v3.26.3
Debt
 12 Months Ended
Sep. 03, 2026
Debt Disclosure [Abstract]  
Debt Debt
As of September 3, 2026As of August 28, 2025
Net Carrying AmountNet Carrying Amount
Stated RateEffective RatePrincipalCurrentLong-TermTotalPrincipalCurrentLong-TermTotal
2032 Green Bonds2.703 %2.77 %$1,000 $— $997 $997 $1,000 $— $996 $996 
2032 Notes
5.650 %5.79 %71 — 70 70 500 — 496 496 
2033 A Notes5.875 %5.96 %176 — 175 175 750 — 746 746 
2033 B Notes5.875 %6.01 %215 — 213 213 900 — 892 892 
2035 A Notes5.800 %5.90 %136 — 135 135 1,000 — 992 992 
2035 B Notes6.050 %6.14 %220 — 219 219 1,250 — 1,241 1,241 
2041 Notes3.366 %3.41 %500 — 497 497 500 — 497 497 
2051 Notes3.477 %3.52 %490 — 486 486 500 — 496 496 
2028 NotesN/AN/A— — — — 542 — 540 540 
2029 Term Loan AN/AN/A— — — — 984 — 982 982 
2029 A NotesN/AN/A— — — — 700 — 698 698 
2029 B NotesN/AN/A— — — — 1,159 — 1,168 1,168 
2030 Notes
N/AN/A— — — — 796 — 794 794 
2031 Notes
N/AN/A— — — — 1,000 — 995 995 
Finance lease liabilitiesN/A4.71 %2,387 491 1,896 2,387 3,044 560 2,484 3,044 
 
$5,195 $491 $4,688 $5,179 $14,625 $560 $14,017 $14,577 

As of September 3, 2026, all of our debt, other than finance lease liabilities, were unsecured obligations that rank equally in right of payment with all of our other existing and future unsecured indebtedness and were effectively subordinated to all future secured indebtedness, to the extent of the value of the assets securing such indebtedness. All our unsecured debt were obligations of our parent company, Micron, and were structurally subordinated to all liabilities of its subsidiaries, including trade payables. The terms of our indebtedness generally contain cross payment default and cross acceleration provisions. Micron’s guarantees of certain liabilities of its subsidiaries are unsecured obligations ranking equally in right of payment with all of Micron’s other existing and future unsecured indebtedness.
The fair value of our outstanding notes payable was $2.43 billion as of September 3, 2026, and $11.57 billion as of August 28, 2025. The fair value of our debt instruments was estimated based on Level 2 inputs, including the trading price of our notes when available, discounted cash flows, and interest rates based on similar debt issued by parties with credit ratings similar to ours.

Debt Activity

The table below presents the effects of prepayment activities in 2026:
Transaction DateDecrease in PrincipalDecrease in Carrying ValueDecrease in Cash
Prepayments
2028 NotesOctober 24, 2025$(542)$(541)$(562)
2029 B NotesOctober 24, 2025(1,159)(1,168)(1,276)
2029 Term Loan AOctober 27, 2025(984)(982)(984)
2051 NotesJanuary 23, 2026(10)(10)(7)
2029 A NotesFebruary 20, 2026(700)(698)(726)
2030 NotesFebruary 23, 2026(796)(794)(816)
2031 NotesApril 3, 2026(738)(734)(773)
2032 NotesApril 3, 2026(429)(426)(456)
2033 A NotesApril 3, 2026(574)(571)(616)
2033 B NotesApril 3, 2026(685)(679)(734)
2035 A NotesApril 3, 2026(864)(857)(921)
2035 B NotesApril 3, 2026(1,030)(1,022)(1,114)
2031 NotesJuly 27, 2026(262)(261)(270)
$(8,773)$(8,743)$(9,255)

In connection with these prepayments, we recognized losses in other non-operating income (expense) of $510 million for 2026.

