Document Entity Information
Document Entity Information - shares | 9 Months Ended | |
May 28, 2020 | Jun. 23, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | May 28, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-10658 | |
Entity Registrant Name | Micron Technology, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 75-1618004 | |
Entity Address, Address Line One | 8000 S. Federal Way | |
Entity Address, City or Town | Boise | |
Entity Address, State or Province | ID | |
Entity Address, Postal Zip Code | 83716 | |
City Area Code | 208 | |
Local Phone Number | 368-4000 | |
Title of 12(b) Security | Common Stock, par value $0.10 per share | |
Trading Symbol | MU | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,110,998,472 | |
Entity Central Index Key | 0000723125 | |
Current Fiscal Year End Date | --09-03 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 28, 2020 | May 30, 2019 | May 28, 2020 | May 30, 2019 | |
Income Statement [Abstract] | ||||
Revenue | $ 5,438 | $ 4,788 | $ 15,379 | $ 18,536 |
Cost of goods sold | 3,675 | 2,960 | 10,895 | 9,229 |
Gross margin | 1,763 | 1,828 | 4,484 | 9,307 |
Selling, general, and administrative | 216 | 206 | 650 | 624 |
Research and development | 649 | 606 | 1,970 | 1,818 |
Other operating (income) expense, net | 10 | 6 | 18 | 139 |
Operating income | 888 | 1,010 | 1,846 | 6,726 |
Interest income | 23 | 52 | 101 | 148 |
Interest expense | (51) | (29) | (144) | (89) |
Other non-operating income (expense), net | 10 | (317) | 55 | (392) |
Income (loss) before income taxes, net income (loss) attributable to noncontrolling interests, and equity in net income (loss) of equity method investees | 870 | 716 | 1,858 | 6,393 |
Income tax (provision) benefit | (68) | 135 | (144) | (622) |
Equity in net income (loss) of equity method investees | 3 | 0 | 6 | 1 |
Net income | 805 | 851 | 1,720 | 5,772 |
Net income attributable to noncontrolling interests | (2) | (11) | (21) | (20) |
Net income attributable to Micron | $ 803 | $ 840 | $ 1,699 | $ 5,752 |
Earnings per share | ||||
Basic (in dollars per share) | $ 0.72 | $ 0.76 | $ 1.53 | $ 5.15 |
Diluted (in dollars per share) | $ 0.71 | $ 0.74 | $ 1.50 | $ 5.01 |
Number of shares used in per share calculations | ||||
Basic (in shares) | 1,111 | 1,105 | 1,110 | 1,117 |
Diluted (in shares) | 1,129 | 1,129 | 1,131 | 1,148 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 28, 2020 | May 30, 2019 | May 28, 2020 | May 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 805 | $ 851 | $ 1,720 | $ 5,772 |
Other comprehensive income (loss), net of tax | ||||
Gains (losses) on derivative instruments | (3) | 0 | (18) | (6) |
Pension liability adjustments | (1) | (1) | (2) | (1) |
Gains (losses) on investments | 2 | 3 | 0 | 6 |
Foreign currency translation adjustments | 0 | 0 | 0 | (1) |
Other comprehensive income (loss) | (2) | 2 | (20) | (2) |
Total comprehensive income | 803 | 853 | 1,700 | 5,770 |
Comprehensive income attributable to noncontrolling interests | (2) | (11) | (21) | (20) |
Comprehensive income attributable to Micron | $ 801 | $ 842 | $ 1,679 | $ 5,750 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | May 28, 2020 | Aug. 29, 2019 | |
Assets | |||
Cash and equivalents | $ 8,267 | $ 7,152 | |
Short-term investments | 391 | 803 | |
Receivables | 3,603 | 3,195 | |
Inventories | 5,405 | 5,118 | |
Other current assets | 233 | 235 | |
Total current assets | 17,899 | 16,503 | |
Long-term marketable investments | [1] | 577 | 1,164 |
Property, plant, and equipment | 30,081 | 28,240 | |
Intangible assets | 332 | 340 | |
Deferred tax assets | 775 | 837 | |
Goodwill | 1,228 | 1,228 | |
Operating lease right-of-use assets | 599 | 0 | |
Other noncurrent assets | 514 | 575 | |
Total assets | 52,005 | 48,887 | |
Liabilities and equity | |||
Accounts payable and accrued expenses | 5,364 | 4,626 | |
Current debt | 330 | 1,310 | |
Other current liabilities | 491 | 454 | |
Total current liabilities | 6,185 | 6,390 | |
Long-term debt | 6,356 | 4,541 | |
Noncurrent operating lease liabilities | 540 | 0 | |
Noncurrent unearned government incentives | 553 | 636 | |
Other noncurrent liabilities | 453 | 452 | |
Total liabilities | 14,087 | 12,019 | |
Commitments and contingencies | |||
Redeemable noncontrolling interest | 98 | 98 | |
Micron shareholders' equity | |||
Common stock, $0.10 par value, 3,000 shares authorized, 1,192 shares issued and 1,112 outstanding (1,182 shares issued and 1,106 outstanding as of August 29, 2019) | 119 | 118 | |
Additional capital | 8,764 | 8,214 | |
Retained earnings | 32,402 | 30,761 | |
Treasury stock, 80 shares held (76 shares as of August 29, 2019) | (3,454) | (3,221) | |
Accumulated other comprehensive income (loss) | (11) | 9 | |
Total Micron shareholders' equity | 37,820 | 35,881 | |
Noncontrolling interests in subsidiary | 0 | 889 | |
Total equity | 37,820 | 36,770 | |
Total liabilities and equity | $ 52,005 | $ 48,887 | |
[1] | The maturities of long-term marketable investments range from one four |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions | May 28, 2020 | Aug. 29, 2019 |
Liabilities and equity | ||
Common Stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common Stock, authorized shares (in shares) | 3,000 | 3,000 |
Common Stock, issued (in shares) | 1,192 | 1,182 |
Common Stock, outstanding (in shares) | 1,112 | 1,106 |
Treasury Stock, held (in shares) | 80 | 76 |
STATEMENT OF CHANGES IN EQUITY
STATEMENT OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions | Total | Cumulative Effect, Period Of Adoption, Adjustment | Common Stock | Additional Capital | Retained Earnings | Retained EarningsCumulative Effect, Period Of Adoption, Adjustment | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Micron Shareholders' Equity | Total Micron Shareholders' EquityCumulative Effect, Period Of Adoption, Adjustment | Noncontrolling Interest in Subsidiary |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative effect from adoption of new accounting standard | $ 33,164 | $ 92 | $ 117 | $ 8,201 | $ 24,395 | $ 92 | $ (429) | $ 10 | $ 32,294 | $ 92 | $ 870 |
Balance (in shares) at Aug. 30, 2018 | 1,170 | ||||||||||
Balance at Aug. 30, 2018 | 33,164 | 92 | $ 117 | 8,201 | 24,395 | 92 | (429) | 10 | 32,294 | 92 | 870 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative effect from adoption of new accounting standard | 34,739 | 92 | $ 117 | 8,350 | 27,769 | 92 | (2,362) | (5) | 33,869 | 92 | 870 |
Net income | 3,293 | 3,293 | 3,293 | 0 | |||||||
Other comprehensive income (loss), net | (15) | (15) | (15) | ||||||||
Stock issued under stock plans (in shares) | 3 | ||||||||||
Stock issued under stock plans | 15 | $ 0 | 15 | 15 | |||||||
Stock-based compensation expense | 61 | 61 | 61 | ||||||||
Repurchase of stock (in shares) | (1) | ||||||||||
Repurchase of stock | $ 0 | (11) | |||||||||
Repurchase of stock, accelerated share repurchase program adj | 108 | ||||||||||
Repurchase of treasury stock | (1,933) | ||||||||||
Repurchase of treasury stock (held and retired) | (1,836) | (1,836) | |||||||||
Reclassification of redeemable convertible notes, net | 1 | 1 | 1 | ||||||||
Conversion of convertible notes | (36) | (36) | (36) | ||||||||
Balance (in shares) at Nov. 29, 2018 | 1,172 | ||||||||||
Balance at Nov. 29, 2018 | 34,739 | $ 117 | 8,350 | 27,769 | (2,362) | (5) | 33,869 | 870 | |||
Balance (in shares) at Aug. 30, 2018 | 1,170 | ||||||||||
Balance at Aug. 30, 2018 | 33,164 | 92 | $ 117 | 8,201 | 24,395 | 92 | (429) | 10 | 32,294 | 92 | 870 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative effect from adoption of new accounting standard | 36,190 | $ 92 | $ 118 | 8,217 | 30,201 | $ 92 | (3,221) | 8 | 35,323 | $ 92 | 867 |
Other comprehensive income (loss), net | (2) | ||||||||||
Balance (in shares) at May. 30, 2019 | 1,180 | ||||||||||
Balance at May. 30, 2019 | 36,190 | $ 118 | 8,217 | 30,201 | (3,221) | 8 | 35,323 | 867 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative effect from adoption of new accounting standard | 34,739 | $ 117 | 8,350 | 27,769 | (2,362) | (5) | 33,869 | 870 | |||
Balance (in shares) at Nov. 29, 2018 | 1,172 | ||||||||||
Balance at Nov. 29, 2018 | 34,739 | $ 117 | 8,350 | 27,769 | (2,362) | (5) | 33,869 | 870 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative effect from adoption of new accounting standard | 35,430 | $ 118 | 8,143 | 29,364 | (3,064) | 6 | 34,567 | 863 | |||
Net income | 1,624 | 1,619 | 1,619 | 5 | |||||||
Other comprehensive income (loss), net | 11 | 11 | 11 | ||||||||
Stock issued under stock plans (in shares) | 7 | ||||||||||
Stock issued under stock plans | 77 | $ 1 | 76 | 77 | |||||||
Stock-based compensation expense | 57 | 57 | 57 | ||||||||
Repurchase of stock (in shares) | (1) | ||||||||||
Repurchase of stock | $ 0 | (5) | (24) | ||||||||
Repurchase of treasury stock | (702) | ||||||||||
Repurchase of treasury stock (held and retired) | (731) | (731) | |||||||||
Acquisition of noncontrolling interests | (12) | 0 | (12) | ||||||||
Reclassification of redeemable convertible notes, net | 1 | 1 | 1 | ||||||||
Conversion of convertible notes | (336) | (336) | (336) | ||||||||
Balance (in shares) at Feb. 28, 2019 | 1,178 | ||||||||||
Balance at Feb. 28, 2019 | 35,430 | $ 118 | 8,143 | 29,364 | (3,064) | 6 | 34,567 | 863 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative effect from adoption of new accounting standard | 35,430 | 118 | 8,143 | 29,364 | (3,064) | 6 | 34,567 | 863 | |||
Cumulative effect from adoption of new accounting standard | 36,190 | $ 118 | 8,217 | 30,201 | (3,221) | 8 | 35,323 | 867 | |||
Net income | 849 | 840 | 840 | 9 | |||||||
Other comprehensive income (loss), net | 2 | 2 | 2 | ||||||||
Stock issued under stock plans (in shares) | 2 | ||||||||||
Stock issued under stock plans | 20 | $ 0 | 20 | 20 | |||||||
Stock-based compensation expense | 58 | 58 | 58 | ||||||||
Repurchase of stock (in shares) | 0 | ||||||||||
Repurchase of stock | $ 0 | 0 | (3) | ||||||||
Repurchase of treasury stock | (157) | ||||||||||
Repurchase of treasury stock (held and retired) | (160) | (160) | |||||||||
Acquisition of noncontrolling interests | (4) | 1 | 1 | (5) | |||||||
Conversion of convertible notes | (5) | (5) | (5) | ||||||||
Balance (in shares) at May. 30, 2019 | 1,180 | ||||||||||
Balance at May. 30, 2019 | 36,190 | $ 118 | 8,217 | 30,201 | (3,221) | 8 | 35,323 | 867 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative effect from adoption of new accounting standard | 36,190 | 118 | 8,217 | 30,201 | (3,221) | 8 | 35,323 | 867 | |||
Cumulative effect from adoption of new accounting standard | $ 36,770 | $ 118 | 8,214 | 30,761 | (3,221) | 9 | 35,881 | 889 | |||
Balance (in shares) at Aug. 29, 2019 | 1,182 | 1,182 | |||||||||
Balance at Aug. 29, 2019 | $ 36,770 | $ 118 | 8,214 | 30,761 | (3,221) | 9 | 35,881 | 889 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative effect from adoption of new accounting standard | 36,500 | $ 119 | 8,428 | 31,218 | (3,271) | 6 | 36,500 | 0 | |||
Net income | 506 | 491 | 491 | 15 | |||||||
Other comprehensive income (loss), net | (3) | (3) | (3) | ||||||||
Stock issued under stock plans (in shares) | 3 | ||||||||||
Stock issued under stock plans | 32 | $ 1 | 31 | 32 | |||||||
Stock-based compensation expense | 72 | 72 | 72 | ||||||||
Repurchase of stock (in shares) | 0 | ||||||||||
Repurchase of stock | $ 0 | (6) | (34) | ||||||||
Repurchase of treasury stock | (50) | ||||||||||
Repurchase of treasury stock (held and retired) | (90) | (90) | |||||||||
Acquisition of noncontrolling interests | (781) | 123 | 123 | (904) | |||||||
Conversion of convertible notes | (6) | (6) | (6) | ||||||||
Balance (in shares) at Nov. 28, 2019 | 1,185 | ||||||||||
Balance at Nov. 28, 2019 | $ 36,500 | $ 119 | 8,428 | 31,218 | (3,271) | 6 | 36,500 | 0 | |||
Balance (in shares) at Aug. 29, 2019 | 1,182 | 1,182 | |||||||||
Balance at Aug. 29, 2019 | $ 36,770 | $ 118 | 8,214 | 30,761 | (3,221) | 9 | 35,881 | 889 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative effect from adoption of new accounting standard | 37,820 | $ 119 | 8,764 | 32,402 | (3,454) | (11) | 37,820 | 0 | |||
Other comprehensive income (loss), net | (20) | ||||||||||
Conversion of convertible notes | $ (56) | ||||||||||
Balance (in shares) at May. 28, 2020 | 1,192 | 1,192 | |||||||||
Balance at May. 28, 2020 | $ 37,820 | $ 119 | 8,764 | 32,402 | (3,454) | (11) | 37,820 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative effect from adoption of new accounting standard | 36,500 | $ 119 | 8,428 | 31,218 | (3,271) | 6 | 36,500 | 0 | |||
Balance (in shares) at Nov. 28, 2019 | 1,185 | ||||||||||
Balance at Nov. 28, 2019 | 36,500 | $ 119 | 8,428 | 31,218 | (3,271) | 6 | 36,500 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative effect from adoption of new accounting standard | 37,023 | $ 119 | 8,725 | 31,602 | (3,414) | (9) | 37,023 | 0 | |||
Net income | 405 | 405 | 405 | 0 | |||||||
Other comprehensive income (loss), net | (15) | (15) | (15) | ||||||||
Stock issued under stock plans (in shares) | 7 | ||||||||||
Stock issued under stock plans | 121 | $ 0 | 121 | 121 | |||||||
Stock-based compensation expense | 85 | 85 | 85 | ||||||||
Repurchase of stock (in shares) | (1) | ||||||||||
Repurchase of stock | $ 0 | (4) | (21) | ||||||||
Repurchase of treasury stock | (45) | ||||||||||
Repurchase of treasury stock (held and retired) | (70) | (70) | |||||||||
Settlement of capped calls | 0 | 98 | (98) | 0 | |||||||
Conversion of convertible notes | (3) | (3) | (3) | ||||||||
Balance (in shares) at Feb. 27, 2020 | 1,191 | ||||||||||
Balance at Feb. 27, 2020 | 37,023 | $ 119 | 8,725 | 31,602 | (3,414) | (9) | 37,023 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative effect from adoption of new accounting standard | 37,023 | 119 | 8,725 | 31,602 | (3,414) | (9) | 37,023 | 0 | |||
Cumulative effect from adoption of new accounting standard | 37,820 | $ 119 | 8,764 | 32,402 | (3,454) | (11) | 37,820 | 0 | |||
Net income | 803 | 803 | 803 | 0 | |||||||
Other comprehensive income (loss), net | (2) | (2) | (2) | ||||||||
Stock issued under stock plans (in shares) | 1 | ||||||||||
Stock issued under stock plans | 4 | $ 0 | 4 | 4 | |||||||
Stock-based compensation expense | 82 | 82 | 82 | ||||||||
Repurchase of stock (in shares) | 0 | ||||||||||
Repurchase of stock | $ 0 | 0 | (3) | ||||||||
Repurchase of treasury stock | (40) | ||||||||||
Repurchase of treasury stock (held and retired) | (43) | (43) | |||||||||
Conversion of convertible notes | $ (47) | (47) | (47) | ||||||||
Balance (in shares) at May. 28, 2020 | 1,192 | 1,192 | |||||||||
Balance at May. 28, 2020 | $ 37,820 | $ 119 | 8,764 | 32,402 | (3,454) | (11) | 37,820 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative effect from adoption of new accounting standard | $ 37,820 | $ 119 | $ 8,764 | $ 32,402 | $ (3,454) | $ (11) | $ 37,820 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
May 28, 2020 | May 30, 2019 | |
Cash flows from operating activities | ||
Net income | $ 1,720 | $ 5,772 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation expense and amortization of intangible assets | 4,083 | 4,008 |
Amortization of debt discount and other costs | 20 | 39 |
Stock-based compensation | 239 | 176 |
(Gains) losses on debt prepayments and conversions | (40) | 386 |
Change in operating assets and liabilities | ||
Receivables | (461) | 2,373 |
Inventories | (286) | (1,315) |
Accounts payable and accrued expenses | 700 | (703) |
Deferred income taxes, net | 26 | 195 |
Other | 34 | 25 |
Net cash provided by operating activities | 6,035 | 10,956 |
Cash flows from investing activities | ||
Expenditures for property, plant, and equipment | (5,943) | (7,752) |
Purchases of available-for-sale securities | (793) | (3,814) |
Proceeds from sales of available-for-sale securities | 1,157 | 1,271 |
Proceeds from maturities of available-for-sale securities | 636 | 626 |
Proceeds from government incentives | 140 | 668 |
Other | (48) | 16 |
Net cash provided by (used for) investing activities | (4,851) | (8,985) |
Cash flows from financing activities | ||
Repayments of debt | (4,286) | (2,376) |
Acquisition of noncontrolling interest in IMFT | (744) | 0 |
Payments to acquire treasury stock | (203) | (2,727) |
Payments on equipment purchase contracts | (49) | (54) |
Proceeds from issuance of debt | 5,000 | 1,800 |
Other | 147 | 27 |
Net cash provided by (used for) financing activities | (135) | (3,330) |
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | (8) | 6 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 1,041 | (1,353) |
Cash, cash equivalents, and restricted cash at beginning of period | 7,279 | 6,587 |
Cash, cash equivalents, and restricted cash at end of period | $ 8,320 | $ 5,234 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
May 28, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Micron and our consolidated subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended August 29, 2019, except for changes related to recently adopted accounting standards. See “Recently Adopted Accounting Standards.” Prior year information is presented in accordance with the accounting guidance in effect during that period and has not been recast for recently adopted accounting standards. In the opinion of our management, the accompanying unaudited consolidated financial statements contain all necessary adjustments, consisting of a normal recurring nature, to fairly state the financial information set forth herein. Certain reclassifications have been made to prior period amounts to conform to current period presentation. Our fiscal year is the 52 or 53-week period ending on the Thursday closest to August 31. Fiscal year 2020 contains 53 weeks and the fourth quarter of 2020 will contain 14 weeks. All period references are to our fiscal periods unless otherwise indicated. These interim financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended August 29, 2019. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
