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Debt | 12 Months Ended
--- | ---
Aug. 31, 2017
Debt Disclosure [Abstract] |
Debt | Debt
|  | 2017 |  | 2016
|  |  |  |  |  |  |  | Net Carrying Amount |  |  |  | Net Carrying Amount
Instrument |  | Stated Rate |  | Effective Rate |  | Principal |  | Current |  | Long-Term |  | Total(1) |  | Principal |  | Current |  | Long-Term |  | Total(1)
MMJ Creditor Payments |  | N/A |  |  | 6.52 | % |  | $ | 695 |  |  | $ | 157 |  |  | $ | 474 |  |  | $ | 631 |  |  | $ | 985 |  |  | $ | 189 |  |  | $ | 680 |  |  | $ | 869 |
Capital lease obligations |  | N/A |  |  | 3.68 | % |  | 1,190 |  |  | 357 |  |  | 833 |  |  | 1,190 |  |  | 1,406 |  |  | 380 |  |  | 1,026 |  |  | 1,406 |
2021 MSAC Term Loan |  | 3.61 | % |  | 3.85 | % |  | 800 |  |  | 99 |  |  | 697 |  |  | 796 |  |  | — |  |  | — |  |  | — |  |  | — |
2021 MSTW Term Loan |  | 2.85 | % |  | 3.02 | % |  | 2,652 |  |  | — |  |  | 2,640 |  |  | 2,640 |  |  | — |  |  | — |  |  | — |  |  | — |
2022 Notes |  | 5.88 | % |  | 6.14 | % |  | — |  |  | — |  |  | — |  |  | — |  |  | 600 |  |  | — |  |  | 590 |  |  | 590 |
2022 Term Loan B |  | 3.80 | % |  | 4.22 | % |  | 743 |  |  | 5 |  |  | 725 |  |  | 730 |  |  | 750 |  |  | 5 |  |  | 730 |  |  | 735 |
2023 Notes |  | 5.25 | % |  | 5.43 | % |  | 1,000 |  |  | — |  |  | 991 |  |  | 991 |  |  | 1,000 |  |  | — |  |  | 990 |  |  | 990 |
2023 Secured Notes |  | 7.50 | % |  | 7.69 | % |  | 1,250 |  |  | — |  |  | 1,238 |  |  | 1,238 |  |  | 1,250 |  |  | — |  |  | 1,237 |  |  | 1,237 |
2024 Notes |  | 5.25 | % |  | 5.38 | % |  | 550 |  |  | — |  |  | 546 |  |  | 546 |  |  | 550 |  |  | — |  |  | 546 |  |  | 546 |
2025 Notes |  | 5.50 | % |  | 5.56 | % |  | 519 |  |  | — |  |  | 515 |  |  | 515 |  |  | 1,150 |  |  | — |  |  | 1,139 |  |  | 1,139 |
2026 Notes |  | 5.63 | % |  | 5.73 | % |  | 129 |  |  | — |  |  | 128 |  |  | 128 |  |  | 450 |  |  | — |  |  | 446 |  |  | 446 |
2032C Notes(2) |  | 2.38 | % |  | 5.95 | % |  | 223 |  |  | — |  |  | 211 |  |  | 211 |  |  | 223 |  |  | — |  |  | 204 |  |  | 204 |
2032D Notes(2) |  | 3.13 | % |  | 6.33 | % |  | 177 |  |  | — |  |  | 159 |  |  | 159 |  |  | 177 |  |  | — |  |  | 154 |  |  | 154 |
2033E Notes(2) |  | 1.63 | % |  | 4.50 | % |  | 173 |  |  | 202 |  |  | — |  |  | 202 |  |  | 176 |  |  | — |  |  | 168 |  |  | 168 |
2033F Notes(2) |  | 2.13 | % |  | 4.93 | % |  | 297 |  |  | 278 |  |  | — |  |  | 278 |  |  | 297 |  |  | — |  |  | 271 |  |  | 271 |
2043G Notes(3) |  | 3.00 | % |  | 6.76 | % |  | 1,025 |  |  | — |  |  | 671 |  |  | 671 |  |  | 1,025 |  |  | — |  |  | 657 |  |  | 657 |
Other notes |  | 2.13 | % |  | 2.66 | % |  | 216 |  |  | 164 |  |  | 44 |  |  | 208 |  |  | 512 |  |  | 182 |  |  | 316 |  |  | 498 |
|  |  |  |  |  | $ | 11,639 |  |  | $ | 1,262 |  |  | $ | 9,872 |  |  | $ | 11,134 |  |  | $ | 10,551 |  |  | $ | 756 |  |  | $ | 9,154 |  |  | $ | 9,910 |
(1) | Net carrying amount is the principal amount less unamortized debt discount and issuance costs. In addition, the net carrying amount for our 2033E Notes for 2017 included $31 million of derivative debt liabilities recognized as a result of our election to settle entirely in cash converted notes with an aggregate principal amount of $16 million.
