Micron Technology, Inc., Reports Results for The Fourth Quarter and Full Year of 2017
|
MICRON TECHNOLOGY, INC. |
|
NON-GAAP ADJUSTMENTS |
|
(in millions) |
| |
| |
4th Qtr. | |
3rd Qtr. | |
4th Qtr. | |
Year Ended |
| |
August 31, 2017 | |
June 1, 2017 | |
September 1, 2016 | |
August 31, 2017 | |
September 1, 2016 |
| Non-GAAP adjustments | | | | | | | | | |
| Cost of goods sold | | | | | | | | | |
| Flow-through of Inotera inventory step up | $ | 11 | | | $ | 36 | | | $ | — | | | $ | 107 | | | $ | — | |
| Stock-based compensation | 22 | | | 24 | | | 18 | | | 88 | | | 76 | |
| Other | 2 | | | 2 | | | 1 | | | 8 | | | 11 | |
| | 35 | | | 62 | | | 19 | | | 203 | | | 87 | |
| | | | | | | | | | |
| Selling, general, and administrative | | | | | | | | | |
| Stock-based compensation | 22 | | | 20 | | | 14 | | | 75 | | | 66 | |
| Inotera acquisition costs | — | | | — | | | 1 | | | 13 | | | 3 | |
| | 22 | | | 20 | | | 15 | | | 88 | | | 69 | |
| | | | | | | | | | |
| Research and development | | | | | | | | | |
| Stock-based compensation | 13 | | | 13 | | | 11 | | | 52 | | | 49 | |
| Other | 1 | | | 1 | | | 2 | | | 3 | | | 10 | |
| | 14 | | | 14 | | | 13 | | | 55 | | | 59 | |
| | | | | | | | | | |
| Restructure and asset impairments | (27 | ) | | 12 | | | 51 | | | 18 | | | 67 | |
| | | | | | | | | | |
| Interest income (expense), net | | | | | | | | | |
| Amortization of debt discount and other costs | 32 | | | 30 | | | 32 | | | 125 | | | 126 | |
| | | | | | | | | | |
| Other non-operating income (expense) | | | | | | | | | |
| (Gain) loss from changes in currency exchange rates | 12 | | | 22 | | | 11 | | | 74 | | | 24 | |
| Loss on debt repurchases and conversions | 37 | | | 61 | | | — | | | 100 | | | 4 | |
| (Gain) loss from business acquisition activities | — | | | — | | | — | | | (71 | ) | | (5 | ) |
| Other | — | | | — | | | — | | | 9 | | | — | |
| | 49 | | | 83 | | | 11 | | | 112 | | | 23 | |
| | | | | | | | | | |
| Income taxes | | | | | | | | | |
| Estimated tax effects of above and non-cash changes in net deferred income taxes | (107 | ) | | 28 | | | 23 | | | (59 | ) | | 85 | |
| | | | | | | | | | |
| Equity in net income (loss) of equity method investments | | | | | | | | | |
| Impairment of equity method investments | — | | | — | | | — | | | 16 | | | 25 | |
| Other | — | | | — | | | (3 | ) | | 1 | | | 8 | |
| | — | | | — | | | (3 | ) | | 17 | | | 33 | |
| | $ | 18 | | | $ | 249 | | | $ | 161 | | | $ | 559 | | | $ | 549 | |
| |
