(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 | Smaller Reporting Company o | Emerging Growth Company o |
Term | Definition | Term | Definition | |||
2022 Term Loan B | Senior Secured Term Loan B due 2022 | Micron | Micron Technology, Inc. (Parent Company) | |||
2024 Notes | 4.64% Senior Unsecured Notes due 2024 | MMJ | Micron Memory Japan, G.K. | |||
2025 Notes | 5.50% Senior Unsecured Notes due 2025 | MMJ Group | MMJ and its subsidiaries | |||
2026 Notes | 4.98% Senior Unsecured Notes due 2026 | MMT | Micron Memory Taiwan Co., Ltd. | |||
2029 Notes | 5.33% Senior Unsecured Notes due 2029 | MTTW | Micron Technology Taiwan, Inc. | |||
2032D Notes | 3.13% Convertible Senior Notes due 2032 | Qimonda | Qimonda AG | |||
2033F Notes | 2.13% Convertible Senior Notes due 2033 | R&D | Research and Development | |||
2043G Notes | 3.00% Convertible Senior Notes due 2043 | SG&A | Selling, General, and Administrative | |||
CPU | Central Processing Unit | SSD | Solid-State Drive | |||
IMFT | IM Flash Technologies, LLC | TLC | Triple-Level Cell | |||
Inotera | Inotera Memories, Inc. | VIE | Variable Interest Entity | |||
Intel | Intel Corporation |
Micron Consumer Products Group, Inc. | Micron Semiconductor Products, Inc. | |
Micron Europe Limited | Micron Semiconductor (Shanghai) Co. Ltd. | |
Micron Semiconductor B.V., | Micron Semiconductor (Xi’an) Co., Ltd. | |
Micron Semiconductor (Deutschland) GmbH |
Quarter ended | Six months ended | ||||||||||||||
February 28, 2019 | March 1, 2018 | February 28, 2019 | March 1, 2018 | ||||||||||||
Revenue | $ | 5,835 | $ | 7,351 | $ | 13,748 | $ | 14,154 | |||||||
Cost of goods sold | 2,971 | 3,081 | 6,269 | 6,137 | |||||||||||
Gross margin | 2,864 | 4,270 | 7,479 | 8,017 | |||||||||||
Selling, general, and administrative | 209 | 196 | 418 | 387 | |||||||||||
Research and development | 601 | 523 | 1,212 | 971 | |||||||||||
Other operating (income) expense, net | 97 | (16 | ) | 133 | (5 | ) | |||||||||
Operating income | 1,957 | 3,567 | 5,716 | 6,664 | |||||||||||
Interest income | 58 | 27 | 96 | 50 | |||||||||||
Interest expense | (27 | ) | (88 | ) | (60 | ) | (212 | ) | |||||||
Other non-operating income (expense), net | (84 | ) | (53 | ) | (75 | ) | (257 | ) | |||||||
1,904 | 3,453 | 5,677 | 6,245 | ||||||||||||
Income tax provision | (280 | ) | (143 | ) | (757 | ) | (257 | ) | |||||||
Equity in net income of equity method investees | 1 | 1 | 1 | 1 | |||||||||||
Net income | 1,625 | 3,311 | 4,921 | 5,989 | |||||||||||
Net income attributable to noncontrolling interests | (6 | ) | (2 | ) | (9 | ) | (2 | ) | |||||||
Net income attributable to Micron | $ | 1,619 | $ | 3,309 | $ | 4,912 | $ | 5,987 | |||||||
Earnings per share | |||||||||||||||
Basic | $ | 1.45 | $ | 2.86 | $ | 4.37 | $ | 5.23 | |||||||
Diluted | 1.42 | 2.67 | 4.24 | 4.86 | |||||||||||
Number of shares used in per share calculations | |||||||||||||||
Basic | 1,114 | 1,156 | 1,123 | 1,145 | |||||||||||
Diluted | 1,141 | 1,238 | 1,157 | 1,232 |
Quarter ended | Six months ended | ||||||||||||||
February 28, 2019 | March 1, 2018 | February 28, 2019 | March 1, 2018 | ||||||||||||
Net income | $ | 1,625 | $ | 3,311 | $ | 4,921 | $ | 5,989 | |||||||
Other comprehensive income (loss), net of tax | |||||||||||||||
Gains (losses) on derivative instruments | 6 | 18 | (6 | ) | 15 | ||||||||||
Unrealized gains (losses) on investments | 6 | (1 | ) | 3 | (2 | ) | |||||||||
Foreign currency translation adjustments | (1 | ) | — | (1 | ) | — | |||||||||
Pension liability adjustments | — | 2 | — | 1 | |||||||||||
Other comprehensive income (loss) | 11 | 19 | (4 | ) | 14 | ||||||||||
Total comprehensive income | 1,636 | 3,330 | 4,917 | 6,003 | |||||||||||
Comprehensive income attributable to noncontrolling interests | (6 | ) | (2 | ) | (9 | ) | (2 | ) | |||||||
Comprehensive income attributable to Micron | $ | 1,630 | $ | 3,328 | $ | 4,908 | $ | 6,001 |
As of | February 28, 2019 | August 30, 2018 | ||||||
Assets | ||||||||
Cash and equivalents | $ | 6,353 | $ | 6,506 | ||||
Short-term investments | 1,180 | 296 | ||||||
Receivables | 4,416 | 5,478 | ||||||
Inventories | 4,390 | 3,595 | ||||||
Other current assets | 211 | 164 | ||||||
Total current assets | 16,550 | 16,039 | ||||||
Long-term marketable investments | 1,614 | 473 | ||||||
Property, plant, and equipment | 26,204 | 23,672 | ||||||
Intangible assets | 350 | 331 | ||||||
Deferred tax assets | 762 | 1,022 | ||||||
Goodwill | 1,228 | 1,228 | ||||||
Other noncurrent assets | 779 | 611 | ||||||
Total assets | $ | 47,487 | $ | 43,376 | ||||
Liabilities and equity | ||||||||
Accounts payable and accrued expenses | $ | 4,062 | $ | 4,374 | ||||
Current debt | 2,634 | 859 | ||||||
Other current liabilities | 665 | 521 | ||||||
Total current liabilities | 7,361 | 5,754 | ||||||
Long-term debt | 3,604 | 3,777 | ||||||
Other noncurrent liabilities | 993 | 581 | ||||||
Total liabilities | 11,958 | 10,112 | ||||||
Commitments and contingencies | ||||||||
Redeemable convertible notes | 2 | 3 | ||||||
Redeemable noncontrolling interest | 97 | 97 | ||||||
Micron shareholders' equity | ||||||||
Common stock, $0.10 par value, 3,000 shares authorized, 1,178 shares issued and 1,106 outstanding (1,170 shares issued and 1,161 outstanding as of August 30, 2018) | 118 | 117 | ||||||
Additional capital | 8,143 | 8,201 | ||||||
Retained earnings | 29,364 | 24,395 | ||||||
Treasury stock, 72 shares held (9 shares as of August 30, 2018) | (3,064 | ) | (429 | ) | ||||
Accumulated other comprehensive income | 6 | 10 | ||||||
Total Micron shareholders' equity | 34,567 | 32,294 | ||||||
Noncontrolling interests in subsidiaries | 863 | 870 | ||||||
Total equity | 35,430 | 33,164 | ||||||
Total liabilities and equity | $ | 47,487 | $ | 43,376 |
Micron Shareholders | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Micron Shareholders' Equity | Noncontrolling Interests in Subsidiaries | Total Equity | ||||||||||||||||||||||||||||
Number of Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance at August 30, 2018 | 1,170 | $ | 117 | $ | 8,201 | $ | 24,395 | $ | (429 | ) | $ | 10 | $ | 32,294 | $ | 870 | $ | 33,164 | |||||||||||||||||
Cumulative effect of adopting new accounting standards | 92 | 92 | 92 | ||||||||||||||||||||||||||||||||
Net income | 3,293 | 3,293 | — | 3,293 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss), net | (15 | ) | (15 | ) | (15 | ) | |||||||||||||||||||||||||||||
Stock issued under stock plans | 3 | — | 15 | 15 | 15 | ||||||||||||||||||||||||||||||
Stock-based compensation expense | 61 | 61 | 61 | ||||||||||||||||||||||||||||||||
Repurchase of stock | (1 | ) | — | 108 | (11 | ) | (1,933 | ) | (1,836 | ) | (1,836 | ) | |||||||||||||||||||||||
Reclassification of redeemable convertible notes, net | 1 | 1 | 1 | ||||||||||||||||||||||||||||||||
Conversion and repurchase of convertible notes | (36 | ) | (36 | ) | (36 | ) | |||||||||||||||||||||||||||||
Balance at November 29, 2018 | 1,172 | $ | 117 | $ | 8,350 | $ | 27,769 | $ | (2,362 | ) | $ | (5 | ) | $ | 33,869 | $ | 870 | $ | 34,739 | ||||||||||||||||
Net income | 1,619 | 1,619 | 5 | 1,624 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss), net | 11 | 11 | 11 | ||||||||||||||||||||||||||||||||
Stock issued under stock plans | 7 | 1 | 76 | 77 | 77 | ||||||||||||||||||||||||||||||
Stock-based compensation expense | 57 | 57 | 57 | ||||||||||||||||||||||||||||||||
Repurchase of stock | (1 | ) | — | (5 | ) | (24 | ) | (702 | ) | (731 | ) | (731 | ) | ||||||||||||||||||||||
Acquisitions of noncontrolling interest | — | (12 | ) | (12 | ) | ||||||||||||||||||||||||||||||
Reclassification of redeemable convertible notes, net | 1 | 1 | 1 | ||||||||||||||||||||||||||||||||
Conversion and repurchase of convertible notes | (336 | ) | (336 | ) | (336 | ) | |||||||||||||||||||||||||||||
Balance at February 28, 2019 | 1,178 | $ | 118 | $ | 8,143 | $ | 29,364 | $ | (3,064 | ) | $ | 6 | $ | 34,567 | $ | 863 | $ | 35,430 |
Micron Shareholders | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Micron Shareholders' Equity | Noncontrolling Interests in Subsidiaries | Total Equity | ||||||||||||||||||||||||||||
Number of Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance at August 31, 2017 | 1,116 | $ | 112 | $ | 8,287 | $ | 10,260 | $ | (67 | ) | $ | 29 | $ | 18,621 | $ | 849 | $ | 19,470 | |||||||||||||||||
Net income | 2,678 | 2,678 | — | 2,678 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss), net | (5 | ) | (5 | ) | (5 | ) | |||||||||||||||||||||||||||||
Contributions from noncontrolling interests | 18 | 18 | |||||||||||||||||||||||||||||||||
Stock issued in public offering | 34 | 3 | 1,363 | 1,366 | 1,366 | ||||||||||||||||||||||||||||||
Stock issued under stock plans | 9 | 1 | 105 | 106 | 106 | ||||||||||||||||||||||||||||||
Stock-based compensation expense | 51 | 51 | 51 | ||||||||||||||||||||||||||||||||
Repurchase of stock | (1 | ) | — | (90 | ) | — | (90 | ) | (90 | ) | |||||||||||||||||||||||||
Reclassification of redeemable convertible notes, net | 3 | 3 | 3 | ||||||||||||||||||||||||||||||||
Conversion and repurchase of convertible notes | (271 | ) | 67 | (204 | ) | (204 | ) | ||||||||||||||||||||||||||||
Balance at November 30, 2017 | 1,158 | $ | 116 | $ | 9,448 | $ | 12,938 | $ | — | $ | 24 | $ | 22,526 | $ | 867 | $ | 23,393 | ||||||||||||||||||
Net income | 3,309 | 3,309 | 2 | 3,311 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss), net | 19 | 19 | 19 | ||||||||||||||||||||||||||||||||
Stock issued under stock plans | 8 | — | 82 | 82 | 82 | ||||||||||||||||||||||||||||||
Stock-based compensation expense | 52 | 52 | 52 | ||||||||||||||||||||||||||||||||
Repurchase of stock | (1 | ) | — | (44 | ) | — | (44 | ) | (44 | ) | |||||||||||||||||||||||||
Settlement of capped calls | 313 | (313 | ) | — | — | ||||||||||||||||||||||||||||||
Reclassification of redeemable convertible notes, net | 5 | 5 | 5 | ||||||||||||||||||||||||||||||||
Conversion and repurchase of convertible notes | (252 | ) | (252 | ) | (252 | ) | |||||||||||||||||||||||||||||
Balance at March 1, 2018 | 1,165 | $ | 116 | $ | 9,604 | $ | 16,247 | $ | (313 | ) | $ | 43 | $ | 25,697 | $ | 869 | $ | 26,566 |
Six months ended | February 28, 2019 | March 1, 2018 | ||||||
Cash flows from operating activities | ||||||||
Net income | $ | 4,921 | $ | 5,989 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation expense and amortization of intangible assets | 2,648 | 2,241 | ||||||
Amortization of debt discount and other costs | 29 | 55 | ||||||
Stock-based compensation | 118 | 103 | ||||||
Loss on debt prepayments, repurchases, and conversions | 69 | 218 | ||||||
Change in operating assets and liabilities | ||||||||
Receivables | 1,202 | (630 | ) | |||||
Inventories | (800 | ) | (62 | ) | ||||
Deferred tax assets | 320 | (262 | ) | |||||
Accounts payable and accrued expenses | (326 | ) | 178 | |||||
Other | 64 | 154 | ||||||
Net cash provided by operating activities | 8,245 | 7,984 | ||||||
Cash flows from investing activities | ||||||||
Expenditures for property, plant, and equipment | (5,349 | ) | (4,217 | ) | ||||
Purchases of available-for-sale securities | (2,566 | ) | (502 | ) | ||||
Proceeds from government incentives | 455 | 1 | ||||||
Proceeds from maturities of available-for-sale securities | 391 | 138 | ||||||
Proceeds from sales of available-for-sale securities | 160 | 562 | ||||||
Other | (10 | ) | 175 | |||||
Net cash provided by (used for) investing activities | (6,919 | ) | (3,843 | ) | ||||
Cash flows from financing activities | ||||||||
Payments to acquire treasury stock | (2,568 | ) | (67 | ) | ||||
Repayments of debt | (705 | ) | (3,379 | ) | ||||
Payments on equipment purchase contracts | (37 | ) | (153 | ) | ||||
Proceeds from issuance of debt | 1,800 | 650 | ||||||
Proceeds from issuance of stock | 92 | 1,554 | ||||||
Other | (65 | ) | (25 | ) | ||||
Net cash provided by (used for) financing activities | (1,483 | ) | (1,420 | ) | ||||
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | (1 | ) | 4 | |||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (158 | ) | 2,725 | |||||
Cash, cash equivalents, and restricted cash at beginning of period | 6,587 | 5,216 | ||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 6,429 | $ | 7,941 |
Ending Balance as of August 30, 2018 | ASU 2016-16 | ASC 606 | Opening Balance as of August 31, 2018 | ||||||||||||
Receivables | $ | 5,478 | $ | — | $ | 114 | $ | 5,592 | |||||||
Inventories | 3,595 | — | (5 | ) | 3,590 | ||||||||||
Other current assets | 164 | (14 | ) | 30 | 180 | ||||||||||
Deferred tax assets | 1,022 | 56 | (92 | ) | 986 | ||||||||||
Other current liabilities | 521 | — | (4 | ) | 517 | ||||||||||
Other noncurrent liabilities | 581 | — | 1 | 582 | |||||||||||
Retained earnings | 24,395 | 42 | 50 | 24,487 |
Quarter ended February 28, 2019 | Six months ended February 28, 2019 | ||||||||||||||||||||||
As Reported | Adjustments | Amounts Without the Effects of Adoption of ASC 606 | As Reported | Adjustments | Amounts Without the Effects of Adoption of ASC 606 | ||||||||||||||||||
Revenue | $ | 5,835 | $ | (20 | ) | $ | 5,815 | $ | 13,748 | $ | (115 | ) | $ | 13,633 | |||||||||
Cost of goods sold | 2,971 | (28 | ) | 2,943 | 6,269 | (69 | ) | 6,200 | |||||||||||||||
Interest expense | (27 | ) | 1 | (26 | ) | (60 | ) | 3 | (57 | ) | |||||||||||||
Income tax provision | (280 | ) | (8 | ) | (288 | ) | (757 | ) | (5 | ) | (762 | ) | |||||||||||
Net income attributable to Micron | 1,619 | 1 | 1,620 | 4,912 | (48 | ) | 4,864 |
As of February 28, 2019 | As Reported | Adjustments | Amounts Without the Effects of Adoption of ASC 606 | |||||||||
Receivables | $ | 4,416 | $ | (154 | ) | $ | 4,262 | |||||
Other current assets | 211 | (39 | ) | 172 | ||||||||
Deferred tax assets | 762 | 87 | 849 | |||||||||
Accounts payable and accrued expenses | 4,062 | — | 4,062 | |||||||||
Other current liabilities | 665 | (7 | ) | 658 | ||||||||
Other noncurrent liabilities | 993 | (1 | ) | 992 | ||||||||
Retained earnings | 29,364 | (98 | ) | 29,266 |
As of | February 28, 2019 | August 30, 2018 | ||||||||||||||||||||||||||||||
Cash and Equivalents | Short-term Investments | Long-term Marketable Investments(1) | Total Fair Value | Cash and Equivalents | Short-term Investments | Long-term Marketable Investments(1) | Total Fair Value | |||||||||||||||||||||||||
Cash | $ | 2,652 | $ | — | $ | — | $ | 2,652 | $ | 3,223 | $ | — | $ | — | $ | 3,223 | ||||||||||||||||
Level 1(2) | ||||||||||||||||||||||||||||||||
Money market funds | 3,114 | — | — | 3,114 | 2,443 | — | — | 2,443 | ||||||||||||||||||||||||
Level 2(3) | ||||||||||||||||||||||||||||||||
Corporate bonds | 21 | 692 | 923 | 1,636 | 3 | 172 | 272 | 447 | ||||||||||||||||||||||||
Government securities | 80 | 255 | 280 | 615 | 5 | 63 | 103 | 171 | ||||||||||||||||||||||||
Asset-backed securities | — | 105 | 401 | 506 | — | 34 | 96 | 130 | ||||||||||||||||||||||||
Certificates of deposit | 382 | 39 | 10 | 431 | 806 | 11 | 2 | 819 | ||||||||||||||||||||||||
Commercial paper | 104 | 89 | — | 193 | 26 | 16 | — | 42 | ||||||||||||||||||||||||
6,353 | $ | 1,180 | $ | 1,614 | $ | 9,147 | 6,506 | $ | 296 | $ | 473 | $ | 7,275 | |||||||||||||||||||
Restricted cash(4) | 76 | 81 | ||||||||||||||||||||||||||||||
Cash, cash equivalents, and restricted cash | $ | 6,429 | $ | 6,587 |
(1) | The maturities of long-term marketable securities range from one to four years. |
(2) | The fair value of Level 1 securities is measured based on quoted prices in active markets for identical assets. |
(3) | 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 analyses to validate information obtained from these pricing services. No adjustments were made to the fair values indicated by such pricing information as of February 28, 2019 or August 30, 2018. |
(4) | Restricted cash is included in other noncurrent assets and primarily consisted of balances related to the MMJ Creditor Payments. The restrictions on the MMJ Creditor Payments lapse upon approval by the trustees and/or Tokyo District Court. |
As of | February 28, 2019 | August 30, 2018 | ||||||
Trade receivables | $ | 3,997 | $ | 5,056 | ||||
Income and other taxes | 250 | 161 | ||||||
Other | 169 | 261 | ||||||
$ | 4,416 | $ | 5,478 |
As of | February 28, 2019 | August 30, 2018 | ||||||
Finished goods | $ | 843 | $ | 815 | ||||
Work in process | 3,023 | 2,357 | ||||||
Raw materials and supplies | 524 | 423 | ||||||
$ | 4,390 | $ | 3,595 |
As of | February 28, 2019 | August 30, 2018 | ||||||
Land | $ | 346 | $ | 345 | ||||
Buildings | 9,547 | 8,680 | ||||||
Equipment(1) | 41,377 | 38,249 | ||||||
Construction in progress(2) | 1,715 | 1,162 | ||||||
Software | 745 | 655 | ||||||
53,730 | 49,091 | |||||||
Accumulated depreciation | (27,526 | ) | (25,419 | ) | ||||
$ | 26,204 | $ | 23,672 |
(1) | Included costs related to equipment not placed into service of $2.51 billion and $1.73 billion, as of February 28, 2019 and August 30, 2018, respectively. |
(2) | Included building-related construction, tool installation, and software costs for assets not yet placed into service. |
As of | February 28, 2019 | August 30, 2018 | ||||||||||||||
Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | |||||||||||||
Amortizing assets | ||||||||||||||||
Product and process technology | $ | 577 | $ | (227 | ) | $ | 567 | $ | (344 | ) | ||||||
Non-amortizing assets | ||||||||||||||||
In-process R&D | — | — | 108 | — | ||||||||||||
Total intangible assets | $ | 577 | $ | (227 | ) | $ | 675 | $ | (344 | ) | ||||||
Goodwill | $ | 1,228 | $ | 1,228 |
As of | February 28, 2019 | August 30, 2018 | ||||||
Accounts payable | $ | 1,523 | $ | 1,692 | ||||
Property, plant, and equipment payables | 1,416 | 1,238 | ||||||
Salaries, wages, and benefits | 468 | 841 | ||||||
Income and other taxes | 449 | 402 | ||||||
Other | 206 | 201 | ||||||
$ | 4,062 | $ | 4,374 |
As of | February 28, 2019 | August 30, 2018 | ||||||||||||||||||||||||||||
Net Carrying Amount | Net Carrying Amount | |||||||||||||||||||||||||||||
Instrument | Stated Rate | Effective Rate | Current | Long-Term | Total | Current | Long-Term | Total | ||||||||||||||||||||||
IMFT Member Debt(1) | N/A | N/A | $ | 1,009 | $ | — | $ | 1,009 | $ | — | $ | 1,009 | $ | 1,009 | ||||||||||||||||
Capital lease obligations | N/A | 4.12 | % | 261 | 455 | 716 | 310 | 536 | 846 | |||||||||||||||||||||
MMJ Creditor Payments | N/A | 9.76 | % | 181 | — | 181 | 309 | 183 | 492 | |||||||||||||||||||||
2022 Term Loan B | 4.25 | % | 4.66 | % | 5 | 718 | 723 | 5 | 720 | 725 | ||||||||||||||||||||
2024 Notes | 4.64 | % | 4.76 | % | — | 597 | 597 | — | — | — | ||||||||||||||||||||
