(Mark One) | |
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 75-1618004 |
(State or other jurisdiction of | (IRS Employer Identification No.) |
incorporation or organization) | |
8000 S. Federal Way, Boise, Idaho | 83716-9632 |
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code | (208) 368-4000 |
Large Accelerated Filer x | Accelerated Filer o |
Non-Accelerated Filer o (Do not check if a smaller reporting company) | Smaller Reporting Company o |
Term | Definition | Term | Definition | |||
2031B Notes | 1.875% Convertible Senior Notes due 2031 | MMJ | Micron Memory Japan, Inc. | |||
2032 Notes | 2032C and 2032D Notes | MMJ Companies | MAI and MMJ | |||
2032C Notes | 2.375% Convertible Senior Notes due 2032 | MMJ Group | MMJ and its subsidiaries | |||
2032D Notes | 3.125% Convertible Senior Notes due 2032 | MMT | Micron Memory Taiwan Co., Ltd. | |||
2033 Notes | 2033E and 2033F Notes | MP Mask | MP Mask Technology Center, LLC | |||
2033E Notes | 1.625% Convertible Senior Notes due 2033 | MTI | Micron Technology, Inc. | |||
2033F Notes | 2.125% Convertible Senior Notes due 2033 | Nanya | Nanya Technology Corporation | |||
2043G Notes | 3.00% Convertible Senior Notes due 2043 | Photronics | Photronics, Inc. | |||
Elpida | Elpida Memory, Inc. | PSRAM | Pseudo-static DRAM | |||
IMFT | IM Flash Technologies, LLC | Qimonda | Qimonda AG | |||
Inotera | Inotera Memories, Inc. | R&D | Research and Development | |||
Intel | Intel Corporation | RLDRAM | Reduced Latency DRAM | |||
Japan Court | Tokyo District Court | SG&A | Selling, General and Administration | |||
LPDRAM | Mobile Low-Power DRAM | SSD | Solid-State Drive | |||
MAI | Micron Akita, Inc. | Tera Probe | Tera Probe, Inc. | |||
MCP | Multi-Chip Package | TLC | Triple-Level Cell | |||
Micron | Micron Technology, Inc. (Parent Company) | VIE | Variable Interest Entity | |||
MLC | Multi-Level Cell |
Quarter ended | December 3, 2015 | December 4, 2014 | ||||||
Net sales | $ | 3,350 | $ | 4,573 | ||||
Cost of goods sold | 2,501 | 2,935 | ||||||
Gross margin | 849 | 1,638 | ||||||
Selling, general, and administrative | 179 | 193 | ||||||
Research and development | 421 | 376 | ||||||
Other operating (income) expense, net | 17 | (16 | ) | |||||
Operating income | 232 | 1,085 | ||||||
Interest income | 11 | 7 | ||||||
Interest expense | (96 | ) | (90 | ) | ||||
Other non-operating income (expense), net | (4 | ) | (49 | ) | ||||
143 | 953 | |||||||
Income tax (provision) benefit | 4 | (75 | ) | |||||
Equity in net income of equity method investees | 59 | 124 | ||||||
Net income | 206 | 1,002 | ||||||
Net (income) loss attributable to noncontrolling interests | — | 1 | ||||||
Net income attributable to Micron | $ | 206 | $ | 1,003 | ||||
Earnings per share: | ||||||||
Basic | $ | 0.20 | $ | 0.94 | ||||
Diluted | 0.19 | 0.84 | ||||||
Number of shares used in per share calculations: | ||||||||
Basic | 1,035 | 1,070 | ||||||
Diluted | 1,085 | 1,195 |
Quarter ended | December 3, 2015 | December 4, 2014 | ||||||
Net income | $ | 206 | $ | 1,002 | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Foreign currency translation adjustments | (90 | ) | (24 | ) | ||||
Pension liability adjustments | (6 | ) | 19 | |||||
Gain (loss) on derivatives, net | (4 | ) | (16 | ) | ||||
Gain (loss) on investments, net | (3 | ) | — | |||||
Other comprehensive income (loss) | (103 | ) | (21 | ) | ||||
Total comprehensive income | 103 | 981 | ||||||
Comprehensive (income) loss attributable to noncontrolling interests | — | 1 | ||||||
Comprehensive income attributable to Micron | $ | 103 | $ | 982 |
As of | December 3, 2015 | September 3, 2015 | ||||||
Assets | ||||||||
Cash and equivalents | $ | 2,605 | $ | 2,287 | ||||
Short-term investments | 1,036 | 1,234 | ||||||
Receivables | 2,223 | 2,507 | ||||||
Inventories | 2,435 | 2,340 | ||||||
Other current assets | 211 | 228 | ||||||
Total current assets | 8,510 | 8,596 | ||||||
Long-term marketable investments | 1,771 | 2,113 | ||||||
Property, plant, and equipment, net | 11,060 | 10,554 | ||||||
Equity method investments | 1,351 | 1,379 | ||||||
Intangible assets, net | 536 | 449 | ||||||
Deferred tax assets | 595 | 597 | ||||||
Other noncurrent assets | 565 | 455 | ||||||
Total assets | $ | 24,388 | $ | 24,143 | ||||
Liabilities and equity | ||||||||
Accounts payable and accrued expenses | $ | 2,784 | $ | 2,611 | ||||
Deferred income | 190 | 205 | ||||||
Current debt | 1,051 | 1,089 | ||||||
Total current liabilities | 4,025 | 3,905 | ||||||
Long-term debt | 6,326 | 6,252 | ||||||
Other noncurrent liabilities | 720 | 698 | ||||||
Total liabilities | 11,071 | 10,855 | ||||||
Commitments and contingencies | ||||||||
Redeemable convertible notes | 42 | 49 | ||||||
Micron shareholders' equity: | ||||||||
Common stock, $0.10 par value, 3,000 shares authorized; 1,087 shares issued and outstanding (1,084 as of September 3, 2015) | 109 | 108 | ||||||
Additional capital | 7,500 | 7,474 | ||||||
Retained earnings | 5,788 | 5,588 | ||||||
Treasury stock, 52 shares held (45 as of September 3, 2015) | (1,006 | ) | (881 | ) | ||||
Accumulated other comprehensive income (loss) | (90 | ) | 13 | |||||
Total Micron shareholders' equity | 12,301 | 12,302 | ||||||
Noncontrolling interests in subsidiaries | 974 | 937 | ||||||
Total equity | 13,275 | 13,239 | ||||||
Total liabilities and equity | $ | 24,388 | $ | 24,143 |
Quarter ended | December 3, 2015 | December 4, 2014 | ||||||
Cash flows from operating activities | ||||||||
Net income | $ | 206 | $ | 1,002 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation expense and amortization of intangible assets | 737 | 643 | ||||||
Amortization of debt discount and other costs | 33 | 38 | ||||||
Stock-based compensation | 46 | 35 | ||||||
Loss on restructure of debt | 1 | 30 | ||||||
Equity in net income of equity method investees | (59 | ) | (124 | ) | ||||
Change in operating assets and liabilities: | ||||||||
Receivables | 297 | 252 | ||||||
Inventories | (95 | ) | 7 | |||||
Accounts payable and accrued expenses | 2 | (321 | ) | |||||
Deferred income taxes, net | (1 | ) | 126 | |||||
Other | (47 | ) | (96 | ) | ||||
Net cash provided by operating activities | 1,120 | 1,592 | ||||||
Cash flows from investing activities | ||||||||
Expenditures for property, plant, and equipment | (990 | ) | (669 | ) | ||||
Purchases of available-for-sale securities | (510 | ) | (668 | ) | ||||
Payments to settle hedging activities | (46 | ) | (66 | ) | ||||
Proceeds from sales and maturities of available-for-sale securities | 1,044 | 330 | ||||||
Other | (158 | ) | (3 | ) | ||||
Net cash provided by (used for) investing activities | (660 | ) | (1,076 | ) | ||||
Cash flows from financing activities | ||||||||
Repayments of debt | (197 | ) | (786 | ) | ||||
Cash paid to acquire treasury stock | (135 | ) | (26 | ) | ||||
Proceeds from issuance of debt | 174 | — | ||||||
Contributions from noncontrolling interests | 37 | 20 | ||||||
Proceeds from issuance of stock under equity plans | 15 | 18 | ||||||
Other | (34 | ) | (32 | ) | ||||
Net cash provided by (used for) financing activities | (140 | ) | (806 | ) | ||||
Effect of changes in currency exchange rates on cash and equivalents | (2 | ) | (96 | ) | ||||
Net increase (decrease) in cash and equivalents | 318 | (386 | ) | |||||
Cash and equivalents at beginning of period | 2,287 | 4,150 | ||||||
Cash and equivalents at end of period | $ | 2,605 | $ | 3,764 |
• | the receipt of necessary regulatory approvals from authorities in Taiwan; |
• | the adoption and approval of the acquisition by the shareholders of Inotera, which requires the affirmative vote of holders of at least two-thirds of the issued and outstanding Inotera shares (including the shares held by us and the shares held by Nanya and its affiliates); |
• | the consummation and funding of the Private Placement (defined below); and |
• | the consummation and funding of debt financing of at least 80 billion New Taiwan dollars (or the equivalent of approximately $2.5 billion, assuming 32.7 New Taiwan dollars per U.S. dollar), on terms that are satisfactory to us. |
• | termination by either us or Inotera if we have not completed the purchase of the remaining shares of Inotera by November 30, 2016; or |
• | termination by us if we have not obtained debt commitment letters for at least 80 billion New Taiwan dollars by May 1, 2016. |
As of | December 3, 2015 | September 3, 2015 | ||||||||||||||||||||||||||||||
Cash and Equivalents | Short-term Investments | Long-term Marketable Investments(3) | Total Fair Value | Cash and Equivalents | Short-term Investments | Long-term Marketable Investments(3) | Total Fair Value | |||||||||||||||||||||||||
Cash | $ | 2,005 | $ | — | $ | — | $ | 2,005 | $ | 1,684 | $ | — | $ | — | $ | 1,684 | ||||||||||||||||
Level 1(1) | ||||||||||||||||||||||||||||||||
Money market funds | 278 | — | — | 278 | 168 | — | — | 168 | ||||||||||||||||||||||||
Level 2(2) | ||||||||||||||||||||||||||||||||
Corporate bonds | — | 701 | 1,006 | 1,707 | 2 | 616 | 1,261 | 1,879 | ||||||||||||||||||||||||
Asset-backed securities | — | 8 | 522 | 530 | — | 8 | 575 | 583 | ||||||||||||||||||||||||
Government securities | 10 | 246 | 226 | 482 | 58 | 391 | 254 | 703 | ||||||||||||||||||||||||
Certificates of deposit | 284 | 17 | 17 | 318 | 311 | 28 | 23 | 362 | ||||||||||||||||||||||||
Commercial paper | 28 | 64 | — | 92 | 64 | 191 | — | 255 | ||||||||||||||||||||||||
$ | 2,605 | $ | 1,036 | $ | 1,771 | $ | 5,412 | $ | 2,287 | $ | 1,234 | $ | 2,113 | $ | 5,634 |
(1) | The fair value of Level 1 securities is measured based on quoted prices in active markets for identical assets. |
(2) | The fair value of Level 2 securities is measured using information obtained from pricing services, which obtain quoted market prices for similar instruments, non-binding market consensus prices that are corroborated by observable market data, or various other methodologies, to determine the appropriate value at the measurement date. We perform supplemental analysis to validate information obtained from these pricing services. As of December 3, 2015, no adjustments were made to such pricing information. |
(3) | The maturities of long-term marketable investments generally range from one to four years. |
As of | December 3, 2015 | September 3, 2015 | ||||||
Trade receivables | $ | 1,939 | $ | 2,188 | ||||
Income and other taxes | 87 | 116 | ||||||
Other | 197 | 203 | ||||||
$ | 2,223 | $ | 2,507 |
As of | December 3, 2015 | September 3, 2015 | ||||||
Finished goods | $ | 779 | $ | 785 | ||||
Work in process | 1,422 | 1,315 | ||||||
Raw materials and supplies | 234 | 240 | ||||||
$ | 2,435 | $ | 2,340 |
September 3, 2015 | Additions | Retirements and Other | December 3, 2015 | |||||||||||||
Land | $ | 88 | $ | — | $ | — | $ | 88 | ||||||||
Buildings | 5,358 | 114 | (4 | ) | 5,468 | |||||||||||
Equipment(1) | 21,020 | 918 | (118 | ) | 21,820 | |||||||||||
Construction in progress(2) | 436 | 194 | (13 | ) | 617 | |||||||||||
Software | 373 | 15 | — | 388 | ||||||||||||
27,275 | 1,241 | (135 | ) | 28,381 | ||||||||||||
Accumulated depreciation | (16,721 | ) | (706 | ) | 106 | (17,321 | ) | |||||||||
$ | 10,554 | $ | 535 | $ | (29 | ) | $ | 11,060 |
(1) | Included costs related to equipment not placed into service of $887 million and $928 million as of December 3, 2015 and September 3, 2015, respectively. |
(2) | Included building-related construction and tool installation costs on assets not placed into service. |
As of | December 3, 2015 | September 3, 2015 | ||||||||||||
Investment Balance | Ownership Percentage | Investment Balance | Ownership Percentage | |||||||||||
Inotera(1) | $ | 1,296 | 33 | % | $ | 1,332 | 33 | % | ||||||
Tera Probe | 41 | 40 | % | 38 | 40 | % | ||||||||
Other | 14 | Various | 9 | Various | ||||||||||
$ | 1,351 | $ | 1,379 |
(1) | Entity is a variable interest entity. |
Quarter ended | December 3, 2015 | December 4, 2014 | ||||||
Inotera | $ | 52 | $ | 129 | ||||
Tera Probe | 3 | (7 | ) | |||||
Other | 4 | 2 | ||||||
$ | 59 | $ | 124 |
As of | December 3, 2015 | September 3, 2015 | ||||||||||||||
Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | |||||||||||||
Amortizing assets | ||||||||||||||||
Product and process technology | $ | 850 | $ | (423 | ) | $ | 864 | $ | (416 | ) | ||||||
Other | 1 | — | 2 | (1 | ) | |||||||||||
851 | (423 | ) | 866 | (417 | ) | |||||||||||
Non-amortizing assets | ||||||||||||||||
In-process R&D | 108 | — | — | — | ||||||||||||
$ | 959 | $ | (423 | ) | $ | 866 | $ | (417 | ) | |||||||
Goodwill(1) | $ | 104 | $ | 23 |
(1) | Included in other noncurrent assets. |
As of | December 3, 2015 | September 3, 2015 | ||||||
Accounts payable | $ | 1,014 | $ | 1,020 | ||||
Property, plant, and equipment payables | 803 | 577 | ||||||
Salaries, wages, and benefits | 335 | 321 | ||||||
Related party payables | 261 | 338 | ||||||
Income and other taxes | 84 | 85 | ||||||
Other | 287 | 270 | ||||||
$ | 2,784 | $ | 2,611 |
December 3, 2015 | September 3, 2015 | |||||||||||||||||||||||||||||
Instrument(1) | Stated Rate | Effective Rate | Current | Long-Term | Total | Current | Long-Term | Total | ||||||||||||||||||||||
MMJ creditor installment payments | N/A | 6.25 | % | $ | 160 | $ | 695 | $ | 855 | $ | 161 | $ | 701 | $ | 862 | |||||||||||||||
Capital lease obligations(2) | N/A | N/A | 273 | 436 | 709 | 326 | 466 | 792 | ||||||||||||||||||||||
1.258% notes | 1.258 | % | 1.97 | % | 87 | 219 | 306 | 87 | 217 | 304 | ||||||||||||||||||||
2022 senior notes | 5.875 | % | 6.14 | % | — | 589 | 589 | — | 589 | 589 | ||||||||||||||||||||
2023 senior notes | 5.250 | % | 5.43 | % | — | 989 | 989 | — | 988 | 988 | ||||||||||||||||||||
2024 senior notes | 5.250 | % | 5.38 | % | — | 545 | 545 | — | 545 | 545 | ||||||||||||||||||||
2025 senior notes | 5.500 | % | 5.56 | % | — | 1,138 | 1,138 | — | 1,138 | 1,138 | ||||||||||||||||||||
2026 senior notes | 5.625 | % | 5.73 | % | — | 446 | 446 | — | 446 | 446 | ||||||||||||||||||||
2032C convertible senior notes(3) | 2.375 | % | 5.95 | % | — | 199 | 199 | — | 197 | 197 | ||||||||||||||||||||
2032D convertible senior notes(3) | 3.125 | % | 6.33 | % | — | 151 | 151 | — | 150 | 150 | ||||||||||||||||||||
2033E convertible senior notes(3) | 1.625 | % | 4.50 | % | 165 | — | 165 | 217 | — | 217 | ||||||||||||||||||||
2033F convertible senior notes(3) | 2.125 | % | 4.93 | % | 266 | — | 266 | 264 | — | 264 | ||||||||||||||||||||
2043G convertible senior notes | 3.000 | % | 6.76 | % | — | 647 | 647 | — | 644 | 644 | ||||||||||||||||||||
Other notes payable | 2.462 | % | 2.65 | % | 100 | 272 | 372 | 34 | 171 | 205 | ||||||||||||||||||||
$ | 1,051 | $ | 6,326 | $ | 7,377 | $ | 1,089 | $ | 6,252 | $ | 7,341 |
(1) | We have either the obligation or the option to pay cash for the principal amount due upon conversion for all of our convertible notes. Since it is our current intent to settle in cash the principal amount of all of our convertible notes upon conversion, the dilutive effect of such notes on earnings per share is computed under the treasury stock method. |
(2) | Weighted-average imputed rate of 3.8% and 3.7% as of December 3, 2015 and September 3, 2015, respectively. |
(3) | Since the closing price of our common stock for at least 20 trading days in the 30 trading day period ending on September 30, 2015 exceeded 130% of the conversion price per share, holders had the right to convert their notes at any time during the calendar quarter ended December 31, 2015. The closing price of our common stock also exceeded the thresholds for the calendar quarter ended December 31, 2015; therefore, these notes are convertible by the holders through March 31, 2016. The 2033 Notes are classified as current because the terms of these notes also require us to pay cash for the principal amount of any converted notes. |
Decrease in Principal | Decrease in Carrying Value | Decrease in Cash | Decrease in Equity | Loss(1) | ||||||||||||||||
Repurchases of 2033E Notes | $ | (57 | ) | $ | (54 | ) | $ | (94 | ) | $ | (38 | ) | $ | (1 | ) |
(1) | Included in other non-operating expense. |
Decrease in Principal | Decrease in Carrying Value | Decrease in Cash | Decrease in Equity | Loss(1) | ||||||||||||||||
Conversions and settlements | $ | (120 | ) | $ | (367 | ) | $ | (407 | ) | $ | (14 | ) | $ | (22 | ) | |||||
Repurchases | (36 | ) | (30 | ) | (125 | ) | (92 | ) | (3 | ) | ||||||||||
Early repayment | (121 | ) | (115 | ) | (122 | ) | — | (5 | ) | |||||||||||
$ | (277 | ) | $ | (512 | ) | $ | (654 | ) | $ | (106 | ) | $ | (30 | ) |
(1) | Included in other non-operating expense. |
• | Conversions and Settlements: Holders of substantially all of our remaining 2031B Notes with an aggregate principal amount of $114 million converted their notes in August 2014. As a result of our election to settle the conversion amounts entirely in cash, the settlement obligations became derivative debt liabilities, increasing the carrying value of the 2031B Notes by $275 million in 2014 before being settled in 2015 for an aggregate of $389 million in cash. Additionally, a holder converted $6 million principal amount of our 2033E Notes and we settled the conversion in cash for $18 million. |
• | Repurchases: Repurchased $36 million in aggregate principal amount of our 2032C and 2032D Notes for an aggregate of $125 million. |
• | Early Repayment: Repaid a note with a principal amount of $121 million prior to its scheduled maturity. |
Holder Put Date(1) | Outstanding Principal | Underlying Shares | Conversion Price Per Share | Conversion Price Per Share Threshold(2) | Conversion Value in Excess of Principal(3) | ||||||||||||||||
2032C Notes | May 2019 | $ | 224 | 23 | $ | 9.63 | $ | 12.52 | $ | 138 | |||||||||||
2032D Notes | May 2021 | 177 | 18 | 9.98 | 12.97 | 100 | |||||||||||||||
2033E Notes | February 2018 | 176 | 16 | 10.93 | 14.21 | 75 | |||||||||||||||
2033F Notes | February 2020 | 297 | 27 | 10.93 | 14.21 | 127 | |||||||||||||||
2043G Notes(4) | November 2028 | 1,025 | 35 | 29.16 | 37.91 | — | |||||||||||||||
$ | 1,899 | 119 | $ | 440 |
(1) | The terms of our convertible notes give holders the right to require us to repurchase all or a portion of their notes at a date prior to the contractual maturity at a price equal to the principal amount thereof plus accrued interest. |
(2) | Holders have the right to convert all or a portion of their notes at a date prior to the contractual maturity if, during any calendar quarter, the closing price of our common stock for at least 20 trading days in the 30 consecutive trading days ending on the last trading day of the preceding calendar quarter is more than 130% of the conversion price. The closing price of our common stock exceeded the thresholds for the calendar quarter ended September 30, 2015 for our 2032 Notes and 2033 Notes; therefore, those notes were convertible by the holders through December 31, 2015. The closing price of our common stock also exceeded the thresholds for the calendar quarter ended December 31, 2015; therefore, these notes are convertible by the holders through March 31, 2016. |
(3) | Based on our closing share price of $15.61 as of December 3, 2015. |
(4) | The original principal amount of $820 million accretes up to $917 million in November 2028 and $1.03 billion at maturity in 2043. |
Notes Payable | Capital Lease Obligations | |||||||
Remainder of 2016 | $ | 329 | $ | 241 | ||||
2017 | 348 | 176 | ||||||
2018 | 507 | 129 | ||||||
2019 | 502 | 91 | ||||||
2020 | 695 | 32 | ||||||
2021 and thereafter | 4,844 | 110 | ||||||
Unamortized amounts and interest, respectively | (557 | ) | (70 | ) | ||||
$ | 6,668 | $ | 709 |
Quarter Ended December 3, 2015 | Quarter Ended December 4, 2014 | |||||||||||||||||||||||
Attributable to Micron | Noncontrolling Interests | Total Equity | Attributable to Micron | Noncontrolling Interests | Total Equity | |||||||||||||||||||
Beginning balance | $ | 12,302 | $ | 937 | $ | 13,239 | $ | 10,771 | $ | 802 | $ | 11,573 | ||||||||||||
Net income | 206 | — | 206 | 1,003 | (1 | ) | 1,002 | |||||||||||||||||
Other comprehensive income (loss) | (103 | ) | — | (103 | ) | (21 | ) | — | (21 | ) | ||||||||||||||
Comprehensive income (loss) | 103 | — | 103 | 982 | (1 | ) | 981 | |||||||||||||||||
Contributions from noncontrolling interests | — | 37 | 37 | — | 20 | 20 | ||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | (6 | ) | (6 | ) | ||||||||||||||||
Capital and other transactions attributable to Micron | (104 | ) | — | (104 | ) | (75 | ) | — | (75 | ) | ||||||||||||||
Ending balance | $ | 12,301 | $ | 974 | $ | 13,275 | $ | 11,678 | $ | 815 | $ | 12,493 |
Cumulative Foreign Currency Translation Adjustments | Gains (Losses) on Derivative Instruments, Net | Gains (Losses) on Investments, Net | Pension Liability Adjustments | Total | ||||||||||||||||
Balance as of September 3, 2015 | $ | — | $ | (5 | ) | $ | (3 | ) | $ | 21 | $ | 13 | ||||||||
Other comprehensive income (loss) before reclassifications | (90 | ) | (4 | ) | (3 | ) | (8 | ) | (105 | ) | ||||||||||
Amount reclassified out of accumulated other comprehensive income | — | (1 | ) | — | — | (1 | ) | |||||||||||||
