Micron Technology 10-Q 2022-06-02

Filed 2022-07-01. 7 sections, 252K characters. Original on sec.gov · Markdown · JSON

Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 2, 2022


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-10658

Micron Technology, Inc.

(Exact name of registrant as specified in its charter)


Delaware		75-1618004
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
8000 S. Federal Way, Boise, Idaho		83716-9632
(Address of principal executive offices)		(Zip Code)
(Registrant’s telephone number, including area code)		(208) 368-4000

Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.10 per share	MU	Nasdaq Global Select Market


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.					Yes	☒	No	☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).					Yes	☒	No	☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer	Accelerated Filer	Non-Accelerated Filer	Smaller Reporting Company	Emerging Growth Company
☒	☐	☐	☐	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.								☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).					Yes	☐	No	☒

The number of outstanding shares of the registrant’s common stock as of June 24, 2022 was 1,103,145,108.


Micron Corporate Profile











Founded on October 5, 1978 Headquartered in Boise, Idaho, USA 4th Largest semiconductor company in the world, excluding IP/software revenue* 127 On the 2022 Fortune 500 50,000+ Patents granted and growing 17 Countries 11 Manufacturing sites and 18 customer labs ~45,000 Team members**

	It’s All About Data
	Data is today’s new business currency, and memory and storage are a critical foundation for the data economy. Memory and storage innovations will help transform society and enable significant value for all.
	Who We Are
	Micron designs, develops and manufactures industry-leading memory and storage products. By providing foundational capability for AI and 5G across data center, the intelligent edge, and consumer devices, we unlock innovation across industries including healthcare, automotive and communications. Our technology and expertise are central to maximizing value from cutting-edge computing applications and new business models which disrupt and advance the industry.
	Our Vision
	As a global leader in memory and storage solutions, we are transforming how the world uses information to enrich life for all. By advancing technologies to collect, store and manage data with unprecedented speed and efficiency, we lead the transformation of data to intelligence. In a world of change, we remain nimble, delivering products that help inspire the world to learn, communicate and advance faster than ever.
	Our Commitment
Gartner Market Share: Semiconductors by End Market, Worldwide, 2021 (April 2022) *Micron data as of June 2, 2022		Our customers depend on our innovative solutions every day. We dedicate ourselves to demonstrating our environmental conscience, an inclusive team culture where all voices are heard and respected, and engaging in our communities to enrich life for all.

Media Inquiries mediarelations@micron.com Government Inquiries govaffairs@micron.com Investor Inquiries investorrelations@micron.com		Global Product Portfolio
	DRAM \| NAND \| NOR \| Solid-State Drives \| Graphics and High Bandwidth Memory (HBM) \| Managed NAND and Multichip Packages
Connect with us on micron.com
© 2022 Micron Technology, Inc. Micron, the Micron orbit logo, the M orbit logo, Intelligence AcceleratedTM, and other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners. Products and specifications are subject to change without notice. Rev 06/22 CCMMD-1707390403-3712

Table of Contents



Introduction		4
Part I. Financial Information
Item 1.	Financial Statements:
	Consolidated Statements of Operations	6
	Consolidated Statements of Comprehensive Income	7
	Consolidated Balance Sheets	8
	Consolidated Statements of Changes in Equity	9
	Consolidated Statements of Cash Flows	11
	Notes to Consolidated Financial Statements	12
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
	Results of Operations	32
	Liquidity and Capital Resources	35
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	37
Item 4.	Controls and Procedures	38
Part II. Other Information
Item 1.	Legal Proceedings	38
Item 1A.	Risk Factors	38
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	59
Item 6.	Exhibits	60
Signatures		61

Table of Contents

Definitions of Commonly Used Terms

As used herein, “we,” “our,” “us,” and similar terms include Micron Technology, Inc. and its consolidated subsidiaries, unless the context indicates otherwise. Abbreviations, terms, or acronyms are commonly used or found in multiple locations throughout this report and include the following:


Term	Definition	Term	Definition

2023 Notes	2.497% Senior Notes due April 2023	IMFT	IM Flash Technologies, LLC
2024 Notes	4.640% Senior Notes due February 2024	Inotera	Inotera Memories, Inc.
2024 Term Loan A	Senior Term Loan A due October 2024	Intel	Intel Corporation
2026 Notes	4.975% Senior Notes due February 2026	LIBOR	London Interbank Offered Rate
2027 Notes	4.185% Senior Notes due February 2027	LPDRAM	Low-power DRAM
2029 Notes	5.327% Senior Notes due February 2029	MCP	Multichip packaged solutions with managed NAND and LPDRAM
2030 Notes	4.663% Senior Notes due February 2030	Micron	Micron Technology, Inc. (Parent Company)
2032 Green Bonds	2.703% Senior Notes due April 2032	NVMe	Hardware interface for SSDs that connect via a PCIe bus
2041 Notes	3.366% Senior Notes due November 2041	Qimonda	Qimonda AG
2051 Notes	3.477% Senior Notes due November 2051	Revolving Credit Facility	$2.5 billion revolving credit facility due May 2026
DDR	Double Data Rate DRAM	SOFR	Secured Overnight Financing Rate
ESG	Environmental, Social, and Governance	SSD	Solid State Drive
EUV	Extreme ultraviolet lithography	TI	Texas Instruments Incorporated
Extinguished 2024 Term Loan A	Senior Term Loan A due 2024 repaid on May 14, 2021

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.

