v2.4.1.9

Equity | 3 Months Ended
--- | ---
Dec. 04, 2014
Equity [Abstract] |
Equity | Equity Changes in the components of equity were as follows:
|  | Quarter Ended December 4, 2014 |  | Quarter Ended November 28, 2013
|  | Attributable to Micron |  | Noncontrolling Interests |  | Total Equity |  | Attributable to Micron |  | Noncontrolling Interests |  | Total Equity
Beginning balance |  | $ | 10,771 |  |  | $ | 802 |  |  | $ | 11,573 |  |  | $ | 9,142 |  |  | $ | 864 |  |  | $ | 10,006 |
Net income (loss) |  | 1,003 |  |  | (1 | ) |  | 1,002 |  |  | 358 |  |  | 23 |  |  | 381 |
Other comprehensive income (loss) |  | (21 | ) |  | — |  |  | (21 | ) |  | 5 |  |  | — |  |  | 5 |
Comprehensive income (loss) |  | 982 |  |  | (1 | ) |  | 981 |  |  | 363 |  |  | 23 |  |  | 386 |
Contribution from noncontrolling interests |  | — |  |  | 20 |  |  | 20 |  |  | — |  |  | 49 |  |  | 49 |
Distributions to noncontrolling interests |  | — |  |  | (6 | ) |  | (6 | ) |  | — |  |  | (9 | ) |  | (9 | )
Capital and other transactions attributable to Micron |  | (75 | ) |  | — |  |  | (75 | ) |  | (286 | ) |  | — |  |  | (286 | )
Ending balance |  | $ | 11,678 |  |  | $ | 815 |  |  | $ | 12,493 |  |  | $ | 9,219 |  |  | $ | 927 |  |  | $ | 10,146 |
Micron Shareholders' Equity Issued and Outstanding Capped Calls We have capped calls with strike prices that range from $9.50 to $10.93 which are intended to reduce the effect of potential dilution from our convertible notes. These capped calls provide for the receipt of cash or shares, at our election, from counterparties if the trading price of our stock is above the specified initial strike prices at the capped call expiration dates. Amounts received would be based on the trading price of our stock and would range from $0 (if the trading price of our stock is below the initial strike prices for all of the capped calls) to $864 million (if the trading price of our stock is at or above the cap prices for all of the capped calls). Restrictions on Net Assets As a result of the reorganization proceedings of the MMJ Companies being initiated on March 23, 2012, and for so long as such proceedings are continuing, the MMJ Group is subject to certain restrictions on dividends, loans and advances. In addition, our ability to access IMFT's cash and other assets through dividends, loans or advances, including to finance our other operations, is subject to agreement by Intel. As a result, our total restricted net assets (net assets less intercompany balances and noncontrolling interests) as of December 4, 2014 were $3.17 billion for the MMJ Group, which included cash and equivalents of $1.53 billion, and $789 million for IMFT. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component for the quarter ended December 4, 2014, were as follows:
|  | Cumulative Foreign Currency Translation Adjustments |  | Gains (Losses) on Derivative Instruments, Net |  | Gains (Losses) on Investments, Net |  | Pension Liability Adjustments |  | Total
Balance as of August 28, 2014 |  | $ | 42 |  |  | $ | 12 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 56 |
Other comprehensive income before reclassifications |  | (24 | ) |  | (15 | ) |  | — |  |  | 31 |  |  | (8 | )
Amount reclassified out of accumulated other comprehensive income |  | — |  |  | (2 | ) |  | — |  |  | (1 | ) |  | (3 | )
Tax effects |  | — |  |  | 1 |  |  | — |  |  | (11 | ) |  | (10 | )
Other comprehensive income (loss) |  | (24 | ) |  | (16 | ) |  | — |  |  | 19 |  |  | (21 | )
Balance as of December 4, 2014 |  | $ | 18 |  |  | $ | (4 | ) |  | $ | 1 |  |  | $ | 20 |  |  | $ | 35 |
Noncontrolling Interests in Subsidiaries
|  | December 4, 2014 |  | August 28, 2014
|  | Noncontrolling Interest Balance |  | Noncontrolling Interest Percentage |  | Noncontrolling Interest Balance |  | Noncontrolling Interest Percentage
IMFT(1) |  | $ | 707 |  |  | 49 | % |  | $ | 693 |  |  | 49 | %
MP Mask(1) |  | 93 |  |  | 50 | % |  | 93 |  |  | 50 | %
Other |  | 15 |  |  | Various |  |  | 16 |  |  | Various |
|  | $ | 815 |  |  |  |  | $ | 802 |  |  |
(1) | Entity is a variable interest entity.