Tax effects | — | 1 | — | 2 | 3 | |||||||||||||||
Other comprehensive income (loss) | (90 | ) | (4 | ) | (3 | ) | (6 | ) | (103 | ) | ||||||||||
Balance as of December 3, 2015 | $ | (90 | ) | $ | (9 | ) | $ | (6 | ) | $ | 15 | $ | (90 | ) |
As of | December 3, 2015 | September 3, 2015 | ||||||||||||
Noncontrolling Interest Balance | Noncontrolling Interest Percentage | Noncontrolling Interest Balance | Noncontrolling Interest Percentage | |||||||||||
IMFT(1) | $ | 866 | 49 | % | $ | 829 | 49 | % | ||||||
MP Mask(1) | 93 | 50 | % | 93 | 50 | % | ||||||||
Other | 15 | Various | 15 | Various | ||||||||||
$ | 974 | $ | 937 |
(1) | Entity is a variable interest entity. |
As of | December 3, 2015 | September 3, 2015 | ||||||
Assets | ||||||||
Cash and equivalents | $ | 140 | $ | 134 | ||||
Receivables | 88 | 79 | ||||||
Inventories | 64 | 65 | ||||||
Other current assets | 6 | 7 | ||||||
Total current assets | 298 | 285 | ||||||
Property, plant, and equipment, net | 1,777 | 1,768 | ||||||
Other noncurrent assets | 53 | 49 | ||||||
Total assets | $ | 2,128 | $ | 2,102 | ||||
Liabilities | ||||||||
Accounts payable and accrued expenses | $ | 139 | $ | 182 | ||||
Deferred income | 10 | 9 | ||||||
Current debt | 20 | 22 | ||||||
Total current liabilities | 169 | 213 | ||||||
Long-term debt | 45 | 49 | ||||||
Other noncurrent liabilities | 96 | 100 | ||||||
Total liabilities | $ | 310 | $ | 362 |
Quarter ended | December 3, 2015 | December 4, 2014 | ||||||
IMFT distributions to Micron | $ | — | $ | 6 | ||||
IMFT distributions to Intel | — | 6 | ||||||
Micron contributions to IMFT | 38 | 21 | ||||||
Intel contributions to IMFT | 37 | 20 |
As of | 2016 | 2015 | ||||||
Current assets | $ | 23 | $ | 21 | ||||
Noncurrent assets (primarily property, plant, and equipment) | 171 | 180 | ||||||
Current liabilities | 13 | 21 |
As of | December 3, 2015 | September 3, 2015 | ||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||
Notes and MMJ creditor installment payments | $ | 5,169 | $ | 5,240 | $ | 5,020 | $ | 5,077 | ||||||||
Convertible notes | 2,360 | 1,428 | 2,508 | 1,472 |
Notional Amount (in U.S. dollars) | Fair Value of | |||||||||||
Current Assets(1) | Current Liabilities(2) | |||||||||||
As of December 3, 2015 | ||||||||||||
Yen | $ | 919 | $ | — | $ | (4 | ) | |||||
Singapore dollar | 229 | — | (1 | ) | ||||||||
New Taiwan dollar | 35 | — | — | |||||||||
Shekel | 28 | — | — | |||||||||
Euro | 17 | — | — | |||||||||
British Pound | 16 | — | — | |||||||||
Yuan | 15 | — | — | |||||||||
$ | 1,259 | $ | — | $ | (5 | ) | ||||||
As of September 3, 2015 | ||||||||||||
Yen | $ | 928 | $ | — | $ | (24 | ) | |||||
Singapore dollar | 282 | — | — | |||||||||
New Taiwan dollar | 89 | — | — | |||||||||
Shekel | 27 | — | — | |||||||||
Euro | 29 | — | — | |||||||||
British Pound | 19 | — | — | |||||||||
Yuan | 32 | 1 | — | |||||||||
$ | 1,406 | $ | 1 | $ | (24 | ) |
(1) | Included in receivables – other. |
(2) | Included in accounts payable and accrued expenses – other. |
Quarter ended | December 3, 2015 | December 4, 2014 | ||||||
Foreign exchange contracts | $ | (21 | ) | $ | (58 | ) | ||
Convertible notes settlement obligations | — | 6 |
Notional Amount (in U.S. Dollars) | Fair Value of | |||||||||||
Current Assets(1) | Current Liabilities(2) | |||||||||||
As of December 3, 2015 | ||||||||||||
Yen | $ | 102 | $ | 1 | $ | (2 | ) | |||||
As of September 3, 2015 | ||||||||||||
Yen | $ | 81 | $ | 3 | $ | — | ||||||
Euro | 12 | — | — | |||||||||
$ | 93 | $ | 3 | $ | — |
(1) | Included in receivables – other. |
(2) | Included in accounts payable and accrued expenses – other. |
Quarter ended | December 3, 2015 | December 4, 2014 | ||||||
Stock options granted | 2 | 1 | ||||||
Weighted-average grant-date fair value per share | $ | 7.99 | $ | 13.20 | ||||
Average expected life in years | 5.6 | 5.7 | ||||||
Weighted-average expected volatility | 46 | % | 47 | % | ||||
Weighted-average risk-free interest rate | 1.5 | % | 1.6 | % |
Quarter ended | December 3, 2015 | December 4, 2014 | ||||||
Restricted stock awards granted | 3 | 2 | ||||||
Weighted-average grant-date fair value per share | $ | 18.52 | $ | 30.17 |
Quarter ended | December 3, 2015 | December 4, 2014 | ||||||
Stock-based compensation expense by caption | ||||||||
Cost of goods sold | $ | 17 | $ | 12 | ||||
Selling, general, and administrative | 18 | 15 | ||||||
Research and development | 11 | 8 | ||||||
$ | 46 | $ | 35 | |||||
Stock-based compensation expense by type of award | ||||||||
Stock options | $ | 20 | $ | 18 | ||||
Restricted stock awards | 26 | 17 | ||||||
$ | 46 | $ | 35 |
Quarter ended | December 3, 2015 | December 4, 2014 | ||||||
Restructure and asset impairments | $ | 15 | $ | 1 | ||||
(Gain) loss on disposition of property, plant, and equipment | 2 | (6 | ) | |||||
Other | — | (11 | ) | |||||
$ | 17 | $ | (16 | ) |
Quarter ended | December 3, 2015 | December 4, 2014 | ||||||
Gain (loss) from changes in currency exchange rates | $ | (3 | ) | $ | (21 | ) | ||
Loss on restructure of debt | (1 | ) | (30 | ) | ||||
Other | — | 2 | ||||||
$ | (4 | ) | $ | (49 | ) |
Quarter ended | December 3, 2015 | December 4, 2014 | ||||||
Net income available to Micron shareholders – Basic | $ | 206 | $ | 1,003 | ||||
Dilutive effect related to equity method investment | — | (1 | ) | |||||
Net income available to Micron shareholders – Diluted | $ | 206 | $ | 1,002 | ||||
Weighted-average common shares outstanding – Basic | 1,035 | 1,070 | ||||||
Dilutive effect of equity plans and convertible notes | 50 | 125 | ||||||
Weighted-average common shares outstanding – Diluted | 1,085 | 1,195 | ||||||
Earnings per share | ||||||||
Basic | $ | 0.20 | $ | 0.94 | ||||
Diluted | 0.19 | 0.84 |
Quarter ended | December 3, 2015 | December 4, 2014 | ||||||
Net sales | ||||||||
CNBU | $ | 1,139 | $ | 2,088 | ||||
SBU | 884 | 984 | ||||||
MBU | 834 | 940 | ||||||
EBU | 479 | 539 | ||||||
All Other | 14 | 22 | ||||||
$ | 3,350 | $ | 4,573 | |||||
Operating income (loss) | ||||||||
CNBU | $ | 14 | $ | 623 | ||||
SBU | (33 | ) | 26 | |||||
MBU | 135 | 306 | ||||||
EBU | 113 | 118 | ||||||
All Other | 3 | 12 | ||||||
$ | 232 | $ | 1,085 |
• | Overview: Overview of our operations, business, and highlights of key events. |
• | Results of Operations: An analysis of our financial results consisting of the following: |
◦ | Consolidated results; |
◦ | Operating results by business segment; |
◦ | Operating results by product; and |
◦ | Operating expenses and other. |
• | Liquidity and Capital Resources: An analysis of changes in our balance sheet and cash flows and discussion of our financial condition and potential sources of liquidity. |
• | Recently Issued Accounting Standards |
First Quarter | Fourth Quarter | ||||||||||||||||||||
2016 | % of Net Sales | 2015 | % of Net Sales | 2015 | % of Net Sales | ||||||||||||||||
Net sales | $ | 3,350 | 100 | % | $ | 4,573 | 100 | % | $ | 3,600 | 100 | % | |||||||||
Cost of goods sold | 2,501 | 75 | % | 2,935 | 64 | % | 2,630 | 73 | % | ||||||||||||
Gross margin | 849 | 25 | % | 1,638 | 36 | % | 970 | 27 | % | ||||||||||||
Selling, general and administrative | 179 | 5 | % | 193 | 4 | % | 170 | 5 | % | ||||||||||||
Research and development | 421 | 13 | % | 376 | 8 | % | 379 | 11 | % | ||||||||||||
Other operating (income) expense, net | 17 | 1 | % | (16 | ) | — | % | (6 | ) | — | % | ||||||||||
Operating income | 232 | 7 | % | 1,085 | 24 | % | 427 | 12 | % | ||||||||||||
Interest income (expense), net | (85 | ) | (3 | )% | (83 | ) | (2 | )% | (90 | ) | (3 | )% | |||||||||
Other non-operating income (expense), net | (4 | ) | — | % | (49 | ) | (1 | )% | 18 | 1 | % | ||||||||||
Income tax (provision) benefit | 4 | — | % | (75 | ) | (2 | )% | 69 | 2 | % | |||||||||||
Equity in net income of equity method investees | 59 | 2 | % | 124 | 3 | % | 47 | 1 | % | ||||||||||||
Net (income) loss attributable to noncontrolling interests | — | — | % | 1 | — | % | — | — | % | ||||||||||||
Net income attributable to Micron | $ | 206 | 6 | % | $ | 1,003 | 22 | % | $ | 471 | 13 | % |
First Quarter | Fourth Quarter | |||||||||||||||||||
2016 | % of Total | 2015 | % of Total | 2015 | % of Total | |||||||||||||||
CNBU | $ | 1,139 | 34 | % | $ | 2,088 | 46 | % | $ | 1,301 | 36 | % | ||||||||
SBU | 884 | 26 | % | 984 | 22 | % | 848 | 24 | % | |||||||||||
MBU | 834 | 25 | % | 940 | 21 | % | 958 | 27 | % | |||||||||||
EBU | 479 | 14 | % | 539 | 12 | % | 475 | 13 | % | |||||||||||
All Other | 14 | — | % | 22 | — | % | 18 | 1 | % | |||||||||||
$ | 3,350 | $ | 4,573 | $ | 3,600 |
First Quarter | Fourth Quarter | |||||||||||
2016 | 2015 | 2015 | ||||||||||
Net sales | $ | 1,139 | $ | 2,088 | $ | 1,301 | ||||||
Operating income | 14 | 623 | 99 |
First Quarter | Fourth Quarter | |||||||||||
2016 | 2015 | 2015 | ||||||||||
Net sales | $ | 884 | $ | 984 | $ | 848 | ||||||
Operating income (loss) | (33 | ) | 26 | (46 | ) |
First Quarter | Fourth Quarter | |||||||||||
2016 | 2015 | 2015 | ||||||||||
Net sales | $ | 834 | $ | 940 | $ | 958 | ||||||
Operating income | 135 | 306 | 262 |
First Quarter | Fourth Quarter | |||||||||||
2016 | 2015 | 2015 | ||||||||||
Net sales | $ | 479 | $ | 539 | $ | 475 | ||||||
Operating income | 113 | 118 | 104 |
First Quarter | Fourth Quarter | |||||||||||||||||||
2016 | % of Total | 2015 | % of Total | 2015 | % of Total | |||||||||||||||
DRAM | $ | 1,945 | 58 | % | $ | 3,110 | 68 | % | $ | 2,173 | 60 | % | ||||||||
Non-Volatile Memory | 1,269 | 38 | % | 1,303 | 28 | % | 1,287 | 36 | % | |||||||||||
Other | 136 | 4 | % | 160 | 3 | % | 140 | 4 | % | |||||||||||
$ | 3,350 | $ | 4,573 | $ | 3,600 |
First Quarter 2016 Versus | |||||
Fourth Quarter | First Quarter | ||||
2015 | 2015 | ||||
(percentage change from period indicated) | |||||
Net sales | (10 | )% | (37 | )% | |
Average selling prices per gigabit | (13 | )% | (32 | )% | |
Gigabits sold | 2 | % | (8 | )% | |
Cost per gigabit | (10 | )% | (16 | )% |
First Quarter 2016 Versus | ||||||
Fourth Quarter | First Quarter | |||||
2015 | 2015 | |||||
(percentage change from period indicated) | ||||||
Sales to trade customers | ||||||
Net sales | (2 | )% | (3 | )% | ||
Average selling prices per gigabit | (7 | )% | (11 | )% | ||
Gigabits sold | 5 | % | 9 | % | ||
Cost per gigabit | (6 | )% | (8 | )% |
• | operations in tax jurisdictions, including Singapore and Taiwan, where our earnings are indefinitely reinvested and the effective tax rates in these jurisdictions are significantly lower than the U.S. statutory rate; |
• | operations outside the U.S., including Singapore and, to a lesser extent, Taiwan, where we have tax incentive arrangements that decrease our effective tax rates; and |
• | a valuation allowance against substantially all of our U.S. net deferred tax assets. |
First Quarter | Fourth Quarter | |||||||||||
2016 | 2015 | 2015 | ||||||||||
Inotera | $ | 52 | $ | 129 | $ | 43 | ||||||
Tera Probe | 3 | (7 | ) | 4 | ||||||||
Other | 4 | 2 | — | |||||||||
$ | 59 | $ | 124 | $ | 47 |
• | Equity Plans |
• | Other Operating (Income) Expense, Net |
• | Other Non-Operating Income (Expense), Net |
As of | December 3, 2015 | September 3, 2015 | ||||||
Cash and equivalents and short-term investments | ||||||||
Bank deposits | $ | 2,005 | $ | 1,684 | ||||
Corporate bonds | 701 | 618 | ||||||
Certificates of deposit | 301 | 339 | ||||||
Money market funds | 278 | 168 | ||||||
Government securities | 256 | 449 | ||||||
Commercial paper | 92 | 255 | ||||||
Asset-backed securities | 8 | 8 | ||||||
$ | 3,641 | $ | 3,521 | |||||
Long-term marketable investments | $ | 1,771 | $ | 2,113 |
Decrease in Principal | Decrease in Carrying Value | Decrease in Cash | Decrease in Equity | Loss | ||||||||||||||||
Repurchases of 2033E Notes | $ | (57 | ) | $ | (54 | ) | $ | (94 | ) | $ | (38 | ) | $ | (1 | ) |
Conversion Price Per Share | Settlement Option for Principal Amount | Outstanding Principal | If Settled With Minimum Cash Required(1) | If Settled Entirely With Cash(2) | |||||||||||||||||
Cash | Remainder in Shares | Cash | |||||||||||||||||||
2032C Notes | $ | 9.63 | Cash and/or shares | $ | 224 | $ | — | 23 | $ | 362 | |||||||||||
2032D Notes | 9.98 | Cash and/or shares | 177 | — | 18 | 277 | |||||||||||||||
2033E Notes | 10.93 | Cash | 176 | 176 | 5 | 251 | |||||||||||||||
2033F Notes | 10.93 | Cash | 297 | 297 | 8 | 424 | |||||||||||||||
$ | 874 | $ | 473 | 54 | $ | 1,314 |
(1) | We are required to settle the principal amount of the 2033 Notes in cash. The remaining conversion obligation paid in shares is based on our closing share price of $15.61 as of December 3, 2015. |
(2) | Based on our closing share price of $15.61 as of December 3, 2015. |
Payments Due by Period | ||||||||||||||||||||||||||||
As of December 3, 2015 | Total | Remainder of 2016 | 2017 | 2018 | 2019 | 2020 | 2021 and Thereafter | |||||||||||||||||||||
Notes payable(1)(2) | $ | 9,498 | $ | 573 | $ | 613 | $ | 766 | $ | 759 | $ | 941 | $ | 5,846 | ||||||||||||||
Capital lease obligations(2) | 779 | 241 | 176 | 129 | 91 | 32 | 110 | |||||||||||||||||||||
Operating leases(3) | 755 | 227 | 344 | 122 | 15 | 12 | 35 | |||||||||||||||||||||
$ | 11,032 | $ | 1,041 | $ | 1,133 | $ | 1,017 | $ | 865 | $ | 985 | $ | 5,991 |
(1) | Amounts include MMJ Creditor Installment Payments, convertible notes, and other notes. Any future redemptions, repurchases, or conversions of debt could impact the amount and timing of our cash payments. Contractual obligations for the 2033 Notes are presented in 2018 and 2020 based on the earliest date that the holders can put them to us even though they were classified in our accompanying balance sheets as current, which was based on their convertibility. |
(2) | Amounts include principal and interest. |
(3) | Amounts include contractually obligated minimum lease payments for operating leases having an initial noncancelable term in excess of one year. |
DRAM | Trade Non-Volatile* | |||||
(percentage change in average selling prices) | ||||||
2015 from 2014 | (11 | )% | (17 | )% | ||
2014 from 2013 | 6 | % | (23 | )% | ||
2013 from 2012 | (11 | )% | (18 | )% | ||
2012 from 2011 | (45 | )% | (55 | )% | ||
2011 from 2010 | (39 | )% | (12 | )% | ||
* Trade Non-Volatile excludes sales to Intel from IMFT. |
• | require us to use a large portion of our cash flow to pay principal and interest on debt, which will reduce the amount of cash flow available to fund working capital, capital expenditures, acquisitions, R&D expenditures, and other business activities; |
• | continue to dilute our earnings per share as a result of the conversion provisions in our convertible notes; |
• | require us to continue to pay cash amounts substantially in excess of the principal amounts upon settlement of our convertible notes to minimize dilution of our earnings per share; |
• | limit our future ability to raise funds for capital expenditures, strategic acquisitions or business opportunities, R&D, and other general corporate requirements; |
• | adversely impact our credit rating, which could increase future borrowing costs; and |
• | increase our vulnerability to adverse economic and semiconductor memory industry conditions. |
• | we may be unable to realize the anticipated financial benefits of the acquisition; |
• | increased exposure to the DRAM market, which experienced significant declines in pricing during the first quarter of 2016 and 2015; |
• | our consolidated financial condition may be adversely impacted by the increased leverage resulting from the transaction; |
• | higher capital expenditures in future periods; |
• | increased exposure to operating costs denominated in New Taiwan dollars; |
• | integration issues with Inotera's manufacturing operations in Taiwan; and |
• | integration of business systems and processes. |
• | that we will be successful in developing competitive new semiconductor memory technologies; |
• | that we will be able to cost-effectively manufacture new products; |
• | that we will be able to successfully market these technologies; and |
• | that margins generated from sales of these products will allow us to recover costs of development efforts. |
• | we may be required to compensate customers for costs incurred or damages caused by defective or incompatible product or replace products; |
• | we could incur a decrease in revenue or adjustment to pricing commensurate with the reimbursement of such costs or alleged damages; and |
• | we may encounter adverse publicity, which could cause a decrease in sales of our products. |
• | our interests could diverge from our partners or we may not be able to agree with partners on ongoing manufacturing and operational activities, or on the amount, timing, or nature of further investments in our joint venture; |
• | our joint venture partners' products may compete with our products; |
• | we may experience difficulties in transferring technology to joint ventures; |
• | we may experience difficulties and delays in ramping production at joint ventures; |
• | our control over the operations of our joint ventures is limited; |
• | we may recognize losses from our equity method investments; |
• | due to financial constraints, our joint venture partners may be unable to meet their commitments to us or our joint ventures and may pose credit risks for our transactions with them; |
• | due to differing business models or long-term business goals, our partners may decide not to join us in funding capital investment in our joint ventures, which may result in higher levels of cash expenditures by us; |
• | cash flows may be inadequate to fund increased capital requirements; |
• | we may experience difficulties or delays in collecting amounts due to us from our joint ventures and partners; |
• | the terms of our partnering arrangements may turn out to be unfavorable; and |
• | changes in tax, legal, or regulatory requirements may necessitate changes in the agreements with our partners. |
• | higher costs for supply obtained under the Inotera supply agreements as compared to our wholly-owned facilities; |
• | difficulties and delays in ramping production at Inotera; |
• | difficulties in transferring technology to Inotera; and |
• | difficulties in coming to an agreement with Nanya regarding major corporate decisions, such as capital expenditures or capital structure. |
• | integrating the operations, technologies, and products of acquired or newly formed entities into our operations; |
• | increasing capital expenditures to upgrade and maintain facilities; |
• | increased debt levels; |
• | the assumption of unknown or underestimated liabilities; |
• | the use of cash to finance a transaction, which may reduce the availability of cash to fund working capital, capital expenditures, R&D expenditures, and other business activities; |
• | diverting management's attention from daily operations; |
• | managing larger or more complex operations and facilities and employees in separate and diverse geographic areas; |
• | hiring and retaining key employees; |
• | requirements imposed by governmental authorities in connection with the regulatory review of a transaction, which may include, among other things, divestitures or restrictions on the conduct of our business or the acquired business; |
• | inability to realize synergies or other expected benefits; |
• | failure to maintain customer, vendor, and other relationships; |
• | inadequacy or ineffectiveness of an acquired company's internal financial controls, disclosure controls and procedures, and/or environmental, health and safety, anti-corruption, human resource, or other policies or practices; and |
• | impairment of acquired intangible assets and goodwill as a result of changing business conditions, technological advancements, or worse-than-expected performance of the acquired business. |
• | export and import duties, changes to import and export regulations, customs regulations and processes, and restrictions on the transfer of funds; |
• | compliance with U.S. and international laws involving international operations, including the Foreign Corrupt Practices Act, export and import laws, and similar rules and regulations; |
• | protection of intellectual property; |
• | political and economic instability; |
• | problems with the transportation or delivery of our products; |
• | issues arising from cultural or language differences and labor unrest; |
• | longer payment cycles and greater difficulty in collecting accounts receivable; |
• | compliance with trade, technical standards, and other laws in a variety of jurisdictions; |
• | contractual and regulatory limitations on our ability to maintain flexibility with our staffing levels; |
• | disruptions to our manufacturing operations as a result of actions imposed by foreign governments; |
• | changes in economic policies of foreign governments; and |
• | difficulties in staffing and managing international operations. |
Period | Total number of shares purchased | Average price paid per share(1) | Total number of shares (or units) purchased as part of publicly announced plans or programs | Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs | ||||||||||||
