Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Micron Technology Inc., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021	Sep 3, 2020	Aug 29, 2019	Aug 30, 2018
U.S. federal	5)	65)	42)	20)	36)	54)
State	1)	1)	1)	2)	2)	(1)
Foreign	178)	528)	370)	148)	319)	374)
Current	184)	594)	413)	170)	357)	427)
U.S. federal	84)	166)	9)	(39)	146)	(232)
State	—)	225)	(28)	(23)	(91)	(101)
Foreign	(91)	(97)	—)	172)	281)	74)
Deferred	(7)	294)	(19)	110)	336)	(259)
Income tax provision	177)	888)	394)	280)	693)	168)

Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 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).

Download chart

Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Micron Technology Inc. current increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Micron Technology Inc. deferred increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Income tax provision	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Micron Technology Inc. income tax provision increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Micron Technology Inc., effective income tax rate (EITR) reconciliation

	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021	Sep 3, 2020	Aug 29, 2019	Aug 30, 2018
U.S. federal income tax statutory rate	21.00%	21.00%	21.00%	21.00%	21.00%	25.70%
U.S. tax on foreign operations	0.10%	3.40%	3.60%	0.50%	4.60%	0.10%
Change in valuation allowance	-0.90%	2.50%	-0.90%	0.70%	0.60%	-14.50%
Change in unrecognized tax benefits	-0.50%	0.70%	3.80%	1.10%	0.80%	-0.40%
Foreign tax rate differential	-22.80%	-16.70%	-15.30%	-8.50%	-14.10%	-18.20%
Research and development tax credits	0.80%	-0.70%	-2.00%	-2.10%	-1.70%	-0.60%
State taxes, net of federal benefit	0.70%	0.00%	-0.90%	-0.80%	-1.40%	0.60%
Debt premium deductions	0.00%	0.00%	-2.10%	0.00%	0.00%	0.00%
Other	-1.50%	-0.90%	-0.90%	-2.50%	-0.10%	-0.10%
Effective income tax rate, before the Tax Act	-3.10%	9.30%	6.30%	9.40%	9.70%	-7.40%
Repatriation Tax related to the Tax Act	0.00%	0.00%	0.00%	0.00%	0.10%	7.30%
Remeasurement of deferred tax assets and liabilities related to the Tax Act	0.00%	0.00%	0.00%	0.00%	0.00%	1.30%
Effective income tax rate	-3.10%	9.30%	6.30%	9.40%	9.80%	1.20%

Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 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).

Download chart

Item	Description	The company
Effective income tax rate, before the Tax Act	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Micron Technology Inc. effective income tax rate, before the Tax Act increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Micron Technology Inc., components of deferred tax assets and liabilities

US$ in millions

	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021	Sep 3, 2020	Aug 29, 2019	Aug 30, 2018
Net operating loss and tax credit carryforwards	1,112)	796)	783)	912)	1,045)	1,417)
Accrued salaries, wages, and benefits	39)	157)	206)	176)	122)	163)
Operating lease liabilities	135)	138)	109)	114)	—)	—)
Inventories	52)	77)	—)	—)	—)	—)
Property, plant, and equipment	—)	44)	37)	—)	80)	—)
Other	75)	142)	115)	91)	110)	115)
Gross deferred tax assets	1,413)	1,354)	1,250)	1,293)	1,357)	1,695)
Valuation allowance	(528)	(471)	(233)	(294)	(277)	(228)
Deferred tax assets, net of valuation allowance	885)	883)	1,017)	999)	1,080)	1,467)
Right-of-use assets	(115)	(126)	(90)	(95)	—)	—)
Product and process technology	—)	—)	(12)	(57)	(138)	(62)
Property, plant, and equipment	(31)	—)	—)	(50)	—)	(173)
Other	(100)	(68)	(143)	(99)	(109)	(213)
Deferred tax liabilities	(246)	(194)	(245)	(301)	(247)	(448)
Net deferred tax assets (liabilities)	639)	689)	772)	698)	833)	1,019)

Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 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).

Download chart

Item	Description	The company
Gross deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Micron Technology Inc. gross deferred tax assets increased from 2021 to 2022 and from 2022 to 2023.
Deferred tax assets, net of valuation allowance	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Micron Technology Inc. deferred tax assets, net of valuation allowance decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Net deferred tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Micron Technology Inc. net deferred tax assets (liabilities) decreased from 2021 to 2022 and from 2022 to 2023.

