{
  "research_date": "2026-10-05",
  "not_a_micron_forecast": true,
  "reported": {
    "unit": "USD millions",
    "period_end": "2026-09-03",
    "status": "arithmetic_reconciliation_of_issuer_reported_unaudited_figures",
    "net_capex": 27367,
    "adjusted_free_cash_flow": 62308,
    "net_investing": -61641,
    "net_financing": 630,
    "cash_increase": 28745,
    "ending_cash": 38391,
    "cash_plus_marketable_investments": 73480,
    "mechanical_no_deposit_receipts": {
      "operating_cash_unchanged": 89675,
      "adjusted_free_cash_flow_unchanged": 62308,
      "financing_cash": -12117,
      "ending_cash": 25644,
      "interpretation": "Hold all other reported flows fixed. This is not an alternative business history or a claim that investment and sales would be unchanged without the SCAs."
    },
    "unexplained_stock_flow_difference": 6,
    "stock_flow_limit": "Noncurrent contract liabilities and deposit receipts have different perimeters. The difference is not assigned to interest, revenue, refunds or error."
  },
  "compensation": {
    "basis": "Match customer PV of the full year-2 refund with a year-2/year-3 split, using equal concessions on four annual invoices.",
    "customer_discount_rate": 0.1,
    "customer_pv_loss_before_compensation": 0.939143501,
    "equal_annual_concession": 0.296272355
  },
  "scenarios": [
    {
      "id": "no_customer_deposit",
      "status": "hypothetical_scheduled_cash_flows",
      "unit": "USD millions",
      "periods": 4,
      "assumptions": {
        "openingCash": 10,
        "capexAtStart": 30,
        "deposit": 0,
        "escrowFraction": 0,
        "revenue": [
          18,
          18,
          18,
          18
        ],
        "operatingCost": [
          10,
          10,
          10,
          10
        ],
        "refunds": [
          0,
          0,
          0,
          0
        ],
        "concessions": [
          0,
          0,
          0,
          0
        ],
        "supplyBenefits": [
          0,
          0,
          0,
          0
        ],
        "supplierRate": 0.12,
        "customerRate": 0.1
      },
      "rows": [
        {
          "year": 0,
          "usable_deposit_inflow": 0,
          "capex": 30,
          "product_receipts": 0,
          "operating_cost": 0,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": -20,
          "segregated_cash": 0
        },
        {
          "year": 1,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": -12,
          "segregated_cash": 0
        },
        {
          "year": 2,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": -4,
          "segregated_cash": 0
        },
        {
          "year": 3,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 4,
          "segregated_cash": 0
        },
        {
          "year": 4,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 12,
          "segregated_cash": 0
        }
      ],
      "additional_funding_required": 20,
      "ending_usable_cash": 12,
      "ending_segregated_cash": 0,
      "supplier_usable_deposit_pv": 0,
      "supplier_incremental_pv": 0,
      "customer_deposit_pv_cost": 0,
      "customer_net_pv": 0,
      "bilateral_incremental_pv_nonnegative": true,
      "outside_funding_required": true,
      "interpretation": "Negative scheduled cash measures funding needed to execute the plan, not an actual negative bank balance. Additional financing is not assumed available or priced. PVs are conditional incremental comparisons, not project values.",
      "contract_assumptions": "Cash return, no deposit interest, explicit refund schedule, and independent product invoices. Escrow, when specified, may only fund refunds and earns zero. These are hypotheses, not Micron contract terms."