September 4, 2015 | – | October 8, 2015 | 807,467 | $ | 17.34 | 807,467 | $ | 155,836,103 | ||||||||
October 9, 2015 | – | November 5, 2015 | 6,102,421 | 18.30 | 6,102,421 | 294,184,917 | ||||||||||
November 6, 2015 | – | December 3, 2015 | — | — | — | 294,184,917 | ||||||||||
6,909,888 | 18.18 | 6,909,888 |
(1) | Excludes commissions. |
Exhibit Number | Description of Exhibit | |
31.1 | Rule 13a-14(a) Certification of Chief Executive Officer | |
31.2 | Rule 13a-14(a) Certification of Chief Financial Officer | |
32.1 | Certification of Chief Executive Officer Pursuant to 18 U.S.C. 1350 | |
32.2 | Certification of Chief Financial Officer Pursuant to 18 U.S.C. 1350 | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
Micron Technology, Inc. | ||
(Registrant) | ||
Date: | January 8, 2016 | /s/ Ernest E. Maddock |
Ernest E. Maddock Chief Financial Officer and Vice President, Finance (Principal Financial and Accounting Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of Micron Technology, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | January 8, 2016 | /s/ D. Mark Durcan |
D. Mark Durcan Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Micron Technology, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | January 8, 2016 | /s/ Ernest E. Maddock |
Ernest E. Maddock Chief Financial Officer and Vice President, Finance |
Date: | January 8, 2016 | /s/ D. Mark Durcan |
D. Mark Durcan Chief Executive Officer |
Date: | January 8, 2016 | /s/ Ernest E. Maddock |
Ernest E. Maddock Chief Financial Officer and Vice President, Finance |
Document and Entity Information Document - shares |
3 Months Ended | |
---|---|---|
Dec. 03, 2015 |
Jan. 07, 2016 |
|
Entity Information [Line Items] | ||
Entity Registrant Name | MICRON TECHNOLOGY INC | |
Entity Central Index Key | 0000723125 | |
Current Fiscal Year End Date | --09-01 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Dec. 03, 2015 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 1,037,455,896 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 03, 2015 |
Dec. 04, 2014 |
|
Net income | $ 206 | $ 1,002 |
Other comprehensive income (loss), net of tax | ||
Foreign currency translation adjustments | (90) | (24) |
Gain (loss) on derivatives, net | (4) | (16) |
Gain (loss) on investments, net | (3) | 0 |
Pension liability adjustments | (6) | 19 |
Other comprehensive income (loss) | (103) | (21) |
Total comprehensive income | 103 | 981 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 1 |
Comprehensive income attributable to Micron | $ 103 | $ 982 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions |
Dec. 03, 2015 |
Sep. 03, 2015 |
---|---|---|
Liabilities and equity | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common Stock, authorized shares (in shares) | 3,000 | 3,000 |
Common Stock, issued (in shares) | 1,087 | 1,084 |
Common Stock, outstanding (in shares) | 1,087 | 1,084 |
Treasury Stock, held (in shares) | 52 | 45 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 03, 2015 |
Dec. 04, 2014 |
|
Cash flows from operating activities | ||
Net income | $ 206 | $ 1,002 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense and amortization of intangible assets | 737 | 643 |
Amortization of debt discount and other costs | 33 | 38 |
Stock-based compensation | 46 | 35 |
Loss on restructure of debt | 1 | 30 |
Equity in net income of equity method investees | (59) | (124) |
Change in operating assets and liabilities: | ||
Receivables | 297 | 252 |
Inventories | (95) | 7 |
Accounts payable and accrued expenses | 2 | (321) |
Deferred income taxes, net | (1) | 126 |
Other | (47) | (96) |
Net cash provided by operating activities | 1,120 | 1,592 |
Cash flows from investing activities | ||
Expenditures for property, plant and equipment | (990) | (669) |
Purchases of available-for-sale securities | (510) | (668) |
Payments to settle hedging activities | (46) | (66) |
Proceeds from sales and maturities of available-for-sale securities | 1,044 | 330 |
Other | (158) | (3) |
Net cash provided by (used for) investing activities | (660) | (1,076) |
Cash flows from financing activities | ||
Repayments of debt | (197) | (786) |
Cash paid to acquire treasury stock | (135) | (26) |
Proceeds from issuance of debt | 174 | 0 |
Contributions from noncontrolling interests | 37 | 20 |
Proceeds from issuance of stock under equity plans | 15 | 18 |
Other | (34) | (32) |
Net cash provided by (used for) financing activities | (140) | (806) |
Effect of changes in currency exchange rates on cash and equivalents | (2) | (96) |
Net increase (decrease) in cash and equivalents | 318 | (386) |
Cash and equivalents at beginning of period | 2,287 | 4,150 |
Cash and equivalents at end of period | $ 2,605 | $ 3,764 |
Business and Basis of Presentation |
3 Months Ended |
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Dec. 03, 2015 | |
Accounting Policies [Abstract] | |
Business and Basis of Presentation | Business and Basis of Presentation We are a global leader in advanced semiconductor systems. Our broad portfolio of high-performance memory technologies, including DRAM, NAND Flash, and NOR Flash, is the basis for solid-state drives, modules, multi-chip packages, and other system solutions. Our memory solutions enable the world's most innovative computing, consumer, enterprise storage, networking, mobile, embedded, and automotive applications. The accompanying consolidated financial statements include the accounts of MTI and its consolidated subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended September 3, 2015. In the opinion of our management, the accompanying unaudited consolidated financial statements contain all necessary adjustments, consisting of a normal recurring nature, to fairly state the financial information set forth herein. Certain reclassifications have been made to prior period amounts to conform to current period presentation. Our fiscal year is the 52 or 53-week period ending on the Thursday closest to August 31. Fiscal year 2016 contains 52 weeks and the first quarter of fiscal 2016, which ended on December 3, 2015, contained 13 weeks. Fiscal year 2015 contained 53 weeks and the first quarter of fiscal 2015, which ended on December 4, 2014, contained 14 weeks. All period references are to our fiscal periods unless otherwise indicated. These interim financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended September 3, 2015. |
Variable Interest Entities |
3 Months Ended |
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Dec. 03, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities We have interests in entities that are VIEs. If we are the primary beneficiary of a VIE, we are required to consolidate it. To determine if we are the primary beneficiary, we evaluate whether we have the power to direct the activities that most significantly impact the VIE's economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our evaluation includes identification of significant activities and an assessment of our ability to direct those activities based on governance provisions and arrangements to provide or receive product and process technology, product supply, operations services, equity funding, financing, and other applicable agreements and circumstances. Our assessments of whether we are the primary beneficiary of our VIEs require significant assumptions and judgments. Unconsolidated VIEs Inotera: Inotera is a VIE because of the terms of its supply agreement with us. We have determined that we do not have the power to direct the activities of Inotera that most significantly impact its economic performance, primarily due to limitations on our governance rights that require the consent of other parties for key operating decisions and due to Inotera's dependence on Nanya for financing and the ability of Inotera to operate in Taiwan. Therefore, we do not consolidate Inotera and we account for our interest under the equity method. (See "Equity Method Investments – Inotera" note.) EQUVO: EQUVO HK Limited ("EQUVO") is a special purpose entity created to facilitate an equipment sale-leaseback financing transaction between us and a consortium of financial institutions. Neither we nor the financing entities have an equity interest in EQUVO. EQUVO is a VIE because its equity is not sufficient to permit it to finance its activities without additional support from the financing entities and because the third-party equity holder lacks characteristics of a controlling financial interest. By design, the arrangement with EQUVO is merely a financing vehicle and we do not bear any significant risks from variable interests with EQUVO. Therefore, we have determined that we do not have the power to direct the activities of EQUVO that most significantly impact its economic performance and we do not consolidate EQUVO. SC Hiroshima Energy Corporation: SC Hiroshima Energy Corporation ("SCHE") is an entity created to construct and operate a cogeneration, electrical power plant to support our wafer manufacturing facility in Hiroshima, Japan. SCHE is a VIE due to the nature of its tolling agreements with us and our purchase and call options for SCHE's assets. We do not have an equity ownership interest in SCHE. We do not control the operation and maintenance of the plant, which we have determined are the activities of SCHE that most significantly impact its economic performance. Therefore, we do not consolidate SCHE. Consolidated VIEs IMFT: IMFT is a VIE because all of its costs are passed to us and its other member, Intel, through product purchase agreements and because IMFT is dependent upon us or Intel for additional cash requirements. The primary activities of IMFT are driven by the constant introduction of product and process technology. Because we perform a significant majority of the technology development, we have the power to direct its key activities. In addition, IMFT manufactures certain products exclusively for us using our technology. We consolidate IMFT because we have the power to direct the activities of IMFT that most significantly impact its economic performance and because we have the obligation to absorb losses and the right to receive benefits from IMFT that could potentially be significant to it. MP Mask: MP Mask is a VIE because substantially all of its costs are passed to us and its other member, Photronics, through product purchase agreements and MP Mask is dependent upon us or Photronics for additional cash requirements. We have tie-breaking voting rights over key operating decisions and nearly all key MP Mask activities are driven by our supply needs. We consolidate MP Mask because we have the power to direct the activities of MP Mask that most significantly impact its economic performance and because we have the obligation to absorb losses and the right to receive benefits from MP Mask that could potentially be significant to it. (See "Equity – Noncontrolling Interests in Subsidiaries" note.) |
Recently Issued Accounting Standards |
3 Months Ended |
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Dec. 03, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In January 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-01 – Recognition and Measurement of Financial Assets and Financial Liabilities, which provides guidance for the recognition, measurement, presentation, and disclosure of financial assets and liabilities. This ASU will be effective for us beginning in our first quarter of 2019. We are evaluating the effects of the adoption of this ASU on our financial statements. In November 2015, the FASB issued ASU 2015-17 – Balance Sheet Classification of Deferred Taxes, which eliminates the current requirement to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, entities will be required to classify all deferred tax assets and liabilities as noncurrent. This ASU will be effective for us beginning in our first quarter of 2018 and early adoption is permitted. We are evaluating the timing of our adoption of this ASU. We do not expect this adoption to have a material impact on our financial statements. In September 2015, the FASB issued ASU 2015-16 – Simplifying the Accounting for Measurement-Period Adjustments, which eliminates the requirement to restate prior period financial statements for measurement period adjustments. Instead, the cumulative impact of measurement period adjustments, including the impact on prior periods, is required to be recognized in the reporting period in which the adjustment is identified. This ASU will be effective for us beginning in our first quarter of 2017 and early adoption is permitted. We are evaluating the timing of our adoption and the effects of the adoption of this ASU on our financial statements. In April 2015, the FASB issued ASU 2015-05 – Customer's Accounting for Fees Paid in a Cloud Computing Arrangement, which provides additional guidance to customers about whether a cloud computing arrangement includes a software license. Under ASU 2015-05, if a cloud computing arrangement contains a software license, customers should account for the license element of the arrangement in a manner consistent with the acquisition of other software licenses. If the arrangement does not contain a software license, customers should account for the arrangement as a service contract. ASU 2015-05 also removes the requirement to analogize to ASC 840-10 – Leases, to determine the asset acquired in a software licensing arrangement. This ASU will be effective for us beginning in our first quarter of 2017 and early adoption is permitted. We are evaluating the timing of our adoption and the effects of the adoption of this ASU on our financial statements. In February 2015, the FASB issued ASU 2015-02 – Amendments to the Consolidation Analysis, which amends the consolidation requirements in Accounting Standards Codification 810 – Consolidation. ASU 2015-02 makes targeted amendments to the current consolidation guidance for VIEs, which could change consolidation conclusions. This ASU will be effective for us beginning in our first quarter of 2017 and early adoption is permitted. We are evaluating the timing of our adoption and the effects of the adoption of this ASU on our financial statements. In May 2014, the FASB issued ASU 2014-09 – Revenue from Contracts with Customers, which supersedes nearly all existing revenue recognition guidance under generally accepted accounting principles in the U.S. The core principal of this ASU is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Including the one-year extension of this ASU provided by ASU 2015-14, we are required to adopt this ASU beginning in our first quarter of 2019; however, we are permitted to adopt this ASU as early as our first quarter of 2018. This ASU allows for either full retrospective or modified retrospective adoption. We are evaluating the timing of our adoption, the transition method we will elect, and the effects of the adoption of this ASU on our financial statements. |
Planned Acquisition of Inotera and License Agreement with Nanya |
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Inotera [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Subsequent Event, Inotera Acquisition [Text Block] | Planned Acquisition of Inotera and License Agreement with Nanya Acquisition of Remaining Inotera Shares On December 14, 2015, we entered into an agreement with Inotera (the "Framework Agreement"), pursuant to which we will acquire 100% of the issued and outstanding shares of Inotera for 30 New Taiwan dollars per share (or the equivalent of approximately $0.92, assuming 32.7 New Taiwan dollars per U.S. dollar). As of December 3, 2015, we held a 33% ownership interest in Inotera, Nanya and certain of its affiliates held a 32% ownership interest, and the remaining ownership interest in Inotera was publicly held. We estimate that, based on the shares outstanding and the exchange rate as of December 14, 2015, the aggregate consideration payable for the Inotera shares not already owned by us would be approximately $4.1 billion. The Framework Agreement provides that we and Inotera will cooperate in good faith to negotiate and execute a further definitive agreement (the "Definitive Agreement") by February 12, 2016. We or Inotera may terminate the Framework Agreement if the Definitive Agreement is not executed by that date. Under the Framework Agreement, the consummation of the acquisition of the Inotera shares is subject to various conditions, including but not limited to:
In addition, the Framework Agreement contains, and the Definitive Agreement, if executed, will contain, certain termination rights, including:
Voting and Support Agreements: In December 2015, we also entered into voting and support agreements with Nanya and certain of Nanya's affiliates, representing approximately 32% of Inotera's shares, pursuant to which the parties agreed to (1) cause their respective boards of directors to vote in favor of and approve the transaction and (2) vote their Inotera shares in favor of and approve shareholder actions relevant to the transaction. Pursuant to the voting and support agreements, the parties have further agreed not to transfer any of their Inotera shares so long as the voting and support agreements are in effect. These agreements will terminate automatically upon the termination of either the Framework Agreement or the Definitive Agreement. Issuance of Micron Shares to Nanya: On December 14, 2015, we also entered into an agreement with Nanya pursuant to which we have the option to issue shares of our common stock (the "Micron Shares") to Nanya in an amount of up to 31.5 billion New Taiwan dollars (or the equivalent of approximately $1.0 billion, assuming 32.7 New Taiwan dollars per U.S. dollar)(the "Private Placement"), which will be used to fund a portion of the consideration payable in the transaction. The per-share purchase price for the Micron Shares will be equal to the New Taiwan dollar equivalent of the average of the closing price of Micron common stock during the 30 consecutive trading-day period ending 30 days prior to the consummation of the Private Placement and the transaction. The consummation of the issuance of the Micron Shares is subject to regulatory approval and various other conditions. License Agreement with Nanya On December 14, 2015, we entered into an agreement with Nanya to use reasonable best efforts to execute further definitive technology transfer and license agreements by February 12, 2016 pursuant to which Nanya would have the option to require us to transfer to Nanya certain technology and deliverables related to the next DRAM process node generation after the 20nm process node (the "1X Process Node") and the next DRAM process node generation after the 1X Process Node for Nanya's use. Under the terms of the further definitive agreements, Nanya would pay royalties to us for a license to the transferred technology based on revenues from products implementing the technology, subject to an agreed cap, and we would receive an equity interest in Nanya upon the achievement of certain milestones. We may terminate the agreement if we and Nanya do not execute the definitive technology transfer and license agreements by February 12, 2016. |
Cash and Investments |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Investments [Text Block] | Cash and Investments Cash and the fair values of available-for-sale investments, which approximated amortized costs, were as follows:
Proceeds from sales of available-for-sale securities for the first quarters of 2016 and 2015 were $407 million and $233 million, respectively. Gross realized gains and losses from sales of available-for-sale securities were not significant for any period presented. As of December 3, 2015, there were no available-for-sale securities that had been in a loss position for longer than 12 months. |
Receivables |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables | Receivables
As of December 3, 2015 and September 3, 2015, other receivables included $91 million and $120 million, respectively, due from Intel for amounts related to product design and process development activities under cost-sharing agreements for NAND Flash memory and 3D XPointTM memory. (See "Equity – Noncontrolling Interests in Subsidiaries – IMFT" note.) |
Inventories |
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Inventories | Inventories
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Property, Plant and Equipment |
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Property, Plant and Equipment | Property, Plant, and Equipment
Depreciation expense was $706 million and $613 million for the first quarters of 2016 and 2015, respectively. |
Equity Method Investments |
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Equity Method Investments | Equity Method Investments
As of December 3, 2015, substantially all of our maximum exposure to loss from our VIEs that were not consolidated was the $1.30 billion carrying value of our investment in Inotera. We may also incur losses in connection with our rights and obligations to purchase all of Inotera's wafer production capacity under our supply agreements with Inotera. We recognize our share of earnings or losses from our equity method investees generally on a two-month lag. Equity in net income (loss) of equity method investees, net of tax, included the following:
Inotera We have partnered with Nanya in Inotera, a Taiwan DRAM memory company, since 2009. As of December 3, 2015, we held a 33% ownership interest in Inotera, Nanya and certain of its affiliates held a 32% ownership interest, and the remaining ownership interest in Inotera was publicly held. On December 14, 2015, we entered into an agreement to acquire the remaining interest in Inotera. (See "Planned Acquisition of Inotera and License Agreement with Nanya – Acquisition of Remaining Inotera Shares" note.) As of December 3, 2015, the market value of our equity interest in Inotera was $1.55 billion based on the closing trading price of 23.70 New Taiwan dollars per share in an active market. As of December 3, 2015 and September 3, 2015, there were losses of $77 million and gains of $13 million, respectively, in accumulated other comprehensive income (loss) for cumulative translation adjustments from our equity investment in Inotera. From January 2013 through December 2015, we purchased all of Inotera's DRAM output under a supply agreement at prices reflecting discounts from market prices for our comparable components. We purchased $379 million and $729 million of DRAM products from Inotera in the first quarters of 2016 and 2015, respectively, at costs higher than the costs of similar products manufactured in our wholly-owned facilities. The supply agreement with Inotera (as extended in December 2015, subsequent to the end of our first quarter of 2016) has an initial three-year term, followed by a three-year wind-down period. Upon termination of the initial three-year term, the share of Inotera's capacity we would purchase would decline over the wind-down period. Effective beginning on January 1, 2016, the price for DRAM products sold to us is based on a formula that equally shares margin between Inotera and us. Tera Probe In 2013, we acquired a 40% interest in Tera Probe, which provides semiconductor wafer testing and probe services to us and others. The initial net carrying value of our investment was less than our proportionate share of Tera Probe's equity and the difference is being amortized as a credit to our earnings through equity in net income (loss) of equity method investees (the "Tera Probe Amortization"). As of December 3, 2015, the remaining balance of the Tera Probe Amortization was $23 million and is expected to be amortized over a weighted-average period of seven years. Based on closing trading prices, the market value of our equity interest in Tera Probe was $38 million as of December 3, 2015 and $31 million as of September 30, 2015. We evaluated our investment in Tera Probe and concluded that the decline in the market value below our carrying value did not indicate an other-than-temporary impairment primarily because of the market value improvement subsequent to September 30, 2015, the limited amount of time the market value was below carrying value, and historical volatility of Tera Probe's stock price. We incurred manufacturing costs for the first quarters of 2016 and 2015 of $21 million and $25 million, respectively, for services performed by Tera Probe. |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets and Goodwill | Intangible Assets and Goodwill
During the first quarters of 2016 and 2015, we capitalized $9 million and $12 million, respectively, for product and process technology with weighted-average useful lives of nine years and eight years, respectively. Amortization expense was $31 million and $30 million for the first quarters of 2016 and 2015, respectively. The expected annual amortization expense for intangible assets held as of December 3, 2015 is $120 million for 2016, $104 million for 2017, $92 million for 2018, $44 million for 2019, and $28 million for 2020. On October 2, 2015, we acquired Tidal Systems, Ltd., a developer of PCIe NAND Flash storage controllers, to enhance our NAND Flash controller technology for $148 million. In connection therewith, we recognized $108 million of in-process R&D; $81 million of goodwill, which was derived from other expected cost reductions and synergies and was assigned to our Storage Business Unit; and $41 million of deferred tax liabilities, which, in aggregate, represented substantially all of the purchase price. The in-process R&D was valued using a replacement cost approach, which included inputs of reproduction cost, including developer's profit, and opportunity cost. We will begin amortizing the in-process R&D when development is complete, which is estimated to be in 2017, and will amortize it over its then estimated useful life. The goodwill is not expected to be deductible for tax purposes. |
Accounts Payable and Accrued Expenses |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities Disclosure | Accounts Payable and Accrued Expenses
As of December 3, 2015 and September 3, 2015, related party payables included $253 million and $327 million, respectively, due to Inotera primarily for the purchase of DRAM products. As of December 3, 2015 and September 3, 2015, related party payables also included $8 million and $11 million, respectively, due to Tera Probe for probe services performed. (See "Equity Method Investments" note.) |
Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt
2016 Debt Restructure During the first quarter of 2016, we repurchased portions of our 2033E Notes. The liability and equity components of the repurchased notes had previously been stated separately within debt and equity in our consolidated balance sheet. As a result, our accounting for the repurchased notes affected debt and equity. The following table presents the effect of the repurchases:
2015 Debt Restructure Throughout 2015, we consummated a number of transactions to restructure our debt, including conversions and settlements, repurchases of convertible notes, and the early repayment of a note. The following table presents the effect of each of the actions in the first quarter of 2015:
Capital Lease Obligations In the first quarter of 2016, we recorded capital lease obligations aggregating $20 million at a weighted-average effective interest rate of 5.0%, payable in periodic installments through August 2031. In December 2015, subsequent to our first quarter of 2016, we recorded capital lease obligations aggregating $424 million related to equipment sale-leaseback transactions at a weighted-average effective interest rate of 2.7%, payable in periodic installments through December 2020. Convertible Senior Notes As of December 3, 2015, the trading price of our common stock was higher than the initial conversion prices of our 2032 Notes and our 2033 Notes. As a result, the conversion values were in excess of principal amounts for such notes. The following table summarizes our convertible notes outstanding as of December 3, 2015:
Other Facilities On December 1, 2015, we drew the remaining $174 million under our term loan agreement entered into on May 28, 2015. Amounts drawn are collateralized by certain property, plant, and equipment and are subject to a three-year loan with equal quarterly principal payments beginning December 2015 and accrue interest at a variable rate equal to the three-month LIBOR plus a margin not to exceed 2.2%. As of December 3, 2015, the outstanding balance was $213 million. Maturities of Notes Payable and Future Minimum Lease Payments The following presents, as of December 3, 2015, maturities of notes payable (including the MMJ Creditor Installment Payments) and future minimum lease payments under capital lease obligations. Maturities for the 2033 Notes are presented in 2018 and 2020 based on the earliest date that the holders can put them to us even though they were classified in our accompanying balance sheets as current, which was based on their convertibility.
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Contingencies |
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Dec. 03, 2015 | |
Loss Contingency [Abstract] | |
Contingencies | Contingencies We have accrued a liability and charged operations for the estimated costs of adjudication or settlement of various asserted and unasserted claims existing as of the applicable balance sheet dates, including those described below. We are currently a party to other legal actions arising from the normal course of business, none of which is expected to have a material adverse effect on our business, results of operations, or financial condition. Patent Matters As is typical in the semiconductor and other high-tech industries, from time to time others have asserted, and may in the future assert, that our products or manufacturing processes infringe their intellectual property rights. On November 21, 2014, Elm 3DS Innovations, LLC ("Elm") filed a patent infringement action against Micron, Micron Semiconductor Products, Inc., and Micron Consumer Products Group, Inc. in the U.S. District Court for the District of Delaware. On March 27, 2015, Elm filed an amended complaint against the same entities. The amended complaint alleges that unspecified semiconductor products of ours that incorporate multiple stacked die infringe thirteen U.S. patents and seeks damages, attorneys' fees, and costs. On December 15, 2014, Innovative Memory Solutions, Inc. filed a patent infringement action against us in the U.S. District Court for the District of Delaware. The complaint alleges that a variety of our NAND Flash products infringe eight U.S. patents and seeks damages, attorneys' fees, and costs. Among other things, the above lawsuits pertain to certain of our DDR DRAM, DDR2 DRAM, DDR3 DRAM, DDR4 DRAM, SDR SDRAM, PSRAM, RLDRAM, LPDRAM, NAND Flash, and certain other memory products we manufacture, which account for a significant portion of our net sales. We are unable to predict the outcome of assertions of infringement made against us and therefore cannot estimate the range of possible loss. A determination that our products or manufacturing processes infringe the intellectual property rights of others or entering into a license agreement covering such intellectual property could result in significant liability and/or require us to make material changes to our products and/or manufacturing processes. Any of the foregoing could have a material adverse effect on our business, results of operations, or financial condition. Qimonda On January 20, 2011, Dr. Michael Jaffé, administrator for Qimonda insolvency proceedings, filed suit against Micron and Micron Semiconductor B.V., our Netherlands subsidiary ("Micron B.V."), in the District Court of Munich, Civil Chamber. The complaint seeks to void under Section 133 of the German Insolvency Act a share purchase agreement between Micron B.V. and Qimonda signed in fall 2008 pursuant to which Micron B.V. purchased substantially all of Qimonda's shares of Inotera Memories, Inc. (the "Inotera Shares"), which represents approximately 55% of our total shares in Inotera as of December 3, 2015, and seeks an order requiring us to re-transfer those shares to the Qimonda estate. The complaint also seeks, among other things, to recover damages for the alleged value of the joint venture relationship with Inotera and to terminate under Sections 103 or 133 of the German Insolvency Code a patent cross-license between us and Qimonda entered into at the same time as the share purchase agreement. Following a series of hearings with pleadings, arguments, and witnesses on behalf of the Qimonda estate, on March 13, 2014, the Court issued judgments: (1) ordering Micron B.V. to pay approximately $1 million in respect of certain Inotera shares sold in connection with the original share purchase; (2) ordering Micron B.V. to disclose certain information with respect to any Inotera Shares sold by it to third parties; (3) ordering Micron B.V. to disclose the benefits derived by it from ownership of the Inotera Shares, including in particular, any profits distributed on such shares and all other benefits; (4) denying Qimonda's claims against Micron for any damages relating to the joint venture relationship with Inotera; and (5) determining that Qimonda's obligations under the patent cross-license agreement are canceled. In addition, the Court issued interlocutory judgments ordering, among other things: (1) that Micron B.V. transfer to the Qimonda estate the Inotera Shares still owned by it and pay to the Qimonda estate compensation in an amount to be specified for any Inotera Shares sold to third parties; and (2) that Micron B.V. pay the Qimonda estate as compensation an amount to be specified for benefits derived by it from ownership of the Inotera Shares. The interlocutory judgments have no immediate, enforceable effect on us, and, accordingly, we expect to be able to continue to operate with full control of the Inotera Shares subject to further developments in the case. We have filed a notice of appeal, and the parties have submitted briefs to the appeals court. We are unable to predict the outcome of the matter and therefore cannot estimate the range of possible loss. The final resolution of this lawsuit could result in the loss of the Inotera Shares or monetary damages, unspecified damages based on the benefits derived by Micron B.V. from the ownership of the Inotera Shares, and/or the termination of the patent cross-license, which could have a material adverse effect on our business, results of operation, or financial condition. As of December 3, 2015, the Inotera Shares had a carrying value in equity method investments of $664 million and a market value of $855 million. Other In the normal course of business, we are a party to a variety of agreements pursuant to which we may be obligated to indemnify the other party. It is not possible to predict the maximum potential amount of future payments under these types of agreements due to the conditional nature of our obligations and the unique facts and circumstances involved in each particular agreement. Historically, our payments under these types of agreements have not had a material adverse effect on our business, results of operations, or financial condition. |
Redeemable Convertible Notes |
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Dec. 03, 2015 | |
Redeemable Convertible Notes [Abstract] | |
Redeemable Convertible Notes [Text Block] | Redeemable Convertible Notes Under the terms of the indentures governing the 2033 Notes, upon conversion, we would be required to pay cash equal to the lesser amount of (1) the aggregate principal amount or (2) the conversion value of the notes being converted. To the extent the conversion value exceeds the principal amount, we could pay cash, shares of common stock, or a combination thereof, at our option, for the amount of such excess. The 2033 Notes were convertible at the option of the holders as of December 3, 2015 and September 3, 2015. Therefore, the 2033 Notes were classified as current debt and the aggregate difference between the principal amount and the carrying value of $42 million as of December 3, 2015 and $49 million as of September 3, 2015 was classified as redeemable convertible notes in the accompanying consolidated balance sheets. (See "Debt" note.) |
Equity |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity Changes in the components of equity were as follows:
Micron Shareholders' Equity Common Stock Repurchases: Since the first quarter of 2015, our Board of Directors has authorized the discretionary repurchase of up to $1.25 billion of our outstanding common stock, $250 million of which was authorized in the first quarter of 2016. Any repurchases under the authorization may be made in open market purchases, block trades, privately-negotiated transactions, or derivative transactions. Repurchases are subject to market conditions and our ongoing determination of the best use of available cash. During the first quarter of 2016, we repurchased 7 million shares for $125 million (including commissions) through open-market transactions, which were recorded as treasury stock. Since the beginning of 2015, we have repurchased a total of 49 million shares for $956 million (including commissions). Issued and Outstanding Capped Calls: We have capped calls (with strike prices that range from $9.50 to $10.93 and cap prices that range from $13.17 to $16.04), which were intended to reduce the effect of potential dilution from our convertible notes. The capped calls provide for our receipt of cash or shares, at our election, from our counterparties if the trading price of our stock is above strike prices on various dates ranging from January 2016 to February 2020, the expiration dates of the capped calls. The amounts receivable vary based on the trading price of our stock, up to cap prices. The dollar value of the cash or shares that we would receive from the capped calls upon their expiration date ranges from $0 if the trading price of our stock is below the strike prices for all of the capped calls to $814 million if the trading price of our stock is at or above the cap price for all of the capped calls. Accumulated Other Comprehensive Income (Loss): Changes in accumulated other comprehensive income (loss) by component for the quarter ended December 3, 2015, were as follows:
Noncontrolling Interests in Subsidiaries
IMFT: Since inception in 2006, we have owned 51% of IMFT, a joint venture between us and Intel to manufacture NAND Flash and 3D XPoint memory products for the exclusive use of the members. IMFT is governed by a Board of Managers, for which the number of managers appointed by each member varies based on the members' respective ownership interests. The IMFT joint venture agreement extends through 2024 and includes certain buy-sell rights. On January 5, 2016, we amended the Second Amended and Restated Operating Agreement with Intel related to the IMFT joint venture to change the dates of those buy-sell rights. Pursuant to this amendment, commencing in January 2016, Intel can put to us, and commencing in January 2019, we can call from Intel, Intel's interest in IMFT, in either case, for an amount equal to the noncontrolling interest balance attributable to Intel at such time. If Intel elects to sell to us, we can elect to set the closing date of the transaction to be any time within two years following such election by Intel and can elect to receive financing of the purchase price from Intel for one to two years from the closing date. IMFT manufactures memory products using designs and technology we develop with Intel. We generally share with Intel the costs of product design and process development activities for NAND Flash and 3D XPoint memory. Our R&D expenses were reduced by reimbursements from Intel of $46 million and $54 million for the first quarters of 2016 and 2015, respectively. We sell a portion of our products to Intel through our IMFT joint venture at long-term negotiated prices approximating cost. Sales of products to Intel under this arrangement were $115 million and $108 million for the first quarters of 2016 and 2015, respectively. Receivables from Intel as of December 3, 2015 and September 3, 2015 were $75 million and $67 million, respectively, for these sales. The following table presents the assets and liabilities of IMFT included in our consolidated balance sheets:
Amounts exclude intercompany balances that were eliminated in our consolidated balance sheets. Creditors of IMFT have recourse only to IMFT's assets and do not have recourse to any other of our assets. The following table presents IMFT's distributions to and contributions from its shareholders:
MP Mask: In 2006, we formed a joint venture with Photronics to produce photomasks for leading-edge and advanced next generation semiconductors. On March 24, 2015, we notified Photronics of our election to terminate MP Mask effective in May 2016. Upon termination, we have the right to acquire Photronics' interest in MP Mask for an amount equal to the noncontrolling interest balance. Since its inception, we and Photronics have each owned approximately 50% of MP Mask. We purchase a substantial majority of the photomasks produced by MP Mask pursuant to a supply arrangement. The assets and liabilities of MP Mask included in our consolidated balance sheets were as follows:
Creditors of MP Mask have recourse only to MP Mask's assets and do not have recourse to any other of our assets. Restrictions on Net Assets As a result of the reorganization proceedings of the MMJ Companies initiated on March 23, 2012, and for so long as such proceedings continue, the MMJ Group is subject to certain restrictions on dividends, loans, and advances. In addition, our ability to access IMFT's cash and other assets through dividends, loans, or advances, including to finance our other operations, is subject to agreement by Intel. As a result, our total restricted net assets (net assets less intercompany balances and noncontrolling interests) as of December 3, 2015 were $2.96 billion for the MMJ Group and $952 million for IMFT, which included cash and equivalents of $951 million for the MMJ Group and $140 million for IMFT. As of December 3, 2015, our retained earnings included undistributed earnings from our equity method investees of $291 million. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Accounting standards establish three levels of inputs that may be used to measure fair value: quoted prices in active markets for identical assets or liabilities (referred to as Level 1), inputs other than Level 1 that are observable for the asset or liability either directly or indirectly (referred to as Level 2), and unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities (referred to as Level 3). All of our marketable debt and equity investments (excluding equity method investments) were classified as available-for-sale and carried at fair value. In addition to the fair value measurements disclosed in "Cash and Investments" as of December 3, 2015 and September 3, 2015, we had certificates of deposit classified as restricted cash (included in other noncurrent assets) of $51 million and $45 million, respectively, valued using Level 2 fair value measurements. In connection with our repurchases of debt in the first quarter of 2016, we determined the fair value of the debt components of our convertible notes as if they were stand-alone instruments, using interest rates for similar nonconvertible debt issued by entities with credit ratings comparable to ours (Level 2). Amounts reported as cash and equivalents, receivables, and accounts payable and accrued expenses approximate fair value. The estimated fair value and carrying value of debt instruments (carrying value excludes the equity and mezzanine equity components of our convertible notes) were as follows:
The fair values of our convertible notes were determined based on inputs that were observable in the market or that could be derived from, or corroborated with, observable market data, including the trading price of our convertible notes when available, our stock price, and interest rates based on similar debt issued by parties with credit ratings similar to ours (Level 2). The fair value of our other debt instruments was estimated based on discounted cash flows using inputs that were observable in the market or that could be derived from, or corroborated with, observable market data, including the trading price of our notes, when available, and interest rates based on similar debt issued by parties with credit ratings similar to ours (Level 2). |
Derivative Financial Instruments |
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Derivative Instrument Detail [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Instruments We use derivative instruments to manage a portion of our exposure to changes in currency exchange rates from our monetary assets and liabilities denominated in currencies other than the U.S. dollar. We have also had convertible note settlement obligations which were accounted for as derivative instruments as a result of our elections to settle conversions in cash. We do not use derivative instruments for speculative purpose. Derivative Instruments without Hedge Accounting Designation Currency Derivatives: To hedge our exposures of monetary assets and liabilities to changes in currency exchange rates, we generally utilize a rolling hedge strategy with currency forward contracts that mature within 35 days. At the end of each reporting period, monetary assets and liabilities denominated in currencies other than the U.S. dollar are remeasured in U.S. dollars and the associated outstanding forward contracts are marked-to-market. Currency forward contracts are valued at fair values based on the middle of bid and ask prices of dealers or exchange quotations (Level 2 fair value measurements). To mitigate the risk of the yen strengthening against the U.S. dollar on the MMJ creditor installment payments due in December 2014 and December 2015, we entered into forward contracts to purchase 20 billion yen on November 28, 2014 and 10 billion yen on November 27, 2015. In the first quarters of 2016 and 2015, we paid $21 million and $33 million, respectively, upon settlement of the forward contracts. Realized and unrealized gains and losses on currency derivatives without hedge accounting designation as well as the change in the underlying monetary assets and liabilities due to changes in currency exchange rates are included in other non-operating income (expense), net. Convertible Notes Settlement Obligations: In the first quarter of 2015, we settled conversions of our remaining outstanding 2031B notes and holders elected to convert a portion of the 2033E Notes. As a result of our elections to settle the amounts due upon conversion in cash, each of the settlement obligations became derivative debt liabilities subject to mark-to-market accounting treatment for a period of approximately 30 days, beginning on the dates we notified the holders of our intention to settle the obligations in cash through the settlement dates. The fair values of the underlying derivative settlement obligations were initially determined using the Black-Scholes option valuation model (Level 2 fair value measurements). The Black-Scholes model requires the input of assumptions, including the stock price, expected stock-price volatility, estimated option life, risk-free interest rate, and dividend rate. The subsequent measurements and final settlement amounts of our convertible note settlement obligations were based on the volume-weighted average stock price (Level 2 fair value measurements). Changes in fair values of the derivative settlement obligations were included in other non-operating income (expense), net. Total notional amounts and gross fair values for derivative instruments without hedge accounting designation were as follows:
Net gains (losses) for derivative instruments without hedge accounting designation were included in other non-operating income (expense), net as follows:
Derivative Instruments with Cash Flow Hedge Accounting Designation Currency Derivatives: We utilize currency forward contracts that generally mature within 12 months to hedge our exposure to changes in cash flows from changes in currency exchange rates for certain capital expenditures. Currency forward contracts are measured at fair value based on market-based observable inputs including currency exchange spot and forward rates, interest rate, and credit risk spread (Level 2 fair value measurements). For derivative instruments designated as cash flow hedges, the effective portion of the realized and unrealized gain or loss on the derivatives is included as a component of accumulated other comprehensive income (loss). Amounts in accumulated other comprehensive income (loss) are reclassified into earnings in the same line items of the consolidated statements of operations and in the same periods in which the underlying transactions affect earnings. The ineffective or excluded portion of the realized and unrealized gain or loss is included in other non-operating income (expense), net. Total notional amounts and gross fair values for derivative instruments with cash flow hedge accounting designation were as follows:
For the first quarters of 2016 and 2015, we recognized losses of $4 million and $15 million, respectively, in accumulated other comprehensive income (loss) from the effective portion of cash flow hedges. The ineffective and excluded portions of cash flow hedges recognized in other non-operating income (expense) were not significant in the first quarters of 2016 and 2015. For the first quarters of 2016 and 2015, we reclassified gains of $1 million and $2 million, respectively, from accumulated other comprehensive income (loss) to earnings. As of December 3, 2015, $1 million of net gains from cash flow hedges included in accumulated other comprehensive income (loss) is expected to be reclassified into earnings in the next 12 months. |
Equity Plans |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Plans | Equity Plans As of December 3, 2015, our equity plans permit us to issue an aggregate of up to 163 million shares of common stock, of which 103 million shares were available for future awards. Awards are subject to terms and conditions as determined by our Board of Directors. Stock Options Stock options granted and assumptions used in the Black-Scholes option valuation model were as follows:
The expected volatilities utilized were based on implied volatilities from traded options on our stock and on our historical volatility. The expected lives of options granted were based, in part, on historical experience and on the terms and conditions of the options. The risk-free interest rates utilized were based on the U.S. Treasury yield in effect at each grant date. No dividends were assumed in estimated option values. Restricted Stock and Restricted Stock Units ("Restricted Stock Awards") As of December 3, 2015, there were 16 million shares of Restricted Stock Awards outstanding, of which 2 million were performance-based or market-based Restricted Stock Awards. For service-based Restricted Stock Awards, restrictions generally lapse in one-fourth increments during each year of employment after the grant date. Vesting for performance-based awards is contingent upon meeting a specified return on assets ("ROA"), as defined, over a three-year performance period and vesting for market-based Restricted Stock Awards is contingent upon achieving total shareholder return ("TSR") relative to the companies included in the S&P 500 over a three-year performance period. At the end of the performance period, the number of actual shares to be awarded varies between 0% and 200% of target amounts, depending upon the achievement level of the specified ROA or TSR. Restricted Stock Awards activity was as follows:
Stock-based Compensation Expense As of December 3, 2015, $405 million of total unrecognized compensation costs for unvested awards, net of estimated forfeitures, was expected to be recognized through the first quarter of 2020, resulting in a weighted-average period of 1.3 years. Stock-based compensation expense in the below presentation does not reflect any significant income tax benefits, which is consistent with our treatment of income or loss from our U.S. operations:
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Other Operating (Income) Expense, Net |
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Other Operating (Income) Expense, Net | Other Operating (Income) Expense, Net
In the first quarter of 2016, we recorded $9 million of charges for the restructure of manufacturing activities in Agrate, Italy and $5 million of severance benefits and equipment-related retirement and impairment costs to close our module assembly and test facility in Aguadilla, Puerto Rico. As of December 3, 2015, we do not anticipate incurring significant additional costs for these restructure activities. |
Other Non-Operating Income, Net |
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Other Non-Operating Income Expense, Net [Text Block] | Other Non-Operating Income (Expense), Net
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Income Taxes |
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Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income taxes for the first quarters of 2016 and 2015 included a provision of $22 million and $38 million, respectively, related to changes in amounts of net deferred tax assets associated with MMJ and MMT. Income taxes for the first quarter of 2016 also included a benefit of $41 million related to a U.S. valuation allowance release resulting from the acquisition of Tidal Systems, Ltd. Remaining taxes for the first quarters of 2016 and 2015 primarily reflect taxes on our non-U.S. operations. We have a full valuation allowance for our net deferred tax asset associated with our U.S. operations. Management continues to evaluate future projected financial performance to determine whether such performance is sufficient evidence to support a reduction in or reversal of the valuation allowance. The amount of the deferred tax asset considered realizable could be adjusted if sufficient positive evidence exists. Income taxes on U.S. operations in the first quarters of 2016 and 2015 were substantially offset by changes in the valuation allowance. The resolution of tax audits or lapses of statute of limitations could reduce our unrecognized tax benefits. Although the timing of final resolution is uncertain, the estimated potential reduction in our unrecognized tax benefits in the next 12 months ranges from $0 to $68 million, including interest and penalties. We operate in tax jurisdictions, including Singapore and Taiwan, where our earnings are indefinitely reinvested and are taxed at lower effective tax rates than the U.S. statutory rate. We operate in a number of locations outside the U.S., including Singapore and, to a lesser extent, Taiwan, where we have tax incentive arrangements that are conditional, in part, upon meeting certain business operations and employment thresholds. The effect of tax incentive arrangements, which expire in whole or in part at various dates through 2030, reduced our tax provision for the first quarters of 2016 and 2015 by $12 million (benefitting our diluted earnings per share by $0.01) and by $140 million ($0.12 per diluted share), respectively. |
Earnings Per Share |
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Earnings Per Share | Earnings Per Share
Antidilutive potential common shares that could dilute basic earnings per share in the future were 66 million and 9 million for the first quarters of 2016 and 2015, respectively. |
Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information Segment information reported herein is consistent with how it is reviewed and evaluated by our chief operating decision maker. We have the following four business units, which are our reportable segments: Compute and Networking Business Unit ("CNBU"): Includes memory products sold into compute, networking, graphics, and cloud server markets. Storage Business Unit ("SBU"): Includes memory products sold into enterprise, client, cloud, and removable storage markets. SBU also includes products sold to Intel through our IMFT joint venture. Mobile Business Unit ("MBU"): Includes memory products sold into smartphone, tablet, and other mobile-device markets. Embedded Business Unit ("EBU"): Includes memory products sold into automotive, industrial, connected home, and consumer electronics markets. Certain operating expenses directly associated with the activities of a specific segment are charged to that segment. Other indirect operating expenses (income) are generally allocated to segments based on their respective percentage of cost of goods sold or forecasted wafer production. We do not identify or report internally our assets or capital expenditures by segment, nor do we allocate gains and losses from equity method investments, interest, other non-operating income or expense items, or taxes to segments. There are no differences in the accounting policies for segment reporting and our consolidated results of operations.
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Certain Concentrations |
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Risks and Uncertainties [Abstract] | |
Certain Concentrations | Certain Concentrations Customer concentrations included net sales to Intel of 11% for the first quarter of 2016. |
Business and Basis of Presentation (Policies) |
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Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying consolidated financial statements include the accounts of MTI and its consolidated subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America |
Reclassifications | Certain reclassifications have been made to prior period amounts to conform to current period presentation. |
Fiscal Period | Our fiscal year is the 52 or 53-week period ending on the Thursday closest to August 31. Fiscal year 2016 contains 52 weeks and the first quarter of fiscal 2016, which ended on December 3, 2015, contained 13 weeks. Fiscal year 2015 contained 53 weeks and the first quarter of fiscal 2015, which ended on December 4, 2014, contained 14 weeks. All period references are to our fiscal periods unless otherwise indicated. |
Variable Interest Entities (Policies) |
3 Months Ended |
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Dec. 03, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | We have interests in entities that are VIEs. If we are the primary beneficiary of a VIE, we are required to consolidate it. To determine if we are the primary beneficiary, we evaluate whether we have the power to direct the activities that most significantly impact the VIE's economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our evaluation includes identification of significant activities and an assessment of our ability to direct those activities based on governance provisions and arrangements to provide or receive product and process technology, product supply, operations services, equity funding, financing, and other applicable agreements and circumstances. Our assessments of whether we are the primary beneficiary of our VIEs require significant assumptions and judgments. |
Cash and Investments (Tables) |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and the fair values of our available-for-sale investments [Table Text Block] | Cash and the fair values of available-for-sale investments, which approximated amortized costs, were as follows:
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Receivables (Tables) |
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Dec. 03, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Receivables |
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Inventories (Tables) |
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Dec. 03, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Inventory |
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Property, Plant and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Plant and Equipment |
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Equity Method Investments (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments |
As of December 3, 2015, substantially all of our maximum exposure to loss from our VIEs that were not consolidated was the $1.30 billion carrying value of our investment in Inotera. We may also incur losses in connection with our rights and obligations to purchase all of Inotera's wafer production capacity under our supply agreements with Inotera. We recognize our share of earnings or losses from our equity method investees generally on a two-month lag. Equity in net income (loss) of equity method investees, net of tax, included the following:
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Intangible Assets and Goodwill (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill |
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Accounts Payable and Accrued Expenses (Tables) |
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Dec. 03, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable And Accrued Liabilities Schedule |
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Debt (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt |
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Schedule of Extinguishment of Debt [Table Text Block] | 2016 Debt Restructure During the first quarter of 2016, we repurchased portions of our 2033E Notes. The liability and equity components of the repurchased notes had previously been stated separately within debt and equity in our consolidated balance sheet. As a result, our accounting for the repurchased notes affected debt and equity. The following table presents the effect of the repurchases:
2015 Debt Restructure Throughout 2015, we consummated a number of transactions to restructure our debt, including conversions and settlements, repurchases of convertible notes, and the early repayment of a note. The following table presents the effect of each of the actions in the first quarter of 2015:
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Schedule Of Convertible Debt Instruments With Debt And Equity Components [Text Block] | The following table summarizes our convertible notes outstanding as of December 3, 2015:
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Maturities of Notes Payable and Future Minimum Lease Payments [Table Text Block] | The following presents, as of December 3, 2015, maturities of notes payable (including the MMJ Creditor Installment Payments) and future minimum lease payments under capital lease obligations. Maturities for the 2033 Notes are presented in 2018 and 2020 based on the earliest date that the holders can put them to us even though they were classified in our accompanying balance sheets as current, which was based on their convertibility.