May 28, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies For a discussion of our significant accounting policies, see “Part II – Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Significant Accounting Policies” of our Annual Report on Form 10-K for the year ended August 29, 2019. Except for the significant accounting policy associated with leases as discussed below, there have been no material changes to our significant accounting policies since our Annual Report on Form 10-K for the year ended August 29, 2019. Leases In the first quarter of 2020, we elected new accounting policies in connection with the adoption of ASC 842 – Leases . We do not recognize a right-of-use asset or lease liability for leases with a term of 12 months or less. For real estate and gas plant leases entered into after adoption, we do not separate lease and non-lease components. Sublease income is presented within lease expense. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
May 28, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities We have interests in entities that are VIEs. If we are the primary beneficiary of a VIE, we are required to consolidate it. To determine if we are the primary beneficiary, we evaluate whether we have the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our evaluation includes identification of significant activities and an assessment of our ability to direct those activities based on governance provisions and arrangements to provide or receive product and process technology, product supply, operations services, equity funding, financing, and other applicable agreements and circumstances. Our assessments of whether we are the primary beneficiary of our VIEs require significant assumptions and judgments. Unconsolidated VIE PTI Xi’an : Powertech Technology Inc. Xi’an (“PTI Xi’an”) is a wholly-owned subsidiary of Powertech Technology Inc. (“PTI”) and was created to provide assembly services to us at our manufacturing site in Xi’an, China. We do not have an equity interest in PTI Xi’an. PTI Xi’an is a VIE because of the terms of its service agreement with us and its dependency on PTI to finance its operations. We do not have the power to direct the activities of PTI Xi’an that most significantly impact its economic performance, primarily because we do not have governance rights. Therefore, we do not consolidate PTI Xi’an. In connection with our assembly services with PTI, as of May 28, 2020 and August 29, 2019, we had net property, plant, and equipment of $41 million and $50 million, respectively, and finance lease obligations of $37 million and $47 million, respectively. Consolidated VIE IMFT : Through the date we acquired Intel’s noncontrolling interest in IMFT, IMFT was a VIE because all of its costs were passed to us and its other member, Intel, through product purchase agreements and because IMFT was dependent upon us or Intel for additional cash requirements. The primary activities of IMFT were driven by the constant introduction of product and process technology. Because we performed a significant majority of the technology development, we had the power to direct its key activities. We consolidated IMFT due to this power and our obligation to absorb losses and the right to receive benefits from IMFT that could have been potentially significant to it. On October 31, 2019, we acquired Intel’s interest in IMFT at which time IMFT, now known as MTU, became a wholly-owned subsidiary. (See “Equity – Noncontrolling Interest in Subsidiary.”) |
Recently Adopted Accounting Sta
Recently Adopted Accounting Standards | 9 Months Ended |
May 28, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02 – Leases (as amended, “ASC 842”), which amends a number of aspects of lease accounting, including requiring lessees to recognize operating leases with a term greater than one year on their balance sheet as a right-of-use asset and corresponding lease liability, measured at the present value of lease payments. We adopted ASC 842 in the first quarter of 2020 under the modified retrospective method and elected to not recast prior periods. We elected the practical expedients available under the transition guidance, including but not limited to, not reassessing past lease accounting or using hindsight to evaluate lease term. In addition, we elected to not separate lease and non-lease components for real estate or gas plant leases. As a result of adopting ASC 842, we recognized $567 million for operating lease liabilities and right-of-use assets and reclassified an additional $66 million of other balances to right-of-use assets to conform to the new presentation requirements of ASC 842. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
May 28, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In November 2018, the FASB issued ASU 2018-18 – Collaborative Arrangements , which clarifies that certain transactions between collaborative arrangement participants should be accounted for as revenue when the collaborative arrangement participant is a customer in the context of a unit of account and precludes recognizing as revenue consideration received from a collaborative arrangement participant if the participant is not a customer. This ASU will be effective for us in the first quarter of 2021 with early adoption permitted. This ASU requires retrospective adoption to the date we adopted ASC 606, which was August 31, 2018, by recognizing a cumulative-effect adjustment to the opening balance of retained earnings of the earliest annual period presented. We do not anticipate the adoption of this ASU will have a material impact on our financial statements. In June 2016, the FASB issued ASU 2016-13 – Measurement of Credit Losses on Financial Instruments , which requires a financial asset (or a group of financial assets) measured on the basis of amortized cost to be presented at the net amount expected to be collected. This ASU requires that the income statement reflect the measurement of credit losses for newly recognized financial assets as well as the increases or decreases of expected credit losses that have taken place during the period. This ASU requires that credit losses of debt securities designated as available-for-sale be recorded through an allowance for credit losses and limits the credit loss to the amount by which fair value is below amortized cost. This ASU will be effective for us in the first quarter of 2021 with early |
Cash and Investments
Cash and Investments | 9 Months Ended |
May 28, 2020 | |
Investments [Abstract] | |
Cash and Investments | Cash and Investments Substantially all of our marketable debt and equity investments were classified as available-for-sale as of the dates noted below. Cash and equivalents and the fair values of our available-for-sale investments, which approximated amortized costs, were as follows: May 28, 2020 August 29, 2019 As of Cash and Equivalents Short-term Investments Long-term Marketable Investments (1) Total Fair Value Cash and Equivalents Short-term Investments Long-term Marketable Investments (1) Total Fair Value Cash $ 2,506 $ — $ — $ 2,506 $ 2,388 $ — $ — $ 2,388 Level 1 (2) Money market funds 4,346 — — 4,346 3,418 — — 3,418 Level 2 (3) Certificates of deposits 1,405 3 4 1,412 1,292 13 1 1,306 Corporate bonds — 238 242 480 — 550 689 1,239 Government securities 5 63 235 303 36 149 232 417 Asset-backed securities — 25 96 121 — 67 242 309 Commercial paper 5 62 — 67 18 24 — 42 8,267 $ 391 $ 577 $ 9,235 7,152 $ 803 $ 1,164 $ 9,119 Restricted cash (4) 53 127 Cash, cash equivalents, and restricted cash $ 8,320 $ 7,279 (1) The maturities of long-term marketable investments range from one four (2) The fair value of Level 1 securities is measured based on quoted prices in active markets for identical assets. (3) The fair value of Level 2 securities is measured using information obtained from pricing services, which obtain quoted market prices for similar instruments, non-binding market consensus prices that are corroborated by observable market data, or various other methodologies, to determine the appropriate value at the measurement date. We perform supplemental analyses to validate information obtained from these pricing services. No adjustments were made to the fair values indicated by such pricing information as of May 28, 2020 or August 29, 2019. (4) Restricted cash is included in other noncurrent assets and primarily relates to certain government incentives received prior to being earned. The restrictions lapse upon achieving certain performance conditions. Restricted cash as of August 29, 2019 also included amounts related to the corporate reorganization proceedings of MMJ. Gross realized gains and losses from sales of available-for-sale securities were not significant for any period presented. As of May 28, 2020, there were no available-for-sale securities that had been in a loss position for longer than 12 months. |
Receivables
Receivables | 9 Months Ended |
May 28, 2020 | |
Receivables [Abstract] | |
Receivables | Receivables As of May 28, August 29, Trade receivables $ 3,265 $ 2,778 Income and other taxes 195 242 Other 143 175 $ 3,603 $ 3,195 |
Inventories
Inventories | 9 Months Ended |
May 28, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories As of May 28, August 29, Finished goods $ 817 $ 757 Work in process 3,866 3,825 Raw materials and supplies 722 536 $ 5,405 $ 5,118 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 9 Months Ended |
May 28, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | Property, Plant, and Equipment As of May 28, August 29, Land $ 352 $ 352 Buildings 12,068 10,931 Equipment (1) 47,292 44,051 Construction in progress (2) 2,674 1,700 Software 885 790 63,271 57,824 Accumulated depreciation (33,190) (29,584) $ 30,081 $ 28,240 (1) Included costs related to equipment not placed into service of $817 million as of May 28, 2020 and $2.33 billion as of August 29, 2019. (2) Included building-related construction, tool installation, and software costs for assets not placed into service. We periodically assess the estimated useful lives of our property, plant, and equipment. Based on our assessment of planned technology node transitions, capital spending, and re-use rates, we revised the estimated useful lives of the existing equipment in our NAND wafer fabrication facilities and our research and development (“R&D”) facilities from five years to seven years as of the beginning of the first quarter of 2020. This revision reduced our aggregate depreciation expense by approximately $510 million in the first nine months of 2020, of which approximately $150 million remained capitalized in inventory as of the end of the third quarter of 2020. Adjusting for the effect of the reduced amount of depreciation expense remaining in inventory, the revision in estimated useful lives benefited both operating income and net income by approximately $160 million and diluted earnings per share by approximately $0.14 for the third quarter of 2020, and benefited both operating income and net income by approximately $360 million and diluted earnings per share by approximately $0.32 for the first nine months of 2020. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 9 Months Ended |
May 28, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill May 28, 2020 August 29, 2019 As of Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Product and process technology $ 602 $ (270) $ 583 $ (243) Goodwill 1,228 N/A 1,228 N/A In the first nine months of 2020 and 2019, we capitalized $50 million and $71 million, respectively, for product and process technology with weighted-average useful lives of 10 years and 8 years, respectively. Expected amortization expense is $21 million for the remainder of 2020, $69 million for 2021, $55 million for 2022, $49 million for 2023, and $44 million for 2024. |
Leases
Leases | 9 Months Ended |
May 28, 2020 | |
Leases [Abstract] | |
Leases | Leases We have finance and operating leases through which we acquire or utilize equipment and facilities in our manufacturing operations and R&D activities as well as office space and other facilities used in our selling, general, and administrative (“SG&A”) functions. Our finance leases consist primarily of gas or other supply or service agreements that are deemed to be embedded leases in which we effectively control the underlying gas plants or other assets used to fulfill the supply agreements. Our operating leases consist primarily of offices, other facilities, and land used in SG&A, R&D, and certain of our manufacturing operations. Certain of our operating leases include one or more options to extend the lease term for periods from one year to 10 years for real estate and one year to 30 years for land. Certain supply or service agreements require us to exercise significant judgment to determine whether the agreement contains a lease of a right-of-use asset. Our assessment includes determining whether we or the supplier control the assets used to fulfill the supply or service agreement by identifying whether we or the supplier have the right to change the type, quantity, timing, or location of the output of the assets. In determining the lease term, we assess whether we are reasonably certain to exercise options to renew or terminate a lease, and when or whether we would exercise an option to purchase the right-of-use asset. Measuring the present value of the initial lease liability requires exercising judgment to determine the discount rate, which we base on interest rates for similar borrowings issued by entities with credit ratings similar to ours. Short-term and variable lease expenses were not significant and are presented within operating lease costs in the table below. Sublease income was not significant in any period presented. The components of lease expense are presented below: Quarter ended Nine months ended May 28, May 28, Finance leases Amortization of right-of-use asset $ 29 $ 108 Interest on lease liability 6 17 Operating leases 27 75 $ 62 $ 200 Other information related to our leases were as follows: Nine months ended May 28, Cash flows used for operating activities Finance leases $ 18 Operating leases (1) 15 Cash flows used for financing activities Finance leases 171 Noncash acquisitions of right-of-use assets Finance leases 81 Operating leases 32 (1) Amount is net of $48 million of reimbursements received for tenant improvements. As of May 28, Finance lease right-of-use assets (included in property, plant, and equipment) $ 550 Weighted-average remaining lease term (in years) Finance leases 4.7 Operating leases 7.1 Weighted-average discount rate Finance leases 4.64 % Operating leases 2.67 % Maturities of lease liabilities existing as of May 28, 2020 were as follows: For the year ending Finance Leases Operating Leases Remainder of 2020 $ 85 $ 18 2021 86 69 2022 83 67 2023 58 63 2024 47 54 2025 and thereafter 280 445 Less imputed interest (110) (122) $ 529 $ 594 The table above excludes any lease liabilities for leases that have been signed but have not yet commenced. As of May 28, 2020, we had such lease liabilities relating to 1) operating lease payment obligations of $150 million for the initial 10-year lease term for a building, which may, at our election, be terminated after 3 years or extended for an additional 10 years, and 2) finance lease obligations of $805 million over a weighted-average period of 15 years for gas supply arrangements deemed to be embedded leases. We will recognize right-of-use assets and associated lease liabilities at the time such assets become available for our use. As of August 29, 2019, prior to our adoption of ASC 842, future minimum operating lease commitments with an initial term in excess of one year were $54 million for 2020, $64 million for 2021, $63 million for 2022, $59 million for 2023, $53 million for 2024, and $459 million in 2025 and thereafter. |
