Micron has a lot of debt on its books, with debt/equity amounting to 80% and overall net debt of $3. 48 billion (this is total debt minus cash and equivalents). Total Debt stood at $9. 63 billion on June 2, 2016. The situation looks bad, right?But the thing to note here is that bulk of this debt has been raised at very high interest rates. Debt maturities start from 2021 onwards, and interest repayments will continue to be high until year 2026 at least. This is assuming that Micron doesn't raise more debt. The most concerning factor of all is that, Micron's ROCE stands at just over 3. 1%. This means that it's borrowing at a higher interest rate, but generating less returns out of it, not even enough returns to even pay the interest on the borrowed cash. Ideally ROCE should be at least twice the interest rate. Otherwise you're losing money on the debt raised.