    },
    {
      "id": "unrestricted_return_year4",
      "status": "hypothetical_scheduled_cash_flows",
      "unit": "USD millions",
      "periods": 4,
      "assumptions": {
        "openingCash": 10,
        "capexAtStart": 30,
        "deposit": 25,
        "escrowFraction": 0,
        "revenue": [
          18,
          18,
          18,
          18
        ],
        "operatingCost": [
          10,
          10,
          10,
          10
        ],
        "refunds": [
          0,
          0,
          0,
          25
        ],
        "concessions": [
          0,
          0,
          0,
          0
        ],
        "supplyBenefits": [
          3,
          3,
          3,
          3
        ],
        "supplierRate": 0.12,
        "customerRate": 0.1
      },
      "rows": [
        {
          "year": 0,
          "usable_deposit_inflow": 25,
          "capex": 30,
          "product_receipts": 0,
          "operating_cost": 0,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 5,
          "segregated_cash": 0
        },
        {
          "year": 1,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 13,
          "segregated_cash": 0
        },
        {
          "year": 2,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 21,
          "segregated_cash": 0
        },
        {
          "year": 3,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 29,
          "segregated_cash": 0
        },
        {
          "year": 4,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 25,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 25,
          "scheduled_usable_cash": 12,
          "segregated_cash": 0
        }
      ],
      "additional_funding_required": 0,
      "ending_usable_cash": 12,
      "ending_segregated_cash": 0,
      "supplier_usable_deposit_pv": 9.11204804,
      "supplier_incremental_pv": 9.11204804,
      "customer_deposit_pv_cost": 7.924663616,
      "customer_net_pv": 1.584932723,
      "bilateral_incremental_pv_nonnegative": true,
      "outside_funding_required": false,
      "interpretation": "Negative scheduled cash measures funding needed to execute the plan, not an actual negative bank balance. Additional financing is not assumed available or priced. PVs are conditional incremental comparisons, not project values.",
      "contract_assumptions": "Cash return, no deposit interest, explicit refund schedule, and independent product invoices. Escrow, when specified, may only fund refunds and earns zero. These are hypotheses, not Micron contract terms."
    },
    {
      "id": "segregated_return_year4",
      "status": "hypothetical_scheduled_cash_flows",
      "unit": "USD millions",
      "periods": 4,
      "assumptions": {
        "openingCash": 10,
        "capexAtStart": 30,
        "deposit": 25,
        "escrowFraction": 1,
        "revenue": [
          18,
          18,
          18,
          18
        ],
        "operatingCost": [
          10,
          10,
          10,
          10
        ],
        "refunds": [
          0,
          0,
          0,
          25
        ],
        "concessions": [
          0,
          0,
          0,
          0
        ],
        "supplyBenefits": [
          3,
          3,
          3,
          3
        ],
        "supplierRate": 0.12,
        "customerRate": 0.1
      },
      "rows": [
        {
          "year": 0,
          "usable_deposit_inflow": 0,
          "capex": 30,
          "product_receipts": 0,
          "operating_cost": 0,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": -20,
          "segregated_cash": 25
        },
        {
          "year": 1,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": -12,
          "segregated_cash": 25
        },
        {
          "year": 2,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": -4,
          "segregated_cash": 25
        },
        {
          "year": 3,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 4,
          "segregated_cash": 25
        },
        {
          "year": 4,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 25,
          "refund_from_escrow": 25,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 12,
          "segregated_cash": 0
        }
      ],
      "additional_funding_required": 20,
      "ending_usable_cash": 12,
      "ending_segregated_cash": 0,
      "supplier_usable_deposit_pv": 0,
      "supplier_incremental_pv": 0,
      "customer_deposit_pv_cost": 7.924663616,
      "customer_net_pv": 1.584932723,
      "bilateral_incremental_pv_nonnegative": true,
      "outside_funding_required": true,
      "interpretation": "Negative scheduled cash measures funding needed to execute the plan, not an actual negative bank balance. Additional financing is not assumed available or priced. PVs are conditional incremental comparisons, not project values.",
      "contract_assumptions": "Cash return, no deposit interest, explicit refund schedule, and independent product invoices. Escrow, when specified, may only fund refunds and earns zero. These are hypotheses, not Micron contract terms."