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Equity (Tables) |
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Schedule of Stockholders Equity [Table Text Block] | Changes in the components of equity were as follows:
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Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in accumulated other comprehensive income (loss) by component for the quarter ended December 3, 2015, were as follows:
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Schedule of Noncontrolling Interests In Subsidiaries [Table Text Block] |
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IM Flash Technologies, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IMFT's distributions to and contributions from its shareholders | The following table presents IMFT's distributions to and contributions from its shareholders:
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Total IMFT and MP Mask assets and liabilities | The following table presents the assets and liabilities of IMFT included in our consolidated balance sheets:
Amounts exclude intercompany balances that were eliminated in our consolidated balance sheets. |
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MP Mask Technology Center LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total IMFT and MP Mask assets and liabilities | The assets and liabilities of MP Mask included in our consolidated balance sheets were as follows:
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 03, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated fair value and carrying value of debt instruments | The estimated fair value and carrying value of debt instruments (carrying value excludes the equity and mezzanine equity components of our convertible notes) were as follows:
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Derivative Financial Instruments (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 03, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instrument Detail [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Total notional amounts and gross fair values for derivative instruments without hedge accounting designation were as follows:
Net gains (losses) for derivative instruments without hedge accounting designation were included in other non-operating income (expense), net as follows:
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Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Total notional amounts and gross fair values for derivative instruments with cash flow hedge accounting designation were as follows:
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Equity Plans (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 03, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assumptions used in Black-Scholes option valuation model | Stock options granted and assumptions used in the Black-Scholes option valuation model were as follows:
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Schedule restricted stock awards activity | Restricted Stock Awards activity was as follows:
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Stock-based compensation expense by caption and type of award |
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Other Operating (Income) Expense, Net (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 03, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other operating (income) expense, net |
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Other Non-Operating Income (Expense), Net (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 03, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Nonoperating Income (Expense) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] |
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 03, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted earnings per share |
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Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 03, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information |
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Planned Acquisition of Inotera and License Agreement with Nanya (Details) TWD / shares in Units, $ / shares in Units, TWD in Billions, $ in Billions |
1 Months Ended | 4 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
May. 01, 2016
TWD
|
Jun. 30, 2016
USD ($)
$ / shares
|
Jun. 30, 2016
TWD
|
Jun. 30, 2016
TWD / shares
|
Dec. 14, 2015
TWD / $
|
Dec. 03, 2015 |
Sep. 03, 2015 |
|||
Inotera [Member] | ||||||||||
Acquisition of Remaining Inotera Shares [Abstract] | ||||||||||
Current Equity Ownership Percentage (in hundredths) | [1] | 33.00% | 33.00% | |||||||
Inotera [Member] | Nanya and certain of its affilliates [Member] | ||||||||||
Acquisition of Remaining Inotera Shares [Abstract] | ||||||||||
Percentage interest held by a third party (in hundredths) | 32.00% | |||||||||
Subsequent Event [Member] | Inotera [Member] | Nanya and certain of its affilliates [Member] | ||||||||||
Acquisition of Remaining Inotera Shares [Abstract] | ||||||||||
Equity Method Investment Ownership Percentage Held By Third Party Subject to Voting and Support Agreements (in hundredths) | 32.00% | |||||||||
Subsequent Event [Member] | Inotera [Member] | ||||||||||
Acquisition of Remaining Inotera Shares [Abstract] | ||||||||||
Foreign Currency Exchange Rate, Translation | TWD / $ | 32.7 | |||||||||
Subsequent Event [Member] | Inotera [Member] | Scenario, Forecast [Member] | ||||||||||
Acquisition of Remaining Inotera Shares [Abstract] | ||||||||||
Ownership percentage after stock transactions (in hundredths) | 100.00% | 100.00% | ||||||||
Inotera Acquisition, Share Price | (per share) | $ 0.92 | TWD 30 | ||||||||
Acquisition of Remaining Inotera Shares, Potential Consideration [Abstract] | ||||||||||
Aggregate consideration payable for Inotera shares not already owned | $ | $ 4.1 | |||||||||
Debt planned to be incurred toward consideration for Inotera shares not already owned | $ 2.5 | TWD 80.0 | ||||||||
Debt commitment letters planned to be obtained | TWD | TWD 80.0 | |||||||||
Trading-day period used to derive average share value of equity interests issuable to Nanya | 30 days | 30 days | ||||||||
Number of days prior to the optional share issuance to Nanya that pricing is established | 30 days | 30 days | ||||||||
Subsequent Event [Member] | Inotera [Member] | Scenario, Forecast [Member] | Minimum [Member] | ||||||||||
Acquisition of Remaining Inotera Shares [Abstract] | ||||||||||
Business Combination Required Shareholder Affirmative Vote Percentage | 66.66% | 66.66% | ||||||||
Subsequent Event [Member] | Inotera [Member] | Scenario, Forecast [Member] | Maximum [Member] | Private Placement [Member] | ||||||||||
Acquisition of Remaining Inotera Shares, Potential Consideration [Abstract] | ||||||||||
Value of equity interests issuable to Nanya as consideration for Inotera shares not already owned | $ 1.0 | TWD 31.5 | ||||||||
|
Cash and Investments (Details) - USD ($) |
3 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 03, 2015 |
Dec. 04, 2014 |
Sep. 03, 2015 |
Aug. 28, 2014 |
||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Cash and equivalents | $ 2,605,000,000 | $ 3,764,000,000 | $ 2,287,000,000 | $ 4,150,000,000 | |||||||
Short-term investments | 1,036,000,000 | 1,234,000,000 | |||||||||
Long-term marketable investments | [1] | 1,771,000,000 | 2,113,000,000 | ||||||||
Total fair value | 5,412,000,000 | 5,634,000,000 | |||||||||
Available-for-sale Securities, Gross Realized Gain (Loss), Disclosures [Abstract] | |||||||||||
Proceeds from sales of available-for-sale securities | 407,000,000 | $ 233,000,000 | |||||||||
Available-for-sale securities in an unrealized loss position for longer than twelve months | $ 0 | ||||||||||
Minimum [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Long-term marketable investments, general maturities (in years) | 1 year | ||||||||||
Maximum [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Long-term marketable investments, general maturities (in years) | 4 years | ||||||||||
Cash [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Cash and equivalents | $ 2,005,000,000 | 1,684,000,000 | |||||||||
Short-term investments | 0 | 0 | |||||||||
Long-term marketable investments | 0 | 0 | |||||||||
Total fair value | 2,005,000,000 | 1,684,000,000 | |||||||||
Money market funds [Member] | Level 1 [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Cash and equivalents | [2] | 278,000,000 | 168,000,000 | ||||||||
Short-term investments | [2] | 0 | 0 | ||||||||
Long-term marketable investments | [1],[2] | 0 | 0 | ||||||||
Total fair value | [2] | 278,000,000 | 168,000,000 | ||||||||
Corporate bonds [Member] | Level 2 [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Cash and equivalents | [3] | 0 | 2,000,000 | ||||||||
Short-term investments | [3] | 701,000,000 | 616,000,000 | ||||||||
Long-term marketable investments | [1],[3] | 1,006,000,000 | 1,261,000,000 | ||||||||
Total fair value | [3] | 1,707,000,000 | 1,879,000,000 | ||||||||
Asset-backed securities [Member] | Level 2 [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Cash and equivalents | [3] | 0 | 0 | ||||||||
Short-term investments | [3] | 8,000,000 | 8,000,000 | ||||||||
Long-term marketable investments | [1],[3] | 522,000,000 | 575,000,000 | ||||||||
Total fair value | [3] | 530,000,000 | 583,000,000 | ||||||||
Government securities [Member] | Level 2 [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Cash and equivalents | [3] | 10,000,000 | 58,000,000 | ||||||||
Short-term investments | [3] | 246,000,000 | 391,000,000 | ||||||||
Long-term marketable investments | [1],[3] | 226,000,000 | 254,000,000 | ||||||||
Total fair value | [3] | 482,000,000 | 703,000,000 | ||||||||
Certificates of Deposit [Member] | Level 2 [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Cash and equivalents | [3] | 284,000,000 | 311,000,000 | ||||||||
Short-term investments | [3] | 17,000,000 | 28,000,000 | ||||||||
Long-term marketable investments | [1],[3] | 17,000,000 | 23,000,000 | ||||||||
Total fair value | [3] | 318,000,000 | 362,000,000 | ||||||||
Commercial paper [Member] | Level 2 [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Cash and equivalents | [3] | 28,000,000 | 64,000,000 | ||||||||
Short-term investments | [3] | 64,000,000 | 191,000,000 | ||||||||
Long-term marketable investments | [1],[3] | 0 | 0 | ||||||||
Total fair value | [3] | $ 92,000,000 | $ 255,000,000 | ||||||||
|
Receivables (Details) - USD ($) $ in Millions |
Dec. 03, 2015 |
Sep. 03, 2015 |
---|---|---|
Receivables [Abstract] | ||
Trade receivables | $ 1,939 | $ 2,188 |
Income and other taxes | 87 | 116 |
Other | 197 | 203 |
Receivables | 2,223 | 2,507 |
Intel [Member] | Collaborative Arrangement Process Design and Process Development [Member] | ||
Receivables [Abstract] | ||
Other | $ 91 | $ 120 |
Inventories (Details) - USD ($) $ in Millions |
Dec. 03, 2015 |
Sep. 03, 2015 |
---|---|---|
Inventory, Net, Items Net of Reserve Alternative [Abstract] | ||
Finished goods | $ 779 | $ 785 |
Work in process | 1,422 | 1,315 |
Raw materials and supplies | 234 | 240 |
Inventories | $ 2,435 | $ 2,340 |
Property, Plant and Equipment (Details) - USD ($) $ in Millions |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 03, 2015 |
Dec. 04, 2014 |
Sep. 03, 2015 |
||||||
Movement in Property, Plant and Equipment [Roll Forward] | ||||||||
Property, plant and equipment, gross beginning balance | $ 27,275 | |||||||
Property, Plant and Equipment, Additions | 1,241 | |||||||
Property, plant and equipment, retirements and other | (135) | |||||||
Property, plant and equipment, gross ending balance | 28,381 | |||||||
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | ||||||||
Accumulated depreciation beginning balance | (16,721) | |||||||
Accumulated depreciation, addition due to current period depreciation expense | (706) | |||||||
Retirements and other changes to accumulated depreciation | 106 | |||||||
Accumulated depreciation ending balance | (17,321) | |||||||
Movement in Property, Plant and Equipment, Net [Roll Forward] | ||||||||
Property, plant and equipment, net | 11,060 | $ 10,554 | ||||||
Property, plant and equipment, net affect of additions and depreciation expense | 535 | |||||||
Property, plant and equipment, net affect retirements and other adjustments | (29) | |||||||
Depreciation [Abstract] | ||||||||
Depreciation expense | 706 | $ 613 | ||||||
Land [Member] | ||||||||
Movement in Property, Plant and Equipment [Roll Forward] | ||||||||
Property, plant and equipment, gross beginning balance | 88 | |||||||
Property, Plant and Equipment, Additions | 0 | |||||||
Property, plant and equipment, retirements and other | 0 | |||||||
Property, plant and equipment, gross ending balance | 88 | |||||||
Buildings [Member] | ||||||||
Movement in Property, Plant and Equipment [Roll Forward] | ||||||||
Property, plant and equipment, gross beginning balance | 5,358 | |||||||
Property, Plant and Equipment, Additions | 114 | |||||||
Property, plant and equipment, retirements and other | (4) | |||||||
Property, plant and equipment, gross ending balance | 5,468 | |||||||
Equipment [Member] | ||||||||
Movement in Property, Plant and Equipment [Roll Forward] | ||||||||
Property, plant and equipment, gross beginning balance | [1] | 21,020 | ||||||
Property, Plant and Equipment, Additions | 918 | |||||||
Property, plant and equipment, retirements and other | (118) | |||||||
Property, plant and equipment, gross ending balance | [1] | 21,820 | ||||||
Equipment [Member] | Equipment not placed into service [Member] | ||||||||
Movement in Property, Plant and Equipment [Roll Forward] | ||||||||
Property, plant and equipment, gross beginning balance | 928 | |||||||
Property, plant and equipment, gross ending balance | 887 | |||||||
Construction in progress [Member] | ||||||||
Movement in Property, Plant and Equipment [Roll Forward] | ||||||||
Property, plant and equipment, gross beginning balance | [2] | 436 | ||||||
Property, Plant and Equipment, Additions | [2] | 194 | ||||||
Property, plant and equipment, retirements and other | [2] | (13) | ||||||
Property, plant and equipment, gross ending balance | [2] | 617 | ||||||
Software [Member] | ||||||||
Movement in Property, Plant and Equipment [Roll Forward] | ||||||||
Property, plant and equipment, gross beginning balance | 373 | |||||||
Property, Plant and Equipment, Additions | 15 | |||||||
Property, plant and equipment, retirements and other | 0 | |||||||
Property, plant and equipment, gross ending balance | $ 388 | |||||||
|
Equity Method Investments (Details) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 03, 2015
USD ($)
|
Dec. 04, 2014
USD ($)
|
Aug. 29, 2013 |
Dec. 03, 2015
TWD / shares
|
Dec. 03, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
Sep. 03, 2015
USD ($)
|
||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Investment Balance | $ 1,351 | $ 1,379 | ||||||||
Equity in net income (loss) of equity method investees, net of tax | $ 59 | $ 124 | ||||||||
Inotera [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Investment Balance | [1] | $ 1,296 | $ 1,332 | |||||||
Ownership Percentage (in hundredths) | [1] | 33.00% | 33.00% | |||||||
Equity in net income (loss) of equity method investees, net of tax | 52 | 129 | ||||||||
Market value of equity interests | $ 1,550 | |||||||||
Quoted market price per share of investee stock | TWD / shares | TWD 23.70 | |||||||||
Amount in accumulated other comprehensive income (loss) for cumulative translation adjustments on its investment | $ (77) | $ 13 | ||||||||
Inotera [Member] | Inventories [Member] | DRAM [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Purchases of DRAM products from Inotera | 379 | 729 | ||||||||
Inotera [Member] | Nanya and certain of its affilliates [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage interest held by a third party (in hundredths) | 32.00% | |||||||||
Inotera [Member] | Variable interest entity, not primary beneficiary [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Inotera investment balance, substantailly all of max exposure to loss, unconsolidated VIEs | $ 1,300 | |||||||||
Tera Probe [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Investment Balance | $ 41 | $ 38 | ||||||||
Ownership Percentage (in hundredths) | 40.00% | 40.00% | ||||||||
Equity in net income (loss) of equity method investees, net of tax | $ 3 | (7) | ||||||||
Market value of equity interests | $ 38 | $ 31 | ||||||||
Ownership percentage after stock transactions (in hundredths) | 40.00% | |||||||||
Difference between cost of Tera Probe investment and underlying equity | 23 | |||||||||
Weighted-average period for remaining Tera Probe amortization (in years) | 7 years | |||||||||
Other [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Investment Balance | $ 14 | $ 9 | ||||||||
Equity in net income (loss) of equity method investees, net of tax | $ 4 | $ 2 | ||||||||
|
Equity Method Investments - 2 (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 03, 2015 |
Dec. 04, 2014 |
|
Tera Probe [Member] | ||
Related Party Transaction [Line Items] | ||
Related party purchases from Tera Probe | $ 21 | $ 25 |
Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Dec. 03, 2015 |
Dec. 04, 2014 |
Sep. 03, 2015 |
|||
Amortizing assets | |||||
Gross Amount | $ 851 | $ 866 | |||
Accumulated Amortization | (423) | (417) | |||
Amortization expense for intangible assets | 31 | $ 30 | |||
Non-amortizing assets | |||||
Intangible Assets, Gross (Excluding Goodwill) | 959 | 866 | |||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||||
2016 | 120 | ||||
2017 | 104 | ||||
2018 | 92 | ||||
2019 | 44 | ||||
2020 | 28 | ||||
Other noncurrent assets [Member] | |||||
Non-amortizing assets | |||||
Goodwill | [1] | 104 | 23 | ||
In-process R&D [Member] | |||||
Non-amortizing assets | |||||
In-process R&D | 108 | 0 | |||
Product and process technology [Member] | |||||
Amortizing assets | |||||
Gross Amount | 850 | 864 | |||
Accumulated Amortization | (423) | (416) | |||
Product and process technology intangible asset capitalized during period | $ 9 | $ 12 | |||
Product and process technology intangible asset capitalized during period, weighted-average useful lives (in years) | 9 years | 8 years | |||
Other intangible assets [Member] | |||||
Amortizing assets | |||||
Gross Amount | $ 1 | 2 | |||
Accumulated Amortization | $ 0 | $ (1) | |||
|
Intangible Assets and Goodwill - Tidal Acquisition (Details) - Tidal Systems, Ltd. [Member] |
Oct. 02, 2015
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Payments to acquire Tidal | $ 148,000,000 |
Deferred tax liabilities acquired in Tidal acquisition | 41,000,000 |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 0 |
SBU [Member] | |
Business Acquisition [Line Items] | |
Goodwill | 81,000,000 |
In-process R&D [Member] | |
Business Acquisition [Line Items] | |
In-process R&D acquired in Tidal acquisition | $ 108,000,000 |
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions |
Dec. 03, 2015 |
Sep. 03, 2015 |
---|---|---|
Accounts payable | $ 1,014 | $ 1,020 |
Property, plant and equipment payables | 803 | 577 |
Salaries, wages and benefits | 335 | 321 |
Related party payables | 261 | 338 |
Income and other taxes | 84 | 85 |
Other | 287 | 270 |
Total accounts payable and accrued expenses | 2,784 | 2,611 |
Inotera [Member] | DRAM [Member] | ||
Related party payables | 253 | 327 |
Tera Probe [Member] | ||
Related party payables | $ 8 | $ 11 |
Debt - Schedule of Long-term Debt (Details) $ / shares in Units, shares in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 01, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 03, 2015
USD ($)
integer
shares
$ / shares
|
Sep. 03, 2015
USD ($)
|
|||||||||||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||||||||||||||||
Current debt | $ 1,051 | $ 1,089 | ||||||||||||||||||
Long-term debt | 6,326 | 6,252 | ||||||||||||||||||
Debt | $ 7,377 | 7,341 | ||||||||||||||||||
Convertible Debt Issuances [Abstract] | ||||||||||||||||||||
Share Price (in dollars per share) | $ / shares | $ 15.61 | |||||||||||||||||||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||
Remainder of 2016 | $ 241 | |||||||||||||||||||
2017 | 176 | |||||||||||||||||||
2018 | 129 | |||||||||||||||||||
2019 | 91 | |||||||||||||||||||
2020 | 32 | |||||||||||||||||||
2021 and thereafter | 110 | |||||||||||||||||||
Capital Leases, Future Minimum Payments, Interest Included in Payments | (70) | |||||||||||||||||||
Capital Lease Obligations | 709 | |||||||||||||||||||
Reorganization obligation [Member] | ||||||||||||||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||||||||||||||||
Current debt | 160 | 161 | ||||||||||||||||||
Long-term debt | 695 | 701 | ||||||||||||||||||
Debt | $ 855 | 862 | ||||||||||||||||||
Effective interest rate (in thousandths) | 6.25% | |||||||||||||||||||
Capital lease obligations [Member] | ||||||||||||||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||||||||||||||||
Current debt | [1] | $ 273 | 326 | |||||||||||||||||
Long-term debt | [1] | 436 | 466 | |||||||||||||||||
Debt | [1] | $ 709 | $ 792 | |||||||||||||||||
Weighted average effective interest rate (in thousandths) | 3.80% | 3.70% | ||||||||||||||||||
Leases, Capital [Abstract] | ||||||||||||||||||||
Capital Lease Obligations Incurred | $ 20 | |||||||||||||||||||
Percentage, Incurred in Current Period | 5.00% | |||||||||||||||||||
Capital lease obligations [Member] | Sales-leaseback transactions [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Leases, Capital [Abstract] | ||||||||||||||||||||
