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Equity | 9 Months Ended
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May 30, 2019
Equity [Abstract] |
Equity | Equity Micron Shareholders' Equity Common Stock Repurchases: Our Board of Directors has authorized the discretionary repurchase of up to $10 billion of our outstanding common stock beginning in our fiscal 2019. We may purchase shares on a discretionary basis through open-market purchases, block trades, privately-negotiated transactions, derivative transactions, and/or pursuant to Rule 10b5-1 trading plans, subject to market conditions and our ongoing determination of the best use of available cash. The repurchase authorization does not obligate us to acquire any common stock. In the third quarter and first nine months of 2019, we repurchased 4 million shares of our common stock for $157 million and 67 million shares of our common stock for $2.66 billion, respectively, under an accelerated share repurchase agreement, Rule 10b5-1 plans, and through open market repurchases. The shares were recorded as treasury stock. Noncontrolling Interests in Subsidiaries
As of |  | May 30, 2019 |  | August 30, 2018
|  | Balance |  | Percentage |  | Balance |  | Percentage
IMFT |  | $ | 867 |  |  | 49 | % |  | $ | 853 |  |  | 49 | %
Other |  | — |  |  | — |  |  | 17 |  |  | Various |
|  | $ | 867 |  |  |  |  | $ | 870 |  |  |
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. In the first quarter of 2018, IMFT discontinued production of NAND and subsequent to that time has manufactured 3D XPoint memory. In the fourth quarter of 2018, we announced that we and Intel will no longer jointly develop 3D XPoint technology beyond the second generation. We expect development of the second generation of 3D XPoint technology to be substantially completed in the first quarter of 2020. IMFT sales to Intel were $184 million and $531 million for the third quarter and first nine months of 2019, respectively, and were $114 million and $341 million for the third quarter and first nine months of 2018, respectively. In January 2019, we exercised our option to acquire Intel's interest in IMFT and, in the third quarter of 2019, Intel set the closing date to occur on October 31, 2019. At closing, we expect to pay Intel approximately $1.4 billion in cash for Intel's noncontrolling interest in IMFT and IMFT Member Debt. As of May 30, 2019, current debt included $858 million of IMFT Member Debt. Subsequent to setting the closing date, Intel notified us of its election to receive supply from IMFT from the closing date through April 2020 at a volume equal to approximately 50% of their volume from IMFT in the six-month period prior to closing. 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 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. 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 |  | May 30, 2019 |  | August 30, 2018
Assets |  |  |  |
Cash and equivalents |  | $ | 184 |  |  | $ | 91 |
Receivables |  | 125 |  |  | 126 |
Inventories |  | 122 |  |  | 114 |
Other current assets |  | 5 |  |  | 8 |
Total current assets |  | 436 |  |  | 339 |
Property, plant, and equipment |  | 2,352 |  |  | 2,641 |
Other noncurrent assets |  | 37 |  |  | 45 |
Total assets |  | $ | 2,825 |  |  | $ | 3,025 |
Liabilities |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 106 |  |  | $ | 138 |
Current debt |  | 865 |  |  | 20 |
Other current liabilities |  | 41 |  |  | 9 |
Total current liabilities |  | 1,012 |  |  | 167 |
Long-term debt |  | 54 |  |  | 1,064 |
Other noncurrent liabilities |  | 23 |  |  | 74 |
Total liabilities |  | $ | 1,089 |  |  | $ | 1,305 |
Amounts exclude intercompany balances that were eliminated in our consolidated balance sheets.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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