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Equity | 6 Months Ended
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Mar. 01, 2018
Equity [Abstract] |
Equity | Equity Micron Shareholders' Equity Common Stock Issuance: In October 2017, we issued 34 million shares of our common stock for $41.00 per share in a public offering for proceeds of $1.36 billion, net of underwriting fees and other offering costs. Outstanding Capped Calls: In connection with certain of our convertible notes, we entered into capped call transactions, which are intended to reduce the effect of potential dilution. 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 the strike prices on the expiration dates. As of March 1, 2018, the dollar value of cash or shares that we would receive from our outstanding capped calls upon their expiration dates range from $0, if the trading price of our stock is below the strike prices for all capped calls at expiration, to $214 million, if the trading price of our stock is at or above the cap prices for all capped calls. Settlement of the capped calls prior to the expiration dates may be for an amount less than the maximum value at expiration. Settlement of Capped Calls: During the first six months of 2018, we share-settled portions of our capped calls upon expiration, and received 7 million shares (equal to a value of $313 million) based on the volume-weighted trading stock prices at the expiration dates. Shares received were recorded as treasury stock. Noncontrolling Interests in Subsidiaries
As of |  | March 1, 2018 |  | August 31, 2017
|  | Noncontrolling Interest Balance |  | Noncontrolling Interest Percentage |  | Noncontrolling Interest Balance |  | Noncontrolling Interest Percentage
IMFT |  | $ | 852 |  |  | 49 | % |  | $ | 832 |  |  | 49 | %
Other |  | 17 |  |  | Various |  |  | 17 |  |  | Various |
|  | $ | 869 |  |  |  |  | $ | 849 |  |  |
IMFT: Since 2006, we have owned 51% of IMFT, a joint venture between us and Intel. 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. IMFT manufactures semiconductor products exclusively for its members under a long-term supply agreement at prices approximating cost. IMFT's capital requirements are generally determined based on an annual plan approved by the members, and capital contributions to IMFT are requested as needed. Capital requests are made to the members in proportion to their then-current ownership interest. Members may elect to not contribute their proportional share, and in such event, the contributing member may elect to contribute any amount of the remaining capital request, either in the form of an equity contribution or member debt financing. Under the supply agreement, the members have rights and obligations to the capacity of IMFT in proportion to their investment, including member debt financing. Any capital contribution or member debt financing results in a proportionate adjustment to the sharing of output on an eight-month lag. Members pay their proportionate share of fixed costs associated with IMFT's capacity. IMFT sales to Intel were $115 million and $227 million for the second quarter and first six months of 2018, respectively, and $142 million and $252 million for the second quarter and first six months of 2017, respectively. In the first quarter of 2018, IMFT discontinued production of NAND and subsequent to that time is entirely focused on 3D XPoint memory production. The IMFT joint venture agreement extends through 2024 and includes certain buy-sell rights. At any time through December 2018, Intel can put to us, and from January 2019 through December 2021, we can call from Intel, Intel's interest in IMFT, in either case, for a price that approximates Intel's interest in the net book value of IMFT plus member debt at the time of the closing. If Intel exercises its put right, we can elect to set the closing date of the transaction any time between six months and two years following such election by Intel and we can elect to receive financing of the purchase price from Intel for one to two years from the closing date. If we exercise our call right, Intel can elect to set the closing date of the transaction to be any time between six months and one year following such election. Following the closing date resulting from exercise of either the put or the call, we will continue to supply to Intel for a period of one year, at Intel's choice, between 50% and 100% of Intel's immediately preceding six-month period pre-closing volumes of IMFT products for the first six-month period following the closing and, at Intel's choice, between 0% and 100% of Intel's first six-month period following the closing volumes of IMFT products for the second six-month period following the closing, at a margin that varies depending on whether the put or call was exercised. 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 the assets and liabilities of IMFT included in our consolidated balance sheets:
As of |  | March 1, 2018 |  | August 31, 2017
Assets |  |  |  |
Cash and equivalents |  | $ | 317 |  |  | $ | 87 |
Receivables |  | 87 |  |  | 81 |
Inventories |  | 99 |  |  | 128 |
Other current assets |  | 5 |  |  | 7 |
Total current assets |  | 508 |  |  | 303 |
Property, plant, and equipment, net |  | 2,496 |  |  | 1,852 |
Other noncurrent assets |  | 43 |  |  | 49 |
Total assets |  | $ | 3,047 |  |  | $ | 2,204 |
Liabilities |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 472 |  |  | $ | 299 |
Deferred income |  | 10 |  |  | 6 |
Current debt |  | 19 |  |  | 19 |
Total current liabilities |  | 501 |  |  | 324 |
Long-term debt |  | 715 |  |  | 75 |
Other noncurrent liabilities |  | 79 |  |  | 88 |
Total liabilities |  | $ | 1,295 |  |  | $ | 487 |
Amounts exclude intercompany balances that were eliminated in our consolidated balance sheets. Restrictions on Net Assets As a result of the corporate reorganization proceedings of MMJ, the 2021 MSTW Term Loan covenants, and the IMFT joint venture agreement, our total restricted net assets (excluding intercompany balances and noncontrolling interests) as of March 1, 2018 were $3.86 billion for the MMJ Group, $2.54 billion for MSTW and MTTW, and $900 million for IMFT.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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