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5		-= Overview =
	5	+Summary
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7		-Micron Technology (MU) is a world leader in innovative memory solutions. Through the company global brands – Micron ® , Crucial ® , Lexar ® , and Ballistix ® – the company broad portfolio of high-performance memory technologies, including DRAM, NAND, NOR Flash, and 3D XPoint™ memory, is transforming how the world uses information. Backed by more than 35 years of technology leadership, the company memory solutions enable the world's most innovative computing, consumer, enterprise storage, data center, mobile, embedded, and automotive applications. The accompanying consolidated financial statements include the accounts of Micron and the company consolidated subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America consistent in all material respects with those applied in the company Annual Report on Form 10-K for the year ended September 1, 2016. In the opinion of the company management, the accompanying unaudited consolidated financial statements contain all necessary adjustments, consisting of a normal recurring nature, to fairly state the financial information set forth herein. Certain reclassifications have been made to prior period amounts to conform to current period presentation.{{footnote}}https://fintel.io/doc/sec-mu-micron-technology-10k-2018-october-15-17963{{/footnote}}
	7	+Micron Technology, Inc. is a big player in the world of memory and storage technology.
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9		-The company's fiscal year is the 52 or 53-week period ending on the Thursday closest to August 31. Fiscal years 2017 and 2016 each contain 52 weeks. All period references are to the company fiscal periods unless otherwise indicated. These interim financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the company Annual Report on Form 10-K for the year ended September 1, 2016.
	9	+Micron has a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products and market through Micron® and Crucial® brands.
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11		-= Variable Interest Entities =
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13		-Micron Technology has interests in entities that are VIEs. If Micron Technologyare the primary beneficiary of a VIE, Micron Technologyare required to consolidate it. To determine if Micron Technologyare the primary beneficiary, Micron Technologyevaluate whether Micron Technologyhave 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. The company's evaluation includes identification of significant activities and an assessment of the company 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. Its assessments of whether Micron Technologyare the primary beneficiary of the company VIEs require significant assumptions and judgments.
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15		-== Unconsolidated VIEs ==
	13	+Micron Technology (Nasdaq: MU) is an industry leader in memory and storage solutions. Micron has a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products and market through Micron® and Crucial® brands.
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17		-**//Inotera//** : Prior to the company acquisition of the remaining interest in Inotera on December 6, 2016, Inotera was a VIE because of the terms of its supply agreement with it. Micron Technologyhad determined that Micron Technologydid not have the power to direct the activities of Inotera that most significantly impacted its economic performance, primarily due to limitations on the company's governance rights that required the consent of other parties for key operating decisions and due to Inotera's dependence on Nanya for financing and the ability of Inotera to operate in Taiwan. Therefore, Micron Technologydid not consolidate Inotera and Micron Technologyaccounted for the company's interest under the equity method. (See "Acquisition of Inotera" and "Equity Method Investments – Inotera" notes.)
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19		-~*~*//EQUVO// ~*~*: EQUVO HK Limited ("EQUVO"), a special purpose entity, was created to facilitate an equipment sale-leaseback financing transaction between the company and a consortium of financial institutions. Neither Micron Technologynor the financing entities have an equity interest in EQUVO. EQUVO was a VIE because its equity was not sufficient to permit it to finance its activities without additional support from the financing entities and because the third-party equity holder lacked characteristics of a controlling financial interest. By design, the arrangement with EQUVO was merely a financing vehicle and Micron Technologydid not bear any significant risks from variable interests with EQUVO. Therefore, Micron Technologyhad determined that Micron Technologydid not have the power to direct the activities of EQUVO that most significantly impact its economic performance and Micron Technologydid not consolidate EQUVO. In February 2017, Micron Technologycompleted all of the company obligations under the sale-leaseback financing and no longer have any variable interests in EQUVO.
