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Quarterly Financial Information
 12 Months Ended
Aug. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information
Quarterly Financial Information (Unaudited)
(in millions except per share amounts)

2017
 
Fourth Quarter
 
Third Quarter
 
Second Quarter
 
First Quarter
Net sales
 
$
6,138

 
$
5,566

 
$
4,648

 
$
3,970

Gross margin
 
3,112

 
2,609

 
1,704

 
1,011

Operating income
 
2,502

 
1,963

 
1,044

 
359

Net income
 
2,369

 
1,647

 
894

 
180

Net income attributable to Micron
 
2,368

 
1,647

 
894

 
180

 
 
 
 
 
 
 
 
 
Earnings per share
 
 
 
 
 
 
 
 
Basic
 
$
2.13

 
$
1.49

 
$
0.81

 
$
0.17

Diluted
 
1.99

 
1.40

 
0.77

 
0.16



The second quarter of 2017 includes Inotera's results of operations from the December 6, 2016 acquisition date as well as a non-operating gain of $71 million for the revaluation of our previously-held 33% equity interest in Inotera to its fair value. (See "Acquisition of Inotera" note.) Results of operations in the fourth and third quarters of 2017 included losses of $37 million and $61 million, respectively, related to the repurchases and conversions of debt.

2016
 
Fourth Quarter
 
Third Quarter
 
Second Quarter
 
First Quarter
Net sales
 
$
3,217

 
$
2,898

 
$
2,934

 
$
3,350

Gross margin
 
579

 
498

 
579

 
849

Operating income (loss)
 
(32
)
 
(27
)
 
(5
)
 
232

Net income (loss)
 
(170
)
 
(215
)
 
(96
)
 
206

Net income (loss) attributable to Micron
 
(170
)
 
(215
)
 
(97
)
 
206

 
 
 
 
 
 
 
 
 
Earnings (loss) per share
 
 

 
 

 
 

 
 

Basic
 
$
(0.16
)
 
$
(0.21
)
 
$
(0.09
)
 
$
0.20

Diluted
 
(0.16
)
 
(0.21
)
 
(0.09
)
 
0.19



Results of operations in the fourth quarter of 2016 included charges of $58 million related to restructure activities initiated in 2016.