical price adjustments and current pricing trends, to estimate the amount of revenue recognized from sales to distributors. Differences between the estimated and actual amounts are recognized as adjustments to revenue. Stock-based Compensation Stock-based compensation is measured at the grant date, based on the fair value of the award, and recognized as expense under the straight-line attribution method over the requisite service period. We account for forfeitures as they occur. We issue new shares upon the exercise of stock options, conversion of share units, or issuance of shares under our ESPP. Treasury Stock Treasury stock is carried at cost. When we retire our treasury stock, any excess of the repurchase price paid over par value is allocated between additional capital and retained earnings. Use of Estimates The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures. Estimates and judgments are based on historical experience, forecasted events, and various other assumptions that we believe to be reasonable under the circumstances. Estimates and judgments may differ under different assumptions or conditions. We evaluate our estimates and judgments on an ongoing basis. Actual results could differ from estimates. |
Lehi, Utah Fab and 3D XPoint
Lehi, Utah Fab and 3D XPoint | 12 Months Ended |
Sep. 01, 2022 | |
Lehi, Utah Facility | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Lehi, Utah Fab and 3D XPoint | 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 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. The impairment charge was based on Level 3 inputs including expected consideration and the composition of assets included in the sale, which were derived from the agreement with TI. We also recognized a charge of $49 million to cost of goods sold in 2021 to write down 3D XPoint inventory due to our decision to cease further development of this technology. Our 3D XPoint technology development and Lehi facility operations were primarily included in our CNBU segment results. As of September 2, 2021, the significant balances of assets held for sale in connection with our Lehi facility were as follows: As of September 2, Property, plant, and equipment $ 1,334 Other current assets 50 Impairment (435) Lehi assets held for sale $ 949 As of September 2, 2021, we also had a $50 million finance lease obligation included in the current portion of long-term debt and $11 million of other liabilities that were subsequently transferred with the sale. As of September 2, 2021, the carrying value of the Lehi assets held for sale approximated the expected cash consideration, net of estimated selling expenses. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Sep. 01, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities We have interests in entities that are variable interest entities (“VIEs”). If we are the primary beneficiary of a VIE, we are required to consolidate it. To determine if we are the primary beneficiary, we evaluate whether we have the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our evaluation includes identification of significant activities and an assessment of our ability to direct those activities based on governance provisions and arrangements to provide or receive product and process technology, product supply, operations services, equity funding, financing, and other applicable agreements and circumstances. Our assessments of whether we are the primary beneficiary of our VIEs require significant assumptions and judgments. Through the first quarter of 2020, IMFT, which operated a facility in Lehi, Utah, was a VIE because all of its costs were passed to us and its other member, Intel, through product purchase agreements and because IMFT was dependent upon us or Intel for additional cash requirements. The primary activities of IMFT were driven by the constant introduction of product and process technology. Because we performed a significant majority of the technology development, we had the power to direct its key activities. We consolidated IMFT due to this power and our obligation to absorb losses and the right to receive benefits from IMFT that could have been potentially significant to it. In the first quarter of 2020, we paid $1.25 billion to acquire Intel’s noncontrolling interest in IMFT and settle IMFT’s debt obligations to Intel, at which time IMFT became a wholly-owned subsidiary. In connection therewith, we recognized a $160 million adjustment to equity for the difference between the $744 million of cash consideration allocated to Intel’s noncontrolling interest and its $904 million carrying value. |
Cash and Investments
Cash and Investments | 12 Months Ended |
Sep. 01, 2022 | |
Investments and Cash [Abstract] | |
Cash and Investments | Cash and Investments 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: 2022 2021 As of 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 $ 6,055 $ — $ — $ 6,055 $ 5,796 $ — $ — $ 5,796 Level 1 (2) Money market funds 1,196 — — 1,196 38 — — 38 Level 2 (3) Certificates of deposits 976 50 — 1,026 1,907 69 — 1,976 Corporate bonds — 759 995 1,754 9 429 1,134 1,572 Asset-backed securities — 20 608 628 8 95 509 612 Government securities 2 155 44 201 1 190 122 313 Commercial paper 33 85 — 118 4 87 — 91 8,262 $ 1,069 $ 1,647 $ 10,978 7,763 $ 870 $ 1,765 $ 10,398 Restricted cash (4) 77 66 Cash, cash equivalents, and restricted cash $ 8,339 $ 7,829 (1) The maturities of long-term marketable securities primarily range from one 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 September 1, 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. Non-marketable Equity Investments In addition to the amounts included in the table above, we had $222 million and $153 million of non-marketable equity investments without a readily determinable fair value that were included in other noncurrent assets as of September 1, 2022 and September 2, 2021, respectively. We recognized net gains in other non-operating income on these non-marketable investments of $36 million and $70 million for 2022 and 2021, respectively. These gains primarily resulted from adjustments of these investments to the value indicated by transactions in the same or similar investments. |
Receivables
Receivables | 12 Months Ended |
Sep. 01, 2022 | |
Receivables [Abstract] | |
Receivables | Receivables As of 2022 2021 Trade receivables $ 4,765 $ 4,920 Income and other taxes 251 264 Other 114 127 $ 5,130 $ 5,311 |
Inventories
Inventories | 12 Months Ended |
Sep. 01, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories As of 2022 2021 Finished goods $ 1,028 $ 513 Work in process 4,830 3,469 Raw materials and supplies 805 505 $ 6,663 $ 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. This change in accounting principle is preferable because in an environment with continuously changing production costs FIFO more closely matches the actual cost of goods sold with the revenues from sales of those specific units, better represents the actual cost of inventories remaining on hand at any period-end, and improves comparability with our semiconductor industry peers. The change to FIFO was not material to any prior periods, nor was the cumulative effect of $133 million material to the second quarter of 2021. As such, prior periods were not retrospectively adjusted, and the cumulative effect was reported as an increase to cost of goods sold for the second quarter of 2021 of $133 million, with an offsetting reduction to beginning inventories. This charge resulted in a corresponding reduction to operating income, a $128 million reduction to net income, and an $0.11 reduction to diluted earnings per share for both the second quarter and the year ended 2021. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Sep. 01, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | Property, Plant, and Equipment As of 2022 2021 Land $ 280 $ 280 Buildings 16,676 14,776 Equipment (1) 61,354 51,902 Construction in progress (2) 1,897 1,517 Software 1,124 987 81,331 69,462 Accumulated depreciation (42,782) (36,249) $ 38,549 $ 33,213 (1) Includes costs related to equipment not placed into service of $3.35 billion as of September 1, 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. Depreciation expense was $7.03 billion, $6.13 billion, and $5.57 billion for 2022, 2021, and 2020, respectively. Interest capitalized as part of the cost of property, plant, and equipment was $77 million, $66 million, and $77 million for 2022, 2021, and 2020, respectively. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Sep. 01, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill 2022 2021 As of Gross Accumulated Gross Accumulated Product and process technology $ 742 $ (321) $ 633 $ (284) Goodwill 1,228 1,228 In 2022, 2021, and 2020, we capitalized $158 million, $106 million, and $73 million, respectively, for product and process technology with weighted-average useful lives of 9 years, 9 years, and 10 years, respectively. Amortization expense was $85 million, $82 million, and $78 million for 2022, 2021, and 2020, respectively. Expected amortization expense is $83 million for 2023, $72 million for 2024, $52 million for 2025, $43 million for 2026, and $37 million for 2027. |
Leases
Leases | 12 Months Ended |
Sep. 01, 2022 | |
Leases [Abstract] | |
Leases | Leases We have finance and operating leases through which we obtain the right to use facilities, land, and equipment that support our business operations. Our finance leases consist primarily of gas or other supply agreements that are deemed to contain embedded leases. Our operating leases consist primarily of offices, laboratories, other facilities, and land. Certain of our operating leases include one or more options to extend the lease term for periods from one year to 10 years for real estate and one year to 30 years for land. Certain supply or service agreements require us to exercise significant judgment to determine whether the agreement contains a lease. Our assessment includes determining whether we or the supplier control the assets used to fulfill the agreements by identifying whether we or the supplier have the right to change the type, quantity, timing, or location of the output of the assets. Our gas supply arrangements generally are deemed to contain a lease because we have the right to substantially all of the output of the assets used to produce the supply and we have the right to change the quantity and timing of the output of those assets. In determining the lease term, we assess whether we are reasonably certain to exercise any options to renew or terminate a lease or to purchase the right-of-use asset. Measuring the present value of the initial lease liability requires judgment to determine the discount rate, which we base on interest rates for borrowings with similar terms and collateral issued by entities with credit ratings similar to ours. The components of lease cost are presented below: For the year ended 2022 2021 2020 Finance lease cost Amortization of right-of-use asset $ 99 $ 69 $ 140 Interest on lease liability 24 20 22 Operating lease cost (1) 125 108 102 $ 248 $ 197 $ 264 (1) Operating lease cost includes short-term and variable lease expenses, which were not material for the periods presented. Supplemental cash flow information related to leases was as follows: For the year ended 2022 2021 2020 Cash flows used for operating activities Finance leases $ 23 $ 21 $ 24 Operating leases (1) 110 106 39 Cash flows used for financing activities – Finance leases 103 85 248 Noncash acquisitions of right-of-use assets Finance leases 309 395 107 Operating leases 197 27 11 (1) Includes $48 million of reimbursements received for tenant improvements for 2020. Supplemental balance sheet information related to leases was as follows: As of 2022 2021 Finance lease right-of-use assets (included in property, plant, and equipment and assets held for sale) $ 904 $ 766 Current operating lease liabilities (included in accounts payable and accrued expenses) 60 55 Weighted-average remaining lease term (in years) Finance leases 12 11 Operating leases 12 12 Weighted-average discount rate Finance leases 2.65 % 3.14 % Operating leases 2.90 % 2.63 % As of September 1, 2022, maturities of lease liabilities were as follows: For the year ending Finance Leases Operating Leases 2023 $ 123 $ 66 2024 100 80 2025 87 70 2026 87 67 2027 86 64 2028 and thereafter 534 463 Less imputed interest (131) (140) $ 886 $ 670 The table above excludes obligations for leases that have been executed but have not yet commenced. As of September 1, 2022, excluded obligations consisted of $212 million of finance lease obligations 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. |
Leases | Leases We have finance and operating leases through which we obtain the right to use facilities, land, and equipment that support our business operations. Our finance leases consist primarily of gas or other supply agreements that are deemed to contain embedded leases. Our operating leases consist primarily of offices, laboratories, other facilities, and land. Certain of our operating leases include one or more options to extend the lease term for periods from one year to 10 years for real estate and one year to 30 years for land. Certain supply or service agreements require us to exercise significant judgment to determine whether the agreement contains a lease. Our assessment includes determining whether we or the supplier control the assets used to fulfill the agreements by identifying whether we or the supplier have the right to change the type, quantity, timing, or location of the output of the assets. Our gas supply arrangements generally are deemed to contain a lease because we have the right to substantially all of the output of the assets used to produce the supply and we have the right to change the quantity and timing of the output of those assets. In determining the lease term, we assess whether we are reasonably certain to exercise any options to renew or terminate a lease or to purchase the right-of-use asset. Measuring the present value of the initial lease liability requires judgment to determine the discount rate, which we base on interest rates for borrowings with similar terms and collateral issued by entities with credit ratings similar to ours. The components of lease cost are presented below: For the year ended 2022 2021 2020 Finance lease cost Amortization of right-of-use asset $ 99 $ 69 $ 140 Interest on lease liability 24 20 22 Operating lease cost (1) 125 108 102 $ 248 $ 197 $ 264 (1) Operating lease cost includes short-term and variable lease expenses, which were not material for the periods presented. Supplemental cash flow information related to leases was as follows: For the year ended 2022 2021 2020 Cash flows used for operating activities Finance leases $ 23 $ 21 $ 24 Operating leases (1) 110 106 39 Cash flows used for financing activities – Finance leases 103 85 248 Noncash acquisitions of right-of-use assets Finance leases 309 395 107 Operating leases 197 27 11 (1) Includes $48 million of reimbursements received for tenant improvements for 2020. Supplemental balance sheet information related to leases was as follows: As of 2022 2021 Finance lease right-of-use assets (included in property, plant, and equipment and assets held for sale) $ 904 $ 766 Current operating lease liabilities (included in accounts payable and accrued expenses) 60 55 Weighted-average remaining lease term (in years) Finance leases 12 11 Operating leases 12 12 Weighted-average discount rate Finance leases 2.65 % 3.14 % Operating leases 2.90 % 2.63 % As of September 1, 2022, maturities of lease liabilities were as follows: For the year ending Finance Leases Operating Leases 2023 $ 123 $ 66 2024 100 80 2025 87 70 2026 87 67 2027 86 64 2028 and thereafter 534 463 Less imputed interest (131) (140) $ 886 $ 670 The table above excludes obligations for leases that have been executed but have not yet commenced. As of September 1, 2022, excluded obligations consisted of $212 million of finance lease obligations 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 Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Sep. 01, 2022 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses As of 2022 2021 Accounts payable $ 2,142 $ 1,744 Property, plant, and equipment 2,170 1,887 Salaries, wages, and benefits 877 984 Income and other taxes 420 364 Other 481 346 $ 6,090 $ 5,325 |
Debt
Debt | 12 Months Ended |
Sep. 01, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt 2022 2021 Net Carrying Amount Net Carrying Amount As of Stated Rate Effective Rate Principal Current Long-Term Total Principal Current Long-Term Total 2024 Term Loan A 3.700 % 3.74 % $ 1,188 $ — $ 1,187 $ 1,187 $ 1,188 $ — $ 1,186 $ 1,186 2026 Notes 4.975 % 5.07 % 500 — 498 498 500 — 498 498 2027 Notes (1) 4.185 % 4.27 % 900 — 806 806 900 — 901 901 2029 Notes 5.327 % 5.40 % 700 — 697 697 700 — 696 696 2030 Notes 4.663 % 4.73 % 850 — 846 846 850 — 846 846 2032 Green Bonds 2.703 % 2.77 % 1,000 — 994 994 — — — — 2041 Notes 3.366 % 3.41 % 500 — 496 496 — — — — 2051 Notes 3.477 % 3.52 % 500 — 496 496 — — — — Finance lease obligations N/A 2.65 % 886 103 783 886 804 155 649 804 2023 Notes N/A N/A — — — — 1,250 — 1,247 1,247 2024 Notes N/A N/A — — — — 600 — 598 598 $ 7,024 $ 103 $ 6,803 $ 6,906 $ 6,792 $ 155 $ 6,621 $ 6,776 (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, as a result, the carrying values of our 2027 Notes reflect adjustments in fair value. As of September 1, 2022, all of our debt, other than our finance leases, are unsecured obligations that rank equally in right of payment with all of our other existing and future unsecured indebtedness and are effectively subordinated to all future secured indebtedness, to the extent of the value of the assets securing such indebtedness. As of September 1, 2022, Micron had unsecured debt with a carrying value of $6.02 billion that was structurally subordinated to all liabilities of its subsidiaries, including trade payables. The terms of our indebtedness generally contain cross payment default and cross acceleration provisions. Micron’s guarantees of certain liabilities of its subsidiaries are unsecured obligations ranking equally in right of payment with all of Micron’s other existing and future unsecured indebtedness. Senior Unsecured Notes On November 1, 2021, we issued $2.00 billion aggregate principal amount of unsecured 2032 Green Bonds, 2041 Notes, and 2051 Notes in a public offering. Issuance costs for these notes were $14 million. Over time, we plan to allocate an amount equal to the net proceeds of the 2032 Green Bonds to fund eligible sustainability-focused projects involving renewable energy, green buildings, energy efficiency, water management, waste abatement, and a circular economy. We may redeem our 2026 Notes, 2027 Notes, 2029 Notes, 2030 Notes, 2032 Green Bonds, 2041 Notes, and 2051 Notes (the “Senior Unsecured Notes”), in whole or in part, at our option prior to their respective maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed and (ii) the present value of the remaining scheduled payments of principal, in each case plus accrued interest. We may also redeem any series of our Senior Unsecured Notes, in whole or in part, at a price equal to par between two and six months prior to maturity in accordance with the respective terms of such series. Each series of Senior Unsecured Notes contains covenants that, among other things, limit, in certain circumstances, our ability and/or the ability of our restricted subsidiaries (which are generally domestic subsidiaries in which we own at least 80% of the voting stock and which own principal property, as defined in the indenture governing such notes) to (1) create or incur certain liens; (2) enter into certain sale and lease-back transactions; and (3) consolidate with or merge with or into, or convey, transfer, or lease all or substantially all of our properties and assets, to another entity. These covenants are subject to a number of limitations and exceptions. Additionally, if a change of control triggering event occurs, as defined in the indentures governing our senior unsecured notes, we will be required to offer to purchase such notes at 101% of the outstanding aggregate principal amount plus accrued interest up to the purchase date. Revolving Credit Facility In 2021, we terminated our existing undrawn credit facility and entered into a new five Under the terms of the Revolving Credit Facility, we must maintain a leverage ratio, calculated as of the last day of each fiscal quarter, of total indebtedness to adjusted EBITDA not to exceed 3.25 to 1.00. The Revolving Credit Facility contains other covenants that, among other things, limit, in certain circumstances, our ability and/or the ability of our restricted subsidiaries to (1) create or incur certain liens and enter into sale and lease-back transactions, (2) create, assume, incur, or guarantee certain additional secured indebtedness and unsecured indebtedness of our restricted subsidiaries, and (3) consolidate with or merge with or into, or convey, transfer, lease, or otherwise dispose of all or substantially all of our assets, to another entity. These covenants are subject to a number of limitations, exceptions, and qualifications. 