Leases | Leases We have finance and operating leases through which we acquire or utilize equipment and facilities in our manufacturing operations and R&D activities as well as office space and other facilities used in our selling, general, and administrative (“SG&A”) functions. Our finance leases consist primarily of gas or other supply or service agreements that are deemed to be embedded leases in which we effectively control the underlying gas plants or other assets used to fulfill the supply agreements. Our operating leases consist primarily of offices, other facilities, and land used in SG&A, R&D, and certain of our manufacturing operations. Certain of our operating leases include one or more options to extend the lease term for periods from one year to 10 years for real estate and one year to 30 years for land. Certain supply or service agreements require us to exercise significant judgment to determine whether the agreement contains a lease of a right-of-use asset. Our assessment includes determining whether we or the supplier control the assets used to fulfill the supply or service agreement by identifying whether we or the supplier have the right to change the type, quantity, timing, or location of the output of the assets. In determining the lease term, we assess whether we are reasonably certain to exercise options to renew or terminate a lease, and when or whether we would exercise an option to purchase the right-of-use asset. Measuring the present value of the initial lease liability requires exercising judgment to determine the discount rate, which we base on interest rates for similar borrowings issued by entities with credit ratings similar to ours. Short-term and variable lease expenses were not significant and are presented within operating lease costs in the table below. Sublease income was not significant in any period presented. The components of lease expense are presented below: Quarter ended Nine months ended May 28, May 28, Finance leases Amortization of right-of-use asset $ 29 $ 108 Interest on lease liability 6 17 Operating leases 27 75 $ 62 $ 200 Other information related to our leases were as follows: Nine months ended May 28, Cash flows used for operating activities Finance leases $ 18 Operating leases (1) 15 Cash flows used for financing activities Finance leases 171 Noncash acquisitions of right-of-use assets Finance leases 81 Operating leases 32 (1) Amount is net of $48 million of reimbursements received for tenant improvements. As of May 28, Finance lease right-of-use assets (included in property, plant, and equipment) $ 550 Weighted-average remaining lease term (in years) Finance leases 4.7 Operating leases 7.1 Weighted-average discount rate Finance leases 4.64 % Operating leases 2.67 % Maturities of lease liabilities existing as of May 28, 2020 were as follows: For the year ending Finance Leases Operating Leases Remainder of 2020 $ 85 $ 18 2021 86 69 2022 83 67 2023 58 63 2024 47 54 2025 and thereafter 280 445 Less imputed interest (110) (122) $ 529 $ 594 The table above excludes any lease liabilities for leases that have been signed but have not yet commenced. As of May 28, 2020, we had such lease liabilities relating to 1) operating lease payment obligations of $150 million for the initial 10-year lease term for a building, which may, at our election, be terminated after 3 years or extended for an additional 10 years, and 2) finance lease obligations of $805 million over a weighted-average period of 15 years for gas supply arrangements deemed to be embedded leases. We will recognize right-of-use assets and associated lease liabilities at the time such assets become available for our use. As of August 29, 2019, prior to our adoption of ASC 842, future minimum operating lease commitments with an initial term in excess of one year were $54 million for 2020, $64 million for 2021, $63 million for 2022, $59 million for 2023, $53 million for 2024, and $459 million in 2025 and thereafter. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 9 Months Ended |
May 28, 2020 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses As of May 28, August 29, Accounts payable $ 2,234 $ 1,677 Property, plant, and equipment 1,866 1,782 Salaries, wages, and benefits 810 695 Income and other taxes 233 309 Other 221 163 $ 5,364 $ 4,626 |
Debt
Debt | 9 Months Ended |
May 28, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt May 28, 2020 August 29, 2019 Net Carrying Amount Net Carrying Amount As of Stated Effective Rate Current Long-Term Total Current Long-Term Total Finance lease obligations N/A 4.64 % $ 135 $ 394 $ 529 $ 223 $ 368 $ 591 2023 Notes 2.497 % 2.64 % — 1,245 1,245 — — — 2024 Notes 4.640 % 4.76 % — 597 597 — 597 597 2024 Term Loan A 1.440 % 1.49 % 62 1,186 1,248 — — — 2026 Notes 4.975 % 5.07 % — 498 498 — 497 497 2027 Notes 4.185 % 4.27 % — 895 895 — 895 895 2029 Notes 5.327 % 5.40 % — 696 696 — 696 696 2030 Notes 4.663 % 4.73 % — 845 845 — 845 845 2032D Notes 3.125 % 6.33 % 130 — 130 — 127 127 MMJ Creditor Payments N/A N/A 3 — 3 198 — 198 IMFT Member Debt N/A N/A — — — 693 — 693 2025 Notes 5.500 % 5.56 % — — — — 516 516 2033F Notes 2.125 % 2.13 % — — — 196 — 196 $ 330 $ 6,356 $ 6,686 $ 1,310 $ 4,541 $ 5,851 Senior Unsecured Notes On April 24, 2020, we issued $1.25 billion aggregate principal amount of our 2023 Notes in a public offering. Issuance costs for these notes were $5 million. We may redeem some or all of these notes at our option prior to their maturity at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed and (ii) the present value of the remaining scheduled payments of principal and interest thereon. The 2023 Notes contain covenants that, among other things, limit, in certain circumstances, our ability and/or the ability of our restricted subsidiaries (which are generally domestic subsidiaries in which we own at least 80% of the voting stock and which own principal property, as defined in the indenture governing such notes) to (1) create or incur certain liens; (2) enter into certain sale and lease-back transactions; and (3) consolidate with or merge with or into, or convey, transfer, or lease all or substantially all of our properties and assets, to another entity. These covenants are subject to a number of limitations and exceptions. Additionally, if a change of control triggering event occurs, as defined in the indenture governing such notes, we will be required to offer to purchase such notes at 101% of the outstanding aggregate principal amount plus accrued interest up to the purchase date. Credit Facility Our credit facility provides for our Revolving Credit Facility and our 2024 Term Loan A, which each generally bear interest at rates equal to LIBOR plus 1.25% to 2.00%, depending on our corporate credit rating and leverage ratio. Under the terms of the credit facility, we must maintain ratios, calculated as of the last day of each fiscal quarter, of total indebtedness to adjusted EBITDA and adjusted EBITDA to net interest expense. 2024 Term Loan A : On October 30, 2019, we drew the $1.25 billion available under our 2024 Term Loan A credit facility. Principal payments are due annually in an amount equal to 5.0% of the initial principal amount with the balance due at maturity in October 2024. The 2024 Term Loan A facility bears interest at a rate equal to LIBOR plus 1.25% based on our current corporate credit rating and leverage ratio. Revolving Credit Facility : On March 13, 2020, we drew the $2.50 billion available under our Revolving Credit Facility and on April 24, 2020, we repaid the $2.50 billion. As of May 28, 2020, $2.50 billion was available to us under the Revolving Credit Facility. Borrowings under the Revolving Credit Facility are scheduled to mature in July 2023 and we may repay amounts borrowed any time without penalty. The Revolving Credit Facility bears interest at a rate equal to LIBOR plus 1.25% based on our current corporate credit rating and leverage ratio. Convertible Senior Notes On March 27, 2020, we notified holders of our 2033F Notes that we would redeem all of the outstanding 2033F Notes on May 5, 2020. Holders could elect to convert these notes through May 4, 2020, at a conversion rate of 91.4808 shares of our common stock per $1,000 of principal amount. In connection with our notice, we made an irrevocable election to settle any conversions in cash. Holders converted all of the 2033F Notes and on May 5, 2020, we paid $64 million to settle the conversions. We recognized a loss of $3 million in the third quarter of 2020 in connection with the transaction. The closing price of our common stock exceeded 130% of the conversion price per share for at least 20 trading days in the 30 trading day period ended on June 30, 2020. As a result, the 2032D Notes are convertible by the holders at any time through September 30, 2020. As of May 28, 2020, the $46.47 trading price of our common stock was higher than the conversion price of our 2032D Notes and, as a result, the aggregate conversion value of $622 million exceeded the aggregate principal amount of $134 million by $488 million. IMFT Member Debt In connection with our purchase of Intel’s noncontrolling interest in IMFT on October 31, 2019, we extinguished the remaining IMFT Member Debt as a component of the cash consideration paid to Intel for their interest in IMFT and recognized a non-operating gain of $72 million for the difference between the $505 million of cash consideration allocated to the extinguishment of IMFT Member Debt and its $577 million carrying value. (See “Equity – Noncontrolling Interest in Subsidiary” for the cash consideration allocated to the repurchase of noncontrolling interest.) Prior to our acquisition of Intel’s interests in IMFT, IMFT repaid Intel $116 million of IMFT Member Debt in the first quarter of fiscal 2020. Debt Activity The table below presents the effects of issuances, prepayments, and conversions of debt in the first nine months of 2020. When we receive a notice of conversion for any of our convertible notes and elect to settle in cash any amount of the conversion obligation in excess of the principal amount, the cash settlement obligations become derivative debt liabilities subject to mark-to-market accounting treatment based on the volume-weighted-average price of our common stock over a period of 20 consecutive trading days. Accordingly, at the date of our election to settle a conversion in cash, we reclassify the fair value of the equity component of the converted notes from additional capital to derivative debt liability within current debt in our consolidated balance sheet. Nine months ended May 28, 2020 Increase (Decrease) in Principal Increase (Decrease) in Carrying Value Increase (Decrease) in Cash Decrease in Equity Gains (Losses) Issuances Revolving Credit Facility $ 2,500 $ 2,493 $ 2,500 $ — $ — 2023 Notes 1,250 1,245 1,245 — — 2024 Term Loan A 1,250 1,248 1,248 — — Prepayments Revolving Credit Facility (2,500) (2,493) (2,500) — — 2025 Notes (519) (516) (534) — (18) IMFT Member Debt (693) (693) (621) — 72 Settled conversions 2033F Notes (62) (196) (266) (56) (14) $ 1,226 $ 1,088 $ 1,072 $ (56) $ 40 |
Contingencies
Contingencies | 9 Months Ended |
May 28, 2020 | |
Loss Contingency [Abstract] | |
Contingencies | Contingencies We have accrued a liability and charged operations for the estimated costs of adjudication or settlement of various asserted and unasserted claims existing as of the balance sheet date, including those described below. We are currently a party to other legal actions arising from the normal course of business, none of which are expected to have a material adverse effect on our business, results of operations, or financial condition. Patent Matters As is typical in the semiconductor and other high-tech industries, from time to time, others have asserted, and may in the future assert, that our products or manufacturing processes infringe upon their intellectual property rights. On August 12, 2014, MLC Intellectual Property, LLC filed a patent infringement action against Micron in the United States District Court for the Northern District of California. The complaint alleges that Micron infringes a single U.S. patent and seeks damages, attorneys’ fees, and costs. On November 21, 2014, Elm 3DS Innovations, LLC (“Elm”) filed a patent infringement action against Micron; Micron Semiconductor Products, Inc.; and Micron Consumer Products Group, Inc. in the U.S. District Court for the District of Delaware. On March 27, 2015, Elm filed an amended complaint against the same entities. The amended complaint alleges that unspecified semiconductor products of ours that incorporate multiple stacked die infringe 13 U.S. patents and seeks damages, attorneys’ fees, and costs. On December 15, 2014, Innovative Memory Solutions, Inc. (“IMS”) filed a patent infringement action against Micron in the U.S. District Court for the District of Delaware. The complaint alleges that a variety of our NAND products infringe eight U.S. patents and seeks damages, attorneys’ fees, and costs. On August 31, 2018, Micron was served with a complaint filed by IMS in Shenzhen Intermediate People’s Court in Guangdong Province, China. On November 12, 2019, IMS filed an amended complaint in the same court. The amended complaint alleges that certain of our NAND flash products infringe a Chinese patent. The complaint seeks an order requiring Micron to stop manufacturing, using, selling, and offering for sale the accused products in China, and to pay damages and costs of 21 million Chinese yuan. On March 19, 2018, Micron Semiconductor (Xi’an) Co., Ltd. (“MXA”) was served with a patent infringement complaint filed by Fujian Jinhua Integrated Circuit Co., Ltd. (“Jinhua”) in the Fuzhou Intermediate People’s Court in Fujian Province, China (the “Fuzhou Court”). On April 3, 2018, Micron Semiconductor (Shanghai) Co. Ltd. (“MSS”) was served with the same complaint. The complaint alleges that MXA and MSS infringe a Chinese patent by manufacturing and selling certain Crucial DDR4 DRAM modules. The complaint seeks an order requiring MXA and MSS to destroy inventory of the accused products and equipment for manufacturing the accused products in China; to stop manufacturing, using, selling, and offering for sale the accused products in China; and to pay damages of 98 million Chinese yuan plus court fees incurred. On March 21, 2018, MXA was served with a patent infringement complaint filed by United Microelectronics Corporation (“UMC”) in the Fuzhou Court. On April 3, 2018, MSS was served with the same complaint. The complaint alleges that MXA and MSS infringe a Chinese patent by manufacturing and selling certain Crucial DDR4 DRAM modules. The complaint seeks an order requiring MXA and MSS to destroy inventory of the accused products and equipment for manufacturing the accused products in China; to stop manufacturing, using, selling, and offering for sale the accused products in China; and to pay damages of 90 million Chinese yuan plus court fees incurred. On April 3, 2018, MSS was served with another patent infringement complaint filed by Jinhua and two additional complaints filed by UMC in the Fuzhou Court. The three additional complaints allege that MSS infringes three Chinese patents by manufacturing and selling certain Crucial MX300 SSDs and certain GDDR5 memory chips. The two complaints filed by UMC each seek an order requiring MSS to destroy inventory of the accused products and equipment for manufacturing the accused products in China; to stop manufacturing, using, selling, and offering for sale the accused products in China; and to pay damages for each complaint of 90 million Chinese yuan plus court fees incurred. The complaint filed by Jinhua seeks an order requiring MSS to destroy inventory of the accused products and equipment for manufacturing the accused products in China; to stop manufacturing, using, selling, and offering for sale the accused products in China; and to pay damages of 98 million Chinese yuan plus court fees incurred. On October 9, 2018, UMC withdrew its complaint that alleged MSS infringed a Chinese patent by manufacturing and selling certain GDDR5 memory chips. On July 5, 2018, MXA and MSS were notified that the Fuzhou Court granted a preliminary injunction against those entities that enjoins them from manufacturing, selling, or importing certain Crucial and Ballistix-branded DRAM modules and solid-state drives in China. The affected products make up slightly more than 1% of our annualized revenue. We are complying with the ruling and have requested the Fuzhou Court to reconsider or stay its decision. On May 4, 2020, Flash-Control, LLC (“Flash-Control”) filed a patent infringement action against Micron in the United States District Court for the Western District of Texas. The complaint alleges that four U.S. patents are infringed by unspecified DDR4 SDRAM, NVRDIMM, NVDIMM, 3D XPoint, and/or SSD products that incorporate memory controllers and flash memory. The complaint seeks damages, attorneys’ fees, and costs. Among other things, the above lawsuits pertain to substantially all of our DRAM, NAND, and other memory and storage products we manufacture, which account for a significant portion of our revenue. Qimonda On January 20, 2011, Dr. Michael Jaffé, administrator for Qimonda’s insolvency proceedings, filed suit against Micron and Micron Semiconductor B.V. (“Micron B.V.”), in the District Court of Munich, Civil Chamber. The complaint seeks to void, under Section 133 of the German Insolvency Act, a share purchase agreement between Micron B.V. and Qimonda signed in fall 2008, pursuant to which Micron B.V. purchased substantially all of Qimonda’s shares of Inotera (the “Inotera Shares”), representing approximately 18% of Inotera’s outstanding shares at that time, and seeks an order requiring us to re-transfer those shares to the Qimonda estate. The complaint also seeks, among other things, to recover damages for the alleged value of the joint venture relationship with Inotera and to terminate, under Sections 103 or 133 of the German Insolvency Code, a patent cross-license between us and Qimonda entered into at the same time as the share purchase agreement. Following a series of hearings with pleadings, arguments, and witnesses on behalf of the Qimonda estate, on March 13, 2014, the court issued judgments: (1) ordering Micron B.V. to pay approximately $1 million in respect of certain Inotera Shares sold in connection with the original share purchase; (2) ordering Micron B.V. to disclose certain information with respect to any Inotera Shares sold by it to third parties; (3) ordering Micron B.V. to disclose the benefits derived by it from ownership of the Inotera Shares, including in particular, any profits distributed on the Inotera Shares and all other benefits; (4) denying Qimonda’s claims against Micron for any damages relating to the joint venture relationship with Inotera; and (5) determining that Qimonda’s obligations under the patent cross-license agreement are canceled. In addition, the court issued interlocutory judgments ordering, among other things: (1) that Micron B.V. transfer to the Qimonda estate the Inotera Shares still owned by Micron B.V. and pay to the Qimonda estate compensation in an amount to be specified for any Inotera Shares sold to third parties; and (2) that Micron B.V. pay the Qimonda estate as compensation an amount to be specified for benefits derived by Micron B.V. from ownership of the Inotera Shares. The interlocutory judgments had no immediate, enforceable effect and Micron, accordingly, has been able to continue to operate with full control of the Inotera Shares subject to further developments in the case. On April 17, 2014, Micron and Micron B.V. filed a notice of appeal with the German Appeals Court challenging the District Court’s decision. After opening briefs, the Appeals