2025 Notes | 5.50 | % | 5.56 | % | — | 516 | 516 | — | 515 | 515 | ||||||||||||||||||||
2026 Notes | 4.98 | % | 5.07 | % | — | 497 | 497 | — | — | — | ||||||||||||||||||||
2029 Notes | 5.33 | % | 5.40 | % | — | 696 | 696 | — | — | — | ||||||||||||||||||||
2032D Notes | 3.13 | % | 6.33 | % | — | 125 | 125 | — | 132 | 132 | ||||||||||||||||||||
2033F Notes | 2.13 | % | 4.93 | % | 68 | — | 68 | 235 | — | 235 | ||||||||||||||||||||
2043G Notes | 3.00 | % | 6.76 | % | 1,110 | — | 1,110 | — | 682 | 682 | ||||||||||||||||||||
$ | 2,634 | $ | 3,604 | $ | 6,238 | $ | 859 | $ | 3,777 | $ | 4,636 |
(1) | IMFT Member Debt was classified as current as of February 28, 2019 as a result of exercising our option to acquire Intel's interest in IMFT. |
Six months ended February 28, 2019 | Increase (Decrease) in Principal | Increase (Decrease) in Carrying Value | Increase (Decrease) in Cash | Decrease in Equity | Gain (Loss) | |||||||||||||||
Settled conversions | ||||||||||||||||||||
2032D Notes | $ | (10 | ) | $ | (9 | ) | $ | (35 | ) | $ | (28 | ) | $ | 2 | ||||||
2033F Notes | (38 | ) | (169 | ) | (164 | ) | (8 | ) | 13 | |||||||||||
Conversions not settled | ||||||||||||||||||||
2043G Notes | — | 420 | — | (336 | ) | (84 | ) | |||||||||||||
Issuances | ||||||||||||||||||||
2024 Notes | 600 | 597 | 597 | — | — | |||||||||||||||
2026 Notes | 500 | 497 | 497 | — | — | |||||||||||||||
2029 Notes | 700 | 695 | 695 | — | — | |||||||||||||||
$ | 1,752 | $ | 2,031 | $ | 1,590 | $ | (372 | ) | $ | (69 | ) |
As of | February 28, 2019 | August 30, 2018 | ||||||||||||
Balance | Percentage | Balance | Percentage | |||||||||||
IMFT | $ | 858 | 49 | % | $ | 853 | 49 | % | ||||||
Other | 5 | Various | 17 | Various | ||||||||||
$ | 863 | $ | 870 |
As of | February 28, 2019 | August 30, 2018 | ||||||
Assets | ||||||||
Cash and equivalents | $ | 288 | $ | 91 | ||||
Receivables | 126 | 126 | ||||||
Inventories | 111 | 114 | ||||||
Other current assets | 5 | 8 | ||||||
Total current assets | 530 | 339 | ||||||
Property, plant, and equipment | 2,464 | 2,641 | ||||||
Other noncurrent assets | 36 | 45 | ||||||
Total assets | $ | 3,030 | $ | 3,025 | ||||
Liabilities | ||||||||
Accounts payable and accrued expenses | $ | 154 | $ | 138 | ||||
Current debt | 1,020 | 20 | ||||||
Other current liabilities | 37 | 9 | ||||||
Total current liabilities | 1,211 | 167 | ||||||
Long-term debt | 54 | 1,064 | ||||||
Other noncurrent liabilities | 37 | 74 | ||||||
Total liabilities | $ | 1,302 | $ | 1,305 |
As of | February 28, 2019 | August 30, 2018 | ||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||
Notes and MMJ Creditor Payments | $ | 4,291 | $ | 4,219 | $ | 2,798 | $ | 2,741 | ||||||||
Convertible notes | 2,232 | 1,303 | 3,124 | 1,049 |
Gross Notional Amount | Fair Value of | |||||||||||
Current Assets(1) | Current Liabilities(2) | |||||||||||
As of February 28, 2019 | ||||||||||||
Derivative instruments with hedge accounting designation | ||||||||||||
Cash flow currency hedges | $ | 235 | $ | — | $ | (3 | ) | |||||
Derivative instruments without hedge accounting designation | ||||||||||||
Non-designated currency hedges | 2,205 | 6 | (3 | ) | ||||||||
Convertible notes settlement obligation(3) | — | (420 | ) | |||||||||
6 | (423 | ) | ||||||||||
$ | 6 | $ | (426 | ) | ||||||||
As of August 30, 2018 | ||||||||||||
Derivative instruments with hedge accounting designation | ||||||||||||
Cash flow currency hedges | $ | 538 | $ | — | $ | (13 | ) | |||||
Derivative instruments without hedge accounting designation | ||||||||||||
Non-designated currency hedges | 1,919 | 14 | (10 | ) | ||||||||
Convertible notes settlement obligation(3) | — | (167 | ) | |||||||||
14 | (177 | ) | ||||||||||
$ | 14 | $ | (190 | ) |
(1) | Included in receivables – other. |
(2) | Included in accounts payable and accrued expenses – other for forward contracts and in current debt for convertible notes settlement obligations. |
(3) | Notional amounts of convertible notes settlement obligations as of February 28, 2019 and August 30, 2018 were 35 million and 3 million shares of our common stock, respectively. |
Quarter ended | Six months ended | |||||||||||||
February 28, 2019 | March 1, 2018 | February 28, 2019 | March 1, 2018 | |||||||||||
Stock options granted | — | 1 | — | 2 | ||||||||||
Weighted-average grant-date fair value per share | — | $ | 18.61 | $ | 19.50 | $ | 18.13 | |||||||
Average expected life in years | — | 5.5 | 5.4 | 5.5 | ||||||||||
Weighted-average expected volatility | — | 44 | % | 44 | % | 44 | % | |||||||
Weighted-average risk-free interest rate | — | 2.2 | % | 2.9 | % | 2.2 | % | |||||||
Expected dividend yield | — | 0.0 | % | 0.0 | % | 0.0 | % |
Quarter ended | Six months ended | ||||||||||||||
February 28, 2019 | March 1, 2018 | February 28, 2019 | March 1, 2018 | ||||||||||||
Restricted stock award shares granted | — | 2 | 6 | 4 | |||||||||||
Weighted-average grant-date fair value per share | $ | 37.01 | $ | 43.21 | $ | 39.83 | $ | 41.51 |
Weighted-average grant-date fair value per share | $ | 10.92 | |
Average expected life in years | 0.5 | ||
Weighted-average expected volatility | 47 | % | |
Weighted-average risk-free interest rate | 2.5 | % | |
Expected dividend yield | 0.0 | % |
Quarter ended | Six months ended | ||||||||||||||
February 28, 2019 | March 1, 2018 | February 28, 2019 | March 1, 2018 | ||||||||||||
Stock-based compensation expense by caption | |||||||||||||||
Cost of goods sold | $ | 23 | $ | 22 | $ | 49 | $ | 42 | |||||||
Selling, general, and administrative | 18 | 16 | 37 | 34 | |||||||||||
Research and development | 16 | 14 | 32 | 27 | |||||||||||
$ | 57 | $ | 52 | $ | 118 | $ | 103 | ||||||||
Stock-based compensation expense by type of award | |||||||||||||||
Restricted stock awards | $ | 42 | $ | 38 | $ | 83 | $ | 72 | |||||||
Stock options | 7 | 14 | 19 | 31 | |||||||||||
Employee Stock Purchase Plan | 8 | — | 16 | — | |||||||||||
$ | 57 | $ | 52 | $ | 118 | $ | 103 |
As of | February 28, 2019 | Opening Balance as of August 31, 2018 | ||||||
Contract liabilities from customer advances | $ | 147 | $ | 235 | ||||
Other contract liabilities | 108 | 113 | ||||||
$ | 255 | $ | 348 |
Contract liabilities balance as of August 31, 2018 | $ | 348 | |
Revenue recognized from beginning balance | (163 | ) | |
Additions and other activity | 70 | ||
Contract liabilities balance as of February 28, 2019 | $ | 255 |
Quarter ended | Six months ended | ||||||||||||||
February 28, 2019 | March 1, 2018 | February 28, 2019 | March 1, 2018 | ||||||||||||
Restructure and asset impairments | $ | 51 | $ | 7 | $ | 84 | $ | 13 | |||||||
Other | 46 | (23 | ) | 49 | (18 | ) | |||||||||
$ | 97 | $ | (16 | ) | $ | 133 | $ | (5 | ) |
Quarter ended | Six months ended | ||||||||||||||
February 28, 2019 | March 1, 2018 | February 28, 2019 | March 1, 2018 | ||||||||||||
Loss on debt prepayments, repurchases, and conversions | $ | (83 | ) | $ | (23 | ) | $ | (69 | ) | $ | (218 | ) | |||
Loss from changes in currency exchange rates | (3 | ) | (27 | ) | (8 | ) | (36 | ) | |||||||
Other | 2 | (3 | ) | 2 | (3 | ) | |||||||||
$ | (84 | ) | $ | (53 | ) | $ | (75 | ) | $ | (257 | ) |
Quarter ended | Six months ended | ||||||||||||||
February 28, 2019 | March 1, 2018 | February 28, 2019 | March 1, 2018 | ||||||||||||
Income tax (provision) benefit, excluding items below | $ | (216 | ) | $ | 5 | $ | (594 | ) | $ | (83 | ) | ||||
Utilization of and other changes in net deferred tax assets of MMJ, MMT, and MTTW | (78 | ) | (17 | ) | (130 | ) | (43 | ) | |||||||
Repatriation Tax, net of adjustments related to uncertain tax positions | 14 | (1,335 | ) | (33 | ) | (1,335 | ) | ||||||||
Release of the valuation allowance on the net deferred tax assets of our U.S. operations | — | 1,337 | — | 1,337 | |||||||||||
Remeasurement of deferred tax assets and liabilities reflecting the lower U.S. corporate tax rates | — | (133 | ) | — | (133 | ) | |||||||||
$ | (280 | ) | $ | (143 | ) | $ | (757 | ) | $ | (257 | ) |
Quarter ended | Six months ended | ||||||||||||||
February 28, 2019 | March 1, 2018 | February 28, 2019 | March 1, 2018 | ||||||||||||
Net income attributable to Micron – Basic | $ | 1,619 | $ | 3,309 | $ | 4,912 | $ | 5,987 | |||||||
Assumed conversion of debt | (2 | ) | — | (2 | ) | — | |||||||||
Net income attributable to Micron – Diluted | $ | 1,617 | $ | 3,309 | $ | 4,910 | $ | 5,987 | |||||||
Weighted-average common shares outstanding – Basic | 1,114 | 1,156 | 1,123 | 1,145 | |||||||||||
Dilutive effect of equity plans and convertible notes | 27 | 82 | 34 | 87 | |||||||||||
Weighted-average common shares outstanding – Diluted | 1,141 | 1,238 | 1,157 | 1,232 | |||||||||||
Earnings per share | |||||||||||||||
Basic | $ | 1.45 | $ | 2.86 | $ | 4.37 | $ | 5.23 | |||||||
Diluted | 1.42 | 2.67 | 4.24 | 4.86 |
Quarter ended | Six months ended | ||||||||||||||
February 28, 2019 | March 1, 2018 | February 28, 2019 | March 1, 2018 | ||||||||||||
Revenue | |||||||||||||||
CNBU | $ | 2,382 | $ | 3,691 | $ | 5,986 | $ | 6,903 | |||||||
MBU | 1,611 | 1,566 | 3,823 | 2,931 | |||||||||||
SBU | 1,022 | 1,254 | 2,165 | 2,637 | |||||||||||
EBU | 799 | 829 | 1,732 | 1,659 | |||||||||||
All Other | 21 | 11 | 42 | 24 | |||||||||||
$ | 5,835 | $ | 7,351 | $ | 13,748 | $ | 14,154 | ||||||||
Operating income (loss) | |||||||||||||||
CNBU | $ | 1,160 | $ | 2,329 | $ | 3,371 | $ | 4,243 | |||||||
MBU | 707 | 689 | 1,910 | 1,194 | |||||||||||
SBU | (20 | ) | 251 | 60 | 651 | ||||||||||
EBU | 262 | 363 | 649 | 705 | |||||||||||
All Other | 1 | (2 | ) | 7 | (6 | ) | |||||||||
2,110 | 3,630 | 5,997 | 6,787 | ||||||||||||
Unallocated | |||||||||||||||
Stock-based compensation | (57 | ) | (52 | ) | (118 | ) | (103 | ) | |||||||
Start-up and preproduction costs | (15 | ) | — | (23 | ) | — | |||||||||
Employee severance | (17 | ) | — | (37 | ) | — | |||||||||
Restructure and asset impairments | (51 | ) | (7 | ) | (81 | ) | (13 | ) | |||||||
Other | (13 | ) | (4 | ) | (22 | ) | (7 | ) | |||||||
(153 | ) | (63 | ) | (281 | ) | (123 | ) | ||||||||
Operating income | $ | 1,957 | $ | 3,567 | $ | 5,716 | $ | 6,664 |
Quarter ended | Six months ended | ||||||||||||||
February 28, 2019 | March 1, 2018 | February 28, 2019 | March 1, 2018 | ||||||||||||
DRAM | $ | 3,760 | $ | 5,213 | $ | 9,133 | $ | 9,775 | |||||||
NAND | 1,776 | 1,813 | 3,955 | 3,711 | |||||||||||
Other (primarily 3D XPoint memory and NOR) | 299 | 325 | 660 | 668 | |||||||||||
$ | 5,835 | $ | 7,351 | $ | 13,748 | $ | 14,154 |
Second Quarter | First Quarter | Second Quarter | Six Months | |||||||||||||||||||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||
Revenue | $ | 5,835 | 100 | % | $ | 7,913 | 100 | % | $ | 7,351 | 100 | % | $ | 13,748 | 100 | % | $ | 14,154 | 100 | % | ||||||||||||||
Cost of goods sold | 2,971 | 51 | % | 3,298 | 42 | % | 3,081 | 42 | % | 6,269 | 46 | % | 6,137 | 43 | % | |||||||||||||||||||
Gross margin | 2,864 | 49 | % | 4,615 | 58 | % | 4,270 | 58 | % | 7,479 | 54 | % | 8,017 | 57 | % | |||||||||||||||||||
Selling, general, and administrative | 209 | 4 | % | 209 | 3 | % | 196 | 3 | % | 418 | 3 | % | 387 | 3 | % | |||||||||||||||||||
Research and development | 601 | 10 | % | 611 | 8 | % | 523 | 7 | % | 1,212 | 9 | % | 971 | 7 | % | |||||||||||||||||||
Other operating (income) expense, net | 97 | 2 | % | 36 | — | % | (16 | ) | — | % | 133 | 1 | % | (5 | ) | — | % | |||||||||||||||||
Operating income | 1,957 | 34 | % | 3,759 | 48 | % | 3,567 | 49 | % | 5,716 | 42 | % | 6,664 | 47 | % | |||||||||||||||||||
Interest income (expense), net | 31 | 1 | % | 5 | — | % | (61 | ) | (1 | )% | 36 | — | % | (162 | ) | (1 | )% | |||||||||||||||||
Other non-operating income (expense), net | (84 | ) | (1 | )% | 9 | — | % | (53 | ) | (1 | )% | (75 | ) | (1 | )% | (257 | ) | (2 | )% | |||||||||||||||
Income tax provision | (280 | ) | (5 | )% | (477 | ) | (6 | )% | (143 | ) | (2 | )% | (757 | ) | (6 | )% | (257 | ) | (2 | )% | ||||||||||||||
Equity in net income (loss) of equity method investees | 1 | — | % | — | — | % | 1 | — | % | 1 | — | % | 1 | — | % | |||||||||||||||||||
Net income attributable to noncontrolling interests | (6 | ) | — | % | (3 | ) | — | % | (2 | ) | — | % | (9 | ) | — | % | (2 | ) | — | % | ||||||||||||||
Net income attributable to Micron | $ | 1,619 | 28 | % | $ | 3,293 | 42 | % | $ | 3,309 | 45 | % | $ | 4,912 | 36 | % | $ | 5,987 | 42 | % |
Second Quarter | First Quarter | Second Quarter | Six Months | |||||||||||||||||||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||
CNBU | $ | 2,382 | 41 | % | $ | 3,604 | 46 | % | $ | 3,691 | 50 | % | $ | 5,986 | 44 | % | $ | 6,903 | 49 | % | ||||||||||||||
MBU | 1,611 | 28 | % | 2,212 | 28 | % | 1,566 | 21 | % | 3,823 | 28 | % | 2,931 | 21 | % | |||||||||||||||||||
SBU | 1,022 | 18 | % | 1,143 | 14 | % | 1,254 | 17 | % | 2,165 | 16 | % | 2,637 | 19 | % | |||||||||||||||||||
EBU | 799 | 14 | % | 933 | 12 | % | 829 | 11 | % | 1,732 | 13 | % | 1,659 | 12 | % | |||||||||||||||||||
All Other | 21 | — | % | 21 | — | % | 11 | — | % | 42 | — | % | 24 | — | % | |||||||||||||||||||
$ | 5,835 | $ | 7,913 | $ | 7,351 | $ | 13,748 | $ | 14,154 |
Second Quarter | First Quarter | Second Quarter | Six Months | |||||||||||||||||||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||
CNBU | $ | 1,160 | 49 | % | $ | 2,211 | 61 | % | $ | 2,329 | 63 | % | $ | 3,371 | 56 | % | $ | 4,243 | 61 | % | ||||||||||||||
MBU | 707 | 44 | % | 1,203 | 54 | % | 689 | 44 | % | 1,910 | 50 | % | 1,194 | 41 | % | |||||||||||||||||||
SBU | (20 | ) | (2 | )% | 80 | 7 | % | 251 | 20 | % | 60 | 3 | % | 651 | 25 | % | ||||||||||||||||||
EBU | 262 | 33 | % | 387 | 41 | % | 363 | 44 | % | 649 | 37 | % | 705 | 42 | % | |||||||||||||||||||
All Other | 1 | 5 | % | 6 | 29 | % | (2 | ) | (18 | )% | 7 | 17 | % | (6 | ) | (25 | )% | |||||||||||||||||
$ | 2,110 | $ | 3,887 | $ | 3,630 | $ | 5,997 | $ | 6,787 |
Second Quarter | First Quarter | Second Quarter | Six Months | ||||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||
Income tax (provision) benefit, excluding items below | $ | (216 | ) | $ | (378 | ) | $ | 5 | $ | (594 | ) | $ | (83 | ) | |||||
Utilization of and other changes in net deferred tax assets of MMJ, MMT, and MTTW | (78 | ) | (52 | ) | (17 | ) | (130 | ) | (43 | ) | |||||||||
Repatriation Tax, net of adjustments related to uncertain tax positions | 14 | (47 | ) | (1,335 | ) | (33 | ) | (1,335 | ) | ||||||||||
Release of the valuation allowance on the net deferred tax assets of our U.S. operations | — | — | 1,337 | — | 1,337 | ||||||||||||||
Remeasurement of deferred tax assets and liabilities reflecting the lower U.S. corporate tax rates | — | — | (133 | ) | — | (133 | ) | ||||||||||||
$ | (280 | ) | $ | (477 | ) | $ | (143 | ) | $ | (757 | ) | $ | (257 | ) | |||||
Effective tax rate | 14.7 | % | 12.6 | % | 4.1 | % | 13.3 | % | 4.1 | % |
First Six Months | |||||||
2019 | 2018 | ||||||
Net cash provided by operating activities | $ | 8,245 | $ | 7,984 | |||
Net cash provided by (used for) investing activities | (6,919 | ) | (3,843 | ) | |||
Net cash provided by (used for) financing activities | (1,483 | ) | (1,420 | ) | |||
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | (1 | ) | 4 | ||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | $ | (158 | ) | $ | 2,725 |
Settlement Option | If Settled With Minimum Cash Required | If Settled Entirely With Cash | ||||||||||||||||
Principal Amount | Amount in Excess of Principal | Underlying Shares | Cash | Remainder in Shares | ||||||||||||||
2032D Notes | Cash and/or shares | Cash and/or shares | 13 | $ | — | 13 | $ | 548 | ||||||||||
2033F Notes | Cash | Cash and/or shares | 6 | 69 | 5 | 259 | ||||||||||||
19 | $ | 69 | 18 | $ | 807 |
Payments Due by Period | ||||||||||||||||||||
As of February 28, 2019 | Total | Remainder of 2019 | 2020 - 2021 | 2022 - 2023 | 2024 and Thereafter | |||||||||||||||
Notes payable(1)(2) | $ | 6,865 | $ | 1,517 | $ | 1,734 | $ | 970 | $ | 2,644 | ||||||||||
Capital lease obligations(2) | 840 | 149 | 344 | 119 | 228 | |||||||||||||||
Operating leases(3) | 643 | 18 | 103 | 109 | 413 | |||||||||||||||
Total | $ | 8,348 | $ | 1,684 | $ | 2,181 | $ | 1,198 | $ | 3,285 |
(1) | Amounts include MMJ Creditor Payments, convertible notes, and other notes. |
(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 NAND | |||||
(percentage change in average selling prices) | ||||||
2018 from 2017 | 37 | % | (11 | )% | ||
2017 from 2016 | 19 | % | (9 | )% | ||
2016 from 2015 | (35 | )% | (20 | )% | ||
2015 from 2014 | (11 | )% | (17 | )% | ||
2014 from 2013 | 6 | % | (23 | )% |
• | that we will be successful in developing competitive new semiconductor memory and storage 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. |
• | that our product development efforts will be successful; |
• | that we will be able to cost-effectively manufacture new products; |
• | that we will be able to successfully market these products; |
• | that we will be able to establish or maintain key relationships with customers with specific chip set or design requirements; |
• | that we will be able to introduce new products into the market and qualify them with our customers on a timely basis; or |
◦ | ongoing or future development, manufacturing, or operational activities; |
◦ | the amount, timing, or nature of further investments; and |
◦ | commercial terms in our joint ventures or strategic relationships; |
• | differences in participation on funding capital investments in our joint ventures due to differing business models or long-term business goals; |
• | disputes with partners regarding the terms of arrangements, including the termination or discontinuance of our joint ventures, or that terms of such arrangements are unfavorable; and |
• | we may be required or agree to compensate customers for costs incurred or damages caused by defective or incompatible products and to 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 or harm our relationships with existing or potential customers. |
• | pay significant monetary damages, fines, royalties, or penalties; |
• | enter into license or settlement agreements covering such intellectual property rights; |
• | make material changes to or redesign our products and/or manufacturing processes; and/or |
• | cease manufacturing, having made, selling, offering for sale, importing, marketing, or using products and/or manufacturing processes in certain jurisdictions. |
• | export and import duties, changes to import and export regulations, customs regulations and processes, and restrictions on the transfer of funds; |
• | imposition of bans on sales of goods or services to one or more of our significant foreign customers; |
