Micron Technology, Inc., Reports Results for the Fourth Quarter

Micron Technology, Inc., Reports Results for the Fourth Quarter and Full Year of Fiscal 2018


MICRON TECHNOLOGY, INC.
NON-GAAP ADJUSTMENTS
(in millions)

	4^th Qtr.			3^rd Qtr.			4^th Qtr.			Year Ended
	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

Selling, general, and administrative
Stock-based compensation	13			14			22			61			75
Inotera acquisition costs	—			—			—			—			13
	13			14			22			61			88

Research and development
Stock-based compensation	13			14			13			54			52
Other	1			1			1			3			3
	14			15			14			57			55

Other operating (income) expense, net
Restructure and asset impairments	7			8			(27		)	28			18

Interest income (expense), net
Amortization of debt discount and other costs	23			23			32			101			125

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

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		)

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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