Court held a hearing on the matter on July 9, 2015, and thereafter appointed an independent expert to perform an evaluation of Dr. Jaffé’s claims that the amount Micron paid for Qimonda was less than fair market value. On January 25, 2018, the court-appointed expert issued a report concluding that the amount paid by Micron was within an acceptable fair-value range. The Appeals Court held a subsequent hearing on April 30, 2019, and on May 28, 2019, the Appeals Court remanded the case to the expert for supplemental expert opinion. On March 31, 2020, the expert presented a revised opinion to the Appeals Court which reaffirmed the earlier view that the amount paid by Micron was still within an acceptable range of fair value. Antitrust Matters On April 27, 2018, a complaint was filed against Micron and other DRAM suppliers in the U.S. District Court for the Northern District of California. Subsequently, two substantially identical cases were filed in the same court. The lawsuits purported to be on behalf of a nationwide class of indirect purchasers of DRAM products. On September 3, 2019, the District Court granted Micron’s motion to dismiss and allowed plaintiffs the opportunity to file a consolidated, amended complaint. On October 28, 2019, the plaintiffs filed a consolidated amended complaint that purports to be on behalf of a nationwide class of indirect purchasers of DRAM products. The amended complaint asserts claims based on alleged price-fixing of DRAM products under federal and state law during the period from June 1, 2016 to at least February 1, 2018, and seeks treble monetary damages, costs, interest, attorneys’ fees, and other injunctive and equitable relief. On June 26, 2018, a complaint was filed against Micron and other DRAM suppliers in the U.S. District Court for the Northern District of California. Subsequently, four substantially identical cases were filed in the same court. On October 28, 2019, the plaintiffs filed a consolidated, amended complaint. The consolidated complaint purports to be on behalf of a nationwide class of direct purchasers of DRAM products. The consolidated complaint asserts claims based on alleged price-fixing of DRAM products under federal and state law during the period from June 1, 2016 through at least February 1, 2018, and seeks treble monetary damages, costs, interest, attorneys’ fees, and other injunctive and equitable relief. Additionally, six cases have been filed in the following Canadian courts: Superior Court of Quebec, the Federal Court of Canada, the Ontario Superior Court of Justice, and the Supreme Court of British Columbia. The substantive allegations in these cases are similar to those asserted in the cases filed in the United States. On May 15, 2018, the Chinese State Administration for Market Regulation (“SAMR”) notified Micron that it was investigating potential collusion and other anticompetitive conduct by DRAM suppliers in China. On May 31, 2018, SAMR made unannounced visits to our sales offices in Beijing, Shanghai, and Shenzhen to seek certain information as part of its investigation. We are cooperating with SAMR in its investigation. Securities Matters On January 23, 2019, a complaint was filed against Micron and two of our officers, Sanjay Mehrotra and David Zinsner, in the U.S. District Court for the Southern District of New York. The lawsuit purported to be brought on behalf of a class of purchasers of our stock during the period from June 22, 2018 through November 19, 2018. Subsequently two substantially similar cases were filed in the same court adding one of our former officers, Ernie Maddock, as a defendant and alleging a class action period from September 26, 2017 through November 19, 2018. The separate cases were joined, and a consolidated amended complaint was filed on June 15, 2019. The consolidated amended complaint alleged that defendants committed securities fraud through misrepresentations and omissions about purported anticompetitive behavior in the DRAM industry and sought compensatory and punitive damages, fees, interest, costs, and other appropriate relief. On October 2, 2019, the parties submitted a joint stipulation to dismiss the complaint. The Court approved the stipulation and dismissed the complaint on October 3, 2019. On March 5, 2019, a derivative complaint was filed by a shareholder in the U.S. District Court for the District of Delaware, based on similar allegations to the securities fraud cases, allegedly on behalf of and for the benefit of Micron, against certain current and former officers and directors of Micron for alleged breaches of their fiduciary duties and other violations of law. The complaint seeks damages, fees, interest, costs, and other appropriate relief. Similar shareholder derivative complaints were subsequently filed in the U.S. District Court for the District of Delaware and the U.S. District Court for the District of Idaho. On November 20, 2019, the plaintiff in the second action filed in the U.S. District Court for the District of Delaware voluntarily dismissed his complaint. On November 21, 2019, the plaintiff voluntarily dismissed his complaint that was filed in the U.S. District Court for the District of Idaho. Other On December 5, 2017, Micron filed a complaint against UMC and Jinhua in the U.S. District Court for the Northern District of California. The complaint alleges that UMC and Jinhua violated the Defend Trade Secrets Act, the civil provisions of the Racketeer Influenced and Corrupt Organizations Act, and California’s Uniform Trade Secrets Act by misappropriating Micron’s trade secrets and other misconduct. Micron’s complaint seeks damages, restitution, disgorgement of profits, injunctive relief, and other appropriate relief. On June 13, 2019, current Micron employee Chris Manning filed a putative class action lawsuit on behalf of Micron employees subject to the Idaho Wage Claim Act who earned a performance-based bonus after the conclusion of fiscal year 2018 whose performance rating was calculated based upon a mandatory percentage distribution range of performance ratings. On July 12, 2019, Manning and three other Company employees filed an amended complaint as putative class action representatives. On behalf of themselves and the putative class, Manning and the three other plaintiffs assert claims for violation of the Idaho Wage Claim Act, breach of contract, breach of the covenant of good faith and fair dealing, and fraud. In the normal course of business, we are a party to a variety of agreements pursuant to which we may be obligated to indemnify the other party. It is not possible to predict the maximum potential amount of future payments under these types of agreements due to the conditional nature of our obligations and the unique facts and circumstances involved in each particular agreement. Historically, our payments under these types of agreements have not had a material adverse effect on our business, results of operations, or financial condition. We are unable to predict the outcome of the patent matters, the Qimonda matter, antitrust matters, securities matters, and other matters noted above and therefore cannot estimate the range of possible loss. A determination that our products or manufacturing processes infringe the intellectual property rights of others or entering into a license agreement covering such intellectual property could result in significant liability and/or require us to make material changes to our products and/or manufacturing processes. Any of the foregoing, as well as the resolution of any other legal matter noted above, could have a material adverse effect on our business, results of operations, or financial condition. |
Equity
Equity | 9 Months Ended |
May 28, 2020 | |
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 through open-market purchases, block trades, privately-negotiated transactions, derivative transactions, and/or pursuant to Rule 10b5-1 trading plans. The repurchase authorization has no expiration date, does not obligate us to acquire any common stock, and is subject to market conditions and our ongoing determination of the best use of available cash. In the third quarter and first nine months of 2020, we repurchased 0.9 million shares of our common stock for $40 million, and 2.8 million shares of our common stock for $134 million, respectively. In the third quarter and first nine months of 2019, we repurchased 3.8 million shares of our common stock for $157 million, and 66.4 million shares of our common stock for $2.66 billion, respectively. Through May 28, 2020, we had repurchased an aggregate of $2.8 billion under the authorization. The shares were recorded as treasury stock. Capped calls : In the second quarter of 2020, we share-settled our remaining capped calls upon their expiration and received an aggregate of 1.7 million shares of our common stock, equal to a value of $98 million. Noncontrolling Interest in Subsidiary May 28, 2020 August 29, 2019 As of Balance Percentage Balance Percentage IMFT $ — — % $ 889 49 % On October 31, 2019, we purchased Intel’s noncontrolling interest in IMFT, now known as MTU, and IMFT Member Debt for $1.25 billion. In connection therewith, we recognized a $160 million adjustment to equity for the difference between the $744 million of cash consideration allocated to Intel’s noncontrolling interest and its $904 million carrying value. (See “Debt” for the cash consideration allocated to, and extinguishment of, IMFT Member Debt.) Pursuant to the terms of the IMFT wafer supply agreement, Intel received supply from MTU from November 2019 through March 6, 2020, at a volume equal to approximately 50% of their volume from IMFT in the six |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
May 28, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The estimated fair values and carrying values of our outstanding debt instruments (excluding the carrying value of equity components of our convertible notes), were as follows: May 28, 2020 August 29, 2019 As of Fair Value Carrying Value Fair Value Carrying Value Notes and MMJ Creditor Payments $ 6,532 $ 6,027 $ 5,194 $ 4,937 Convertible notes 663 130 852 323 The fair values of our convertible notes in the table above were determined based on Level 2 inputs, including the trading price of our convertible notes when available, our stock price, and interest rates based on similar debt issued by parties with credit ratings similar to ours. The fair values of our other debt instruments were estimated based on Level 2 inputs, including discounted cash flows, the trading price of our notes when available, and interest rates based on similar debt issued by parties with credit ratings similar to ours. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
May 28, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Gross Notional Amount Fair Value of Current Assets (1) Current Liabilities (2) Noncurrent Liabilities (3) As of May 28, 2020 Derivative instruments with hedge accounting designation Cash flow currency hedges $ 1,884 $ 2 $ (21) $ (1) Derivative instruments without hedge accounting designation Non-designated currency hedges 1,155 2 (2) — $ 4 $ (23) $ (1) As of August 29, 2019 Derivative instruments with hedge accounting designation Cash flow currency hedges $ 146 $ 1 $ — $ — Derivative instruments without hedge accounting designation Non-designated currency hedges 1,871 1 (9) — Convertible notes settlement obligation (4) — (179) — 1 (188) — $ 2 $ (188) $ — (1) Included in receivables – other. (2) Included in accounts payable and accrued expenses – other for forward contracts and in current debt for convertible notes settlement obligations. (3) Included in other noncurrent liabilities. (4) As of August 29, 2019, the notional amount of our settlement obligation for notes that had been converted was 4 million shares of our common stock. Derivative Instruments with Hedge Accounting Designation We utilize currency forward contracts that generally mature within two years to hedge our exposure to changes in currency exchange rates. Currency forward contracts are measured at fair value based on market-based observable inputs including currency exchange spot and forward rates, interest rates, and credit-risk spreads (Level 2). We do not use derivative instruments for speculative purposes. Cash Flow Hedges : We utilize cash flow hedges for our exposure from changes in currency exchange rates for certain capital expenditures and manufacturing costs. We recognized losses of $6 million and $20 million in the third quarter and first nine months of 2020, respectively, in accumulated other comprehensive income from the effective portion of cash flow hedges. The amounts for the third quarter and first nine months of 2019 were not significant. We recognized losses of $8 million and $10 million in the third quarter and first nine months of 2020, respectively, in cost of goods sold from the amounts excluded from hedge effectiveness. The amounts for the third quarter and first nine months of 2019 were not significant. The reclassifications from accumulated other comprehensive income to earnings were not significant in the third quarters or first nine months of 2020 or 2019. As of May 28, 2020, we expect to reclassify $18 million of losses related to cash flow hedges from accumulated other comprehensive income into earnings in the next 12 months. Derivative Instruments without Hedge Accounting Designation Currency Derivatives : We generally utilize a rolling hedge strategy with currency forward contracts that mature within three months to hedge our exposures of monetary assets and liabilities from changes in currency exchange rates. At the end of each reporting period, monetary assets and liabilities denominated in currencies other than the U.S. dollar are remeasured into U.S. dollars and the associated outstanding forward contracts are marked to market. Currency forward contracts are valued at fair values based on the middle of bid and ask prices of dealers or exchange quotations (Level 2). Realized and unrealized gains and losses on derivative instruments without hedge accounting designation as well as the changes in the underlying monetary assets and liabilities from changes in currency exchange rates are included in other non-operating income (expense), net. For derivative instruments without hedge accounting designation, we recognized losses of $6 million in the third quarter of 2020, and losses of $23 million in the third quarter and first nine months of 2019. The amounts recognized in the first nine months of 2020 were not significant. Convertible Notes Settlement Obligations : For settlement obligations associated with our convertible notes subject to mark-to-market accounting treatment, the fair values of the underlying derivative settlement obligations were initially determined using the Black-Scholes option valuation model (Level 2), which requires inputs of stock price, expected stock-price volatility, estimated option life, risk-free interest rate, and dividend rate. The subsequent measurement amounts were based on the volume-weighted-average trading price of our common stock (Level 2). (See “Debt.”) We recognized losses of $14 million in the first nine months of 2020 and gains of $11 million and losses of $55 million in the third quarter and first nine months of 2019, respectively, in other non-operating income (expense), net for the changes in fair value of the derivative settlement obligations. The amounts recognized in the third quarter of 2020 were not significant. |
Equity Plans
Equity Plans | 9 Months Ended |
May 28, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Equity Plans | Equity Plans As of May 28, 2020, 92 million shares of our common stock were available for future awards under our equity plans. Restricted Stock and Restricted Stock Units (“Restricted Stock Awards”) Restricted Stock Award activity is summarized as follows: Quarter ended Nine months ended May 28, May 30, May 28, May 30, Restricted stock award shares granted — 1 8 7 Weighted-average grant-date fair value per share $ 45.78 $ 40.00 $ 46.37 $ 39.83 Employee Stock Purchase Plan (“ESPP”) For the six-month ESPP periods ended January 2020 and January 2019, we issued 2 million and 1 million shares, respectively, at a per share price of $38.16 and $32.50, respectively. Grant-date fair value and assumptions used in the Black-Scholes option valuation model for ESPP grants for the periods below were as follows: Nine months ended May 28, May 30, Weighted-average grant-date fair value per share $ 14.43 $ 10.92 Average expected life in years 0.5 0.5 Weighted-average expected volatility 43 % 47 % Weighted-average risk-free interest rate 1.5 % 2.5 % Expected dividend yield 0 % 0 % Stock-based Compensation Expense Quarter ended Nine months ended May 28, May 30, May 28, May 30, Stock-based compensation expense by caption Cost of goods sold $ 34 $ 24 $ 102 $ 73 Selling, general, and administrative 26 18 74 55 Research and development 22 16 63 48 $ 82 $ 58 $ 239 $ 176 Stock-based compensation expense by type of award Restricted stock awards $ 70 $ 44 $ 197 $ 127 ESPP 9 8 28 24 Stock options 3 6 14 25 $ 82 $ 58 $ 239 $ 176 Income tax benefits related to the tax deductions for share-based awards are recognized only upon the settlement of the related share-based awards. Income tax benefits for share-based awards were not significant for the third quarters of 2020 or 2019 and were $62 million and $57 million for the first nine months of 2020 and 2019, respectively. As of May 28, 2020, $572 million of total unrecognized compensation costs for unvested awards, before the effect of any future forfeitures, was expected to be recognized through the third quarter of 2024, resulting in a weighted-average period of 1.3 years. |
Revenue and Contract Liabilitie
Revenue and Contract Liabilities | 9 Months Ended |
