| CONSOLIDATED FINANCIAL SUMMARY, Continued | ||||||||
| As of |
December 1,
2016 |
September 1,
2016 | ||||||
| Cash and short-term investments | $ | 4,169 | $ | 4,398 | ||||
| Receivables | 2,453 | 2,068 | ||||||
| Inventories | 2,750 | 2,889 | ||||||
| Total current assets | 9,504 | 9,495 | ||||||
| Long-term marketable investments | 155 | 414 | ||||||
| Property, plant, and equipment, net | 15,321 | 14,686 | ||||||
| Total assets | 27,836 | 27,540 | ||||||
| Accounts payable and accrued expenses | 4,155 | 3,879 | ||||||
| Current debt (3) | 1,155 | 756 | ||||||
| Total current liabilities | 5,546 | 4,835 | ||||||
| Long-term debt (3) | 8,490 | 9,154 | ||||||
| Total Micron shareholders' equity (4) | 12,320 | 12,080 | ||||||
| Noncontrolling interests in subsidiaries | 848 | 848 | ||||||
| Total equity | 13,168 | 12,928 | ||||||
| Three Months Ended | ||||||||
|
December 1,
2016 |
December 3,
2015 | |||||||
| Net cash provided by operating activities | $ | 1,138 | $ | 1,120 | ||||
| Net cash provided by (used for) investing activities | (890 | ) | (660 | ) | ||||
| Net cash provided by (used for) financing activities | (212 | ) | (140 | ) | ||||
| Depreciation and amortization | 803 | 770 | ||||||
| Investments in capital expenditures | (1,288 | ) | (990 | ) | ||||
| Proceeds from issuance of debt | 16 | 174 | ||||||
| Repayments of debt | (188 | ) | (197 | ) | ||||
| Cash paid to acquire treasury stock | (13 | ) | (135 | ) | ||||
(1) In the fourth quarter of fiscal 2016, the company initiated a restructure plan in response to business conditions and the need to accelerate focus on its key priorities. In connection with the plan, the company incurred charges of $29 million in the first quarter of fiscal 2017 and $58 million in the fourth quarter of fiscal 2016 and does not expect to incur additional material charges. As of December 1, 2016 and September 1, 2016, the company had accrued liabilities of $17 million and $24 million, respectively, related to the restructuring plan.
(2) Income tax (provision) benefit consisted of the following:
| 1 st Qtr. | 4 th Qtr. | 1 st Qtr. | ||||||||||
|
December 1,
2016 |
September 1,
2016 |
December 3,
2015 | ||||||||||
| Utilization of and other changes in net deferred tax assets of MMJ and MMT | $ | (13 | ) | $ | (12 | ) | $ | (22 | ) | |||
| U.S. valuation allowance release resulting from business acquisition | — | — | 41 | |||||||||
| Other income tax (provision) benefit, primarily other non-U.S. operations | (18 | ) | 9 | (15 | ) | |||||||
| $ | (31 | ) | $ | (3 | ) | $ | 4 | |||||