    },
    {
      "id": "negotiated_full_return_year2",
      "status": "hypothetical_scheduled_cash_flows",
      "unit": "USD millions",
      "periods": 4,
      "assumptions": {
        "openingCash": 10,
        "capexAtStart": 30,
        "deposit": 25,
        "escrowFraction": 0,
        "revenue": [
          18,
          18,
          18,
          18
        ],
        "operatingCost": [
          10,
          10,
          10,
          10
        ],
        "refunds": [
          0,
          25,
          0,
          0
        ],
        "concessions": [
          0,
          0,
          0,
          0
        ],
        "supplyBenefits": [
          3,
          3,
          3,
          3
        ],
        "supplierRate": 0.12,
        "customerRate": 0.1
      },
      "rows": [
        {
          "year": 0,
          "usable_deposit_inflow": 25,
          "capex": 30,
          "product_receipts": 0,
          "operating_cost": 0,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 5,
          "segregated_cash": 0
        },
        {
          "year": 1,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 13,
          "segregated_cash": 0
        },
        {
          "year": 2,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 25,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 25,
          "scheduled_usable_cash": -4,
          "segregated_cash": 0
        },
        {
          "year": 3,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 4,
          "segregated_cash": 0
        },
        {
          "year": 4,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 12,
          "segregated_cash": 0
        }
      ],
      "additional_funding_required": 4,
      "ending_usable_cash": 12,
      "ending_segregated_cash": 0,
      "supplier_usable_deposit_pv": 5.070153061,
      "supplier_incremental_pv": 5.070153061,
      "customer_deposit_pv_cost": 4.338842975,
      "customer_net_pv": 5.170753364,
      "bilateral_incremental_pv_nonnegative": true,
      "outside_funding_required": true,
      "interpretation": "Negative scheduled cash measures funding needed to execute the plan, not an actual negative bank balance. Additional financing is not assumed available or priced. PVs are conditional incremental comparisons, not project values.",
      "contract_assumptions": "Cash return, no deposit interest, explicit refund schedule, and independent product invoices. Escrow, when specified, may only fund refunds and earns zero. These are hypotheses, not Micron contract terms."
    },
    {
      "id": "negotiated_split_return_year2_year3",
      "status": "hypothetical_scheduled_cash_flows",
      "unit": "USD millions",
      "periods": 4,
      "assumptions": {
        "openingCash": 10,
        "capexAtStart": 30,
        "deposit": 25,
        "escrowFraction": 0,
        "revenue": [
          18,
          18,
          18,
          18
        ],
        "operatingCost": [
          10,
          10,
          10,
          10
        ],
        "refunds": [
          0,
          12.5,
          12.5,
          0
        ],
        "concessions": [
          0,
          0,
          0,
          0
        ],
        "supplyBenefits": [
          3,
          3,
          3,
          3
        ],
        "supplierRate": 0.12,
        "customerRate": 0.1
      },
      "rows": [
        {
          "year": 0,
          "usable_deposit_inflow": 25,
          "capex": 30,
          "product_receipts": 0,
          "operating_cost": 0,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 5,
          "segregated_cash": 0
        },
        {
          "year": 1,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 13,
          "segregated_cash": 0
        },
        {
          "year": 2,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 12.5,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 12.5,
          "scheduled_usable_cash": 8.5,
          "segregated_cash": 0
        },
        {
          "year": 3,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 12.5,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 12.5,
          "scheduled_usable_cash": 4,
          "segregated_cash": 0
        },
        {
          "year": 4,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 12,
          "segregated_cash": 0
        }
      ],
      "additional_funding_required": 0,
      "ending_usable_cash": 12,
      "ending_segregated_cash": 0,
      "supplier_usable_deposit_pv": 6.137823433,
      "supplier_incremental_pv": 6.137823433,
      "customer_deposit_pv_cost": 5.277986476,
      "customer_net_pv": 4.231609863,
      "bilateral_incremental_pv_nonnegative": true,
      "outside_funding_required": false,
      "interpretation": "Negative scheduled cash measures funding needed to execute the plan, not an actual negative bank balance. Additional financing is not assumed available or priced. PVs are conditional incremental comparisons, not project values.",
      "contract_assumptions": "Cash return, no deposit interest, explicit refund schedule, and independent product invoices. Escrow, when specified, may only fund refunds and earns zero. These are hypotheses, not Micron contract terms."