(2) | Since the closing price of our common stock exceeded 130% of the conversion price per share for at least 20 trading days in the 30 trading day period ended on June 30, 2017, these notes are convertible by the holders through the calendar quarter ended September 30, 2017. The closing price of our common stock also exceeded the thresholds for the calendar quarter ended September 30, 2017; therefore, these notes are convertible by the holders through December 31, 2017. The 2033 Notes were classified as current as of August 31, 2017 because the terms of these notes require us to pay cash for the principal amount of any converted notes and holders of these notes had the right to convert their notes as of that date.
(3) | The 2043G Notes have an original principal amount of $820 million that accretes up to $917 million through the expected term in November 2028 and $1.03 billion at maturity in 2043.
Our convertible and other senior notes are unsecured obligations that rank equally in right of payment with all of our other existing and future unsecured indebtedness, and are effectively subordinated to all of our other existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness. As of August 31, 2017, Micron had $3.70 billion of unsecured debt (net of unamortized discount and debt issuance costs), including all of its convertible notes and the 2023 Notes, 2024 Notes, 2025 Notes, and 2026 Notes, that was structurally subordinated to all liabilities of its subsidiaries, including trade payables. The terms of our indebtedness generally contain cross payment default and cross acceleration provisions. Micron guarantees certain debt obligations of its subsidiaries, but does not guarantee the MMJ Creditor Payments. Micron's guarantees of its subsidiary debt obligations are unsecured obligations ranking equally in right of payment with all of Micron's other existing and future unsecured indebtedness. MMJ Creditor Payments Under the MMJ Companies' corporate reorganization proceedings, which set forth the treatment of the MMJ Companies' pre-petition creditors and their claims, the MMJ Companies were required to pay 200 billion yen, less certain expenses of the reorganization proceedings and other items, to their secured and unsecured creditors in seven annual installment payments (the "MMJ Creditor Payments"). The MMJ Creditor Payments do not provide for interest and, as a result of our acquisition of the MMJ Companies in 2013, we recorded the MMJ Creditor Payments at fair value. The fair-value discount is accreted to interest expense over the term of the installment payments. Under the MMJ Companies' corporate reorganization proceedings, the secured creditors of MMJ will recover 100% of the amount of their fixed claims in six annual installment payments through December 2018 and the unsecured creditors will recover at least 17.4% of the amount of their fixed claims in seven annual installment payments through December 2019. The unsecured creditors of MAI were scheduled to be paid in seven installments; however, in connection with our sale of MAI in 2017, the remaining MAI creditor obligations were paid in full. The remaining portion of the unsecured claims of the creditors of MMJ not recovered pursuant to the corporate reorganization proceedings will be discharged, without payment, through December 2019. The following table presents the remaining amounts of MMJ Creditor Payments (stated in Japanese yen and U.S. dollars) and the amount of unamortized discount as of August 31, 2017:
2018 |  | ¥ | 17,675 |  |  | $ | 160 |
2019 |  | 27,154 |  |  | 246 |
2020 |  | 31,762 |  |  | 289 |
|  | 76,591 |  |  | 695 |
Less unamortized discount |  | (7,075 | ) |  | (64 | )
|  | ¥ | 69,516 |  |  | $ | 631 |