Micron Technology Inc., deferred tax assets and liabilities, classification

US$ in millions

		Aug 31, 2023	Sep 1, 2022	Sep 2, 2021	Sep 3, 2020	Aug 29, 2019	Aug 30, 2018
	Deferred tax assets	756)	702)	782)	707)	837)	1,022)
	Deferred tax liabilities (included in Other noncurrent liabilities)	117)	13)	10)	9)	4)	3)

Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 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).

Download chart

Item	Description	The company
Deferred tax assets	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Micron Technology Inc. deferred tax assets decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
Deferred tax liabilities (included in Other noncurrent liabilities)	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Micron Technology Inc. deferred tax liabilities (included in Other noncurrent liabilities) increased from 2021 to 2022 and from 2022 to 2023.

Micron Technology Inc., adjustments to financial statements

US$ in millions

	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021	Sep 3, 2020	Aug 29, 2019	Aug 30, 2018
Adjustment to Total Assets
Total assets (as reported)	64,254)	66,283)	58,849)	53,678)	48,887)	43,376)
Less: Noncurrent deferred tax assets, net	756)	702)	782)	707)	837)	1,022)
Total assets (adjusted)	63,498)	65,581)	58,067)	52,971)	48,050)	42,354)
Adjustment to Total Liabilities
Total liabilities (as reported)	20,134)	16,376)	14,916)	14,682)	12,019)	10,112)
Less: Noncurrent deferred tax liabilities, net	117)	13)	10)	9)	4)	3)
Total liabilities (adjusted)	20,017)	16,363)	14,906)	14,673)	12,015)	10,109)
Adjustment to Total Micron Shareholders’ Equity
Total Micron shareholders’ equity (as reported)	44,120)	49,907)	43,933)	38,996)	35,881)	32,294)
Less: Net deferred tax assets (liabilities)	639)	689)	772)	698)	833)	1,019)
Total Micron shareholders’ equity (adjusted)	43,481)	49,218)	43,161)	38,298)	35,048)	31,275)
Adjustment to Net Income (loss) Attributable To Micron
Net income (loss) attributable to Micron (as reported)	(5,833)	8,687)	5,861)	2,687)	6,313)	14,135)
Add: Deferred income tax expense (benefit)	(7)	294)	(19)	110)	336)	(259)
Net income (loss) attributable to Micron (adjusted)	(5,840)	8,981)	5,842)	2,797)	6,649)	13,876)

Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 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).

Micron Technology Inc., Financial Data: Reported vs. Adjusted

Download chart

Micron Technology Inc., adjusted financial ratios

	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021	Sep 3, 2020	Aug 29, 2019	Aug 30, 2018
Net Profit Margin
Reported net profit margin	-37.54%	28.24%	21.16%	12.54%	26.97%	46.51%
Adjusted net profit margin	-37.58%	29.20%	21.09%	13.05%	28.41%	45.66%
Total Asset Turnover
Reported total asset turnover	0.24	0.46	0.47	0.40	0.48	0.70
Adjusted total asset turnover	0.24	0.47	0.48	0.40	0.49	0.72
Financial Leverage
Reported financial leverage	1.46	1.33	1.34	1.38	1.36	1.34
Adjusted financial leverage	1.46	1.33	1.35	1.38	1.37	1.35
Return on Equity (ROE)
Reported ROE	-13.22%	17.41%	13.34%	6.89%	17.59%	43.77%
Adjusted ROE	-13.43%	18.25%	13.54%	7.30%	18.97%	44.37%
Return on Assets (ROA)
Reported ROA	-9.08%	13.11%	9.96%	5.01%	12.91%	32.59%
Adjusted ROA	-9.20%	13.69%	10.06%	5.28%	13.84%	32.76%

Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 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).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Micron Technology Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Micron Technology Inc. adjusted total asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Micron Technology Inc. adjusted financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Micron Technology Inc. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Micron Technology Inc. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Micron Technology Inc., Financial Ratios: Reported vs. Adjusted

Download chart

	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021	Sep 3, 2020	Aug 29, 2019	Aug 30, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Micron	(5,833)	8,687)	5,861)	2,687)	6,313)	14,135)
Revenue	15,540)	30,758)	27,705)	21,435)	23,406)	30,391)
Profitability Ratio
Net profit margin¹	-37.54%	28.24%	21.16%	12.54%	26.97%	46.51%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Micron	(5,840)	8,981)	5,842)	2,797)	6,649)	13,876)
Revenue	15,540)	30,758)	27,705)	21,435)	23,406)	30,391)
Profitability Ratio
Adjusted net profit margin²	-37.58%	29.20%	21.09%	13.05%	28.41%	45.66%

Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 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).

