Exhibit 12.1
MICRON TECHNOLOGY, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
|
| Fiscal Year |
| Nine |
| ||||||||
|
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| June 1, |
|
Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) continuing operations(1) |
| (281 | ) | 2,609 |
| 2,733 |
| 1,285 |
| (754 | ) | 2,875 |
|
Fixed charges, not including capitalized interest |
| 450 |
| 388 |
| 371 |
| 245 |
| 196 |
| 463 |
|
Amortization of capitalized interest |
| 12 |
| 9 |
| 8 |
| 10 |
| 10 |
| 11 |
|
Distributed income of equity investees |
| 1 |
| 1 |
| — |
| — |
| — |
| — |
|
Total earnings (loss) |
| 182 |
| 3,007 |
| 3,112 |
| 1,540 |
| (548 | ) | 3,349 |
|
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|
|
|
|
|
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|
Fixed charges |
|
|
|
|
|
|
|
|
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|
|
|
Interest expense, net of amounts capitalized(2)(3) |
| 437 |
| 372 |
| 352 |
| 232 |
| 180 |
| 453 |
|
Capitalized interest |
| 43 |
| 20 |
| 4 |
| 3 |
| 8 |
| 5 |
|
Estimated interest component of rental expense |
| 13 |
| 16 |
| 19 |
| 13 |
| 16 |
| 10 |
|
Total fixed charges |
| 493 |
| 408 |
| 375 |
| 248 |
| 204 |
| 468 |
|
|
|
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|
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|
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|
Ratio of earnings to fixed charges(4) |
| — |
| 7.4x |
| 8.3x |
| 6.2x |
| — |
| 7.2x |
|
(1) Income (loss) from continuing operations before income taxes, net income (loss) attributable to noncontrolling interests, and equity in net income (loss) of equity method investees.
(2) For purpose of this calculation, management estimates one-third of rental expense to be a reasonable approximation of the interest factor.
(3) Interest expense does not include interest expense related to uncertain tax positions.
(4) Earnings before fixed charges were inadequate to cover total fixed charges by $311 million and $752 million for fiscal years 2016 and 2012, respectively.