• | compliance with U.S. and international laws involving international operations, including the Foreign Corrupt Practices Act of 1977, as amended, export and import laws, and similar rules and regulations; |
• | theft of intellectual property; |
• | political and economic instability; |
• | problems with the transportation or delivery of 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 the ability to maintain flexibility with staffing levels; |
• | disruptions to 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. |
• | 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; |
• | require us to use cash and/or issue shares of our common stock to settle any conversion obligations of our convertible notes; |
• | result in certain of our debt instruments being accelerated to be immediately due and payable or being deemed to be in default if certain terms of default are triggered, such as applicable cross payment default and/or cross-acceleration provisions; |
• | adversely impact our credit rating, which could increase future borrowing costs; |
• | limit our future ability to raise funds for capital expenditures, strategic acquisitions or business opportunities, R&D, and other general corporate requirements; |
• | restrict our ability to incur specified indebtedness, create or incur certain liens, and enter into sale-leaseback financing transactions; |
• | increase our vulnerability to adverse economic and semiconductor memory and storage industry conditions; |
• | increase our exposure to interest rate risk from variable rate indebtedness; |
• | continue to dilute our earnings per share as a result of the conversion provisions in our convertible notes; and |
• | 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. |
• | 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, compliance programs, and/or environmental, health and safety, anti-corruption, human resource, or other policies or practices; and |
• | impairment of acquired intangible assets, goodwill, or other assets as a result of changing business conditions, technological advancements, or worse-than-expected performance of the acquired business. |
• | suspension of production; |
• | remediation costs; |
• | alteration of our manufacturing processes; |
• | regulatory penalties, fines, and legal liabilities; and |
• | reputational challenges. |
Period | (a) Total number of shares purchased | (b) Average price paid per share | (c) Total number of shares (or units) purchased as part of publicly announced plans or programs | (d) Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under publicly announced plans or programs | ||||||||||||
November 30, 2018 | – | January 3, 2019 | 4,824,142 | $ | 30.88 | 4,824,142 | ||||||||||
January 4, 2019 | – | January 31, 2019 | 11,635,513 | 34.75 | 11,635,513 | |||||||||||
February 1, 2019 | – | February 28, 2019 | 3,780,995 | 39.40 | 3,780,995 | |||||||||||
20,240,650 | $ | 7,494,825,433 |
Exhibit Number | Description of Exhibit | Filed Herewith | Form | Period Ending | Exhibit/ Appendix | Filing Date |
3.1 | 8-K | 99.2 | 1/26/15 | |||
3.2 | 8-K | 99.1 | 1/22/19 | |||
4.15 | 8-K | 4.1 | 2/6/19 | |||
4.16 | 8-K | 4.2 | 2/6/19 | |||
4.17 | 8-K | 4.3 | 2/6/19 | |||
4.18 | 8-K | 4.4 | 2/6/19 | |||
4.19 | 8-K | 4.5 | 2/6/19 | |||
10.71 | 8-K | 1.1 | 2/6/19 | |||
31.1 | ü | |||||
31.2 | ü | |||||
32.1 | ü | |||||
32.2 | ü | |||||
101.INS | XBRL Instance Document | ü | ||||
101.SCH | XBRL Taxonomy Extension Schema Document | ü | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ü | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ü | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ü | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ü |
Micron Technology, Inc. | ||
(Registrant) | ||
Date: | March 21, 2019 | /s/ David A. Zinsner |
David A. Zinsner Senior Vice President and Chief Financial Officer (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: | March 21, 2019 | /s/ Sanjay Mehrotra |
Sanjay Mehrotra President and Chief Executive Officer and Director |
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: | March 21, 2019 | /s/ David A. Zinsner |
David A. Zinsner Senior Vice President and Chief Financial Officer |
Date: | March 21, 2019 | /s/ Sanjay Mehrotra |
Sanjay Mehrotra President and Chief Executive Officer and Director |
Date: | March 21, 2019 | /s/ David A. Zinsner |
David A. Zinsner Senior Vice President and Chief Financial Officer |
Document and Entity Information Document - shares |
6 Months Ended | |
---|---|---|
Feb. 28, 2019 |
Mar. 14, 2019 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MICRON TECHNOLOGY INC | |
Entity Central Index Key | 0000723125 | |
Current Fiscal Year End Date | --08-29 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Feb. 28, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 1,106,687,011 | |
Entity Current Reporting Status | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Feb. 28, 2019 |
Mar. 01, 2018 |
Feb. 28, 2019 |
Mar. 01, 2018 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,625 | $ 3,311 | $ 4,921 | $ 5,989 |
Other comprehensive income (loss), net of tax | ||||
Gains (losses) on derivative instruments | 6 | 18 | (6) | 15 |
Unrealized gains (losses) on investments | 6 | (1) | 3 | (2) |
Foreign currency translation adjustments | (1) | 0 | (1) | 0 |
Pension liability adjustments | 0 | 2 | 0 | 1 |
Other comprehensive income (loss) | 11 | 19 | (4) | 14 |
Total comprehensive income | 1,636 | 3,330 | 4,917 | 6,003 |
Comprehensive income attributable to noncontrolling interests | (6) | (2) | (9) | (2) |
Comprehensive income attributable to Micron | $ 1,630 | $ 3,328 | $ 4,908 | $ 6,001 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions |
Feb. 28, 2019 |
Aug. 30, 2018 |
---|---|---|
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) | 1,178 | 1,170 |
Common Stock, outstanding (in shares) | 1,106 | 1,161 |
Treasury Stock, held (in shares) | 72 | 9 |
STATEMENT OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions |
Total |
Common Stock |
Additional Capital |
Retained Earnings |
Treasury Stock |
Accumulated Other Comprehensive Income (Loss) |
Total Micron Shareholders' Equity |
Noncontrolling Interests in Subsidiaries |
---|---|---|---|---|---|---|---|---|
Balance (in shares) at Aug. 31, 2017 | 1,116 | |||||||
Balance at Aug. 31, 2017 | $ 19,470 | $ 112 | $ 8,287 | $ 10,260 | $ (67) | $ 29 | $ 18,621 | $ 849 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 2,678 | 2,678 | 2,678 | 0 | ||||
Other comprehensive income (loss), net | (5) | (5) | (5) | |||||
Contributions from noncontrolling interests | 18 | 18 | ||||||
Stock issued in public offering (in shares) | 34 | |||||||
Stock issued in public offering | 1,366 | $ 3 | 1,363 | 1,366 | ||||
Stock issued under stock plans (in shares) | 9 | |||||||
Stock issued under stock plans | 106 | $ 1 | 105 | 106 | ||||
Stock-based compensation expense | 51 | 51 | 51 | |||||
Repurchase and retirement of stock (in shares) | (1) | |||||||
Repurchase and retirement of stock | (90) | $ 0 | (90) | 0 | (90) | |||
Reclassification of redeemable convertible notes, net | 3 | 3 | 3 | |||||
Conversion and repurchase of convertible notes | (204) | (271) | (204) | |||||
Treasury stock reissued to settle conversion and repurchase of convertible notes | 67 | |||||||
Balance (in shares) at Nov. 30, 2017 | 1,158 | |||||||
Balance at Nov. 30, 2017 | 23,393 | $ 116 | 9,448 | 12,938 | 0 | 24 | 22,526 | 867 |
Balance (in shares) at Aug. 31, 2017 | 1,116 | |||||||
Balance at Aug. 31, 2017 | 19,470 | $ 112 | 8,287 | 10,260 | (67) | 29 | 18,621 | 849 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 5,989 | |||||||
Other comprehensive income (loss), net | 14 | |||||||
Balance (in shares) at Mar. 01, 2018 | 1,165 | |||||||
Balance at Mar. 01, 2018 | 26,566 | $ 116 | 9,604 | 16,247 | (313) | 43 | 25,697 | 869 |
Balance (in shares) at Nov. 30, 2017 | 1,158 | |||||||
Balance at Nov. 30, 2017 | 23,393 | $ 116 | 9,448 | 12,938 | 0 | 24 | 22,526 | 867 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 3,311 | 3,309 | 3,309 | 2 | ||||
Other comprehensive income (loss), net | 19 | 19 | 19 | |||||
Stock issued under stock plans (in shares) | 8 | |||||||
Stock issued under stock plans | 82 | $ 0 | 82 | 82 | ||||
Stock-based compensation expense | 52 | 52 | 52 | |||||
Repurchase and retirement of stock (in shares) | (1) | |||||||
Repurchase and retirement of stock | (44) | $ 0 | (44) | 0 | (44) | |||
Settlement of capped calls | 0 | 313 | (313) | 0 | ||||
Reclassification of redeemable convertible notes, net | 5 | 5 | 5 | |||||
Conversion and repurchase of convertible notes | (252) | (252) | (252) | |||||
Balance (in shares) at Mar. 01, 2018 | 1,165 | |||||||
Balance at Mar. 01, 2018 | $ 26,566 | $ 116 | 9,604 | 16,247 | (313) | 43 | 25,697 | 869 |
Balance (in shares) at Aug. 30, 2018 | 1,170 | 1,170 | ||||||
Balance at Aug. 30, 2018 | $ 33,164 | $ 117 | 8,201 | 24,395 | (429) | 10 | 32,294 | 870 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (excluding redeemable noncontrolling interest) | 3,293 | 3,293 | 3,293 | 0 | ||||
Other comprehensive income (loss), net | (15) | (15) | (15) | |||||
Stock issued under stock plans (in shares) | 3 | |||||||
Stock issued under stock plans | 15 | $ 0 | 15 | 15 | ||||
Stock-based compensation expense | 61 | 61 | 61 | |||||
Repurchase and retirement of stock (in shares) | (1) | |||||||
Repurchase and retirement of stock | $ 0 | (11) | ||||||
Accelerated share repurchase program | 108 | |||||||
Repurchase of stock | (1,933) | |||||||
Stock Repurchased (held and retired) | (1,836) | (1,836) | ||||||
Reclassification of redeemable convertible notes, net | 1 | 1 | 1 | |||||
Conversion and repurchase of convertible notes | (36) | (36) | (36) | |||||
Balance (in shares) at Nov. 29, 2018 | 1,172 | |||||||
Balance at Nov. 29, 2018 | $ 34,739 | $ 117 | 8,350 | 27,769 | (2,362) | (5) | 33,869 | 870 |
Balance (in shares) at Aug. 30, 2018 | 1,170 | 1,170 | ||||||
Balance at Aug. 30, 2018 | $ 33,164 | $ 117 | 8,201 | 24,395 | (429) | 10 | 32,294 | 870 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 4,921 | |||||||
Other comprehensive income (loss), net | (4) | |||||||
Conversion and repurchase of convertible notes | $ (372) | |||||||
Balance (in shares) at Feb. 28, 2019 | 1,178 | 1,178 | ||||||
Balance at Feb. 28, 2019 | $ 35,430 | $ 118 | 8,143 | 29,364 | (3,064) | 6 | 34,567 | 863 |
Balance (in shares) at Nov. 29, 2018 | 1,172 | |||||||
Balance at Nov. 29, 2018 | 34,739 | $ 117 | 8,350 | 27,769 | (2,362) | (5) | 33,869 | 870 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (excluding redeemable noncontrolling interest) | 1,624 | 1,619 | 1,619 | 5 | ||||
Net income | 1,625 | |||||||
Other comprehensive income (loss), net | 11 | 11 | 11 | |||||
Stock issued under stock plans (in shares) | 7 | |||||||
Stock issued under stock plans | 77 | $ 1 | 76 | 77 | ||||
Stock-based compensation expense | 57 | 57 | 57 | |||||
Repurchase and retirement of stock (in shares) | (1) | |||||||
Repurchase and retirement of stock | $ 0 | (5) | (24) | |||||
Repurchase of stock | (702) | |||||||
Stock Repurchased (held and retired) | (731) | (731) | ||||||
Acquisitions of noncontrolling interest | (12) | 0 | (12) | |||||
Reclassification of redeemable convertible notes, net | 1 | 1 | 1 | |||||
Conversion and repurchase of convertible notes | $ (336) | (336) | (336) | |||||
Balance (in shares) at Feb. 28, 2019 | 1,178 | 1,178 | ||||||
Balance at Feb. 28, 2019 | $ 35,430 | $ 118 | $ 8,143 | $ 29,364 | $ (3,064) | $ 6 | $ 34,567 | $ 863 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Feb. 28, 2019 |
Mar. 01, 2018 |
|
Cash flows from operating activities | ||
Net income | $ 4,921 | $ 5,989 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation expense and amortization of intangible assets | 2,648 | 2,241 |
Amortization of debt discount and other costs | 29 | 55 |
Stock-based compensation | 118 | 103 |
Loss on debt prepayments, repurchases, and conversions | 69 | 218 |
Change in operating assets and liabilities | ||
Receivables | 1,202 | (630) |
Inventories | (800) | (62) |
Deferred tax assets | 320 | (262) |
Accounts payable and accrued expenses | (326) | 178 |
Other | 64 | 154 |
Net cash provided by operating activities | 8,245 | 7,984 |
Cash flows from investing activities | ||
Expenditures for property, plant, and equipment | (5,349) | (4,217) |
Purchases of available-for-sale securities | (2,566) | (502) |
Proceeds from government incentives | 455 | 1 |
Proceeds from maturities of available-for-sale securities | 391 | 138 |
Proceeds from sales of available-for-sale securities | 160 | 562 |
Other | (10) | 175 |
Net cash provided by (used for) investing activities | (6,919) | (3,843) |
Cash flows from financing activities | ||
Payments to acquire treasury stock | (2,568) | (67) |
Repayments of debt | (705) | (3,379) |
Payments on equipment purchase contracts | (37) | (153) |
Proceeds from issuance of debt | 1,800 | 650 |
Proceeds from issuance of stock | 92 | 1,554 |
Other | (65) | (25) |
Net cash provided by (used for) financing activities | (1,483) | (1,420) |
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | (1) | 4 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (158) | 2,725 |
Cash, cash equivalents, and restricted cash at beginning of period | 6,587 | 5,216 |
Cash, cash equivalents, and restricted cash at end of period | $ 6,429 | $ 7,941 |
Basis of Presentation |
6 Months Ended |
---|---|
Feb. 28, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Micron and our 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 August 30, 2018, except for changes related to recently adopted accounting standards. See "Recently Adopted Accounting Standards" note. Prior year information is presented in accordance with the accounting guidance in effect during that period and has not been recast for recently adopted accounting standards. 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 years 2019 and 2018 each contain 52 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 August 30, 2018. |
Variable Interest Entities |
6 Months Ended |
---|---|
Feb. 28, 2019 | |
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 PTI Xi'an: Powertech Technology Inc. Xi'an ("PTI Xi'an") is a wholly-owned subsidiary of Powertech Technology Inc. ("PTI") and was created to provide assembly services to us at our manufacturing site in Xi'an, China. We do not have an equity interest in PTI Xi'an. PTI Xi'an is a VIE because of the terms of its service agreement with us and its dependency on PTI to finance its operations. We do not have the power to direct the activities of PTI Xi'an that most significantly impact its economic performance, primarily because we do not have governance rights. Therefore, we do not consolidate PTI Xi'an. In connection with our assembly services with PTI, as of February 28, 2019 and August 30, 2018, we had net property, plant, and equipment of $56 million and $63 million, respectively, and capital lease obligations of $55 million and $63 million, respectively. Consolidated VIE 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. 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. On January 14, 2019, we exercised our option to acquire Intel's interest in IMFT. As a result, Intel can elect to set the closing date of the transaction to be any time between approximately six months to one year from the date we exercised our call option. (See "Equity – Noncontrolling Interests in Subsidiaries – IMFT" note.) |
Recently Adopted Accounting Standards |
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New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In October 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-16 – Intra-Entity Transfers Other Than Inventory ("ASU 2016-16"), which requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. We adopted this ASU in the first quarter of 2019 under the modified retrospective method and, in connection therewith, made certain adjustments as noted in the table below. In January 2016, the FASB issued 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. We adopted this ASU in the first quarter of 2019 under the modified retrospective method, with prospective adoption for amendments related to equity securities without readily determinable fair values. The adoption of this ASU did not have a material impact on our financial statements. In May 2014, the FASB issued ASU 2014-09 – Revenue from Contracts with Customers (as amended, "ASC 606"), which supersedes nearly all existing revenue recognition guidance under generally accepted accounting principles in the United States. The core principal of ASC 606 is that an entity should recognize revenue when it transfers control of 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. ASC 606 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. We adopted ASC 606 in the first quarter of 2019 under the modified retrospective method and, in connection therewith, made certain adjustments as noted in the table below. We applied ASC 606 to contracts with customers that had not yet been completed as of the adoption date. The following table summarizes the effects of adopting ASU 2016-16 and ASC 606.
As a result of the adoption of ASC 606, the opening balances as of August 31, 2018 for receivables, other current assets, and other current liabilities increased due to the reclassification of allowances for rebates, pricing adjustments, and returns to conform to the new presentation requirements. In addition, the margin from previously deferred sales to distributors was reclassified from other current liabilities to retained earnings. The tax effects of the adoption of ASC 606 were recorded primarily as a reduction of net deferred tax assets, substantially as a result of recognizing income for accounting purposes earlier under ASC 606 than for tax purposes in various jurisdictions. The effects of ASC 606 to our consolidated statement of operations and balance sheet were as follows:
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Recently Issued Accounting Standards Not Yet Adopted |
6 Months Ended |