2024 Term Loans In 2021, we drew $1.19 billion under an unsecured 2024 Term Loan A and used the proceeds to repay the $1.19 billion Extinguished 2024 Term Loan A. The 2024 Term Loan A bears interest at a rate equal to LIBOR plus 0.625% to 1.375% based on our current corporate credit ratings. The term loan agreement provides for a transition to SOFR or other alternate benchmark rate upon the retirement of LIBOR in 2023. The principal amount is due October 2024 and may be prepaid without penalty. The 2024 Term Loan A contains the same leverage ratio and substantially the same other covenants as the Revolving Credit Facility. Debt Activity The table below presents the effects of issuances and prepayments of debt in 2022: Increase (Decrease) in Principal Increase (Decrease) in Carrying Value Increase (Decrease) in Cash Gain (Loss) Issuances 2032 Green Bonds $ 1,000 $ 994 $ 994 $ — 2041 Notes 500 496 496 — 2051 Notes 500 496 496 — Prepayments 2023 Notes (1,250) (1,247) (1,281) (34) 2024 Notes (600) (598) (647) (49) $ 150 $ 141 $ 58 $ (83) In 2021, substantially all holders of our 2032D Notes converted their notes. We settled these conversions and all remaining 2032D Notes with $185 million in cash and 11.1 million shares of our stock, which approximated the carrying value of debt and equity for those notes. In 2020, we recognized aggregate non-operating gains of $40 million in connection with debt prepayments and conversions of $3.77 billion of principal amount of notes (carrying value of $3.90 billion) for an aggregate of $3.92 billion in cash. Maturities of Notes Payable As of September 1, 2022, maturities of notes payable by fiscal year were as follows: 2023 $ — 2024 — 2025 1,188 2026 500 2027 900 2028 and thereafter 3,550 Unamortized discounts (27) Hedge accounting fair value adjustment (91) $ 6,020 |
Commitments
Commitments | 12 Months Ended |
Sep. 01, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Commitments As of September 1, 2022, we had commitments of approximately $7.1 billion for purchase obligations, of which approximately $5.4 billion will be due within one year. Purchase obligations include payments for the acquisition of property, plant, and equipment, and other goods or services of either a fixed or minimum quantity and exclude any payments for leases that have been executed but have not yet commenced. |
Contingencies
Contingencies | 12 Months Ended |
Sep. 01, 2022 | |
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 December 15, 2014, Innovative Memory Solutions, Inc. filed a patent infringement action against Micron in the U.S. District Court for the District of Delaware. The complaint alleges that a variety of our NAND products infringe eight U.S. patents and seeks damages, attorneys’ fees, and costs. Subsequently, six patents were invalidated or withdrawn, leaving two asserted patents in the District Court. 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 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 98 million Chinese yuan plus court fees incurred. 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 allege that MSS infringes two Chinese patents by manufacturing and selling certain Crucial MX300 SSDs. The complaint filed by UMC seeks 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 seeks 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 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. We are complying with the ruling and have requested the Fuzhou Court to reconsider or stay its decision. On May 4, 2020, Flash-Control, LLC filed a patent infringement action against Micron in the U.S. District Court for the Western District of Texas. The complaint alleges that four U.S. patents are infringed by unspecified DDR4 SDRAM, NVRDIMM, NVDIMM, 3D XPoint, and/or SSD products that incorporate memory controllers and flash memory. The complaint seeks damages, attorneys’ fees, and costs. On July 21, 2020, in a separate matter, the District Court ruled that two of the four asserted patents are invalid, and on July 14, 2021, the U.S. Court of Appeals for the Federal Circuit affirmed the ruling of invalidity. 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 and costs. On June 24, 2022, Netlist amended its complaint to also seek 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. The complaint seeks injunctive relief, damages, and attorneys’ fees. On August 1, 2022, Netlist filed a second patent infringement complaint against Micron, MSP, and MTEC 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 second complaint in E.D. Tex. seeks injunctive relief, damages, and attorneys’ fees. On May 10, 2021, Vervain, LLC filed a patent infringement action against Micron, MSP, and MTEC in the U.S. District Court for the Western District of Texas. The complaint alleges that four U.S. patents are infringed by certain SSD products. The complaint seeks injunctive relief, damages, attorneys’ fees, and costs. On April 27, 2022, Bell Semiconductor, LLC (“Bell”) filed a patent infringement action against Micron in the U.S. District Court for the District of Idaho. The complaint alleges that one U.S. patent is infringed by a certain SSD controller. On April 28, 2022, Bell filed a complaint with the U.S. International Trade Commission (“ITC”) alleging violations of Section 337 of the Tariff Act of 1930 based on alleged importation of articles and components that infringe the same U.S. patent that Bell asserts in the complaint it filed in the District of Idaho. At Bell’s request, the ITC investigation was terminated on August 30, 2022. On August 26, 2022, Bell filed a second patent infringement complaint in the District of Idaho alleging that two U.S. patents are infringed by a certain SSD controller. On September 30, 2022, Bell filed a complaint against Micron in the U.S. District Court for the District of Delaware alleging that six U.S. patents are infringed by certain SSD, GDDR5, GDDR6, GDDR6X, and DDR3 SDRAM products. On October 5, 2022, Bell filed a third complaint against Micron in the District of Idaho alleging that one U.S. patent is infringed by Micron’s process for designing a NAND flash device included in certain Micron SSD products. Each of Bell’s complaints in the District Courts seeks damages, injunctive relief, attorneys’ fees, and costs. On October 6, 2022, Bell filed a complaint with the ITC alleging violations of Section 337 of the Tariff Act of 1930 based on alleged importation of certain SSDs that infringe two U.S. patents also asserted by Bell in two of the lawsuits pending in the District of Idaho. The complaint requests institution of an investigation and, after the investigation, issuance of a limited exclusion order and cease and desist orders prohibiting Micron from importing, selling, offering for sale, or marketing the accused products in the United States. On August 16, 2022, Sonrai Memory Ltd. filed a patent infringement action 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. 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. Qimonda On January 20, 2011, Dr. Michael Jaffé, administrator for Qimonda’s insolvency proceedings, filed suit against Micron and Micron Semiconductor B.V. (“Micron B.V.”), in the District Court of Munich, Civil Chamber. The complaint seeks to void, under Section 133 of the German Insolvency Act, a share purchase agreement between Micron B.V. and Qimonda signed in fall 2008, pursuant to which Micron B.V. purchased substantially all of Qimonda’s shares of Inotera (the “Inotera Shares”), representing approximately 18% of Inotera’s outstanding shares at that time, and seeks an order requiring us to re-transfer those shares to the Qimonda estate. The complaint also seeks, among other things, to recover damages for the alleged value of the joint venture relationship with Inotera and to terminate, under Sections 103 or 133 of the German Insolvency Code, a patent cross-license between us and Qimonda entered into at the same time as the share purchase agreement. Following a series of hearings with pleadings, arguments, and witnesses on behalf of the Qimonda estate, on March 13, 2014, the court issued judgments: (1) ordering Micron B.V. to pay approximately $1 million in respect of certain Inotera Shares sold in connection with the original share purchase; (2) ordering Micron B.V. to disclose certain information with respect to any Inotera Shares sold by it to third parties; (3) ordering Micron B.V. to disclose the benefits derived by it from ownership of the Inotera Shares, including in particular, any profits distributed on the Inotera Shares and all other benefits; (4) denying Qimonda’s claims against Micron for any damages relating to the joint venture relationship with Inotera; and (5) determining that Qimonda’s obligations under the patent cross-license agreement are canceled. In addition, the court issued interlocutory judgments ordering, among other things: (1) that Micron B.V. transfer to the Qimonda estate the Inotera Shares still owned by Micron B.V. and pay to the Qimonda estate compensation in an amount to be specified for any Inotera Shares sold to third parties; and (2) that Micron B.V. pay the Qimonda estate as compensation an amount to be specified for benefits derived by Micron B.V. from ownership of the Inotera Shares. The interlocutory judgments had no immediate, enforceable effect and Micron, accordingly, has been able to continue to operate with full control of the Inotera Shares subject to further developments in the case. Micron and Micron B.V. appealed the judgments to the German Appeals Court, which thereafter appointed an independent expert to perform an evaluation of Dr. Jaffé’s claims that the amount Micron paid for Qimonda was less than fair market value. On March 31, 2020, the expert presented an opinion to the Appeals Court concluding that the amount paid by Micron was within an acceptable range of fair value. On October 5, 2022, the Appeals Court ruled that the relevant issue to be addressed is whether Qimonda's creditors were prejudiced such that the original transaction should be voided. A hearing of the Appeals Court has been scheduled for December 2022. Antitrust Matters On April 27, 2018, a complaint was filed against Micron and other DRAM suppliers in the U.S. District Court for the Northern District of California. Subsequently, two substantially identical cases were filed in the same court. The lawsuits purported to be on behalf of a nationwide class of indirect purchasers of DRAM products. On October 28, 2019, the plaintiffs filed a consolidated, amended complaint that purported to be on behalf of a nationwide class of indirect purchasers of DRAM products. The amended complaint asserted claims based on alleged price-fixing of DRAM products under federal and state law during the period from June 1, 2016 to at least February 1, 2018, and sought treble monetary damages, costs, interest, attorneys’ fees, and other injunctive and equitable relief. On December 21, 2020, the District Court dismissed the plaintiffs’ claims and entered judgment against them. The plaintiffs appealed to the U.S. Court of Appeals for the Ninth Circuit. On March 7, 2022, the Court of Appeals affirmed the District Court’s ruling dismissing plaintiffs’ claims, and subsequently denied the plaintiffs’ request for rehearing. The plaintiffs did not further appeal the ruling of the Court of Appeals. On June 26, 2018, a complaint was filed against Micron and other DRAM suppliers in the U.S. District Court for the Northern District of California. Subsequently, four substantially identical cases were filed in the same court. On October 28, 2019, the plaintiffs filed a consolidated, amended complaint. The consolidated complaint purported to be on behalf of a nationwide class of direct purchasers of DRAM products. The consolidated complaint asserted claims based on alleged price-fixing of DRAM products under federal and state law during the period from June 1, 2016 through at least February 1, 2018, and sought treble monetary damages, costs, interest, attorneys’ fees, and other injunctive and equitable relief. On January 11, 2021, the plaintiffs filed a further amended complaint asserting substantially the same claims and seeking the same relief. On September 3, 2021, the District Court granted Micron’s motion to dismiss the further amended complaint with prejudice. On October 1, 2021, the plaintiffs filed a notice of appeal to the U.S. Court of Appeals for the Ninth Circuit. On June 29, 2022, the Court of Appeals granted a joint motion to dismiss the plaintiffs’ appeal. Additionally, six cases have been filed 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. The substantive allegations in these cases are similar to those asserted in the cases filed in the United States. 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 March 5, 2019, a derivative complaint was filed by a shareholder against certain current and former officers and 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 securities fraud, breaches of fiduciary duties, and other violations of law involving misrepresentations about purported anticompetitive behavior in the DRAM industry. The complaint seeks damages, fees, interest, costs, and other appropriate relief. 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 seeks damages, fees, interest, costs, and an order requiring Micron to take various actions to allegedly improve its corporate governance and internal procedures. 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. |
Equity
Equity | 12 Months Ended |
Sep. 01, 2022 | |
Equity [Abstract] | |
Equity | Equity Common Stock Repurchases : Our Board of Directors has authorized the discretionary repurchase of up to $10 billion of our outstanding common stock through open-market purchases, block trades, privately-negotiated transactions, derivative transactions, and/or pursuant to Rule 10b5-1 trading plans. The repurchase authorization has no expiration date, does not obligate us to acquire any common stock, and is subject to market conditions and our ongoing determination of the best use of available cash. We repurchased 35.4 million shares of our common stock for $2.43 billion in 2022 and 15.6 million shares for $1.20 billion in 2021. Through September 1, 2022, we had repurchased an aggregate of $6.47 billion under the authorization. Amounts repurchased are included in treasury stock. Dividends : On September 29, 2022, we announced that our Board of Directors had declared a quarterly dividend of $0.115 per share, payable in cash on October 26, 2022, to shareholders of record as of the close of business on October 11, 2022. Accumulated Other Comprehensive Income (Loss) : Changes in accumulated other comprehensive income (loss) by component for the year ended September 1, 2022 were as follows: Gains (Losses) on Derivative Instruments Unrealized Gains (Losses) on Investments Pension Liability Adjustments Cumulative Foreign Currency Translation Adjustment Total As of September 2, 2021 $ (22) $ 1 $ 22 $ 1 $ 2 Other comprehensive income before reclassifications (720) (63) 6 (1) (778) Amount reclassified out of accumulated other comprehensive income 53 1 (2) — 52 Tax effects 151 14 (1) — 164 Other comprehensive income (loss) (516) (48) 3 (1) (562) As of September 1, 2022 $ (538) $ (47) $ 25 $ — $ (560) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 01, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The estimated fair values and carrying values of our outstanding debt instruments were as follows: 2022 2021 As of Fair Carrying Fair Carrying Notes $ 5,472 $ 6,020 $ 6,584 $ 5,973 The fair values of our debt instruments were estimated based on Level 2 inputs, including the trading price of our notes when available, discounted cash flows, and interest rates based on similar debt issued by parties with credit ratings similar to ours. Assets classified as held for sale are carried at the lower of estimated fair value or carrying value. Significant judgments and assumptions are required to estimate their fair values. Actual selling prices could vary significantly from our estimated fair value and we could recognize additional losses in the event that the sales prices of assets classified as held for sale are lower than their carrying values. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Sep. 01, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Notional or Contractual Amount Fair Value of Assets (1) Liabilities (2) As of September 1, 2022 Derivative instruments with hedge accounting designation Cash flow currency hedges $ 5,427 $ — $ (330) Cash flow commodity hedges 97 1 (6) Fair value interest rate hedges 900 — (91) Derivative instruments without hedge accounting designation Non-designated currency hedges 2,821 7 (13) $ 8 $ (440) As of September 2, 2021 Derivative instruments with hedge accounting designation Cash flow currency hedges $ 3,601 $ 10 $ (66) Cash flow commodity hedges 45 2 — Fair value interest rate hedges 900 5 — Derivative instruments without hedge accounting designation Non-designated currency hedges 996 3 (2) $ 20 $ (68) (1) Included in receivables and other noncurrent assets. (2) Included in accounts payable and accrued expenses and other noncurrent liabilities. Derivative Instruments with Hedge Accounting Designation Cash Flow Hedges : We utilize forward and swap contracts that generally mature within two years designated as cash flow hedges to minimize our exposure to changes in currency exchange rates or commodity prices for certain capital expenditures and manufacturing costs. Forward and swap contracts are measured at fair value based on market-based observable inputs including market spot and forward rates, interest rates, and credit-risk spreads (Level 2). We do not use derivative instruments for speculative purposes. We recognized losses from cash flow hedges of $735 million and $52 million for 2022 and 2021, respectively, and gains of $51 million for 2020, in accumulated other comprehensive income. We reclassified $53 million of losses and $41 million of gains in 2022 and 2021, respectively, from accumulated other comprehensive income to earnings, primarily to cost of goods sold. The reclassifications were not significant in 2020. As of September 1, 2022, we expect to reclassify $263 million of pre-tax losses related to cash flow hedges from accumulated other comprehensive income into earnings in the next 12 months. Fair Value Hedges : We utilize fixed-to-floating interest rate swaps designated as fair value hedges to minimize certain exposures to changes in the fair value of fixed-rate debt that result from fluctuations in benchmark interest rates. Interest rate swaps are measured at fair value based on market-based observable inputs including interest rates and credit-risk spreads (Level 2). The changes in the fair values of derivatives designated as fair value hedges and the offsetting changes in the underlying fair values of the hedged items are both recognized in earnings. When a derivative is no longer designated as a fair value hedge for any reason, including termination and maturity, the remaining unamortized difference between the carrying value of the hedged item at that time and the face value of the hedged item is amortized to earnings over the remaining life of the hedged item, or immediately if the hedged item has matured or been extinguished. We recognized interest expense of $96 million for changes in the fair value of our interest rate swaps in 2022. We also recognized offsetting interest expense of the same amounts related to the changes in the fair value of the hedged portion of the underlying debt for these periods. The amounts recognized for 2021 were not significant. Derivative Instruments without Hedge Accounting Designation Currency Derivatives : We generally utilize a rolling hedge strategy with currency forward contracts that mature within three months to hedge our exposures of monetary assets and liabilities from changes in currency exchange rates. At the end of each reporting period, monetary assets and liabilities denominated in currencies other than the U.S. dollar are remeasured into U.S. dollars and the associated outstanding forward contracts are marked to market. Currency forward contracts are valued at fair values based on the middle of bid and ask prices of dealers or exchange quotations (Level 2). Realized and unrealized gains and losses on derivative instruments without hedge accounting designation as well as the changes in the underlying monetary assets and liabilities from changes in currency exchange rates are included in other non-operating income (expense), net. The amounts recognized for derivative instruments without hedge accounting designation were not significant for the periods presented. Derivative Counterparty Credit Risk and Master Netting Arrangements Our derivative instruments expose us to credit risk to the extent counterparties may be unable to meet the terms of the contracts. Our maximum exposure to loss due to credit risk if counterparties fail completely to perform according to the terms of the contracts would generally equal the fair value of assets for these contracts as listed in the tables above. We seek to mitigate such risk by limiting our counterparties to major financial institutions and by spreading risk across multiple financial institutions. As of September 1, 2022 and September 2, 2021, amounts netted under our master netting arrangements were not significant. |
Equity Plans
Equity Plans | 12 Months Ended |
Sep. 01, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Plans | Equity Plans As of September 1, 2022, 90 million shares of our common stock were available for future awards under our equity plans, including 18 million shares approved for issuance under our employee stock purchase plan (“ESPP”). Restricted Stock and Restricted Stock Units (“Restricted Stock Awards”) As of September 1, 2022, there were 23 million shares of Restricted Stock Awards outstanding, 20 million of which contained only service conditions. For service-based Restricted Stock Awards granted through October 2021, restrictions generally lapse in one-fourth or one-third increments during each year of employment after the grant date. For service-based Restricted Stock Awards granted beginning in November 2021, restrictions generally lapse on 25% of the units granted after the first year and on 6.25% each quarter thereafter over the remaining three years of employment. Restrictions generally lapse on Restricted Stock with performance or market conditions as conditions are met over a 3-year period. At the end of the performance period, the number of actual shares to be awarded will vary between 0% and 200% of target amounts, depending upon the achievement level. In 2022, our Board of Directors approved dividend equivalent rights for unvested restricted stock units awarded on or after October 13, 2021. Restricted Stock Awards activity for 2022 is summarized as follows: Number of Shares Weighted-Average Grant Date Fair Value Per Share Outstanding as of September 2, 2021 20 $ 49.39 Granted 13 70.81 Restrictions lapsed (7) 47.36 Canceled (3) 57.00 Outstanding as of September 1, 2022 23 60.93 For the year ended 2022 2021 2020 Restricted stock award shares granted 13 11 8 Weighted-average grant-date fair value per share $ 70.81 $ 53.58 $ 46.44 Aggregate vesting-date fair value of shares vested $ 498 $ 385 $ 294 Employee Stock Purchase Plan (“ESPP”) Our ESPP is offered to substantially all employees and permitted eligible employees to purchase shares of our common stock through payroll deductions of up to 10% of their eligible compensation, subject to certain limitations prior to August 2021. Beginning in August 2021, employees are permitted to deduct up to 15% of their eligible compensation to purchase shares under the ESPP. The purchase price of the shares under the ESPP equals 85% of the lower of the fair market value of our common stock on either the first or last day of each six For the year ended 2022 2021 2020 Weighted-average grant-date fair value per share $ 18.87 $ 20.71 $ 14.24 Average expected life in years 0.5 0.5 0.5 Weighted-average expected volatility (based on implied volatility) 43 % 41 % 45 % Weighted-average risk-free interest rate 2.0 % 0.1 % 0.8 % Expected dividend yield 0.6 % 0.3 % 0.0 % Under the ESPP, employees purchased 4 million shares of common stock for $215 million in 2022, 3 million shares for $140 million in 2021, and 3 million shares for $118 million in 2020. Stock Options As of September 1, 2022, stock options of 3 million shares were outstanding, all of which were fully exercisable. Stock options expire 8 years from the date of grant. We did not grant any stock options in 2022, 2021, or 2020. Stock options of 1 million shares were exercised in 2022. The total intrinsic value for options exercised was $54 million, $143 million, and $130 million in 2022, 2021, and 2020, respectively. Stock-based Compensation Expense For the year ended 2022 2021 2020 Stock-based compensation expense by caption Cost of goods sold $ 193 $ 186 $ 139 Research and development 175 110 86 Selling, general, and administrative 133 99 103 Restructure (5) — — $ 496 $ 395 $ 328 Stock-based compensation expense by type of award Restricted stock awards $ 429 $ 333 $ 272 ESPP 66 52 39 Stock options 1 10 17 $ 496 $ 395 $ 328 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Sep. 01, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans We have employee retirement plans at our U.S. and international sites. Details of significant plans are as follows: Employee Savings Plan for U.S. Employees We have a 401(k) retirement plan under which U.S. employees may contribute up to 75% of their eligible pay, subject to Internal Revenue Service annual contribution limits, to various savings alternatives, none of which include direct investment in our stock. We match in cash eligible contributions from employees up to 5% of the employee’s annual eligible earnings. Contribution expense for the 401(k) plan was $66 million, $77 million, and $66 million in 2022, 2021, and 2020, respectively. Retirement Plans We have pension plans available to employees at various foreign sites. As of September 1, 2022, the projected benefit obligations of our plans were $186 million and plan assets were $221 million. As of September 2, 2021, the projected benefit obligations of our plans were $222 million and plan assets were $256 million. Pension expense was not material for 2022, 2021, or 2020. |
Revenue
Revenue | 12 Months Ended |
Sep. 01, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue 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 September 1, 2022, our future performance obligations beyond one year were not significant. As of September 1, 2022 and September 2, 2021, other current liabilities included $1.26 billion and $846 million for estimates of consideration payable to customers, respectively, including estimates for pricing adjustments and returns. Revenue by Technology For the year ended 2022 2021 2020 DRAM $ 22,386 $ 20,039 $ 14,510 NAND 7,811 7,007 6,131 Other (primarily 3D XPoint memory and NOR) 561 659 794 $ 30,758 $ 27,705 $ 21,435 |
Restructure and Asset Impairmen
Restructure and Asset Impairments | 12 Months Ended |
Sep. 01, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructure and Asset Impairments | Restructure and Asset Impairments For the year ended 2022 2021 2020 Restructure and asset impairments $ 48 $ 488 $ 60 Restructure and asset impairments for 2022 and 2021 are primarily related to the sale of our Lehi, Utah facility. See “Lehi, Utah Fab and 3D XPoint.” Restructure and asset impairments for 2020 primarily related to asset impairments and employee relocation and severance costs related to right-sizing our Lehi, Utah facility. |
Other Operating (Income) Expens
Other Operating (Income) Expense, Net | 12 Months Ended |
Sep. 01, 2022 | |
Other Income and Expenses [Abstract] | |
Other Operating (Income) Expense, Net | Other Operating (Income) Expense, Net For the year ended 2022 2021 2020 Patent license charges $ — $ 128 $ — (Gain) loss on disposition of property, plant, and equipment (41) (24) (3) Other 7 (9) 11 $ (34) $ 95 $ 8 |
Other Non-Operating Income (Exp
Other Non-Operating Income (Expense), Net | 12 Months Ended |
Sep. 01, 2022 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Non-Operating Income (Expense), Net | Other Non-Operating Income (Expense), Net For the year ended 2022 2021 2020 Gain (loss) on investments $ 26 $ 82 $ 22 Gain (loss) on debt prepayments, repurchases, and conversions (83) (1) 40 Other 19 — (2) $ (38) $ 81 $ 60 |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 01, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our income tax (provision) benefit consisted of the following: For the year ended 2022 2021 2020 Income (loss) before income taxes, net income (loss) attributable to noncontrolling interests, and equity in net income (loss) of equity method investees U.S. $ 112 $ (211) $ 308 Foreign 9,459 6,429 2,675 $ 9,571 $ 6,218 $ 2,983 Income tax (provision) benefit Current U.S. federal $ (65) $ (42) $ (20) State (1) (1) (2) Foreign (528) (370) (148) (594) (413) (170) Deferred U.S. federal (166) (9) 39 State (225) 28 23 Foreign 97 — (172) (294) 19 (110) Income tax (provision) benefit $ (888) $ (394) $ (280) The table below reconciles our tax (provision) benefit based on the U.S. federal statutory rate to our effective rate: For the year ended 2022 2021 2020 U.S. federal income tax (provision) benefit at statutory rate $ (2,010) 21.0 % $ (1,306) 21.0 % $ (626) 21.0 % U.S. tax on foreign operations (322) 3.4 % (226) 3.6 % (14) 0.5 % Change in valuation allowance (241) 2.5 % 54 (0.9) % (20) 0.7 % Change in unrecognized tax benefits (67) 0.7 % (238) 3.8 % (33) 1.1 % Foreign tax rate differential 1,601 (16.7) % 951 (15.3) % 253 (8.5) % Research and development tax credits 66 (0.7) % 123 (2.0) % 62 (2.1) % Foreign derived intangible income deduction 41 (0.4) % 18 (0.3) % 67 (2.2) % State taxes, net of federal benefit — — % 59 (0.9) % 23 (0.8) % Debt premium deductions — — % 130 (2.1) % — — % Other 44 (0.5) % 41 (0.6) % 8 (0.3) % Income tax (provision) benefit $ (888) 9.3 % $ (394) 6.3 % $ (280) 9.4 % We operate in a number of jurisdictions outside the United States, including Singapore, where we have tax incentive arrangements. These incentives expire, in whole or in part, at various dates through 2034 and are conditional, in part, upon meeting certain business operations and employment thresholds. The effect of tax incentive arrangements reduced our tax provision by $1.12 billion (benefiting our diluted earnings per share by $1.00) for 2022, by $758 million ($0.66 per diluted share) for 2021, and by $215 million ($0.19 per diluted share) for 2020. As of September 1, 2022, certain non-U.S. subsidiaries had cumulative undistributed earnings of $4.38 billion that were deemed to be indefinitely reinvested. A provision has not been recognized to the extent that distributions from such subsidiaries are subject to additional foreign withholding or state income tax. Determination of the amount of unrecognized deferred tax liabilities related to investments in these foreign subsidiaries is not practicable. Deferred income taxes reflect the net tax effects of temporary differences between the bases of assets and liabilities for financial reporting and income tax purposes as well as carryforwards. Deferred tax assets and liabilities consist of the following: As of 2022 2021 Deferred tax assets Net operating loss and tax credit carryforwards $ 796 $ 783 Accrued salaries, wages, and benefits 157 206 Operating lease liabilities 138 109 Inventories 77 — Property, plant, and equipment 44 37 Other 142 115 Gross deferred tax assets 1,354 1,250 Less valuation allowance (471) (233) Deferred tax assets, net of valuation allowance 883 1,017 Deferred tax liabilities Right-of-use assets (126) (90) Product and process technology — (12) Other (68) (143) Deferred tax liabilities (194) (245) Net deferred tax assets $ 689 $ 772 Reported as Deferred tax assets $ 702 $ 782 Deferred tax liabilities (included in other noncurrent liabilities) (13) (10) Net deferred tax assets $ 689 $ 772 We assess positive and negative evidence for each jurisdiction to determine whether it is more likely than not that existing deferred tax assets will be realized. As of September 1, 2022, and September 2, 2021, we had a valuation allowance of $471 million and $233 million, respectively, against our net deferred tax assets, primarily related to carryforwards in U.S. states and Malaysia. Changes in 2022 in the valuation allowance were due to adjustments based on management's assessment of the realizability of tax credits, allowances and net operating losses based on a level that is more likely than not to be realized. On March 16, 2022, the Idaho governor signed a new law that changed the way corporations calculate Idaho taxable income. This new law is expected to reduce our Idaho taxable income, and consequently, we do not expect to utilize our tax credits in Idaho for the foreseeable future. As a result, we recorded a valuation allowance against our Idaho deferred tax assets and an increase to tax expense of $189 million in 2022. As of September 1, 2022, our net operating loss carryforward amounts and expiration periods, as reported to tax authorities, were as follows: Year of Expiration State Japan Malaysia Other Total 2023 - 2027 $ 44 $ 418 $ — $ 12 $ 474 2028 - 2032 377 234 — — 611 2033 - 2037 249 — — — 249 2038 - 2042 197 — — — 197 Indefinite 6 — 851 4 861 $ 873 $ 652 $ 851 $ 16 $ 2,392 As of September 1, 2022, our federal and state tax credit carryforward amounts and expiration periods, as reported to tax authorities, were as follows: Year of Tax Credit Expiration U.S. Federal State Total 2023 - 2027 $ — $ 46 $ 46 2028 - 2032 — 103 103 2033 - 2037 — 128 128 2038 - 2042 278 5 283 Indefinite — 115 115 $ 278 $ 397 $ 675 Below is a reconciliation of the beginning and ending amount of our unrecognized tax benefits: For the year ended 2022 2021 2020 Beginning unrecognized tax benefits $ 660 $ 411 $ 383 Increases related to tax positions from prior years 14 2 14 Increases related to tax positions taken in current year 80 260 27 Decreases related to tax positions from prior years (23) (13) (13) Ending unrecognized tax benefits $ 731 $ 660 $ 411 As of September 1, 2022, gross unrecognized tax benefits were $731 million, which would have an impact of approximately $564 million on our effective tax rate in the future, if recognized. Amounts accrued for interest and penalties related to uncertain tax positions were not significant for any period presented. The resolution of tax audits or expiration of statute of limitations could also reduce our unrecognized tax benefits. Although the timing of final resolution is uncertain, the estimated potential reduction in our unrecognized tax benefits in the next 12 months would not be significant. We and our subsidiaries file income tax returns with the U.S. federal government, various U.S. states, and various foreign jurisdictions throughout the world. We regularly engage in discussions and negotiations with tax authorities regarding tax matters, including transfer pricing, and we continue to defend any and all such claims presented. Our U.S. federal and state tax returns remain open to examination for 2018 through 2022. We are currently under audit by the Internal Revenue Service for our 2018 and 2019 tax years. In addition, tax returns that remain open to examination in Singapore, Taiwan and Japan range from the years 2016 to 2022. We believe that adequate amounts of taxes and related interest and penalties have been provided, and any adjustments as a result of examinations are not expected to materially adversely affect our business, results of operations, or financial condition. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Sep. 01, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share For the year ended 2022 2021 2020 Net income attributable to Micron – Basic $ 8,687 $ 5,861 $ 2,687 Assumed conversion of debt — — (4) Net income attributable to Micron – Diluted $ 8,687 $ 5,861 $ 2,683 Weighted-average common shares outstanding – Basic 1,112 1,120 1,110 Dilutive effect of equity plans and convertible notes 10 21 21 Weighted-average common shares outstanding – Diluted 1,122 1,141 1,131 Earnings per share Basic $ 7.81 $ 5.23 $ 2.42 Diluted 7.75 5.14 2.37 Antidilutive potential common shares excluded from the computation of diluted earnings per share, that could dilute basic earnings per share in the future, were as follows at the end of the periods shown: For the year ended 2022 2021 2020 Equity plans 5 2 5 |
Segment and Other Information
Segment and Other Information | 12 Months Ended |
Sep. 01, 2022 | |
Segment Reporting [Abstract] | |
Segment and Other Information | Segment and Other Information Segment information reported herein is consistent with how it is reviewed and evaluated by our chief operating decision maker. We have the following four business units, which are our reportable segments: Compute and Networking Business Unit (“CNBU”) : Includes memory products sold into client, cloud server, enterprise, graphics, and networking markets. Mobile Business Unit (“MBU”) : Includes memory and storage products sold into smartphone and other mobile-device markets. Embedded Business Unit (“EBU”) : Includes memory and storage products sold into automotive, industrial, and consumer markets. Storage Business Unit (“SBU”) : Includes SSDs and component-level solutions sold into enterprise and cloud, client, and consumer storage markets, and other discrete storage products sold in component and wafer form. Certain operating expenses directly associated with the activities of a specific segment are charged to that segment. Other indirect operating income and expenses are generally allocated to segments based on their respective percentage of cost of goods sold or forecasted wafer production. We do not identify or report internally our assets (other than goodwill) or capital expenditures by segment, nor do we allocate gains and losses from equity method investments, interest, other non-operating income or expense items, or taxes to segments. As of September 1, 2022 and September 2, 2021, CNBU, MBU, SBU, and EBU had goodwill of $832 million, $198 million, $101 million, and $97 million, respectively. For the year ended 2022 2021 2020 Revenue CNBU $ 13,693 $ 12,280 $ 9,184 MBU 7,260 7,203 5,702 EBU 5,235 4,209 2,759 SBU 4,553 3,973 3,765 All Other 17 40 25 $ 30,758 $ 27,705 $ 21,435 Operating income (loss) CNBU $ 5,844 $ 4,295 $ 2,010 MBU 2,160 2,173 1,074 EBU 1,752 1,006 301 SBU 513 173 36 All Other 12 20 (2) 10,281 7,667 3,419 Unallocated Stock-based compensation (501) (395) (328) Inventory accounting policy change to FIFO — (133) — Change in inventory cost absorption — (160) — 3D XPoint inventory write-down — (49) — Restructure and asset impairments (48) (488) (60) Patent license charges — (128) — Other (30) (31) (28) (579) (1,384) (416) Operating income $ 9,702 $ 6,283 $ 3,003 Depreciation and amortization expense included in operating income was as follows: For the year ended 2022 2021 2020 CNBU $ 2,766 $ 2,497 $ 2,318 MBU 1,725 1,553 1,436 EBU 1,280 1,028 741 SBU 1,323 1,101 1,115 All Other 2 8 12 Unallocated 20 27 28 $ 7,116 $ 6,214 $ 5,650 |
