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Quarterly Financial Information | 12 Months Ended
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Aug. 31, 2017
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Information | Quarterly Financial Information (Unaudited) (in millions except per share amounts)
2017 |  | Fourth Quarter |  | Third Quarter |  | Second Quarter |  | First Quarter
Net sales |  | $ | 6,138 |  |  | $ | 5,566 |  |  | $ | 4,648 |  |  | $ | 3,970 |
Gross margin |  | 3,112 |  |  | 2,609 |  |  | 1,704 |  |  | 1,011 |
Operating income |  | 2,502 |  |  | 1,963 |  |  | 1,044 |  |  | 359 |
Net income |  | 2,369 |  |  | 1,647 |  |  | 894 |  |  | 180 |
Net income attributable to Micron |  | 2,368 |  |  | 1,647 |  |  | 894 |  |  | 180 |
Earnings per share |  |  |  |  |  |  |  |
Basic |  | $ | 2.13 |  |  | $ | 1.49 |  |  | $ | 0.81 |  |  | $ | 0.17 |
Diluted |  | 1.99 |  |  | 1.40 |  |  | 0.77 |  |  | 0.16 |
The second quarter of 2017 includes Inotera's results of operations from the December 6, 2016 acquisition date as well as a non-operating gain of $71 million for the revaluation of our previously-held 33% equity interest in Inotera to its fair value. (See "Acquisition of Inotera" note.) Results of operations in the fourth and third quarters of 2017 included losses of $37 million and $61 million, respectively, related to the repurchases and conversions of debt.
2016 |  | Fourth Quarter |  | Third Quarter |  | Second Quarter |  | First Quarter
Net sales |  | $ | 3,217 |  |  | $ | 2,898 |  |  | $ | 2,934 |  |  | $ | 3,350 |
Gross margin |  | 579 |  |  | 498 |  |  | 579 |  |  | 849 |
Operating income (loss) |  | (32 | ) |  | (27 | ) |  | (5 | ) |  | 232 |
Net income (loss) |  | (170 | ) |  | (215 | ) |  | (96 | ) |  | 206 |
Net income (loss) attributable to Micron |  | (170 | ) |  | (215 | ) |  | (97 | ) |  | 206 |
Earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.16 | ) |  | $ | (0.21 | ) |  | $ | (0.09 | ) |  | $ | 0.20 |
Diluted |  | (0.16 | ) |  | (0.21 | ) |  | (0.09 | ) |  | 0.19 |
Results of operations in the fourth quarter of 2016 included charges of $58 million related to restructure activities initiated in 2016.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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