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

Available Information

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

4 | 2022 Q3 10-Q

Table of Contents

Forward-Looking Statements

This Form 10-Q contains trend information and other forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements may be identified by words such as "anticipate," "expect," "intend," "pledge," "committed," "plan," "opportunities," "future," "believe," "target," "on track," "estimate," "continue," "likely," "may," "will," "would," "should," "could," and variations of such words and similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Specific forward-looking statements include, but are not limited to, statements such as those made regarding potential increases in our effective tax rate; the impact of coronavirus disease 2019, including variant strains (“COVID-19”) to our business; the sufficiency of our cash and investments; the payment of future cash dividends; capital spending in 2022; and funding of sustainability-focused projects. Our actual results could differ materially from our historical results and those discussed in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, those identified in “Part II. Other Information – Item 1A. Risk Factors.”

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

Micron Technology, Inc.

Consolidated Statements of Operations

(In millions, except per share amounts)

(Unaudited)


	Quarter ended				Nine months ended
	June 2, 2022		June 3, 2021		June 2, 2022		June 3, 2021

Revenue	$	8,642	$	7,422	$	24,115	$	19,431
Cost of goods sold	4,607		4,296		12,839		12,920
Gross margin	4,035		3,126		11,276		6,511

Research and development	773		670		2,277		1,958
Selling, general, and administrative	264		230		786		658
Restructure and asset impairments	—		453		43		466
Other operating (income) expense, net	(6)		(26)		(11)		101
Operating income	3,004		1,799		8,181		3,328

Interest income	20		8		42		28
Interest expense	(44)		(46)		(144)		(136)
Other non-operating income (expense), net	8		45		(61)		62
	2,988		1,806		8,018		3,282

Income tax (provision) benefit	(358)		(65)		(832)		(164)
Equity in net income (loss) of equity method investees	(4)		(6)		9		23
Net income	$	2,626	$	1,735	$	7,195	$	3,141

Earnings per share
Basic	$	2.36	$	1.55	$	6.44	$	2.81
Diluted	2.34		1.52		6.38		2.75

Number of shares used in per share calculations
Basic	1,112		1,121		1,117		1,119
Diluted	1,121		1,145		1,127		1,141

See accompanying notes to consolidated financial statements.

6 | 2022 Q3 10-Q

Table of Contents

Micron Technology, Inc.

Consolidated Statements of Comprehensive Income

(In millions)

(Unaudited)


	Quarter ended				Nine months ended
	June 2, 2022		June 3, 2021		June 2, 2022		June 3, 2021

Net income	$	2,626	$	1,735	$	7,195	$	3,141

Other comprehensive income (loss), net of tax
Gains (losses) on derivative instruments	(210)		(32)		(330)		(20)
Gains (losses) on investments	(18)		(2)		(38)		(6)
Pension liability adjustments	2		—		1		1
Cumulative translation adjustments	—		—		1		1
Other comprehensive income (loss)	(226)		(34)		(366)		(24)
Total comprehensive income	$	2,400	$	1,701	$	6,829	$	3,117

See accompanying notes to consolidated financial statements.

Table of Contents

Micron Technology, Inc.

Consolidated Balance Sheets

(In millions, except par value amounts)

(Unaudited)


As of	June 2, 2022		September 2, 2021

Assets
Cash and equivalents	$	9,157	$	7,763
Short-term investments	1,070		870
Receivables	6,229		5,311
Inventories	5,629		4,487
Assets held for sale	15		974
Other current assets	608		502
Total current assets	22,708		19,907
Long-term marketable investments	1,646		1,765
Property, plant, and equipment	36,665		33,213
Operating lease right-of-use assets	690		551
Intangible assets	415		349
Deferred tax assets	682		782
Goodwill	1,228		1,228
Other noncurrent assets	1,262		1,054
Total assets	$	65,296	$	58,849

Liabilities and equity
Accounts payable and accrued expenses	$	5,788	$	5,325
Current debt	107		155
Other current liabilities	1,114		944
Total current liabilities	7,009		6,424
Long-term debt	6,856		6,621
Noncurrent operating lease liabilities	629		504
Noncurrent unearned government incentives	663		808
Other noncurrent liabilities	858		559
Total liabilities	16,015		14,916

Commitments and contingencies

Shareholders’ equity
Common stock, $0.10 par value, 3,000 shares authorized, 1,223 shares issued and 1,105 outstanding (1,216 shares issued and 1,119 outstanding as of September 2, 2021)	122		122
Additional capital	9,950		9,453
Retained earnings	45,916		39,051
Treasury stock, 118 shares held (97 shares as of September 2, 2021)	(6,343)		(4,695)
Accumulated other comprehensive income (loss)	(364)		2
Total equity	49,281		43,933
Total liabilities and equity	$	65,296	$	58,849

See accompanying notes to consolidated financial statements.

8 | 2022 Q3 10-Q

Table of Contents

Micron Technology, Inc.

Consolidated Statements of Changes in Equity

(In millions, except per share amounts)

(Unaudited)


			Common Stock						Additional Capital			Retained Earnings			Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Total Shareholders’ Equity

Showing the first 8K of 87K characters. Open the full section

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This discussion should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended September 2, 2021. All period references are to our fiscal periods unless otherwise indicated. Our fiscal year is the 52 or 53-week period ending on the Thursday closest to August 31. Fiscal years 2022 and 2021 each contain 52 weeks. All tabular dollar amounts are in millions, except per share amounts.