    },
    {
      "id": "split_return_with_customer_compensation",
      "status": "hypothetical_scheduled_cash_flows",
      "unit": "USD millions",
      "periods": 4,
      "assumptions": {
        "openingCash": 10,
        "capexAtStart": 30,
        "deposit": 25,
        "escrowFraction": 0,
        "revenue": [
          18,
          18,
          18,
          18
        ],
        "operatingCost": [
          10,
          10,
          10,
          10
        ],
        "refunds": [
          0,
          12.5,
          12.5,
          0
        ],
        "concessions": [
          0.296272355,
          0.296272355,
          0.296272355,
          0.296272355
        ],
        "supplyBenefits": [
          3,
          3,
          3,
          3
        ],
        "supplierRate": 0.12,
        "customerRate": 0.1
      },
      "rows": [
        {
          "year": 0,
          "usable_deposit_inflow": 25,
          "capex": 30,
          "product_receipts": 0,
          "operating_cost": 0,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 5,
          "segregated_cash": 0
        },
        {
          "year": 1,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0.296272355,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 12.703727645,
          "segregated_cash": 0
        },
        {
          "year": 2,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0.296272355,
          "refund": 12.5,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 12.5,
          "scheduled_usable_cash": 7.90745529,
          "segregated_cash": 0
        },
        {
          "year": 3,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0.296272355,
          "refund": 12.5,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 12.5,
          "scheduled_usable_cash": 3.111182935,
          "segregated_cash": 0
        },
        {
          "year": 4,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0.296272355,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 10.81491058,
          "segregated_cash": 0
        }
      ],
      "additional_funding_required": 0,
      "ending_usable_cash": 10.81491058,
      "ending_segregated_cash": 0,
      "supplier_usable_deposit_pv": 6.137823433,
      "supplier_incremental_pv": 5.237940789,
      "customer_deposit_pv_cost": 5.277986476,
      "customer_net_pv": 5.170753364,
      "bilateral_incremental_pv_nonnegative": true,
      "outside_funding_required": false,
      "interpretation": "Negative scheduled cash measures funding needed to execute the plan, not an actual negative bank balance. Additional financing is not assumed available or priced. PVs are conditional incremental comparisons, not project values.",
      "contract_assumptions": "Cash return, no deposit interest, explicit refund schedule, and independent product invoices. Escrow, when specified, may only fund refunds and earns zero. These are hypotheses, not Micron contract terms."
    },
    {
      "id": "no_incremental_supply_benefit",
      "status": "hypothetical_scheduled_cash_flows",
      "unit": "USD millions",
      "periods": 4,
      "assumptions": {
        "openingCash": 10,
        "capexAtStart": 30,
        "deposit": 25,
        "escrowFraction": 0,
        "revenue": [
          18,
          18,
          18,
          18
        ],
        "operatingCost": [
          10,
          10,
          10,
          10
        ],
        "refunds": [
          0,
          0,
          0,
          25
        ],
        "concessions": [
          0,
          0,
          0,
          0
        ],
        "supplyBenefits": [
          0,
          0,
          0,
          0
        ],
        "supplierRate": 0.12,
        "customerRate": 0.1
      },
      "rows": [
        {
          "year": 0,
          "usable_deposit_inflow": 25,
          "capex": 30,
          "product_receipts": 0,
          "operating_cost": 0,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 5,
          "segregated_cash": 0
        },
        {
          "year": 1,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 13,
          "segregated_cash": 0
        },
        {
          "year": 2,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 21,
          "segregated_cash": 0
        },
        {
          "year": 3,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 29,
          "segregated_cash": 0
        },
        {
          "year": 4,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 25,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 25,
          "scheduled_usable_cash": 12,
          "segregated_cash": 0
        }
      ],
      "additional_funding_required": 0,
      "ending_usable_cash": 12,
      "ending_segregated_cash": 0,
      "supplier_usable_deposit_pv": 9.11204804,
      "supplier_incremental_pv": 9.11204804,
      "customer_deposit_pv_cost": 7.924663616,
      "customer_net_pv": -7.924663616,
      "bilateral_incremental_pv_nonnegative": false,
      "outside_funding_required": false,
      "interpretation": "Negative scheduled cash measures funding needed to execute the plan, not an actual negative bank balance. Additional financing is not assumed available or priced. PVs are conditional incremental comparisons, not project values.",
      "contract_assumptions": "Cash return, no deposit interest, explicit refund schedule, and independent product invoices. Escrow, when specified, may only fund refunds and earns zero. These are hypotheses, not Micron contract terms."
