Micron Technology, Inc., Reports Results for the Fourth Quarter and Full Year of Fiscal 2018


 
CONSOLIDATED FINANCIAL SUMMARY, Continued
       
As of  August 30,
 2018
  May 31,
 2018
  August 31,
 2017
Cash and short-term investments $6,802  $7,071  $5,428 
Receivables 5,478  4,912  3,759 
Inventories 3,595  3,369  3,123 
Total current assets 16,039  15,499  12,457 
Long-term marketable investments 473  487  617 
Property, plant, and equipment, net 23,672  22,705  19,431 
Restricted cash 81  119  107 
Total assets 43,376  41,845  35,336 
       
Accounts payable and accrued expenses 4,611  3,998  3,664 
Current debt (1) 859  1,454  1,262 
Total current liabilities 5,754  5,883  5,334 
Long-term debt (1) 3,777  5,890  9,872 
       
Total Micron shareholders' equity (3) 32,294  28,649  18,621 
Noncontrolling interests in subsidiaries 870  869  849 
Total equity 33,164  29,518  19,470 
          


   
   Year Ended
   August 30,
 2018
  August 31,
 2017
Net cash provided by operating activities $17,400  $8,153 
Net cash provided by (used for) investing activities (8,216) (7,537)
Net cash provided by (used for) financing activities (7,776) 349 
     
Depreciation and amortization   4,860     3,986  
Investments in capital expenditures   (9,085 )   (5,253 )
Acquisition of Inotera       (2,634 )
Repayments of debt   (10,194 )   (2,558 )
Proceeds from issuance of stock (3)   1,655     142  
Proceeds from issuance of debt   1,009     3,311  
             
  1. In the fourth quarter of 2018, we prepaid or repurchased debt with an aggregate principal amount of $2.00 billion and recognized non-operating losses of $9 million. In addition, we settled convertible notes with an aggregate principal amount of $228 million for cash of $1.27 billion and recognized non-operating gains of $25 million. As of August 30, 2018, $35 million of aggregate principal amount of our convertible notes had converted but will not settle until the first quarter of 2019. As a result of the unsettled conversions, the carrying value of debt increased by $132 million as of August 30, 2018 and we recognized non-operating losses of $15 million in the fourth quarter of 2018.

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