Pursuant to the terms of an Agreement on Support for Reorganization Companies that we executed in the fourth quarter of 2012 with the trustees of the MMJ Companies' pending corporate reorganization proceedings, we entered into a series of agreements with the MMJ Companies, including supply agreements, research and development services agreements, and general services agreements, which are intended to generate operating cash flows to meet the requirements of the MMJ Companies' businesses, including the funding of the MMJ Creditor Payments. Capital Lease Obligations In 2017, we recorded capital lease obligations aggregating $220 million at a weighted-average effective interest rate of 5.1%, with a weighted-average expected term of ten years. In 2016, we recorded capital lease obligations aggregating $882 million, including $765 million related to equipment sale-leaseback transactions. 2021 MSAC Senior Secured Term Loan In November 2016, we entered into a five-year variable-rate facility agreement to obtain up to $800 million of financing, collateralized by certain production equipment, and drew $800 million under the facility in 2017. Interest is payable quarterly at a per annum rate equal to three-month LIBOR plus 2.4%. Principal is payable in 16 equal quarterly installments beginning in March 2018. The 2021 MSAC Term Loan contains covenants which are customary for financings of this type, including negative covenants that limit or restrict our ability to create liens or dispose of the equipment securing the facility agreement. The 2021 MSAC Term Loan also contains customary events of default which could result in the acceleration of all amounts to be immediately due and payable. The 2021 MSAC Term Loan is guaranteed by Micron. 2021 MSTW Senior Secured Term Loan In connection with the Inotera Acquisition, on December 6, 2016, we drew 80 billion New Taiwan dollars under a collateralized, five-year term loan that bears interest at a variable per annum rate equal to the three-month TAIBOR plus a margin of 2.05%. Principal under the 2021 MSTW Term Loan is payable in six equal semi-annual installments from June 2019 through December 2021. The 2021 MSTW Term Loan is collateralized by certain assets, including a real estate mortgage on MTTW's main production facility and site, a chattel mortgage over certain equipment of MTTW, all of the stock of our MSTW subsidiary, and the 82% of stock of MTTW owned by MSTW. The 2021 MSTW Term Loan is guaranteed by Micron. The 2021 MSTW Term Loan contains affirmative and negative covenants, including covenants that limit or restrict our ability to create liens in or dispose of collateral securing obligations under the 2021 MSTW Term Loan, mergers involving MSTW and/or MTTW, loans or guarantees to third parties by MTTW and/or MSTW, and MSTW's and/or MTTW's distribution of cash dividends. The 2021 MSTW Term Loan also contains financial covenants, which are tested semi-annually, as follows:
• | MSTW must maintain a consolidated ratio of total liabilities to adjusted EBITDA not higher than 5.5 x in 2017 and 2018, and not higher than 4.5 x in 2019 through 2021;
• | MSTW must maintain adjusted consolidated tangible net worth of not less than 4.0 billion New Taiwan dollars in 2017 and 2018, not less than 6.5 billion New Taiwan dollars in 2019 and 2020, and not less than 12.0 billion New Taiwan dollars in 2021;
• | on a consolidated basis, Micron must maintain a ratio of total liabilities to adjusted EBITDA not higher than 3.5 x in 2017, not higher than 3.0 x in 2018 and 2019, and not higher than 2.5 x in 2020 and 2021; and
• | on a consolidated basis, Micron must maintain adjusted tangible net worth not less than $9.0 billion in 2017, not less than $12.5 billion in 2018 and 2019, and not less than $16.5 billion in 2020 and 2021.
