v3.3.0.814

Schedule I Condensed Parent Company Financials | 12 Months Ended
--- | ---
Sep. 03, 2015
Micron Technology, Inc. [Member] |
Condensed Financial Statements, Captions [Line Items] |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SCHEDULE I CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT MICRON TECHNOLOGY, INC. (Parent Company Only) CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in millions)
For the year ended |  | September 3, 2015 |  | August 28, 2014 |  | August 29, 2013
Net sales |  | $ | 5,547 |  |  | $ | 5,819 |  |  | $ | 4,404 |
Cost of goods sold |  | 3,329 |  |  | 3,514 |  |  | 3,721 |
Gross margin |  | 2,218 |  |  | 2,305 |  |  | 683 |
Selling, general and administrative |  | 299 |  |  | 264 |  |  | 238 |
Research and development |  | 1,483 |  |  | 1,389 |  |  | 921 |
Other operating (income) expense, net |  | (12 | ) |  | 251 |  |  | 77 |
Operating income (loss) |  | 448 |  |  | 401 |  |  | (553 | )
Gain on MMJ Acquisition |  | — |  |  | (33 | ) |  | 1,484 |
Interest income (expense), net |  | (273 | ) |  | (209 | ) |  | (189 | )
Other non-operating income (expense), net |  | (85 | ) |  | (86 | ) |  | (248 | )
|  | 90 |  |  | 73 |  |  | 494 |
Income tax (provision) benefit |  | 38 |  |  | 18 |  |  | (1 | )
Equity in earnings (loss) of subsidiaries |  | 2,773 |  |  | 2,956 |  |  | 703 |
Equity in net loss of equity method investees |  | (2 | ) |  | (2 | ) |  | (6 | )
Net income attributable to Micron |  | 2,899 |  |  | 3,045 |  |  | 1,190 |
Other comprehensive income (loss) |  | (43 | ) |  | (7 | ) |  | (17 | )
Comprehensive income attributable to Micron |  | $ | 2,856 |  |  | $ | 3,038 |  |  | $ | 1,173 |
See accompanying notes to condensed financial statements. SCHEDULE I CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT MICRON TECHNOLOGY, INC. (Parent Company Only) CONDENSED BALANCE SHEETS (in millions except par value amounts)
As of |  | September 3, 2015 |  | August 28, 2014
Assets |  |  |  |
Cash and equivalents |  | $ | 721 |  |  | $ | 1,249 |
Short-term investments |  | 479 |  |  | 384 |
Receivables |  | 133 |  |  | 114 |
Notes and accounts receivable from subsidiaries |  | 1,091 |  |  | 1,767 |
Finished goods |  | 77 |  |  | 84 |
Work in process |  | 321 |  |  | 228 |
Raw materials and supplies |  | 86 |  |  | 68 |
Other current assets |  | 82 |  |  | 215 |
Total current assets |  | 2,990 |  |  | 4,109 |
Investment in subsidiaries |  | 13,051 |  |  | 10,149 |
Long-term marketable investments |  | 932 |  |  | 819 |
Noncurrent notes receivable from and prepaid expenses to subsidiaries |  | 163 |  |  | 111 |
Property, plant and equipment, net |  | 1,679 |  |  | 1,519 |
Equity method investments |  | — |  |  | 9 |
Other noncurrent assets |  | 488 |  |  | 543 |
Total assets |  | $ | 19,303 |  |  | $ | 17,259 |
Liabilities and equity |  |  |  |
Accounts payable and accrued expenses |  | $ | 677 |  |  | $ | 766 |
Short-term debt and accounts payable to subsidiaries |  | 384 |  |  | 619 |
Current debt |  | 655 |  |  | 1,065 |
Other current liabilities |  | 8 |  |  | 30 |
Total current liabilities |  | 1,724 |  |  | 2,480 |
Long-term debt |  | 4,797 |  |  | 3,191 |
Other noncurrent liabilities |  | 431 |  |  | 760 |
Total liabilities |  | 6,952 |  |  | 6,431 |
Commitments and contingencies |  |  |  |  |  |
Redeemable convertible notes |  | 49 |  |  | 68 |
Micron shareholders' equity: |  |  |  |
Common stock, $0.10 par value, 3,000 shares authorized, 1,084 shares issued and outstanding (1,073 as of August 28, 2014) |  | 108 |  |  | 107 |
Other equity |  | 12,194 |  |  | 10,653 |
Total Micron shareholders' equity |  | 12,302 |  |  | 10,760 |
Total liabilities and equity |  | $ | 19,303 |  |  | $ | 17,259 |