Overview

We manufacture our products at wholly-owned facilities and also utilize subcontractors for certain manufacturing processes. Our global network of manufacturing centers of excellence not only allows us to benefit from scale while streamlining processes and operations, but it also brings together some of the world’s brightest talent to work on the most advanced memory technology. Centers of excellence bring expertise together in one location, providing an efficient support structure for end-to-end manufacturing, with quicker cycle times, in partnership with teams such as R&D, product engineering, human resources, procurement and supply chain. For our locations in Singapore and Taiwan, this is also a combination of bringing fabrication and back-end manufacturing together. We make significant investments to develop proprietary product and process technology, which generally increases bit density per wafer and reduces per-bit manufacturing costs of each generation of product. We continue to introduce new generations of products that offer improved performance characteristics, including higher data transfer rates, advanced packaging solutions, lower power consumption, improved read/write reliability, and increased memory density.

The ramp of 176-layer NAND and 1α (1-alpha) DRAM across our product portfolio delivers major technology breakthroughs to customers across markets. For the first time in our history, we achieved industry leadership across these two flagship technologies. We delivered initial products based on these process technologies to the market in 2021. In the second quarter of 2022, we expanded our 176-layer NAND-based SSD portfolio with the introduction of the Micron 7450 SSD with NVMe, the world’s first vertically-integrated 176-layer NAND SSD for the data center. This new SSD joins our full portfolio of new product entries across memory and storage which have been well received by the market. An increasing portion of our SSDs incorporate our industry leading NAND with vertically integrated controllers and firmware that we have developed. In the second quarter of 2022, we achieved the first qualification of our 1α LPDDR5 DRAM, which delivers more than a 15% power improvement over the previous generation. We are leading the industry’s client DDR5 transition and are well positioned as the industry’s data center platforms come to market later this year. We have partnered with customers to provide value-added innovation, and speed market adoption of our new solutions. Development of advanced technologies enables us to diversify our product portfolio toward a richer mix of differentiated, high-value solutions and to target high-growth markets and specific customer requirements across data center, intelligent edge, client, and mobile environments.

Table of Contents

We face intense competition in the semiconductor memory and storage markets and to remain competitive we must continuously develop and implement new products and technologies and decrease manufacturing costs in spite of ongoing inflationary cost pressures. Our success is largely dependent on obtaining returns on our research and development (“R&D”) investments, efficient utilization of our manufacturing infrastructure, development and integration of advanced product and process technologies, market acceptance of our diversified portfolio of semiconductor-based memory and storage solutions, and efficient capital spending.

Lehi, Utah Fab and 3D XPoint

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

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

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

Impact of COVID-19 on Our Business

Events surrounding the COVID-19 pandemic and their impact on economic activity have been unpredictable. As a result, we have experienced volatility in the markets in which we sell our products. The ultimate extent to which COVID-19 will impact our business depends on future developments, which are highly uncertain and very difficult to predict, including the effectiveness and utilization of vaccines for COVID-19 and its variants, the severity of COVID-19 and its variants, and the effectiveness of the actions to contain or limit their spread.

From the start of the COVID-19 pandemic, we proactively implemented preventative protocols, which we continuously assess and update for changes in conditions and emerging trends. These preventative protocols are intended to safeguard our team members, contractors, suppliers, customers, distributors, and communities, and to ensure business continuity. Government restrictions, including zero-COVID policies, or severe outbreaks can impact our operations at certain sites. For example, some of our facilities and some of our subcontractors’ facilities at times have been required to operate at reduced staffing and capacity levels due to COVID-19 quarantines and other public health protocols. While our global manufacturing sites are currently operating with close to full staff and at normal capacity levels, our facilities or those of our subcontractors could be required, with little or no advance notice, to temporarily curtail production levels or temporarily cease operations based on government mandates or our health and safety protocols. We may be required, or deem it to be in the best interest of our employees, customers, partners, suppliers, and stakeholders, to alter our business operations in order to maintain a healthy and safe environment. It is not clear what potential effects any such alterations or modifications may have on our business, including effects on our customers, employees, or on our financial results. We are following government policies and recommendations designed to slow the spread of COVID-19 and remain committed to the health and safety of our team members, contractors, suppliers, customers, distributors, and communities.

30 | 2022 Q3 10-Q

Table of Contents

We continuously assess our efforts to respond to the COVID-19 pandemic, which have included the following:

In each of our locations, we implement health and safety protocols based on applicable regulations and local conditions and, where possible, make testing and vaccination available and implement health and safety enhancements.
We require that all U.S. employees and, in addition, contractors that enter our U.S. buildings and certain other locations, be vaccinated against COVID-19, subject to disability and religious exemptions.
We continue to work closely with our customer base to best match our supply to changing market conditions.
We evaluate our supply chain and communicate with our suppliers to identify supply gaps and have taken steps to provide continuity, to the extent possible. In some cases, we have added alternative suppliers, executed long-term supply agreements, and increased our on-hand inventory of raw materials needed in our operations.
We have added assembly and test capacity to provide redundant manufacturing capability through our network of captive operations and external partners.
We have developed contingency plans and procedures to address the risk of unexpected shutdowns, supply shortages, or other business disruptions.
We have evaluated all our construction projects across our global manufacturing operations and enacted protocols to enhance the safety of our team members, suppliers, and contractors.
We are working with government authorities in the jurisdictions where we operate and continuing to monitor our operations in an effort to ensure we follow government requirements, relevant regulations, industry standards, and best practices to help safeguard our team members, while safely continuing operations at our sites across the globe.

