Micron Shareholders' Equity and Noncontrolling Interests in Subsidiaries
Changes in the components of equity were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Quarter Ended November 28, 2013 | | Quarter Ended November 29, 2012 | | | Attributable to Micron | | Noncontrolling Interests | | Total Equity | | Attributable to Micron | | Noncontrolling Interests | | Total Equity | Beginning balance | | $ | 9,142 |
| | $ | 864 |
| | $ | 10,006 |
| | $ | 7,700 |
| | $ | 717 |
| | $ | 8,417 |
| | | | | | | | | | | | | | Net income (loss) | | 358 |
| | 23 |
| | 381 |
| | (275 | ) | | — |
| | (275 | ) | Other comprehensive income (loss) | | 5 |
| | — |
| | 5 |
| | 3 |
| | — |
| | 3 |
| Comprehensive income (loss) | | 363 |
| | 23 |
| | 386 |
| | (272 | ) | | — |
| | (272 | ) | | | | | | | | | | | | | | Contribution from noncontrolling interests | | — |
| | 49 |
| | 49 |
| | — |
| | — |
| | — |
| Distributions to noncontrolling interests | | — |
| | (9 | ) | | (9 | ) | | — |
| | — |
| | — |
| Capital and other transactions attributable to Micron | | (286 | ) | | — |
| | (286 | ) | | 41 |
| | — |
| | 41 |
| Ending balance | | $ | 9,219 |
| | $ | 927 |
| | $ | 10,146 |
| | $ | 7,469 |
| | $ | 717 |
| | $ | 8,186 |
|
Capped Calls
Issued and Outstanding Capped Calls: We have entered into a series of capped call transactions intended to reduce the effect of potential dilution upon conversion of the 2031, 2032 and 2033 Notes which may be settled in shares or cash, at our election. The capped calls transactions are considered capital transactions and the related cost was recorded as a charge to additional capital.
The following table presents information related to the issued and outstanding capped calls as of November 28, 2013.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Capped Calls | |
| | | | Strike Price(1) | | Cap Price Range | | Common Shares Covered | | Value at Expiration(2) | | Expiration Dates | | | Low | | High | | | Minimum | | Maximum | 2031 | | Jul 2014 | - | Feb 2016 | | $ | 9.50 |
| | $ | 11.40 |
| | $ | 13.17 |
| | 73 |
| | $ | — |
| | $ | 207 |
| 2032C | | May 2016 | - | Nov 2017 | | 9.80 |
| | 14.26 |
| | 15.69 |
| | 56 |
| | — |
| | 307 |
| 2032D | | Nov 2016 | - | May 2018 | | 10.16 |
| | 14.62 |
| | 16.04 |
| | 44 |
| | — |
| | 244 |
| 2033E | | Jan 2018 | - | Feb 2018 | | 10.93 |
| | 14.51 |
| | 14.51 |
| | 27 |
| | — |
| | 98 |
| 2033F | | Jan 2020 | - | Feb 2020 | | 10.93 |
| | 14.51 |
| | 14.51 |
| | 27 |
| | — |
| | 98 |
| | | | | | | | | | | | | 227 |
| | $ | — |
| | $ | 954 |
|
| | (1) | Initial strike prices are subject to certain adjustments. |
| | (2) | Settlement in cash on the respective expiration dates would result in us receiving an amount ranging from zero, if the market price per share of our common stock is at or below the respective low strike price, to the respective maximum amount if the market price per share of our common stock is at or above the respective high cap price. If share settlement were elected, the number of shares repurchased would be determined by the value of the capped calls at the time of settlement divided by the share price on the settlement date. |
Accumulated Other Comprehensive Income (Loss)
The changes in accumulated other comprehensive income (loss) by component in the first quarter of 2014 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | Cumulative Foreign Currency Translation Adjustments | | Gains (Losses) on Derivative Instruments, Net | | Gains (Losses) on Investments, Net | | Pension Liability Adjustments | | Total | August 29, 2013 | | $ | 44 |
| | $ | 21 |
| | $ | — |
| | $ | (2 | ) | | $ | 63 |
| Other comprehensive income before reclassifications | | 6 |
| | (2 | ) | | 1 |
| | — |
| | 5 |
| Net other comprehensive income (loss) | | 6 |
| | (2 | ) | | 1 |
| | — |
| | 5 |
| November 28, 2013 | | $ | 50 |
| | $ | 19 |
| | $ | 1 |
| | $ | (2 | ) | | $ | 68 |
|
In the first quarter of 2014, amounts reclassified from accumulated other comprehensive income were de minimis. Gains on derivative instruments in accumulated other comprehensive income (loss) reclassified to cost of goods sold were $3 million in the first quarter of 2013. |