If MSTW fails to maintain a required financial covenant, the interest rate will be increased by 0.25% until such time as the required financial ratios are maintained. If MSTW's failure continues for two consecutive semi-annual periods, such failure will constitute an event of default that could result in all obligations owed under the loan being accelerated to be immediately due and payable. Micron's failure to maintain a required financial covenant will only result in a 0.25% increase to the interest rate but will not constitute an event of default. The loan also contains customary events of default. Unsecured Senior Notes The unsecured notes in the table below (the " Unsecured Senior Notes") contain covenants that, among other things, limit, in certain circumstances, our ability and/or the ability of our domestic restricted subsidiaries (which are generally subsidiaries in the U.S. in which we own at least 80% of the voting stock) to (1) create or incur certain liens and enter into sale and lease-back transactions, (2) create, assume, incur, or guarantee certain additional secured indebtedness and unsecured indebtedness of our domestic restricted subsidiaries, and (3) consolidate with or merge with or into, or convey, transfer or lease all or substantially all of our assets, to another entity. These covenants are subject to a number of limitations, exceptions, and qualifications. Cash Redemption at Our Option: We have the option to redeem the Unsecured Senior Notes. The applicable redemption price will be determined as follows:
|  | Maturity Date |  | Redemption Period Requiring Payment of: |  | Redemption of up to 35% of Original Principal Amount Using Cash Proceeds From an Equity Offering(3)
|  |  | Make-Whole(1) |  | Premium(2) |  | Date |  | Specified Price
2023 Notes(4) |  | Aug 2023 |  | Prior to Feb 1, 2018 |  | On or after Feb 1, 2018 |  | Prior to Feb 1, 2018 |  | 105.250 | %
2024 Notes |  | Jan 2024 |  | Prior to May 1, 2018 |  | On or after May 1, 2018 |  | Prior to May 1, 2018 |  | 105.250 | %
2025 Notes |  | Feb 2025 |  | Prior to Aug 1, 2019 |  | On or after Aug 1, 2019 |  | N/A |  | N/A
2026 Notes |  | Jan 2026 |  | Prior to May 1, 2020 |  | On or after May 1, 2020 |  | N/A |  | N/A
(1) | If we redeem prior to the applicable date, the redemption price is principal plus a make-whole premium as described in the applicable indenture.
(2) | If we redeem on or after the applicable date, the redemption price is principal plus a premium which declines over time as specified in the applicable indenture.
(3) | If we redeem prior to the applicable date with net cash proceeds of one or more equity offerings, the redemption price is equal to the amount specified above, together with accrued and unpaid interest, subject to a maximum redemption of 35% of the aggregate original principal amount of the respective series of notes being redeemed. The 2025 Notes and 2026 Notes can not be redeemed with cash proceeds from an equity offering because the principal amount outstanding as of August 31, 2017 of such notes is less than 65% of the original principal amount issued.
(4) | In the first quarter of 2018, we issued a notice to redeem our 2023 Notes. See "Debt Repurchases and Conversions" below.