We believe these actions are appropriate and prudent to safeguard our team members, contractors, suppliers, customers, and communities, while allowing us to safely continue operations. We cannot predict how the steps we, our team members, government entities, suppliers, or customers take in response to the COVID-19 pandemic will ultimately impact our business, outlook, or results of operations.

Product Technologies

Our product portfolio of memory and storage solutions, is based on our high-performance semiconductor memory and storage technologies, including DRAM, NAND, and NOR. We sell our products into various markets through our business units in numerous forms, including wafers, components, modules, SSDs, managed NAND, and MCP products. Our system-level solutions, including SSDs and managed NAND, combine NAND, a controller, firmware, and in some cases DRAM.

DRAM**:** DRAM products are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval with a variety of performance characteristics. DRAM products lose content when power is turned off (“volatile”) and are most commonly used in client, cloud server, enterprise, networking, graphics, industrial, and automotive markets. LPDRAM products, which are engineered to meet standards for performance and power consumption, are sold into smartphone and other mobile-device markets (including client markets for Chromebooks and notebook PCs), as well as into the automotive, industrial, and consumer markets.

NAND**:** NAND products are non-volatile, re-writeable semiconductor storage devices that provide high-capacity, low-cost storage with a variety of performance characteristics. NAND is used in SSDs for the enterprise and cloud, client, and consumer markets and in removable storage markets. Managed NAND is used in smartphones and other mobile devices, and in consumer, automotive, and embedded markets. Low-density NAND is ideal for applications like automotive, surveillance, machine-to-machine, automation, printer, and home networking.

NOR**:** NOR products are non-volatile re-writable semiconductor memory devices that provide fast read speeds. NOR is most commonly used for reliable code storage (e.g., boot, application, operating system, and execute-in-place code in an embedded system) and for frequently changing small data storage and is ideal for automotive, industrial, and consumer applications.

Table of Contents

Results of Operations

Consolidated Results


	Third Quarter			Second Quarter			Third Quarter			Nine months ended
	2022			2022			2021			2022			2021

Revenue	$	8,642	100%	$	7,786	100%	$	7,422	100%	$	24,115	100%	$	19,431	100%
Cost of goods sold	4,607		53%	4,110		53%	4,296		58%	12,839		53%	12,920		66%
Gross margin	4,035		47%	3,676		47%	3,126		42%	11,276		47%	6,511		34%

Research and development	773		9%	792		10%	670		9%	2,277		9%	1,958		10%
Selling, general, and administrative	264		3%	263		3%	230		3%	786		3%	658		3%
Restructure and asset impairments	—		—%	5		—%	453		6%	43		—%	466		2%
Other operating (income) expense, net	(6)		—%	70		1%	(26)		—%	(11)		—%	101		1%
Operating income	3,004		35%	2,546		33%	1,799		24%	8,181		34%	3,328		17%

Interest income (expense), net	(24)		—%	(43)		(1)%	(38)		(1)%	(102)		—%	(108)		(1)%
Other non-operating income (expense), net	8		—%	6		—%	45		1%	(61)		—%	62		—%
Income tax (provision) benefit	(358)		(4)%	(255)		(3)%	(65)		(1)%	(832)		(3)%	(164)		(1)%
Equity in net income (loss) of equity method investees	(4)		—%	9		—%	(6)		—%	9		—%	23		—%
Net income	$	2,626	30%	$	2,263	29%	$	1,735	23%	$	7,195	30%	$	3,141	16%

Total Revenue**:** Total revenue for the third quarter of 2022 increased 11% as compared to the second quarter of 2022 primarily due to increases in both DRAM and NAND sales.

Sales of DRAM products increased 10% primarily due to an increase in bit shipments of slightly over 10%, partially offset by a slight decline in average selling prices.
Sales of NAND products increased 17% primarily due to a high-teens percent increase in bit shipments, partially offset by a slight decline in average selling prices.

Total revenue for the third quarter of 2022 increased 16% as compared to the third quarter of 2021 primarily due to increases in both DRAM and NAND sales.

Sales of DRAM products increased 15% primarily due to a high-teens percent increase in bit shipments, partially offset by a slight decline in average selling prices.
Sales of NAND products increased 26% primarily due to an increase in bit shipments of slightly over 20% and a slight increase in average selling prices.

Total revenue for the first nine months of 2022 increased 24% as compared to the first nine months of 2021 primarily due to increases in both DRAM and NAND sales.

Sales of DRAM products increased 26% primarily due to a low-teens percent increase in bit shipments and an increase in average selling prices of slightly over 10%.
Sales of NAND products increased 22% primarily due to a low-teens percent increase in bit shipments and a mid-single-digit percent increase in average selling prices.

32 | 2022 Q3 10-Q

Table of Contents

Overall Gross Margin**:** Our overall gross margin percentage of 47% for the third quarter of 2022 was relatively unchanged from the second quarter of 2022 as slight declines in average selling prices were offset by manufacturing cost reductions. Our overall gross margin percentage for the third quarter of 2022 was also impacted by a greater mix of NAND products, which have lower margins than DRAM products.

Our overall gross margin percentage increased to 47% for the third quarter of 2022 from 42% for the third quarter of 2021, primarily due to manufacturing cost reductions resulting from strong execution in delivering products featuring advanced technologies, partially offset by declines in DRAM average selling prices. Our overall gross margin percentage increased to 47% for the first nine months of 2022 from 34% for the first nine months of 2021, primarily due to increases in average selling prices and manufacturing cost reductions.