May 28, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue and Contract Liabilities | Revenue and Contract Liabilities Revenue by technology is presented in the table below. (See “Segment and Other Information” for disclosure of disaggregated revenue by market segments.) Quarter ended Nine months ended May 28, May 30, May 28, May 30, DRAM $ 3,587 $ 3,398 $ 10,139 $ 13,442 NAND 1,665 1,104 4,601 4,151 Other (primarily 3D XPoint memory and NOR) 186 286 639 943 $ 5,438 $ 4,788 $ 15,379 $ 18,536 Beginning in 2020, revenues for MCPs and SSDs, which contain both DRAM and NAND, are disaggregated into DRAM and NAND based on the relative values of each component. The three and nine months ended May 30, 2019 in the table above have been conformed to current period presentation. Our contract liabilities from customer advances are for advance payments received from customers to secure product in future periods. Other contract liabilities consist of amounts received in advance of satisfying performance obligations. These balances are reported within other current liabilities and other noncurrent liabilities. Revenue and interest expense associated with contract liabilities for the time value of advance payments was not significant in any period presented. Contract liabilities were as follows: As of May 28, August 29, Contract liabilities from customer advances $ 43 $ 61 Other contract liabilities 27 69 $ 70 $ 130 Revenue recognized during the first nine months of 2020 from the beginning balance as of August 29, 2019 included $79 million from meeting performance obligations of other contract liabilities and shipments against customer advances. Contract liabilities from customer advances also decreased $22 million due to the return of an unutilized customer advance upon expiration of a contract. Revenue is primarily recognized at a point in time when control of the promised goods is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods. Substantially all contracts with our customers are short-term in duration at fixed, negotiated prices with payment generally due shortly after delivery. From time to time, we have contracts with initial terms that include performance obligations that extend, in some cases, beyond one year. As of May 28, 2020, we expect future revenue related to these longer-term contracts of approximately $600 million, of which approximately 60% relates to performance obligations and product shipments we expect to satisfy within the next 12 months and 40% beyond 12 months. As of May 28, 2020, other current liabilities included $407 million for estimates of consideration payable to customers, including estimates for pricing adjustments and returns. |
Other Operating (Income) Expens
Other Operating (Income) Expense, Net | 9 Months Ended |
May 28, 2020 | |
Other Income and Expenses [Abstract] | |
Other Operating (Income) Expense, Net | Other Operating (Income) Expense, Net Quarter ended Nine months ended May 28, May 30, May 28, May 30, Restructure and asset impairments $ 4 $ 9 $ 10 $ 93 Other 6 (3) 8 46 $ 10 $ 6 $ 18 $ 139 |
Other Non-Operating Income (Exp
Other Non-Operating Income (Expense), Net | 9 Months Ended |
May 28, 2020 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Non-Operating Income (Expense), Net | Other Non-Operating Income (Expense), Net Quarter ended Nine months ended May 28, May 30, May 28, May 30, Gains (losses) on debt prepayments and conversions $ (2) $ (317) $ 40 $ (386) Losses from changes in currency exchange rates (3) (1) (7) (9) Other 15 1 22 3 $ 10 $ (317) $ 55 $ (392) |
Income Taxes
Income Taxes | 9 Months Ended |
May 28, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our income tax (provision) benefit consisted of the following: Quarter ended Nine months ended May 28, May 30, May 28, May 30, Income tax (provision) benefit, excluding items below $ (30) $ 125 $ (60) $ (469) Utilization of and other changes in net deferred tax assets of MMJ, MMT, and MTTW (38) (32) (84) (162) Repatriation tax, net of adjustments related to uncertain tax positions — 42 — 9 $ (68) $ 135 $ (144) $ (622) Income tax provision in the third quarter of 2020 increased as compared to the third quarter of 2019 primarily due to tax benefits in the third quarter of 2019 resulting from tax law changes. Our provision for income tax decreased in the first nine months of 2020 as compared to the first nine months of 2019 primarily as a result of reductions in our profit before tax and the foreign minimum tax. As of May 28, 2020, gross unrecognized tax benefits related to uncertain tax positions were $396 million, substantially all of which would affect our effective tax rate in the future, if recognized. Amounts accrued for interest and penalties related to uncertain tax positions were not significant for any period presented. We operate in a number of jurisdictions outside the United States, including Singapore, where we have tax incentive arrangements. These arrangements expire in whole or in part at various dates through 2034 and are conditional, in part, upon meeting certain business operations and employment thresholds. The effect of tax incentive arrangements reduced our tax provision by $70 million (benefiting our diluted earnings per share by $0.06) and $78 million ($0.07 per diluted share) for the third quarter and first nine months of 2020, respectively, and by $71 million ($0.06 per diluted share) and $742 million ($0.65 per diluted share) for the third quarter and first nine months of 2019, respectively. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
May 28, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Quarter ended Nine months ended May 28, May 30, May 28, May 30, Net income attributable to Micron – Basic $ 803 $ 840 $ 1,699 $ 5,752 Assumed conversion of debt — (4) (4) (6) Net income attributable to Micron – Diluted $ 803 $ 836 $ 1,695 $ 5,746 Weighted-average common shares outstanding – Basic 1,111 1,105 1,110 1,117 Dilutive effect of equity plans and convertible notes 18 24 21 31 Weighted-average common shares outstanding – Diluted 1,129 1,129 1,131 1,148 Earnings per share Basic $ 0.72 $ 0.76 $ 1.53 $ 5.15 Diluted 0.71 0.74 1.50 5.01 Antidilutive potential common stock shares that could dilute basic earnings per share in the future were 9 million and 5 million for the third quarter and first nine months of 2020, respectively, and 6 million and 7 million for the third quarter and first nine months of 2019, respectively. |
Segment and Other Information
Segment and Other Information | 9 Months Ended |
May 28, 2020 | |
Segment Reporting [Abstract] | |
Segment and Other Information | Segment and Other Information Segment information reported herein is consistent with how it is reviewed and evaluated by our chief operating decision maker. We have the following four business units, which are our reportable segments: Compute and Networking Business Unit (“CNBU”) : Includes memory products sold into client, cloud server, enterprise, graphics, and networking markets and sales of certain 3D XPoint products. Mobile Business Unit (“MBU”) : Includes memory products sold into smartphone and other mobile-device markets. Storage Business Unit (“SBU”) : Includes SSDs and component-level solutions sold into enterprise and cloud, client, and consumer storage markets, other discrete storage products sold in component and wafer form to the removable storage market, and sales of certain 3D XPoint products. Embedded Business Unit (“EBU”) : Includes memory and storage products sold into automotive, industrial, and consumer markets. Certain operating expenses directly associated with the activities of a specific segment are charged to that segment. Other indirect operating income and expenses are generally allocated to segments based on their respective percentage of cost of goods sold or forecasted wafer production. We do not identify or report internally our assets (other than goodwill) or capital expenditures by segment, nor do we allocate gains and losses from equity method investments, interest, other non-operating income or expense items, or taxes to segments. Quarter ended Nine months ended May 28, May 30, May 28, May 30, Revenue CNBU $ 2,218 $ 2,079 $ 6,164 $ 8,065 MBU 1,525 1,174 4,240 4,997 SBU 1,014 813 2,852 2,978 EBU 675 700 2,105 2,432 All Other 6 22 18 64 $ 5,438 $ 4,788 $ 15,379 $ 18,536 Operating income (loss) CNBU $ 448 $ 800 $ 1,132 $ 4,171 MBU 295 331 773 2,241 SBU 177 (198) (42) (138) EBU 64 173 256 822 All Other (3) 4 (2) 11 981 1,110 2,117 7,107 Unallocated Stock-based compensation (82) (58) (239) (176) Restructure and asset impairments (4) (9) (10) (90) Employee severance — — (1) (37) Start-up and preproduction costs — (23) — (46) Other (7) (10) (21) (32) (93) (100) (271) (381) Operating income $ 888 $ 1,010 $ 1,846 $ 6,726 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
May 28, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying consolidated financial statements include the accounts of Micron and our consolidated subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended August 29, 2019, except for changes related to recently adopted accounting standards. See “Recently Adopted Accounting Standards.” |
Comparability of Prior Year Financial Data | Prior year information is presented in accordance with the accounting guidance in effect during that period and has not been recast for recently adopted accounting standards. |
Reclassifications | Certain reclassifications have been made to prior period amounts to conform to current period presentation. |
Fiscal Period | Our fiscal year is the 52 or 53-week period ending on the Thursday closest to August 31. Fiscal year 2020 contains 53 weeks and the fourth quarter of 2020 will contain 14 weeks. All period references are to our fiscal periods unless otherwise indicated. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
May 28, 2020 | |
Accounting Policies [Abstract] | |
Leases | Leases In the first quarter of 2020, we elected new accounting policies in connection with the adoption of ASC 842 – Leases . We do not recognize a right-of-use asset or lease liability for leases with a term of 12 months or less. For real estate and gas plant leases entered into after adoption, we do not separate lease and non-lease components. Sublease income is presented within lease expense. |
Variable Interest Entities (Pol
Variable Interest Entities (Policies) | 9 Months Ended |
May 28, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | We have interests in entities that are VIEs. If we are the primary beneficiary of a VIE, we are required to consolidate it. To determine if we are the primary beneficiary, we evaluate whether we have the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our evaluation includes identification of significant activities and an assessment of our ability to direct those activities based on governance provisions and arrangements to provide or receive product and process technology, product supply, operations services, equity funding, financing, and other applicable agreements and circumstances. Our assessments of whether we are the primary beneficiary of our VIEs require significant assumptions and judgments. |
Cash and Investments (Tables)
Cash and Investments (Tables) | 9 Months Ended |
May 28, 2020 | |
Investments [Abstract] | |
Cash and Investments | Cash and equivalents and the fair values of our available-for-sale investments, which approximated amortized costs, were as follows: May 28, 2020 August 29, 2019 As of Cash and Equivalents Short-term Investments Long-term Marketable Investments (1) Total Fair Value Cash and Equivalents Short-term Investments Long-term Marketable Investments (1) Total Fair Value Cash $ 2,506 $ — $ — $ 2,506 $ 2,388 $ — $ — $ 2,388 Level 1 (2) Money market funds 4,346 — — 4,346 3,418 — — 3,418 Level 2 (3) Certificates of deposits 1,405 3 4 1,412 1,292 13 1 1,306 Corporate bonds — 238 242 480 — 550 689 1,239 Government securities 5 63 235 303 36 149 232 417 Asset-backed securities — 25 96 121 — 67 242 309 Commercial paper 5 62 — 67 18 24 — 42 8,267 $ 391 $ 577 $ 9,235 7,152 $ 803 $ 1,164 $ 9,119 Restricted cash (4) 53 127 Cash, cash equivalents, and restricted cash $ 8,320 $ 7,279 (1) The maturities of long-term marketable investments range from one four (2) The fair value of Level 1 securities is measured based on quoted prices in active markets for identical assets. (3) The fair value of Level 2 securities is measured using information obtained from pricing services, which obtain quoted market prices for similar instruments, non-binding market consensus prices that are corroborated by observable market data, or various other methodologies, to determine the appropriate value at the measurement date. We perform supplemental analyses to validate information obtained from these pricing services. No adjustments were made to the fair values indicated by such pricing information as of May 28, 2020 or August 29, 2019. (4) Restricted cash is included in other noncurrent assets and primarily relates to certain government incentives received prior to being earned. The restrictions lapse upon achieving certain performance conditions. Restricted cash as of August 29, 2019 also included amounts related to the corporate reorganization proceedings of MMJ. |
Cash and equivalents and the fair values of available-for-sale investments | Cash and equivalents and the fair values of our available-for-sale investments, which approximated amortized costs, were as follows: May 28, 2020 August 29, 2019 As of Cash and Equivalents Short-term Investments Long-term Marketable Investments (1) Total Fair Value Cash and Equivalents Short-term Investments Long-term Marketable Investments (1) Total Fair Value Cash $ 2,506 $ — $ — $ 2,506 $ 2,388 $ — $ — $ 2,388 Level 1 (2) Money market funds 4,346 — — 4,346 3,418 — — 3,418 Level 2 (3) Certificates of deposits 1,405 3 4 1,412 1,292 13 1 1,306 Corporate bonds — 238 242 480 — 550 689 1,239 Government securities 5 63 235 303 36 149 232 417 Asset-backed securities — 25 96 121 — 67 242 309 Commercial paper 5 62 — 67 18 24 — 42 8,267 $ 391 $ 577 $ 9,235 7,152 $ 803 $ 1,164 $ 9,119 Restricted cash (4) 53 127 Cash, cash equivalents, and restricted cash $ 8,320 $ 7,279 (1) The maturities of long-term marketable investments range from one four (2) The fair value of Level 1 securities is measured based on quoted prices in active markets for identical assets. (3) The fair value of Level 2 securities is measured using information obtained from pricing services, which obtain quoted market prices for similar instruments, non-binding market consensus prices that are corroborated by observable market data, or various other methodologies, to determine the appropriate value at the measurement date. We perform supplemental analyses to validate information obtained from these pricing services. No adjustments were made to the fair values indicated by such pricing information as of May 28, 2020 or August 29, 2019. (4) Restricted cash is included in other noncurrent assets and primarily relates to certain government incentives received prior to being earned. The restrictions lapse upon achieving certain performance conditions. Restricted cash as of August 29, 2019 also included amounts related to the corporate reorganization proceedings of MMJ. |
Receivables (Tables)
Receivables (Tables) | 9 Months Ended |
May 28, 2020 | |
Receivables [Abstract] | |
Schedule of Receivables | As of May 28, August 29, Trade receivables $ 3,265 $ 2,778 Income and other taxes 195 242 Other 143 175 $ 3,603 $ 3,195 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
May 28, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | As of May 28, August 29, Finished goods $ 817 $ 757 Work in process 3,866 3,825 Raw materials and supplies 722 536 $ 5,405 $ 5,118 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 9 Months Ended |
May 28, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant, and Equipment | As of May 28, August 29, Land $ 352 $ 352 Buildings 12,068 10,931 Equipment (1) 47,292 44,051 Construction in progress (2) 2,674 1,700 Software 885 790 63,271 57,824 Accumulated depreciation (33,190) (29,584) $ 30,081 $ 28,240 (1) Included costs related to equipment not placed into service of $817 million as of May 28, 2020 and $2.33 billion as of August 29, 2019. (2) Included building-related construction, tool installation, and software costs for assets not placed into service. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 9 Months Ended |
May 28, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | May 28, 2020 August 29, 2019 As of Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Product and process technology $ 602 $ (270) $ 583 $ (243) Goodwill 1,228 N/A 1,228 N/A |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
May 28, 2020 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | Short-term and variable lease expenses were not significant and are presented within operating lease costs in the table below. Sublease income was not significant in any period presented. The components of lease expense are presented below: Quarter ended Nine months ended May 28, May 28, Finance leases Amortization of right-of-use asset $ 29 $ 108 Interest on lease liability 6 17 Operating leases 27 75 $ 62 $ 200 |
Schedule of Other Lease Information | Other information related to our leases were as follows: Nine months ended May 28, Cash flows used for operating activities Finance leases $ 18 Operating leases (1) 15 Cash flows used for financing activities Finance leases 171 Noncash acquisitions of right-of-use assets Finance leases 81 Operating leases 32 (1) Amount is net of $48 million of reimbursements received for tenant improvements. As of May 28, Finance lease right-of-use assets (included in property, plant, and equipment) $ 550 Weighted-average remaining lease term (in years) Finance leases 4.7 Operating leases 7.1 Weighted-average discount rate Finance leases 4.64 % Operating leases 2.67 % |