Capital Lease Obligations Incurred | $ 424 | |||||||||||||||||||
Percentage, Incurred in Current Period | 2.70% | |||||||||||||||||||
Secured Debt [Member] | 1.258% senior notes [Member] | ||||||||||||||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||||||||||||||||
Current debt | $ 87 | $ 87 | ||||||||||||||||||
Long-term debt | 219 | 217 | ||||||||||||||||||
Debt | $ 306 | 304 | ||||||||||||||||||
Stated interest rate (in thousandths) | 1.258% | |||||||||||||||||||
Effective interest rate (in thousandths) | 1.97% | |||||||||||||||||||
Corporate bonds [Member] | 2022 senior notes [Member] | ||||||||||||||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||||||||||||||||
Current debt | $ 0 | 0 | ||||||||||||||||||
Long-term debt | 589 | 589 | ||||||||||||||||||
Debt | $ 589 | 589 | ||||||||||||||||||
Stated interest rate (in thousandths) | 5.875% | |||||||||||||||||||
Effective interest rate (in thousandths) | 6.14% | |||||||||||||||||||
Corporate bonds [Member] | 2023 senior notes [Member] | ||||||||||||||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||||||||||||||||
Current debt | $ 0 | 0 | ||||||||||||||||||
Long-term debt | 989 | 988 | ||||||||||||||||||
Debt | $ 989 | 988 | ||||||||||||||||||
Stated interest rate (in thousandths) | 5.25% | |||||||||||||||||||
Effective interest rate (in thousandths) | 5.43% | |||||||||||||||||||
Corporate bonds [Member] | 2024 senior notes [Member] | ||||||||||||||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||||||||||||||||
Current debt | $ 0 | 0 | ||||||||||||||||||
Long-term debt | 545 | 545 | ||||||||||||||||||
Debt | $ 545 | 545 | ||||||||||||||||||
Stated interest rate (in thousandths) | 5.25% | |||||||||||||||||||
Effective interest rate (in thousandths) | 5.38% | |||||||||||||||||||
Corporate bonds [Member] | 2025 senior notes [Member] | ||||||||||||||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||||||||||||||||
Current debt | $ 0 | 0 | ||||||||||||||||||
Long-term debt | 1,138 | 1,138 | ||||||||||||||||||
Debt | $ 1,138 | 1,138 | ||||||||||||||||||
Stated interest rate (in thousandths) | 5.50% | |||||||||||||||||||
Effective interest rate (in thousandths) | 5.56% | |||||||||||||||||||
Corporate bonds [Member] | 2026 senior notes [Member] | ||||||||||||||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||||||||||||||||
Current debt | $ 0 | 0 | ||||||||||||||||||
Long-term debt | 446 | 446 | ||||||||||||||||||
Debt | $ 446 | 446 | ||||||||||||||||||
Stated interest rate (in thousandths) | 5.625% | |||||||||||||||||||
Effective interest rate (in thousandths) | 5.73% | |||||||||||||||||||
Convertible Debt [Member] | ||||||||||||||||||||
Convertible Debt Issuances [Abstract] | ||||||||||||||||||||
Outstanding principal | $ 1,899 | |||||||||||||||||||
Underlying Shares (shares issuable upon conversion) | shares | 119 | |||||||||||||||||||
Conversion value in excess of principal | [2] | $ 440 | ||||||||||||||||||
Conversion rights, minimum number of trading days (in days) | integer | 20 | |||||||||||||||||||
Conversion rights, consecutive trading period (in days) | 30 days | |||||||||||||||||||
Conversion rights, threshold percentage of applicable conversion price (in hundredths) | 130.00% | |||||||||||||||||||
Convertible Debt [Member] | 2032C convertible senior notes [Member] | ||||||||||||||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||||||||||||||||
Current debt | [4] | $ 0 | [3] | 0 | ||||||||||||||||
Long-term debt | [4] | 199 | [3] | 197 | ||||||||||||||||
Debt | [4] | $ 199 | [3] | 197 | ||||||||||||||||
Stated interest rate (in thousandths) | 2.375% | |||||||||||||||||||
Effective interest rate (in thousandths) | 5.95% | |||||||||||||||||||
Convertible Debt Issuances [Abstract] | ||||||||||||||||||||
Holder Put Date (Earliest) | [5] | May 31, 2019 | ||||||||||||||||||
Outstanding principal | $ 224 | |||||||||||||||||||
Underlying Shares (shares issuable upon conversion) | shares | 23 | |||||||||||||||||||
Initial conversion, price per share | $ / shares | $ 9.63 | |||||||||||||||||||
Conversion price per share threshold (dollars per share) | $ / shares | [6] | $ 12.52 | ||||||||||||||||||
Conversion value in excess of principal | [2] | $ 138 | ||||||||||||||||||
Convertible Debt [Member] | 2032D convertible senior notes [Member] | ||||||||||||||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||||||||||||||||
Current debt | [4] | 0 | [3] | 0 | ||||||||||||||||
Long-term debt | [4] | 151 | [3] | 150 | ||||||||||||||||
Debt | [4] | $ 151 | [3] | 150 | ||||||||||||||||
Stated interest rate (in thousandths) | 3.125% | |||||||||||||||||||
Effective interest rate (in thousandths) | 6.33% | |||||||||||||||||||
Convertible Debt Issuances [Abstract] | ||||||||||||||||||||
Holder Put Date (Earliest) | [5] | May 31, 2021 | ||||||||||||||||||
Outstanding principal | $ 177 | |||||||||||||||||||
Underlying Shares (shares issuable upon conversion) | shares | 18 | |||||||||||||||||||
Initial conversion, price per share | $ / shares | $ 9.98 | |||||||||||||||||||
Conversion price per share threshold (dollars per share) | $ / shares | [6] | $ 12.97 | ||||||||||||||||||
Conversion value in excess of principal | [2] | $ 100 | ||||||||||||||||||
Convertible Debt [Member] | 2033E convertible senior notes [Member] | ||||||||||||||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||||||||||||||||
Current debt | [4] | 165 | [3] | 217 | ||||||||||||||||
Long-term debt | [4] | 0 | [3] | 0 | ||||||||||||||||
Debt | [4] | $ 165 | [3] | 217 | ||||||||||||||||
Stated interest rate (in thousandths) | 1.625% | |||||||||||||||||||
Effective interest rate (in thousandths) | 4.50% | |||||||||||||||||||
Convertible Debt Issuances [Abstract] | ||||||||||||||||||||
Holder Put Date (Earliest) | [5] | Feb. 28, 2018 | ||||||||||||||||||
Outstanding principal | $ 176 | |||||||||||||||||||
Underlying Shares (shares issuable upon conversion) | shares | 16 | |||||||||||||||||||
Initial conversion, price per share | $ / shares | $ 10.93 | |||||||||||||||||||
Conversion price per share threshold (dollars per share) | $ / shares | [6] | $ 14.21 | ||||||||||||||||||
Conversion value in excess of principal | [2] | $ 75 | ||||||||||||||||||
Convertible Debt [Member] | 2033F convertible senior note [Member] | ||||||||||||||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||||||||||||||||
Current debt | [4] | 266 | [3] | 264 | ||||||||||||||||
Long-term debt | [4] | 0 | [3] | 0 | ||||||||||||||||
Debt | [4] | $ 266 | [3] | 264 | ||||||||||||||||
Stated interest rate (in thousandths) | 2.125% | |||||||||||||||||||
Effective interest rate (in thousandths) | 4.93% | |||||||||||||||||||
Convertible Debt Issuances [Abstract] | ||||||||||||||||||||
Holder Put Date (Earliest) | [5] | Feb. 28, 2020 | ||||||||||||||||||
Outstanding principal | $ 297 | |||||||||||||||||||
Underlying Shares (shares issuable upon conversion) | shares | 27 | |||||||||||||||||||
Initial conversion, price per share | $ / shares | $ 10.93 | |||||||||||||||||||
Conversion price per share threshold (dollars per share) | $ / shares | [6] | $ 14.21 | ||||||||||||||||||
Conversion value in excess of principal | [2] | $ 127 | ||||||||||||||||||
Convertible Debt [Member] | 2043G convertible senior notes [Member] | ||||||||||||||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||||||||||||||||
Current debt | [4] | 0 | 0 | |||||||||||||||||
Long-term debt | [4] | 647 | 644 | |||||||||||||||||
Debt | [4] | $ 647 | 644 | |||||||||||||||||
Stated interest rate (in thousandths) | 3.00% | |||||||||||||||||||
Effective interest rate (in thousandths) | 6.76% | |||||||||||||||||||
Convertible Debt Issuances [Abstract] | ||||||||||||||||||||
Holder Put Date (Earliest) | [5],[7] | Nov. 30, 2028 | ||||||||||||||||||
Outstanding principal | [7] | $ 1,025 | ||||||||||||||||||
Underlying Shares (shares issuable upon conversion) | shares | 35 | |||||||||||||||||||
Initial conversion, price per share | $ / shares | $ 29.16 | |||||||||||||||||||
Conversion price per share threshold (dollars per share) | $ / shares | [6] | $ 37.91 | ||||||||||||||||||
Conversion value in excess of principal | [2] | $ 0 | ||||||||||||||||||
Debt Instrument Issued At A Discount Original Principal Amount | [7] | 820 | ||||||||||||||||||
Debt Instrument, Scheduled Accreted Principal Amount | [7] | 917 | ||||||||||||||||||
Debt Instrument, Face Amount | [7] | 1,030 | ||||||||||||||||||
Other notes payable [Member] | ||||||||||||||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||||||||||||||||
Current debt | 100 | 34 | ||||||||||||||||||
Long-term debt | 272 | 171 | ||||||||||||||||||
Debt | $ 372 | $ 205 | ||||||||||||||||||
Weighted average stated interest rate (in thousandths) | 2.462% | |||||||||||||||||||
Weighted average effective interest rate (in thousandths) | 2.65% | |||||||||||||||||||
Other notes payable [Member] | Secured Debt 6 [Member] | ||||||||||||||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||||||||||||||||
Debt | $ 213 | |||||||||||||||||||
Convertible Debt Issuances [Abstract] | ||||||||||||||||||||
Proceeds from Issuance of Other Long-term Debt | $ 174 | |||||||||||||||||||
Debt instrument, original term | 3 years | |||||||||||||||||||
Other notes payable [Member] | Secured Debt 6 [Member] | Libor [Member] | ||||||||||||||||||||
Convertible Debt Issuances [Abstract] | ||||||||||||||||||||
Debt Instrument Variable Reference Rate Period 1 | 3 months | |||||||||||||||||||
Other notes payable [Member] | Secured Debt 6 [Member] | Libor [Member] | Maximum [Member] | ||||||||||||||||||||
Convertible Debt Issuances [Abstract] | ||||||||||||||||||||
Margin on variable rate financing (in hundredths) | 2.20% | |||||||||||||||||||
Loans Payable [Member] | ||||||||||||||||||||
Long-term Debt, by Maturity [Abstract] | ||||||||||||||||||||
Remainder of 2016 | $ 329 | |||||||||||||||||||
2017 | 348 | |||||||||||||||||||
2018 | 507 | |||||||||||||||||||
2019 | 502 | |||||||||||||||||||
2020 | 695 | |||||||||||||||||||
2021 and thereafter | 4,844 | |||||||||||||||||||
Unamortized amounts | (557) | |||||||||||||||||||
Notes Payable | $ 6,668 | |||||||||||||||||||
|
Debt - Extinguishment of Debt (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Dec. 03, 2015 |
Dec. 04, 2014 |
Aug. 28, 2014 |
||||
Extinguishment of Debt [Line Items] | ||||||
Decrease in Principal | $ (277) | |||||
Decrease in Carrying Value | (512) | |||||
Decrease in Cash to Settle Long-term Debt Obligations | (654) | |||||
Decrease in Equity | (106) | |||||
Loss on restructure of debt | $ (1) | (30) | ||||
Other Non-Operating Income Expense Net [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Loss on restructure of debt | [1] | (30) | ||||
Convertible Debt [Member] | Conversion And Settlement [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Decrease in Principal | (120) | |||||
Decrease in Carrying Value | (367) | |||||
Decrease in Cash to Settle Long-term Debt Obligations | (407) | |||||
Decrease in Equity | (14) | |||||
Convertible Debt [Member] | Repurchase [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Decrease in Principal | (36) | |||||
Carrying amount of debt extinguished | (30) | |||||
Decrease in Cash to Settle Long-term Debt Obligations | (125) | |||||
Decrease in Equity | (92) | |||||
Convertible Debt [Member] | 2033E convertible senior notes [Member] | Conversion And Settlement [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Decrease in Principal | (6) | |||||
Decrease in Cash to Settle Long-term Debt Obligations | (18) | |||||
Convertible Debt [Member] | 2033E convertible senior notes [Member] | Repurchase [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Decrease in Principal | (57) | |||||
Carrying amount of debt extinguished | (54) | |||||
Decrease in Cash to Settle Long-term Debt Obligations | (94) | |||||
Decrease in Equity | (38) | |||||
Convertible Debt [Member] | 2031B convertible senior notes [Member] | Conversion And Settlement [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Decrease in Principal | (114) | |||||
Decrease in Carrying Value | $ 275 | |||||
Decrease in Cash to Settle Long-term Debt Obligations | (389) | |||||
Convertible Debt [Member] | 2032C and 2032D convertible senior notes [Member] | Repurchase [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Decrease in Principal | (36) | |||||
Decrease in Cash to Settle Long-term Debt Obligations | (125) | |||||
Convertible Debt [Member] | Other Non-Operating Income Expense Net [Member] | Conversion And Settlement [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Loss on restructure of debt | (22) | |||||
Convertible Debt [Member] | Other Non-Operating Income Expense Net [Member] | Repurchase [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Loss on restructure of debt | (3) | |||||
Convertible Debt [Member] | Other Non-Operating Income Expense Net [Member] | 2033E convertible senior notes [Member] | Repurchase [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Loss on restructure of debt | [1] | $ (1) | ||||
Other notes payable [Member] | Prepayment [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Decrease in Principal | (121) | |||||
Carrying amount of debt extinguished | (115) | |||||
Decrease in Cash to Settle Long-term Debt Obligations | (122) | |||||
Decrease in Equity | 0 | |||||
Other notes payable [Member] | Other Non-Operating Income Expense Net [Member] | Prepayment [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Loss on restructure of debt | $ (5) | |||||
|
Contingencies (Details) - Pending Litigation [Member] $ in Millions |
3 Months Ended |
---|---|
Dec. 03, 2015
USD ($)
integer
| |
Qimonda AG Inotera Share Purchase Proceedings [Member] | Inotera [Member] | |
Loss Contingencies [Line Items] | |
Inotera Investment, Percentage of shares owned subject to litigation (in hundredths) | 55.00% |
Loss contingency, judgment under appeal | $ 1 |
Carrying value of Inotera shares acquired from Qimonda | 664 |
Quoted market value of Inotera shares acquired from Qimonda | $ 855 |
Patent Matters [Member] | Elm 3DS Innovations, LLC [Member] | |
Loss Contingencies [Line Items] | |
Number of patents allegedly infringed | integer | 13 |
Patent Matters [Member] | Innovative Memory Solutions, Inc. [Member] | |
Loss Contingencies [Line Items] | |
Number of patents allegedly infringed | integer | 8 |
Redeemable Convertible Notes (Details) - USD ($) $ in Millions |
Dec. 03, 2015 |
Sep. 03, 2015 |
---|---|---|
Debt Instrument [Line Items] | ||
Redeemable convertible notes | $ 42 | $ 49 |
2033E and 2033F convertible senior notes [Member] | ||
Debt Instrument [Line Items] | ||
Redeemable convertible notes | $ 42 | $ 49 |
Equity - Changes in the Components of Equity (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 03, 2015 |
Dec. 04, 2014 |
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | $ 13,239 | $ 11,573 |
Net income | 206 | 1,002 |
Other comprehensive income (loss) | (103) | (21) |
Comprehensive income (loss) | 103 | 981 |
Contributions from noncontrolling interests | 37 | 20 |
Distributions to noncontrolling interests | 0 | (6) |
Capital and other transactions attributable to Micron | (104) | (75) |
Ending balance | 13,275 | 12,493 |
Attributable to Micron [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 12,302 | 10,771 |
Net income | 206 | 1,003 |
Other comprehensive income (loss) | (103) | (21) |
Comprehensive income (loss) | 103 | 982 |
Contributions from noncontrolling interests | 0 | 0 |
Distributions to noncontrolling interests | 0 | 0 |
Capital and other transactions attributable to Micron | (104) | (75) |
Ending balance | 12,301 | 11,678 |
Noncontrolling Interests [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 937 | 802 |
Net income | 0 | (1) |
Other comprehensive income (loss) | 0 | 0 |
Comprehensive income (loss) | 0 | (1) |
Contributions from noncontrolling interests | 37 | 20 |
Distributions to noncontrolling interests | 0 | (6) |
Capital and other transactions attributable to Micron | 0 | 0 |
Ending balance | $ 974 | $ 815 |
Equity - Common Stock Repurchase (Details) - Repurchases Authorized by the BOD [Member] shares in Millions, $ in Millions |
3 Months Ended | 15 Months Ended |
---|---|---|
Dec. 03, 2015
USD ($)
shares
|
Dec. 03, 2015
USD ($)
shares
|
|
Equity, Class of Treasury Stock [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 1,250 | $ 1,250 |
Stock Repurchase Program, Additional Authorized Amount | $ 250 | |
Treasury Stock, Shares, Acquired | shares | 7 | 49 |
Value of Treasury Stock Acquired, Cost Method (including commissions) | $ 125 | $ 956 |
Equity - Capped Calls (Details) - Call Option [Member] - Purchased options [Member] - Convertible Debt [Member] |
3 Months Ended |
---|---|
Dec. 03, 2015
USD ($)
$ / shares
| |
Minimum [Member] | |
Option Indexed to Issuer's Equity [Line Items] | |
Option indexed to issuer's equity, strike price (in dollars per share) | $ 9.50 |
Option Indexed to Issuer's equity, capped ceiling (in dollars per share) | $ 13.17 |
Option indexed to issuer's equity settlement proceeds | $ | $ 0 |
Maximum [Member] | |
Option Indexed to Issuer's Equity [Line Items] | |
Option indexed to issuer's equity, strike price (in dollars per share) | $ 10.93 |
Option Indexed to Issuer's equity, capped ceiling (in dollars per share) | $ 16.04 |
Option indexed to issuer's equity settlement proceeds | $ | $ 814,000,000 |
Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 03, 2015 |
Dec. 04, 2014 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Beginning accumulated other comprehensive income (loss) | $ 13 | |
Other comprehensive income (loss) | (103) | $ (21) |
Ending accumulated other comprehensive income (loss) | (90) | |
Cumulative Foreign Currency Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Beginning accumulated other comprehensive income (loss) | 0 | |
Other comprehensive income (loss) before reclassifications | (90) | |
Amount reclassified out of accumulated other comprehensive income | 0 | |
Tax effects | 0 | |
Other comprehensive income (loss) | (90) | |
Ending accumulated other comprehensive income (loss) | (90) | |
Gains (Losses) on Derivative Instruments, Net [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Beginning accumulated other comprehensive income (loss) | (5) | |
Other comprehensive income (loss) before reclassifications | (4) | |
Amount reclassified out of accumulated other comprehensive income | (1) | |
Tax effects | 1 | |
Other comprehensive income (loss) | (4) | |
Ending accumulated other comprehensive income (loss) | (9) | |
Gains (Losses) on Investments, Net [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Beginning accumulated other comprehensive income (loss) | (3) | |
Other comprehensive income (loss) before reclassifications | (3) | |
Amount reclassified out of accumulated other comprehensive income | 0 | |
Tax effects | 0 | |
Other comprehensive income (loss) | (3) | |
Ending accumulated other comprehensive income (loss) | (6) | |
Pension Liability Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Beginning accumulated other comprehensive income (loss) | 21 | |
Other comprehensive income (loss) before reclassifications | (8) | |
Amount reclassified out of accumulated other comprehensive income | 0 | |
Tax effects | 2 | |
Other comprehensive income (loss) | (6) | |
Ending accumulated other comprehensive income (loss) | 15 | |
Attributable to Micron [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Beginning accumulated other comprehensive income (loss) | 13 | |
Other comprehensive income (loss) before reclassifications | (105) | |
Amount reclassified out of accumulated other comprehensive income | (1) | |
Tax effects | 3 | |
Other comprehensive income (loss) | (103) | $ (21) |
Ending accumulated other comprehensive income (loss) | $ (90) |
Equity - NCI and Consolidated VIE Disclosures (Details) - USD ($) $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 03, 2015 |
Dec. 04, 2014 |
Sep. 03, 2015 |
||||
Variable Interest Entity [Line Items] | ||||||
Noncontrolling Interest Balance | $ 974 | $ 937 | ||||
R and D expenses reduced by reimbursements from Intel | (421) | $ (376) | ||||
Net sales | 3,350 | 4,573 | ||||
Trade receivables | 1,939 | 2,188 | ||||
Noncontrolling Interest Items [Abstract] | ||||||
IMFT distributions to Intel | 0 | 6 | ||||
Intel contributions to IMFT | 37 | 20 | ||||
Intel [Member] | Collaborative Arrangement Process Design and Process Development [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
R and D expenses reduced by reimbursements from Intel | 46 | 54 | ||||
IM Flash Technologies, LLC [Member] | Intel [Member] | Non-Volatile Memory [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Net sales | 115 | 108 | ||||
Trade receivables | 75 | 67 | ||||
Other Consolidated Entities [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Noncontrolling Interest Balance | 15 | 15 | ||||
Variable Interest Entities Which We Have Determined That We Are the Primary Beneficiary [Member] | IM Flash Technologies, LLC [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Noncontrolling Interest Balance | [1] | $ 866 | $ 829 | |||
Noncontrolling Interest Percentage (in hundredths) | [1] | 49.00% | 49.00% | |||
Ownership percentage (in hundredths) | 51.00% | |||||
Noncontrolling Interest Items [Abstract] | ||||||
IMFT distributions to Micron | $ 0 | 6 | ||||
IMFT distributions to Intel | 0 | 6 | ||||
Micron contributions to IMFT | 38 | 21 | ||||
Intel contributions to IMFT | 37 | $ 20 | ||||
