Equity

3 Months Ended

Nov. 28, 2019

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 through open-market purchases, block trades, privately-negotiated transactions, derivative transactions, and/or pursuant to Rule 10b5-1 trading plans. The repurchase authorization does not obligate us to acquire any common stock and is subject to market conditions and our ongoing determination of the best use of available cash. In the first quarters of 2020 and 2019, we repurchased 1 million shares of our common stock for $50 million, and 42 million shares of our common stock for $1.8 billion, respectively. Through November 28, 2019, we had repurchased an aggregate of $2.71 billion under the authorization. The shares were recorded as treasury stock.

Noncontrolling Interest in Subsidiary


	November 28, 2019						August 29, 2019
As of	Balance		Percentage		Balance		Percentage

IMFT	$	—	—	%	$	889	49	%

On October 31, 2019, we purchased Intel’s noncontrolling interest in IMFT, now known as MTU, and IMFT Member Debt for $1.25 billion. In connection therewith, we recognized a $160 million adjustment to equity for the difference between the $744 million of cash consideration allocated to Intel’s noncontrolling interest and its $904 million carrying value. (See "Debt" note for the cash consideration allocated to, and extinguishment of, IMFT Member Debt.)

Pursuant to the terms of the IMFT wafer supply agreement, Intel will receive supply from MTU from November 2019 through April 2020 at a volume equal to approximately 50% of their volume from IMFT in the six-month period prior to closing. IMFT sales to Intel in the first quarter of 2020 through the date of our acquisition of Intel's noncontrolling interest in IMFT were $158 million. IMFT sales to Intel in the first quarter of 2019 were $175 million.