Equity

12 Months Ended

Sep. 03, 2020

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 2019. We may purchase shares through open-market purchases, block trades, privately-negotiated transactions, derivative transactions, and/or pursuant to Rule 10b5-1 trading plans. The repurchase authorization has no expiration date, 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. We repurchased 3.6 million shares of our common stock for $176 million in 2020 and 66.4 million shares for $2.66 billion in 2019. Through September 3, 2020, we had repurchased an aggregate of $2.84 billion under the authorization. The repurchased shares were recorded as treasury stock.

Common Stock Issuance: In 2018, we issued 34 million shares of our common stock for $41.00 per share in a public offering, for net proceeds of $1.36 billion, net of underwriting fees and other offering costs.

Capped Calls: In 2020, we share-settled all outstanding capped calls upon their expiration and received an aggregate of 1.7 million shares of our common stock, equal to a value of $98 million. In 2018, we share-settled certain other capped calls upon their expirations, and received 9.2 million shares, equal to a value of $429 million. Amounts received upon settlement were based on volume-weighted-average trading prices of our stock at the expiration dates. The shares received in all periods were recorded as treasury stock.

Accumulated Other Comprehensive Income: Changes in accumulated other comprehensive income by component for the year ended September 3, 2020 were as follows:


	Gains (Losses) on Derivative Instruments		Pension Liability Adjustments		Unrealized Gains (Losses) on Investments		Cumulative Foreign Currency Translation Adjustment		Total

As of August 29, 2019	$	(1)	$	4	$	7	$	(1)	$	9
Other comprehensive income before reclassifications	51		25		8		—		84
Amount reclassified out of accumulated other comprehensive income	4		(3)		(6)		—		(5)
Tax effects	(9)		(7)		(1)		—		(17)
Other comprehensive income (loss)	46		15		1		—		62
As of September 3, 2020	$	45	$	19	$	8	$	(1)	$	71

Noncontrolling Interest in Subsidiary


	2020						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” for the cash consideration allocated to, and extinguishment of, IMFT Member Debt.)

IMFT manufactured semiconductor products exclusively for its members under a long-term supply agreement at prices approximating cost. In 2018, IMFT discontinued production of NAND and subsequent to that time manufactured 3D XPoint memory. IMFT sales to Intel were $158 million through the date of our purchase of Intel’s noncontrolling interest in 2020, $731 million in 2019, and $507 million in 2018.