See accompanying notes to condensed financial statements. SCHEDULE I CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT MICRON TECHNOLOGY, INC. (Parent Company Only) CONDENSED STATEMENTS OF CASH FLOWS (in millions)
For the year ended |  | September 3, 2015 |  | August 28, 2014 |  | August 29, 2013
Net cash (used for) provided by operating activities |  | $ | 996 |  |  | $ | 888 |  |  | $ | (347 | )
Cash flows from investing activities |  |  |  |  |  |
Purchases of available-for-sale securities |  | (1,799 | ) |  | (1,047 | ) |  | (924 | )
Expenditures for property, plant, and equipment |  | (609 | ) |  | (392 | ) |  | (350 | )
Cash contributions to subsidiaries |  | (151 | ) |  | (121 | ) |  | (23 | )
Payments to settle hedging activities |  | (135 | ) |  | (27 | ) |  | (256 | )
Cash paid for acquisitions |  | (57 | ) |  | — |  |  | (596 | )
Expenditures for intangible assets |  | (42 | ) |  | (43 | ) |  | (34 | )
Proceeds from sales and maturities of available-for-sale securities |  | 1,581 |  |  | 557 |  |  | 678 |
Proceeds from settlement of hedging activities |  | 78 |  |  | 23 |  |  | 38 |
Proceeds from repayment of loans to subsidiaries, net |  | 65 |  |  | 379 |  |  | 851 |
Cash distributions from subsidiaries |  | 33 |  |  | 227 |  |  | 38 |
Proceeds from sales of property, plant, and equipment |  | 19 |  |  | 45 |  |  | 38 |
Proceeds from receipt of loan payments |  | 10 |  |  | 56 |  |  | — |
Cash received from disposition of interest in Aptina |  | 1 |  |  | 105 |  |  | — |
Other |  | 5 |  |  | 7 |  |  | (36 | )
Net cash provided by (used for) investing activities |  | (1,001 | ) |  | (231 | ) |  | (576 | )
Cash flows from financing activities |  |  |  |  |  |
Repayments of debt |  | (1,645 | ) |  | (2,469 | ) |  | (777 | )
Cash paid to acquire treasury stock |  | (884 | ) |  | (76 | ) |  | (5 | )
Payments of licensing obligations |  | (82 | ) |  | (47 | ) |  | (31 | )
Proceeds from issuance of debt |  | 2,050 |  |  | 1,750 |  |  | 693 |
Proceeds from issuance of stock under equity plans |  | 73 |  |  | 265 |  |  | 150 |
Proceeds from equipment sale-leaseback transactions |  | — |  |  | — |  |  | 126 |
Other |  | (35 | ) |  | (32 | ) |  | (43 | )
Net cash provided by (used for) financing activities |  | (523 | ) |  | (609 | ) |  | 113 |
Effect of changes in currency exchange rates on cash and cash equivalents |  | — |  |  | (1 | ) |  | — |
Net increase (decrease) in cash and equivalents |  | (528 | ) |  | 47 |  |  | (810 | )
Cash and equivalents at beginning of period |  | 1,249 |  |  | 1,202 |  |  | 2,012 |
Cash and equivalents at end of period |  | $ | 721 |  |  | $ | 1,249 |  |  | $ | 1,202 |
See accompanying notes to condensed financial statements. MICRON TECHNOLOGY, INC. SCHEDULE I CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT NOTES TO CONDENSED FINANCIAL STATEMENTS (All tabular amounts in millions) Basis of Presentation Micron, a Delaware corporation, was incorporated in 1978. Micron is the parent company of its consolidated subsidiaries and, together with its consolidated subsidiaries, is a global leader in advanced semiconductor systems. These condensed financial statements have been prepared on a parent-only basis. Under this parent-only presentation, Micron's investments in its consolidated subsidiaries are presented under the equity method of accounting. In accordance with Rule 12-04 of Regulation S-X, these parent-only financial statements do not include all of the information and footnotes required by Generally Accepted Accounting Principles (GAAP) in the United States for annual financial statements. Because these parent-only financial statements and notes do not include all of the information and footnotes required by GAAP in the U.S. for annual financial statements, these parent-only financial