MICRON TECHNOLOGY INC
For the period ended Aug 29, 2024. Filed Oct 4, 2024.
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FY2024 · Filed Oct 4, 2024
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Introduction
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, repaid November 2021 | 2033 B Notes | 5.875% Senior Notes due September 2033 |
| 2024 Notes | 4.640% Senior Notes due February 2024, repaid November 2021 | 2041 Notes | 3.366% Senior Notes due November 2041 |
| 2024 Term Loan A | Senior Term Loan A due October 2024, repaid January 12, 2024 | 2051 Notes | 3.477% Senior Notes due November 2051 |
| 2025 Term Loan A | Senior Term Loan A due November 2025, repaid May 29, 2024 | AI | Artificial intelligence |
| 2026 Term Loan A | Senior Term Loan A due November 2026 | CAC | China’s Cyberspace Administration |
| 2027 Term Loan A | Senior Term Loan A due November 2027 | EBITDA | Earnings before interest, taxes, depreciation, and amortization |
| 2026 Notes | 4.975% Senior Notes due February 2026 | EUV | Extreme ultraviolet lithography |
| 2027 Notes | 4.185% Senior Notes due February 2027 | HBM | High-bandwidth memory |
| 2028 Notes | 5.375% Senior Notes due April 2028 | Micron | Micron Technology, Inc. (Parent Company) |
| 2029 A Notes | 5.327% Senior Notes due February 2029 | Multi-Tranche Term Loan Agreement | Borrowing agreement that governs the 2026 Term Loan A and 2027 Term Loan A |
| 2029 B Notes | 6.750% Senior Notes due November 2029 | NRV | Net realizable value |
| 2030 Notes | 4.663% Senior Notes due February 2030 | OEM | Original equipment manufacturer |
| 2031 Notes | 5.300% Senior Notes due January 2031 | Revolving Credit Facility | $2.5 billion Revolving Credit Facility due May 2026 |
| 2032 Green Bonds | 2.703% Senior Notes due April 2032 | SOFR | Secured Overnight Financing Rate |
| 2033 A Notes | 5.875% Senior Notes due February 2033 | SSD | Solid state drive |
Micron, Crucial, any associated logos, and all other Micron trademarks are the property of Micron. 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.
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 2024, 2023, and 2022 each contained 52 weeks.
Forward-Looking Statements
This Form 10-K 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 expected production ramp of certain products; plans to invest in research and development, including the plans to implement EUV lithography; anticipated technological developments; potential change in our effective tax rate; the timing for construction and ramping of production for our facilities, including new memory manufacturing fabs in the United States; receipt and maintenance of government incentives; the payment of future cash dividends; market conditions and profitability in our industry; our DRAM and NAND market share; future demand for our products; the impact of the Cyberspace Administration of China decision; capital spending in 2025; and the sufficiency of our cash and investments. 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 I – Item 1A. Risk Factors.”
5 | 2024 10-K
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