CONSOLIDATED FINANCIAL SUMMARY, Continued
| As of |
November 29,
2018 |
August 30,
2018 | ||||||
| Cash and short-term investments | $ | 5,563 | $ | 6,802 | ||||
| Receivables (1) | 5,418 | 5,478 | ||||||
| Inventories | 3,876 | 3,595 | ||||||
| Total current assets (1) | 15,039 | 16,039 | ||||||
| Long-term marketable investments | 1,565 | 473 | ||||||
| Property, plant, and equipment, net | 24,807 | 23,672 | ||||||
| Restricted cash | 78 | 81 | ||||||
| Total assets (1) | 44,595 | 43,376 | ||||||
| Accounts payable and accrued expenses | 4,200 | 4,374 | ||||||
| Current debt (2) | 398 | 859 | ||||||
| Total current liabilities | 5,189 | 5,754 | ||||||
| Long-term debt | 3,734 | 3,777 | ||||||
| Total Micron shareholders' equity (1) | 33,869 | 32,294 | ||||||
| Noncontrolling interests in subsidiaries | 870 | 870 | ||||||
| Total equity | 34,739 | 33,164 | ||||||
| Quarter Ended | ||||||||
|
November 29,
2018 |
November 30,
2017 | |||||||
| Net cash provided by operating activities | $ | 4,810 | $ | 3,636 | ||||
| Net cash provided by (used for) investing activities | (4,427 | ) | (1,434 | ) | ||||
| Net cash provided by (used for) financing activities | (2,435 | ) | (1,282 | ) | ||||
| Depreciation and amortization | 1,353 | 1,119 | ||||||
| Investments in capital expenditures | (2,720 | ) | (2,089 | ) | ||||
| Repayments of debt (2) | (577 | ) | (2,744 | ) | ||||
| Cash paid to acquire treasury stock (4) | (1,836 | ) | (23 | ) | ||||
| Proceeds from issuance of stock | 15 | 1,472 | ||||||
| Proceeds from issuance of debt | — | 150 | ||||||
- In the first quarter of 2019, we adopted ASU 2014-09 – Revenue from Contracts with Customers (as amended, "ASC 606"), which supersedes nearly all existing revenue recognition guidance under generally accepted accounting principles in the United States. The core principal of ASC 606 is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In adoption, we applied the modified retrospective method and, in connection therewith, made certain adjustments to our opening balances as of August 31, 2018. Adjustments to opening balances included an increase to receivables of $114 million, reduction of deferred tax assets of $92 million, increase of other current assets of $30 million, and an increase to retained earnings of $50 million.