Certain Concentrations
Certain Concentrations | 12 Months Ended |
Sep. 01, 2022 | |
Risks and Uncertainties [Abstract] | |
Certain Concentrations | Certain Concentrations Revenue by market segment as an approximate percent of total revenue is presented in the table below: For the year ended 2022 2021 2020 Mobile 25 % 25 % 25 % Client and graphics 20 % 20 % 20 % Enterprise and cloud server 20 % 20 % 20 % SSDs and other storage 15 % 15 % 20 % Automotive, industrial, and consumer 15 % 15 % 15 % Revenue from Kingston Technology Company, Inc. was 12% and 11% of total revenue for 2022 and 2020, respectively. Revenue from WPG Holdings Limited was 11% and 13% of total revenue in 2022 and 2021, respectively. Sales to Kingston were primarily included in our CNBU and SBU segments; and sales to WPG were primarily included in our MBU, CNBU, and EBU segments. We generally have multiple sources of supply for our raw materials and production equipment; however, only a limited number of suppliers are capable of delivering certain raw materials and production equipment that meet our standards and, in some cases, materials or production equipment are provided by a single supplier. Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash, money market accounts, certificates of deposit, fixed-rate debt securities, trade receivables, share repurchase, and derivative contracts. We invest through high-credit-quality financial institutions and, by policy, generally limit the concentration of credit exposure by restricting investments with any single obligor and monitoring credit risk of bank counterparties on an ongoing basis. A concentration of credit risk may exist with respect to receivables of certain customers. We perform ongoing credit evaluations of customers worldwide and generally do not require collateral from our customers. Historically, we have not experienced material losses on receivables. A concentration of risk may also exist with respect to our foreign currency hedges as the number of counterparties to our hedges is limited and the notional amounts are relatively large. We seek to mitigate such risk by limiting our counterparties to major financial institutions and through entering into master netting arrangements. |
Geographic Information
Geographic Information | 12 Months Ended |
Sep. 01, 2022 | |
Segment Reporting [Abstract] | |
Geographic Information | Geographic Information Revenue based on the geographic location of our customers’ headquarters was as follows: For the year ended 2022 2021 2020 United States $ 16,026 $ 12,155 $ 10,381 Taiwan 6,185 6,606 3,657 Mainland China (excluding Hong Kong) 3,311 2,456 2,337 Japan 1,696 1,652 1,387 Hong Kong 1,665 2,582 1,792 Other Asia Pacific 1,223 1,420 1,157 Other 652 834 724 $ 30,758 $ 27,705 $ 21,435 Long-lived assets by geographic area consisted of property, plant, and equipment and right-of-use assets and were as follows: As of 2022 2021 Taiwan $ 13,143 $ 11,457 Singapore 12,045 9,411 Japan 7,113 7,222 United States (1) 5,155 5,205 Malaysia 994 757 China 440 436 Other 337 175 $ 39,227 $ 34,663 (1) Included $899 million (net of impairment) as of September 2, 2021 of property, plant, and equipment for our Lehi facility that was classified as held for sale and presented in other current assets. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Sep. 01, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (In millions) Balance at Charged Currency Balance at Deferred Tax Asset Valuation Allowance Year ended September 1, 2022 $ 233 $ 241 $ (3) $ 471 Year ended September 2, 2021 294 (54) (7) 233 Year ended September 3, 2020 277 20 (3) 294 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 01, 2022 | |
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. |
Intercompany Eliminations | Intercompany balances and transactions have been eliminated in consolidation. |
Reclassifications | Certain reclassifications have been made to prior period amounts to conform to current period presentation. See “Inventories” below for changes to our significant accounting policies, and the “Inventories” note for additional information. |
Fiscal Period | Our fiscal year is the 52 or 53-week period ending on the Thursday closest to August 31. Fiscal 2022 and 2021 each contained 52 weeks and fiscal 2020 contained 53 weeks. Our fourth quarter of fiscal 2020 contained 14 weeks and all other fiscal quarters in the years presented contained 13 weeks. All period references are to our fiscal periods unless otherwise indicated. |
Derivative and Hedging Instruments | Derivative and Hedging Instruments We use derivative instruments to manage our exposure to changes in currency exchange rates from (1) our monetary assets and liabilities denominated in currencies other than the U.S. dollar and (2) forecasted cash flows for certain capital expenditures and manufacturing costs. We also use derivative instruments to manage our exposure to changes in commodity prices for manufacturing supplies and to minimize certain exposures to changes in the fair value of fixed-rate debt that result from fluctuations in benchmark interest rates. Derivative instruments are measured at their fair values and recognized as either assets or liabilities. The accounting for changes in the fair value of derivative instruments is based on the intended use of the derivative and the resulting designation. For derivative instruments that are not designated for hedge accounting, gains or losses from changes in fair values are recognized in other non-operating income (expense). For derivative instruments designated as cash flow hedges, gains or losses are included as a component of accumulated other comprehensive income and reclassified into earnings in the same line items and in the same periods in which the underlying transactions affect earnings. For derivative instruments designated as cash flow hedges, time value is excluded from the assessment of effectiveness and the gains and losses attributable to time value are recognized in earnings. For derivative instruments designated as fair value hedges, changes in the fair values of the derivative instruments and the offsetting changes in the fair values of the underlying hedged items are both recognized in earnings. We enter into master netting arrangements with our counterparties to mitigate credit risk in derivative hedge transactions. These master netting arrangements allow us and our counterparties to net settle amounts owed to each other. Derivative assets and liabilities that can be net settled with each counterparty have been presented in our consolidated balance sheet on a net basis. |
Financial Instruments, Cash Equivalents | Financial InstrumentsCash equivalents include highly liquid short-term investments with original maturities to us of three months or less that are readily convertible to known amounts of cash. |
Financial Instruments, Investments | Financial Instruments Cash equivalents include highly liquid short-term investments with original maturities to us of three months or less that are readily convertible to known amounts of cash. Other investments with remaining maturities of less than one year are included in short-term investments. Investments with remaining maturities greater than one year are included in long-term marketable investments. The carrying value of investment securities sold is determined using the specific identification method. |
Functional Currency | Functional Currency The U.S. dollar is the functional currency for us and all of our consolidated subsidiaries. |
Goodwill | Goodwill We perform an annual impairment assessment for goodwill in our fourth quarter each year. |
Government Incentives | Government Incentives We receive incentives from governmental entities related to expenses, assets, and other activities. Our government incentives may require that we meet or maintain specified spending levels and other operational metrics and may be subject to reimbursement if such conditions are not met or maintained. Government incentives are recorded in the financial statements in accordance with their purpose: as a reduction of expenses, a reduction of asset costs, or other income. Incentives related to specific operating activities are offset against the related expense in the period the expense is incurred. Incentives related to the acquisition or construction of fixed assets are recognized as a reduction in the carrying amounts of the related assets and reduce depreciation expense over the useful lives of the assets. Other incentives are recognized as other operating income. Government incentives received prior to being earned are recognized in current or noncurrent deferred income or restricted cash, whereas government incentives earned prior to being received are recognized in current or noncurrent receivables. Cash received from government incentives related to operating expenses is included as an operating activity in the statement of cash flows, whereas cash received from incentives related to the acquisition of property, plant, and equipment is included as an investing activity. |
Inventories | Inventories Effective as of the beginning of the second quarter of 2021, we changed the method of inventory costing from average cost to FIFO. The difference between average cost and FIFO was not material to any previously reported financial statements. Therefore, we have recognized the cumulative effect of the change as a reduction of inventories and a charge to cost of goods sold of $133 million as of the beginning of the second quarter of 2021. Inventories are stated at the lower of cost or net realizable value, with cost being determined on a FIFO basis. Cost includes depreciation, labor, material, and overhead costs, including product and process technology costs. When net realizable value (which requires projecting future average selling prices, sales volumes, and costs to complete products in work in process inventories) is below cost, we record a charge to cost of goods sold to write down inventories to their estimated net realizable value in advance of when inventories are actually sold. We review the major characteristics of product type and markets in determining the unit of account for which we perform the lower of cost or net realizable value analysis and categorize all inventories (including DRAM, NAND, and other memory) as a single group. We remove amounts from inventory and charge such amounts to cost of goods sold on a FIFO basis. |
Leases | Leases We determine if an arrangement is a lease, or contains a lease, at the inception of the arrangement and evaluate whether the lease is an operating lease or a finance lease at the commencement date. We recognize right-of-use assets and lease liabilities for operating and finance leases with terms greater than 12 months. Right-of-use assets represent our right to use an asset for the lease term, while lease liabilities represent our obligation to make lease payments. We do not separate lease and non-lease components for real-estate and gas plant leases. Sublease income is included within lease expense. |
Product and Process Technology | Product and Process Technology Costs incurred to (1) acquire product and process technology, (2) patent technology, and (3) maintain patent technology, are capitalized and amortized on a straight-line basis over periods ranging up to 12.5 years. We capitalize a portion of costs incurred to patent technology based on historical data of patents issued as a percent of patents we file. Product and process technology costs are amortized over the shorter of (1) the estimated useful life of the technology, (2) the patent term, or (3) the term of the technology agreement. Fully-amortized assets are removed from product and process technology and accumulated amortization. |
Product Warranty | Product Warranty We generally provide a limited warranty that our products are in compliance with applicable specifications existing at the time of delivery. Under our standard terms and conditions of sale, liability for certain failures of product during a stated warranty period is usually limited to repair or replacement of defective items or return of, or a credit with respect to, amounts paid for such items. Under certain circumstances, we provide more extensive limited warranty coverage than that provided under our standard terms and conditions. Our warranty obligations are not material. |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment is stated at cost and depreciated using the straight-line method over estimated useful lives of generally 10 to 30 years for buildings, 5 to 7 years for equipment, and 3 to 5 years for software. Assets held for sale are carried at the lower of estimated fair value or carrying value and are included in current assets. When property, plant, or equipment is retired or otherwise disposed, the net book value is removed and we recognize any gain or loss in results of operations. We capitalize interest on borrowings during the period of time we carry out the activities necessary to bring assets to the condition of their intended use and location. Capitalized interest becomes part of the cost of assets. |
Interest Capitalization | We capitalize interest on borrowings during the period of time we carry out the activities necessary to bring assets to the condition of their intended use and location. Capitalized interest becomes part of the cost of assets. |
Research and Development | Research and Development Costs related to the conceptual formulation and design of products and processes are charged to R&D expense as incurred. Development of a product is deemed complete when it is qualified through reviews and tests for performance and reliability. Subsequent to product qualification, product costs are included in cost of goods sold. Amounts from cost-sharing arrangements are reflected as a reduction of R&D expense. |
Revenue Recognition | Revenue Recognition 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. Contracts with our customers are generally short-term in duration at fixed, negotiated prices with payment generally due shortly after delivery. We estimate a liability for returns using the expected value method based on historical returns. In addition, we generally offer price protection to our distributors, which is a form of variable consideration that decreases the transaction price. We use the expected value method, based on historical price adjustments and current pricing trends, to estimate the amount of revenue recognized from sales to distributors. Differences between the estimated and actual amounts are recognized as adjustments to revenue. |
Stock-based Compensation | Stock-based Compensation Stock-based compensation is measured at the grant date, based on the fair value of the award, and recognized as expense under the straight-line attribution method over the requisite service period. We account for forfeitures as they occur. We issue new shares upon the exercise of stock options, conversion of share units, or issuance of shares under our ESPP. |
Treasury Stock | Treasury Stock Treasury stock is carried at cost. When we retire our treasury stock, any excess of the repurchase price paid over par value is allocated between additional capital and retained earnings. |
Use of Estimates | Use of Estimates The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures. Estimates and judgments are based on historical experience, forecasted events, and various other assumptions that we believe to be reasonable under the circumstances. Estimates and judgments may differ under different assumptions or conditions. We evaluate our estimates and judgments on an ongoing basis. Actual results could differ from estimates. |
Variable Interest Entities (Pol
Variable Interest Entities (Policies) | 12 Months Ended |
Sep. 01, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | We have interests in entities that are variable interest entities (“VIEs”). If we are the primary beneficiary of a VIE, we are required to consolidate it. To determine if we are the primary beneficiary, we evaluate whether we have the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our evaluation includes identification of significant activities and an assessment of our ability to direct those activities based on governance provisions and arrangements to provide or receive product and process technology, product supply, operations services, equity funding, financing, and other applicable agreements and circumstances. Our assessments of whether we are the primary beneficiary of our VIEs require significant assumptions and judgments. |
Segment Reporting (Policies)
Segment Reporting (Policies) | 12 Months Ended |
Sep. 01, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting Policy | Certain operating expenses directly associated with the activities of a specific segment are charged to that segment. Other indirect operating income and expenses are generally allocated to segments based on their respective percentage of cost of goods sold or forecasted wafer production. We do not identify or report internally our assets (other than goodwill) or capital expenditures by segment, nor do we allocate gains and losses from equity method investments, interest, other non-operating income or expense items, or taxes to segments. |
Lehi, Utah Fab and 3D XPoint (T
Lehi, Utah Fab and 3D XPoint (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Lehi, Utah Facility | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Lehi, UT (Disposal Group) Assets Held for Sale | As of September 2, Property, plant, and equipment $ 1,334 Other current assets 50 Impairment (435) Lehi assets held for sale $ 949 |
Cash and Investments (Tables)
Cash and Investments (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Investments and Cash [Abstract] | |
Cash and Investments | 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: 2022 2021 As of 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 $ 6,055 $ — $ — $ 6,055 $ 5,796 $ — $ — $ 5,796 Level 1 (2) Money market funds 1,196 — — 1,196 38 — — 38 Level 2 (3) Certificates of deposits 976 50 — 1,026 1,907 69 — 1,976 Corporate bonds — 759 995 1,754 9 429 1,134 1,572 Asset-backed securities — 20 608 628 8 95 509 612 Government securities 2 155 44 201 1 190 122 313 Commercial paper 33 85 — 118 4 87 — 91 8,262 $ 1,069 $ 1,647 $ 10,978 7,763 $ 870 $ 1,765 $ 10,398 Restricted cash (4) 77 66 Cash, cash equivalents, and restricted cash $ 8,339 $ 7,829 (1) The maturities of long-term marketable securities primarily range from one 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 September 1, 2022 or September 2, 2021. |