Schedule of Operating Lease Maturities | Maturities of lease liabilities existing as of May 28, 2020 were as follows: For the year ending Finance Leases Operating Leases Remainder of 2020 $ 85 $ 18 2021 86 69 2022 83 67 2023 58 63 2024 47 54 2025 and thereafter 280 445 Less imputed interest (110) (122) $ 529 $ 594 |
Schedule of Finance Lease Maturities | Maturities of lease liabilities existing as of May 28, 2020 were as follows: For the year ending Finance Leases Operating Leases Remainder of 2020 $ 85 $ 18 2021 86 69 2022 83 67 2023 58 63 2024 47 54 2025 and thereafter 280 445 Less imputed interest (110) (122) $ 529 $ 594 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 9 Months Ended |
May 28, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable And Accrued Expenses | As of May 28, August 29, Accounts payable $ 2,234 $ 1,677 Property, plant, and equipment 1,866 1,782 Salaries, wages, and benefits 810 695 Income and other taxes 233 309 Other 221 163 $ 5,364 $ 4,626 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
May 28, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | May 28, 2020 August 29, 2019 Net Carrying Amount Net Carrying Amount As of Stated Effective Rate Current Long-Term Total Current Long-Term Total Finance lease obligations N/A 4.64 % $ 135 $ 394 $ 529 $ 223 $ 368 $ 591 2023 Notes 2.497 % 2.64 % — 1,245 1,245 — — — 2024 Notes 4.640 % 4.76 % — 597 597 — 597 597 2024 Term Loan A 1.440 % 1.49 % 62 1,186 1,248 — — — 2026 Notes 4.975 % 5.07 % — 498 498 — 497 497 2027 Notes 4.185 % 4.27 % — 895 895 — 895 895 2029 Notes 5.327 % 5.40 % — 696 696 — 696 696 2030 Notes 4.663 % 4.73 % — 845 845 — 845 845 2032D Notes 3.125 % 6.33 % 130 — 130 — 127 127 MMJ Creditor Payments N/A N/A 3 — 3 198 — 198 IMFT Member Debt N/A N/A — — — 693 — 693 2025 Notes 5.500 % 5.56 % — — — — 516 516 2033F Notes 2.125 % 2.13 % — — — 196 — 196 $ 330 $ 6,356 $ 6,686 $ 1,310 $ 4,541 $ 5,851 |
Debt Issuances, Prepayments, and Conversions | Nine months ended May 28, 2020 Increase (Decrease) in Principal Increase (Decrease) in Carrying Value Increase (Decrease) in Cash Decrease in Equity Gains (Losses) Issuances Revolving Credit Facility $ 2,500 $ 2,493 $ 2,500 $ — $ — 2023 Notes 1,250 1,245 1,245 — — 2024 Term Loan A 1,250 1,248 1,248 — — Prepayments Revolving Credit Facility (2,500) (2,493) (2,500) — — 2025 Notes (519) (516) (534) — (18) IMFT Member Debt (693) (693) (621) — 72 Settled conversions 2033F Notes (62) (196) (266) (56) (14) $ 1,226 $ 1,088 $ 1,072 $ (56) $ 40 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
May 28, 2020 | |
Equity [Abstract] | |
Schedule Of Noncontrolling Interest In Subsidiary | May 28, 2020 August 29, 2019 As of Balance Percentage Balance Percentage IMFT $ — — % $ 889 49 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
May 28, 2020 | |
Fair Value Disclosures [Abstract] | |
Estimated fair value and carrying value of debt instruments | May 28, 2020 August 29, 2019 As of Fair Value Carrying Value Fair Value Carrying Value Notes and MMJ Creditor Payments $ 6,532 $ 6,027 $ 5,194 $ 4,937 Convertible notes 663 130 852 323 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
May 28, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | Gross Notional Amount Fair Value of Current Assets (1) Current Liabilities (2) Noncurrent Liabilities (3) As of May 28, 2020 Derivative instruments with hedge accounting designation Cash flow currency hedges $ 1,884 $ 2 $ (21) $ (1) Derivative instruments without hedge accounting designation Non-designated currency hedges 1,155 2 (2) — $ 4 $ (23) $ (1) As of August 29, 2019 Derivative instruments with hedge accounting designation Cash flow currency hedges $ 146 $ 1 $ — $ — Derivative instruments without hedge accounting designation Non-designated currency hedges 1,871 1 (9) — Convertible notes settlement obligation (4) — (179) — 1 (188) — $ 2 $ (188) $ — (1) Included in receivables – other. (2) Included in accounts payable and accrued expenses – other for forward contracts and in current debt for convertible notes settlement obligations. (3) Included in other noncurrent liabilities. (4) As of August 29, 2019, the notional amount of our settlement obligation for notes that had been converted was 4 million shares of our common stock. |
Equity Plans (Tables)
Equity Plans (Tables) | 9 Months Ended |
May 28, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Awards Activity | Quarter ended Nine months ended May 28, May 30, May 28, May 30, Restricted stock award shares granted — 1 8 7 Weighted-average grant-date fair value per share $ 45.78 $ 40.00 $ 46.37 $ 39.83 |
Schedule of Employee Stock Purchase Plan Valuation Assumptions | Nine months ended May 28, May 30, Weighted-average grant-date fair value per share $ 14.43 $ 10.92 Average expected life in years 0.5 0.5 Weighted-average expected volatility 43 % 47 % Weighted-average risk-free interest rate 1.5 % 2.5 % Expected dividend yield 0 % 0 % |
Stock-based Compensation Expense by Caption | Quarter ended Nine months ended May 28, May 30, May 28, May 30, Stock-based compensation expense by caption Cost of goods sold $ 34 $ 24 $ 102 $ 73 Selling, general, and administrative 26 18 74 55 Research and development 22 16 63 48 $ 82 $ 58 $ 239 $ 176 Stock-based compensation expense by type of award Restricted stock awards $ 70 $ 44 $ 197 $ 127 ESPP 9 8 28 24 Stock options 3 6 14 25 $ 82 $ 58 $ 239 $ 176 |
Revenue and Contract Liabilit_2
Revenue and Contract Liabilities (Tables) | 9 Months Ended |
May 28, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Quarter ended Nine months ended May 28, May 30, May 28, May 30, DRAM $ 3,587 $ 3,398 $ 10,139 $ 13,442 NAND 1,665 1,104 4,601 4,151 Other (primarily 3D XPoint memory and NOR) 186 286 639 943 $ 5,438 $ 4,788 $ 15,379 $ 18,536 |
Schedule of Product Sales | Quarter ended Nine months ended May 28, May 30, May 28, May 30, DRAM $ 3,587 $ 3,398 $ 10,139 $ 13,442 NAND 1,665 1,104 4,601 4,151 Other (primarily 3D XPoint memory and NOR) 186 286 639 943 $ 5,438 $ 4,788 $ 15,379 $ 18,536 |
Contract Liabilities | As of May 28, August 29, Contract liabilities from customer advances $ 43 $ 61 Other contract liabilities 27 69 $ 70 $ 130 |
Other Operating (Income) Expe_2
Other Operating (Income) Expense, Net (Tables) | 9 Months Ended |
May 28, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating (Income) Expense, Net | Quarter ended Nine months ended May 28, May 30, May 28, May 30, Restructure and asset impairments $ 4 $ 9 $ 10 $ 93 Other 6 (3) 8 46 $ 10 $ 6 $ 18 $ 139 |
Other Non-Operating Income (E_2
Other Non-Operating Income (Expense), Net (Tables) | 9 Months Ended |
May 28, 2020 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule of Other Nonoperating Income (Expense), Net | Quarter ended Nine months ended May 28, May 30, May 28, May 30, Gains (losses) on debt prepayments and conversions $ (2) $ (317) $ 40 $ (386) Losses from changes in currency exchange rates (3) (1) (7) (9) Other 15 1 22 3 $ 10 $ (317) $ 55 $ (392) |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
May 28, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax (Provision) Benefit | Our income tax (provision) benefit consisted of the following: Quarter ended Nine months ended May 28, May 30, May 28, May 30, Income tax (provision) benefit, excluding items below $ (30) $ 125 $ (60) $ (469) Utilization of and other changes in net deferred tax assets of MMJ, MMT, and MTTW (38) (32) (84) (162) Repatriation tax, net of adjustments related to uncertain tax positions — 42 — 9 $ (68) $ 135 $ (144) $ (622) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
May 28, 2020 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Share | Quarter ended Nine months ended May 28, May 30, May 28, May 30, Net income attributable to Micron – Basic $ 803 $ 840 $ 1,699 $ 5,752 Assumed conversion of debt — (4) (4) (6) Net income attributable to Micron – Diluted $ 803 $ 836 $ 1,695 $ 5,746 Weighted-average common shares outstanding – Basic 1,111 1,105 1,110 1,117 Dilutive effect of equity plans and convertible notes 18 24 21 31 Weighted-average common shares outstanding – Diluted 1,129 1,129 1,131 1,148 Earnings per share Basic $ 0.72 $ 0.76 $ 1.53 $ 5.15 Diluted 0.71 0.74 1.50 5.01 |
Segment and Other Information (
Segment and Other Information (Tables) | 9 Months Ended |
May 28, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Results by Segment | Quarter ended Nine months ended May 28, May 30, May 28, May 30, Revenue CNBU $ 2,218 $ 2,079 $ 6,164 $ 8,065 MBU 1,525 1,174 4,240 4,997 SBU 1,014 813 2,852 2,978 EBU 675 700 2,105 2,432 All Other 6 22 18 64 $ 5,438 $ 4,788 $ 15,379 $ 18,536 Operating income (loss) CNBU $ 448 $ 800 $ 1,132 $ 4,171 MBU 295 331 773 2,241 SBU 177 (198) (42) (138) EBU 64 173 256 822 All Other (3) 4 (2) 11 981 1,110 2,117 7,107 Unallocated Stock-based compensation (82) (58) (239) (176) Restructure and asset impairments (4) (9) (10) (90) Employee severance — — (1) (37) Start-up and preproduction costs — (23) — (46) Other (7) (10) (21) (32) (93) (100) (271) (381) Operating income $ 888 $ 1,010 $ 1,846 $ 6,726 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | May 28, 2020 | Aug. 29, 2019 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
PTI Xi'an (Nonconsolidated VIE) Assets | $ 52,005 | $ 48,887 |
PTI Xi'an (Nonconsolidated VIE) Liabilities | 14,087 | 12,019 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
PTI Xi'an (Nonconsolidated VIE) Assets | 41 | 50 |
PTI Xi'an (Nonconsolidated VIE) Liabilities | $ 37 | $ 47 |
Recently Adopted Accounting S_2
Recently Adopted Accounting Standards (Details) - USD ($) $ in Millions | Aug. 30, 2019 | May 28, 2020 | Aug. 29, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating Lease Liability | $ 594 | ||
Operating lease right-of-use assets | $ 599 | $ 0 | |
ASU 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating Lease Liability | $ 567 | ||
Operating lease right-of-use assets | 567 | ||
Prior period, existing balances reclassified to right-of-use assets | $ 66 |
Cash and Investments (Details)
Cash and Investments (Details) - USD ($) $ in Millions | 9 Months Ended | ||||
May 28, 2020 | Aug. 29, 2019 | May 30, 2019 | Aug. 30, 2018 | ||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash and Equivalents | $ 8,267 | $ 7,152 | |||
Short-term Investments | 391 | 803 | |||
Long-term Marketable Investments | [1] | 577 | 1,164 | ||
Total Fair Value | 9,235 | 9,119 | |||
Restricted cash | [2] | 53 | 127 | ||
Cash, cash equivalents, and restricted cash | 8,320 | 7,279 | $ 5,234 | $ 6,587 | |
Value of available-for-sale debt securities in a continuous unrealized loss position 12 months or longer | $ 0 | ||||
Minimum | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
General maturities of long-term marketable securities (in years) | 1 year | ||||
Maximum | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
General maturities of long-term marketable securities (in years) | 4 years | ||||
Cash | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash and Equivalents | $ 2,506 | 2,388 | |||
Short-term Investments | 0 | 0 | |||
Long-term Marketable Investments | 0 | 0 | |||
Total Fair Value | 2,506 | 2,388 | |||
Money market funds | Level 1 | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash and Equivalents | [3] | 4,346 | 3,418 | ||
Short-term Investments | [3] | 0 | 0 | ||
Long-term Marketable Investments | [1],[3] | 0 | 0 | ||
Total Fair Value | [3] | 4,346 | 3,418 | ||
Certificates of deposits | Level 2 | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash and Equivalents | [4] | 1,405 | 1,292 | ||
Short-term Investments | [4] | 3 | 13 | ||
Long-term Marketable Investments | [1],[4] | 4 | 1 | ||
Total Fair Value | [4] | 1,412 | 1,306 | ||
Corporate bonds | Level 2 | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash and Equivalents | [4] | 0 | 0 | ||
Short-term Investments | [4] | 238 | 550 | ||
Long-term Marketable Investments | [1],[4] | 242 | 689 | ||
Total Fair Value | [4] | 480 | 1,239 | ||
Government securities | Level 2 | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash and Equivalents | [4] | 5 | 36 | ||
Short-term Investments | [4] | 63 | 149 | ||
Long-term Marketable Investments | [1],[4] | 235 | 232 | ||
Total Fair Value | [4] | 303 | 417 | ||
Asset-backed securities | Level 2 | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash and Equivalents | [4] | 0 | 0 | ||
Short-term Investments | [4] | 25 | 67 | ||
Long-term Marketable Investments | [1],[4] | 96 | 242 | ||
Total Fair Value | [4] | 121 | 309 | ||
Commercial paper | Level 2 | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cash and Equivalents | [4] | 5 | 18 | ||
Short-term Investments | [4] | 62 | 24 | ||
Long-term Marketable Investments | [1],[4] | 0 | 0 | ||
Total Fair Value | [4] | $ 67 | $ 42 | ||
[1] | The maturities of long-term marketable investments range from one four | ||||
[2] | Restricted cash is included in other noncurrent assets and primarily relates to certain government incentives received prior to being earned. The restrictions lapse upon achieving certain performance conditions. Restricted cash as of August 29, 2019 also included amounts related to the corporate reorganization proceedings of MMJ. | ||||
[3] | The fair value of Level 1 securities is measured based on quoted prices in active markets for identical assets. | ||||
[4] | The fair value of Level 2 securities is measured using information obtained from pricing services, which obtain quoted market prices for similar instruments, non-binding market consensus prices that are corroborated by observable market data, or various other methodologies, to determine the appropriate value at the measurement date. We perform supplemental analyses to validate information obtained from these pricing services. No adjustments were made to the fair values indicated by such pricing information as of May 28, 2020 or August 29, 2019. |
Receivables (Details)
Receivables (Details) - USD ($) $ in Millions | May 28, 2020 | Aug. 29, 2019 |
Receivables [Abstract] | ||
Trade receivables | $ 3,265 | $ 2,778 |
Income and other taxes | 195 | 242 |
Other | 143 | 175 |
Receivables | $ 3,603 | $ 3,195 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | May 28, 2020 | Aug. 29, 2019 |
Inventory, Net, Items Net of Reserve Alternative [Abstract] | ||
Finished goods | $ 817 | $ 757 |
Work in process | 3,866 | 3,825 |
Raw materials and supplies | 722 | 536 |
Inventories | $ 5,405 | $ 5,118 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Millions | May 28, 2020 | Aug. 29, 2019 | |
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, plant, and equipment, gross | $ 63,271 | $ 57,824 | |
Accumulated depreciation | (33,190) | (29,584) | |
Property, plant, and equipment, net | 30,081 | 28,240 | |
Land | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, plant, and equipment, gross | 352 | 352 | |
Buildings | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, plant, and equipment, gross | 12,068 | 10,931 | |
Equipment | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, plant, and equipment, gross | [1] | 47,292 | 44,051 |
Equipment not placed into service | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, plant, and equipment, gross | 817 | 2,330 | |
Construction in progress | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, plant, and equipment, gross | [2] | 2,674 | 1,700 |
Software | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property, plant, and equipment, gross | $ 885 | $ 790 | |
[1] | Included costs related to equipment not placed into service of $817 million as of May 28, 2020 and $2.33 billion as of August 29, 2019. | ||
[2] | Included building-related construction, tool installation, and software costs for assets not placed into service. |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment Change in Useful Life (Details) - Service Life - NAND and R&D Equipment - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
May 28, 2020 | May 28, 2020 | Aug. 29, 2019 | |
Change in Accounting Estimate [Line Items] | |||
Useful Life of Property, Plant, and Equipment | 7 years | 5 years | |
Total Reduction in Depreciation Expense from Change in Useful Life | $ 510 | ||
Depreciation reductions capitalized in Inventory | $ 150 | 150 | |
Benefit to Operating Results from change in PP&E Useful Life | $ 160 | $ 360 | |
Benefit to Diluted Earnings Per Share from change in PP&E Useful Life | $ 0.14 | $ 0.32 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Details) - USD ($) $ in Millions | 9 Months Ended | ||
May 28, 2020 | May 30, 2019 | Aug. 29, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Gross Amount, Product and process technology | $ 602 | $ 583 | |
Accumulated Amortization, Product and process technology | (270) | (243) | |
Goodwill | 1,228 | $ 1,228 | |
Amortizing assets capitalized during the period | $ 50 | $ 71 | |
Useful lives of assets placed into service | 10 years | 8 years | |
Annual amortization expense for intangible assets [Abstract] | |||
Remainder of 2020 | $ 21 | ||
2021 | 69 | ||
2022 | 55 | ||
2023 | 49 | ||
2024 | $ 44 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 28, 2020 | May 28, 2020 | Aug. 29, 2019 | ||
Components of Lease Expense | ||||
Amortization of right-of-use asset | $ 29 | $ 108 | ||
Interest on lease liability | 6 | 17 | ||
Operating leases | 27 | 75 | ||
Total lease cost | 62 | 200 | ||
Cash flows used for operating activities | ||||
Finance leases | 18 | |||
Operating leases | [1] | 15 | ||
Cash flows used for financing activities | ||||
Finance leases | 171 | |||
Finance leases, noncash acquisitions of right-of-use assets | 81 | |||
Operating leases, noncash acquisitions of right-of-use assets | 32 | |||
Proceeds from tenant allowance | 48 | |||
Lessee, Finance Lease, Description [Abstract] | ||||
Finance lease right-of-use assets (included in property, plant, and equipment) | $ 550 | $ 550 | ||
