(2) Income taxes for the first quarters of fiscal 2016 and 2015 included expense of $22 million and $38 million, respectively, related to changes in amounts of net deferred tax assets associated with the company's MMJ and MMT operations. Income taxes for the first quarter of fiscal 2016 also included a benefit of $41 million from business acquisition activities. Income taxes for the fourth quarter of fiscal 2015 included a benefit of $58 million related to changes in amounts of net deferred tax assets associated with the company's MMJ and MMT operations. Remaining taxes for fiscal 2016 and 2015 primarily reflect taxes on the company's other non-U.S. operations. The company has a full valuation allowance for its net deferred tax asset associated with its U.S. operations. The provision (benefit) for taxes on U.S. operations for fiscal 2016 and 2015 was substantially offset by changes in the valuation allowance.
(3) In the first quarter of fiscal 2016, the company drew the remaining $174 million of financing under a term loan agreement, collateralized by certain property, plant, and equipment. As of December 3, 2015, the outstanding balance was $213 million.
In December 2015, subsequent to the first quarter of fiscal 2016, the company executed an aggregate of $424 million in equipment sale-leaseback financing transactions at a weighted-average interest rate of 2.7% per annum, payable in periodic installments through December 2020.
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MICRON TECHNOLOGY, INC.
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RECONCILIATION OF GAAP TO NON-GAAP RESULTS
| ||||||||||
| (in millions except per share amounts) | ||||||||||
| 1st Qtr. | 4th Qtr. | |||||||||
|
December 3,
2015 |
September 3,
2015 | |||||||||
| GAAP net income attributable to Micron | $ | 206 | $ | 471 | ||||||
| Non-GAAP adjustments: | ||||||||||
| Restructure and asset impairments | 15 | — | ||||||||
| Amortization of debt discount and other costs | 33 | 33 | ||||||||
| Loss on restructure of debt | 1 | 1 | ||||||||
| (Gain) loss from changes in currency exchange rates | 3 | 1 | ||||||||
| (Gain) from remeasurement of equity interest | — | (21 | ) | |||||||
| Estimated tax effects of above items | 2 | (13 | ) | |||||||
| Non-cash taxes from MMJ, MMT and Inotera | 30 | (52 | ) | |||||||
| Non-cash taxes from business acquisition activities | (41 | ) | (21 | ) | ||||||
| Total non-GAAP adjustments | 43 | (72 | ) | |||||||
| Non-GAAP net income attributable to Micron | $ | 249 | $ | 399 | ||||||
| Number of shares used in diluted per share calculations: | ||||||||||
| GAAP | 1,085 | 1,124 | ||||||||
| Effect of capped calls | (50 | ) | (44 | ) | ||||||
| Non-GAAP | 1,035 | 1,080 | ||||||||
| Diluted earnings per share: | ||||||||||
| GAAP | $ | 0.19 | $ | 0.42 | ||||||
| Effects of above | 0.05 | (0.05 | ) | |||||||
| Non-GAAP | $ | 0.24 | $ | 0.37 | ||||||
