Micron stocks write down in the context of financial earnings report

Hi, does anyone know what write down in Micron’s context means?

In financial companies, when they report their profits and loss, they have to recognise their paper loss on their investments, even if they have not sold their investments. That means, the same investment might net you a -$1million in Q1, but in Q2 it could give you a +$2million.

In micron’s context, when they “wrote down” their inventory which resulted in a loss being reported, what does that mean in terms of their inventory? I don’t understand how this excess inventory from the previous quarter will play into this upcoming reporting. Appreciate if someone can advise. Thanks!