Stock Analysis on Net

Micron Technology Inc. (NASDAQ:MU)

$19.99

Analysis of Debt

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Total Debt (Carrying Amount)

Micron Technology Inc., balance sheet: debt

US$ in millions

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Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018 Aug 31, 2017 Sep 1, 2016
Current debt
Long-term debt
Total debt (carrying amount)

Based on: 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-09-01).

Debt item Description The company
Total debt (carrying amount) Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. Micron Technology Inc. total debt increased from 2019 to 2020 and from 2020 to 2021.

Total Debt (Fair Value)

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Sep 2, 2021
Selected Financial Data (US$ in millions)
Notes
Convertible notes
Finance lease obligations
Total debt (fair value)
Financial Ratio
Debt, fair value to carrying amount ratio

Based on: 10-K (reporting date: 2021-09-02).


Weighted-average Interest Rate on Debt

Weighted-average effective interest rate on debt:

Interest rate Debt amount1 Interest rate × Debt amount Weighted-average interest rate2
Total

Based on: 10-K (reporting date: 2021-09-02).

1 US$ in millions

2 Weighted-average interest rate = 100 × ÷ =


Interest Costs Incurred

Micron Technology Inc., interest costs incurred

US$ in millions

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12 months ended: Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018 Aug 31, 2017 Sep 1, 2016
Interest expense
Interest capitalized as part of the cost of property, plant, and equipment
Interest costs incurred

Based on: 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-09-01).

Debt item Description The company
Interest expense Amount of the cost of borrowed funds accounted for as interest expense for debt. Micron Technology Inc. interest expense increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.
Interest capitalized as part of the cost of property, plant, and equipment Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. Micron Technology Inc. interest capitalized as part of the cost of property, plant, and equipment decreased from 2019 to 2020 and from 2020 to 2021.
Interest costs incurred Total interest costs incurred during the period and either capitalized or charged against earnings. Micron Technology Inc. interest costs incurred increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Adjusted Interest Coverage Ratio

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Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018 Aug 31, 2017 Sep 1, 2016
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Micron
Add: Net income attributable to noncontrolling interest
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
 
Interest costs incurred
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)1
Adjusted interest coverage ratio (with capitalized interest)2

Based on: 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-09-01).

2021 Calculations

1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= ÷ =

2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= ÷ =


Solvency ratio Description The company
Adjusted interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). Micron Technology Inc. adjusted interest coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.