Revenue by Business Unit


	Third Quarter			Second Quarter			Third Quarter			Nine months ended
	2022			2022			2021			2022			2021

CNBU	$	3,895	45%	$	3,461	44%	$	3,304	45%	$	10,762	45%	$	8,486	44%
MBU	1,967		23%	1,875		24%	1,999		27%	5,749		24%	5,311		27%
SBU	1,341		16%	1,171		15%	1,009		14%	3,662		15%	2,770		14%
EBU	1,435		17%	1,277		16%	1,105		15%	3,932		16%	2,849		15%
All Other	4		—%	2		—%	5		—%	10		—%	15		—%
	$	8,642		$	7,786		$	7,422		$	24,115		$	19,431

Percentages of total revenue may not total 100% due to rounding.

Changes in revenue for each business unit for the third quarter of 2022 as compared to the second quarter of 2022 were as follows:

CNBU revenue increased 13% primarily due to increases in bit shipments to enterprise, client, graphics, and networking markets.
MBU revenue increased 5% primarily due to increases in bit shipments partially offset by declines in average selling prices.
SBU revenue increased 15% primarily due to increases in bit shipments of SSDs and NAND components.
EBU revenue increased 12% primarily due to increases in bit shipments to industrial and automotive markets combined with increases in average selling prices for NAND products.

Changes in revenue for each business unit for the third quarter and first nine months of 2022 as compared to the corresponding periods of 2021 were as follows:

CNBU revenue increased 18% and 27%, respectively, primarily due to increases in bit shipments to cloud, enterprise, networking, and graphics markets.
MBU revenue decreased 2% for the third quarter of 2022 as compared to the third quarter of 2021, primarily due to declines in average selling prices for mobile DRAM and NAND, partially offset by increases in NAND bit shipments. MBU revenue increased 8% for the first nine months of 2022 as compared to the first nine months of 2021, primarily due to increases in NAND and DRAM bit shipments and higher average selling prices for mobile DRAM, partially offset by declines in average selling prices for NAND.
SBU revenue increased 33% and 32%, respectively, primarily due to increases in bit shipments for NAND products and higher average selling prices for NAND.
EBU revenue increased 30% and 38%, respectively, primarily due to increases in bit shipments driven by strong demand growth in automotive and industrial markets combined with higher pricing for DRAM.

Table of Contents

Operating Income (Loss) by Business Unit


	Third Quarter			Second Quarter			Third Quarter			Nine months ended
	2022			2022			2021			2022			2021

CNBU	$	1,778	46%	$	1,562	45%	$	1,342	41%	$	4,864	45%	$	2,534	30%
MBU	640		33%	588		31%	683		34%	1,852		32%	1,517		29%
SBU	221		16%	178		15%	53		5%	551		15%	(2)		—%
EBU	504		35%	421		33%	282		26%	1,347		34%	539		19%
All Other	1		25%	1		50%	4		80%	5		50%	6		40%
	$	3,144		$	2,750		$	2,364		$	8,619		$	4,594

Percentages reflect operating income (loss) as a percentage of revenue for each business unit.

Changes in operating income or loss for each business unit for the third quarter of 2022 as compared to the second quarter of 2022 were as follows:

CNBU operating income increased primarily due to higher bit shipments and manufacturing cost reductions, partially offset by declines in DRAM average selling prices.
MBU operating income increased primarily due to higher bit shipments and manufacturing cost reductions.
SBU operating income increased primarily due to increases in bit shipments.
EBU operating income increased primarily due to higher bit shipments of DRAM and NAND as well as an increase in average selling prices for NAND.

Changes in operating income or loss for each business unit for the third quarter and first nine months of 2022 as compared to the corresponding periods of 2021 were as follows:

CNBU operating income increased primarily due to increases in bit shipments and manufacturing cost reductions.
MBU operating income decreased for the third quarter of 2022 as compared to the third quarter of 2021, primarily due to declines in mobile DRAM and NAND average selling prices, partially offset by manufacturing cost reductions and increases in NAND bit shipments. MBU operating income increased for the first nine months of 2022 as compared to the first nine months of 2021, primarily due to increases in bit shipments, higher average selling prices for mobile DRAM, and NAND manufacturing cost reductions.
SBU operating income increased primarily due to increases in average selling prices, manufacturing cost reductions, and increases in bit shipments, partially offset by higher R&D expenses.
EBU operating income increased primarily due to manufacturing cost reductions from an increasing mix of leading edge bits, higher bit shipments, and improved DRAM pricing in industrial and consumer markets, partially offset by higher R&D expenses.

Operating Expenses and Other

Research and Development**:** R&D expenses vary primarily with the number of development and pre-qualification wafers processed, the cost of advanced equipment dedicated to new product and process development, and personnel costs. Because of the lead times necessary to manufacture our products, we typically begin to process wafers before completion of performance and reliability testing. Development of a product is deemed complete when it is qualified through internal reviews and tests for performance and reliability. R&D expenses can vary significantly depending on the timing of product qualification.

R&D expenses for the third quarter of 2022 were relatively unchanged as compared to the second quarter of 2022 and were 15% higher as compared to the third quarter of 2021 primarily due to increases in employee compensation and depreciation expense. R&D expenses for the first nine months of 2022 were 16% higher as compared to the first nine months of 2021 primarily due to increases in employee compensation, higher volumes of development and prequalification wafers, and higher depreciation expense.

34 | 2022 Q3 10-Q

Table of Contents

Selling, General, and Administrative**:** SG&A expenses for the third quarter of 2022 were relatively unchanged as compared to the second quarter of 2022. SG&A expenses for the third quarter and first nine months of 2022 increased 15% and 19%, respectively, as compared to the corresponding periods of 2021, primarily due to increases in employee compensation, professional services, and legal fees.

