| Year Ended | ||||||||
|
August 29,
2019 |
August 30,
2018 | |||||||
| Net cash provided by operating activities | $ | 13,189 | $ | 17,400 | ||||
| Net cash provided by (used for) investing activities | (10,085 | ) | (8,216 | ) | ||||
| Net cash provided by (used for) financing activities | (2,438 | ) | (7,776 | ) | ||||
| Depreciation and amortization | 5,473 | 4,860 | ||||||
| Investments in capital expenditures | (9,855 | ) | (9,085 | ) | ||||
| Repayments of debt | (3,340 | ) | (10,194 | ) | ||||
| Payments to acquire treasury stock | (2,729 | ) | (71 | ) | ||||
| Proceeds from issuance of stock | 179 | 1,655 | ||||||
| Proceeds from issuance of debt (3) | 3,550 | 1,009 | ||||||
| (1) In the first quarter of 2019, we adopted 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. We adopted ASC 606 in the first quarter of 2019 under the modified retrospective method and, in connection therewith, made certain adjustments to our opening balances as of August 31, 2018. Adjustments to opening balances included an increase to receivables of $114 million, reduction of deferred tax assets of $92 million, increase of other current assets of $30 million, and an increase to retained earnings of $50 million. | |
| (2) In the fourth quarter of 2019, we finalized the sale of our 200mm fabrication facility in Singapore and recognized gains of $128 million in other operating (income) expense, net. | |
| (3) On July 12, 2019, we issued $900 million and $850 million in principal of senior unsecured notes due in 2027 and 2030, respectively. On July 31, 2019, we prepaid $728 million in principal of our senior secured Term Loan B due 2022 and recognized a loss of $7 million in other non-operating income (expense), net. |
|
MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (in millions, except per share amounts) | |||||||||||||||||||
| 4th Qtr. | 3rd Qtr. | 4th Qtr. | Year Ended | ||||||||||||||||
|
August 29,
2019 |
May 30,
2019 |
August 30,
2018 |
August 29,
2019 |
August 30,
2018 | |||||||||||||||
| GAAP gross margin | $ | 1,395 | $ | 1,828 | $ | 5,151 | $ | 10,702 | $ | 17,891 | |||||||||
| Stock-based compensation | 29 | 24 | 21 | 102 | 83 | ||||||||||||||
| Start-up and preproduction costs | 12 | 23 | — | 58 | — | ||||||||||||||
| Employee severance | 47 | — | — | 73 | — | ||||||||||||||
| Other | 8 | 9 | 7 | 38 | 20 | ||||||||||||||
| Non-GAAP gross margin | $ | 1,491 | $ | 1,884 | $ | 5,179 | $ | 10,973 | $ | 17,994 | |||||||||
| GAAP operating income | $ | 650 | $ | 1,010 | $ | 4,377 | $ | 7,376 | $ | 14,994 | |||||||||
| Stock-based compensation | 67 | 58 | 47 | 243 | 198 | ||||||||||||||
| Start-up and preproduction costs | 12 | 23 | — | 58 | — | ||||||||||||||
| Employee severance | 79 | — | — | 116 | — | ||||||||||||||
| Restructure and asset impairments | (122 | ) | 9 | 7 | (32 | ) | 28 | ||||||||||||
| Other | 8 | 10 | 8 | 40 | 23 | ||||||||||||||
| Non-GAAP operating income | $ | 694 | $ | 1,110 | $ | 4,439 | $ | 7,801 | $ | 15,243 | |||||||||
| GAAP net income attributable to Micron | $ | 561 | $ | 840 | $ | 4,325 | $ | 6,313 | $ | 14,135 | |||||||||
| Stock-based compensation | 67 | 58 | 47 | 243 | 198 | ||||||||||||||
| Start-up and preproduction costs | 12 | 23 | — | 58 | — | ||||||||||||||
| Employee severance | 79 | — | — | 116 | — | ||||||||||||||
| Restructure and asset impairments | (122 | ) | 9 | 7 | (32 | ) | 28 | ||||||||||||
| Amortization of debt discount and other costs | 10 | 10 | 23 | 49 | 101 | ||||||||||||||
| (Gain) loss on debt repurchases and conversions | 10 | 317 | (1 | ) | 396 | 385 | |||||||||||||
| (Gain) loss from changes in currency exchange rates | — | 1 | 15 | 9 | 75 | ||||||||||||||
| Other | 13 | 12 | 8 | 48 | 28 | ||||||||||||||
| Impact of U.S. income tax reform | — | (42 | ) | (83 | ) | (9 | ) | (174 | ) | ||||||||||
| Estimated tax effects of above, non-cash changes in net deferred income taxes,and assessments of tax exposures | 7 | (30 | ) | (28 | ) | 123 | (76 | ) | |||||||||||
| Non-GAAP net income attributable to Micron | $ | 637 | $ | 1,198 | $ | 4,313 | $ | 7,314 | $ | 14,700 | |||||||||
| GAAP weighted-average common shares outstanding - Diluted | 1,128 | 1,129 | 1,216 | 1,143 | 1,229 | ||||||||||||||
| Adjustment for capped calls and stock-based compensation | 6 | 6 | 4 | 7 | 1 | ||||||||||||||
| Non-GAAP weighted-average common shares outstanding - Diluted | 1,134 | 1,135 | 1,220 | 1,150 | 1,230 | ||||||||||||||
| GAAP diluted earnings per share | $ | 0.49 | $ | 0.74 | $ | 3.56 | $ | 5.51 | $ | 11.51 | |||||||||
| Effects of the above adjustments | 0.07 | 0.31 | (0.03 | ) | 0.84 | 0.44 | |||||||||||||
| Non-GAAP diluted earnings per share | $ | 0.56 | $ | 1.05 | $ | 3.53 | $ | 6.35 | $ | 11.95 | |||||||||