Senior Unsecured Notes

We may redeem our 2032 Green Bonds, 2032 Notes, 2033 A Notes, 2033 B Notes, 2035 A Notes, 2035 B Notes, 2041 Notes, and 2051 Notes (the “Senior Unsecured Notes”), in whole or in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed and (ii) the present value of the remaining scheduled payments of principal and interest, plus, in each case, accrued interest. We may also redeem any series of the Senior Unsecured Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued interest between two and six months prior to the applicable maturity date, in accordance with the respective terms of such series.

The Senior Unsecured Notes contain covenants that, among other things, limit, in certain circumstances, our ability and/or the ability of our restricted subsidiaries (which are generally domestic subsidiaries in which we own at least 80% of the voting stock and which own principal property, as defined in the indenture governing the Senior Unsecured Notes) to (1) create or incur certain liens; (2) enter into certain sale and lease-back transactions with respect to any principal property; and (3) consolidate with or merge with or into, or convey, transfer, or lease all or substantially all of our properties and assets, to another entity. These covenants are subject to a number of limitations and exceptions. Additionally, if a change of control triggering event occurs, as defined in the indenture governing each series of the Senior Unsecured Notes, we will be required to offer to repurchase the Senior Unsecured Notes of such series at a price equal to 101% of the principal amount plus accrued interest up to the repurchase date.
Finance Lease Liabilities

Our finance leases consist primarily of (1) equipment leases and (2) gas and other supply agreements that are deemed to contain embedded leases. Certain supply or service agreements require us to exercise judgment to determine whether the agreement contains a lease. Our assessment includes determining whether we or the supplier control the assets used to fulfill the agreements. Our gas supply arrangements generally are deemed to contain a lease because we have the right to substantially all of the output of the assets used to produce the supply and we have the right to change the quantity and timing of the output of those assets. Our finance lease liabilities had a weighted-average expected term of seven years as of September 3, 2026 and August 28, 2025.

Certain third-party special purpose entities (the “Lease SPEs”) facilitate equipment lease financing transactions between us and various financial institutions. Neither we nor the financial institutions have an equity interest in the Lease SPEs, which are variable interest entities. The arrangements are financing vehicles and we do not bear any significant risks from variable interests with the Lease SPEs. We do not have the power to direct the activities of the Lease SPEs that most significantly impact their economic performance and, as such, we do not consolidate them. We had approximately $1.02 billion and $1.58 billion of finance lease liabilities and right-of-use assets under these arrangements as of September 3, 2026 and August 28, 2025, respectively.

Revolving Credit Facility

On May 6, 2026, we reduced our borrowing capacity under the Revolving Credit Facility from $3.50 billion to $2.00 billion. As of September 3, 2026, no amounts were outstanding under the Revolving Credit Facility. Borrowing under the Revolving Credit Facility would generally bear interest at a rate equal to adjusted term SOFR plus 0.875% to 1.50%, depending on our corporate credit ratings. Any amounts outstanding under the Revolving Credit Facility would mature on March 12, 2030 and amounts borrowed may be prepaid without penalty. Any obligations under the Revolving Credit Facility would be unsecured.

The Revolving Credit Facility requires us to maintain, on a consolidated basis, a net leverage ratio of total net indebtedness to adjusted EBITDA, as defined in the Revolving Credit Facility agreement and calculated as of the last day of each fiscal quarter, not to exceed 3.25 to 1.00, subject to a temporary four fiscal quarter increase in such maximum ratio to 3.75 to 1.00 following certain material acquisitions.

Maturities of Notes Payable and Finance Lease Liabilities

As of September 3, 2026, maturities of notes payable and finance lease liabilities by fiscal year were as follows:
Notes
Payable		Finance Leases
2027$— $577 
2028— 560 
2029— 500 
2030— 349 
2031— 130 
2032 and thereafter2,808 659 
Discounts and imputed interest, respectively(16)(388)
$2,792 $2,387