MICRON TECHNOLOGY INC 10-Q

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK We are exposed to interest rate risk related to our indebtedness. As of March 2, 2023 and September 1, 2022, we had fixed-rate debt with an aggregate carrying value of $6.04 billion and $4.03 billion, respectively, and as a result, the fair value of our debt fluctuates with changes in market interest rates. In the first six months of 2023, we issued $2.00 billion principal amount of new fixed-rate debt. We estimate that, as of March 2, 2023 and September 1, 2022, a hypothetical 1% decrease in market interest rates would increase the fair value of our fixed-rate debt by approximately $385 million and $275 million, respectively. As of March 2, 2023 and September 1, 2022, we had floating-rate debt as well as fixed-rate debt that is swapped to floating-rate debt with an aggregate principal amount of $5.29 billion and $2.09 billion, respectively. In the first six months of 2023, we borrowed $3.20 billion principal amount of new floating-rate debt. We estimate that, as of March 2, 2023 and September 1, 2022, a hypothetical 1% increase in the interest rates of this floating-rate debt would result in an increase in annual interest expense of approximately $53 million and $21 million, respectively. For further discussion about market risk and sensitivity analysis related to changes in interest rates and currency exchange rates, see “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the year ended September 1, 2022.