Finance leases, Weighted-average remaining lease term (in years) | 4 years 8 months 12 days | 4 years 8 months 12 days | ||
Finance leases, Weighted-average discount rate | 4.64% | 4.64% | ||
Lessee, Operating Lease, Description [Abstract] | ||||
Operating leases, Weighted-average remaining lease term (in years) | 7 years 1 month 6 days | 7 years 1 month 6 days | ||
Operating leases, Weighted-average discount rate | 2.67% | 2.67% | ||
Finance Lease Maturities | ||||
Remainder of 2020 | $ 85 | $ 85 | ||
2021 | 86 | 86 | ||
2022 | 83 | 83 | ||
2023 | 58 | 58 | ||
2024 | 47 | 47 | ||
2025 and thereafter | 280 | 280 | ||
Less imputed interest | (110) | (110) | ||
Finance Lease Liability | 529 | 529 | $ 591 | |
Operating Lease Maturities | ||||
Remainder of 2020 | 18 | 18 | ||
2021 | 69 | 69 | ||
2022 | 67 | 67 | ||
2023 | 63 | 63 | ||
2024 | 54 | 54 | ||
2025 and thereafter | 445 | 445 | ||
Less imputed interest | (122) | (122) | ||
Operating Lease Liability | 594 | 594 | ||
Operating Leases Not yet Commenced | ||||
Payment obligations | $ 150 | $ 150 | ||
Lease term | 10 years | 10 years | ||
Minimum lease period | 3 years | |||
Renewal term | 10 years | 10 years | ||
Finance Lease Not yet Commenced | ||||
Payment obligations | $ 805 | $ 805 | ||
Noncancelable Operating Lease Commitments | ||||
2020 | 54 | |||
2021 | 64 | |||
2022 | 63 | |||
2023 | 59 | |||
2024 | 53 | |||
2025 and thereafter | $ 459 | |||
Weighted Average | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 15 years | 15 years | ||
Finance Lease Not yet Commenced | ||||
Lease term | 15 years | 15 years | ||
Real Estate | Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease renewal term | 1 year | 1 year | ||
Real Estate | Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease renewal term | 10 years | 10 years | ||
Land | Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease renewal term | 1 year | 1 year | ||
Land | Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease renewal term | 30 years | 30 years | ||
[1] | $48 million of reimbursements received for tenant improvements. |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions | May 28, 2020 | Aug. 29, 2019 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Accounts payable | $ 2,234 | $ 1,677 |
Property, plant, and equipment | 1,866 | 1,782 |
Salaries, wages, and benefits | 810 | 695 |
Income and other taxes | 233 | 309 |
Other | 221 | 163 |
Total accounts payable and accrued expenses | $ 5,364 | $ 4,626 |
Debt - Schedule of Long-term De
Debt - Schedule of Long-term Debt (Details) $ / shares in Units, $ in Millions | Apr. 24, 2020USD ($) | Mar. 13, 2020USD ($) | Oct. 30, 2019USD ($) | May 28, 2020USD ($)d$ / shares | May 30, 2019USD ($) | Aug. 29, 2019USD ($) |
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Finance Lease Effective Rate (in ten thousandths) | 4.64% | |||||
Current Finance Lease Obligations | $ 135 | $ 223 | ||||
Long-Term Finance Lease Obligations | 394 | 368 | ||||
Total Finance Lease Obligations | 529 | 591 | ||||
Long-term Debt and Lease Obligation [Abstract] | ||||||
Current debt (including finance lease obligation) | 330 | 1,310 | ||||
Long-term debt (including finance lease obligation) | 6,356 | 4,541 | ||||
Total Debt and Finance Lease Obligation | 6,686 | 5,851 | ||||
Senior Unsecured Notes | ||||||
Increase (Decrease) Principal | 1,226 | |||||
Credit Facility [Abstract] | ||||||
Proceeds from issuance of debt | $ 5,000 | $ 1,800 | ||||
Convertible Senior Notes [Abstract] | ||||||
Share Price | $ / shares | $ 46.47 | |||||
Revolving credit facility | Other Notes Payable | ||||||
Credit Facility [Abstract] | ||||||
Repayment of debt | $ (2,500) | $ (2,500) | ||||
Corporate Bonds | 2023 Notes | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Stated Rate (in hundred thousandths) | 2.497% | |||||
Long-Term Debt Effective Rate (in ten thousandths) | 2.64% | |||||
Current Portion of Long-term Debt | $ 0 | 0 | ||||
Noncurrent Long-Term Debt | 1,245 | 0 | ||||
Long-term Debt, Total | 1,245 | 0 | ||||
Senior Unsecured Notes | ||||||
Increase (Decrease) Principal | 1,250 | $ 1,250 | ||||
Debt Issuance Costs | $ 5 | |||||
Redemption Price Percentage (in hundredths) | 100.00% | |||||
Restricted Subsidiaries, Ownership Percentage by Parent (in hundredths) | 80.00% | |||||
Change in Control Event Redemption Price Percentage (in hundredths) | 101.00% | |||||
Corporate Bonds | 2024 Notes | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Stated Rate (in hundred thousandths) | 4.64% | |||||
Long-Term Debt Effective Rate (in ten thousandths) | 4.76% | |||||
Current Portion of Long-term Debt | $ 0 | 0 | ||||
Noncurrent Long-Term Debt | 597 | 597 | ||||
Long-term Debt, Total | $ 597 | 597 | ||||
Corporate Bonds | 2026 Notes | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Stated Rate (in hundred thousandths) | 4.975% | |||||
Long-Term Debt Effective Rate (in ten thousandths) | 5.07% | |||||
Current Portion of Long-term Debt | $ 0 | 0 | ||||
Noncurrent Long-Term Debt | 498 | 497 | ||||
Long-term Debt, Total | $ 498 | 497 | ||||
Corporate Bonds | 2027 Notes | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Stated Rate (in hundred thousandths) | 4.185% | |||||
Long-Term Debt Effective Rate (in ten thousandths) | 4.27% | |||||
Current Portion of Long-term Debt | $ 0 | 0 | ||||
Noncurrent Long-Term Debt | 895 | 895 | ||||
Long-term Debt, Total | $ 895 | 895 | ||||
Corporate Bonds | 2029 Notes | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Stated Rate (in hundred thousandths) | 5.327% | |||||
Long-Term Debt Effective Rate (in ten thousandths) | 5.40% | |||||
Current Portion of Long-term Debt | $ 0 | 0 | ||||
Noncurrent Long-Term Debt | 696 | 696 | ||||
Long-term Debt, Total | $ 696 | 696 | ||||
Corporate Bonds | 2030 Notes | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Stated Rate (in hundred thousandths) | 4.663% | |||||
Long-Term Debt Effective Rate (in ten thousandths) | 4.73% | |||||
Current Portion of Long-term Debt | $ 0 | 0 | ||||
Noncurrent Long-Term Debt | 845 | 845 | ||||
Long-term Debt, Total | $ 845 | 845 | ||||
Corporate Bonds | 2025 Notes | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Stated Rate (in hundred thousandths) | 5.50% | |||||
Long-Term Debt Effective Rate (in ten thousandths) | 5.56% | |||||
Current Portion of Long-term Debt | $ 0 | 0 | ||||
Noncurrent Long-Term Debt | 0 | 516 | ||||
Long-term Debt, Total | $ 0 | 516 | ||||
Other Notes Payable | 2024 Term Loan A | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Stated Rate (in hundred thousandths) | 1.44% | |||||
Long-Term Debt Effective Rate (in ten thousandths) | 1.49% | |||||
Current Portion of Long-term Debt | $ 62 | 0 | ||||
Noncurrent Long-Term Debt | 1,186 | 0 | ||||
Long-term Debt, Total | 1,248 | 0 | ||||
Senior Unsecured Notes | ||||||
Increase (Decrease) Principal | $ 1,250 | |||||
Credit Facility [Abstract] | ||||||
Proceeds from issuance of debt | $ 1,250 | |||||
Percentage of original principal to be repaid annually | 5.00% | |||||
Other Notes Payable | 2024 Term Loan A | LIBOR | ||||||
Credit Facility [Abstract] | ||||||
Margin on variable rate financing (in hundredths) | 1.25% | |||||
Other Notes Payable | 2024 Term Loan A | LIBOR | Minimum | ||||||
Credit Facility [Abstract] | ||||||
Margin on variable rate financing (in hundredths) | 1.25% | |||||
Other Notes Payable | 2024 Term Loan A | LIBOR | Maximum | ||||||
Credit Facility [Abstract] | ||||||
Margin on variable rate financing (in hundredths) | 2.00% | |||||
Other Notes Payable | Revolving credit facility | ||||||
Senior Unsecured Notes | ||||||
Increase (Decrease) Principal | $ 2,500 | |||||
Credit Facility [Abstract] | ||||||
Proceeds from issuance of debt | $ 2,500 | |||||
Available Borrowing Capacity | $ 2,500 | |||||
Other Notes Payable | Revolving credit facility | LIBOR | ||||||
Credit Facility [Abstract] | ||||||
Margin on variable rate financing (in hundredths) | 1.25% | |||||
Other Notes Payable | Revolving credit facility | LIBOR | Minimum | ||||||
Credit Facility [Abstract] | ||||||
Margin on variable rate financing (in hundredths) | 1.25% | |||||
Other Notes Payable | Revolving credit facility | LIBOR | Maximum | ||||||
Credit Facility [Abstract] | ||||||
Margin on variable rate financing (in hundredths) | 2.00% | |||||
Convertible Debt | ||||||
Convertible Senior Notes [Abstract] | ||||||
Conversion rights, threshold percentage of applicable conversion price (in hundredths) | 130.00% | |||||
Conversion rights, minimum number of trading days (in days) | d | 20 | |||||
Conversion rights, consecutive trading period (in days) | d | 30 | |||||
Conversion value of convertible notes | $ 622 | |||||
Principal amount of convertible notes | 134 | |||||
Conversion value in excess of principal | $ 488 | |||||
Convertible Debt | 2032D Notes | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Stated Rate (in hundred thousandths) | 3.125% | |||||
Long-Term Debt Effective Rate (in ten thousandths) | 6.33% | |||||
Current Portion of Long-term Debt | $ 130 | 0 | ||||
Noncurrent Long-Term Debt | 0 | 127 | ||||
Long-term Debt, Total | 130 | 127 | ||||
Convertible Debt | IMFT Member Debt | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Current Portion of Long-term Debt | 0 | 693 | ||||
Noncurrent Long-Term Debt | 0 | 0 | ||||
Long-term Debt, Total | $ 0 | 693 | ||||
Convertible Debt | 2033F Notes | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Stated Rate (in hundred thousandths) | 2.125% | |||||
Long-Term Debt Effective Rate (in ten thousandths) | 2.13% | |||||
Current Portion of Long-term Debt | $ 0 | 196 | ||||
Noncurrent Long-Term Debt | 0 | 0 | ||||
Long-term Debt, Total | 0 | 196 | ||||
Reorganization obligation | ||||||
Long-term Debt, by Current and Noncurrent [Abstract] | ||||||
Current Portion of Long-term Debt | 3 | 198 | ||||
Noncurrent Long-Term Debt | 0 | 0 | ||||
Long-term Debt, Total | $ 3 | $ 198 |
Debt - Debt Activity (Details)
Debt - Debt Activity (Details) $ in Millions | May 05, 2020USD ($) | Apr. 24, 2020USD ($) | Oct. 31, 2019USD ($) | Oct. 30, 2019USD ($) | May 28, 2020USD ($) | Feb. 27, 2020USD ($) | Nov. 28, 2019USD ($) | May 30, 2019USD ($) | Feb. 28, 2019USD ($) | Nov. 29, 2018USD ($) | May 28, 2020USD ($) | May 30, 2019USD ($) |
Extinguishment of Debt [Line Items] | ||||||||||||
Increase (Decrease) Principal | $ 1,226 | |||||||||||
Increase (Decrease) in Carrying Value | 1,088 | |||||||||||
Increase (Decrease) in Cash | 1,072 | |||||||||||
Decrease in Equity | $ (47) | $ (3) | $ (6) | $ (5) | $ (336) | $ (36) | (56) | |||||
Gain (Loss) on debt prepayments, repurchases, and conversions | $ (2) | $ (317) | 40 | $ (386) | ||||||||
Corporate Bonds | 2025 Notes | ||||||||||||
Extinguishment of Debt [Line Items] | ||||||||||||
Decrease in Principal | (519) | |||||||||||
Increase (Decrease) in Carrying Value | (516) | |||||||||||
(Decrease) in Cash - Prepayments and Conversions | (534) | |||||||||||
Gain (Loss) on debt prepayments, repurchases, and conversions | $ (18) | |||||||||||
Convertible Debt | ||||||||||||
Extinguishment of Debt [Line Items] | ||||||||||||
Derivative, Term of Contract (in consecutive trading days) | 20 days | |||||||||||
Convertible Debt | IMFT Member Debt | ||||||||||||
Extinguishment of Debt [Line Items] | ||||||||||||
Decrease in Principal | $ (577) | $ (116) | $ (693) | |||||||||
Increase (Decrease) in Carrying Value | (693) | |||||||||||
(Decrease) in Cash - Prepayments and Conversions | (505) | $ (116) | (621) | |||||||||
Gain (Loss) on debt prepayments, repurchases, and conversions | $ 72 | 72 | ||||||||||
Convertible Debt | 2033F Notes | ||||||||||||
Extinguishment of Debt [Line Items] | ||||||||||||
Decrease in Principal | (62) | |||||||||||
Increase (Decrease) in Carrying Value | (196) | |||||||||||
(Decrease) in Cash - Prepayments and Conversions | $ (64) | (266) | ||||||||||
Decrease in Equity | (56) | |||||||||||
Gain (Loss) on debt prepayments, repurchases, and conversions | $ 3 | (14) | ||||||||||
Conversion Ratio (shares per $1,000) | 91.4808 | |||||||||||
Other Notes Payable | Revolving credit facility | ||||||||||||
Extinguishment of Debt [Line Items] | ||||||||||||
Decrease in Principal | (2,500) | |||||||||||
Increase (Decrease) in Carrying Value | (2,493) | |||||||||||
(Decrease) in Cash - Prepayments and Conversions | $ (2,500) | (2,500) | ||||||||||
Gain (Loss) on debt prepayments, repurchases, and conversions | 0 | |||||||||||
Other Notes Payable | 2024 Term Loan A | ||||||||||||
Extinguishment of Debt [Line Items] | ||||||||||||
Increase (Decrease) Principal | 1,250 | |||||||||||
Increase (Decrease) in Carrying Value | 1,248 | |||||||||||
Increase in Cash - Issuances | 1,248 | |||||||||||
Other Notes Payable | Revolving credit facility | ||||||||||||
Extinguishment of Debt [Line Items] | ||||||||||||
Increase (Decrease) Principal | 2,500 | |||||||||||
Increase (Decrease) in Carrying Value | 2,493 | |||||||||||
Increase in Cash - Issuances | 2,500 | |||||||||||
Corporate Bonds | 2023 Notes | ||||||||||||
Extinguishment of Debt [Line Items] | ||||||||||||
Increase (Decrease) Principal | $ 1,250 | 1,250 | ||||||||||
Increase (Decrease) in Carrying Value | 1,245 | |||||||||||
Increase in Cash - Issuances | $ 1,245 |
Contingencies (Details)
Contingencies (Details) - 9 months ended May 28, 2020 ¥ in Millions, $ in Millions | CNY (¥)lawsuitpatent | USD ($)lawsuitpatent |
Pending Litigation | Qimonda AG Inotera Share Purchase Proceedings | ||
Loss Contingencies [Line Items] | ||
Percentage of total Inotera shares subject to litigation (in hundredths) | 18.00% | 18.00% |
Loss contingency, judgment under appeal | $ | $ 1 | |
Loss Contingency, Pending Claims, Number | 1 | 1 |
Pending Litigation | Micron vs United Microelectronics Corp and Fujian Jinhua Integrated Circuit Co | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | 1 | 1 |
Pending Litigation | Employee Class Action vs Micron | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | 1 | 1 |
Patent Matters | Pending Litigation | MLC Intellectual Property, LLC vs Micron | ||
Loss Contingencies [Line Items] | ||
Number of patents allegedly infringed | patent | 1 | 1 |
Loss Contingency, Pending Claims, Number | 1 | 1 |
Patent Matters | Pending Litigation | Elm 3DS Innovations, LLC vs Micron | ||
Loss Contingencies [Line Items] | ||
Number of patents allegedly infringed | patent | 13 | 13 |
Loss Contingency, Pending Claims, Number | 1 | 1 |
Patent Matters | Pending Litigation | Innovative Memory Solutions, Inc. vs Micron-Complaint 1 | ||
Loss Contingencies [Line Items] | ||
Number of patents allegedly infringed | patent | 8 | 8 |
Loss Contingency, Pending Claims, Number | 1 | 1 |
Patent Matters | Pending Litigation | Innovative Memory Solutions, Inc. vs Micron-Complaint 3 | ||
Loss Contingencies [Line Items] | ||
Number of patents allegedly infringed | patent | 1 | 1 |
Damages sought on alleged patent infringement | ¥ | ¥ 21 | |
Loss Contingency, Pending Claims, Number | 1 | 1 |
Patent Matters | Pending Litigation | Fujian Jinhua Integrated Circuit Co., Ltd. vs Micron-Complaint 1 | ||
Loss Contingencies [Line Items] | ||
Number of patents allegedly infringed | patent | 1 | 1 |
Damages sought on alleged patent infringement | ¥ | ¥ 98 | |
Loss Contingency, Pending Claims, Number | 1 | 1 |
Patent Matters | Pending Litigation | Fujian Jinhua Integrated Circuit Co., Ltd. vs Micron-Complaint 2 | ||
Loss Contingencies [Line Items] | ||
Number of patents allegedly infringed | patent | 1 | 1 |
Damages sought on alleged patent infringement | ¥ | ¥ 98 | |
Loss Contingency, Pending Claims, Number | 1 | 1 |
Patent Matters | Pending Litigation | United Microelectronics Corporation vs Micron-Complaint 1 | ||
Loss Contingencies [Line Items] | ||
Number of patents allegedly infringed | patent | 1 | 1 |
Damages sought on alleged patent infringement | ¥ | ¥ 90 | |
Loss Contingency, Pending Claims, Number | 1 | 1 |
Patent Matters | Pending Litigation | United Microelectronics Corporation vs Micron-Complaint 2 | ||
Loss Contingencies [Line Items] | ||
Number of patents allegedly infringed | patent | 1 | 1 |
Damages sought on alleged patent infringement | ¥ | ¥ 90 | |
Loss Contingency, Pending Claims, Number | 1 | 1 |
Patent Matters | Pending Litigation | Fuzhou Court Preliminary Injunction | ||
Loss Contingencies [Line Items] | ||
Percent of annualized revenue derived from impacted products | 1.00% | 1.00% |
Patent Matters | Pending Litigation | Flash-Control, LLC. vs Micron | ||
Loss Contingencies [Line Items] | ||
Number of patents allegedly infringed | patent | 4 | 4 |
Patent Matters | Withdrawn Litigation | United Microelectronics Corporation vs Micron-Complaint 3 | ||
Loss Contingencies [Line Items] | ||
Number of patents allegedly infringed | patent | 1 | 1 |
Damages sought on alleged patent infringement | ¥ | ¥ 90 | |
Loss Contingency, Claims Withdrawn, Number | 1 | 1 |
Antitrust Matters | Pending Litigation | Consolidated Amended Indirect Purchasers CA | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | 1 | 1 |
Antitrust Matters | Pending Litigation | Consolidated Amended Direct Purchasers CA | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | 1 | 1 |
Antitrust Matters | Pending Litigation | DRAM Purchasers Canada vs Micron | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | 6 | 6 |
Antitrust Matters | Joined Litigation | Initial indirect DRAM Purchasers United States vs Micron | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Claims Joined, Number | 1 | 1 |
Antitrust Matters | Joined Litigation | Subsequent indirect DRAM Purchasers United States vs Micron | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Claims Joined, Number | 2 | 2 |
Antitrust Matters | Joined Litigation | Initial direct DRAM Purchasers United States vs Micron | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Claims Joined, Number | 1 | 1 |