2023 Calculations

¹ Net profit margin = 100 × Net income (loss) attributable to Micron ÷ Revenue
= 100 × -5,833 ÷ 15,540 = -37.54%

² Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to Micron ÷ Revenue
= 100 × -5,840 ÷ 15,540 = -37.58%

Download chart

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Micron Technology Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021	Sep 3, 2020	Aug 29, 2019	Aug 30, 2018
As Reported
Selected Financial Data (US$ in millions)
Revenue	15,540)	30,758)	27,705)	21,435)	23,406)	30,391)
Total assets	64,254)	66,283)	58,849)	53,678)	48,887)	43,376)
Activity Ratio
Total asset turnover¹	0.24	0.46	0.47	0.40	0.48	0.70
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Revenue	15,540)	30,758)	27,705)	21,435)	23,406)	30,391)
Adjusted total assets	63,498)	65,581)	58,067)	52,971)	48,050)	42,354)
Activity Ratio
Adjusted total asset turnover²	0.24	0.47	0.48	0.40	0.49	0.72

Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 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).

2023 Calculations

¹ Total asset turnover = Revenue ÷ Total assets
= 15,540 ÷ 64,254 = 0.24

² Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 15,540 ÷ 63,498 = 0.24

Download chart

Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Micron Technology Inc. adjusted total asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021	Sep 3, 2020	Aug 29, 2019	Aug 30, 2018
As Reported
Selected Financial Data (US$ in millions)
Total assets	64,254)	66,283)	58,849)	53,678)	48,887)	43,376)
Total Micron shareholders’ equity	44,120)	49,907)	43,933)	38,996)	35,881)	32,294)
Solvency Ratio
Financial leverage¹	1.46	1.33	1.34	1.38	1.36	1.34
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	63,498)	65,581)	58,067)	52,971)	48,050)	42,354)
Adjusted total Micron shareholders’ equity	43,481)	49,218)	43,161)	38,298)	35,048)	31,275)
Solvency Ratio
Adjusted financial leverage²	1.46	1.33	1.35	1.38	1.37	1.35

Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 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).

2023 Calculations

¹ Financial leverage = Total assets ÷ Total Micron shareholders’ equity
= 64,254 ÷ 44,120 = 1.46

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Micron shareholders’ equity
= 63,498 ÷ 43,481 = 1.46

Download chart

Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Micron Technology Inc. adjusted financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021	Sep 3, 2020	Aug 29, 2019	Aug 30, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Micron	(5,833)	8,687)	5,861)	2,687)	6,313)	14,135)
Total Micron shareholders’ equity	44,120)	49,907)	43,933)	38,996)	35,881)	32,294)
Profitability Ratio
ROE¹	-13.22%	17.41%	13.34%	6.89%	17.59%	43.77%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Micron	(5,840)	8,981)	5,842)	2,797)	6,649)	13,876)
Adjusted total Micron shareholders’ equity	43,481)	49,218)	43,161)	38,298)	35,048)	31,275)
Profitability Ratio
Adjusted ROE²	-13.43%	18.25%	13.54%	7.30%	18.97%	44.37%

Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 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).

2023 Calculations

¹ ROE = 100 × Net income (loss) attributable to Micron ÷ Total Micron shareholders’ equity
= 100 × -5,833 ÷ 44,120 = -13.22%

² Adjusted ROE = 100 × Adjusted net income (loss) attributable to Micron ÷ Adjusted total Micron shareholders’ equity
= 100 × -5,840 ÷ 43,481 = -13.43%

Download chart

Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Micron Technology Inc. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021	Sep 3, 2020	Aug 29, 2019	Aug 30, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Micron	(5,833)	8,687)	5,861)	2,687)	6,313)	14,135)
Total assets	64,254)	66,283)	58,849)	53,678)	48,887)	43,376)
Profitability Ratio
ROA¹	-9.08%	13.11%	9.96%	5.01%	12.91%	32.59%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Micron	(5,840)	8,981)	5,842)	2,797)	6,649)	13,876)
Adjusted total assets	63,498)	65,581)	58,067)	52,971)	48,050)	42,354)
Profitability Ratio
Adjusted ROA²	-9.20%	13.69%	10.06%	5.28%	13.84%	32.76%

Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 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).

2023 Calculations

¹ ROA = 100 × Net income (loss) attributable to Micron ÷ Total assets
= 100 × -5,833 ÷ 64,254 = -9.08%

² Adjusted ROA = 100 × Adjusted net income (loss) attributable to Micron ÷ Adjusted total assets
= 100 × -5,840 ÷ 63,498 = -9.20%

Download chart

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Micron Technology Inc. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Micron Technology Inc. (NASDAQ:MU)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Micron Technology Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Micron Technology Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)