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Feb. 28, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards Not Yet Adopted | Recently Issued Accounting Standards Not Yet Adopted In November 2018, the FASB issued ASU 2018-18 – Collaborative Arrangements, which clarifies that certain transactions between collaborative arrangement participants should be accounted for as revenue when the collaborative arrangement participant is a customer in the context of a unit of account and precludes recognizing as revenue consideration received from a collaborative arrangement participant if the participant is not a customer. This ASU will be effective for us in the first quarter of 2021 with early adoption permitted. This ASU requires retrospective adoption to the date we adopted ASC 606, August 31, 2018, by recognizing a cumulative-effect adjustment to the opening balance of retained earnings of the earliest annual period presented. We are evaluating the timing and effects of our adoption of this ASU on our financial statements. In June 2016, the FASB issued ASU 2016-13 – Measurement of Credit Losses on Financial Instruments, which requires a financial asset (or a group of financial assets) measured on the basis of amortized cost to be presented at the net amount expected to be collected. This ASU requires that the income statement reflect the measurement of credit losses for newly recognized financial assets as well as the increases or decreases of expected credit losses that have taken place during the period. This ASU requires that credit losses of debt securities designated as available-for-sale be recorded through an allowance for credit losses and limits the credit loss to the amount by which fair value is below amortized cost. This ASU will be effective for us in the first quarter of 2021 with adoption permitted as early as the first quarter of 2020. This ASU requires modified retrospective adoption, with prospective adoption for debt securities for which an other-than-temporary impairment had been recognized before the effective date. We are evaluating the timing and effects of our adoption of this ASU on our financial statements. In February 2016, the FASB issued ASU 2016-02 – Leases, which amends a number of aspects of lease accounting, including requiring lessees to recognize operating leases with a term greater than one year on their balance sheet as a right-of- use asset and corresponding liability, measured at the present value of lease payments. This ASU, as amended, will be effective for us in the first quarter of 2020 with early adoption permitted and allows for either a modified retrospective adoption or a retrospective adoption by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The adoption of this ASU will result in an increase to our consolidated balance sheets for these right-of-use assets and corresponding liabilities. We are evaluating the timing and other effects of our adoption of this ASU on our financial statements. |
Cash and Investments |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Investments | Cash and Investments Cash and equivalents and the fair values of our available-for-sale investments, which approximated amortized costs, were as follows:
Gross realized gains and losses from sales of available-for-sale securities were not material for any period presented. As of February 28, 2019, 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 | Receivables
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Inventories | Inventories
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Property, Plant, and Equipment | Property, Plant, and Equipment
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Intangible Assets and Goodwill |
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Intangible Assets and Goodwill | Intangible Assets and Goodwill
In the first six months of 2019 and 2018, we capitalized $64 million and $15 million, respectively, for product and process technology with weighted-average useful lives of 8 years and 12 years, respectively, and placed in service $108 million of in-process R&D in the first quarter of 2019, which is being amortized on a straight-line basis over six years. Expected amortization expense is $36 million for the remainder of 2019, $66 million for 2020, $60 million for 2021, $47 million for 2022, and $43 million for 2023. |
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Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses
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Debt | Debt
Senior Unsecured Notes On February 6, 2019, we issued our 2024 Notes, 2026 Notes, and 2029 Notes in a public offering. Issuance costs for these notes were $11 million. We may redeem some or all of these notes at our option prior to their maturity at a redemption price equal to accrued interest plus the present value of the remaining scheduled payments and we may redeem some or all of these notes at par between one and three months prior to maturity. Each of the 2024 Notes, 2026 Notes, and 2029 Notes contain covenants that, among other things, limit, in certain circumstances, our ability and/or the ability of our restricted subsidiaries (which are generally domestic subsidiaries in which we own at least 80% of the voting stock) to (1) create or incur certain liens, (2) enter into certain sale and lease-back transactions; and (3) consolidate with or merge with or into, or convey, transfer or lease all or substantially all of our assets, to another entity. These covenants are subject to a number of limitations and exceptions. Additionally, if a change in control triggering event occurs, as defined in the indenture governing such notes, we will be required to offer to purchase such notes at 101% of the outstanding aggregate principal amount plus accrued interest up to the purchase date. Convertible Senior Notes On February 8, 2019, we notified holders of our 2043G Notes that we would redeem all of the outstanding 2043G Notes on March 13, 2019. Holders could elect to convert these notes prior to March 12, 2019 at a conversion rate of 34.2936 shares of our common stock per $1,000 of principal amount. In connection with our notice, we made an irrevocable election to settle any conversions in cash. As a result, we reclassified $336 million from equity to a derivative debt liability. As of February 28, 2019, current debt included an aggregate of $1.11 billion for the settlement obligation (including principal and amounts in excess of principal) of all of our 2043G Notes. Holders converted substantially all of the 2043G Notes and on March 13, 2019, we paid $1.43 billion to settle the conversions and recognized a loss of $316 million in the third quarter of 2019. Holders of our convertible notes may convert their notes during any calendar quarter if 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. As of February 28, 2019, the trading price of our common stock was higher than the initial conversion prices of our 2032D Notes and our 2033F Notes and, as a result, the aggregate conversion value of $807 million exceeded the aggregate principal amount of $203 million by $604 million. Available Revolving Credit Facility On November 27, 2018, we increased the amount available to draw under our existing revolving credit facility expiring in July 2023 from $2.0 billion to $2.5 billion. As of February 28, 2019, there were no outstanding amounts drawn under this facility. Debt Activity When we receive a notice of conversion for any of our convertible notes and elect to settle in cash any portion of the conversion obligation in excess of the principal amount, the cash settlement obligations become derivative debt liabilities subject to mark-to-market accounting treatment based on the volume-weighted-average price of our common stock over a period of 20 consecutive trading days. Accordingly, at the date of our election to settle a conversion in cash, we reclassify the fair value of the equity component of the converted notes from additional capital to derivative debt liability within current debt in our consolidated balance sheet. The following table presents the effects of conversions, settlements, and issuance of debt in the first six months of 2019:
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Contingencies |
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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 balance sheet date, 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 upon 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 13 U.S. patents and seeks damages, attorneys' fees, and costs. On December 15, 2014, Innovative Memory Solutions, Inc. ("IMS") filed a patent infringement action against Micron in the U.S. District Court for the District of Delaware. The complaint alleges that a variety of our NAND products infringe eight U.S. patents and seeks damages, attorneys' fees, and costs. On July 23, 2018, IMS served a patent infringement complaint on Micron Semiconductor (Deutschland) GmbH and Micron Europe Limited alleging that products including our SSDs infringe a European patent. The complaint seeks unspecified damages and an order forbidding Micron Semiconductor (Deutschland) GmbH and Micron Europe Limited from offering to sell, using, and importing the accused products. On August 31, 2018, Micron was served with a complaint filed by IMS in Shenzhen Intermediate People's Court in Guangdong Province, China. The complaint alleges that certain of our NAND flash products infringe a Chinese patent. The complaint seeks an order requiring Micron to stop manufacturing, using, selling, and offering for sale the accused products in China, and to pay damages of 1 million Chinese yuan plus expenses. On March 19, 2018, Micron Semiconductor (Xi’an) Co., Ltd. ("MXA") was served with a patent infringement complaint filed by Fujian Jinhua Integrated Circuit Co., Ltd. ("Jinhua") in the Fuzhou Intermediate People’s Court in Fujian Province, China (the "Fuzhou Court"). On April 3, 2018, Micron Semiconductor (Shanghai) Co. Ltd. ("MSS") was served with the same complaint. The complaint alleges that MXA and MSS infringe a Chinese patent by manufacturing and selling certain Crucial DDR4 DRAM modules. The complaint seeks an order requiring MXA and MSS to destroy inventory of the accused products and equipment for manufacturing the accused products in China, to stop manufacturing, using, selling, and offering for sale the accused products in China, and to pay damages of 98 million Chinese yuan plus court fees incurred. On March 21, 2018, MXA was served with a patent infringement complaint filed by United Microelectronics Corporation ("UMC") in the Fuzhou Court. On April 3, 2018, MSS was served with the same complaint. The complaint alleges that MXA and MSS infringe a Chinese patent by manufacturing and selling certain Crucial DDR4 DRAM modules. The complaint seeks an order requiring MXA and MSS to destroy inventory of the accused products and equipment for manufacturing the accused products in China, to stop manufacturing, using, selling, and offering for sale the accused products in China, and to pay damages of 90 million Chinese yuan plus court fees incurred. On April 3, 2018, MSS was served with another patent infringement complaint filed by Jinhua and two additional complaints filed by UMC in the Fuzhou Court. The three additional complaints allege that MSS infringes three Chinese patents by manufacturing and selling certain Crucial MX300 SSDs and certain GDDR5 memory chips. The two complaints filed by UMC each seek an order requiring MSS to destroy inventory of the accused products and equipment for manufacturing the accused products in China, to stop manufacturing, using, selling, and offering for sale the accused products in China, and to pay damages of 90 million Chinese yuan plus court fees incurred. The complaint filed by Jinhua seeks an order requiring MSS to destroy inventory of the accused products and equipment for manufacturing the accused products in China, to stop manufacturing, using, selling, and offering for sale the accused products in China, and to pay damages of 98 million Chinese yuan plus court fees incurred. On October 9, 2018, UMC withdrew its complaint that alleged MSS infringed a Chinese patent by manufacturing and selling certain GDDR5 memory chips. On July 5, 2018, MXA and MSS were notified that the Fuzhou Court granted a preliminary injunction against those entities that enjoins them from manufacturing, selling, or importing certain Crucial and Ballistic-branded DRAM modules and solid-state drives in China. The affected products make up slightly more than 1% of our annualized revenues. We are complying with the ruling and have requested the Fuzhou Court to reconsider or stay its decision. Among other things, the above lawsuits pertain to substantially all of our DRAM, NAND, and other memory and storage products we manufacture, which account for a significant portion of our revenue. Qimonda On January 20, 2011, Dr. Michael Jaffé, administrator for Qimonda's 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 (the "Inotera Shares"), representing approximately 18% of Inotera's outstanding shares as of February 28, 2019, 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 the Inotera 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 Micron B.V. 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 Micron B.V. 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. Antitrust Matters On April 27, 2018, a complaint was filed against Micron and other DRAM suppliers in the U.S. District Court for the Northern District of California. Subsequently two substantially identical cases were filed in the same court. The lawsuits purport to be on behalf of a nationwide class of indirect purchasers of DRAM products. The complaints assert claims based on alleged price-fixing of DRAM products under federal and state law during the period from June 1, 2016 to February 1, 2018, and seek treble monetary damages, costs, interest, attorneys' fees, and other injunctive and equitable relief. On June 26, 2018, a complaint was filed against Micron and other DRAM suppliers in the U.S. District Court for the Northern District of California. Subsequently four substantially identical cases were filed in the same court. The lawsuits purport to be on behalf of a nationwide class of direct purchasers of DRAM products. The complaints assert claims based on alleged price-fixing of DRAM products under federal and state law during the period from June 1, 2016 to February 1, 2018, and seek treble monetary damages, costs, interest, attorneys' fees, and other injunctive and equitable relief. Additionally, six cases have been filed in the following Canadian courts: Superior Court of Quebec, the Federal Court of Canada, and the Supreme Court of British Columbia. The substantive allegations in these cases are similar to those asserted in the cases filed in the United States. On May 15, 2018, the Chinese State Administration for Market Regulation ("SAMR") notified Micron that it was investigating potential collusion and other anticompetitive conduct by DRAM suppliers in China. On May 31, 2018, SAMR made unannounced visits to our sales offices in Beijing, Shanghai, and Shenzhen to seek certain information as part of its investigation. We are cooperating with SAMR in its investigation. Securities Matters On January 23, 2019, a complaint was filed against Micron and two of our officers, Sanjay Mehrotra and David Zinsner, in the U.S. District Court for the Southern District of New York. The lawsuit purports to be brought on behalf of a class of purchasers of our stock during the period from June 22, 2018 through November 19, 2018. Subsequently two substantially similar cases were filed in the same court adding one of our former officers, Ernie Maddock, as a defendant and alleging a class action period from September 26, 2017 through November 19, 2018. The three complaints allege that defendants committed securities fraud through misrepresentations and omissions about purported anticompetitive behavior in the DRAM industry and seek compensatory and punitive damages, fees, interest, costs, and other appropriate relief. On March 5, 2019, a shareholder derivative complaint was filed in the U.S. District Court for the District of Delaware, allegedly on behalf of and for the benefit of Micron, against certain current and former officers and directors of Micron for alleged breaches of their fiduciary duties and other violations of law. The allegations are based on, among other things, purported false and misleading statements regarding anticompetitive behavior in the DRAM industry. The complaint seeks damages, fees, interest, costs, and other appropriate relief. Other On December 5, 2017, Micron filed a complaint against UMC and Jinhua in the U.S. District Court for the Northern District of California. The complaint alleges that UMC and Jinhua violated the Defend Trade Secrets Act, the civil provisions of the Racketeer Influenced and Corrupt Organizations Act, and California's Uniform Trade Secrets Act by misappropriating Micron's trade secrets and other misconduct. Micron's complaint seeks damages, restitution, disgorgement of profits, injunctive relief, and other appropriate relief. 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. We are unable to predict the outcome of the patent matters, the Qimonda matter, antitrust matters, securities matters, and other matters noted above 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, as well as the resolution of any other legal matter noted above, could have a material adverse effect on our business, results of operations, or financial condition. |
Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity Micron Shareholders' Equity Common Stock Repurchases: Our Board of Directors has authorized the discretionary repurchase of up to $10 billion of our outstanding common stock beginning in our fiscal 2019. We may purchase shares on a discretionary basis through open-market purchases, block trades, privately-negotiated transactions, derivative transactions, and/or pursuant to Rule 10b5-1 trading plans, subject to market conditions and our ongoing determination of the best use of available cash. The repurchase authorization does not obligate us to acquire any common stock. In the second quarter and first six months of 2019, we repurchased 21 million shares of our common stock for $702 million and 63 million shares of our common stock for $2.51 billion, respectively, under an accelerated share repurchase agreement, Rule 10b5-1 plans, and through open market repurchases. The shares were recorded as treasury stock. Noncontrolling Interests in Subsidiaries