Income Taxes**:** Our income tax (provision) benefit consisted of the following:


	Third Quarter			Second Quarter			Third Quarter			Nine months ended
	2022			2022			2021			2022			2021

Income before taxes	$	2,988		$	2,509		$	1,806		$	8,018		$	3,282
Income tax (provision) benefit	(358)			(255)			(65)			(832)			(164)
Effective tax rate	12.0		%	10.2		%	3.6		%	10.4		%	5.0		%

Changes to our effective tax rate in the periods presented were primarily due to the geographic mix of our earnings, a valuation allowance recorded against our Idaho deferred tax assets, and tax impacts of changes in foreign currency exchange rates.

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 discrete valuation allowance against our Idaho deferred tax assets and an increase to tax expense of $189 million in the third quarter of 2022.

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 $361 million (benefiting our diluted earnings per share by $0.32) for the third quarter of 2022, $304 million ($0.27 per diluted share) for the second quarter of 2022, $276 million ($0.24 per diluted share) for the third quarter of 2021, $955 million ($0.85 per diluted share) for the first nine months of 2022, and $377 million ($0.33 per diluted share) for the first nine months of 2021.

Beginning in 2023, provisions in the Tax Cuts and Jobs Act of 2017 will require us to capitalize and amortize R&D expenditures rather than deducting the costs as incurred. Unless the effective date is deferred or the law is repealed, we expect a low-to-mid-single-digit increase to our effective tax rate for several years.

Various tax reforms are being considered in multiple jurisdictions that, if enacted, contain provisions that could increase our tax expense. We continue to monitor the potential impact of these various tax reform proposals to our overall global effective tax rate and financial statements.

See “Item 1. Financial Statements – Notes to Consolidated Financial Statements – Income Taxes.”

Other: Further discussion of other items can be found in “Item 1. Financial Statements – Notes to Consolidated Financial Statements.”

Liquidity and Capital Resources

Our primary sources of liquidity are cash generated from operations and financing obtained from capital markets and financial institutions. Cash generated from operations is highly dependent on selling prices for our products, which can vary significantly from period to period. We are continuously evaluating alternatives for efficiently funding our capital expenditures and ongoing operations. We expect, from time to time, to engage in a variety of financing transactions for such purposes, including the issuance of securities. As of June 2, 2022, $2.50 billion was available to draw under our Revolving Credit Facility.

Table of Contents

Cash and marketable investments totaled $11.87 billion as of June 2, 2022 and $10.40 billion as of September 2, 2021. Our cash and investments consist primarily of bank deposits, money market funds, and liquid investment-grade, fixed-income securities, which are diversified among industries and individual issuers. To mitigate credit risk, we invest through high-credit-quality financial institutions and by policy generally limit the concentration of credit exposure by restricting the amount of investments with any single obligor. As of June 2, 2022, $3.31 billion of our cash and marketable investments was held by our foreign subsidiaries.

To develop new product and process technology, support future growth, achieve operating efficiencies, and maintain product quality, we must continue to invest in manufacturing technologies, facilities and equipment, and R&D. We estimate capital expenditures in 2022 for property, plant, and equipment, net of partner contributions, to be approximately $12 billion. Capital expenditures for 2022 are driven by our continued 176-layer NAND transition, pilot line enablement for next generation NAND and DRAM, and continued infrastructure and prepayments to support the introduction of EUV lithography. Actual amounts for 2022 will vary depending on market conditions. As of June 2, 2022, we had purchase obligations of approximately $4.18 billion for the acquisition of property, plant, and equipment, of which approximately $3.56 billion is expected to be paid within one year. For a description of other contractual obligations, such as debt and leases, see “Item 1. Financial Statements – Notes to Consolidated Financial Statements – Leases” and “– Debt.”

On November 1, 2021, we issued $1 billion in aggregate principal amount of unsecured 2032 Green Bonds. Over time, we plan to allocate an amount equal to the net proceeds to fund eligible sustainability-focused projects involving renewable energy, green buildings, energy efficiency, water management, waste abatement, and a circular economy.

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. Through June 2, 2022, we have repurchased an aggregate of $5.68 billion of the authorized amount. See “Item 1. Financial Statements – Notes to Consolidated Financial Statements – Equity.”

On June 30, 2022, our Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on July 26, 2022, to shareholders of record as of the close of business on July 11, 2022. The declaration and payment of any future cash dividends are at the discretion and subject to the approval of our Board of Directors. Our Board of Directors' decisions regarding the amount and payment of dividends will depend on many factors, including, but not limited to, our financial condition, results of operations, capital requirements, business conditions, debt service obligations, contractual restrictions, industry practice, legal requirements, regulatory constraints, and other factors that our Board of Directors may deem relevant.

We expect that our cash and investments, cash flows from operations, and available financing will be sufficient to meet our requirements at least through the next 12 months and thereafter for the foreseeable future.

Cash Flows


	Nine months ended
	2022		2021

Net cash provided by operating activities	$	11,404	$	8,584
Net cash provided by (used for) investing activities	(7,761)		(8,055)
Net cash provided by (used for) financing activities	(2,140)		(437)
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash	(71)		44
Net increase (decrease) in cash, cash equivalents, and restricted cash	$	1,432	$	136

Operating Activities: Cash provided by operating activities reflects net income adjusted for certain non-cash items, including depreciation expense, amortization of intangible assets, asset impairments, and stock-based compensation, and the effects of changes in operating assets and liabilities. The increase in cash provided by operating activities for the first nine months of 2022 as compared to the first nine months of 2021 was primarily due to higher net income adjusted for non-cash items, partially offset by an increase in inventories and receivables.

