Micron Technology, Inc., Reports Results for the Fourth Quarter and 2016 Fiscal Year

CONSOLIDATED FINANCIAL SUMMARY, Continued
 
   September 1,  June 2,  September 3,
As of  2016  2016  2015
Cash and short-term investments $4,398  $4,981  $3,521 
Receivables 2,068  2,073  2,507 
Inventories 2,889  2,920  2,340 
Total current assets 9,495  10,110  8,596 
Long-term marketable investments 414  671  2,113 
Property, plant, and equipment, net 14,686  13,209  10,554 
Total assets 27,540  27,001  24,143 
       
Accounts payable and accrued expenses 3,879  3,599  2,611 
Current debt (2)(4) 756  712  1,089 
Total current liabilities 4,835  4,500  3,905 
Long-term debt (2)(4) 9,154  8,919  6,252 
       
Total Micron shareholders' equity 12,080  12,187  12,302 
Noncontrolling interests in subsidiaries 848  847  937 
Total equity 12,928  13,034  13,239 


   Year Ended
   September 1,  September 3,
   2016  2015
Net cash provided by operating activities $3,168  $5,208 
Net cash provided by (used for) investing activities (3,068) (6,232)
Net cash provided by (used for) financing activities 1,745  (718)
     
Depreciation and amortization 3,106  2,805 
Investments in capital expenditures (5,863) (4,116)
Proceeds from issuance of debt and equipment sale-leaseback transactions   2,964     2,503  
Repayments of debt   (870 )   (2,329 )
Cash paid to acquire treasury stock   (148 )   (884 )
             

(1) In fiscal 2016, the company initiated a restructure plan in response to the current business environment and the need to accelerate focus on its key priorities. In connection with the plan, the company expects to incur charges of $80 million, substantially all in cash expenditures, of which $58 million was incurred in the fourth quarter of fiscal 2016, with the remainder in the early part of fiscal 2017. As of September 1, 2016, the company had accrued liabilities of $24 million related to the restructuring plan, substantially all of which is expected to be paid in the first quarter of fiscal 2017.

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