IMFT: Since 2006, we have owned 51% of IMFT, a joint venture between us and Intel. 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. IMFT manufactures semiconductor products exclusively for its members under a long-term supply agreement at prices approximating cost. In the first quarter of 2018, IMFT discontinued production of NAND and subsequent to that time has manufactured 3D XPoint memory. Through our IMFT joint venture, we continue to jointly develop 3D XPoint technologies with Intel through the second generation of 3D XPoint technology, which is expected to be completed in the second half of 2019. To better optimize the 3D XPoint technology for our product roadmap and maximize the benefits for our customers and shareholders, in the fourth quarter of 2018, we announced that we will no longer jointly develop with Intel subsequent generations of 3D XPoint technology. IMFT will continue to manufacture memory based on 3D XPoint technology at the fabrication facility in Lehi, Utah for its members. IMFT sales to Intel were $172 million and $347 million for the second quarter and first six months of 2019, respectively, and were $115 million and $227 million for the second quarter and first six months of 2018, respectively. On January 14, 2019, we exercised our option to acquire Intel's interest in IMFT. As a result, Intel can elect to set the closing date of the transaction to be any time between approximately six months to one year from the date we exercised our call option. At the time of closing, we expect to pay Intel consideration approximating Intel's interest in the net book value of IMFT plus member debt. Following the closing date, we will continue to supply to Intel product from IMFT for a period of up to one year under a fixed-price arrangement for the duration of the supply agreement. The pricing will be determined at the time of the closing of our acquisition of Intel's interest based on the cost of products produced by IMFT over a period of time prior to closing, plus a margin. For the first six months of such one-year period, Intel can receive supply ranging from 50% to 100%, at Intel's choice, of the volume supplied to Intel by IMFT in the six-month period immediately prior to the closing date. For the second six months of such one-year period, Intel can receive supply ranging from 0% to 100%, at Intel's choice, of the volume supplied to Intel by IMFT in the first six-month period. IMFT's capital requirements are generally determined based on an annual plan approved by the members, and capital contributions to IMFT are requested as needed. Capital requests are made to the members in proportion to their then-current ownership interest. Members may elect to not contribute their proportional share, and in such event, the contributing member may elect to contribute any amount of the capital request, either in the form of an equity contribution or member debt financing. Under the supply agreement, the members have rights and obligations to the capacity of IMFT in proportion to their investment, including member debt financing. Any capital contribution or member debt financing results in a proportionate adjustment to the sharing of output on an eight-month lag. Members pay their proportionate share of fixed costs associated with IMFT's capacity. 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 the assets and liabilities of IMFT included in our consolidated balance sheets:
Amounts exclude intercompany balances that were eliminated in our consolidated balance sheets. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements All of our marketable debt and equity investments were classified as available-for-sale and carried at fair value as of the dates noted below. The estimated fair values of our convertible and other notes in the table below were determined based on Level 2 inputs, and together with the carrying value of our outstanding debt instruments (excluding the carrying value of equity and mezzanine equity components of our convertible notes) were as follows:
Other operating (income) expense, net included unrealized losses from assets held for sale of $46 million in the second quarter of 2019. The fair values for semiconductor equipment were based on quotations obtained from equipment dealers, which consider the remaining useful life and configuration of the equipment (Level 3). |
Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments
Derivative Instruments with Hedge Accounting Designation We utilize currency forward contracts that generally mature within 12 months to hedge our exposure to changes in currency exchange rates. Currency forward contracts are measured at fair value based on market-based observable inputs including currency exchange spot and forward rates, interest rates, and credit-risk spreads (Level 2). We do not use derivative instruments for speculative purposes. Cash Flow Hedges: We utilize cash flow hedges for our exposure from changes in currency exchange rates for certain capital expenditures. For derivative instruments designated as cash flow hedges, the effective portion of the realized and unrealized gains or losses on derivatives is included as a component of accumulated other comprehensive income. Amounts in accumulated other comprehensive income are reclassified into earnings in the same line items and in the same periods in which the underlying transactions affect earnings. For the periods presented prior to the second quarter of 2018, the ineffective and excluded portion of the realized and unrealized gain or loss was included in other non-operating income (expense). As a result of adopting ASU 2017-12, beginning in the second quarter of 2018, the excluded portion of such amounts is included in the same line item in which the underlying transactions affect earnings and the ineffective portion of the realized and unrealized gains or losses on derivatives is included as a component of accumulated other comprehensive income. We recognized gains of $7 million and losses of $6 million for the second quarter and first six months of 2019, respectively, and gains of $21 million and $17 million for the second quarter and first six months of 2018, respectively, in accumulated other comprehensive income from the effective portion of cash flow hedges. Neither the amount excluded from hedge effectiveness nor the reclassifications from accumulated other comprehensive income to earnings were material in the second quarters or first six months of 2019 or 2018. The amounts from cash flow hedges included in accumulated other comprehensive income that are expected to be reclassified into earnings in the next 12 months were also not material. Fair Value Hedges: During the second quarter of 2018, we utilized fair value hedges to hedge our exposure to changes in fair values from the changes in currency exchange rates for certain monetary assets and liabilities. Other non-operating income (expense) for the second quarter of 2018 included gains of $56 million from the change in fair value attributed to changes in the undiscounted spot rate which offset the losses on the remeasurement of the hedged assets and liabilities, and losses of $19 million from the amortization of amounts excluded from hedge effectiveness of fair value hedges. Amounts recorded to other comprehensive income (loss) for the second quarter of 2018 were not material. Derivative Instruments without Hedge Accounting Designation Currency Derivatives: We generally utilize a rolling hedge strategy with currency forward contracts that mature within three months to hedge our exposures of monetary assets and liabilities from changes in currency exchange rates. At the end of each reporting period, monetary assets and liabilities denominated in currencies other than the U.S. dollar are remeasured into 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). Realized and unrealized gains and losses on derivative instruments without hedge accounting designation as well as the changes in the underlying monetary assets and liabilities from changes in currency exchange rates are included in other non-operating income (expense). For derivative instruments without hedge accounting designation, we recognized gains of $11 million in the second quarter of 2019, losses of $11 million in the first quarter of 2019, and gains of $50 million and $52 million in the second quarter and first six months of 2018, respectively. Convertible Notes Settlement Obligations: For settlement obligations associated with our convertible notes subject to mark-to-market accounting treatment, the fair values of the underlying derivative settlement obligations were initially determined using the Black-Scholes option valuation model (Level 2), which requires inputs of stock price, expected stock-price volatility, estimated option life, risk-free interest rate, and dividend rate. The subsequent measurement amounts were based on the volume-weighted-average trading price of our common stock (Level 2). (See "Debt" note.) We recognized losses of $82 million and $66 million in the second quarter and first six months of 2019, respectively, and losses of $20 million and $24 million for the second quarter and first six months of 2018, respectively, in other non-operating income (expense), net for the changes in fair value of the derivative settlement obligations. |
Equity Plans |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Plans | Equity Plans As of February 28, 2019, 113 million shares of our common stock were available for future awards under our equity plans. Stock Options Stock options granted and assumptions used in the Black-Scholes option valuation model were as follows:
Restricted Stock and Restricted Stock Units ("Restricted Stock Awards") Restricted Stock Awards activity is summarized as follows:
Employee Stock Purchase Plan Our first ESPP offering period ended in January 2019 and we issued 1 million shares to employees at a purchase price per share of $32.50 under the ESPP. Assumptions used in the Black-Scholes option valuation model for the offering period beginning February 2019 were as follows:
Stock-based Compensation Expense
Income tax benefits related to share-based payment arrangements were $30 million and $53 million for the second quarter and first six months of 2019, respectively, and $58 million and $116 million for the second quarter and first six months of 2018, respectively. Income tax benefits related to share-based compensation for the first quarter of 2018 were offset by an increase in the U.S. valuation allowance. As of February 28, 2019, $450 million of total unrecognized compensation costs for unvested awards, before the effect of any future forfeitures, was expected to be recognized through the second quarter of 2023, resulting in a weighted-average period of 1.4 years. |
Revenue and Contract Liabilities |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue and Contract Liabilities | Revenue and Contract Liabilities Our revenues are primarily recognized at a point in time, when control of the promised goods is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods. Contracts with our customers are generally short-term in duration at fixed, negotiated prices with payment generally due shortly after delivery. We estimate a liability for returns using the expected value method based on historical rates of return. In addition, we generally offer price protection to our distributors, which is a form of variable consideration that decreases the transaction price. We estimate the amount of consideration we expect to be entitled to from sales to distributors, using the expected value method, based on historical price adjustments and current pricing trends. Differences between the estimated and actual amounts are recognized as adjustments to revenue. (See "Segment and Other Information" note for disclosure of disaggregated revenue.) Contract Liabilities
Our contract liabilities are for advance payments received from customers to secure product in future periods and for other arrangements where we have received amounts in advance of satisfying performance obligations and are reported in the accompanying consolidated balance sheets within other current liabilities and other noncurrent liabilities. Revenue and interest expense associated with contract liabilities for the time value of advance payments was not material in any period presented. As of February 28, 2019, our future performance obligations beyond one year were not material. Changes in contract liabilities for the first six months of 2019 were as follows:
Contract liabilities increase as a result of receiving new advance payments from customers and decrease as revenue is recognized from customers purchasing product under advance payment arrangements. Additions and other activity included new customer advances, payments received from license and other arrangements in advance of performance, and interest accrued for financing components on advance payments. Revenue recognized for the first six months of 2019 from the beginning balance included $148 million from shipments against customer advances and $15 million from meeting other performance obligations. Consideration Payable to Customers As of February 28, 2019, other current liabilities included $383 million for estimates of consideration payable to customers, including estimates for pricing adjustments and returns. |
Research and Development |
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Feb. 28, 2019 | |
Research and Development [Abstract] | |
Research and Development | Research and Development We share the cost of certain product and process development activities with development partners. Our R&D expenses were reduced by $23 million and $53 million for the second quarter and first six months of 2019, respectively, and by $58 million and $114 million for the second quarter and first six months of 2018, respectively, pursuant to reimbursements under these arrangements. We have agreements to jointly develop NAND and 3D XPoint technologies with Intel. We continue to jointly develop NAND technologies with Intel through the third generation of 3D NAND, which is expected to be completed in the second half of 2019. In the second quarter of 2018, we and Intel agreed to independently develop subsequent generations of 3D NAND in order to better optimize the technology and products for our respective business needs. We continue to jointly develop 3D XPoint technologies with Intel through the second generation of 3D XPoint technology, which is expected to be completed in the second half of 2019. To better optimize 3D XPoint technology for our product roadmap and maximize the benefits for our customers and shareholders, in the fourth quarter of 2018, we announced that we will no longer jointly develop with Intel subsequent generations of 3D XPoint technology. |
Other Operating (Income) Expense, Net |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Operating (Income) Expense, Net | Other Operating (Income) Expense, Net
Restructure and asset impairments primarily relate to our continued emphasis to centralize certain key functions. As of February 28, 2019 and August 30, 2018, other current liabilities included $54 million and $12 million, respectively, for such restructure activities. |
Other Non-Operating Income (Expense), Net |
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Other Non-Operating Income (Expense), Net | Other Non-Operating Income (Expense), Net
Loss on debt prepayments, repurchases, and conversions for 2019 was primarily due to the conversion of our 2043G Notes and for 2018 was due to the repurchase of our 2023 Secured Notes and 2023 Notes and conversions of our convertible notes. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes On December 22, 2017, the United States enacted comprehensive tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"), which imposed a one-time transition tax in 2018 (the "Repatriation Tax") and, beginning in 2019, created a new minimum tax on certain foreign earnings (the "Foreign Minimum Tax"). SEC Staff Accounting Bulletin No. 118 ("SAB 118") allows the use of provisional amounts (reasonable estimates) if the analyses of the impacts of the Tax Act have not been completed when financial statements are issued. During the first quarter of 2019, we finalized the computations of the income tax effects of the Tax Act. As such, in accordance with SAB 118, our accounting for the effects of the Tax Act is complete. Our income tax provision consisted of the following:
As of February 28, 2019, we had gross unrecognized income tax benefits of $438 million, substantially all of which would affect our effective tax rate in the future, if recognized. The amount accrued for interest and penalties related to uncertain tax positions was not material for any period presented. We operate in a number of tax jurisdictions outside the United States, including Singapore, where we have tax incentive arrangements, which expire in whole or in part at various dates through 2034, that are conditional, in part, upon meeting certain business operations and employment thresholds. The effect of tax incentive arrangements reduced our tax provision by $244 million (benefiting our diluted earnings per share by $0.21) and $671 million ($0.58 per diluted share) for the second quarter and first six months of 2019, respectively, and by $436 million ($0.35 per diluted share) and $827 million ($0.67 per diluted share) for the second quarter and first six months of 2018, respectively. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share
Antidilutive potential common stock shares that could dilute basic earnings per share in the future were 11 million and 9 million for the second quarter and first six months of 2019, respectively, and 3 million for the second quarter and first six months of 2018. |
Segment and Other Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Other Information | Segment and Other 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 data center, client, graphics, and networking markets. Mobile Business Unit ("MBU"): Includes memory products sold into smartphone and other mobile-device markets. Storage Business Unit ("SBU"): Includes SSDs and other storage products, including component-level solutions, sold into data center, client, and consumer SSD markets, other discrete storage products sold in component and wafer forms to the removable storage markets, and sales of 3D XPoint memory. Embedded Business Unit ("EBU"): Includes memory and storage products sold into automotive, industrial, and consumer markets. Certain operating expenses directly associated with the activities of a specific segment are charged to that segment. Other indirect operating income and expenses 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 (other than goodwill) 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.