Senior Secured Borrowings 2022 Senior Secured Term Loan B: In April 2016, we issued $750 million in principal amount of 2022 Term Loan B notes due April 2022. Interest was payable at a rate equal to LIBOR plus 6.00%. In April 2017 and October 2016, we amended our 2022 Term Loan B, substantially all of which was treated as a debt modification, to reduce the interest rate margins, and as of August 31, 2017, the 2022 Term Loan B generally bears interest at LIBOR plus 2.50%. We may elect to convert outstanding term loans to other variable-rate indexes. Principal payments are due quarterly in an amount equal to 0.25% of the initial aggregate principal amount with the balance due at maturity and may be prepaid without penalty. Interest is payable at least quarterly. 2023 Senior Secured Notes: In April 2016, we issued $1.25 billion in principal amount of 2023 Secured Notes due September 2023. In the first quarter of 2018, we issued notices to redeem our 2023 Secured Notes. See "Debt Repurchases and Conversions" below. Senior Secured Borrowings Collateral and Covenants: The 2022 Term Loan B and 2023 Secured Notes are collateralized by substantially all of the assets of Micron and MSP, a subsidiary of Micron, subject to certain permitted liens on such assets. Included in our consolidated balance sheet as of August 31, 2017 were $6.22 billion of assets which collateralize these notes. The 2022 Term Loan B and 2023 Secured Notes are structurally subordinated to the indebtedness and other liabilities of all of Micron's subsidiaries that do not guarantee these debt obligations. MSP guarantees both of these notes. The 2022 Term Loan B and 2023 Secured Notes each contain covenants that, among other things, limit, in certain circumstances, the ability of Micron and/or its domestic restricted subsidiaries to (1) create or incur certain liens and enter into sale-leaseback financing transactions; (2) in the case of domestic restricted subsidiaries, create, assume, incur, or guarantee additional indebtedness; and (3) in the case of Micron, consolidate or merge with or into, or sell, assign, convey, transfer, lease, or otherwise dispose of all or substantially all of its assets to another entity. These covenants are subject to a number of limitations, exceptions, and qualifications. Convertible Senior Notes
|  | Holder Put Date(1) |  | Maturity Date |  | Conversion Price Per Share |  | Conversion Price Per Share Threshold(2) |  | Underlying Shares of Common Stock |  | Conversion Value in Excess of Principal(3) |  | Principal Settlement Option(4)
2032C Notes |  | May 2019 |  | May 2032 |  | $ | 9.63 |  |  | $ | 12.52 |  |  | 23 |  |  | $ | 519 |  |  | Cash and/or shares
2032D Notes |  | May 2021 |  | May 2032 |  | 9.98 |  |  | 12.97 |  |  | 18 |  |  | 390 |  |  | Cash and/or shares
2033E Notes(5) |  | Feb 2018 |  | Feb 2033 |  | 10.93 |  |  | 14.21 |  |  | 16 |  |  | 332 |  |  | Cash
2033F Notes(5) |  | Feb 2020 |  | Feb 2033 |  | 10.93 |  |  | 14.21 |  |  | 27 |  |  | 572 |  |  | Cash
2043G Notes |  | Nov 2028 |  | Nov 2043 |  | 29.16 |  |  | 37.91 |  |  | 35 |  |  | 99 |  |  | Cash and/or shares
|  |  |  |  |  |  |  |  |  | 119 |  |  | $ | 1,912 |  |  |
(1) | Debt discount and debt issuance costs are amortized through the earliest holder put date.
(2) | Represents 130% of the conversion price per share. If the trading price of our common stock price exceeds such threshold for a specified period, holders may convert such notes. See "Conversion Rights" below.
(3) | Based on the trading price of our common stock of $31.97 as of August 31, 2017.
(4) | It is our current intent to settle in cash the principal amount of our convertible notes upon conversion. As a result, only the amounts payable in excess of the principal amounts upon conversion of our convertible notes are considered in diluted earnings per share under the treasury stock method. For each of our convertible notes, we may elect to settle any amounts in excess of the principal in cash, shares of our common stock, or a combination thereof.
(5) | Holders of the 2033E Notes and 2033F Notes may also put their notes to us on February 15, 2023.