Cash and equivalents and the fair values of available-for-sale investments | 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: 2022 2021 As of 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 $ 6,055 $ — $ — $ 6,055 $ 5,796 $ — $ — $ 5,796 Level 1 (2) Money market funds 1,196 — — 1,196 38 — — 38 Level 2 (3) Certificates of deposits 976 50 — 1,026 1,907 69 — 1,976 Corporate bonds — 759 995 1,754 9 429 1,134 1,572 Asset-backed securities — 20 608 628 8 95 509 612 Government securities 2 155 44 201 1 190 122 313 Commercial paper 33 85 — 118 4 87 — 91 8,262 $ 1,069 $ 1,647 $ 10,978 7,763 $ 870 $ 1,765 $ 10,398 Restricted cash (4) 77 66 Cash, cash equivalents, and restricted cash $ 8,339 $ 7,829 (1) The maturities of long-term marketable securities primarily range from one 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 September 1, 2022 or September 2, 2021. |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Receivables [Abstract] | |
Schedule of Receivables | As of 2022 2021 Trade receivables $ 4,765 $ 4,920 Income and other taxes 251 264 Other 114 127 $ 5,130 $ 5,311 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | As of 2022 2021 Finished goods $ 1,028 $ 513 Work in process 4,830 3,469 Raw materials and supplies 805 505 $ 6,663 $ 4,487 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant, and Equipment | As of 2022 2021 Land $ 280 $ 280 Buildings 16,676 14,776 Equipment (1) 61,354 51,902 Construction in progress (2) 1,897 1,517 Software 1,124 987 81,331 69,462 Accumulated depreciation (42,782) (36,249) $ 38,549 $ 33,213 (1) Includes costs related to equipment not placed into service of $3.35 billion as of September 1, 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
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | 2022 2021 As of Gross Accumulated Gross Accumulated Product and process technology $ 742 $ (321) $ 633 $ (284) Goodwill 1,228 1,228 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | For the year ended 2022 2021 2020 Finance lease cost Amortization of right-of-use asset $ 99 $ 69 $ 140 Interest on lease liability 24 20 22 Operating lease cost (1) 125 108 102 $ 248 $ 197 $ 264 |
Schedule of Other Lease Information | Supplemental cash flow information related to leases was as follows: For the year ended 2022 2021 2020 Cash flows used for operating activities Finance leases $ 23 $ 21 $ 24 Operating leases (1) 110 106 39 Cash flows used for financing activities – Finance leases 103 85 248 Noncash acquisitions of right-of-use assets Finance leases 309 395 107 Operating leases 197 27 11 (1) Includes $48 million of reimbursements received for tenant improvements for 2020. Supplemental balance sheet information related to leases was as follows: As of 2022 2021 Finance lease right-of-use assets (included in property, plant, and equipment and assets held for sale) $ 904 $ 766 Current operating lease liabilities (included in accounts payable and accrued expenses) 60 55 Weighted-average remaining lease term (in years) Finance leases 12 11 Operating leases 12 12 Weighted-average discount rate Finance leases 2.65 % 3.14 % Operating leases 2.90 % 2.63 % |
Schedule of Finance Lease Maturities | For the year ending Finance Leases Operating Leases 2023 $ 123 $ 66 2024 100 80 2025 87 70 2026 87 67 2027 86 64 2028 and thereafter 534 463 Less imputed interest (131) (140) $ 886 $ 670 |
Schedule of Operating Lease Maturities | For the year ending Finance Leases Operating Leases 2023 $ 123 $ 66 2024 100 80 2025 87 70 2026 87 67 2027 86 64 2028 and thereafter 534 463 Less imputed interest (131) (140) $ 886 $ 670 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable And Accrued Expenses | As of 2022 2021 Accounts payable $ 2,142 $ 1,744 Property, plant, and equipment 2,170 1,887 Salaries, wages, and benefits 877 984 Income and other taxes 420 364 Other 481 346 $ 6,090 $ 5,325 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | 2022 2021 Net Carrying Amount Net Carrying Amount As of Stated Rate Effective Rate Principal Current Long-Term Total Principal Current Long-Term Total 2024 Term Loan A 3.700 % 3.74 % $ 1,188 $ — $ 1,187 $ 1,187 $ 1,188 $ — $ 1,186 $ 1,186 2026 Notes 4.975 % 5.07 % 500 — 498 498 500 — 498 498 2027 Notes (1) 4.185 % 4.27 % 900 — 806 806 900 — 901 901 2029 Notes 5.327 % 5.40 % 700 — 697 697 700 — 696 696 2030 Notes 4.663 % 4.73 % 850 — 846 846 850 — 846 846 2032 Green Bonds 2.703 % 2.77 % 1,000 — 994 994 — — — — 2041 Notes 3.366 % 3.41 % 500 — 496 496 — — — — 2051 Notes 3.477 % 3.52 % 500 — 496 496 — — — — Finance lease obligations N/A 2.65 % 886 103 783 886 804 155 649 804 2023 Notes N/A N/A — — — — 1,250 — 1,247 1,247 2024 Notes N/A N/A — — — — 600 — 598 598 $ 7,024 $ 103 $ 6,803 $ 6,906 $ 6,792 $ 155 $ 6,621 $ 6,776 |
Schedule of Debt Activity | The table below presents the effects of issuances and prepayments of debt in 2022: Increase (Decrease) in Principal Increase (Decrease) in Carrying Value Increase (Decrease) in Cash Gain (Loss) Issuances 2032 Green Bonds $ 1,000 $ 994 $ 994 $ — 2041 Notes 500 496 496 — 2051 Notes 500 496 496 — Prepayments 2023 Notes (1,250) (1,247) (1,281) (34) 2024 Notes (600) (598) (647) (49) $ 150 $ 141 $ 58 $ (83) |
Schedule of Maturities of Notes Payable | As of September 1, 2022, maturities of notes payable by fiscal year were as follows: 2023 $ — 2024 — 2025 1,188 2026 500 2027 900 2028 and thereafter 3,550 Unamortized discounts (27) Hedge accounting fair value adjustment (91) $ 6,020 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
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 September 2, 2021 $ (22) $ 1 $ 22 $ 1 $ 2 Other comprehensive income before reclassifications (720) (63) 6 (1) (778) Amount reclassified out of accumulated other comprehensive income 53 1 (2) — 52 Tax effects 151 14 (1) — 164 Other comprehensive income (loss) (516) (48) 3 (1) (562) As of September 1, 2022 $ (538) $ (47) $ 25 $ — $ (560) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value and Carrying Value of Debt Instruments | 2022 2021 As of Fair Carrying Fair Carrying Notes $ 5,472 $ 6,020 $ 6,584 $ 5,973 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | Notional or Contractual Amount Fair Value of Assets (1) Liabilities (2) As of September 1, 2022 Derivative instruments with hedge accounting designation Cash flow currency hedges $ 5,427 $ — $ (330) Cash flow commodity hedges 97 1 (6) Fair value interest rate hedges 900 — (91) Derivative instruments without hedge accounting designation Non-designated currency hedges 2,821 7 (13) $ 8 $ (440) As of September 2, 2021 Derivative instruments with hedge accounting designation Cash flow currency hedges $ 3,601 $ 10 $ (66) Cash flow commodity hedges 45 2 — Fair value interest rate hedges 900 5 — Derivative instruments without hedge accounting designation Non-designated currency hedges 996 3 (2) $ 20 $ (68) (1) Included in receivables and other noncurrent assets. (2) Included in accounts payable and accrued expenses and other noncurrent liabilities. |
Equity Plans (Tables)
Equity Plans (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Awards Activity | Number of Shares Weighted-Average Grant Date Fair Value Per Share Outstanding as of September 2, 2021 20 $ 49.39 Granted 13 70.81 Restrictions lapsed (7) 47.36 Canceled (3) 57.00 Outstanding as of September 1, 2022 23 60.93 For the year ended 2022 2021 2020 Restricted stock award shares granted 13 11 8 Weighted-average grant-date fair value per share $ 70.81 $ 53.58 $ 46.44 Aggregate vesting-date fair value of shares vested $ 498 $ 385 $ 294 |
Employee Stock Purchase Plan Valuation Assumptions | For the year ended 2022 2021 2020 Weighted-average grant-date fair value per share $ 18.87 $ 20.71 $ 14.24 Average expected life in years 0.5 0.5 0.5 Weighted-average expected volatility (based on implied volatility) 43 % 41 % 45 % Weighted-average risk-free interest rate 2.0 % 0.1 % 0.8 % Expected dividend yield 0.6 % 0.3 % 0.0 % |
Stock-based Compensation Expense | For the year ended 2022 2021 2020 Stock-based compensation expense by caption Cost of goods sold $ 193 $ 186 $ 139 Research and development 175 110 86 Selling, general, and administrative 133 99 103 Restructure (5) — — $ 496 $ 395 $ 328 Stock-based compensation expense by type of award Restricted stock awards $ 429 $ 333 $ 272 ESPP 66 52 39 Stock options 1 10 17 $ 496 $ 395 $ 328 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | For the year ended 2022 2021 2020 DRAM $ 22,386 $ 20,039 $ 14,510 NAND 7,811 7,007 6,131 Other (primarily 3D XPoint memory and NOR) 561 659 794 $ 30,758 $ 27,705 $ 21,435 |
Restructure and Asset Impairm_2
Restructure and Asset Impairments (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructure and Asset Impairments | For the year ended 2022 2021 2020 Restructure and asset impairments $ 48 $ 488 $ 60 |
Other Operating (Income) Expe_2
Other Operating (Income) Expense, Net (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating (Income) Expense, Net | For the year ended 2022 2021 2020 Patent license charges $ — $ 128 $ — (Gain) loss on disposition of property, plant, and equipment (41) (24) (3) Other 7 (9) 11 $ (34) $ 95 $ 8 |
Other Non-Operating Income (E_2
Other Non-Operating Income (Expense), Net (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule of Other Nonoperating Income (Expense), Net | For the year ended 2022 2021 2020 Gain (loss) on investments $ 26 $ 82 $ 22 Gain (loss) on debt prepayments, repurchases, and conversions (83) (1) 40 Other 19 — (2) $ (38) $ 81 $ 60 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (loss) Before Tax and Other Items | Our income tax (provision) benefit consisted of the following: For the year ended 2022 2021 2020 Income (loss) before income taxes, net income (loss) attributable to noncontrolling interests, and equity in net income (loss) of equity method investees U.S. $ 112 $ (211) $ 308 Foreign 9,459 6,429 2,675 $ 9,571 $ 6,218 $ 2,983 Income tax (provision) benefit Current U.S. federal $ (65) $ (42) $ (20) State (1) (1) (2) Foreign (528) (370) (148) (594) (413) (170) Deferred U.S. federal (166) (9) 39 State (225) 28 23 Foreign 97 — (172) (294) 19 (110) Income tax (provision) benefit $ (888) $ (394) $ (280) |
Schedule of Components of Income Tax (Provision) Benefit | Our income tax (provision) benefit consisted of the following: For the year ended 2022 2021 2020 Income (loss) before income taxes, net income (loss) attributable to noncontrolling interests, and equity in net income (loss) of equity method investees U.S. $ 112 $ (211) $ 308 Foreign 9,459 6,429 2,675 $ 9,571 $ 6,218 $ 2,983 Income tax (provision) benefit Current U.S. federal $ (65) $ (42) $ (20) State (1) (1) (2) Foreign (528) (370) (148) (594) (413) (170) Deferred U.S. federal (166) (9) 39 State (225) 28 23 Foreign 97 — (172) (294) 19 (110) Income tax (provision) benefit $ (888) $ (394) $ (280) |
Schedule of Effective Income Tax Reconciliation | The table below reconciles our tax (provision) benefit based on the U.S. federal statutory rate to our effective rate: For the year ended 2022 2021 2020 U.S. federal income tax (provision) benefit at statutory rate $ (2,010) 21.0 % $ (1,306) 21.0 % $ (626) 21.0 % U.S. tax on foreign operations (322) 3.4 % (226) 3.6 % (14) 0.5 % Change in valuation allowance (241) 2.5 % 54 (0.9) % (20) 0.7 % Change in unrecognized tax benefits (67) 0.7 % (238) 3.8 % (33) 1.1 % Foreign tax rate differential 1,601 (16.7) % 951 (15.3) % 253 (8.5) % Research and development tax credits 66 (0.7) % 123 (2.0) % 62 (2.1) % Foreign derived intangible income deduction 41 (0.4) % 18 (0.3) % 67 (2.2) % State taxes, net of federal benefit — — % 59 (0.9) % 23 (0.8) % Debt premium deductions — — % 130 (2.1) % — — % Other 44 (0.5) % 41 (0.6) % 8 (0.3) % Income tax (provision) benefit $ (888) 9.3 % $ (394) 6.3 % $ (280) 9.4 % |
Schedule of Deferred Tax Assets and Liabilities | As of 2022 2021 Deferred tax assets Net operating loss and tax credit carryforwards $ 796 $ 783 Accrued salaries, wages, and benefits 157 206 Operating lease liabilities 138 109 Inventories 77 — Property, plant, and equipment 44 37 Other 142 115 Gross deferred tax assets 1,354 1,250 Less valuation allowance (471) (233) Deferred tax assets, net of valuation allowance 883 1,017 Deferred tax liabilities Right-of-use assets (126) (90) Product and process technology — (12) Other (68) (143) Deferred tax liabilities (194) (245) Net deferred tax assets $ 689 $ 772 Reported as Deferred tax assets $ 702 $ 782 Deferred tax liabilities (included in other noncurrent liabilities) (13) (10) Net deferred tax assets $ 689 $ 772 |
Schedule of Net Operating Loss Carryforwards | As of September 1, 2022, our net operating loss carryforward amounts and expiration periods, as reported to tax authorities, were as follows: Year of Expiration State Japan Malaysia Other Total 2023 - 2027 $ 44 $ 418 $ — $ 12 $ 474 2028 - 2032 377 234 — — 611 2033 - 2037 249 — — — 249 2038 - 2042 197 — — — 197 Indefinite 6 — 851 4 861 $ 873 $ 652 $ 851 $ 16 $ 2,392 |
Schedule of Tax Credit Carryforwards | As of September 1, 2022, our federal and state tax credit carryforward amounts and expiration periods, as reported to tax authorities, were as follows: Year of Tax Credit Expiration U.S. Federal State Total 2023 - 2027 $ — $ 46 $ 46 2028 - 2032 — 103 103 2033 - 2037 — 128 128 2038 - 2042 278 5 283 Indefinite — 115 115 $ 278 $ 397 $ 675 |
Schedule of Unrecognized Tax Benefits Rollforward | Below is a reconciliation of the beginning and ending amount of our unrecognized tax benefits: For the year ended 2022 2021 2020 Beginning unrecognized tax benefits $ 660 $ 411 $ 383 Increases related to tax positions from prior years 14 2 14 Increases related to tax positions taken in current year 80 260 27 Decreases related to tax positions from prior years (23) (13) (13) Ending unrecognized tax benefits $ 731 $ 660 $ 411 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Share | For the year ended 2022 2021 2020 Net income attributable to Micron – Basic $ 8,687 $ 5,861 $ 2,687 Assumed conversion of debt — — (4) Net income attributable to Micron – Diluted $ 8,687 $ 5,861 $ 2,683 Weighted-average common shares outstanding – Basic 1,112 1,120 1,110 Dilutive effect of equity plans and convertible notes 10 21 21 Weighted-average common shares outstanding – Diluted 1,122 1,141 1,131 Earnings per share Basic $ 7.81 $ 5.23 $ 2.42 Diluted 7.75 5.14 2.37 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Antidilutive potential common shares excluded from the computation of diluted earnings per share, that could dilute basic earnings per share in the future, were as follows at the end of the periods shown: For the year ended 2022 2021 2020 Equity plans 5 2 5 |
Segment and Other Information (
Segment and Other Information (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Results by Segment | For the year ended 2022 2021 2020 Revenue CNBU $ 13,693 $ 12,280 $ 9,184 MBU 7,260 7,203 5,702 EBU 5,235 4,209 2,759 SBU 4,553 3,973 3,765 All Other 17 40 25 $ 30,758 $ 27,705 $ 21,435 Operating income (loss) CNBU $ 5,844 $ 4,295 $ 2,010 MBU 2,160 2,173 1,074 EBU 1,752 1,006 301 SBU 513 173 36 All Other 12 20 (2) 10,281 7,667 3,419 Unallocated Stock-based compensation (501) (395) (328) Inventory accounting policy change to FIFO — (133) — Change in inventory cost absorption — (160) — 3D XPoint inventory write-down — (49) — Restructure and asset impairments (48) (488) (60) Patent license charges — (128) — Other (30) (31) (28) (579) (1,384) (416) Operating income $ 9,702 $ 6,283 $ 3,003 Depreciation and amortization expense included in operating income was as follows: For the year ended 2022 2021 2020 CNBU $ 2,766 $ 2,497 $ 2,318 MBU 1,725 1,553 1,436 EBU 1,280 1,028 741 SBU 1,323 1,101 1,115 All Other 2 8 12 Unallocated 20 27 28 $ 7,116 $ 6,214 $ 5,650 |
Certain Concentrations (Tables)
Certain Concentrations (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Risks and Uncertainties [Abstract] | |
Schedule of Market Concentration Risk | For the year ended 2022 2021 2020 Mobile 25 % 25 % 25 % Client and graphics 20 % 20 % 20 % Enterprise and cloud server 20 % 20 % 20 % SSDs and other storage 15 % 15 % 20 % Automotive, industrial, and consumer 15 % 15 % 15 % |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
Segment Reporting [Abstract] | |
Geographic Revenue from Contracts with Customers based on Location of Customer Headquarters | Revenue based on the geographic location of our customers’ headquarters was as follows: For the year ended 2022 2021 2020 United States $ 16,026 $ 12,155 $ 10,381 Taiwan 6,185 6,606 3,657 Mainland China (excluding Hong Kong) 3,311 2,456 2,337 Japan 1,696 1,652 1,387 Hong Kong 1,665 2,582 1,792 Other Asia Pacific 1,223 1,420 1,157 Other 652 834 724 $ 30,758 $ 27,705 $ 21,435 |
Long-lived Assets by Geographic Area | Long-lived assets by geographic area consisted of property, plant, and equipment and right-of-use assets and were as follows: As of 2022 2021 Taiwan $ 13,143 $ 11,457 Singapore 12,045 9,411 Japan 7,113 7,222 United States (1) 5,155 5,205 Malaysia 994 757 China 440 436 Other 337 175 $ 39,227 $ 34,663 (1) Included $899 million (net of impairment) as of September 2, 2021 of property, plant, and equipment for our Lehi facility that was classified as held for sale and presented in other current assets. |
Schedule II Valuation and Qua_2
Schedule II Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Sep. 01, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Deferred Tax Asset Valuation Allowance | Balance at Charged Currency Balance at Deferred Tax Asset Valuation Allowance Year ended September 1, 2022 $ 233 $ 241 $ (3) $ 471 Year ended September 2, 2021 294 (54) (7) 233 Year ended September 3, 2020 277 20 (3) 294 |
Significant Accounting Polici_3
Significant Accounting Policies - Inventories (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 04, 2021 | Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Inventories | $ 6,663 | $ 4,487 | ||
Cost of goods sold | $ 16,860 | $ 17,282 | $ 14,883 | |
Change in Accounting Principle, Inventory Method | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Inventories | $ (133) | |||
Cost of goods sold | $ 133 |
Significant Accounting Polici_4
Significant Accounting Policies - Product and Process Technology (Details) | 12 Months Ended |
Sep. 01, 2022 | |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Maximum life of product and process technology intangible assets (in years) | 12 years 6 months |
Significant Accounting Polici_5
Significant Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Sep. 01, 2022 | |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment useful life (in years) | 10 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment useful life (in years) | 30 years |
Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment useful life (in years) | 5 years |
Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment useful life (in years) | 7 years |
Software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment useful life (in years) | 3 years |
Software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment useful life (in years) | 5 years |
Lehi, Utah Fab and 3D XPoint (D
Lehi, Utah Fab and 3D XPoint (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 02, 2021 | Sep. 02, 2021 | Oct. 22, 2021 | |
3D XPoint | |||
Other Income Statement Impacts related to Lehi Disposal | |||
3D XPoint inventory write-down | $ 49 | ||
Lehi, Utah Facility | |||
Disposal Activities | |||
Consideration for Lehi, UT facility | $ 893 | ||
Lehi net assets disposed of | 918 | ||
Lehi property, plant, and equipment disposed of | 921 | ||
Lehi other assets disposed of | 55 | ||
Lehi liabilities disposed of (primarily finance lease obligation) | $ (58) | ||
Loss on Lehi disposal | $ 23 | ||
Loss on Lehi disposal, income statement location | Restructure and asset impairments | ||
Other Income Statement Impacts related to Lehi Disposal | |||
