Micron Technology, Inc., Reports Results for the First Quarter of Fiscal 2019


CONSOLIDATED FINANCIAL SUMMARY, Continued

As of  November 29,
 2018
  August 30,
 2018
Cash and short-term investments $5,563  $6,802 
Receivables (1) 5,418  5,478 
Inventories 3,876  3,595 
Total current assets (1) 15,039  16,039 
Long-term marketable investments 1,565  473 
Property, plant, and equipment, net 24,807  23,672 
Restricted cash 78  81 
Total assets (1) 44,595  43,376 
     
Accounts payable and accrued expenses 4,200  4,374 
Current debt (2) 398  859 
Total current liabilities 5,189  5,754 
Long-term debt 3,734  3,777 
     
Total Micron shareholders' equity (1) 33,869  32,294 
Noncontrolling interests in subsidiaries 870  870 
Total equity 34,739  33,164 


   Quarter Ended
   November 29,
 2018
  November 30,
 2017
Net cash provided by operating activities $4,810  $3,636 
Net cash provided by (used for) investing activities (4,427) (1,434)
Net cash provided by (used for) financing activities (2,435) (1,282)
     
Depreciation and amortization 1,353  1,119 
Investments in capital expenditures (2,720) (2,089)
Repayments of debt (2) (577) (2,744)
Cash paid to acquire treasury stock (4) (1,836) (23)
Proceeds from issuance of stock 15  1,472 
Proceeds from issuance of debt   150 
  1. In the first quarter of 2019, we adopted ASU 2014-09 – Revenue from Contracts with Customers (as amended, "ASC 606"), which supersedes nearly all existing revenue recognition guidance under generally accepted accounting principles in the United States. The core principal of ASC 606 is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In adoption, we applied the modified retrospective method and, in connection therewith, made certain adjustments to our opening balances as of August 31, 2018. Adjustments to opening balances included an increase to receivables of $114 million, reduction of deferred tax assets of $92 million, increase of other current assets of $30 million, and an increase to retained earnings of $50 million.

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