Conversion Rights: Holders of our convertible notes may convert their notes under the following circumstances: (1) if the notes are called for redemption; (2) during any calendar quarter if the closing price of our common stock for at least 20 trading days in the 30 consecutive trading days ending on the last trading day of the preceding calendar quarter is more than 130% of the conversion price (see "Conversion Price Per Share Threshold" in the table above); (3) if the trading price of the notes is less than 98% of the product of the closing price of our common stock and the conversion rate of the notes during the periods specified in the indentures; (4) if specified distributions or corporate events occur, as set forth in the indenture for the notes; or (5) during the last three months prior to the maturity date of the notes. For the calendar quarter ended September 30, 2017, the closing price of our common stock exceeded 130% of the conversion price for our 2032 Notes and 2033 Notes; therefore, those notes are convertible by the holders through December 31, 2017. In August 2017, holders of our 2033E Notes with an aggregate principal amount of $58 million converted their notes, which were settled in the first quarter of 2018. For converted notes with an aggregate principal amount of $16 million, we elected to settle the conversion obligation in excess of the principal amount in cash. We elected to settle the remaining notes with an aggregate principal amount of $42 million with a combination of cash for the principal amount and shares of our common stock for the remainder of the settlement amount. As a result of our election to settle all amounts due upon conversion in cash for some of these notes, such settlement obligations became derivative debt liabilities subject to mark-to-market accounting treatment based on the volume-weighted-average price of our common stock over a period of 20 consecutive trading days. Accordingly, at the dates of our elections to settle the conversions in cash, we reclassified the fair values of the equity components of each of the converted notes from additional capital to derivative debt liabilities within current debt in our consolidated balance sheet. The net carrying amount for 2017 included $31 million for the fair values of the derivative debt liabilities as of August 31, 2017. The 20 consecutive trading day period ended in the first quarter of 2018, and we settled the conversion for $92 million in cash and 3 million shares of our treasury stock. Cash Redemption at Our Option: We may redeem our convertible notes under the circumstances listed in the table below. The redemption price for the notes will equal the principal amount at maturity, or the accreted principal amount in the case of the 2043G Notes redeemed on or after November 20, 2018, plus accrued and unpaid interest.
|  | Conditional Redemption Period at Our Option(1) |  | Unconditional Redemption Period at Our Option |  | Redemption Period Requiring Make-Whole
2032C Notes |  | On or after May 1, 2016 |  | On or after May 4, 2019 |  | Prior to May 4, 2019(2)
2032D Notes |  | On or after May 1, 2017 |  | On or after May 4, 2021 |  | Prior to May 4, 2021(2)
2033E Notes |  | N/A |  | On or after Feb 20, 2018 |  | N/A
2033F Notes |  | N/A |  | On or after Feb 20, 2020 |  | N/A
2043G Notes |  | Prior to Nov 20, 2018 |  | On or after Nov 20, 2018 |  | Prior to Nov 20, 2018(3)
(1) | We may redeem for cash on or after the applicable dates if the volume weighted average price of our common stock has been at least 130% of the conversion price for at least 20 trading days during any 30 consecutive trading day period.
(2) | If we redeem prior to the applicable date, we will pay a make-whole premium in cash equal to the present value of the remaining scheduled interest payments from the redemption date to May 4, 2019 for the 2032C Notes and to May 4, 2021 for the 2032D Notes.
(3) | If we redeem prior to the applicable date, we will be required to pay a make-whole premium only if, as a result of our redemption notice, holders convert their notes. The make-whole premium will be based on the price of our common stock and the conversion date, as set forth in the indenture, and is payable at our election in cash and/or shares.