	16	+Recent Developments
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21		-**//SC Hiroshima Energy Corporation//** : SC Hiroshima Energy Corporation ("SCHE") is an entity created to construct and operate a cogeneration, electrical power plant to support the company wafer manufacturing facility in Hiroshima, Japan. Micron Technologydo not have an equity interest in SCHE. SCHE is a VIE due to the nature of its tolling agreements with the company and the company's option to purchase SCHE's assets. Micron Technologydo not control the operation and maintenance of the plant, which Micron Technologyhave determined are the activities of SCHE that most significantly impact its economic performance. Therefore, Micron Technologydo not consolidate SCHE.
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23		-**//PTI Xi'an//** : Powertech Technology Inc. Xi'an ("PTI Xi'an") is a wholly-owned subsidiary of Powertech Technology Inc. ("PTI") and was created to provide assembly services to the company at manufacturing site in Xi'an, China. Micron Technologydo not have an equity interest in PTI Xi'an. PTI Xi'an is a VIE because of the terms of its service agreement with the company and its dependency on PTI to finance its operations. Micron Technologyhave determined that Micron Technologydo not have the power to direct the activities of PTI Xi'an that most significantly impact its economic performance, primarily because Micron Technologyhave no governance rights. Therefore, Micron Technologydo not consolidate PTI Xi'an.
	19	+Micron Unveils Industry-Leading Client SSD
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25		-== Consolidated VIE ==
	21	+[[https:~~/~~/investors.micron.com/news-releases/news-release-details/micron-unveils-industry-leading-client-ssd-fuel-demanding-pc>>url:https://investors.micron.com/news-releases/news-release-details/micron-unveils-industry-leading-client-ssd-fuel-demanding-pc]]
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27		-**//IMFT//** : IMFT is a VIE because all of its costs are passed to it and its other member, Intel, through product purchase agreements and because IMFT is dependent upon the company or Intel for additional cash requirements. The primary activities of IMFT are driven by the constant introduction of product and process technology. Because Micron Technologyperform a significant majority of the technology development, Micron Technologyhave the power to direct its key activities. In addition, IMFT manufactures certain products exclusively for it using the company technology. Micron Technologyconsolidate IMFT because Micron Technologyhave the power to direct the activities of IMFT that most significantly impact its economic performance and because Micron Technologyhave the obligation to absorb losses and the right to receive benefits from IMFT that could potentially be significant to it.
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29		-= References =
	24	+December 5, 2023; Micron Technology, Inc. announced it is shipping the Micron 3500 NVMe™ SSD, which leverages its 232-layer NAND to power demanding workloads for business applications, scientific computing, cutting-edge gaming and content creation, pushing the limits of what is possible. The Micron 3500 SSD, available in the M.2 form factor and with capacities up to 2TB, provides a superior user experience over the competition1 as proven by its best-in-class SPECwpcsm performance, including an up to 71% improvement for product development applications.
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	26	+
	27	+Micron First to Enable Ecosystem Partners.
	28	+
	29	+[[https:~~/~~/investors.micron.com/news-releases/news-release-details/micron-first-enable-ecosystem-partners-fastest-lowest-latency>>url:https://investors.micron.com/news-releases/news-release-details/micron-first-enable-ecosystem-partners-fastest-lowest-latency]]
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	31	+November 9, 2023; Micron Technology, Inc. demonstrated its industry leadership by announcing its 32Gb monolithic die-based 128GB DDR5 RDIMM memory featuring best-in-class performance of up to 8000 MT/s1 to support data center workloads today and into the future. These high-capacity, high-speed memory modules are engineered to meet the performance and data-handling needs of a wide range of mission-critical applications in data center and cloud environments, including artificial intelligence (AI), in-memory databases (IMDBs) and efficient processing for multithreaded, multicore count general compute workloads. Powered by Micron’s industry-leading 1β (1-beta) technology, the 32Gb DDR5 DRAM die-based 128GB DDR5 RDIMM memory delivers the following enhancements over competitive 3DS through-silicon via (TSV) products.
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	33	+
	34	+Crucial Launches Lightning-Fast Gen4 Consumer NVMe SSDs.