    },
    {
      "id": "price_concession_2_75_no_supply_benefit",
      "status": "hypothetical_scheduled_cash_flows",
      "unit": "USD millions",
      "periods": 4,
      "assumptions": {
        "openingCash": 10,
        "capexAtStart": 30,
        "deposit": 25,
        "escrowFraction": 0,
        "revenue": [
          18,
          18,
          18,
          18
        ],
        "operatingCost": [
          10,
          10,
          10,
          10
        ],
        "refunds": [
          0,
          0,
          0,
          25
        ],
        "concessions": [
          2.75,
          2.75,
          2.75,
          2.75
        ],
        "supplyBenefits": [
          0,
          0,
          0,
          0
        ],
        "supplierRate": 0.12,
        "customerRate": 0.1
      },
      "rows": [
        {
          "year": 0,
          "usable_deposit_inflow": 25,
          "capex": 30,
          "product_receipts": 0,
          "operating_cost": 0,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 5,
          "segregated_cash": 0
        },
        {
          "year": 1,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 2.75,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 10.25,
          "segregated_cash": 0
        },
        {
          "year": 2,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 2.75,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 15.5,
          "segregated_cash": 0
        },
        {
          "year": 3,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 2.75,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 20.75,
          "segregated_cash": 0
        },
        {
          "year": 4,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 2.75,
          "refund": 25,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 25,
          "scheduled_usable_cash": 1,
          "segregated_cash": 0
        }
      ],
      "additional_funding_required": 0,
      "ending_usable_cash": 1,
      "ending_segregated_cash": 0,
      "supplier_usable_deposit_pv": 9.11204804,
      "supplier_incremental_pv": 0.759337337,
      "customer_deposit_pv_cost": 7.924663616,
      "customer_net_pv": 0.792466362,
      "bilateral_incremental_pv_nonnegative": true,
      "outside_funding_required": false,
      "interpretation": "Negative scheduled cash measures funding needed to execute the plan, not an actual negative bank balance. Additional financing is not assumed available or priced. PVs are conditional incremental comparisons, not project values.",
      "contract_assumptions": "Cash return, no deposit interest, explicit refund schedule, and independent product invoices. Escrow, when specified, may only fund refunds and earns zero. These are hypotheses, not Micron contract terms."