Revenue by product type was as follows:
Customer Concentrations: Revenue from Huawei Technologies Co., Ltd. was 13% of total revenue for the first six months of 2019. |
Basis of Presentation (Policies) |
6 Months Ended |
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Feb. 28, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | The accompanying consolidated financial statements include the accounts of Micron and our 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 August 30, 2018, except for changes related to recently adopted accounting standards. See "Recently Adopted Accounting Standards" note. Prior year information is presented in accordance with the accounting guidance in effect during that period and has not been recast for recently adopted accounting standards. 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. |
Comparability | Prior year information is presented in accordance with the accounting guidance in effect during that period and has not been recast for recently adopted accounting standards. |
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 years 2019 and 2018 each contain 52 weeks. |
Variable Interest Entities (Policies) |
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Feb. 28, 2019 | |
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. |
Recently Adopted Accounting Standards (Tables) |
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New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Statement Impact from Adoption of New Accounting Standards |
The following table summarizes the effects of adopting ASU 2016-16 and ASC 606.
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Cash and Investments (Tables) |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Investments | Cash and equivalents and the fair values of our available-for-sale investments, which approximated amortized costs, were as follows:
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Cash and equivalents and the fair values of available-for-sale investments | Cash and equivalents and the fair values of our available-for-sale investments, which approximated amortized costs, were as follows:
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Receivables (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Receivables |
|
Inventories (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories |
|
Property, Plant, and Equipment (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Plant, and Equipment |
|
Intangible Assets and Goodwill (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill |
|
Accounts Payable and Accrued Expenses (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Payable And Accrued Expenses |
|
Debt (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt |
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Schedule of Debt Conversions, Settlements, and Issuances | The following table presents the effects of conversions, settlements, and issuance of debt in the first six months of 2019:
|
Equity (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Noncontrolling Interests In Subsidiaries |
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IM Flash Technologies, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total IMFT 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. |
Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated fair value and carrying value of debt instruments |
|
Derivative Instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments |
|
Equity Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Options Granted and Valuation Assumptions |
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Schedule of Restricted Stock Awards Activity |
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Employee Stock Purchase Plan Valuation Assumptions |
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Stock-based Compensation Expense by Caption |
|
Revenue (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Liabilities | Changes in contract liabilities for the first six months of 2019 were as follows:
|
Other Operating (Income) Expense, Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Operating (Income) Expense, Net |
|
Other Non-Operating Income (Expense), Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Nonoperating Income (Expense) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Nonoperating Income (Expense), Net |
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Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax (Provision) Benefit | Our income tax provision consisted of the following:
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Earnings Per Share |
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Segment and Other Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Results by Segment |
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Revenue by Product Type | Revenue by product type was as follows:
|
Variable Interest Entities (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Feb. 28, 2019 |
Aug. 30, 2018 |
|
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity (PTI Xi'an), Nonconsolidated, Carrying Amount of Capital Leases | $ 55 | $ 63 |
Variable Interest Entity (PTI Xi'an), Nonconsolidated, Carrying Amount of PP&E | $ 56 | $ 63 |
IM Flash Technologies, LLC | Minimum | ||
Noncontrolling Interest [Line Items] | ||
Joint Venture Agreement, Terms, Period Between Election Date And Transaction Closing Date | 6 months | |
IM Flash Technologies, LLC | Maximum | ||
Noncontrolling Interest [Line Items] | ||
Joint Venture Agreement, Terms, Period Between Election Date And Transaction Closing Date | 1 year |
Recently Adopted Accounting Standards (Details) - USD ($) $ in Millions |
Feb. 28, 2019 |
Aug. 31, 2018 |
Aug. 30, 2018 |
---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Receivables | $ 4,416 | $ 5,592 | $ 5,478 |
Inventories | 4,390 | 3,590 | 3,595 |
Other current assets | 211 | 180 | 164 |
Deferred tax assets | 762 | 986 | 1,022 |
Other current liabilities | 665 | 517 | 521 |
Other noncurrent liabilities | 993 | 582 | 581 |
Retained earnings | $ 29,364 | 24,487 | $ 24,395 |
ASC 606 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Receivables | 114 | ||
Inventories | (5) | ||
Other current assets | 30 | ||
Deferred tax assets | (92) | ||
Other current liabilities | (4) | ||
Other noncurrent liabilities | 1 | ||
Retained earnings | 50 | ||
ASU 2016-16 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Receivables | 0 | ||
Inventories | 0 | ||
Other current assets | (14) | ||
Deferred tax assets | 56 | ||
Other current liabilities | 0 | ||
Other noncurrent liabilities | 0 | ||
Retained earnings | $ 42 |
Recently Adopted Accounting Standards Revenue Initial Application Period Cumulative Effect (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Feb. 28, 2019 |
Mar. 01, 2018 |
Feb. 28, 2019 |
Mar. 01, 2018 |
Aug. 31, 2018 |
Aug. 30, 2018 |
|
Income Statement [Abstract] | ||||||
Revenue | $ 5,835 | $ 7,351 | $ 13,748 | $ 14,154 | ||
Cost of goods sold | 2,971 | 3,081 | 6,269 | 6,137 | ||
Interest expense | (27) | (88) | (60) | (212) | ||
Income tax provision | (280) | (143) | (757) | (257) | ||
Net income attributable to Micron | 1,619 | $ 3,309 | 4,912 | $ 5,987 | ||
Balance Sheet [Abstract] | ||||||
Receivables | 4,416 | 4,416 | $ 5,592 | $ 5,478 | ||
Other current assets | 211 | 211 | 180 | 164 | ||
Deferred tax assets | 762 | 762 | 986 | 1,022 | ||
Accounts payable and accrued expenses | 4,062 | 4,062 | 4,374 | |||
Other current liabilities | 665 | 665 | 517 | 521 | ||
Other noncurrent liabilities | 993 | 993 | 582 | 581 | ||
Retained earnings | 29,364 | 29,364 | 24,487 | $ 24,395 | ||
ASC 606 | ||||||
Balance Sheet [Abstract] | ||||||
Receivables | 114 | |||||
Other current assets | 30 | |||||
Deferred tax assets | (92) | |||||
Other current liabilities | (4) | |||||
Other noncurrent liabilities | 1 | |||||
Retained earnings | $ 50 | |||||
Difference between Revenue Guidance in Effect before and after Topic 606 | ASC 606 | ||||||
Income Statement [Abstract] | ||||||
Revenue | 20 | 115 | ||||
Cost of goods sold | 28 | 69 | ||||
Interest expense | (1) | (3) | ||||
Income tax provision | 8 | 5 | ||||
Net income attributable to Micron | (1) | 48 | ||||
Balance Sheet [Abstract] | ||||||
Receivables | 154 | 154 | ||||
Other current assets | 39 | 39 | ||||
Deferred tax assets | (87) | (87) | ||||
Accounts payable and accrued expenses | 0 | 0 | ||||
Other current liabilities | 7 | 7 | ||||
Other noncurrent liabilities | 1 | 1 | ||||
Retained earnings | 98 | 98 | ||||
Calculated under Revenue Guidance in Effect before Topic 606 | ASC 606 | ||||||
Income Statement [Abstract] | ||||||
Revenue | 5,815 | 13,633 | ||||
Cost of goods sold | 2,943 | 6,200 | ||||
Interest expense | (26) | (57) | ||||
Income tax provision | (288) | (762) | ||||
Net income attributable to Micron | 1,620 | 4,864 | ||||
Balance Sheet [Abstract] | ||||||
Receivables | 4,262 | 4,262 | ||||
Other current assets | 172 | 172 | ||||
Deferred tax assets | 849 | 849 | ||||
Accounts payable and accrued expenses | 4,062 | 4,062 | ||||
Other current liabilities | 658 | 658 | ||||
Other noncurrent liabilities | 992 | 992 | ||||
Retained earnings | $ 29,266 | $ 29,266 |
Cash and Investments (Details) - USD ($) $ in Millions |
6 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2019 |
Aug. 30, 2018 |
Mar. 01, 2018 |
Aug. 31, 2017 |
||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Cash and Equivalents | $ 6,353 | $ 6,506 | |||||||||||
Short-term Investments | 1,180 | 296 | |||||||||||
Long-term Marketable Investments | [1] | 1,614 | 473 | ||||||||||
Total Fair Value | 9,147 | 7,275 | |||||||||||
Restricted cash | [2] | 76 | 81 | ||||||||||
Cash, cash equivalents, and restricted cash | 6,429 | 6,587 | $ 7,941 | $ 5,216 | |||||||||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | |||||||||||||
Available-for-sale securities in an unrealized loss position for longer than twelve months | $ 0 | ||||||||||||
Minimum | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Long-term marketable investments, general maturities (in years) | 1 year | ||||||||||||
Maximum | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Long-term marketable investments, general maturities (in years) | 4 years | ||||||||||||
Cash | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Cash and Equivalents | $ 2,652 | 3,223 | |||||||||||
Short-term Investments | 0 | 0 | |||||||||||
Long-term Marketable Investments | 0 | 0 | |||||||||||
Total Fair Value | 2,652 | 3,223 | |||||||||||
Money market funds | Level 1 | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Cash and Equivalents | [3] | 3,114 | 2,443 | ||||||||||
Short-term Investments | [3] | 0 | 0 | ||||||||||
Long-term Marketable Investments | [1],[3] | 0 | 0 | ||||||||||
Total Fair Value | [3] | 3,114 | 2,443 | ||||||||||
Corporate Bonds | Level 2 | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Cash and Equivalents | [4] | 21 | 3 | ||||||||||
Short-term Investments | [4] | 692 | 172 | ||||||||||
Long-term Marketable Investments | [1],[4] | 923 | 272 | ||||||||||
Total Fair Value | [4] | 1,636 | 447 | ||||||||||
Government securities | Level 2 | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Cash and Equivalents | [4] | 80 | 5 | ||||||||||
Short-term Investments | [4] | 255 | 63 | ||||||||||
Long-term Marketable Investments | [1],[4] | 280 | 103 | ||||||||||
Total Fair Value | [4] | 615 | 171 | ||||||||||
Asset-backed securities | Level 2 | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Cash and Equivalents | [4] | 0 | 0 | ||||||||||
Short-term Investments | [4] | 105 | 34 | ||||||||||
Long-term Marketable Investments | [1],[4] | 401 | 96 | ||||||||||
Total Fair Value | [4] | 506 | 130 | ||||||||||
Certificates of deposit | Level 2 | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Cash and Equivalents | [4] | 382 | 806 | ||||||||||
Short-term Investments | [4] | 39 | 11 | ||||||||||
Long-term Marketable Investments | [1],[4] | 10 | 2 | ||||||||||
Total Fair Value | [4] | 431 | 819 | ||||||||||
Commercial paper | Level 2 | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Cash and Equivalents | [4] | 104 | 26 | ||||||||||
Short-term Investments | [4] | 89 | 16 | ||||||||||
Long-term Marketable Investments | [1],[4] | 0 | 0 | ||||||||||
Total Fair Value | [4] | $ 193 | $ 42 | ||||||||||
|
Receivables (Details) - USD ($) $ in Millions |
Feb. 28, 2019 |
Aug. 31, 2018 |
Aug. 30, 2018 |
---|---|---|---|
Receivables [Abstract] | |||
Trade receivables | $ 3,997 | $ 5,056 | |
Income and other taxes | 250 | 161 | |
Other | 169 | 261 | |
Receivables | $ 4,416 | $ 5,592 | $ 5,478 |
Inventories (Details) - USD ($) $ in Millions |
Feb. 28, 2019 |
Aug. 31, 2018 |
Aug. 30, 2018 |
---|---|---|---|
Inventory, Net, Items Net of Reserve Alternative [Abstract] | |||
Finished goods | $ 843 | $ 815 | |
Work in process | 3,023 | 2,357 | |
Raw materials and supplies | 524 | 423 | |
Inventories | $ 4,390 | $ 3,590 | $ 3,595 |
Property, Plant, and Equipment (Details) - USD ($) $ in Millions |
Feb. 28, 2019 |
Aug. 30, 2018 |
|||||
---|---|---|---|---|---|---|---|
Property, Plant and Equipment, Net, by Type [Abstract] | |||||||
Gross property, plant, and equipment | $ 53,730 | $ 49,091 | |||||
Accumulated depreciation | (27,526) | (25,419) | |||||
Property, plant, and equipment, net | 26,204 | 23,672 | |||||
Land | |||||||
Property, Plant and Equipment, Net, by Type [Abstract] | |||||||
Gross property, plant, and equipment | 346 | 345 | |||||
Buildings | |||||||
Property, Plant and Equipment, Net, by Type [Abstract] | |||||||
Gross property, plant, and equipment | 9,547 | 8,680 | |||||
Equipment | |||||||
Property, Plant and Equipment, Net, by Type [Abstract] | |||||||
Gross property, plant, and equipment | [1] | 41,377 | 38,249 | ||||
Equipment not placed into service | |||||||
Property, Plant and Equipment, Net, by Type [Abstract] | |||||||
Gross property, plant, and equipment | 2,510 | 1,730 | |||||
Construction in progress | |||||||
Property, Plant and Equipment, Net, by Type [Abstract] | |||||||
Gross property, plant, and equipment | [2] | 1,715 | 1,162 | ||||
Software | |||||||
Property, Plant and Equipment, Net, by Type [Abstract] | |||||||
Gross property, plant, and equipment | $ 745 | $ 655 | |||||
|
Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Nov. 29, 2018 |
Feb. 28, 2019 |
Mar. 01, 2018 |
Aug. 30, 2018 |
|
Amortizing assets [Line Items] | ||||
Accumulated Amortization, Product and process technology | $ (227) | $ (344) | ||
Annual amortization expense for intangible assets [Abstract] | ||||
Remainder of 2019 | 36 | |||
2020 | 66 | |||
2021 | 60 | |||
2022 | 47 | |||
2023 | 43 | |||
Intangible Assets, Net (Including Goodwill) [Abstract] | ||||
Total intangible assets, (gross, excluding Goodwill) | 577 | 675 | ||
Goodwill | 1,228 | 1,228 | ||
In-process R&D | ||||
Non-amortizing assets [Line Items] | ||||
Gross Amount, In-process R&D | 0 | 108 | ||
Product and process technology | ||||
Amortizing assets [Line Items] | ||||
Gross Amount, Product and process technology | 577 | 567 | ||
Accumulated Amortization, Product and process technology | (227) | $ (344) | ||
Product and process technology intangible asset capitalized during period | $ 64 | $ 15 | ||
Product and process technology intangible asset capitalized during period, weighted-average useful lives (in years) | 8 years | 12 years | ||
In-process R&D | ||||
Amortizing assets [Line Items] | ||||
Increase in amortizing assets for in-process R&D placed into service | $ 108 | |||