	35	+
	36	+[[https:~~/~~/investors.micron.com/news-releases/news-release-details/crucial-launches-lightning-fast-gen4-consumer-nvme-ssds-gamers>>url:https://investors.micron.com/news-releases/news-release-details/crucial-launches-lightning-fast-gen4-consumer-nvme-ssds-gamers]]
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	38	+October 31, 2023; Micron Technology, Inc. announced the availability of the Crucial® T500 Gen4 NVMe® SSD as an expansion of its award-winning NVMe solid-state drive (SSD) portfolio. The Crucial T500 SSD is a best-in-class PCIe® 4.0 NVMe drive, which leverages Micron’s advanced 232-layer 3D NAND technology with industry-leading NAND I/O speeds of 2.4 gigabytes per second (GB/s) and is engineered to improve performance for console and PC gamers, photo and video editors and content creators. Available in two options, the T500 SSD with the heatsink is specifically designed for platforms like the PlayStation® 5 (PS5™) and PC gaming rigs, while the version without the heatsink fits well in laptops, desktops and workstations.
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	41	+First Quarter of Fiscal 2024
	42	+
	43	+December 20, 2023; Micron Technology, Inc. announced results for its first quarter of fiscal 2024, which ended November 30, 2023.
	44	+
	45	+[[https:~~/~~/investors.micron.com/news-releases/news-release-details/micron-technology-inc-reports-results-first-quarter-fiscal-2024>>url:https://investors.micron.com/news-releases/news-release-details/micron-technology-inc-reports-results-first-quarter-fiscal-2024]]
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	47	+.
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	49	+Revenue of $4.73 billion versus $4.01 billion for the prior quarter and $4.09 billion for the same period last year
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	51	+GAAP net loss of $1.23 billion, or $1.12 per diluted share
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	53	+Non-GAAP net loss of $1.05 billion, or $0.95 per diluted share
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	55	+Operating cash flow of $1.40 billion versus $249 million for the prior quarter and $943 million for the same period last year.
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	57	+
	58	+Investments in capital expenditures, net were $1.73 billion for the first quarter of 2024, which resulted in adjusted free cash flows of negative $333 million for the first quarter of 2024. Micron ended the quarter with cash, marketable investments, and restricted cash of $9.84 billion. On December 20, 2023, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on January 18, 2024, to shareholders of record as of the close of business on January 2, 2024.
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	60	+
	61	+Company Overview
	62	+
	63	+Micron Technology is an industry leader in memory and storage solutions. Micron designs, develops and manufactures memory and storage products. Micron has a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products and market through Micron® and Crucial® brands. The company manufacture its products at wholly-owned facilities and also utilize subcontractors for certain manufacturing processes.
	64	+
	65	+[[https:~~/~~/fintel.io/doc/sec-micron-technology-inc-723125-10k-2023-october-06-19636-4482>>url:https://fintel.io/doc/sec-micron-technology-inc-723125-10k-2023-october-06-19636-4482]]
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	67	+
	68	+Product Technologies
	69	+
	70	+The company's product portfolio of memory and storage solutions, advanced solutions, and storage platforms is based on its high-performance semiconductor memory and storage technologies, including DRAM, NAND, and NOR. The company sell its products into various markets through its business units in numerous forms, including components, modules, SSDs, managed NAND, MCPs, and wafers. The company's system-level solutions, including SSDs and managed NAND, combine NAND, a controller, firmware, and in some cases DRAM.
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	73	+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, consumer, and datacenter markets.
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	77	+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, consumer, and automotive 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.
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	80	+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.
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	83	+Business Segments
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	85	+
	86	+Compute and Networking Business Unit (“CNBU”)
	87	+
	88	+CNBU includes memory products and solutions sold into client, cloud server, enterprise, graphics, and networking markets. CNBU reported revenue of $5.71 billion in 2023, $13.69 billion in 2022, and $12.28 billion in 2021. CNBU sales in 2023 consisted primarily of DRAM products produced on 1x, 1y, 1z, and 1α (1-alpha) technology nodes. In 2023, the company achieved several important product qualifications on its industry-leading 1ß (1-beta) DRAM node and are well positioned to ramp manufacturing of CNBU products in 2024.