    },
    {
      "id": "price_concession_4_no_supply_benefit",
      "status": "hypothetical_scheduled_cash_flows",
      "unit": "USD millions",
      "periods": 4,
      "assumptions": {
        "openingCash": 10,
        "capexAtStart": 30,
        "deposit": 25,
        "escrowFraction": 0,
        "revenue": [
          18,
          18,
          18,
          18
        ],
        "operatingCost": [
          10,
          10,
          10,
          10
        ],
        "refunds": [
          0,
          0,
          0,
          25
        ],
        "concessions": [
          4,
          4,
          4,
          4
        ],
        "supplyBenefits": [
          0,
          0,
          0,
          0
        ],
        "supplierRate": 0.12,
        "customerRate": 0.1
      },
      "rows": [
        {
          "year": 0,
          "usable_deposit_inflow": 25,
          "capex": 30,
          "product_receipts": 0,
          "operating_cost": 0,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 5,
          "segregated_cash": 0
        },
        {
          "year": 1,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 4,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 9,
          "segregated_cash": 0
        },
        {
          "year": 2,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 4,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 13,
          "segregated_cash": 0
        },
        {
          "year": 3,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 4,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 17,
          "segregated_cash": 0
        },
        {
          "year": 4,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 4,
          "refund": 25,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 25,
          "scheduled_usable_cash": -4,
          "segregated_cash": 0
        }
      ],
      "additional_funding_required": 4,
      "ending_usable_cash": -4,
      "ending_segregated_cash": 0,
      "supplier_usable_deposit_pv": 9.11204804,
      "supplier_incremental_pv": -3.037349347,
      "customer_deposit_pv_cost": 7.924663616,
      "customer_net_pv": 4.75479817,
      "bilateral_incremental_pv_nonnegative": false,
      "outside_funding_required": true,
      "interpretation": "Negative scheduled cash measures funding needed to execute the plan, not an actual negative bank balance. Additional financing is not assumed available or priced. PVs are conditional incremental comparisons, not project values.",
      "contract_assumptions": "Cash return, no deposit interest, explicit refund schedule, and independent product invoices. Escrow, when specified, may only fund refunds and earns zero. These are hypotheses, not Micron contract terms."
    },
    {
      "id": "one_year_ramp_delay",
      "status": "hypothetical_scheduled_cash_flows",
      "unit": "USD millions",
      "periods": 4,
      "assumptions": {
        "openingCash": 10,
        "capexAtStart": 30,
        "deposit": 25,
        "escrowFraction": 0,
        "revenue": [
          0,
          18,
          18,
          18
        ],
        "operatingCost": [
          10,
          10,
          10,
          10
        ],
        "refunds": [
          0,
          0,
          0,
          25
        ],
        "concessions": [
          0,
          0,
          0,
          0
        ],
        "supplyBenefits": [
          0,
          3,
          3,
          3
        ],
        "supplierRate": 0.12,
        "customerRate": 0.1
      },
      "rows": [
        {
          "year": 0,
          "usable_deposit_inflow": 25,
          "capex": 30,
          "product_receipts": 0,
          "operating_cost": 0,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 5,
          "segregated_cash": 0
        },
        {
          "year": 1,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 0,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": -5,
          "segregated_cash": 0
        },
        {
          "year": 2,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 3,
          "segregated_cash": 0
        },
        {
          "year": 3,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 0,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 0,
          "scheduled_usable_cash": 11,
          "segregated_cash": 0
        },
        {
          "year": 4,
          "usable_deposit_inflow": 0,
          "capex": 0,
          "product_receipts": 18,
          "operating_cost": 10,
          "price_concession": 0,
          "refund": 25,
          "refund_from_escrow": 0,
          "refund_from_usable_cash": 25,
          "scheduled_usable_cash": -6,
          "segregated_cash": 0
        }
      ],
      "additional_funding_required": 6,
      "ending_usable_cash": -6,
      "ending_segregated_cash": 0,
      "supplier_usable_deposit_pv": 9.11204804,
      "supplier_incremental_pv": 9.11204804,
      "customer_deposit_pv_cost": 7.924663616,
      "customer_net_pv": -1.142340004,
      "bilateral_incremental_pv_nonnegative": false,
      "outside_funding_required": true,
      "interpretation": "Negative scheduled cash measures funding needed to execute the plan, not an actual negative bank balance. Additional financing is not assumed available or priced. PVs are conditional incremental comparisons, not project values.",
      "contract_assumptions": "Cash return, no deposit interest, explicit refund schedule, and independent product invoices. Escrow, when specified, may only fund refunds and earns zero. These are hypotheses, not Micron contract terms."
    },
    {
      "id": "refund_calendar_unknown",
      "status": "incomplete_refund_calendar",
      "initial_usable_cash": 5,
      "additional_funding_required": null,
      "customer_net_pv": null,
      "supplier_incremental_pv": null,
      "reason": "A missing contractual return schedule is not zero refunds."
    }
  ]
}