Useful life assigned to in-process R&D assets | 6 years |
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions |
Feb. 28, 2019 |
Aug. 30, 2018 |
---|---|---|
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Accounts payable | $ 1,523 | $ 1,692 |
Property, plant, and equipment payables | 1,416 | 1,238 |
Salaries, wages, and benefits | 468 | 841 |
Income and other taxes | 449 | 402 |
Other | 206 | 201 |
Total accounts payable and accrued expenses | $ 4,062 | $ 4,374 |
Debt - Schedule of Long-term Debt (Details) |
6 Months Ended | |||||
---|---|---|---|---|---|---|
Feb. 06, 2019
USD ($)
|
Feb. 28, 2019
USD ($)
d
|
Aug. 30, 2018
USD ($)
|
||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Current debt | $ 2,634,000,000 | $ 859,000,000 | ||||
Long-term debt | 3,604,000,000 | 3,777,000,000 | ||||
Total | $ 6,238,000,000 | 4,636,000,000 | ||||
Convertible Debt | ||||||
Convertible Senior Notes | ||||||
Conversion rights, minimum number of trading days (in days) | d | 20 | |||||
Conversion rights, consecutive trading period (in days) | d | 30 | |||||
Conversion rights, threshold percentage of applicable conversion price (in hundredths) | 130.00% | |||||
Convertible Debt | IMFT Member Debt | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Current debt | $ 1,009,000,000 | [1] | 0 | |||
Long-term debt | 0 | [1] | 1,009,000,000 | |||
Total | $ 1,009,000,000 | [1] | 1,009,000,000 | |||
Convertible Debt | 2032D Notes | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Stated Rate (in ten thousandths) | 3.13% | |||||
Effective Rate (in ten thousandths) | 6.33% | |||||
Current debt | $ 0 | 0 | ||||
Long-term debt | 125,000,000 | 132,000,000 | ||||
Total | $ 125,000,000 | 132,000,000 | ||||
Convertible Debt | 2033F Notes | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Stated Rate (in ten thousandths) | 2.13% | |||||
Effective Rate (in ten thousandths) | 4.93% | |||||
Current debt | $ 68,000,000 | 235,000,000 | ||||
Long-term debt | 0 | 0 | ||||
Total | $ 68,000,000 | 235,000,000 | ||||
Convertible Debt | 2043G Notes | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Stated Rate (in ten thousandths) | 3.00% | |||||
Effective Rate (in ten thousandths) | 6.76% | |||||
Current debt | $ 1,110,000,000 | 0 | ||||
Long-term debt | 0 | 682,000,000 | ||||
Total | 1,110,000,000 | 682,000,000 | ||||
Convertible Debt | 2032D and 2033F | ||||||
Convertible Senior Notes | ||||||
Conversion value of convertible notes | 807,000,000 | |||||
Principal amount of convertible notes | 203,000,000 | |||||
Conversion value in excess of principal | 604,000,000 | |||||
Capital lease obligations | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Current debt | 261,000,000 | 310,000,000 | ||||
Long-term debt | 455,000,000 | 536,000,000 | ||||
Total | $ 716,000,000 | 846,000,000 | ||||
Reorganization obligation | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Effective Rate (in ten thousandths) | 9.76% | |||||
Current debt | $ 181,000,000 | 309,000,000 | ||||
Long-term debt | 0 | 183,000,000 | ||||
Total | $ 181,000,000 | 492,000,000 | ||||
Secured Debt | 2022 Term Loan B | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Stated Rate (in ten thousandths) | 4.25% | |||||
Effective Rate (in ten thousandths) | 4.66% | |||||
Current debt | $ 5,000,000 | 5,000,000 | ||||
Long-term debt | 718,000,000 | 720,000,000 | ||||
Total | $ 723,000,000 | 725,000,000 | ||||
Corporate Bonds | 2024 Notes | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Stated Rate (in ten thousandths) | 4.64% | |||||
Effective Rate (in ten thousandths) | 4.76% | |||||
Current debt | $ 0 | 0 | ||||
Long-term debt | 597,000,000 | 0 | ||||
Total | $ 597,000,000 | 0 | ||||
Corporate Bonds | 2025 Notes | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Stated Rate (in ten thousandths) | 5.50% | |||||
Effective Rate (in ten thousandths) | 5.56% | |||||
Current debt | $ 0 | 0 | ||||
Long-term debt | 516,000,000 | 515,000,000 | ||||
Total | $ 516,000,000 | 515,000,000 | ||||
Corporate Bonds | 2026 Notes | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Stated Rate (in ten thousandths) | 4.98% | |||||
Effective Rate (in ten thousandths) | 5.07% | |||||
Current debt | $ 0 | 0 | ||||
Long-term debt | 497,000,000 | 0 | ||||
Total | $ 497,000,000 | 0 | ||||
Corporate Bonds | 2029 Notes | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Stated Rate (in ten thousandths) | 5.33% | |||||
Effective Rate (in ten thousandths) | 5.40% | |||||
Current debt | $ 0 | 0 | ||||
Long-term debt | 696,000,000 | 0 | ||||
Total | 696,000,000 | 0 | ||||
Corporate Bonds | 2024 Notes, 2026 Notes, and 2029 Notes | ||||||
Senior Unsecured Notes | ||||||
Debt issuance costs | $ 11,000,000 | |||||
Restricted subsidiaries, ownership percentage by parent | 80.00% | |||||
Redemption price percentage upon change in control | 101.00% | |||||
Notes Payable, Other Payables | Revolving Credit Facility | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Total | 0 | |||||
Available Revolving Credit Facility [Abstract] | ||||||
Line of credit facility, Maximum borrowing capacity | $ 2,500,000,000 | $ 2,000,000,000 | ||||
Weighted Average | Capital lease obligations | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Effective Rate (in ten thousandths) | 4.12% | |||||
|
Debt - Debt Activity (Details) |
1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 13, 2019
USD ($)
|
Mar. 12, 2019
USD ($)
|
May 30, 2019
USD ($)
|
Feb. 28, 2019
USD ($)
|
Nov. 29, 2018
USD ($)
|
Mar. 01, 2018
USD ($)
|
Nov. 30, 2017
USD ($)
|
Feb. 28, 2019
USD ($)
|
Mar. 01, 2018
USD ($)
|
Aug. 30, 2018
USD ($)
|
|
Extinguishment of Debt [Line Items] | ||||||||||
Current debt | $ 2,634,000,000 | $ 2,634,000,000 | $ 859,000,000 | |||||||
Increase (Decrease) in Principal (conversions, settlements, and issuances) | 1,752,000,000 | |||||||||
Increase (Decrease) in Carrying Value | 2,031,000,000 | |||||||||
Increase (Decrease) in Cash (conversions, settlements, and issuance of debt) | 1,590,000,000 | |||||||||
Decrease in Equity | (336,000,000) | $ (36,000,000) | $ (252,000,000) | $ (204,000,000) | (372,000,000) | |||||
Gain (Loss) on debt prepayments, repurchases, and conversions | (83,000,000) | $ (23,000,000) | $ (69,000,000) | $ (218,000,000) | ||||||
Convertible Debt | ||||||||||
Extinguishment of Debt [Line Items] | ||||||||||
Derivative, Term of Contract | 20 days | |||||||||
Convertible Debt | 2032D Notes | Settled conversions | ||||||||||
Extinguishment of Debt [Line Items] | ||||||||||
Decrease in Principal | $ (10,000,000) | |||||||||
Increase (Decrease) in Carrying Value | (9,000,000) | |||||||||
Decrease in Cash | (35,000,000) | |||||||||
Decrease in Equity | (28,000,000) | |||||||||
Gain (Loss) on debt prepayments, repurchases, and conversions | 2,000,000 | |||||||||
Convertible Debt | 2033F Notes | Settled conversions | ||||||||||
Extinguishment of Debt [Line Items] | ||||||||||
Decrease in Principal | (38,000,000) | |||||||||
Increase (Decrease) in Carrying Value | (169,000,000) | |||||||||
Decrease in Cash | (164,000,000) | |||||||||
Decrease in Equity | (8,000,000) | |||||||||
Gain (Loss) on debt prepayments, repurchases, and conversions | 13,000,000 | |||||||||
Convertible Debt | 2043G Notes | Conversions not settled | ||||||||||
Extinguishment of Debt [Line Items] | ||||||||||
Current debt | 1,110,000,000 | 1,110,000,000 | ||||||||
Decrease in Principal | 0 | |||||||||
Increase (Decrease) in Carrying Value | 420,000,000 | |||||||||
Decrease in Cash | 0 | |||||||||
Decrease in Equity | (336,000,000) | |||||||||
Gain (Loss) on debt prepayments, repurchases, and conversions | (84,000,000) | |||||||||
Subsequent Event | Convertible Debt | 2043G Notes | ||||||||||
Extinguishment of Debt [Line Items] | ||||||||||
Conversion rate (in shares per $1000 principal) | 34.2936 | |||||||||
Principal amount used In conversion rate | $ 1,000 | |||||||||
Decrease in Cash | $ (1,430,000,000) | |||||||||
Gain (Loss) on debt prepayments, repurchases, and conversions | $ 316,000,000 | |||||||||
Corporate Bonds | 2024 Notes | ||||||||||
Extinguishment of Debt [Line Items] | ||||||||||
Current debt | 0 | 0 | 0 | |||||||
Increase (Decrease) in Principal (conversions, settlements, and issuances) | 600,000,000 | |||||||||
Increase (Decrease) in Carrying Value | 597,000,000 | |||||||||
Increase in Cash | 597,000,000 | |||||||||
Corporate Bonds | 2026 Notes | ||||||||||
Extinguishment of Debt [Line Items] | ||||||||||
Current debt | 0 | 0 | 0 | |||||||
Increase (Decrease) in Principal (conversions, settlements, and issuances) | 500,000,000 | |||||||||
Increase (Decrease) in Carrying Value | 497,000,000 | |||||||||
Increase in Cash | 497,000,000 | |||||||||
Corporate Bonds | 2029 Notes | ||||||||||
Extinguishment of Debt [Line Items] | ||||||||||
Current debt | $ 0 | 0 | $ 0 | |||||||
Increase (Decrease) in Principal (conversions, settlements, and issuances) | 700,000,000 | |||||||||
Increase (Decrease) in Carrying Value | 695,000,000 | |||||||||
Increase in Cash | $ 695,000,000 |
Contingencies (Details) - 6 months ended Feb. 28, 2019 ¥ in Millions, $ in Millions |
CNY (¥)
patent
Claims
|
USD ($) |
---|---|---|
Pending Litigation | Qimonda AG Inotera Share Purchase Proceedings | ||
Loss Contingencies [Line Items] | ||
Percentage of total Inotera shares subject to litigation (in hundredths) | 18.00% | |
Loss contingency, judgment under appeal | $ | $ 1 | |
Patent Matters | Pending Litigation | ||
Loss Contingencies [Line Items] | ||
Percent of annualized revenue derived from impacted products | 1.00% | |
Patent Matters | Pending Litigation | Elm 3DS Innovations, LLC | ||
Loss Contingencies [Line Items] | ||
Number of patents allegedly infringed | 13 | |
Patent Matters | Pending Litigation | Innovative Memory Solutions, Inc. Complaint 1 | ||
Loss Contingencies [Line Items] | ||
Number of patents allegedly infringed | 8 | |
Patent Matters | Pending Litigation | Innovative Memory Solutions, Inc. Complaint 2 | ||
Loss Contingencies [Line Items] | ||
Number of patents allegedly infringed | 1 | |
Patent Matters | Pending Litigation | Innovative Memory Solutions, Inc. Complaint 3 | ||
Loss Contingencies [Line Items] | ||
Number of patents allegedly infringed | 1 | |
Damages sought on alleged patent infringement | ¥ | ¥ 1 | |
Patent Matters | Pending Litigation | Fujian Jinhua Integrated Circuit Co., Ltd. Complaint 1 | ||
Loss Contingencies [Line Items] | ||
Number of patents allegedly infringed | 1 | |
Damages sought on alleged patent infringement | ¥ | ¥ 98 | |
Patent Matters | Pending Litigation | Fujian Jinhua Integrated Circuit Co., Ltd. Complaint 2 | ||
Loss Contingencies [Line Items] | ||
Number of patents allegedly infringed | 1 | |
Damages sought on alleged patent infringement | ¥ | ¥ 98 | |
Patent Matters | Pending Litigation | United Microelectronics Corporation Complaint 1 | ||
Loss Contingencies [Line Items] | ||
Number of patents allegedly infringed | 1 | |
Damages sought on alleged patent infringement | ¥ | ¥ 90 | |
Patent Matters | Pending Litigation | United Microelectronics Corporation Complaint 2 | ||
Loss Contingencies [Line Items] | ||
Number of patents allegedly infringed | 1 | |
Damages sought on alleged patent infringement | ¥ | ¥ 90 | |
Patent Matters | Withdrawn [Member] | United Microelectronics Corporation Complaint 3 | ||
Loss Contingencies [Line Items] | ||
Number of patents allegedly infringed | 1 | |
Damages sought on alleged patent infringement | ¥ | ¥ 90 | |
Antitrust Matters | Pending Litigation | Initial indirect DRAM Purchasers United States | ||
Loss Contingencies [Line Items] | ||
Number of new claims | Claims | 1 | |
Antitrust Matters | Pending Litigation | Subsequent indirect DRAM Purchasers United States | ||
Loss Contingencies [Line Items] | ||
Number of new claims | Claims | 2 | |
Antitrust Matters | Pending Litigation | Initial direct DRAM Purchasers United States | ||
Loss Contingencies [Line Items] | ||
Number of new claims | Claims | 1 | |
Antitrust Matters | Pending Litigation | Subsequent direct DRAM Purchasers United States | ||
Loss Contingencies [Line Items] | ||
Number of new claims | Claims | 4 | |
Antitrust Matters | Pending Litigation | DRAM Purchasers Canada | ||
Loss Contingencies [Line Items] | ||
Number of new claims | Claims | 6 | |
Securities Matters | Pending Litigation | Shareholder Class Action New York Court | ||
Loss Contingencies [Line Items] | ||
Number of new claims | Claims | 3 | |
Securities Matters | Pending Litigation | Shareholder Class Action Delaware Court | ||
Loss Contingencies [Line Items] | ||
Number of new claims | Claims | 1 |
Equity - Common Stock Repurchase Authorization (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Feb. 28, 2019 |
Feb. 28, 2019 |
Mar. 01, 2018 |
|
Equity, Class of Treasury Stock [Line Items] | |||
Payments to Acquire Treasury Stock | $ 2,568 | $ 67 | |
Repurchases Authorized May 2018 by the BOD | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common Stock Repurchase, Authorized Amount | $ 10,000 | $ 10,000 | |
Treasury Shares Repurchased (in shares) | 21 | 63 | |
Payments to Acquire Treasury Stock | $ 702 | $ 2,510 |
Equity - NCI and Consolidated VIE Disclosures (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Feb. 28, 2019 |
Mar. 01, 2018 |
Feb. 28, 2019 |
Mar. 01, 2018 |
Aug. 30, 2018 |
|
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest Balance | $ 863 | $ 863 | $ 870 | ||
IMFT sales to Intel at prices approximating cost | 5,835 | $ 7,351 | 13,748 | $ 14,154 | |
IM Flash Technologies, LLC | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest Balance | $ 858 | $ 858 | $ 853 | ||
Noncontrolling Interest Percentage (in hundredths) | 49.00% | 49.00% | 49.00% | ||
Ownership interest in IMFT (in hundredths) | 51.00% | 51.00% | |||
Joint Venture Agreement, Terms [Abstract] | |||||
Joint Venture Agreement, Terms, Supply Lookback Period | 6 months | ||||
Joint Venture Agreement, Terms, Supply Allotment Subperiod Duration | 6 months | ||||
Joint Venture Agreement, Terms, Partner Contribution Output Sharing Lag | 8 months | ||||
Other Consolidated Entities | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest Balance | $ 5 | $ 5 | $ 17 | ||
Minimum | IM Flash Technologies, LLC | |||||
Joint Venture Agreement, Terms [Abstract] | |||||
Joint Venture Agreement, Terms, Period Between Election Date And Transaction Closing Date | 6 months | ||||
Joint Venture Agreement, Terms, Period One Partner Output Allotment, Percentage | 50.00% | ||||
Joint Venture Agreement, Terms, Period Two Partner Output Allotment, Percentage | 0.00% | ||||
Maximum | IM Flash Technologies, LLC | |||||
Joint Venture Agreement, Terms [Abstract] | |||||
Joint Venture Agreement, Terms, Period Between Election Date And Transaction Closing Date | 1 year | ||||
Joint Venture Agreement, Terms, Continued Supply Period to Partner | 1 year | ||||
Joint Venture Agreement, Terms, Period One Partner Output Allotment, Percentage | 100.00% | ||||
Joint Venture Agreement, Terms, Period Two Partner Output Allotment, Percentage | 100.00% | ||||
IM Flash Technologies, LLC | Intel | |||||
Noncontrolling Interest [Line Items] | |||||
IMFT sales to Intel at prices approximating cost | $ 172 | $ 115 | $ 347 | $ 227 |
Equity - Consolidated VIE assets and liabilities (Details) - USD ($) $ in Millions |
Feb. 28, 2019 |
Aug. 31, 2018 |
Aug. 30, 2018 |
|||
---|---|---|---|---|---|---|
Assets | ||||||
Cash and equivalents | $ 6,353 | $ 6,506 | ||||
Receivables | 4,416 | $ 5,592 | 5,478 | |||
Inventories | 4,390 | 3,590 | 3,595 | |||
Other current assets | 211 | 180 | 164 | |||
