Micron Technology, Inc., Reports Results for the Third Quarter of Fiscal 2018
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MICRON TECHNOLOGY, INC. |
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NON-GAAP ADJUSTMENTS |
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(in millions) |
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3rd Qtr. | |
2nd Qtr. | |
3rd Qtr. |
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May 31, 2018 | |
March 1, 2018 | |
June 1, 2017 |
| Non-GAAP adjustments | | | | | |
| Cost of goods sold | | | | | |
| Stock-based compensation | $ | 20 | | | $ | 22 | | | $ | 24 | |
| Flow-through of Inotera inventory step up | — | | | — | | | 36 | |
| Other | 7 | | | 4 | | | 2 | |
| | 27 | | | 26 | | | 62 | |
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| Selling, general, and administrative | | | | | |
| Stock-based compensation | 14 | | | 16 | | | 20 | |
| | 14 | | | 16 | | | 20 | |
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| Research and development | | | | | |
| Stock-based compensation | 14 | | | 14 | | | 13 | |
| Other | 1 | | | — | | | 1 | |
| | 15 | | | 14 | | | 14 | |
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| Other operating (income) expense, net | | | | | |
| Restructure and asset impairments | 8 | | | 7 | | | 12 | |
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| Interest income (expense), net | | | | | |
| Amortization of debt discount and other costs | 23 | | | 26 | | | 30 | |
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| Other non-operating income (expense) | | | | | |
| Loss on debt repurchases and conversions | 168 | | | 23 | | | 61 | |
| (Gain) loss from changes in currency exchange rates | 24 | | | 27 | | | 22 | |
| Other | 2 | | | 3 | | | — | |
| | 194 | | | 53 | | | 83 | |
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| Income taxes | | | | | |
| Impact of U.S. income tax reform | (222 | ) | | 131 | | | — | |
| Estimated tax effects of above, including tax benefits from stock-based compensation, and non-cash changes in net deferred taxes | 16 | | | (87 | ) | | 28 | |
| | (206 | ) | | 44 | | | 28 | |
| | $ | 75 | | | $ | 186 | | | $ | 249 | |