Lehi held for sale write-down | 435 | ||
Tax benefit from write-down of Lehi assets | 104 | ||
Lehi Disposal Group Held for Sale | |||
Property, plant, and equipment | 1,334 | ||
Other current assets | 50 | ||
Impairment | (435) | ||
Lehi assets held for sale | 949 | ||
Lehi Finance Lease Liabilities | 50 | ||
Other Lehi liabilities | $ 11 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Nov. 28, 2019 | Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Acquisition of Noncontrolling Interest in IMFT | ||||
Acquisition of noncontrolling interest in IMFT | $ 0 | $ 0 | $ 744 | |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interest | 784 | |||
Revenue | $ 30,758 | $ 27,705 | 21,435 | |
Noncontrolling Interests in Subsidiaries | ||||
Acquisition of Noncontrolling Interest in IMFT | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interest | $ 904 | |||
Intel | IM Flash Technologies, LLC | ||||
Acquisition of Noncontrolling Interest in IMFT | ||||
Revenue | $ 158 | |||
IM Flash Technologies, LLC | ||||
Acquisition of Noncontrolling Interest in IMFT | ||||
Payments to Noncontrolling Interests, Purchase of Minority Interest and Repayment of Debt | 1,250 | |||
Decrease in Noncontrolling Interest from Purchase of Interests in IMFT, Effect on APIC Before Tax | 160 | |||
Acquisition of noncontrolling interest in IMFT | 744 | |||
IM Flash Technologies, LLC | Noncontrolling Interests in Subsidiaries | ||||
Acquisition of Noncontrolling Interest in IMFT | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interest | $ 904 |
Cash and Investments (Details)
Cash and Investments (Details) - USD ($) $ in Millions | Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | Aug. 29, 2019 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Cash and Equivalents | $ 8,262 | $ 7,763 | |||
Short-term Investments | 1,069 | 870 | |||
Long-term Marketable Investments | [1] | 1,647 | 1,765 | ||
Total Fair Value | 10,978 | 10,398 | |||
Restricted cash | [2] | 77 | 66 | ||
Cash, cash equivalents, and restricted cash | $ 8,339 | 7,829 | $ 7,690 | $ 7,279 | |
Minimum | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt Securities, Available-for-sale, Term, Noncurrent | 1 year | ||||
Maximum | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt Securities, Available-for-sale, Term, Noncurrent | 4 years | ||||
Cash | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash and Equivalents | $ 6,055 | 5,796 | |||
Short-term Investments | 0 | 0 | |||
Long-term Marketable Investments | 0 | 0 | |||
Total Fair Value | 6,055 | 5,796 | |||
Money market funds | Level 1 | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash and Equivalents | [3] | 1,196 | 38 | ||
Short-term Investments | [3] | 0 | 0 | ||
Long-term Marketable Investments | [1],[3] | 0 | 0 | ||
Total Fair Value | [3] | 1,196 | 38 | ||
Certificates of deposits | Level 2 | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash and Equivalents | [4] | 976 | 1,907 | ||
Short-term Investments | [4] | 50 | 69 | ||
Long-term Marketable Investments | [1],[4] | 0 | 0 | ||
Total Fair Value | [4] | 1,026 | 1,976 | ||
Corporate bonds | Level 2 | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash and Equivalents | [4] | 0 | 9 | ||
Short-term Investments | [4] | 759 | 429 | ||
Long-term Marketable Investments | [1],[4] | 995 | 1,134 | ||
Total Fair Value | [4] | 1,754 | 1,572 | ||
Asset-backed securities | Level 2 | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash and Equivalents | [4] | 0 | 8 | ||
Short-term Investments | [4] | 20 | 95 | ||
Long-term Marketable Investments | [1],[4] | 608 | 509 | ||
Total Fair Value | [4] | 628 | 612 | ||
Government securities | Level 2 | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash and Equivalents | [4] | 2 | 1 | ||
Short-term Investments | [4] | 155 | 190 | ||
Long-term Marketable Investments | [1],[4] | 44 | 122 | ||
Total Fair Value | [4] | 201 | 313 | ||
Commercial paper | Level 2 | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash and Equivalents | [4] | 33 | 4 | ||
Short-term Investments | [4] | 85 | 87 | ||
Long-term Marketable Investments | [1],[4] | 0 | 0 | ||
Total Fair Value | [4] | $ 118 | $ 91 | ||
[1] The maturities of long-term marketable securities primarily range from one four years. |
Cash and Investments - Non-mark
Cash and Investments - Non-marketable Equity Investments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 01, 2022 | Sep. 02, 2021 | |
Equity Securities, FV-NI and without Readily Determinable Fair Value [Abstract] | ||
Equity Securities without Readily Determinable Fair Value, Amount | $ 222 | $ 153 |
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Annual Amount | $ 36 | $ 70 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Millions | Sep. 01, 2022 | Sep. 02, 2021 |
Receivables [Abstract] | ||
Trade receivables | $ 4,765 | $ 4,920 |
Income and other taxes | 251 | 264 |
Other | 114 | 127 |
Receivables | $ 5,130 | $ 5,311 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 01, 2022 | Sep. 02, 2021 |
Inventory, Net, Items Net of Reserve Alternative [Abstract] | ||
Finished goods | $ 1,028 | $ 513 |
Work in process | 4,830 | 3,469 |
Raw materials and supplies | 805 | 505 |
Inventories | $ 6,663 | $ 4,487 |
Inventories - Change to FIFO (D
Inventories - Change to FIFO (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 04, 2021 | Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Inventories | $ 6,663 | $ 4,487 | ||
Cost of goods sold | 16,860 | 17,282 | $ 14,883 | |
Net income | $ 8,687 | $ 5,861 | $ 2,687 | |
Diluted (in dollars per share) | $ 7.75 | $ 5.14 | $ 2.37 | |
Change in Accounting Principle, Inventory Method | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Inventories | $ (133) | |||
Cost of goods sold | 133 | |||
Net income | $ (128) | $ (128) | ||
Diluted (in dollars per share) | $ (0.11) | $ (0.11) |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | ||
Property, Plant, and Equipment including Finance Lease Right-of-Use Asset | ||||
Property, plant, and equipment, gross | $ 81,331 | $ 69,462 | ||
Accumulated depreciation | (42,782) | (36,249) | ||
Property, plant, and equipment, net | 38,549 | 33,213 | ||
Depreciation | ||||
Depreciation expense | 7,030 | 6,130 | $ 5,570 | |
Capitalized Interest | ||||
Interest capitalized as part of the cost of property, plant, and equipment | 77 | 66 | $ 77 | |
Land | ||||
Property, Plant, and Equipment including Finance Lease Right-of-Use Asset | ||||
Property, plant, and equipment, gross | 280 | 280 | ||
Buildings | ||||
Property, Plant, and Equipment including Finance Lease Right-of-Use Asset | ||||
Property, plant, and equipment, gross | 16,676 | 14,776 | ||
Equipment | ||||
Property, Plant, and Equipment including Finance Lease Right-of-Use Asset | ||||
Property, plant, and equipment, gross | [1] | 61,354 | 51,902 | |
Equipment not placed into service | ||||
Property, Plant, and Equipment including Finance Lease Right-of-Use Asset | ||||
Property, plant, and equipment, gross | 3,350 | 1,990 | ||
Construction in progress | ||||
Property, Plant, and Equipment including Finance Lease Right-of-Use Asset | ||||
Property, plant, and equipment, gross | [2] | 1,897 | 1,517 | |
Software | ||||
Property, Plant, and Equipment including Finance Lease Right-of-Use Asset | ||||
Property, plant, and equipment, gross | $ 1,124 | $ 987 | ||
[1]Includes costs related to equipment not placed into service of $3.35 billion as of September 1, 2022 and $1.99 billion as of September 2, 2021.[2]Includes building-related construction, tool installation, and software costs for assets not placed into service. |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Gross Amount, Product and process technology | $ 742 | $ 633 | |
Accumulated Amortization, Product and process technology | (321) | (284) | |
Goodwill | 1,228 | 1,228 | |
Amortizing assets [Line Items] | |||
Increase in product and process technology | 158 | 106 | $ 73 |
Amortization [Abstract] | |||
Amortization of Intangible Assets | 85 | $ 82 | $ 78 |
Annual amortization expense for intangible assets [Abstract] | |||
2023 | 83 | ||
2024 | 72 | ||
2025 | 52 | ||
2026 | 43 | ||
2027 | $ 37 | ||
Weighted Average | |||
Amortizing assets [Line Items] | |||
Useful lives of assets placed into service | 9 years | 9 years | 10 years |
Leases - Cost and Cash Flows (D
Leases - Cost and Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |||
Components of Lease Expense | |||||
Amortization of right-of-use asset | $ 99 | $ 69 | $ 140 | ||
Interest on lease liability | 24 | 20 | 22 | ||
Operating lease cost(1) | [1] | 125 | 108 | 102 | |
Total lease cost | 248 | 197 | 264 | ||
Cash flows used for operating activities | |||||
Finance leases | 23 | 21 | 24 | ||
Operating leases | 110 | 106 | 39 | [2] | |
Cash flows used for financing activities | |||||
Cash flows used for financing activities – Finance leases | 103 | 85 | 248 | ||
Finance leases, noncash acquisitions of right-of-use assets | 309 | 395 | 107 | ||
Operating leases, noncash acquisitions of right-of-use assets | $ 197 | $ 27 | 11 | ||
Proceeds from tenant allowance | $ 48 | ||||
Lessee, Finance Lease Description | |||||
Finance Lease Right-of-Use Asset, Balance Sheet Location | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | |||
Finance lease right-of-use assets (included in property, plant, and equipment and assets held for sale) | $ 904 | $ 766 | |||
Finance leases, Weighted-average remaining lease term (in years) | 12 years | 11 years | |||
Finance leases, Weighted-average discount rate | 2.65% | 3.14% | |||
Lessee, Operating Lease Description | |||||
Operating Lease Liability, Balance Sheet Location | Accounts payable and accrued expenses | Accounts payable and accrued expenses | |||
Current operating lease liabilities (included in accounts payable and accrued expenses) | $ 60 | $ 55 | |||
Operating leases, Weighted-average remaining lease term (in years) | 12 years | 12 years | |||
Operating leases, Weighted-average discount rate | 2.90% | 2.63% | |||
Real Estate | Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease renewal term | 1 year | ||||
Real Estate | Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease renewal term | 10 years | ||||
Land | Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease renewal term | 1 year | ||||
Land | Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease renewal term | 30 years | ||||
[1]Operating lease cost includes short-term and variable lease expenses, which were not material for the periods presented.[2]Includes $48 million of reimbursements received for tenant improvements for 2020. |
Leases - Maturities (Details)
Leases - Maturities (Details) - USD ($) $ in Millions | Sep. 01, 2022 | Sep. 02, 2021 |
Finance Lease Maturities | ||
2023 | $ 123 | |
2024 | 100 | |
2025 | 87 | |
2026 | 87 | |
2027 | 86 | |
2028 and thereafter | 534 | |
Less imputed interest | (131) | |
Finance Lease Liability | 886 | $ 804 |
Operating Lease Maturities | ||
2023 | 66 | |
2024 | 80 | |
2025 | 70 | |
2026 | 67 | |
2027 | 64 | |
2028 and thereafter | 463 | |
Less imputed interest | (140) | |
Operating Lease Liability | $ 670 |
Leases - Not Yet Commenced (Det
Leases - Not Yet Commenced (Details) $ in Millions | Sep. 01, 2022 USD ($) |
Finance Lease Not yet Commenced | |
Payment obligations | $ 212 |
Weighted Average | |
Finance Lease Not yet Commenced | |
Lease term | 14 years |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions | Sep. 01, 2022 | Sep. 02, 2021 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Accounts payable | $ 2,142 | $ 1,744 |
Property, plant, and equipment | 2,170 | 1,887 |
Salaries, wages, and benefits | 877 | 984 |
Income and other taxes | 420 | 364 |
Other | 481 | 346 |
Total accounts payable and accrued expenses | $ 6,090 | $ 5,325 |
Debt - Long-term Debt (Details)
Debt - Long-term Debt (Details) - USD ($) | 12 Months Ended | ||||
Nov. 01, 2021 | Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | ||
Long-term Debt by Current and Noncurrent | |||||
Total Long-term Debt | $ 6,020,000,000 | ||||
Finance Lease Effective Rate (in ten thousandths) | 2.65% | 3.14% | |||
Current Finance Lease Obligations | $ 103,000,000 | $ 155,000,000 | |||
Long-Term Finance Lease Obligations | 783,000,000 | 649,000,000 | |||
Total Finance Lease Obligations | 886,000,000 | 804,000,000 | |||
Long-term Debt and Lease Obligation | |||||
Principal (including finance lease obligation) | 7,024,000,000 | 6,792,000,000 | |||
Current debt (including finance lease obligation) | 103,000,000 | 155,000,000 | |||
Long-term debt (including finance lease obligation) | 6,803,000,000 | 6,621,000,000 | |||
Total Net Carrying Amount of Debt (including finance lease obligation) | $ 6,906,000,000 | $ 6,776,000,000 | |||
Current finance lease liability, statement of financial position | Current debt (including finance lease obligation) | Current debt (including finance lease obligation) | |||
Noncurrent finance lease liability, statement of financial position | Long-term debt (including finance lease obligation) | Long-term debt (including finance lease obligation) | |||
Senior Unsecured Notes | |||||
Increase (Decrease) Principal | $ 150,000,000 | ||||
2024 Term Loans | |||||
Proceeds from issuance of debt | 2,000,000,000 | $ 1,188,000,000 | $ 5,000,000,000 | ||
Repayments of Debt | $ 3,920,000,000 | ||||
Maturities of Notes Payable | |||||
2023 | 0 | ||||
2024 | 0 | ||||
2025 | 1,188,000,000 | ||||
2026 | 500,000,000 | ||||
2027 | 900,000,000 | ||||
2028 and thereafter | 3,550,000,000 | ||||
Unamortized discounts | (27,000,000) | ||||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | (91,000,000) | ||||
Long-term Debt | 6,020,000,000 | ||||
Interest rate swap | Fair value hedges | Designated hedging instruments | |||||
Long-term Debt and Lease Obligation | |||||
Notional or Contractual Amount | 900,000,000 | 900,000,000 | |||
Micron Technology, Inc. | |||||
Long-term Debt and Lease Obligation | |||||
Subordinated Debt | $ 6,020,000,000 | ||||
SOFR | Interest rate swap | Fair value hedges | Designated hedging instruments | |||||
Long-term Debt and Lease Obligation | |||||
Spread on 2027 Variable Interest Rate | 3.33% | ||||
Extinguished 2024 Term Loan A | Term Loan | |||||
2024 Term Loans | |||||
Repayments of Debt | 1,190,000,000 | ||||
Term Loan | 2024 Term Loan A | |||||
Long-term Debt by Current and Noncurrent | |||||
Stated Rate (exact percentage) | 3.70% | ||||
Effective Rate (in ten thousandths) | 3.74% | ||||
Principal | $ 1,188,000,000 | 1,188,000,000 | |||
Current Portion of Long-term Debt | 0 | 0 | |||
Noncurrent Long-Term Debt | 1,187,000,000 | 1,186,000,000 | |||
Total Long-term Debt | 1,187,000,000 | 1,186,000,000 | |||
2024 Term Loans | |||||
Proceeds from issuance of debt | 1,190,000,000 | ||||
Maturities of Notes Payable | |||||
Long-term Debt | $ 1,187,000,000 | 1,186,000,000 | |||
Term Loan | 2024 Term Loan A | LIBOR | Minimum | |||||
Revolving Credit Facility | |||||
Margin on variable rate financing | 0.625% | ||||
Term Loan | 2024 Term Loan A | LIBOR | Maximum | |||||
Revolving Credit Facility | |||||
Margin on variable rate financing | 1.375% | ||||
Corporate Bonds | |||||
Senior Unsecured Notes | |||||
Increase (Decrease) Principal | $ 2,000,000,000 | ||||
Debt Issuance Costs | $ 14,000,000 | ||||
Redemption price percentage upon change in control | 100% | ||||
Debt Covenant, Restricted Subsidiaries, Ownership Percentage by Parent (in hundredths) | 80% | ||||
Debt Instrument, Redemption Price Percentage, Change in Control Event | 101% | ||||
Corporate Bonds | 2026 Notes | |||||
Long-term Debt by Current and Noncurrent | |||||
Stated Rate (exact percentage) | 4.975% | ||||
Effective Rate (in ten thousandths) | 5.07% | ||||
Principal | $ 500,000,000 | 500,000,000 | |||
Current Portion of Long-term Debt | 0 | 0 | |||
Noncurrent Long-Term Debt | 498,000,000 | 498,000,000 | |||
Total Long-term Debt | 498,000,000 | 498,000,000 | |||
Maturities of Notes Payable | |||||
Long-term Debt | $ 498,000,000 | 498,000,000 | |||
Corporate Bonds | 2027 Notes | |||||
Long-term Debt by Current and Noncurrent | |||||
Stated Rate (exact percentage) | [1] | 4.185% | |||
Effective Rate (in ten thousandths) | [1] | 4.27% | |||
Principal | $ 900,000,000 | 900,000,000 | |||
Current Portion of Long-term Debt | [1] | 0 | 0 | ||
Noncurrent Long-Term Debt | [1] | 806,000,000 | 901,000,000 | ||
Total Long-term Debt | [1] | 806,000,000 | 901,000,000 | ||
Maturities of Notes Payable | |||||
Long-term Debt | [1] | $ 806,000,000 | 901,000,000 | ||
Corporate Bonds | 2029 Notes | |||||
Long-term Debt by Current and Noncurrent | |||||
Stated Rate (exact percentage) | 5.327% | ||||
Effective Rate (in ten thousandths) | 5.40% | ||||
Principal | $ 700,000,000 | 700,000,000 | |||
Current Portion of Long-term Debt | 0 | 0 | |||
Noncurrent Long-Term Debt | 697,000,000 | 696,000,000 | |||
Total Long-term Debt | 697,000,000 | 696,000,000 | |||
Maturities of Notes Payable | |||||
Long-term Debt | $ 697,000,000 | 696,000,000 | |||
Corporate Bonds | 2030 Notes | |||||
Long-term Debt by Current and Noncurrent | |||||
Stated Rate (exact percentage) | 4.663% | ||||
Effective Rate (in ten thousandths) | 4.73% | ||||
Principal | $ 850,000,000 | 850,000,000 | |||
Current Portion of Long-term Debt | 0 | 0 | |||
Noncurrent Long-Term Debt | 846,000,000 | 846,000,000 | |||
Total Long-term Debt | 846,000,000 | 846,000,000 | |||
Maturities of Notes Payable | |||||
Long-term Debt | $ 846,000,000 | 846,000,000 | |||
Corporate Bonds | Unsecured Senior Corporate Green Bond Due 2032 | |||||
Long-term Debt by Current and Noncurrent | |||||
Stated Rate (exact percentage) | 2.703% | ||||
Effective Rate (in ten thousandths) | 2.77% | ||||
Principal | $ 1,000,000,000 | 0 | |||
Current Portion of Long-term Debt | 0 | 0 | |||
Noncurrent Long-Term Debt | 994,000,000 | 0 | |||
Total Long-term Debt | 994,000,000 | 0 | |||
Senior Unsecured Notes | |||||
Increase (Decrease) Principal | 1,000,000,000 | ||||
Maturities of Notes Payable | |||||
Long-term Debt | $ 994,000,000 | 0 | |||
Corporate Bonds | 2041 Notes | |||||
Long-term Debt by Current and Noncurrent | |||||
Stated Rate (exact percentage) | 3.366% | ||||
Effective Rate (in ten thousandths) | 3.41% | ||||
Principal | $ 500,000,000 | 0 | |||
Current Portion of Long-term Debt | 0 | 0 | |||
Noncurrent Long-Term Debt | 496,000,000 | 0 | |||
Total Long-term Debt | 496,000,000 | 0 | |||
Senior Unsecured Notes | |||||
Increase (Decrease) Principal | 500,000,000 | ||||
Maturities of Notes Payable | |||||
Long-term Debt | $ 496,000,000 | 0 | |||
Corporate Bonds | 2051 Notes | |||||
Long-term Debt by Current and Noncurrent | |||||
Stated Rate (exact percentage) | 3.477% | ||||
Effective Rate (in ten thousandths) | 3.52% | ||||
Principal | $ 500,000,000 | 0 | |||
Current Portion of Long-term Debt | 0 | 0 | |||
Noncurrent Long-Term Debt | 496,000,000 | 0 | |||
Total Long-term Debt | 496,000,000 | 0 | |||
Senior Unsecured Notes | |||||
Increase (Decrease) Principal | 500,000,000 | ||||
Maturities of Notes Payable | |||||
Long-term Debt | 496,000,000 | 0 | |||
Corporate Bonds | 2023 Notes | |||||
Long-term Debt by Current and Noncurrent | |||||
Principal | 0 | 1,250,000,000 | |||
Current Portion of Long-term Debt | 0 | 0 | |||
Noncurrent Long-Term Debt | 0 | 1,247,000,000 | |||
Total Long-term Debt | 0 | 1,247,000,000 | |||
Maturities of Notes Payable | |||||
Long-term Debt | 0 | 1,247,000,000 | |||
Corporate Bonds | 2024 Notes | |||||
Long-term Debt by Current and Noncurrent | |||||
Principal | 0 | 600,000,000 | |||
Current Portion of Long-term Debt | 0 | 0 | |||
Noncurrent Long-Term Debt | 0 | 598,000,000 | |||
Total Long-term Debt | 0 | 598,000,000 | |||
Maturities of Notes Payable | |||||
Long-term Debt | 0 | $ 598,000,000 | |||
Revolving Credit Facility | 2026 Revolving Credit Facility | |||||
Long-term Debt by Current and Noncurrent | |||||
