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Debt
 12 Months Ended
Aug. 28, 2025
Debt Disclosure [Abstract]  
Debt Debt
As of August 28, 2025As of August 29, 2024
Net Carrying AmountNet Carrying Amount
Stated RateEffective RatePrincipalCurrentLong-TermTotalPrincipalCurrentLong-TermTotal
2028 Notes5.375 %5.52 %$542 $— $540 $540 $600 $— $597 $597 
2029 Term Loan A5.455 %5.49 %984 — 982 982 — — — — 
2029 A Notes5.327 %5.40 %700 — 698 698 700 — 698 698 
2029 B Notes6.750 %6.54 %1,159 — 1,168 1,168 1,250 — 1,261 1,261 
2030 Notes
4.663 %4.73 %796 — 794 794 850 — 847 847 
2031 Notes
5.300 %5.41 %1,000 — 995 995 1,000 — 994 994 
2032 Green Bonds2.703 %2.77 %1,000 — 996 996 1,000 — 996 996 
2032 Notes
5.650 %5.79 %500 — 496 496 — — — — 
2033 A Notes5.875 %5.96 %750 — 746 746 750 — 745 745 
2033 B Notes5.875 %6.01 %900 — 892 892 900 — 891 891 
2035 A Notes5.800 %5.90 %1,000 — 992 992 — — — — 
2035 B Notes6.050 %6.14 %1,250 — 1,241 1,241 — — — — 
2041 Notes3.366 %3.41 %500 — 497 497 500 — 497 497 
2051 Notes3.477 %3.52 %500 — 496 496 500 — 496 496 
2026 Term Loan A
N/AN/A— — — — 922 49 872 921 
2026 NotesN/AN/A— — — — 500 — 499 499 
2027 Term Loan AN/AN/A— — — — 1,065 57 1,006 1,063 
2027 Notes
N/AN/A— — — — 900 — 838 838 
Finance lease obligations
N/A5.19 %3,044 560 2,484 3,044 2,054 325 1,729 2,054 
 
$14,625 $560 $14,017 $14,577 $13,491 $431 $12,966 $13,397 

As of August 28, 2025, all of our debt, other than finance lease obligations, 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.
Debt Activity

The table below presents the effects of debt issuances and prepayment activities in 2025:
Transaction DateIncrease (Decrease) in PrincipalIncrease (Decrease) in Carrying ValueIncrease (Decrease) in Cash
Issuances
2035 A Notes
January 16, 2025
$1,000 $992 $992 
2029 Term Loan A
January 17, 2025
1,684 1,681 1,681 
2032 Notes
April 29, 2025
500 496 496 
2035 B Notes
April 29, 2025
1,250 1,241 1,241 
Prepayments
2026 Term Loan A
January 17, 2025
(897)(896)(897)
2027 Term Loan A
January 17, 2025
(1,037)(1,035)(1,037)
2026 Notes
February 12, 2025
(500)(499)(501)
2027 Notes
May 27, 2025
(900)(854)(900)
2028 Notes
Various dates
(58)(57)(59)
2029 B Notes
Various dates(91)(91)(98)
2030 Notes
Various dates(54)(53)(54)
2029 Term Loan A
August 18, 2025
(700)(699)(700)
$197 $226 $164 

In 2021, we entered into fixed-to-floating interest rate swaps on the 2027 Notes with an aggregate $900 million notional amount equal to the principal amount of the 2027 Notes. The fixed-to-floating interest rate swaps were accounted for as fair value hedges, and as a result, the carrying value of our 2027 Notes reflected adjustments in fair value. In the third quarter of 2025, we settled these fixed-to-floating interest rate swaps in connection with the prepayment of the 2027 Notes. In the third quarter of 2025, we recognized a $46 million loss in other non-operating income (expense) on prepayment of the 2027 Notes.

Senior Unsecured Notes

We may redeem our 2028 Notes, 2029 A Notes, 2029 B Notes, 2030 Notes, 2031 Notes, 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 one 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.
2029 Term Loan A

On January 17, 2025, we entered into a term loan agreement and borrowed $1.68 billion in principal amount due January 17, 2029 (the “Term Loan Agreement”). Borrowings under the Term Loan Agreement will generally bear interest at adjusted term SOFR plus an applicable interest rate margin ranging from 0.875% to 1.50%, depending on our corporate credit ratings. On August 18, 2025, we prepaid $700 million of the principal amount.

The Term Loan Agreement requires us to maintain, on a consolidated basis, a net leverage ratio of total net indebtedness to adjusted EBITDA, as defined in the Term Loan 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. Our obligations under the Term Loan Agreement are unsecured.

Revolving Credit Facility

As of August 28, 2025, no amounts were outstanding under the Revolving Credit Facility and $3.50 billion was available to us. Under the Revolving Credit Facility, borrowing 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 contains the same net leverage ratio and substantially the same other covenants as the Term Loan Agreement.

Maturities of Notes Payable

As of August 28, 2025, maturities of notes payable and the term loan by fiscal year were as follows:
2026$— 
2027— 
2028542 
20291,684 
20301,955 
2031 and thereafter7,400 
Unamortized issuance costs, discounts, and premium, net(48)
$11,533