Micron Technology, Inc., Reports Results for the First Quarter of Fiscal 2017


CONSOLIDATED FINANCIAL SUMMARY, Continued
     
As of  December 1,
 2016
  September 1,
 2016
Cash and short-term investments $4,169  $4,398 
Receivables 2,453  2,068 
Inventories 2,750  2,889 
Total current assets 9,504  9,495 
Long-term marketable investments 155  414 
Property, plant, and equipment, net 15,321  14,686 
Total assets 27,836  27,540 
     
Accounts payable and accrued expenses 4,155  3,879 
Current debt (3) 1,155  756 
Total current liabilities 5,546  4,835 
Long-term debt (3) 8,490  9,154 
     
Total Micron shareholders' equity (4) 12,320  12,080 
Noncontrolling interests in subsidiaries 848  848 
Total equity 13,168  12,928 
       


   Three Months Ended
   December 1,
 2016
  December 3,
 2015
Net cash provided by operating activities $1,138  $1,120 
Net cash provided by (used for) investing activities (890) (660)
Net cash provided by (used for) financing activities (212) (140)
     
Depreciation and amortization 803  770 
Investments in capital expenditures (1,288) (990)
Proceeds from issuance of debt 16  174 
Repayments of debt (188) (197)
Cash paid to acquire treasury stock (13) (135)
       

(1) In the fourth quarter of fiscal 2016, the company initiated a restructure plan in response to business conditions and the need to accelerate focus on its key priorities. In connection with the plan, the company incurred charges of $29 million in the first quarter of fiscal 2017 and $58 million in the fourth quarter of fiscal 2016 and does not expect to incur additional material charges. As of December 1, 2016 and September 1, 2016, the company had accrued liabilities of $17 million and $24 million, respectively, related to the restructuring plan.

(2) Income tax (provision) benefit consisted of the following:

   1 st Qtr.   4 th Qtr.   1 st Qtr.
    December 1,
 2016
  September 1,
 2016
  December 3,
 2015
Utilization of and other changes in net deferred tax assets of MMJ and MMT   $ (13 )   $ (12 )   $ (22 )
U.S. valuation allowance release resulting from business acquisition           41  
Other income tax (provision) benefit, primarily other non-U.S. operations   (18 )   9     (15 )
    $ (31 )   $ (3 )   $ 4  
                         

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