statements and other information included should be read in conjunction with Micron's audited Consolidated Financial Statements contained within Part II, Item 8 of this Form 10-K for the year ended September 3, 2015. Effective in the fourth quarter of 2015, Micron adopted ASU 2015-03 – Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, as appropriate, consistent with debt discounts, as opposed to an asset. The new accounting standard required retrospective application; therefore, Micron's financial statements and notes to those statements contained herein have been adjusted to reflect the impact of adopting this new accounting standard. Debt
|  |  |  |  |  | 2015 |  | 2014
Instrument(1) |  | Stated Rate |  | Effective Rate |  | Current |  | Long-Term |  | Total |  | Current |  | Long-Term |  | Total
Capital lease obligations(2) |  | N/A |  |  | N/A |  |  | $ | 174 |  |  | $ | 40 |  |  | $ | 214 |  |  | $ | 172 |  |  | $ | 233 |  |  | $ | 405 |
2022 senior notes |  | 5.875 | % |  | 6.14 | % |  | — |  |  | 589 |  |  | 589 |  |  | — |  |  | 587 |  |  | 587 |
2023 senior notes |  | 5.250 | % |  | 5.43 | % |  | — |  |  | 988 |  |  | 988 |  |  | — |  |  | — |  |  | — |
2024 senior notes |  | 5.250 | % |  | 5.38 | % |  | — |  |  | 545 |  |  | 545 |  |  | — |  |  | — |  |  | — |
2025 senior notes |  | 5.500 | % |  | 5.56 | % |  | — |  |  | 1,138 |  |  | 1,138 |  |  | — |  |  | 1,137 |  |  | 1,137 |
2026 senior notes |  | 5.625 | % |  | 5.73 | % |  | — |  |  | 446 |  |  | 446 |  |  | — |  |  | — |  |  | — |
2031B convertible senior notes(3) |  | 1.875 | % |  | 6.98 | % |  | — |  |  | — |  |  | — |  |  | 361 |  |  | — |  |  | 361 |
2032C convertible senior notes(4) |  | 2.375 | % |  | 5.95 | % |  | — |  |  | 197 |  |  | 197 |  |  | — |  |  | 309 |  |  | 309 |
2032D convertible senior notes(4) |  | 3.125 | % |  | 6.33 | % |  | — |  |  | 150 |  |  | 150 |  |  | — |  |  | 284 |  |  | 284 |
2033E convertible senior notes(4) |  | 1.625 | % |  | 4.50 | % |  | 217 |  |  | — |  |  | 217 |  |  | 272 |  |  | — |  |  | 272 |
2033F convertible senior notes(4) |  | 2.125 | % |  | 4.93 | % |  | 264 |  |  | — |  |  | 264 |  |  | 260 |  |  | — |  |  | 260 |
2043G convertible senior notes |  | 3.000 | % |  | 6.76 | % |  | — |  |  | 644 |  |  | 644 |  |  | — |  |  | 631 |  |  | 631 |
Other |  | 1.654 | % |  | 1.65 | % |  | — |  |  | 60 |  |  | 60 |  |  | — |  |  | 10 |  |  | 10 |
|  |  |  |  |  | $ | 655 |  |  | $ | 4,797 |  |  | $ | 5,452 |  |  | $ | 1,065 |  |  | $ | 3,191 |  |  | $ | 4,256 |
(1) | Micron has either the obligation or the option to pay cash for the principal amount due upon conversion for all of its convertible notes. Micron's current intent is to settle in cash the principal amount of all of its convertible notes upon conversion.
(2) Weighted-average imputed rate of 4.5% and 4.7% as of September 3, 2015 and August 28, 2014, respectively.
(3) | Amount recorded for 2014 included the debt and equity components. The equity component was reclassified to a debt liability as a result of Micron's obligation to settle the conversions of the 2031B Notes in cash.
(4) | Since the closing price of Micron's common stock for at least 20 trading days in the 30 trading day period ending on June 30, 2015 exceeded 130% of the initial conversion price per share, holders have the right to convert their notes at any time during the calendar quarter ended September 30, 2015. The closing price of Micron's common stock also exceeded the thresholds for the calendar quarter ended September 30, 2015; therefore, these notes are convertible by the holders through December 31, 2015. The 2033 Notes are classified as current because the terms of these notes require us to pay cash for the principal amount of any converted notes.