Cash Repurchase at the Option of the Holders: We may be required by the holders of our convertible notes to repurchase for cash all or a portion of the notes on the "Holder Put Date" listed in the table above. The repurchase price would equal the principal amount, or the accreted principal amount in the case of the 2043G Notes, plus accrued and unpaid interest. Also, upon a change in control or a termination of trading, as defined in the respective indentures, holders of our convertible notes may require us to repurchase for cash all or a portion of their notes. Other: Interest expense for our convertible notes consisted of contractual interest of $51 million, $51 million, and $59 million for 2017, 2016, and 2015, respectively and amortization of discount and issuance costs of $37 million, $36 million, and $42 million for 2017, 2016, and 2015, respectively. As of August 31, 2017 and September 1, 2016, the carrying amounts of the equity components of our convertible notes, which are included in additional capital in the accompanying consolidated balance sheets, were $287 million and $308 million, respectively. Available Revolving Credit Facility We have a senior secured revolving credit facility that expires in 2020, under which we can draw up to the lesser of $750 million or 80% of the net outstanding balance of certain trade receivables, as defined in the facility agreement. Any amounts drawn are collateralized by a security interest in such trade receivables. The credit facility contains customary covenants and conditions, including as a funding condition the absence of any event or circumstance that has a material adverse effect on certain of our operations, assets, prospects, business, or condition, and including negative covenants that limit or restrict our ability to create liens on, or dispose of, the collateral underlying the obligations under this facility. Interest is payable on any outstanding principal balance at a variable rate equal to the LIBOR plus an applicable margin ranging between 1.75% to 2.25%, depending upon the utilized portion of the facility. As of August 31, 2017, there were no outstanding amounts drawn under this facility and $750 million was available for us to draw. Debt Repurchases and Conversions On October 12, 2017, subsequent to the end of 2017, we issued a notice to redeem $438 million of principal amount of our 2023 Secured Notes on November 13, 2017 for $470 million in cash, excluding accrued and unpaid interest. The amount redeemed represents 35% of the original principal amount of the 2023 Secured Notes issued and will be settled with proceeds from our common stock issuance in October 2017. On October 17, 2017, we issued a notice to redeem the remaining $812 million of principal amount of our 2023 Secured Notes on November 16, 2017 for approximately $885 million, excluding accrued and unpaid interest. Additionally, on October 17, 2017, we issued a notice to redeem all of our 2023 Notes on November 16, 2017 for approximately $1.05 billion in cash, excluding accrued and unpaid interest. In connection with these redemptions, we expect to recognize non-operating losses of approximately $170 million in the first quarter of 2018. In 2017, we repurchased $631 million of principal amount of our 2025 Notes (carrying value of $625 million), repurchased $321 million of principal amount of our 2026 Notes (carrying value of $318 million), and redeemed $600 million principal amount of our 2022 Notes (carrying value of $592 million) for an aggregate of $1.63 billion in cash. In connection with the transactions, we recognized aggregate non-operating losses of $94 million in 2017. In 2016, we repurchased $57 million of principal amount of our 2033E Notes (carrying value of $54 million) for $94 million in cash. The liability and equity components of the repurchased notes had previously been stated separately within debt and equity in our consolidated balance sheet. As a result, the repurchase decreased the carrying value of debt by $54 million and equity by $38 million. In 2015, we consummated a number of transactions to restructure our debt, including repurchases, conversions and settlements of convertible notes, and the early repayment of a note. As a result, $489 million of aggregate principal amount of our convertible notes was settled for $1.43 billion in cash. The liability and equity components of the repurchased convertible notes had previously been stated separately within debt and equity in our consolidated balance sheet. As a result, the repurchases, conversions and settlements decreased the carrying value of debt by $686 million (including $275 million for the fair value of our derivative debt liability to settle the conversions entirely in cash) and equity by $691 million. In connection with these transactions, we recognized aggregate non-operating losses of $49 million. Maturities of Notes Payable and Future Minimum Lease Payments As of August 31, 2017, maturities of notes payable (including the MMJ Creditor Payments) and future minimum lease payments under capital lease obligations were as follows:
|  | Notes Payable |  | Capital Lease Obligations
2018 |  | $ | 641 |  |  | $ | 402 |
2019 |  | 1,166 |  |  | 334 |
2020 |  | 1,727 |  |  | 229 |
2021 |  | 1,269 |  |  | 97 |
2022 |  | 1,204 |  |  | 62 |
2023 and thereafter |  | 4,365 |  |  | 227 |
Unamortized discounts and interest, respectively |  | (428 | ) |  | (161 | )
|  | $ | 9,944 |  |  | $ | 1,190 |

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- Definition The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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