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Micron Technology Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Property, Plant and Equipment Disclosure
Based on: 10-K (reporting date: 2025-08-28), 10-K (reporting date: 2024-08-29), 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).
- Land
- Land values remained relatively stable from 2020 to 2024, showing slight fluctuations between 280 and 284 million US dollars. In 2025, a notable increase occurred, rising significantly to 420 million US dollars, indicating possible new acquisitions or revaluation.
- Buildings
- There was a consistent upward trend in building values over the six-year period. From 13,981 million US dollars in 2020, the figure steadily increased each year, reaching 22,173 million US dollars by 2025. This growth reflects ongoing investment and expansion in physical infrastructure.
- Equipment
- Equipment values demonstrated a strong and continuous increase, rising from 48,525 million US dollars in 2020 to 79,934 million US dollars in 2025. This steady growth suggests significant reinvestment in operational assets and capacity enhancement.
- Construction in progress
- The amount recorded under construction in progress showed a growing trend, particularly notable from 2022 onward. Values increased from 1,600 million US dollars in 2020 to 5,518 million US dollars in 2025, indicating substantial ongoing projects and expansion activities still under development.
- Software
- Software assets increased gradually from 873 million US dollars in 2020 to 1,651 million US dollars in 2025. This steady rise points to sustained investment in technological capabilities or intangible assets related to software development.
- Property, plant, and equipment, gross
- The gross value of property, plant, and equipment climbed steadily from 65,331 million US dollars in 2020 to 109,696 million US dollars in 2025. This consistent upward movement reflects overall growth in total asset holdings before accounting for depreciation.
- Accumulated depreciation
- Accumulated depreciation increased consistently each year, starting at -34,300 million US dollars in 2020 and reaching -63,106 million US dollars in 2025. The growing depreciation expense aligns with the increasing asset base, indicating the aging and usage of the property, plant, and equipment.
- Property, plant, and equipment, net
- Net property, plant, and equipment values showed a positive trend, rising from 31,031 million US dollars in 2020 to 46,590 million US dollars in 2025. Despite a minor decline between 2022 and 2023, overall net asset growth was maintained, driven by significant additions and investments offsetting depreciation.
Asset Age Ratios (Summary)
Based on: 10-K (reporting date: 2025-08-28), 10-K (reporting date: 2024-08-29), 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).
The analysis of the annual property, plant, and equipment data reveals several notable trends related to asset aging and useful life estimations over the examined periods.
- Average Age Ratio
- This ratio, expressed as a percentage, shows a gradual increase from 52.79% in 2020 to a peak of 58.79% in 2024, followed by a slight decline to 57.75% in 2025. This indicates a general aging trend of the company's property, plant, and equipment assets, suggesting that a larger proportion of the asset base is becoming older over time, with a minor recent reduction in average age ratio.
- Estimated Total Useful Life
- The total estimated useful life of assets fluctuates slightly across the years, starting at 12 years in 2020, dipping to 11 years in 2021 and 2023, returning to 12 in 2022 and 2024, and increasing to 13 years by 2025. This variation implies adjustments in asset lifespan assumptions, potentially reflecting changes in asset composition, maintenance practices, or technological advancements that influence asset longevity.
- Estimated Age (Time Elapsed Since Purchase)
- The estimated age of assets remains stable at 6 years from 2020 through 2023, then increases to 7 years in 2024 and 8 years in 2025. This steady aging is consistent with a retention or gradual addition of assets, showing how the company’s asset base is maturing over the period.
- Estimated Remaining Life
- The estimated remaining life decreases from 6 years in 2020 to 5 years between 2021 and 2024, then slightly increases back to 6 years in 2025. This pattern suggests that while assets were generally expected to have about five years left during the mid-period, revisions in 2025 extended the expected remaining life, potentially due to reassessment of asset conditions or changes in usage forecasts.
In summary, the asset base demonstrates a general trend towards aging, with modest fluctuations in useful life estimations reflecting dynamic asset management strategies. The increase in estimated total useful life and the later increase in remaining life may indicate positive adjustments in asset valuation or maintenance efficiency. The data reflects an ongoing process of asset aging balanced by reassessments to prolong useful life expectations.
Average Age
Based on: 10-K (reporting date: 2025-08-28), 10-K (reporting date: 2024-08-29), 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).
2025 Calculations
1 Average age = 100 × Accumulated depreciation ÷ (Property, plant, and equipment, gross – Land)
= 100 × ÷ ( – ) =
- Accumulated Depreciation
- The accumulated depreciation has exhibited a consistent upward trend over the analyzed periods, increasing from 34,300 million US dollars to 63,106 million US dollars. This indicates a growing amount of wear and tear or usage of the property, plant, and equipment assets, which is typical as the asset base matures.
- Property, Plant, and Equipment, Gross
- The gross value of property, plant, and equipment has steadily risen from 65,331 million US dollars to 109,696 million US dollars over the periods reviewed. This reflects significant investments in the company's fixed assets, suggesting expansion or upgrades in operational capacity.
- Land
- The value of land remained relatively stable around 280 to 284 million US dollars through most years but showed a marked increase to 420 million US dollars in the last period. This jump could indicate recent acquisitions or revaluation of land holdings, potentially supporting growth or strategic initiatives.
