Analysis of Debt
Total Debt (Carrying Amount)
Micron Technology Inc., balance sheet: debt
US$ in millions
Based on: 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), 10-K (reporting date: 2019-08-29).
| 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 2022 to 2023 and from 2023 to 2024. |
Total Debt (Fair Value)
| Aug 29, 2024 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Notes | 11,316) |
| Convertible notes | —) |
| Finance lease obligations | 2,054) |
| Total debt (fair value) | 13,370) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 1.00 |
Based on: 10-K (reporting date: 2024-08-29).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on debt: 5.29%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 6.95% | 921) | 64) | |
| 7.08% | 1,063) | 75) | |
| 5.07% | 499) | 25) | |
| 4.27% | 838) | 36) | |
| 5.52% | 597) | 33) | |
| 5.40% | 698) | 38) | |
| 6.54% | 1,261) | 82) | |
| 4.73% | 847) | 40) | |
| 5.41% | 994) | 54) | |
| 2.77% | 996) | 28) | |
| 5.96% | 745) | 44) | |
| 6.01% | 891) | 54) | |
| 3.41% | 497) | 17) | |
| 3.52% | 496) | 17) | |
| 4.91% | 2,054) | 101) | |
| Total | 13,397) | 708) | |
| 5.29% | |||
Based on: 10-K (reporting date: 2024-08-29).
1 US$ in millions
2 Weighted-average interest rate = 100 × 708 ÷ 13,397 = 5.29%
Interest Costs Incurred
Micron Technology Inc., interest costs incurred
US$ in millions
Based on: 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), 10-K (reporting date: 2019-08-29).
| 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 2022 to 2023 and from 2023 to 2024. |
| Interest capitalized as part of 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 cost of property, plant, and equipment increased from 2022 to 2023 and from 2023 to 2024. |
| 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 2022 to 2023 and from 2023 to 2024. |
Adjusted Interest Coverage Ratio
Based on: 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), 10-K (reporting date: 2019-08-29).
2024 Calculations
1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 1,791 ÷ 562 = 3.19
2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 1,791 ÷ 787 = 2.28
| 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 2022 to 2023 but then slightly improved from 2023 to 2024. |