Total Long-term Debt | $ 0 | ||||
Revolving Credit Facility | |||||
Debt term (in years) | 5 years | ||||
Maximum Borrowing Capacity | $ 2,500,000,000 | ||||
Available borrowing capacity | 2,500,000,000 | ||||
Maturities of Notes Payable | |||||
Long-term Debt | $ 0 | ||||
Revolving Credit Facility | 2026 Revolving Credit Facility | Maximum | |||||
Revolving Credit Facility | |||||
Debt Covenant, Ratio Of Total Debt To Adjusted EBITDA | 3.25 | ||||
Revolving Credit Facility | 2026 Revolving Credit Facility | LIBOR | Minimum | |||||
Revolving Credit Facility | |||||
Margin on variable rate financing | 1% | ||||
Revolving Credit Facility | 2026 Revolving Credit Facility | LIBOR | Maximum | |||||
Revolving Credit Facility | |||||
Margin on variable rate financing | 1.75% | ||||
[1]In 2021, we entered into fixed-to-floating interest rate swaps on the 2027 Notes with an aggregate $900 million notional amount equal to the principal amount of the 2027 Notes. The resulting variable interest paid is at a rate equal to SOFR plus approximately 3.33%. The fixed-to-floating interest rate swaps are accounted for as fair value hedges, as a result, the carrying values of our 2027 Notes reflect adjustments in fair value. |
Debt - Debt Activity (Details)
Debt - Debt Activity (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Nov. 01, 2021 | Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Extinguishment of Debt [Line Items] | ||||
Increase (Decrease) Principal | $ 150 | |||
Increase (Decrease) in Carrying Value | 141 | $ (3,900) | ||
Gain (loss) on debt prepayments, repurchases, and conversions | (83) | $ (1) | 40 | |
Increase (Decrease) in Cash From Certain Debt Activities, Net | 58 | |||
Extinguishment of Debt, Amount | (3,770) | |||
(Decrease) in Cash - Prepayments and Conversions | $ (3,920) | |||
Convertible Debt | 2032D Notes | ||||
Extinguishment of Debt [Line Items] | ||||
Stock issued for convertible notes (shares) | 11.1 | |||
(Decrease) in Cash - Prepayments and Conversions | $ (185) | |||
Corporate Bonds | 2023 Notes | ||||
Extinguishment of Debt [Line Items] | ||||
Increase (Decrease) in Carrying Value | (1,247) | |||
Gain (loss) on debt prepayments, repurchases, and conversions | (34) | |||
Extinguishment of Debt, Amount | (1,250) | |||
(Decrease) in Cash - Prepayments and Conversions | (1,281) | |||
Corporate Bonds | 2024 Notes | ||||
Extinguishment of Debt [Line Items] | ||||
Increase (Decrease) in Carrying Value | (598) | |||
Gain (loss) on debt prepayments, repurchases, and conversions | (49) | |||
Extinguishment of Debt, Amount | (600) | |||
(Decrease) in Cash - Prepayments and Conversions | (647) | |||
Corporate Bonds | ||||
Extinguishment of Debt [Line Items] | ||||
Increase (Decrease) Principal | $ 2,000 | |||
Corporate Bonds | Unsecured Senior Corporate Green Bond Due 2032 | ||||
Extinguishment of Debt [Line Items] | ||||
Increase in Cash - Issuances | 994 | |||
Increase (Decrease) Principal | 1,000 | |||
Increase (Decrease) in Carrying Value | 994 | |||
Corporate Bonds | 2041 Notes | ||||
Extinguishment of Debt [Line Items] | ||||
Increase in Cash - Issuances | 496 | |||
Increase (Decrease) Principal | 500 | |||
Increase (Decrease) in Carrying Value | 496 | |||
Corporate Bonds | 2051 Notes | ||||
Extinguishment of Debt [Line Items] | ||||
Increase in Cash - Issuances | 496 | |||
Increase (Decrease) Principal | 500 | |||
Increase (Decrease) in Carrying Value | $ 496 |
Commitments (Details)
Commitments (Details) $ in Billions | Sep. 01, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments for purchase obligations | $ 7.1 |
Commitments for purchase obligations, portion due within one year | $ 5.4 |
Contingencies (Details)
Contingencies (Details) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Oct. 05, 2022 patent | Sep. 30, 2022 patent | Sep. 01, 2022 CNY (¥) patent complaint | Sep. 01, 2022 USD ($) patent complaint | Oct. 06, 2022 complaint | |
Securities Matters | Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Pending Claims, Number | complaint | 2 | 2 | |||
Innovative Memory Solutions, Inc. vs Micron-Complaint 1 | Patent Matters | |||||
Loss Contingencies [Line Items] | |||||
Number of patents allegedly infringed | 8 | 8 | |||
Loss Contingency, Patents Found Not Infringed, Number | 6 | 6 | |||
Innovative Memory Solutions, Inc. vs Micron-Complaint 1 | Patent Matters | Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Number of patents allegedly infringed | 2 | 2 | |||
Fujian Jinhua Integrated Circuit Co., Ltd. vs Micron-Complaint 1 | Patent Matters | Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Number of patents allegedly infringed | 1 | 1 | |||
Damages sought on alleged patent infringement | ¥ | ¥ 98 | ||||
Fujian Jinhua Integrated Circuit Co., Ltd. vs Micron-Complaint 2 | Patent Matters | Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Number of patents allegedly infringed | 1 | 1 | |||
Damages sought on alleged patent infringement | ¥ | ¥ 98 | ||||
United Microelectronics Corporation vs Micron-Complaint 1 | Patent Matters | Withdrawn Litigation | |||||
Loss Contingencies [Line Items] | |||||
Number of patents allegedly infringed | 1 | 1 | |||
Damages sought on alleged patent infringement | ¥ | ¥ 90 | ||||
United Microelectronics Corporation vs Micron-Complaint 2 | Patent Matters | Withdrawn Litigation | |||||
Loss Contingencies [Line Items] | |||||
Number of patents allegedly infringed | 1 | 1 | |||
Damages sought on alleged patent infringement | ¥ | ¥ 90 | ||||
Flash-Control, LLC vs Micron | Patent Matters | |||||
Loss Contingencies [Line Items] | |||||
Number of patents allegedly infringed | 4 | 4 | |||
Loss Contingency, Patents Found Not Infringed, Number | 2 | 2 | |||
Netlist Inc. vs Micron | Patent Matters | Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Number of patents allegedly infringed | 1 | 1 | |||
Netlist Inc vs Micron - Complaint 2 | Patent Matters | Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Number of patents allegedly infringed | 3 | 3 | |||
Netlist Inc. vs Micron - Complaint 3 | Patent Matters | Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Number of patents allegedly infringed | 2 | 2 | |||
Netlist Inc. vs Micron - Complaint 4 | Patent Matters | Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Number of patents allegedly infringed | 6 | 6 | |||
Netlist Inc. vs Micron - Complaint 5 | Patent Matters | Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Number of patents allegedly infringed | 1 | 1 | |||
Netlist Inc. vs Micron - Complaint 5 Amendment | Patent Matters | Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Number of patents allegedly infringed | 2 | 2 | |||
Vervain LLC vs Micron | Patent Matters | Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Number of patents allegedly infringed | 4 | 4 | |||
Bell Semiconductor LLC vs Micron | Patent Matters | Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Number of patents allegedly infringed | 1 | 1 | |||
Bell Semiconductor LLC vs Micron - Complaint 2 | Patent Matters | Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Number of patents allegedly infringed | 2 | 2 | |||
Bell Semiconductor LLC vs Micron - Complaint 3 | Patent Matters | Pending Litigation | Subsequent Event | |||||
Loss Contingencies [Line Items] | |||||
Number of patents allegedly infringed | 6 | ||||
Bell Semiconductor LLC vs Micron - Complaint 4 | Patent Matters | Pending Litigation | Subsequent Event | |||||
Loss Contingencies [Line Items] | |||||
Number of patents allegedly infringed | 1 | ||||
Bell Semiconductor LLC vs Micron and Others - ITC | Patent Matters | Pending Litigation | Subsequent Event | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Pending Claims, Number | complaint | 1 | ||||
Sonrai Memory, Ltd. vs Micron | Patent Matters | Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Number of patents allegedly infringed | 2 | 2 | |||
Qimonda AG Inotera Share Purchase Proceedings | Under Appeal | |||||
Loss Contingencies [Line Items] | |||||
Percentage of total Inotera shares subject to litigation (in hundredths) | 18% | 18% | |||
Loss contingency, judgment under appeal | $ | $ 1 | ||||
Subsequent indirect DRAM Purchasers United States vs Micron | Antitrust Matters | Dismissed Litigation | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Claims Dismissed, Number | complaint | 2 | 2 | |||
Subsequent direct DRAM Purchasers United States vs Micron | Antitrust Matters | Dismissed Litigation | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Claims Dismissed, Number | complaint | 4 | 4 | |||
DRAM Purchasers Canada vs Micron | Antitrust Matters | Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Pending Claims, Number | complaint | 6 | 6 |
Equity - Common Stock Repurchas
Equity - Common Stock Repurchases and Dividends (Details) - USD ($) $ / shares in Units, shares in Millions | 12 Months Ended | 48 Months Ended | |||
Sep. 29, 2022 | Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | Sep. 01, 2022 | |
Common Stock Repurchases | |||||
Payments for Repurchase of Common Stock | $ 2,432,000,000 | $ 1,200,000,000 | $ 176,000,000 | ||
Dividends | |||||
Cash dividends declared (per share) | $ 0.315 | $ 0.10 | |||
Subsequent Event | |||||
Dividends | |||||
Cash dividends declared (per share) | $ 0.115 | ||||
Dividends Payable, Date to be Paid | Oct. 26, 2022 | ||||
Dividends Payable, Date of Record | Oct. 11, 2022 | ||||
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) | 35.4 | 15.6 | |||
Payments for Repurchase of Common Stock | $ 2,430,000,000 | $ 1,200,000,000 | $ 6,470,000,000 |
Equity - Accumulated Other Comp
Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated other comprehensive income (loss) | $ 2 | ||
Other comprehensive income before reclassifications | (778) | ||
Amount reclassified out of accumulated other comprehensive income | 52 | ||
Tax effects | 164 | ||
Other comprehensive income (loss) | (562) | $ (69) | $ 62 |
Accumulated other comprehensive income (loss) | (560) | 2 | |
Gains (Losses) on Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated other comprehensive income (loss) | (22) | ||
Other comprehensive income before reclassifications | (720) | ||
Amount reclassified out of accumulated other comprehensive income | 53 | ||
Tax effects | 151 | ||
Other comprehensive income (loss) | (516) | ||
Accumulated other comprehensive income (loss) | (538) | (22) | |
Unrealized Gains (Losses) on Investments | |||
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated other comprehensive income (loss) | 1 | ||
Other comprehensive income before reclassifications | (63) | ||
Amount reclassified out of accumulated other comprehensive income | 1 | ||
Tax effects | 14 | ||
Other comprehensive income (loss) | (48) | ||
Accumulated other comprehensive income (loss) | (47) | 1 | |
Pension Liability Adjustments | |||
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated other comprehensive income (loss) | 22 | ||
Other comprehensive income before reclassifications | 6 | ||
Amount reclassified out of accumulated other comprehensive income | (2) | ||
Tax effects | (1) | ||
Other comprehensive income (loss) | 3 | ||
Accumulated other comprehensive income (loss) | 25 | 22 | |
Cumulative Foreign Currency Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated other comprehensive income (loss) | 1 | ||
Other comprehensive income before reclassifications | (1) | ||
Amount reclassified out of accumulated other comprehensive income | 0 | ||
Tax effects | 0 | ||
Other comprehensive income (loss) | (1) | ||
Accumulated other comprehensive income (loss) | $ 0 | $ 1 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair and Carrying Value of Debt (Details) - USD ($) $ in Millions | Sep. 01, 2022 | Sep. 02, 2021 |
Fair Value | ||
Fair Value of Notes Payable | ||
Notes (level 2) | $ 5,472 | $ 6,584 |
Carrying Value | ||
Fair Value of Notes Payable | ||
Notes (level 2) | $ 6,020 | $ 5,973 |
Derivative Instruments - Notion
Derivative Instruments - Notional Amounts and Fair Values (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 02, 2021 | ||
Fair Value of Derivative Assets and Liabilities | |||
Fair Value of Assets | [1] | $ 8 | $ 20 |
Fair Value of Liabilities | [2] | $ (440) | (68) |
Designated hedging instruments | Cash flow hedges | |||
Fair Value of Derivative Assets and Liabilities | |||
General maturity of cash flow hedges (in years) | 2 years | ||
Designated hedging instruments | Cash flow hedges | Currency hedges | |||
Notional Disclosures | |||
Notional or Contractual Amount | $ 5,427 | 3,601 | |
Fair Value of Derivative Assets and Liabilities | |||
Fair Value of Assets | [1] | 0 | 10 |
Fair Value of Liabilities | [2] | (330) | (66) |
Designated hedging instruments | Cash flow hedges | Commodity hedges | |||
Notional Disclosures | |||
Notional or Contractual Amount | 97 | 45 | |
Fair Value of Derivative Assets and Liabilities | |||
Fair Value of Assets | [1] | 1 | 2 |
Fair Value of Liabilities | [2] | (6) | 0 |
Designated hedging instruments | Fair value hedges | Interest rate swap | |||
Notional Disclosures | |||
Notional or Contractual Amount | 900 | 900 | |
Fair Value of Derivative Assets and Liabilities | |||
Fair Value of Assets | [1] | 0 | 5 |
Fair Value of Liabilities | [2] | (91) | 0 |
Not designated hedging instruments | Currency hedges | |||
Notional Disclosures | |||
Notional or Contractual Amount | 2,821 | 996 | |
Fair Value of Derivative Assets and Liabilities | |||
Fair Value of Assets | [1] | 7 | 3 |
Fair Value of Liabilities | [2] | $ (13) | $ (2) |
General maturity of currency forward contracts (in months) | 3 months | ||
[1]Included in receivables and other noncurrent assets.[2]Included in accounts payable and accrued expenses and other noncurrent liabilities. |
Derivative Instruments - Gain (
Derivative Instruments - Gain (Loss) on Derivatives (Details) - Designated hedging instruments - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net gains (losses) recognized in other comprehensive income from cash flow hedges | $ (735) | $ (52) | $ 51 |
Cash flow hedge gains (losses) reclassified from AOCI to earnings | (53) | $ 41 | |
Cash flow hedge (losses) expected to be reclassified into earnings within twelve months | (263) | ||
Fair value hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 96 | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $ (96) |
Equity Plans - Share Based Info
Equity Plans - Share Based Information and Restricted Stock Awards (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 2 Months Ended | 10 Months Ended | 12 Months Ended | ||
Oct. 31, 2021 | Sep. 01, 2022 | Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for future awards (in shares) | 90 | 90 | |||
Tranche 1 - Initial vesting after one year | |||||
Restricted Stock and Restricted Stock Units ("Restricted Stock Awards") | |||||
Annual vesting rights, percentage | 25% | ||||
Tranche 2 - Quarterly vesting for remaining three years | |||||
Restricted Stock and Restricted Stock Units ("Restricted Stock Awards") | |||||
Annual vesting rights, percentage | 6.25% | ||||
Restricted stock awards | |||||
Restricted Stock Awards Roll Forward (Shares) | |||||
Number of Shares - Outstanding (in shares) | 20 | 20 | |||
Number of Shares - Granted (in shares) | 13 | 11 | 8 | ||
Number of Shares - Restrictions lapsed (in shares) | (7) | ||||
Number of Shares - Canceled (in shares) | (3) | ||||
Number of Shares - Outstanding (in shares) | 23 | 23 | 20 | ||
Restricted Stock Awards Roll Forward (Weighted Average Grant Date Fair Value) | |||||
Weighted Average Grant Date Fair Value Per Share - Outstanding (in dollars per share) | $ 49.39 | $ 49.39 | |||
Weighted Average Grant Date Fair Value Per Share - Granted (in dollars per share) | 70.81 | $ 53.58 | $ 46.44 | ||
Weighted Average Grant Date Fair Value Per Share - Restrictions lapsed (in dollars per share) | 47.36 | ||||
Weighted Average Grant Date Fair Value Per Share - Canceled (in dollars per share) | 57 | ||||
Weighted Average Grant Date Fair Value Per Share - Outstanding (in dollars per share) | $ 60.93 | $ 60.93 | $ 49.39 | ||
Aggregate vesting-date fair value of shares vested | $ 498 | $ 385 | $ 294 | ||
Performance and Market-based Restricted Stock Awards | |||||
Restricted Stock and Restricted Stock Units ("Restricted Stock Awards") | |||||
Restricted award vesting period | 3 years | ||||
Performance and Market-based Restricted Stock Awards | Minimum | |||||
Restricted Stock and Restricted Stock Units ("Restricted Stock Awards") | |||||
Restricted award achievement potential, percentage | 0% | ||||
Performance and Market-based Restricted Stock Awards | Maximum | |||||
Restricted Stock and Restricted Stock Units ("Restricted Stock Awards") | |||||
Restricted award achievement potential, percentage | 200% | ||||
Service-based Restricted Stock Awards | |||||
Restricted Stock Awards Roll Forward (Shares) | |||||
Number of Shares - Outstanding (in shares) | 20 | 20 | |||
Service-based Restricted Stock Awards | Minimum | |||||
Restricted Stock and Restricted Stock Units ("Restricted Stock Awards") | |||||
Annual vesting rights, percentage | 25% | ||||
Service-based Restricted Stock Awards | Maximum | |||||
Restricted Stock and Restricted Stock Units ("Restricted Stock Awards") | |||||
Annual vesting rights, percentage | 33% | ||||
Employee Stock Purchase Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for future awards (in shares) | 18 | 18 | |||
Restricted Stock Awards Roll Forward (Weighted Average Grant Date Fair Value) | |||||
Weighted Average Grant Date Fair Value Per Share - Granted (in dollars per share) | $ 18.87 | $ 20.71 | $ 14.24 |
Equity Plans - ESPP and Stock O
Equity Plans - ESPP and Stock Options (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | Jul. 31, 2021 | |
Employee Stock Purchase Plan | ||||
Employee Stock Purchase Plan ("ESPP") | ||||
ESPP maximum payroll deduction percentage (in hundredths) | 15% | 10% | ||
ESPP percentage purchase price of common stock (in hundredths) | 85% | |||
Period from grant date until stock options expire or ESPP program period (in years or months) | 6 months | |||
ESPP shares purchased (in shares) | 4 | 3 | 3 | |
ESPP value of shares purchased | $ 215 | $ 140 | $ 118 | |
ESPP Fair Value Assumptions and Methodology | ||||
Fair Value Assumptions, Method Used | Black-Scholes | |||
Weighted-average grant-date fair value per share | $ 18.87 | $ 20.71 | $ 14.24 | |
Average expected life in years | 6 months | 6 months | 6 months | |
Weighted-average expected volatility (based on implied volatility) | 43% | 41% | 45% | |
Weighted-average risk-free interest rate | 2% | 0.10% | 0.80% | |
Expected dividend yield | 0.60% | 0.30% | 0% | |
Employee Stock Option | ||||
Employee Stock Purchase Plan ("ESPP") | ||||
Period from grant date until stock options expire or ESPP program period (in years or months) | 8 years | |||
Stock Option Disclosures | ||||
Number of options outstanding (in shares) | 3 | |||
Number of shares exercised (in shares) | 1 | |||
Total intrinsic value for option exercised | $ 54 | $ 143 | $ 130 |
Equity Plans - Stock-based comp
Equity Plans - Stock-based compensation expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | $ 496 | $ 395 | $ 328 |
Equity Plans, Additional Disclosures | |||
Tax benefit from compensation expense | 77 | 83 | 72 |
Total unrecognized compensation costs related to non-vested awards expected to be recognized | $ 1,020 | ||
Weighted average period that unrecognized compensation costs is expected to be recognized (in years) | 1 year 3 months 18 days | ||
Restricted stock awards | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | $ 429 | 333 | 272 |
Employee Stock Purchase Plan | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 66 | 52 | 39 |
Employee Stock Option | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 1 | 10 | 17 |
Equity plans | |||