Antitrust Matters | Joined Litigation | Subsequent direct DRAM Purchasers United States vs Micron | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Claims Joined, Number | 4 | 4 |
Securities Matters | Joined Litigation | Original Shareholder Action New York vs Micron | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Claims Joined, Number | 1 | 1 |
Securities Matters | Joined Litigation | Subsequent Shareholder Claims New York vs Micron | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Claims Joined, Number | 2 | 2 |
Securities Matters | Dismissed Litigation | Consolidated Shareholder Class Action New York Court vs Micron | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Claims Dismissed, Number | 1 | 1 |
Securities Matters | Dismissed Litigation | Shareholder Class Action Delaware Court vs Micron. | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Claims Dismissed, Number | 1 | 1 |
Equity - Common Stock Repurchas
Equity - Common Stock Repurchases (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 21 Months Ended | ||
May 28, 2020 | May 30, 2019 | May 28, 2020 | May 30, 2019 | May 28, 2020 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Payments for Repurchase of Common Stock | $ 203 | $ 2,727 | |||
Repurchases Authorized by the BOD | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common Stock Repurchase, Authorized Amount | $ 10,000 | $ 10,000 | $ 10,000 | ||
Treasury Shares Repurchased (in shares) | 0.9 | 3.8 | 2.8 | 66.4 | |
Payments for Repurchase of Common Stock | $ 40 | $ 157 | $ 134 | $ 2,660 | $ 2,800 |
Equity - Capped Calls (Details)
Equity - Capped Calls (Details) shares in Millions, $ in Millions | 3 Months Ended |
Feb. 27, 2020USD ($)shares | |
Equity, Class of Treasury Stock [Line Items] | |
Settlement of capped calls | $ 0 |
Treasury Stock | |
Equity, Class of Treasury Stock [Line Items] | |
Settlement of capped calls | $ 98 |
Call Option | Long | Treasury Stock | |
Equity, Class of Treasury Stock [Line Items] | |
Treasury Shares Repurchased (in shares) | shares | 1.7 |
Settlement of capped calls | $ 98 |
Equity - Noncontrolling Interes
Equity - Noncontrolling Interest in Subsidiary (Details) - USD ($) $ in Millions | Oct. 31, 2019 | Oct. 30, 2019 | May 28, 2020 | Nov. 28, 2019 | May 30, 2019 | Feb. 28, 2019 | Mar. 06, 2020 | May 28, 2020 | May 30, 2019 | Aug. 29, 2019 |
Stockholders' Equity Attributable to Noncontrolling Interest [Abstract] | ||||||||||
Noncontrolling Interest Balance | $ 0 | $ 0 | $ 889 | |||||||
Payments to Purchase Noncontrolling Interests | 744 | $ 0 | ||||||||
Decrease in Noncontrolling Interest from Purchase of Interests in IMFT | $ 781 | $ 4 | $ 12 | |||||||
Revenue | 5,438 | 4,788 | 15,379 | 18,536 | ||||||
Noncontrolling Interest in Subsidiary | ||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Abstract] | ||||||||||
Decrease in Noncontrolling Interest from Purchase of Interests in IMFT | $ 904 | 5 | $ 12 | |||||||
IM Flash Technologies, LLC | Intel | ||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Abstract] | ||||||||||
Revenue | $ 158 | $ 184 | $ 531 | |||||||
IM Flash Technologies, LLC | ||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Abstract] | ||||||||||
Noncontrolling Interest Balance | $ 0 | $ 0 | $ 889 | |||||||
Noncontrolling Interest Percentage (in hundredths) | 0.00% | 0.00% | 49.00% | |||||||
Payments to Noncontrolling Interests for Purchase of Minority Interest and Repayment of Debt | $ 1,250 | |||||||||
Payments to Purchase Noncontrolling Interests | 744 | |||||||||
Decrease in Noncontrolling Interest from Purchase of Interests in IMFT, Effect on APIC Before Tax | 160 | |||||||||
Joint Venture Agreement Terms, Intel percentage of lookback supply from MTU (IMFT) | 50.00% | |||||||||
Joint Venture Agreement Terms, Supply Lookback Period | 6 months | |||||||||
IM Flash Technologies, LLC | Noncontrolling Interest in Subsidiary | ||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Abstract] | ||||||||||
Decrease in Noncontrolling Interest from Purchase of Interests in IMFT | $ 904 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair and Carrying Value of Debt (Details) - USD ($) $ in Millions | May 28, 2020 | Aug. 29, 2019 |
Debt Instrument, Fair Value Disclosure [Abstract] | ||
Carrying Value of Debt | $ 6,686 | $ 5,851 |
Fair Value | Notes and MMJ Creditor Payments | ||
Debt Instrument, Fair Value Disclosure [Abstract] | ||
Fair Value of Notes and MMJ Creditor Payments (level 2) | 6,532 | 5,194 |
Fair Value | Convertible Notes | ||
Debt Instrument, Fair Value Disclosure [Abstract] | ||
Fair Value of Convertible notes (level 2) | 663 | 852 |
Carrying Value | Notes and MMJ Creditor Payments | ||
Debt Instrument, Fair Value Disclosure [Abstract] | ||
Carrying Value of Debt | 6,027 | 4,937 |
Carrying Value | Convertible Notes | ||
Debt Instrument, Fair Value Disclosure [Abstract] | ||
Carrying Value of Debt | $ 130 | $ 323 |
Derivative Instruments - Notion
Derivative Instruments - Notional Amounts and Fair Values (Details) shares in Millions, $ in Millions | 9 Months Ended | ||
May 28, 2020USD ($) | Aug. 29, 2019USD ($)shares | ||
Derivative, Fair Value, Net [Abstract] | |||
Fair Value of Assets | [1] | $ 4 | $ 2 |
Fair Value of Liabilities | [2] | (188) | |
Accounts Payable and Accrued Expenses | |||
Derivative, Fair Value, Net [Abstract] | |||
Fair Value of Liabilities | [2] | (23) | |
Other Noncurrent Liabilities | |||
Derivative, Fair Value, Net [Abstract] | |||
Fair Value of Liabilities | [3] | $ (1) | |
Designated hedging instruments | |||
Derivative, Fair Value, Net [Abstract] | |||
General maturity of currency forward contracts (in months) | 2 years | ||
Designated hedging instruments | Cash flow hedges | Currency forward | |||
Notional Disclosures [Abstract] | |||
Gross Notional Amount, Currency forwards | $ 1,884 | 146 | |
Derivative, Fair Value, Net [Abstract] | |||
Fair Value of Assets | [1] | 2 | 1 |
Fair Value of Liabilities | [2] | 0 | |
Designated hedging instruments | Cash flow hedges | Currency forward | Accounts Payable and Accrued Expenses | |||
Derivative, Fair Value, Net [Abstract] | |||
Fair Value of Liabilities | [2] | (21) | |
Designated hedging instruments | Cash flow hedges | Currency forward | Other Noncurrent Liabilities | |||
Derivative, Fair Value, Net [Abstract] | |||
Fair Value of Liabilities | [3] | $ (1) | |
Not designated hedging instruments | |||
Derivative, Fair Value, Net [Abstract] | |||
Fair Value of Assets | [1] | 1 | |
Fair Value of Liabilities | [2] | (188) | |
General maturity of currency forward contracts (in months) | 3 months | ||
Not designated hedging instruments | Currency forward | |||
Notional Disclosures [Abstract] | |||
Gross Notional Amount, Currency forwards | $ 1,155 | 1,871 | |
Derivative, Fair Value, Net [Abstract] | |||
Fair Value of Assets | [1] | 2 | 1 |
Fair Value of Liabilities | [2] | $ (9) | |
Not designated hedging instruments | Currency forward | Accounts Payable and Accrued Expenses | |||
Derivative, Fair Value, Net [Abstract] | |||
Fair Value of Liabilities | [2] | (2) | |
Not designated hedging instruments | Currency forward | Other Noncurrent Liabilities | |||
Derivative, Fair Value, Net [Abstract] | |||
Fair Value of Liabilities | [3] | $ 0 | |
Not designated hedging instruments | Convertible notes settlement obligation | |||
Notional Disclosures [Abstract] | |||
Gross Notional Amount, Convertible notes settlement obligation (in shares) | shares | 4 | ||
Derivative, Fair Value, Net [Abstract] | |||
Fair Value of Assets | [1] | $ 0 | |
Fair Value of Liabilities | [2],[4] | $ (179) | |
[1] | Included in receivables – other. | ||
[2] | Included in accounts payable and accrued expenses – other for forward contracts and in current debt for convertible notes settlement obligations. | ||
[3] | Included in other noncurrent liabilities. | ||
[4] | As of August 29, 2019, the notional amount of our settlement obligation for notes that had been converted was 4 million shares of our common stock. |
Derivative Instruments - Gain (
Derivative Instruments - Gain (Loss) on Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 28, 2020 | May 30, 2019 | May 28, 2020 | May 30, 2019 | |
Designated hedging instruments | Cash flow hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gains (losses) recognized in other comprehensive income, effective portion | $ (6) | $ (20) | ||
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | (8) | (10) | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | (18) | |||
Currency forward | Not designated hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gains (losses) for derivative instruments without hedge accounting designation | $ (6) | $ (23) | $ (23) | |
Convertible notes settlement obligation | Not designated hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gains (losses) for derivative instruments without hedge accounting designation | $ 11 | $ (14) | $ (55) |
Equity Plans - Share Based Awar
Equity Plans - Share Based Awards (Details) - $ / shares shares in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2020 | Jan. 31, 2019 | May 28, 2020 | May 30, 2019 | May 28, 2020 | May 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares available for future awards (in shares) | 92 | 92 | ||||
Restricted stock awards | ||||||
Restricted Stock Awards activity | ||||||
Restricted stock award shares granted (in shares) | 0 | 1 | 8 | 7 | ||
Weighted-average grant-date fair value per share (in dollars per share) | $ 45.78 | $ 40 | $ 46.37 | $ 39.83 | ||
Employee stock purchase plan (ESPP) | ||||||
Restricted Stock Awards activity | ||||||
Weighted-average grant-date fair value per share (in dollars per share) | $ 14.43 | $ 10.92 | ||||
ESPP Shares Issued | 2 | 1 | ||||
ESPP Shares Issued, Price Per Share | $ 38.16 | $ 32.50 | ||||
Average expected life in years | 6 months | 6 months | ||||
Weighted-average expected volatility | 43.00% | 47.00% | ||||
Weighted-average risk free interest rate | 1.50% | 2.50% | ||||
Expected dividend yield | 0.00% | 0.00% |
Equity Plans - Stock-based comp
Equity Plans - Stock-based compensation expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 28, 2020 | May 30, 2019 | May 28, 2020 | May 30, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 82 | $ 58 | $ 239 | $ 176 |
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||||
Tax benefit from share-based compensation expense | 62 | 57 | ||
Total unrecognized compensation costs related to non-vested awards expected to be recognized | 572 | $ 572 | ||
Weighted average period that unrecognized compensation costs are expected to be recognized (in years) | 1 year 3 months 18 days | |||
Restricted stock awards | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 70 | 44 | $ 197 | 127 |
Employee stock purchase plan (ESPP) | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 9 | 8 | 28 | 24 |
Stock options | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 3 | 6 | 14 | 25 |
Cost of goods sold | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 34 | 24 | 102 | 73 |
Selling, general, and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 26 | 18 | 74 | 55 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 22 | $ 16 | $ 63 | $ 48 |
Revenue and Contract Liabilit_3
Revenue and Contract Liabilities-Product Sales (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 28, 2020 | May 30, 2019 | May 28, 2020 | May 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 5,438 | $ 4,788 | $ 15,379 | $ 18,536 |
DRAM | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,587 | 3,398 | 10,139 | 13,442 |
NAND | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,665 | 1,104 | 4,601 | 4,151 |
Other (primarily 3D XPoint memory and NOR) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 186 | $ 286 | $ 639 | $ 943 |
Revenue and Contract Liabilit_4
Revenue and Contract Liabilities-Contract Liabilities and Customer Payables (Details) - USD ($) $ in Millions | 9 Months Ended | |
May 28, 2020 | Aug. 29, 2019 | |
Contract Liabilities | ||
Contract liabilities | $ 70 | $ 130 |
Revenue recognized from beginning balance | 79 | |
Unutilized customer advances returned to customer | 22 | |
Consideration Payable to Customers | ||
Estimated consideration payable to customers for pricing adjustments and returns | 407 | |
Contract liabilities from customer advances (product) | ||
Contract Liabilities | ||
Contract liabilities | 43 | 61 |
Other contract liabilities | ||
Contract Liabilities | ||
Contract liabilities | $ 27 | $ 69 |
Revenue and Contract Liabilit_5
Revenue and Contract Liabilities-Remaining Performance Obligations (Details) $ in Millions | May 28, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Amount of Remaining Performance Obligation | $ 600 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-05-29 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining Performance Obligation Percentage | 60.00% |
Remaining Performance Obligation, Period of Expected Timing of Satisfaction (in years) | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-06-04 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining Performance Obligation Percentage | 40.00% |
Remaining Performance Obligation, Period of Expected Timing of Satisfaction (in years) |
Other Operating (Income) Expe_3
Other Operating (Income) Expense, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 28, 2020 | May 30, 2019 | May 28, 2020 | May 30, 2019 | |
Other Income and Expenses [Abstract] | ||||
Restructure and asset impairments | $ 4 | $ 9 | $ 10 | $ 93 |
Other | 6 | (3) | 8 | 46 |
Other operating (income) expense, net | $ 10 | $ 6 | $ 18 | $ 139 |
Other Non-Operating Income (E_3
Other Non-Operating Income (Expense), Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 28, 2020 | May 30, 2019 | May 28, 2020 | May 30, 2019 | |
Other Nonoperating Income (Expense) [Abstract] | ||||
Gains (losses) on debt prepayments and conversions | $ (2) | $ (317) | $ 40 | $ (386) |
Losses from changes in currency exchange rates | (3) | (1) | (7) | (9) |
Other | 15 | 1 | 22 | 3 |
Other non-operating income (expense), net | $ 10 | $ (317) | $ 55 | $ (392) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 28, 2020 | May 30, 2019 | May 28, 2020 | May 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Income tax (provision) benefit, excluding items below | $ (30) | $ 125 | $ (60) | $ (469) |
Utilization of and other changes in net deferred tax assets of MMJ, MMT, and MTTW | (38) | (32) | (84) | (162) |
Repatriation tax, net of adjustments related to uncertain tax positions | 0 | 42 | 0 | 9 |
Income tax (provision) benefit | (68) | $ 135 | (144) | $ (622) |
Unrecognized Tax Benefits | $ 396 | $ 396 |
Income Taxes Income Taxes - Tax
Income Taxes Income Taxes - Tax Holiday (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 28, 2020 | May 30, 2019 | May 28, 2020 | May 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Tax benefit from incentive arrangements | $ 70 | $ 71 | $ 78 | $ 742 |
Tax benefit per diluted share from incentive arrangements | $ 0.06 | $ 0.06 | $ 0.07 | $ 0.65 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 28, 2020 | May 30, 2019 | May 28, 2020 | May 30, 2019 | |
Earnings Per Share Reconciliation [Abstract] | ||||
Net income attributable to Micron - Basic | $ 803 | $ 840 | $ 1,699 | $ 5,752 |
Assumed conversion of debt | 0 | (4) | (4) | (6) |
Net income attributable to Micron - Diluted | $ 803 | $ 836 | $ 1,695 | $ 5,746 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted-average common shares outstanding - Basic (in shares) | 1,111 | 1,105 | 1,110 | 1,117 |
Dilutive effect of equity plans and convertible notes (in shares) | 18 | 24 | 21 | 31 |
Weighted-average common shares outstanding - Diluted (in shares) | 1,129 | 1,129 | 1,131 | 1,148 |
Earnings per share | ||||
Basic (in dollars per share) | $ 0.72 | $ 0.76 | $ 1.53 | $ 5.15 |
Diluted (in dollars per share) | $ 0.71 | $ 0.74 | $ 1.50 | $ 5.01 |
Antidilutive potential common shares that could dilute basic earnings per share in the future (in shares) | 9 | 6 | 5 | 7 |
Segment and Other Information_2
Segment and Other Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 28, 2020USD ($) | May 30, 2019USD ($) | May 28, 2020USD ($)segment | May 30, 2019USD ($) | |
Reportable Segments | ||||
Number of reportable segments | segment | 4 | |||
Net sales | ||||
Revenue | $ 5,438 | $ 4,788 | $ 15,379 | $ 18,536 |
Operating income (loss) | ||||
Stock-based compensation | (82) | (58) | (239) | (176) |
Restructure and asset impairments | (4) | (9) | (10) | (93) |
Operating income (loss) | 888 | 1,010 | 1,846 | 6,726 |
CNBU | ||||
Net sales | ||||
Revenue | 2,218 | 2,079 | 6,164 | 8,065 |
MBU | ||||
Net sales | ||||
Revenue | 1,525 | 1,174 | 4,240 | 4,997 |
SBU | ||||
Net sales | ||||
Revenue | 1,014 | 813 | 2,852 | 2,978 |
EBU | ||||
Net sales | ||||
Revenue | 675 | 700 | 2,105 | 2,432 |
All Other | ||||
Net sales | ||||
Revenue | 6 | 22 | 18 | 64 |
Operating Segments | ||||
Operating income (loss) | ||||
Operating income (loss) | 981 | 1,110 | 2,117 | 7,107 |
Operating Segments | CNBU | ||||
Operating income (loss) | ||||
Operating income (loss) | 448 | 800 | 1,132 | 4,171 |
Operating Segments | MBU | ||||
Operating income (loss) | ||||
Operating income (loss) | 295 | 331 | 773 | 2,241 |
Operating Segments | SBU | ||||
Operating income (loss) | ||||
Operating income (loss) | 177 | (198) | (42) | (138) |
Operating Segments | EBU | ||||
Operating income (loss) | ||||
Operating income (loss) | 64 | 173 | 256 | 822 |
Operating Segments | All Other | ||||
Operating income (loss) | ||||
Operating income (loss) | (3) | 4 | (2) | 11 |
Unallocated | ||||
Operating income (loss) | ||||
Stock-based compensation | (82) | (58) | (239) | (176) |
Restructure and asset impairments | (4) | (9) | (10) | (90) |
Employee severance | 0 | 0 | (1) | (37) |
Start-up and preproduction costs | 0 | (23) | 0 | (46) |
Other | (7) | (10) | (21) | (32) |
Operating income (loss) | $ (93) | $ (100) | $ (271) | $ (381) |