36 | 2022 Q3 10-Q

Table of Contents

Investing Activities: For the first nine months of 2022, net cash used for investing activities consisted primarily of $8.45 billion of expenditures for property, plant, and equipment; inflows of $104 million of partner contributions for capital expenditures; $888 million of net inflows from the sale of the Lehi, Utah fab; and $137 million of net outflows from purchases, sales, and maturities of available-for-sale securities.

For the first nine months of 2021, net cash used for investing activities consisted primarily of $8.02 billion of expenditures for property, plant, and equipment; inflows of $342 million of partner contributions for capital expenditures; and $422 million of net outflows from purchases, sales, and maturities of available-for-sale securities.

Financing Activities: For the first nine months of 2022, net cash used for financing activities included $2.01 billion of repayments of debt primarily to redeem the 2023 Notes and 2024 Notes, $1.65 billion for the acquisition of 22.2 million shares of our common stock under our $10 billion share repurchase authorization, $335 million of cash payments of dividends to shareholders, and $132 million of payments on equipment purchase contracts. Cash used for financing activities was partially offset by aggregate proceeds of $2.00 billion from the issuance of the unsecured 2032 Green Bonds, 2041 Notes, and 2051 Notes. See “Item 1. Financial Statements – Notes to Consolidated Financial Statements – Debt.”

For the first nine months of 2021, net cash used for financing activities consisted primarily of $150 million for the acquisition of 1.7 million shares of our common stock under our $10 billion share repurchase authorization, $139 million of payments on equipment purchase contracts, and $156 million of repayments of debt, net of proceeds from new borrowings, partially offset by $148 million of proceeds from common stock issued in connection with employee equity plans. In the third quarter of 2021, we received proceeds of $1.19 billion from the new 2024 Term Loan A and used the proceeds to repay the $1.19 billion outstanding under the Extinguished 2024 Term Loan A.

Critical Accounting Estimates

For a discussion of our critical accounting estimates, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates” of our Annual Report on Form 10-K for the year ended September 2, 2021. There have been no changes to our critical accounting estimates since our Annual Report on Form 10-K for the year ended September 2, 2021.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are affected by changes in currency exchange and interest rates. We are exposed to interest rate risk related to our indebtedness and our investment portfolio. As of June 2, 2022 and September 2, 2021, we had fixed-rate debt of $4.0 billion and $3.9 billion, respectively, and as a result, the fair value of our debt fluctuates with changes in market interest rates. In the first quarter of 2022, we issued new debt and repaid other debt, which significantly increased the average remaining maturity of our fixed-rate debt resulting in increased variability of its fair value from interest rate changes. We estimate that, as of June 2, 2022 and September 2, 2021, a decrease in market interest rates of 1% would increase the fair value of our fixed-rate debt by approximately $320 million and $200 million, respectively.

For further discussion about market risk and sensitivity analysis related to changes in currency exchange rates and interest rates, see “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the year ended September 2, 2021.

Table of Contents

Item 4. CONTROLS AND PROCEDURES

An evaluation was carried out under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based upon that evaluation, the principal executive officer and principal financial officer concluded that those disclosure controls and procedures were effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act are recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including the principal executive officer and principal financial officer, to allow timely decisions regarding disclosure.

During the third quarter of 2022, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

For a discussion of legal proceedings, see “Part I – Item 3. Legal Proceedings” of our Annual Report on Form 10-K for the year ended September 2, 2021 and the sections titled “Part I. Financial Information – Item 1. Financial Statements – Notes to Consolidated Financial Statements – Contingencies” and “Item 1A. Risk Factors” in this Quarterly Report on Form 10-Q, as well as in our Quarterly Reports on Form 10-Q for the first and second quarters of 2022.

SEC regulations require disclosure of certain proceedings related to environmental matters unless we reasonably believe that the related monetary sanctions, if any, will be less than a specified threshold. We use a threshold of $1 million for this purpose.

Item 1A. RISK FACTORS

In addition to the factors discussed elsewhere in this Form 10-Q, this section discusses important factors which could cause actual results or events to differ materially from those contained in any forward-looking statements made by us. The order of presentation is not necessarily indicative of the level of risk that each factor poses to us. Any of these factors could have a material adverse effect on our business, results of operations, financial condition, or stock price. Our operations could also be affected by other factors that are presently unknown to us or not considered significant.

Risk Factor Summary

Risks Related to Our Business, Operations, and Industry

the effects of the COVID-19 pandemic;
volatility in average selling prices of our products;
our ability to maintain or improve gross margins;
the highly competitive nature of our industry;
our ability to develop and produce new and competitive memory and storage technologies, products, and markets;
dependency on specific customers, concentration of revenue with a select number of customers, and customers who are located internationally;
our international operations, including geopolitical risks;
limited availability and quality of materials, supplies, and capital equipment and dependency on third-party service providers for ourselves and our customers;
products that fail to meet specifications, are defective, or are incompatible with end uses;

38 | 2022 Q3 10-Q

Table of Contents

disruptions to our manufacturing process from operational issues, natural disasters, or other events;
breaches of our security systems or products, or those of our customers, suppliers, or business partners;
attracting, retaining, and motivating highly skilled employees;
achieving or maintaining certain performance obligations associated with incentives from various governments;
future acquisitions and/or alliances;
restructure charges;
responsible sourcing requirements and related regulations;
environmental, social, and governance (“ESG”) considerations; and
a downturn in the worldwide economy.