Equity Plans, Additional Disclosures | |||
Expense capitalized and remained in inventory | 48 | 30 | |
Cost of goods sold | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 193 | 186 | 139 |
Research and development | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 175 | 110 | 86 |
Selling, general, and administrative | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 133 | 99 | 103 |
Restructure | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | $ (5) | $ 0 | $ 0 |
Employee Benefit Plans - (Detai
Employee Benefit Plans - (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Employee Savings Plan for U.S. Employees | |||
Maximum annual contributions per employee (in hundredths) | 75% | ||
Employer matching contribution, percent of employees' eligible earnings (in hundredths) | 5% | ||
Defined contribution plan contribution expense | $ 66 | $ 77 | $ 66 |
Retirement Plans | |||
Projected pension benefit obligation | 186 | 222 | |
Pension plan assets | $ 221 | $ 256 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 30,758 | $ 27,705 | $ 21,435 |
Estimated consideration payable to customers for pricing adjustments and returns | 1,260 | 846 | |
DRAM | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 22,386 | 20,039 | 14,510 |
NAND | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 7,811 | 7,007 | 6,131 |
Other (primarily 3D XPoint memory and NOR) | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 561 | $ 659 | $ 794 |
Restructure and Asset Impairm_3
Restructure and Asset Impairments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Restructuring and Related Activities [Abstract] | |||
Restructure and asset impairments | $ 48 | $ 488 | $ 60 |
Other Operating (Income) Expe_3
Other Operating (Income) Expense, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Other Income and Expenses [Abstract] | |||
Patent license charges | $ 0 | $ 128 | $ 0 |
(Gain) loss on disposition of property, plant, and equipment | (41) | (24) | (3) |
Other | 7 | (9) | 11 |
Other operating (income) expense, net | $ (34) | $ 95 | $ 8 |
Other Non-Operating Income (E_3
Other Non-Operating Income (Expense), Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Other Nonoperating Income (Expense) [Abstract] | |||
Gain (loss) on investments | $ 26 | $ 82 | $ 22 |
Gain (loss) on debt prepayments, repurchases, and conversions | (83) | (1) | 40 |
Other | 19 | 0 | (2) |
Other non-operating income (expense), net | $ (38) | $ 81 | $ 60 |
Income Taxes - Income (loss) be
Income Taxes - Income (loss) before Taxes and Other Items (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Income (loss) before income taxes, net income (loss) attributable to noncontrolling interests, and equity in net income (loss) of equity method investees | |||
U.S. | $ 112 | $ (211) | $ 308 |
Foreign | 9,459 | 6,429 | 2,675 |
Income (loss) before income taxes, net income (loss) attributable to noncontrolling interests, and equity in net income (loss) of equity method investees | 9,571 | 6,218 | 2,983 |
Current | |||
U.S. federal | (65) | (42) | (20) |
State | (1) | (1) | (2) |
Foreign | (528) | (370) | (148) |
Total income tax (provision) benefit - current | (594) | (413) | (170) |
Deferred | |||
U.S. federal | (166) | (9) | 39 |
State | (225) | 28 | 23 |
Foreign | 97 | 0 | (172) |
Total income tax (provision) benefit - deferred | (294) | 19 | (110) |
Income tax (provision) benefit | $ (888) | $ (394) | $ (280) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Effective Income Tax Rate Reconciliation, Amount | |||
U.S. federal income tax (provision) benefit at statutory rate | $ (2,010) | $ (1,306) | $ (626) |
U.S. tax on foreign operations | (322) | (226) | (14) |
Change in valuation allowance | (241) | 54 | (20) |
Change in unrecognized tax benefits | (67) | (238) | (33) |
Foreign tax rate differential | 1,601 | 951 | 253 |
Research and development tax credits | 66 | 123 | 62 |
Foreign derived intangible income deduction | 41 | 18 | 67 |
State taxes, net of federal benefit | 0 | 59 | 23 |
Debt premium deductions | 0 | 130 | 0 |
Other | 44 | 41 | 8 |
Income tax (provision) benefit | $ (888) | $ (394) | $ (280) |
Effective Income Tax Rate Reconciliation, Percent | |||
U.S. federal statutory rate (percent) | 21% | 21% | 21% |
U.S. tax on foreign operations (percent) | 3.40% | 3.60% | 0.50% |
Change in valuation allowance (percent) | 2.50% | (0.90%) | 0.70% |
Unrecognized tax benefits (percent) | 0.70% | 3.80% | 1.10% |
Foreign tax rate differential (percent) | (16.70%) | (15.30%) | (8.50%) |
Research and development tax credits (percent) | (0.70%) | (2.00%) | (2.10%) |
Foreign derived intangible income (percent) | (0.40%) | (0.30%) | (2.20%) |
State taxes, net of federal benefit (percent) | 0% | (0.90%) | (0.80%) |
Debt premium deductions (percent) | 0% | (2.10%) | 0% |
Other (percent) | (0.50%) | (0.60%) | (0.30%) |
Effective tax rate (percent) | 9.30% | 6.30% | 9.40% |
Income Taxes - Tax Holiday and
Income Taxes - Tax Holiday and Other (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Income Tax Disclosure [Abstract] | |||
Tax benefit from incentive arrangements | $ 1,120 | $ 758 | $ 215 |
Tax benefit per diluted share from incentive arrangements | $ 1 | $ 0.66 | $ 0.19 |
Undistributed earnings of foreign subsidiaries deemed indefinitely reinvested | $ 4,380 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 01, 2022 | Sep. 02, 2021 |
Deferred tax assets | ||
Net operating loss and tax credit carryforwards | $ 796 | $ 783 |
Accrued salaries, wages, and benefits | 157 | 206 |
Operating lease liabilities | 138 | 109 |
Inventories | 77 | 0 |
Property, plant, and equipment | 44 | 37 |
Other | 142 | 115 |
Gross deferred tax assets | 1,354 | 1,250 |
Less valuation allowance | (471) | (233) |
Deferred tax assets, net of valuation allowance | 883 | 1,017 |
Deferred tax liabilities | ||
Right-of-use assets | (126) | (90) |
Product and process technology | 0 | (12) |
Other | (68) | (143) |
Deferred tax liabilities | (194) | (245) |
Net deferred tax assets | 689 | 772 |
Reported as | ||
Deferred tax assets | 702 | 782 |
Deferred tax liabilities (included in other noncurrent liabilities) | $ (13) | $ (10) |
Income Taxes - Operating Loss C
Income Taxes - Operating Loss Carryforwards (Details) $ in Millions | Sep. 01, 2022 USD ($) |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 2,392 |
2023 - 2027 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 474 |
2028 - 2032 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 611 |
2033 - 2037 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 249 |
2038 - 2042 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 197 |
Indefinite | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 861 |
State | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 873 |
State | 2023 - 2027 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 44 |
State | 2028 - 2032 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 377 |
State | 2033 - 2037 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 249 |
State | 2038 - 2042 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 197 |
State | Indefinite | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 6 |
Foreign | Japan | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 652 |
Foreign | Japan | 2023 - 2027 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 418 |
Foreign | Japan | 2028 - 2032 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 234 |
Foreign | Japan | 2033 - 2037 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 0 |
Foreign | Japan | 2038 - 2042 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 0 |
Foreign | Japan | Indefinite | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 0 |
Foreign | Malaysia | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 851 |
Foreign | Malaysia | 2023 - 2027 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 0 |
Foreign | Malaysia | 2028 - 2032 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 0 |
Foreign | Malaysia | 2033 - 2037 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 0 |
Foreign | Malaysia | 2038 - 2042 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 0 |
Foreign | Malaysia | Indefinite | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 851 |
Foreign | Other | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 16 |
Foreign | Other | 2023 - 2027 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 12 |
Foreign | Other | 2028 - 2032 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 0 |
Foreign | Other | 2033 - 2037 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 0 |
Foreign | Other | 2038 - 2042 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 0 |
Foreign | Other | Indefinite | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 4 |
Income Taxes - Tax Credit Carry
Income Taxes - Tax Credit Carryforwards (Details) $ in Millions | Sep. 01, 2022 USD ($) |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | $ 675 |
2023 - 2027 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | 46 |
2028 - 2032 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | 103 |
2033 - 2037 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | 128 |
2038 - 2042 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | 283 |
Indefinite | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | 115 |
U.S. Federal | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | 278 |
U.S. Federal | 2023 - 2027 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | 0 |
U.S. Federal | 2028 - 2032 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | 0 |
U.S. Federal | 2033 - 2037 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | 0 |
U.S. Federal | 2038 - 2042 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | 278 |
U.S. Federal | Indefinite | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | 0 |
State | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | 397 |
State | 2023 - 2027 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | 46 |
State | 2028 - 2032 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | 103 |
State | 2033 - 2037 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | 128 |
State | 2038 - 2042 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | 5 |
State | Indefinite | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforwards | $ 115 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Unrecognized Tax Benefits Roll Forward | |||
Beginning unrecognized tax benefits | $ 660 | $ 411 | $ 383 |
Increases related to tax positions from prior years | 14 | 2 | 14 |
Increases related to tax positions taken in current year | 80 | 260 | 27 |
Decreases related to tax positions from prior years | (23) | (13) | (13) |
Ending unrecognized tax benefits | 731 | 660 | 411 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 564 | ||
Income Tax Contingency [Line Items] | |||
Deferred State and Local Income Tax Expense (Benefit) | $ 225 | $ (28) | $ (23) |
Internal Revenue Service (IRS) | |||
Income Tax Contingency [Line Items] | |||
Income Tax Examination, Year under Examination | 2018 2019 | ||
U.S. Federal | Earliest Tax Year | |||
Income Tax Contingency [Line Items] | |||
Open Tax Year | 2018 | ||
U.S. Federal | Latest Tax Year | |||
Income Tax Contingency [Line Items] | |||
Open Tax Year | 2022 | ||
State | Earliest Tax Year | |||
Income Tax Contingency [Line Items] | |||
Open Tax Year | 2018 | ||
State | Latest Tax Year | |||
Income Tax Contingency [Line Items] | |||
Open Tax Year | 2022 | ||
Foreign | Earliest Tax Year | |||
Income Tax Contingency [Line Items] | |||
Open Tax Year | 2016 | ||
Foreign | Latest Tax Year | |||
Income Tax Contingency [Line Items] | |||
Open Tax Year | 2022 | ||
IDAHO | |||
Income Tax Contingency [Line Items] | |||
Deferred State and Local Income Tax Expense (Benefit) | $ 189 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 189 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Earnings Per Share Reconciliation | |||
Net income attributable to Micron – Basic | $ 8,687 | $ 5,861 | $ 2,687 |
Assumed conversion of debt | 0 | 0 | (4) |
Net income attributable to Micron – Diluted | $ 8,687 | $ 5,861 | $ 2,683 |
Weighted Average Number of Shares Outstanding Reconciliation | |||
Weighted-average common shares outstanding – Basic | 1,112 | 1,120 | 1,110 |
Dilutive effect of equity plans and convertible notes | 10 | 21 | 21 |
Weighted-average common shares outstanding – Diluted | 1,122 | 1,141 | 1,131 |
Basic (in dollars per share) | $ 7.81 | $ 5.23 | $ 2.42 |
Diluted (in dollars per share) | $ 7.75 | $ 5.14 | $ 2.37 |
Antidilutive potential common shares that could dilute basic earnings per share in the future (in shares) | 5 | 2 | 5 |
Segment and Other Information_2
Segment and Other Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 04, 2021 USD ($) | Sep. 01, 2022 USD ($) segment | Sep. 02, 2021 USD ($) | Sep. 03, 2020 USD ($) | |
Reportable Segments | ||||
Number of reportable segments | segment | 4 | |||
Additional Segment Information | ||||
Goodwill | $ 1,228 | $ 1,228 | ||
Net sales | ||||
Revenue | 30,758 | 27,705 | $ 21,435 | |
Operating income (loss) | ||||
Stock-based compensation | (496) | (395) | (328) | |
Inventory accounting policy change to FIFO | (16,860) | (17,282) | (14,883) | |
Restructure and asset impairments | 48 | 488 | 60 | |
Patent license charges | 0 | 128 | 0 | |
Operating income (loss) | 9,702 | 6,283 | 3,003 | |
Depreciation and amortization | ||||
Depreciation and amortization expense by segment | 7,116 | 6,214 | 5,650 | |
3D XPoint | ||||
Operating income (loss) | ||||
3D XPoint inventory write-down | (49) | |||
Change in Accounting Principle, Inventory Method | ||||
Operating income (loss) | ||||
Inventory accounting policy change to FIFO | $ (133) | |||
Operating Segments | ||||
Operating income (loss) | ||||
Operating income (loss) | 10,281 | 7,667 | 3,419 | |
Unallocated | ||||
Operating income (loss) | ||||
Stock-based compensation | (501) | (395) | (328) | |
Change in inventory cost absorption | 0 | (160) | 0 | |
Restructure and asset impairments | 48 | 488 | 60 | |
Patent license charges | 0 | 128 | 0 | |
Other | (30) | (31) | (28) | |
Operating income (loss) | (579) | (1,384) | (416) | |
Depreciation and amortization | ||||
Depreciation and amortization expense by segment | 20 | 27 | 28 | |
Unallocated | 3D XPoint | ||||
Operating income (loss) | ||||
3D XPoint inventory write-down | 0 | (49) | 0 | |
Unallocated | Change in Accounting Principle, Inventory Method | ||||
Operating income (loss) | ||||
Inventory accounting policy change to FIFO | 0 | (133) | 0 | |
CNBU | ||||
Additional Segment Information | ||||
Goodwill | 832 | 832 | ||
Net sales | ||||
Revenue | 13,693 | 12,280 | 9,184 | |
CNBU | Operating Segments | ||||
Operating income (loss) | ||||
Operating income (loss) | 5,844 | 4,295 | 2,010 | |
Depreciation and amortization | ||||
Depreciation and amortization expense by segment | 2,766 | 2,497 | 2,318 | |
MBU | ||||
Additional Segment Information | ||||
Goodwill | 198 | 198 | ||
Net sales | ||||
Revenue | 7,260 | 7,203 | 5,702 | |
MBU | Operating Segments | ||||
Operating income (loss) | ||||
Operating income (loss) | 2,160 | 2,173 | 1,074 | |
Depreciation and amortization | ||||
Depreciation and amortization expense by segment | 1,725 | 1,553 | 1,436 | |
EBU | ||||
Additional Segment Information | ||||
Goodwill | 97 | 97 | ||
Net sales | ||||
Revenue | 5,235 | 4,209 | 2,759 | |
EBU | Operating Segments | ||||
Operating income (loss) | ||||
Operating income (loss) | 1,752 | 1,006 | 301 | |
Depreciation and amortization | ||||
Depreciation and amortization expense by segment | 1,280 | 1,028 | 741 | |
SBU | ||||
Additional Segment Information | ||||
Goodwill | 101 | 101 | ||
Net sales | ||||
Revenue | 4,553 | 3,973 | 3,765 | |
SBU | Operating Segments | ||||
Operating income (loss) | ||||
Operating income (loss) | 513 | 173 | 36 | |
Depreciation and amortization | ||||
Depreciation and amortization expense by segment | 1,323 | 1,101 | 1,115 | |
All Other | ||||
Net sales | ||||
Revenue | 17 | 40 | 25 | |
All Other | Operating Segments | ||||
Operating income (loss) | ||||
Operating income (loss) | 12 | 20 | (2) | |
Depreciation and amortization | ||||
Depreciation and amortization expense by segment | $ 2 | $ 8 | $ 12 |
Certain Concentrations (Details
Certain Concentrations (Details) - Revenue from Contract with Customer | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Product Concentration Risk | Mobile | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 25% | 25% | 25% |
Product Concentration Risk | Client and graphics | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 20% | 20% | 20% |
Product Concentration Risk | Enterprise and cloud server | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 20% | 20% | 20% |
Product Concentration Risk | SSDs and other storage | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 15% | 15% | 20% |
Product Concentration Risk | Automotive, industrial, and consumer | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 15% | 15% | 15% |
Customer Concentration Risk | Kingston | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 12% | 11% | |
Customer Concentration Risk | WPG Holdings Limited | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 11% | 13% |
Geographic Information (Details
Geographic Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | ||
Revenue by Geographic Location of Customers' Headquarters | ||||
Revenue | $ 30,758 | $ 27,705 | $ 21,435 | |
Long-Lived Assets by Geographic Location | ||||
Long-lived assets | 39,227 | 34,663 | ||
United States | ||||
Revenue by Geographic Location of Customers' Headquarters | ||||
Revenue | 16,026 | 12,155 | 10,381 | |
Long-Lived Assets by Geographic Location | ||||
Long-lived assets | 5,155 | 5,205 | [1] | |
United States | Lehi, Utah Facility | ||||
Long-Lived Assets by Geographic Location | ||||
Long-lived assets | 899 | |||
Taiwan | ||||
Revenue by Geographic Location of Customers' Headquarters | ||||
Revenue | 6,185 | 6,606 | 3,657 | |
Long-Lived Assets by Geographic Location | ||||
Long-lived assets | 13,143 | 11,457 | ||
Mainland China (excluding Hong Kong) | ||||
Revenue by Geographic Location of Customers' Headquarters | ||||
Revenue | 3,311 | 2,456 | 2,337 | |
Long-Lived Assets by Geographic Location | ||||
Long-lived assets | 440 | 436 | ||
Japan | ||||
Revenue by Geographic Location of Customers' Headquarters | ||||
Revenue | 1,696 | 1,652 | 1,387 | |
Long-Lived Assets by Geographic Location | ||||
Long-lived assets | 7,113 | 7,222 | ||
Hong Kong | ||||
Revenue by Geographic Location of Customers' Headquarters | ||||
Revenue | 1,665 | 2,582 | 1,792 | |
Other Asia Pacific | ||||
Revenue by Geographic Location of Customers' Headquarters | ||||
Revenue | 1,223 | 1,420 | 1,157 | |
Other | ||||
Revenue by Geographic Location of Customers' Headquarters | ||||
Revenue | 652 | 834 | $ 724 | |
Long-Lived Assets by Geographic Location | ||||
Long-lived assets | 337 | 175 | ||
Singapore | ||||
Long-Lived Assets by Geographic Location | ||||
Long-lived assets | 12,045 | 9,411 | ||
Malaysia | ||||
Long-Lived Assets by Geographic Location | ||||
Long-lived assets | $ 994 | $ 757 | ||
[1]Included $899 million (net of impairment) as of September 2, 2021 of property, plant, and equipment for our Lehi facility that was classified as held for sale and presented in other current assets. |
Schedule II Valuation and Qua_3
Schedule II Valuation and Qualifying Accounts (Details) - Deferred Tax Assets Valuation Allowance - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 01, 2022 | Sep. 02, 2021 | Sep. 03, 2020 | |
Deferred Tax Asset Valuation Allowance Roll Forward | |||
Balance at Beginning of Year | $ 233 | $ 294 | $ 277 |
Charged to Income Tax Provision | 241 | 20 | |
(Credited) to Income Tax Provision | (54) | ||
Currency Translation and Charges to Other Accounts | (3) | (7) | (3) |
Balance at End of Year | $ 471 | $ 233 | $ 294 |