v3.3.1.900

Equity | 3 Months Ended
--- | ---
Dec. 03, 2015
Equity [Abstract] |
Equity | Equity Changes in the components of equity were as follows:
|  | Quarter Ended December 3, 2015 |  | Quarter Ended December 4, 2014
|  | Attributable to Micron |  | Noncontrolling Interests |  | Total Equity |  | Attributable to Micron |  | Noncontrolling Interests |  | Total Equity
Beginning balance |  | $ | 12,302 |  |  | $ | 937 |  |  | $ | 13,239 |  |  | $ | 10,771 |  |  | $ | 802 |  |  | $ | 11,573 |
Net income |  | 206 |  |  | — |  |  | 206 |  |  | 1,003 |  |  | (1 | ) |  | 1,002 |
Other comprehensive income (loss) |  | (103 | ) |  | — |  |  | (103 | ) |  | (21 | ) |  | — |  |  | (21 | )
Comprehensive income (loss) |  | 103 |  |  | — |  |  | 103 |  |  | 982 |  |  | (1 | ) |  | 981 |
Contributions from noncontrolling interests |  | — |  |  | 37 |  |  | 37 |  |  | — |  |  | 20 |  |  | 20 |
Distributions to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | (6 | ) |  | (6 | )
Capital and other transactions attributable to Micron |  | (104 | ) |  | — |  |  | (104 | ) |  | (75 | ) |  | — |  |  | (75 | )
Ending balance |  | $ | 12,301 |  |  | $ | 974 |  |  | $ | 13,275 |  |  | $ | 11,678 |  |  | $ | 815 |  |  | $ | 12,493 |
Micron Shareholders' Equity Common Stock Repurchases: Since the first quarter of 2015, our Board of Directors has authorized the discretionary repurchase of up to $1.25 billion of our outstanding common stock, $250 million of which was authorized in the first quarter of 2016. Any repurchases under the authorization may be made in open market purchases, block trades, privately-negotiated transactions, or derivative transactions. Repurchases are subject to market conditions and our ongoing determination of the best use of available cash. During the first quarter of 2016, we repurchased 7 million shares for $125 million (including commissions) through open-market transactions, which were recorded as treasury stock. Since the beginning of 2015, we have repurchased a total of 49 million shares for $956 million (including commissions). Issued and Outstanding Capped Calls: We have capped calls (with strike prices that range from $9.50 to $10.93 and cap prices that range from $13.17 to $16.04), which were intended to reduce the effect of potential dilution from our convertible notes. The capped calls provide for our receipt of cash or shares, at our election, from our counterparties if the trading price of our stock is above strike prices on various dates ranging from January 2016 to February 2020, the expiration dates of the capped calls. The amounts receivable vary based on the trading price of our stock, up to cap prices. The dollar value of the cash or shares that we would receive from the capped calls upon their expiration date ranges from $0 if the trading price of our stock is below the strike prices for all of the capped calls to $814 million if the trading price of our stock is at or above the cap price for all of the capped calls. Accumulated Other Comprehensive Income (Loss): Changes in accumulated other comprehensive income (loss) by component for the quarter ended December 3, 2015, 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 September 3, 2015 |  | $ | — |  |  | $ | (5 | ) |  | $ | (3 | ) |  | $ | 21 |  |  | $ | 13 |
Other comprehensive income (loss) before reclassifications |  | (90 | ) |  | (4 | ) |  | (3 | ) |  | (8 | ) |  | (105 | )
Amount reclassified out of accumulated other comprehensive income |  | — |  |  | (1 | ) |  | — |  |  | — |  |  | (1 | )
Tax effects |  | — |  |  | 1 |  |  | — |  |  | 2 |  |  | 3 |
Other comprehensive income (loss) |  | (90 | ) |  | (4 | ) |  | (3 | ) |  | (6 | ) |  | (103 | )
Balance as of December 3, 2015 |  | $ | (90 | ) |  | $ | (9 | ) |  | $ | (6 | ) |  | $ | 15 |  |  | $ | (90 | )
Noncontrolling Interests in Subsidiaries
As of |  | December 3, 2015 |  | September 3, 2015
|  | Noncontrolling Interest Balance |  | Noncontrolling Interest Percentage |  | Noncontrolling Interest Balance |  | Noncontrolling Interest Percentage
IMFT(1) |  | $ | 866 |  |  | 49 | % |  | $ | 829 |  |  | 49 | %
MP Mask(1) |  | 93 |  |  | 50 | % |  | 93 |  |  | 50 | %
Other |  | 15 |  |  | Various |  |  | 15 |  |  | Various |
|  | $ | 974 |  |  |  |  | $ | 937 |  |  |
(1) | Entity is a variable interest entity.