Risks Related to Intellectual Property and Litigation

protecting our intellectual property and retaining key employees who are knowledgeable of and develop our intellectual property;
legal proceedings and claims;
allegations of anticompetitive conduct;
claims that our products or manufacturing processes infringe or otherwise violate the intellectual property rights of others or failure to obtain or renew license agreements covering such intellectual property; and
alleged patent infringement complaints in Chinese courts.

Risks Related to Laws and Regulations

compliance with tariffs, trade restrictions, and/or trade regulations;
tax expense and tax laws in key jurisdictions; and
compliance with laws, regulations, or industry standards, including ESG considerations.

Risks Related to Capitalization and Financial Markets

our ability to generate sufficient cash flows or obtain access to external financing;
our debt obligations;
changes in foreign currency exchange rates;
counterparty default risk;
volatility in the trading price of our common stock; and
fluctuations in the amount and timing of our common stock repurchases and payment of cash dividends and resulting impacts.

Risks Related to Our Business, Operations, and Industry

The effects of the COVID-19 pandemic could adversely affect our business, results of operations, and financial condition.

The effects of the public health crisis caused by the COVID-19 pandemic and the measures being taken to limit COVID-19’s spread are uncertain and difficult to predict, but may include, and in some cases, have included and may continue to include:

Disruptions to our supply chain, our operations, or those of our suppliers resulting from the spread of COVID-19 and/or the actions taken by governments, businesses, and/or the general public in an effort to limit exposure to and the spread of COVID-19, such as travel restrictions, quarantines, and business shutdowns or slowdowns, which may be unexpected and/or lengthy, especially as a result of zero-COVID policies in China or elsewhere;
Impacts to customer demand from a global economic downturn or recession and/or supply chain shortages causing a decrease or shift in short-term and/or long-term demand for our products, resulting in industry oversupply and declines in pricing for our products;
Reductions in production levels, R&D activities, product development, technology transitions, yield enhancement activities, and qualification activities with our customers and increased costs, resulting from our efforts to mitigate the impact of COVID-19 and protect our employees’ and contractors’ health and well-being;
Increased costs for, or unavailability of, transportation, raw materials, components, electricity and/or other energy sources, or other inputs necessary for the operation of our business;

Table of Contents

Reductions in, or cessation of operations at any site or in any jurisdiction, which may occur with little or no advance notice, resulting from government restrictions on movement and/or business operations or measures to prevent and/or mitigate the spread of COVID-19 at one or more of our sites or those of our subcontractors or suppliers;
Our inability to continue, or increased costs of, construction projects due to delays in obtaining materials, equipment, labor, engineering services, government permits, or any other essential aspect of projects, which could impact our ability to introduce new technologies, reduce costs, or meet customer demand; and
Deterioration of worldwide credit and financial markets that could: limit our ability, and our customers’ ability, to obtain external financing to fund operations and capital expenditures; result in losses on our holdings of cash and investments due to failures of financial institutions and other parties; or result in a higher rate of losses on our accounts receivable due to credit defaults.

These effects, alone or taken together, could have a material adverse effect on our business, results of operations, or financial condition. The continuation of the pandemic or expanded or recurring outbreaks could exacerbate the adverse impact of such measures.

Volatility in average selling prices for our semiconductor memory and storage products may adversely affect our business.

We have experienced significant volatility in our average selling prices, including dramatic declines as noted in the table below, and may continue to experience such volatility in the future. In some prior periods, average selling prices for our products have been below our manufacturing costs and we may experience such circumstances in the future. Average selling prices for our products that decline faster than our costs could have a material adverse effect on our business, results of operations, or financial condition.


	DRAM		NAND
	(percentage change in average selling prices)

2021 from 2020	8	%	(12)	%
2020 from 2019	(34)	%	(9)	%
2019 from 2018	(30)	%	(47)	%
2018 from 2017	36	%	(13)	%
2017 from 2016	18	%	(10)	%

We may be unable to maintain or improve gross margins.

Our gross margins are dependent, in part, upon continuing decreases in per gigabit manufacturing costs achieved through improvements in our manufacturing processes and product designs. Fact

Showing the first 8K of 99K characters. Open the full section

Item 6. EXHIBITS


Exhibit Number	Description of Exhibit	Filed Herewith	Form	Period Ending	Exhibit/ Appendix	Filing Date

10.1*	Micron Technology, Inc. Employee Stock Purchase Plan , as amende d and restated	X
10.2*	Micron Technology, Inc. Deferred Compensation Plan, as amended	X
10.3*	Certain Benefits Granted to Mark Murphy upon Appointment as Chief Financial Officer	X
31.1	Rule 13a-14(a) Certification of Chief Executive Officer	X
31.2	Rule 13a-14(a) Certification of Chief Financial Officer	X
32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. 1350	X
32.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. 1350	X
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document	X
101.SCH	Inline XBRL Taxonomy Extension Schema Document	X
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document	X
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document	X
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document	X
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document	X
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)	X

Indicates management contract or compensatory plan or arrangement.

60 | 2022 Q3 10-Q

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			Micron Technology, Inc.
			(Registrant)


Date:	June 30, 2022	By:	/s/ Mark Murphy
			Mark Murphy
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)

			/s/ Scott Allen
			Scott Allen
			Corporate Vice President and Chief Accounting Officer
			(Principal Accounting Officer)