Variable Interest Entities Which We Have Determined That We Are the Primary Beneficiary [Member] | MP Mask Technology Center, LLC [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Noncontrolling Interest Balance | [1] | $ 93 | $ 93 | |||
Noncontrolling Interest Percentage (in hundredths) | [1] | 50.00% | 50.00% | |||
Ownership percentage (in hundredths) | 50.00% | |||||
|
Equity - Consolidated VIE assets and liabilities (Details) - USD ($) $ in Millions |
Dec. 03, 2015 |
Sep. 03, 2015 |
Dec. 04, 2014 |
Aug. 28, 2014 |
|||
---|---|---|---|---|---|---|---|
Assets | |||||||
Cash and equivalents | $ 2,605 | $ 2,287 | $ 3,764 | $ 4,150 | |||
Receivables | 2,223 | 2,507 | |||||
Inventories | 2,435 | 2,340 | |||||
Other current assets | 211 | 228 | |||||
Total current assets | 8,510 | 8,596 | |||||
Property, plant and equipment, net | 11,060 | 10,554 | |||||
Other noncurrent assets | 565 | 455 | |||||
Total assets | 24,388 | 24,143 | |||||
Liabilities | |||||||
Accounts payable and accrued expenses | 2,784 | 2,611 | |||||
Deferred income | 190 | 205 | |||||
Current debt | 1,051 | 1,089 | |||||
Total current liabilities | 4,025 | 3,905 | |||||
Long-term debt | 6,326 | 6,252 | |||||
Other noncurrent liabilities | 720 | 698 | |||||
Total liabilities | 11,071 | 10,855 | |||||
Variable Interest Entity, Primary Beneficiary [Member] | IM Flash Technologies, LLC [Member] | |||||||
Assets | |||||||
Cash and equivalents | [1] | 140 | 134 | ||||
Receivables | [1] | 88 | 79 | ||||
Inventories | [1] | 64 | 65 | ||||
Other current assets | [1] | 6 | 7 | ||||
Total current assets | [1] | 298 | 285 | ||||
Property, plant and equipment, net | [1] | 1,777 | 1,768 | ||||
Other noncurrent assets | [1] | 53 | 49 | ||||
Total assets | [1] | 2,128 | 2,102 | ||||
Liabilities | |||||||
Accounts payable and accrued expenses | [1] | 139 | 182 | ||||
Deferred income | [1] | 10 | 9 | ||||
Current debt | [1] | 20 | 22 | ||||
Total current liabilities | [1] | 169 | 213 | ||||
Long-term debt | [1] | 45 | 49 | ||||
Other noncurrent liabilities | [1] | 96 | 100 | ||||
Total liabilities | [1] | 310 | 362 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | MP Mask Technology Center, LLC [Member] | |||||||
Assets | |||||||
Total current assets | [1] | 23 | 21 | ||||
Noncurrent assets (primarily property, plant and equipment) | [1] | 171 | 180 | ||||
Liabilities | |||||||
Total current liabilities | [1] | $ 13 | $ 21 | ||||
|
Equity - Restrictions on Net Assets (Details) $ in Millions |
Dec. 03, 2015
USD ($)
|
---|---|
Retained Earnings Note Disclosure [Abstract] | |
Retained Earnings, Undistributed Earnings from Equity Method Investees | $ 291 |
MMJ Group [Member] | |
Restrictions for Consolidated and Unconsolidated Subsidiaries [Abstract] | |
Restricted net assets | 2,960 |
IM Flash Technologies, LLC [Member] | |
Restrictions for Consolidated and Unconsolidated Subsidiaries [Abstract] | |
Restricted net assets | 952 |
Cash and Cash Equivalents [Member] | MMJ Group [Member] | |
Restrictions for Consolidated and Unconsolidated Subsidiaries [Abstract] | |
Restricted net assets | 951 |
Cash and Cash Equivalents [Member] | IM Flash Technologies, LLC [Member] | |
Restrictions for Consolidated and Unconsolidated Subsidiaries [Abstract] | |
Restricted net assets | $ 140 |
Fair Value Measurements - Assets measured (Details) - USD ($) $ in Millions |
Dec. 03, 2015 |
Sep. 03, 2015 |
---|---|---|
Certificates of Deposit [Member] | Other noncurrent assets [Member] | Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Restricted cash | $ 51 | $ 45 |
Fair Value Measurements - Fair and Carrying Value (Details) - USD ($) $ in Millions |
Dec. 03, 2015 |
Sep. 03, 2015 |
---|---|---|
Fair value disclosure [Line Items] | ||
Carrying Value of Debt | $ 7,377 | $ 7,341 |
Fair Value [Member] | Level 2 [Member] | Notes and MMJ creditor installment payments [Member] | ||
Fair value disclosure [Line Items] | ||
Fair Value of Notes and MMJ creditor installment payments | 5,169 | 5,020 |
Fair Value [Member] | Level 2 [Member] | Convertible notes [Member] | ||
Fair value disclosure [Line Items] | ||
Fair Value of Convertible notes | 2,360 | 2,508 |
Carrying Value [Member] | Notes and MMJ creditor installment payments [Member] | ||
Fair value disclosure [Line Items] | ||
Carrying Value of Debt | 5,240 | 5,077 |
Carrying Value [Member] | Convertible notes [Member] | ||
Fair value disclosure [Line Items] | ||
Carrying Value of Debt | $ 1,428 | $ 1,472 |
Derivative Financial Instruments - Fair Values (Details) $ in Millions, ¥ in Billions |
3 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 03, 2015
USD ($)
|
Dec. 04, 2014
USD ($)
|
Nov. 27, 2015
JPY (¥)
|
Sep. 03, 2015
USD ($)
|
Nov. 28, 2014
JPY (¥)
|
||||||
Notional Disclosures [Abstract] | ||||||||||
Payments for Derivative and Hedge Investing Activities | $ (46) | $ (66) | ||||||||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||||||||||
Notional Disclosures [Abstract] | ||||||||||
Notional Amount Outstanding | $ 1,259 | $ 1,406 | ||||||||
Foreign Currency Derivatives [Abstract] | ||||||||||
General maturity of non-designated currency forward contracts (in days) | 35 days | |||||||||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Yen | ||||||||||
Notional Disclosures [Abstract] | ||||||||||
Notional Amount Outstanding | $ 919 | 928 | ||||||||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Singapore dollar | ||||||||||
Notional Disclosures [Abstract] | ||||||||||
Notional Amount Outstanding | 229 | 282 | ||||||||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | New Taiwan dollar | ||||||||||
Notional Disclosures [Abstract] | ||||||||||
Notional Amount Outstanding | 35 | 89 | ||||||||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Shekel | ||||||||||
Notional Disclosures [Abstract] | ||||||||||
Notional Amount Outstanding | 28 | 27 | ||||||||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Euro | ||||||||||
Notional Disclosures [Abstract] | ||||||||||
Notional Amount Outstanding | 17 | 29 | ||||||||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | British Pound | ||||||||||
Notional Disclosures [Abstract] | ||||||||||
Notional Amount Outstanding | 16 | 19 | ||||||||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Yuan | ||||||||||
Notional Disclosures [Abstract] | ||||||||||
Notional Amount Outstanding | 15 | 32 | ||||||||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Reorganization obligation [Member] | ||||||||||
Notional Disclosures [Abstract] | ||||||||||
Payments for Derivative and Hedge Investing Activities | $ (21) | $ (33) | ||||||||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Reorganization obligation [Member] | Yen | ||||||||||
Notional Disclosures [Abstract] | ||||||||||
Notional Amount Outstanding | ¥ | ¥ 10 | ¥ 20 | ||||||||
Not Designated as Hedging Instrument [Member] | Convertible notes settlement obligations [Member] | ||||||||||
Foreign Currency Derivatives [Abstract] | ||||||||||
Convertible notes settlement obligations derivative term (in days) | 30 days | |||||||||
Not Designated as Hedging Instrument [Member] | Accounts receivable [Member] | Forward Contracts [Member] | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Asset | [1] | $ 0 | 1 | |||||||
Not Designated as Hedging Instrument [Member] | Accounts receivable [Member] | Forward Contracts [Member] | Yen | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Asset | [1] | 0 | 0 | |||||||
Not Designated as Hedging Instrument [Member] | Accounts receivable [Member] | Forward Contracts [Member] | Singapore dollar | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Asset | [1] | 0 | 0 | |||||||
Not Designated as Hedging Instrument [Member] | Accounts receivable [Member] | Forward Contracts [Member] | New Taiwan dollar | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Asset | [1] | 0 | 0 | |||||||
Not Designated as Hedging Instrument [Member] | Accounts receivable [Member] | Forward Contracts [Member] | Shekel | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Asset | [1] | 0 | 0 | |||||||
Not Designated as Hedging Instrument [Member] | Accounts receivable [Member] | Forward Contracts [Member] | Euro | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Asset | [1] | 0 | 0 | |||||||
Not Designated as Hedging Instrument [Member] | Accounts receivable [Member] | Forward Contracts [Member] | British Pound | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Asset | [1] | 0 | 0 | |||||||
Not Designated as Hedging Instrument [Member] | Accounts receivable [Member] | Forward Contracts [Member] | Yuan | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Asset | [1] | 0 | 1 | |||||||
Not Designated as Hedging Instrument [Member] | Accounts payable and accrued expenses [Member] | Forward Contracts [Member] | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Liability | [2] | (5) | (24) | |||||||
Not Designated as Hedging Instrument [Member] | Accounts payable and accrued expenses [Member] | Forward Contracts [Member] | Yen | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Liability | [2] | (4) | (24) | |||||||
Not Designated as Hedging Instrument [Member] | Accounts payable and accrued expenses [Member] | Forward Contracts [Member] | Singapore dollar | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Liability | [2] | (1) | 0 | |||||||
Not Designated as Hedging Instrument [Member] | Accounts payable and accrued expenses [Member] | Forward Contracts [Member] | New Taiwan dollar | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Liability | [2] | 0 | 0 | |||||||
Not Designated as Hedging Instrument [Member] | Accounts payable and accrued expenses [Member] | Forward Contracts [Member] | Shekel | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Liability | [2] | 0 | 0 | |||||||
Not Designated as Hedging Instrument [Member] | Accounts payable and accrued expenses [Member] | Forward Contracts [Member] | Euro | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Liability | [2] | 0 | 0 | |||||||
Not Designated as Hedging Instrument [Member] | Accounts payable and accrued expenses [Member] | Forward Contracts [Member] | British Pound | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Liability | [2] | 0 | 0 | |||||||
Not Designated as Hedging Instrument [Member] | Accounts payable and accrued expenses [Member] | Forward Contracts [Member] | Yuan | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Liability | [2] | $ 0 | 0 | |||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Forward Contracts [Member] | ||||||||||
Notional Disclosures [Abstract] | ||||||||||
Notional Amount Outstanding | 93 | |||||||||
Foreign Currency Derivatives [Abstract] | ||||||||||
General maturity of hedge contracts (in days or months) | 12 months | |||||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Forward Contracts [Member] | Yen | ||||||||||
Notional Disclosures [Abstract] | ||||||||||
Notional Amount Outstanding | $ 102 | 81 | ||||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Forward Contracts [Member] | Euro | ||||||||||
Notional Disclosures [Abstract] | ||||||||||
Notional Amount Outstanding | 12 | |||||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Accounts receivable [Member] | Forward Contracts [Member] | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Asset | [1] | 3 | ||||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Accounts receivable [Member] | Forward Contracts [Member] | Yen | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Asset | [1] | 1 | 3 | |||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Accounts receivable [Member] | Forward Contracts [Member] | Euro | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Asset | [1] | 0 | ||||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Accounts payable and accrued expenses [Member] | Forward Contracts [Member] | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Liability | [2] | 0 | ||||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Accounts payable and accrued expenses [Member] | Forward Contracts [Member] | Yen | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Liability | [2] | $ (2) | 0 | |||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Accounts payable and accrued expenses [Member] | Forward Contracts [Member] | Euro | ||||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||||
Fair Value of Liability | [2] | $ 0 | ||||||||
|
Derivative Financial Instruments - Hedging Relationship (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 03, 2015 |
Dec. 04, 2014 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 1 | |
Not Designated as Hedging Instrument [Member] | Other Non-Operating Income Expense Net [Member] | Foreign Exchange Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gains (losses) for derivative instruments without hedge accounting designation | (21) | $ (58) |
Not Designated as Hedging Instrument [Member] | Other Non-Operating Income Expense Net [Member] | Convertible notes settlement obligations [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gains (losses) for derivative instruments without hedge accounting designation | 0 | 6 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1 | 2 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Comprehensive Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion | $ (4) | $ (15) |
Equity Plans - Share Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions |
3 Months Ended | |
---|---|---|
Dec. 03, 2015 |
Dec. 04, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares of common stock reserved for issuance for stock options and restricted stock awards (in shares) | 163 | |
Number of shares available for future awards (in shares) | 103 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Fair Value Assumptions, Method Used | Black-Scholes | |
Stock options granted (in shares) | 2 | 1 |
Weighted-average grant-date fair values per share of options granted during period (in dollars per share) | $ 7.99 | $ 13.20 |
Average expected life (in years) | 5 years 7 months | 5 years 8 months |
Weighted-average expected volatility (in hundredths) | 46.00% | 47.00% |
Weighted-average risk-free interest rate (in thousandths) | 1.50% | 1.60% |
Expected dividends assumed in estimated option values | $ 0 | |
Restricted stock award [Member] | ||
Restricted Stock Awards activity | ||
Restricted Stock Awards outstanding (in shares) | 16 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Restricted stock awards granted (in shares) | 3 | 2 |
Weighted-average grant-date fair value per share (in dollars per share) | $ 18.52 | $ 30.17 |
Restricted stock award [Member] | Service Based Awards [Member] | ||
Restricted Stock Awards activity | ||
Service-based restricted stock awards, annual incremental vesting (percentage) | 25.00% | |
Restricted stock award [Member] | Performance Shares [Member] | ||
Restricted Stock Awards activity | ||
Restricted Stock Awards outstanding (in shares) | 2 | |
Restricted stock award [Member] | Performance Shares [Member] | Share-based Compensation Award, Tranche One [Member] | Minimum [Member] | ||
Restricted Stock Awards activity | ||
Performance-based and market-based restricted award, Award Vesting Rights, Percentage | 0.00% | |
Restricted stock award [Member] | Performance Shares [Member] | Share-based Compensation Award, Tranche One [Member] | Maximum [Member] | ||
Restricted Stock Awards activity | ||
Performance-based and market-based restricted award, Award Vesting Rights, Percentage | 200.00% | |
Restricted stock award [Member] | Restricted Stock Awards With Performance Condition [Member] | Performance Shares [Member] | ||
Restricted Stock Awards activity | ||
Performance-based and market-based restricted award, Award Vesting Period | 3 years | |
Restricted stock award [Member] | Restricted Stock Awards With Market Condition [Member] | Performance Shares [Member] | ||
Restricted Stock Awards activity | ||
Performance-based and market-based restricted award, Award Vesting Period | 3 years |
Equity Plans - Stock-based compensation expense (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 03, 2015 |
Dec. 04, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | $ 46 | $ 35 |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||
Total unrecognized compensation costs, net of estimated forfeitures, related to non-vested awards expected to be recognized | $ 405 | |
Weighted average period that unrecognized compensation costs is expected to be recognized (in years) | 1 year 4 months | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | $ 20 | 18 |
Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 26 | 17 |
Cost of goods sold [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 17 | 12 |
Selling, general and administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | 18 | 15 |
Research and development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation | $ 11 | $ 8 |
Other Operating (Income) Expense, Net (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 03, 2015 |
Dec. 04, 2014 |
|
Component Of Operating Other Income And Expense Net [Line Items] | ||
Restructure and asset impairments | $ 15 | $ 1 |
(Gain) loss on disposition of property, plant and equipment | 2 | (6) |
Other | 0 | (11) |
Other operating (income) expense, net | 17 | $ (16) |
Consortium Agreement [Member] | ||
Component Of Operating Other Income And Expense Net [Line Items] | ||
Restructure and asset impairments | 9 | |
Micron Technology Puerto Rico [Member] | ||
Component Of Operating Other Income And Expense Net [Line Items] | ||
Restructure and asset impairments | $ 5 |
Other Non-Operating Income (Expense), Net (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 03, 2015 |
Dec. 04, 2014 |
|
Component of Other Non-Operating Income (Expense), Net [Line Items] | ||
Gain (loss) from changes in currency exchange rates | $ (3) | $ (21) |
Loss on restructure of debt | (1) | (30) |
Other | 0 | 2 |
Other non-operating income (expense), net | $ (4) | $ (49) |
Income Taxes (Details 1) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 03, 2015 |
Dec. 04, 2014 |
|
Tidal Systems, Ltd. [Member] | ||
Valuation allowance release from Tidal acquisition | $ 41 | |
MMJ Group [Member] | ||
Deferred foreign income tax expense at MMJ | $ 22 | $ 38 |
Income Taxes - Estimated Potential Changes to Unrecognized Tax Benefits (Details 2) |
Dec. 03, 2015
USD ($)
|
---|---|
Minimum [Member] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Estimated potential reduction in our unrecognized tax benefits in the next 12 months | $ 0 |
Maximum [Member] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Estimated potential reduction in our unrecognized tax benefits in the next 12 months | $ 68,000,000 |
Income Taxes - Tax Holiday (Details 3) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 03, 2015 |
Dec. 04, 2014 |
|
Income Tax Holiday [Line Items] | ||
Tax benefit due to arrangements allowing computation of tax provision at rates below local statutory rates | $ 12 | $ 140 |
Tax benefit per diluted share due to arrangements allowing computation of tax provision at rates below local statutory rates (in dollars per share) | $ 0.01 | $ 0.12 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 03, 2015 |
Dec. 04, 2014 |
|
Earnings Per Share Reconciliation [Abstract] | ||
Net income available to Micron shareholders – Basic | $ 206 | $ 1,003 |
Dilutive effect related to equity method investment | 0 | (1) |
Net income (loss) available to Micron shareholders – Diluted | $ 206 | $ 1,002 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Weighted-average common shares outstanding - Basic (in shares) | 1,035 | 1,070 |
Dilutive effect of equity plans and convertible notes (in shares) | 50 | 125 |
Weighted-average common shares outstanding - Diluted (in shares) | 1,085 | 1,195 |
Earnings Per Share, Basic [Abstract] | ||
Basic (in dollars per share) | $ 0.20 | $ 0.94 |
Earnings Per Share, Diluted [Abstract] | ||
Diluted (in dollars per share) | $ 0.19 | $ 0.84 |
Earnings Per Share - Potential Common Shares Excluded in the Computation of Diluted Earnings Per Share Because They Would Have Been Antidilutive (Details) - shares shares in Millions |
3 Months Ended | |
---|---|---|
Dec. 03, 2015 |
Dec. 04, 2014 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive potential common shares that could dilute basic earnings per share in the future (in shares) | 66 | 9 |
Segment Information (Details) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 03, 2015
USD ($)
integer
|
Dec. 04, 2014
USD ($)
|
|
Segment Reporting Information [Line Items] | ||
Net sales | $ 3,350 | $ 4,573 |
Operating income (loss) | $ 232 | 1,085 |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||
Number of Reportable Segments | integer | 4 | |
CNBU [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 1,139 | 2,088 |
Operating income (loss) | 14 | 623 |
SBU [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 884 | 984 |
Operating income (loss) | (33) | 26 |
MBU [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 834 | 940 |
Operating income (loss) | 135 | 306 |
EBU [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 479 | 539 |
Operating income (loss) | 113 | 118 |
All Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 14 | 22 |
Operating income (loss) | $ 3 | $ 12 |
Certain Concentrations (Details) |
3 Months Ended |
---|---|
Dec. 03, 2015 | |
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | Intel [Member] | |
Concentration Risk [Line Items] | |
Concentration risk, percentage of net sales (in hundreths) | 11.00% |
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