Micron's convertible and senior notes are unsecured obligations that rank equally in right of payment with all of Micron's other existing and future unsecured indebtedness, and are effectively subordinated to all of Micron's other existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness. The convertible notes and the 2022 Notes, 2023 Notes, 2024 Notes, 2025 Notes, and 2026 Notes of Micron are structurally subordinated to all liabilities of its subsidiaries, including trade payables. Micron guarantees certain debt obligations of its subsidiaries. Micron does not guarantee the MMJ creditor installment payments. As of September 3, 2015, Micron had guaranteed $655 million of debt obligations of its subsidiaries. Micron's guarantees of its subsidiary debt obligations are unsecured obligations ranking equally in right of payment with all of its other existing and future unsecured indebtedness. Capital Lease Obligations Micron has various capital lease obligations due in periodic installments with a weighted-average remaining term of 1 year. As of September 3, 2015 and August 28, 2014, Micron had production equipment with carrying values of $140 million and $305 million, respectively, under capital leases. Convertible Senior Notes and Other Senior Notes For further information, see "Part II – Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Debt" of Micron's consolidated financial statements. Other Facilities Micron has a credit facility with an aggregate revolving commitment which is subject to certain adjustments, including an availability block that effectively limits the maximum amount Micron could draw to $540 million. As of September 3, 2015, $50 million of principal was outstanding under this facility and $270 million was available for Micron to draw. For further information, see "Part II – Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Debt – Other Facilities – Revolving Credit Facilities" of Micron's consolidated financial statements. Maturities of Notes Payable and Future Minimum Lease Payments As of September 3, 2015, maturities of notes payable and future minimum lease payments under capital lease obligations were as follows:
|  | Notes Payable |  | Capital Lease Obligations
2016 |  | $ | — |  |  | $ | 179 |
2017 |  | — |  |  | 30 |
2018 |  | 233 |  |  | 3 |
2019 |  | 224 |  |  | 3 |
2020 |  | 347 |  |  | 3 |
2021 and thereafter |  | 4,854 |  |  | 3 |
Unamortized discounts and interest, respectively |  | (420 | ) |  | (7 | )
|  | $ | 5,238 |  |  | $ | 214 |
Commitments Micron has provided various financial guarantees issued in the normal course of business on behalf of its subsidiaries. These contracts include debt guarantees and guarantees on certain banking facilities. Micron enters into these arrangements to facilitate commercial transactions with third parties by enhancing the value of the transaction to the third party. Micron has entered into agreements covering certain activities of its subsidiaries, and occasionally Micron may be required to perform under such agreements on behalf of its subsidiaries. As of September 3, 2015, the maximum potential amount of future payments Micron could have been required to make under its debt guarantees was approximately $655 million. Substantially all of this amount relates to guarantees for debt of wholly-owned entities whereby Micron would be obligated to perform under the guarantee if a subsidiary were to default on the terms of their debt arrangements. In the event of performance under the guarantee, Micron would be permitted to seek reimbursement from the subsidiary company(s) through liquidation of the assets which were collateral under various debt instruments. At the time these contracts were entered into, the collateralized assets approximated the value of the outstanding guarantees. The majority of these guarantees expire at various times between March 2016 and February 2020. Micron guarantees a credit facility of a subsidiary that provides for up to $750 million of financing. As of September 3, 2015, $75 million of principal amount was outstanding under this facility. Micron guarantees certain banking facilities for its wholly-owned consolidated entities. Substantially all of these guarantees relate to bank overdraft protections. The maximum potential amount of future payments Micron could be required to make under these guarantees varies based on the extent of potential overdrafts. Micron's business processes substantially mitigate the risk of wholly-owned subsidiaries overdrafting their bank accounts. The majority of these guarantees have no contractual expiration. Contingencies As is typical in the semiconductor and other high technology industries, from time to time others have asserted, and may in the future assert, that Micron and its subsidiaries' products or manufacturing processes infringe their intellectual property rights. Micron has accrued a liability and charged operations for the estimated costs of adjudication or settlement of various asserted and unasserted claims existing as of the balance sheet date. Micron is currently a party to various litigation regarding patent, commercial, and other matters. Micron is a party to the matters listed in the "Contingencies" note in the consolidated financial statements. For further information, see "Part II – Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Contingencies" of Micron's consolidated financial statements. Redeemable Convertible Notes For further information, see "Part II – Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Redeemable Convertible Notes" of Micron's consolidated financial statements. Related Party Transactions Substantially all of Micron's activities relate to manufacturing services performed for a subsidiary and to royalties received from its subsidiaries for use of product and process technology. Micron's net sales to consolidated subsidiaries were $5.42 billion, $5.64 billion, and $4.19 billion for 2015, 2014, and 2013, respectively. Gross margins on manufacturing activities are commensurate with market rates for such services. Transactions between Micron and its consolidated subsidiaries are eliminated in consolidation. Micron engages in various transactions with its equity method investees and eliminates the profits or losses on those transactions to the extent of its ownership interest until such time as the profits or losses are realized. Micron held an equity interest in Aptina through August 15, 2014. Net sales for 2014 and 2013 included $43 million and $182 million, respectively, from products sold to and services performed for Aptina. On August 15, 2014, ON Semiconductor Corporation acquired Aptina for approximately $433 million and Micron recognized a non-operating gain of $119 million on the sale of its shares based on its diluted ownership interest of approximately 27%. The gain approximated Micron's share of the consideration because the carrying value of its investment had been reduced to zero since the second quarter of 2012, at which time Micron ceased recognizing its proportionate share of Aptina's losses. For further information regarding transactions between Micron and its equity method investees, see "Part II – Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Equity Method Investments – Other" of Micron's consolidated financial statements.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51664549&loc=d3e5283-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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