Micron Technology, Inc., Reports Results for the Fourth Quarter and Full Year of Fiscal 2018
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MICRON TECHNOLOGY, INC. |
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NON-GAAP ADJUSTMENTS |
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(in millions) |
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4th Qtr. | |
3rd Qtr. | |
4th Qtr. | |
Year Ended |
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August 30, 2018 | |
May 31, 2018 | |
August 31, 2017 | |
August 30, 2018 | |
August 31, 2017 |
| Non-GAAP adjustments | | | | | | | | | |
| Cost of goods sold | | | | | | | | | |
| Stock-based compensation | $ | 21 | | | $ | 20 | | | $ | 22 | | | $ | 83 | | | $ | 88 | |
| Flow-through of Inotera inventory step up | — | | | — | | | 11 | | | — | | | 107 | |
| Other | 7 | | | 7 | | | 2 | | | 20 | | | 8 | |
| | 28 | | | 27 | | | 35 | | | 103 | | | 203 | |
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| Selling, general, and administrative | | | | | | | | | |
| Stock-based compensation | 13 | | | 14 | | | 22 | | | 61 | | | 75 | |
| Inotera acquisition costs | — | | | — | | | — | | | — | | | 13 | |
| | 13 | | | 14 | | | 22 | | | 61 | | | 88 | |
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| Research and development | | | | | | | | | |
| Stock-based compensation | 13 | | | 14 | | | 13 | | | 54 | | | 52 | |
| Other | 1 | | | 1 | | | 1 | | | 3 | | | 3 | |
| | 14 | | | 15 | | | 14 | | | 57 | | | 55 | |
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| Other operating (income) expense, net | | | | | | | | | |
| Restructure and asset impairments | 7 | | | 8 | | | (27 | ) | | 28 | | | 18 | |
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| Interest income (expense), net | | | | | | | | | |
| Amortization of debt discount and other costs | 23 | | | 23 | | | 32 | | | 101 | | | 125 | |
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| Other non-operating income (expense) | | | | | | | | | |
| (Gain) loss on debt repurchases and conversions | (1 | ) | | 168 | | | 37 | | | 385 | | | 100 | |
| (Gain) loss from changes in currency exchange rates | 15 | | | 24 | | | 12 | | | 75 | | | 74 | |
| (Gain) loss from business acquisition activities | — | | | — | | | — | | | — | | | (71 | ) |
| Other | — | | | 2 | | | — | | | 5 | | | 9 | |
| | 14 | | | 194 | | | 49 | | | 465 | | | 112 | |
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| Income taxes | | | | | | | | | |
| Impact of U.S. income tax reform | (83 | ) | | (222 | ) | | — | | | (174 | ) | | — | |
| Estimated tax effects of above, including tax benefits from stock-based compensation, and non-cash changes in net deferred income taxes | (28 | ) | | 16 | | | (107 | ) | | (76 | ) | | (59 | ) |
| | (111 | ) | | (206 | ) | | (107 | ) | | (250 | ) | | (59 | ) |
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| Equity in net income (loss) of equity method investments | | | | | | | | | |
| Impairment of equity method investments | — | | | — | | | — | | | — | | | 16 | |
| Other | — | | | — | | | — | | | — | | | 1 | |
| | — | | | — | | | — | | | — | | | 17 | |
| | $ | (12 | ) | | $ | 75 | | | $ | 18 | | | $ | 565 | | | $ | 559 | |
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