Total current assets | 16,550 | 16,039 | ||||
Property, plant, and equipment | 26,204 | 23,672 | ||||
Other noncurrent assets | 779 | 611 | ||||
Total assets | 47,487 | 43,376 | ||||
Liabilities | ||||||
Accounts payable and accrued expenses | 4,062 | 4,374 | ||||
Current debt | 2,634 | 859 | ||||
Other current liabilities | 665 | 517 | 521 | |||
Total current liabilities | 7,361 | 5,754 | ||||
Long-term debt | 3,604 | 3,777 | ||||
Other noncurrent liabilities | 993 | $ 582 | 581 | |||
Total liabilities | 11,958 | 10,112 | ||||
IM Flash Technologies, LLC | ||||||
Assets | ||||||
Cash and equivalents | [1] | 288 | 91 | |||
Receivables | [1] | 126 | 126 | |||
Inventories | [1] | 111 | 114 | |||
Other current assets | [1] | 5 | 8 | |||
Total current assets | [1] | 530 | 339 | |||
Property, plant, and equipment | [1] | 2,464 | 2,641 | |||
Other noncurrent assets | [1] | 36 | 45 | |||
Total assets | [1] | 3,030 | 3,025 | |||
Liabilities | ||||||
Accounts payable and accrued expenses | [1] | 154 | 138 | |||
Current debt | [1] | 1,020 | 20 | |||
Other current liabilities | [1] | 37 | 9 | |||
Total current liabilities | [1] | 1,211 | 167 | |||
Long-term debt | [1] | 54 | 1,064 | |||
Other noncurrent liabilities | [1] | 37 | 74 | |||
Total liabilities | [1] | $ 1,302 | $ 1,305 | |||
|
Fair Value Measurements - Fair and Carrying Value (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Feb. 28, 2019 |
Aug. 30, 2018 |
|
Fair value disclosure [Line Items] | ||
Carrying Value of Debt | $ 6,238 | $ 4,636 |
Unrealized loss on assets held for sale (level 3) | 46 | |
Fair Value | Level 2 | Notes and MMJ Creditor Payments | ||
Fair value disclosure [Line Items] | ||
Fair Value of Notes and MMJ Creditor Payments | 4,291 | 2,798 |
Fair Value | Level 2 | Convertible notes | ||
Fair value disclosure [Line Items] | ||
Fair Value of Convertible notes | 2,232 | 3,124 |
Carrying Value | Notes and MMJ Creditor Payments | ||
Fair value disclosure [Line Items] | ||
Carrying Value of Debt | 4,219 | 2,741 |
Carrying Value | Convertible notes | ||
Fair value disclosure [Line Items] | ||
Carrying Value of Debt | $ 1,303 | $ 1,049 |
Derivative Instruments - Notional Amounts and Fair Values (Details) shares in Millions, $ in Millions |
6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2019
USD ($)
shares
|
Aug. 30, 2018
USD ($)
shares
|
||||||||
Derivative, Fair Value, Net [Abstract] | |||||||||
Fair Value of Current Assets | [1] | $ 6 | $ 14 | ||||||
Fair Value of Current Liabilities | [2] | $ (426) | (190) | ||||||
Designated hedging instruments | |||||||||
Derivative, Fair Value, Net [Abstract] | |||||||||
General maturity of currency forward contracts (in months) | 12 months | ||||||||
Designated hedging instruments | Cash flow hedges | Currency forward | |||||||||
Notional Disclosures [Abstract] | |||||||||
Gross Notional Amount, Currency forwards | $ 235 | 538 | |||||||
Derivative, Fair Value, Net [Abstract] | |||||||||
Fair Value of Current Assets | [1] | 0 | 0 | ||||||
Fair Value of Current Liabilities | [2] | (3) | (13) | ||||||
Not designated hedging instruments | |||||||||
Derivative, Fair Value, Net [Abstract] | |||||||||
Fair Value of Current Assets | [1] | 6 | 14 | ||||||
Fair Value of Current Liabilities | [2] | $ (423) | (177) | ||||||
General maturity of currency forward contracts (in months) | 3 months | ||||||||
Not designated hedging instruments | Currency forward | |||||||||
Notional Disclosures [Abstract] | |||||||||
Gross Notional Amount, Currency forwards | $ 2,205 | 1,919 | |||||||
Derivative, Fair Value, Net [Abstract] | |||||||||
Fair Value of Current Assets | [1] | 6 | 14 | ||||||
Fair Value of Current Liabilities | [2] | $ (3) | $ (10) | ||||||
Not designated hedging instruments | Convertible notes settlement obligation | |||||||||
Notional Disclosures [Abstract] | |||||||||
Gross Notional Amount, Convertible notes settlement obligation (in shares) | shares | 35 | 3 | |||||||
Derivative, Fair Value, Net [Abstract] | |||||||||
Fair Value of Current Assets | [1] | $ 0 | $ 0 | ||||||
Fair Value of Current Liabilities | [2],[3] | $ (420) | $ (167) | ||||||
|
Derivative Instruments - Gain (Loss) on Derivatives (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Feb. 28, 2019 |
Nov. 29, 2018 |
Mar. 01, 2018 |
Feb. 28, 2019 |
Mar. 01, 2018 |
|
Designated hedging instruments | Cash flow hedges | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gains (losses) recognized in other comprehensive income, effective portion | $ 7 | $ 21 | $ (6) | $ 17 | |
Designated hedging instruments | Fair value hedges | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain on fair value hedged instruments | 56 | ||||
Losses from amortization of amounts excluded from hedge effectiveness | (19) | ||||
Currency forward | Not designated hedging instruments | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gains (losses) for derivative instruments without hedge accounting designation | 11 | $ (11) | 50 | 52 | |
Convertible notes settlement obligation | Not designated hedging instruments | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gains (losses) for derivative instruments without hedge accounting designation | $ (82) | $ (20) | $ (66) | $ (24) |
Equity Plans - Share Based Awards (Details) - $ / shares |
1 Months Ended | 3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|---|
Feb. 28, 2019 |
Jan. 31, 2019 |
Feb. 28, 2019 |
Mar. 01, 2018 |
Feb. 28, 2019 |
Mar. 01, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares available for future awards (in shares) | 113,000,000 | 113,000,000 | 113,000,000 | |||
Employee stock option | ||||||
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) | 0 | 1,000,000 | 0 | 2,000,000 | ||
Weighted-average grant-date fair values per share (in dollars per share) | $ 18.61 | $ 19.50 | $ 18.13 | |||
Average expected life (in years) | 5 years 6 months | 5 years 5 months | 5 years 6 months | |||
Weighted-average expected volatility (in hundredths) | 44.00% | 44.00% | 44.00% | |||
Weighted-average risk-free interest rate (in thousandths) | 2.20% | 2.90% | 2.20% | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% | |||
Restricted stock award | ||||||
Restricted Stock Awards and ESPP activity | ||||||
Number of restricted awards granted (in shares) | 0 | 2,000,000 | 6,000,000 | 4,000,000 | ||
Weighted-average grant-date fair value per share (in dollars per share) | $ 37.01 | $ 43.21 | $ 39.83 | $ 41.51 | ||
Employee stock purchase plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||
Fair Value Assumptions, Method Used | Black-Scholes | |||||
Average expected life (in years) | 6 months | |||||
Weighted-average expected volatility (in hundredths) | 47.00% | |||||
Weighted-average risk-free interest rate (in thousandths) | 2.50% | |||||
Expected dividend yield | 0.00% | |||||
Restricted Stock Awards and ESPP activity | ||||||
Weighted-average grant-date fair value per share (in dollars per share) | $ 10.92 | |||||
ESPP shares issued (in shares) | 1,000,000 | |||||
ESPP shares issued, price per share (in dollars per share) | $ 32.50 |
Equity Plans - Stock-based compensation expense (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Feb. 28, 2019 |
Mar. 01, 2018 |
Feb. 28, 2019 |
Mar. 01, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | $ 57 | $ 52 | $ 118 | $ 103 |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Tax benefit from compensation expense | 30 | 58 | 53 | 116 |
Total unrecognized compensation costs related to unvested awards expected to be recognized | 450 | $ 450 | ||
Weighted average period that unrecognized compensation costs is expected to be recognized (in years) | 1 year 5 months | |||
Restricted stock award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | 42 | 38 | $ 83 | 72 |
Employee stock option | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | 7 | 14 | 19 | 31 |
Employee stock purchase plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | 8 | 0 | 16 | 0 |
Cost of goods sold | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | 23 | 22 | 49 | 42 |
Selling, general, and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | 18 | 16 | 37 | 34 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation | $ 16 | $ 14 | $ 32 | $ 27 |
Revenue and Contract Liabilities (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Feb. 28, 2019 |
Aug. 31, 2018 |
|
Change in Contract with Customer, Liability [Abstract] | ||
Contract liabilities | $ 255 | $ 348 |
Revenue recognized from beginning balance | 163 | |
Additions and other activity | 70 | |
Contract with Customer, Refund Liability [Abstract] | ||
Estimated consideration payable to customers for pricing adjustments and returns | 383 | |
Contract liabilities from customer advances (product) | ||
Change in Contract with Customer, Liability [Abstract] | ||
Contract liabilities | 147 | 235 |
Revenue recognized from beginning balance | 148 | |
Other contract liabilities | ||
Change in Contract with Customer, Liability [Abstract] | ||
Contract liabilities | 108 | $ 113 |
Revenue recognized from beginning balance | $ 15 |
Research and Development (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Feb. 28, 2019 |
Mar. 01, 2018 |
Feb. 28, 2019 |
Mar. 01, 2018 |
|
Collaborative Arrangement Process Design and Process Development | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Reduction in R and D expenses for reimbursements from partners | $ 23 | $ 58 | $ 53 | $ 114 |
Other Operating (Income) Expense, Net (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Feb. 28, 2019 |
Mar. 01, 2018 |
Feb. 28, 2019 |
Mar. 01, 2018 |
Aug. 30, 2018 |
|
Restructuring Cost and Reserve [Line Items] | |||||
Restructure and asset impairments | $ 51 | $ 7 | $ 84 | $ 13 | |
Other | 46 | (23) | 49 | (18) | |
Other operating (income) expense, net | 97 | $ (16) | 133 | $ (5) | |
Restructuring Reserve [Abstract] | |||||
Current restructuring liability | $ 54 | $ 54 | $ 12 |
Other Non-Operating Income (Expense), Net (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Feb. 28, 2019 |
Mar. 01, 2018 |
Feb. 28, 2019 |
Mar. 01, 2018 |
|
Other Nonoperating Income (Expense) [Abstract] | ||||
Loss on debt prepayments, repurchases, and conversions | $ (83) | $ (23) | $ (69) | $ (218) |
Loss from changes in currency exchange rates | (3) | (27) | (8) | (36) |
Other | 2 | (3) | 2 | (3) |
Other non-operating income (expense), net | $ (84) | $ (53) | $ (75) | $ (257) |
Income Taxes (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Feb. 28, 2019 |
Mar. 01, 2018 |
Feb. 28, 2019 |
Mar. 01, 2018 |
|
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||
Income tax (provision) benefit, excluding items below | $ (216) | $ 5 | $ (594) | $ (83) |
Utilization of and other changes in net deferred tax assets of MMJ, MMT, and MTTW | (78) | (17) | (130) | (43) |
Repatriation Tax, net of adjustments related to uncertain tax positions | 14 | (1,335) | (33) | (1,335) |
Release of the valuation allowance on the net deferred tax assets of our U.S. operations | 0 | 1,337 | 0 | 1,337 |
Remeasurement of deferred tax assets and liabilities reflecting the lower U.S. corporate tax rates | 0 | (133) | 0 | (133) |
Income Tax Expense (Benefit) | (280) | (143) | (757) | (257) |
Unrecognized Tax Benefits | ||||
Unrecognized income tax benefits | 438 | 438 | ||
Tax benefit from incentive arrangements | $ 244 | $ 436 | $ 671 | $ 827 |
Tax benefit per diluted share from incentive arrangements | $ 0.21 | $ 0.35 | $ 0.58 | $ 0.67 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Feb. 28, 2019 |
Mar. 01, 2018 |
Feb. 28, 2019 |
Mar. 01, 2018 |
|
Earnings Per Share Reconciliation [Abstract] | ||||
Net income attributable to Micron - Basic | $ 1,619 | $ 3,309 | $ 4,912 | $ 5,987 |
Assumed conversion of debt | (2) | 0 | (2) | 0 |
Net income attributable to Micron – Diluted | $ 1,617 | $ 3,309 | $ 4,910 | $ 5,987 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted-average common shares outstanding - Basic (in shares) | 1,114 | 1,156 | 1,123 | 1,145 |
Dilutive effect of equity plans and convertible notes (in shares) | 27 | 82 | 34 | 87 |
Weighted-average common shares outstanding - Diluted (in shares) | 1,141 | 1,238 | 1,157 | 1,232 |
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Basic (in dollars per share) | $ 1.45 | $ 2.86 | $ 4.37 | $ 5.23 |
Diluted (in dollars per share) | $ 1.42 | $ 2.67 | $ 4.24 | $ 4.86 |
Antidilutive potential common shares that could dilute basic earnings per share in the future (in shares) | 11 | 3 | 9 | 3 |
Segment and Other Information (Details) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Feb. 28, 2019
USD ($)
|
Mar. 01, 2018
USD ($)
|
Feb. 28, 2019
USD ($)
segment
|
Mar. 01, 2018
USD ($)
|
|
Reportable Segments | ||||
Number of reportable segments | segment | 4 | |||
Net sales | ||||
Revenue | $ 5,835 | $ 7,351 | $ 13,748 | $ 14,154 |
Operating income (loss) | ||||
Stock-based compensation | (57) | (52) | (118) | (103) |
Restructure and asset impairments | (51) | (7) | (84) | (13) |
Other | (97) | 16 | (133) | 5 |
Operating income (loss) | 1,957 | 3,567 | 5,716 | 6,664 |
CNBU | ||||
Net sales | ||||
Revenue | 2,382 | 3,691 | 5,986 | 6,903 |
MBU | ||||
Net sales | ||||
Revenue | 1,611 | 1,566 | 3,823 | 2,931 |
SBU | ||||
Net sales | ||||
Revenue | 1,022 | 1,254 | 2,165 | 2,637 |
EBU | ||||
Net sales | ||||
Revenue | 799 | 829 | 1,732 | 1,659 |
All Other | ||||
Net sales | ||||
Revenue | 21 | 11 | 42 | 24 |
Operating Segments | ||||
Operating income (loss) | ||||
Operating income (loss) | 2,110 | 3,630 | 5,997 | 6,787 |
Operating Segments | CNBU | ||||
Operating income (loss) | ||||
Operating income (loss) | 1,160 | 2,329 | 3,371 | 4,243 |
Operating Segments | MBU | ||||
Operating income (loss) | ||||
Operating income (loss) | 707 | 689 | 1,910 | 1,194 |
Operating Segments | SBU | ||||
Operating income (loss) | ||||
Operating income (loss) | (20) | 251 | 60 | 651 |
Operating Segments | EBU | ||||
Operating income (loss) | ||||
Operating income (loss) | 262 | 363 | 649 | 705 |
Operating Segments | All Other | ||||
Operating income (loss) | ||||
Operating income (loss) | 1 | (2) | 7 | (6) |
Unallocated | ||||
Operating income (loss) | ||||
Stock-based compensation | (57) | (52) | (118) | (103) |
Start-up and preproduction costs | (15) | 0 | (23) | 0 |
Employee severance | (17) | 0 | (37) | 0 |
Restructure and asset impairments | (51) | (7) | (81) | (13) |
Other | (13) | (4) | (22) | (7) |
Operating income (loss) | $ (153) | $ (63) | $ (281) | $ (123) |
Segment and Other Information - Revenue by Product Type (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Feb. 28, 2019 |
Mar. 01, 2018 |
Feb. 28, 2019 |
Mar. 01, 2018 |
|
Revenue from External Customer [Line Items] | ||||
Revenue | $ 5,835 | $ 7,351 | $ 13,748 | $ 14,154 |
Customer Concentration Risk | Revenue | Huawei Technologies Co., Ltd. | ||||
Revenue from External Customer [Line Items] | ||||
Customer concentration, percentage | 13.00% | |||
DRAM | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 3,760 | 5,213 | $ 9,133 | 9,775 |
NAND | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 1,776 | 1,813 | 3,955 | 3,711 |
Other (primarily 3D XPoint memory and NOR) | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | $ 299 | $ 325 | $ 660 | $ 668 |
Label | Element | Value |
---|---|---|
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 92,000,000 |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 92,000,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 92,000,000 |
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