- Average Age Ratio
- The average age ratio percent shows a moderately increasing pattern, starting at 52.79% and rising to a peak near 58.79% before a slight decline to 57.75%. This suggests that the asset base has been aging, but there is some recent renewal or replacement activity that slightly lowered the average age.
Estimated Total Useful Life
Based on: 10-K (reporting date: 2025-08-28), 10-K (reporting date: 2024-08-29), 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).
2025 Calculations
1 Estimated total useful life = (Property, plant, and equipment, gross – Land) ÷ Depreciation expense
= ( – ) ÷ =
Analysis of property, plant, and equipment (PP&E) financial data over the reviewed periods indicates a consistent growth trend in the gross value of PP&E. From the initial value, the gross PP&E amount increased steadily year over year, reaching its highest recorded amount in the most recent period. This suggests continued capital investment and asset expansion during the time frame examined.
The land component, representing a smaller portion of the total PP&E, shows a relatively stable valuation in earlier years with slight increases, followed by a notable rise in the latest period. This increase in land value may imply acquisition of additional land or revaluation adjustments.
Depreciation expense has risen continuously across the periods, reflecting the aging of assets and their allocation of cost over useful lives. The increase in depreciation expense aligns with the rising gross PP&E, implying that the larger asset base is being depreciated accordingly.
Estimated total useful life in years has fluctuated modestly without a clear upward or downward trend, alternating between 11, 12, and 13 years across the periods. This variation may reflect changes in asset composition, asset usage patterns, or revisions in depreciation policies.
- Gross Property, Plant, and Equipment
- Exhibits a strong upward growth trajectory from approximately 65.3 billion to nearly 110 billion, indicating substantial capital expenditure and asset growth.
- Land
- Remained fairly stable until the latest period where it increased markedly from under 300 million to 420 million, potentially indicating land acquisitions or reappraisals.
- Depreciation Expense
- Shows a consistent annual increase, rising from 5.57 billion to 8.28 billion, reflecting both asset aging and expansion in asset base.
- Estimated Useful Life
- Varies between 11, 12, and 13 years without a definitive trend, suggesting adjustments in asset longevity estimates or a shift in asset mix.
In summary, the data depicts ongoing asset growth alongside increasing depreciation, with relatively stable but somewhat variable estimates for asset useful life. The marked increase in land value in the latest period is a notable change amid otherwise steady trends.
Estimated Age, Time Elapsed since Purchase
Based on: 10-K (reporting date: 2025-08-28), 10-K (reporting date: 2024-08-29), 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).
2025 Calculations
1 Time elapsed since purchase = Accumulated depreciation ÷ Depreciation expense
= ÷ =
- Accumulated Depreciation
- Accumulated depreciation demonstrates a clear upward trend over the periods analyzed, increasing from $34,300 million to $63,106 million. This steady growth suggests ongoing depreciation of property, plant, and equipment, reflecting continued usage and aging of assets. The consistent increase indicates a substantial investment base that is continuously depreciating over time.
- Depreciation Expense
- Depreciation expense also shows a persistent rising trend, moving from $5,570 million to $8,280 million across the given years. The year-on-year growth in depreciation expense indicates that either new assets are being added and depreciated or the depreciation method leads to increasing annual charges. This reinforces the observation of an expanding asset base and possibly reflects higher capex or changing asset composition.
- Time Elapsed Since Purchase
- The time elapsed since purchase remains relatively constant at 6 years for the initial four periods, before increasing to 7 and then 8 years. This suggests a stable asset life assumption or average asset age initially, followed by a gradual aging of the asset base. The slight increase in asset age towards the later periods may impact future depreciation and potential asset replacement decisions.
- Overall Analysis
- The data collectively indicates a substantial and growing asset base with increasing associated depreciation expenses. The consistent accumulation of depreciation and rising depreciation charges highlight ongoing usage and aging of equipment. The stable to slightly increasing average asset age implies that while assets are being utilized over a standard lifespan, there may be a gradual need for reinvestment or asset refresh to maintain operational capacity and efficiency.
Estimated Remaining Life
Based on: 10-K (reporting date: 2025-08-28), 10-K (reporting date: 2024-08-29), 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).
2025 Calculations
1 Estimated remaining life = (Property, plant, and equipment, net – Land) ÷ Depreciation expense
= ( – ) ÷ =
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment exhibits an overall increasing trend throughout the observed periods, rising from $31,031 million to $46,590 million. A notable growth is seen especially from the period ending August 29, 2024, to August 28, 2025, indicating an acceleration in asset acquisition or valuation increase during the most recent year.
- Land
- The recorded value of land remains relatively stable around the $280 million mark for several years but shows a considerable increase to $420 million in the final period analyzed. This suggests a significant acquisition or revaluation of land assets occurring in the last reported year.
- Depreciation Expense
- Depreciation expense has consistently grown across the observed periods, rising from $5,570 million to $8,280 million. This steady increase aligns with the growth in property, plant, and equipment net values, reflecting higher asset bases that are subject to depreciation or possibly changes in depreciation policies or asset lifespans.
- Estimated Remaining Life
- The estimated remaining life of assets is relatively stable, predominantly maintained at five years, except for the first and last period where it is six years. This consistency suggests a uniform depreciation approach with a slight extension of asset useful life in the most recent year.