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	90	+Mobile Business Unit (“MBU”)
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	92	+MBU includes memory and storage products sold into the mobile market including discrete NAND, DRAM, and managed NAND products. MBU managed NAND includes embedded multi-media controller (“e.MMC”) and universal flash storage (“UFS”) solutions, each of which combine high-capacity NAND with a high-speed controller and firmware, and eMCP/uMCP products, which combine an e.MMC/UFS solution with LPDRAM. MBU reported revenue of $3.63 billion in 2023, $7.26 billion in 2022, and $7.20 billion in 2021. In 2023, the company achieved key mobile customer qualifications on its 1ß based LPDDR5X and started high-volume revenue shipments to tier-1 OEMs. In addition, the company achieved significant milestones in UFS with the qualification and ramp of a high-capacity uMCP5 featuring 16GB of DRAM and 512GB of NAND. The company also started to sample a new UFS 4.0 product based on its latest 232-layer NAND technology, which enables industry-leading performance for flagship handsets.
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	94	+Embedded Business Unit (“EBU”)
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	96	+EBU includes memory and storage products and solutions sold into automotive, industrial, and consumer markets and includes discrete and module DRAM, discrete NAND, managed NAND, SSDs, and NOR. EBU reported revenue of $3.64 billion in 2023, $5.24 billion in 2022, and $4.21 billion in 2021. The embedded market has traditionally been characterized by long life-cycle DRAM and non-volatile products manufactured on mature process technologies. Strong trends of digitization, connectivity, and intelligence in every device, are driving increasing demand in embedded markets for memory and storage products that incorporate leading process technologies. The company's embedded products enable edge devices to store, connect, and transform information in the internet of things (“IoT”) market and are utilized in a diverse set of applications in the automotive, industrial, and consumer markets.
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	98	+Storage Business Unit (“SBU”)
	99	+
	100	+SBU includes SSDs and component-level solutions sold into enterprise and cloud, client, and consumer storage markets. SBU reported revenue of $2.55 billion in 2023, $4.55 billion in 2022, and $3.97 billion in 2021. In 2023, 176-layer NAND comprised the largest portion of SBU’s NAND bit shipments. In 2023, the company also began shipping client, consumer, and data center SSDs featuring 232-layer NAND technology. It features higher areal density and delivers higher capacity and improved energy efficiency over previous generations of its NAND, to enable best-in-class support of the most data-intensive use cases from client to cloud.
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	102	+
	103	+Patents
	104	+
	105	+As of August 31, 2023, the company owned approximately 13,100 active U.S. patents and 6,300 active foreign patents. In addition, Micron has thousands of U.S. and foreign patent applications pending. The company's patents have various terms expiring through 2042.
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	108	+<map>
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	111	+Manufacturing locations
	112	+
	113	+The company manufacture its products within its own facilities located in Taiwan, Singapore, Japan, the United States, Malaysia, and China, and also utilize subcontractors to perform certain manufacturing processes. The company's products are manufactured on 300mm wafers in facilities that generally operate 24 hours per day, seven days per week. Semiconductor manufacturing is capital intensive, requiring large investments in sophisticated facilities and equipment. The company's DRAM, NAND, and NOR products share a number of common manufacturing processes.
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	118	+Boise, Idaho, USA
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	120	+Hiroshima, Japan
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	122	+Manassas, Virginia, USA
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	124	+Muar, Malaysia
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	126	+Penang, Malaysia
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	128	+Singapore
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	130	+Taichung, Taiwan
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	132	+Taoyuan, Taiwan
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	134	+Xian, China
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	138	+Company History
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	140	+
	141	+Micron began in 1978 as a four-person semiconductor design company in the basement of a Boise, Idaho, dental office.
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	144	+[[https:~~/~~/www.micron.com/about/our-company/timeline>>url:https://www.micron.com/about/our-company/timeline]]
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	147	+References
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