IMFT: Since inception in 2006, we have owned 51% of IMFT, a joint venture between us and Intel to manufacture NAND Flash and 3D XPoint memory products 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. On January 5, 2016, we amended the Second Amended and Restated Operating Agreement with Intel related to the IMFT joint venture to change the dates of those buy-sell rights. Pursuant to this amendment, commencing in January 2016, Intel can put to us, and commencing in January 2019, we can call from Intel, Intel's interest in IMFT, in either case, for an amount equal to the noncontrolling interest balance attributable to Intel at such time. 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 memory products using designs and technology we develop with Intel. We generally share with Intel the costs of product design and process development activities for NAND Flash and 3D XPoint memory. Our R&D expenses were reduced by reimbursements from Intel of $46 million and $54 million for the first quarters of 2016 and 2015, respectively. We sell a portion of our products to Intel through our IMFT joint venture at long-term negotiated prices approximating cost. Sales of products to Intel under this arrangement were $115 million and $108 million for the first quarters of 2016 and 2015, respectively. Receivables from Intel as of December 3, 2015 and September 3, 2015 were $75 million and $67 million, respectively, for these sales. The following table presents the assets and liabilities of IMFT included in our consolidated balance sheets:
As of |  | December 3, 2015 |  | September 3, 2015
Assets |  |  |  |
Cash and equivalents |  | $ | 140 |  |  | $ | 134 |
Receivables |  | 88 |  |  | 79 |
Inventories |  | 64 |  |  | 65 |
Other current assets |  | 6 |  |  | 7 |
Total current assets |  | 298 |  |  | 285 |
Property, plant, and equipment, net |  | 1,777 |  |  | 1,768 |
Other noncurrent assets |  | 53 |  |  | 49 |
Total assets |  | $ | 2,128 |  |  | $ | 2,102 |
Liabilities |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 139 |  |  | $ | 182 |
Deferred income |  | 10 |  |  | 9 |
Current debt |  | 20 |  |  | 22 |
Total current liabilities |  | 169 |  |  | 213 |
Long-term debt |  | 45 |  |  | 49 |
Other noncurrent liabilities |  | 96 |  |  | 100 |
Total liabilities |  | $ | 310 |  |  | $ | 362 |
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 3, 2015 |  | December 4, 2014
IMFT distributions to Micron |  | $ | — |  |  | $ | 6 |
IMFT distributions to Intel |  | — |  |  | 6 |
Micron contributions to IMFT |  | 38 |  |  | 21 |
Intel contributions to IMFT |  | 37 |  |  | 20 |
MP Mask: In 2006, we formed a joint venture with Photronics to produce photomasks for leading-edge and advanced next generation semiconductors. On March 24, 2015, we notified Photronics of our election to terminate MP Mask effective in May 2016. Upon termination, we have the right to acquire Photronics' interest in MP Mask for an amount equal to the noncontrolling interest balance. Since its inception, we and Photronics have each owned approximately 50% of MP Mask. We purchase a substantial majority of the photomasks produced by MP Mask pursuant to a supply arrangement. The assets and liabilities of MP Mask included in our consolidated balance sheets were as follows:
As of |  | 2016 |  | 2015
Current assets |  | $ | 23 |  |  | $ | 21 |
Noncurrent assets (primarily property, plant, and equipment) |  | 171 |  |  | 180 |
Current liabilities |  | 13 |  |  | 21 |
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. Restrictions on Net Assets As a result of the reorganization proceedings of the MMJ Companies initiated on March 23, 2012, and for so long as such proceedings continue, 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 3, 2015 were $2.96 billion for the MMJ Group and $952 million for IMFT, which included cash and equivalents of $951 million for the MMJ Group and $140 million for IMFT. As of December 3, 2015, our retained earnings included undistributed earnings from our equity method investees of $291 million.

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