IMFT Since its inception in 2006, we have owned 51% of IMFT, a venture between us and Intel to manufacture NAND Flash memory products and certain emerging memory technologies for the exclusive use of the members. IMFT is governed by a Board of Managers, for which the number of managers appointed by each member varies based on the members' respective ownership interests. The IMFT joint venture agreement extends through 2024 and includes certain buy-sell rights. Commencing in January 2015, Intel can put to us, and commencing in January 2018, we can call from Intel, Intel's interest in IMFT for an amount equal to the noncontrolling interest balance for Intel. If Intel elects to sell to us, we can elect to set the closing date of the transaction to be any time within two years following such election by Intel and can elect to receive financing of the purchase price from Intel for one to two years from the closing date. IMFT manufactures NAND Flash memory products using designs and technology we develop with Intel. We generally share with Intel the costs of product design, other NAND Flash R&D costs and R&D costs of certain emerging memory technologies. Our R&D expenses were reduced by reimbursements from Intel of $54 million and $29 million for the first quarters of 2015 and 2014, respectively. We sell a portion of our products to Intel through IMFT at long-term negotiated prices approximating cost. Sales of NAND Flash products to Intel under this arrangement were $108 million and $101 million for the first quarters of 2015 and 2014, respectively. Receivables from Intel as of December 4, 2014 and August 28, 2014, were $66 million and $66 million, respectively for these sales. The following table presents the assets and liabilities of IMFT included in our consolidated balance sheets:
|  | December 4, 2014 |  | August 28, 2014
Assets |  |  |  |
Cash and equivalents |  | $ | 79 |  |  | $ | 84 |
Receivables |  | 77 |  |  | 73 |
Inventories |  | 50 |  |  | 48 |
Other current assets |  | 5 |  |  | 5 |
Total current assets |  | 211 |  |  | 210 |
Property, plant and equipment, net |  | 1,538 |  |  | 1,545 |
Other noncurrent assets |  | 49 |  |  | 47 |
Total assets |  | $ | 1,798 |  |  | $ | 1,802 |
Liabilities |  |  |  |
Accounts payable and accrued expenses |  | $ | 101 |  |  | $ | 106 |
Deferred income |  | 8 |  |  | 8 |
Current portion of long-term debt |  | 21 |  |  | 21 |
Total current liabilities |  | 130 |  |  | 135 |
Long-term debt |  | 65 |  |  | 71 |
Other noncurrent liabilities |  | 107 |  |  | 110 |
Total liabilities |  | $ | 302 |  |  | $ | 316 |
Amounts exclude intercompany balances that were eliminated in our consolidated balance sheets. Creditors of IMFT have recourse only to IMFT's assets and do not have recourse to any other of our assets. The following table presents IMFT's distributions to and contributions from its shareholders:
Quarter ended |  | December 4, 2014 |  | November 28, 2013
IMFT distributions to Micron |  | $ | 6 |  |  | $ | — |
IMFT distributions to Intel |  | 6 |  |  | — |
Micron contributions to IMFT |  | 21 |  |  | 51 |
Intel contributions to IMFT |  | 20 |  |  | 49 |
MP Mask In 2006, we formed a joint venture with Photronics to produce photomasks for leading-edge and advanced next generation semiconductors. The MP Mask joint venture agreement allows either party to terminate the joint venture in either May 2016, provided notice is given prior to May 2015, or in each successive five-year period following May 2016, provided such notice is given at least twelve months prior to the end of the successive five-year period. Since its inception, we have owned approximately 50% and Photronics has owned approximately 50% of MP Mask. We purchase a substantial majority of the photomasks produced by MP Mask pursuant to a supply arrangement. The following table presents the assets and liabilities of MP Mask included in our consolidated balance sheets:
|  | December 4, 2014 |  | August 28, 2014
Current assets |  | $ | 23 |  |  | $ | 24 |
Noncurrent assets (primarily property, plant and equipment) |  | 202 |  |  | 203 |
Current liabilities |  | 36 |  |  | 28 |
Noncurrent liabilities |  | 6 |  |  | 14 |
Amounts exclude intercompany balances that were eliminated in our consolidated balance sheets. Creditors of MP Mask have recourse only to MP Mask's assets and do not have recourse to any other of our assets.

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