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|
|
|
|
|
(Mark One)
|
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
75-1618004
|
(State or other jurisdiction of
|
(IRS Employer Identification No.)
|
incorporation or organization)
|
|
|
|
8000 S. Federal Way, Boise, Idaho
|
83716-9632
|
(Address of principal executive offices)
|
(Zip Code)
|
|
|
Registrant's telephone number, including area code
|
(208) 368-4000
|
Large Accelerated Filer
x
|
Accelerated Filer
o
|
Non-Accelerated Filer
o
(Do not check if a smaller reporting company)
|
Smaller Reporting Company
o
|
|
|
|
|
|
Quarter ended
|
|
November 28,
2013 |
|
November 29,
2012 |
||||
Net sales
|
|
$
|
4,042
|
|
|
$
|
1,834
|
|
Cost of goods sold
|
|
2,761
|
|
|
1,617
|
|
||
Gross margin
|
|
1,281
|
|
|
217
|
|
||
|
|
|
|
|
||||
Selling, general and administrative
|
|
176
|
|
|
119
|
|
||
Research and development
|
|
320
|
|
|
224
|
|
||
Restructure and asset impairments
|
|
(3
|
)
|
|
(21
|
)
|
||
Other operating (income) expense, net
|
|
237
|
|
|
(8
|
)
|
||
Operating income (loss)
|
|
551
|
|
|
(97
|
)
|
||
|
|
|
|
|
||||
Interest income
|
|
5
|
|
|
3
|
|
||
Interest expense
|
|
(101
|
)
|
|
(57
|
)
|
||
Other non-operating income (expense), net
|
|
(80
|
)
|
|
(59
|
)
|
||
|
|
375
|
|
|
(210
|
)
|
||
|
|
|
|
|
||||
Income tax provision
|
|
(80
|
)
|
|
(13
|
)
|
||
Equity in net income (loss) of equity method investees
|
|
86
|
|
|
(52
|
)
|
||
Net income (loss)
|
|
381
|
|
|
(275
|
)
|
||
|
|
|
|
|
||||
Net income attributable to noncontrolling interests
|
|
(23
|
)
|
|
—
|
|
||
Net income (loss) attributable to Micron
|
|
$
|
358
|
|
|
$
|
(275
|
)
|
|
|
|
|
|
||||
Earnings (loss) per share:
|
|
|
|
|
||||
Basic
|
|
$
|
0.34
|
|
|
$
|
(0.27
|
)
|
Diluted
|
|
0.30
|
|
|
(0.27
|
)
|
||
|
|
|
|
|
||||
Number of shares used in per share calculations:
|
|
|
|
|
||||
Basic
|
|
1,046
|
|
|
1,014
|
|
||
Diluted
|
|
1,196
|
|
|
1,014
|
|
Quarter ended
|
|
November 28, 2013
|
|
November 29, 2012
|
||||
Net income (loss)
|
|
$
|
381
|
|
|
$
|
(275
|
)
|
|
|
|
|
|
||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
||||
Foreign currency translation adjustments
|
|
6
|
|
|
7
|
|
||
Gain (loss) on investments, net
|
|
1
|
|
|
2
|
|
||
Gain (loss) on derivative instruments, net
|
|
(2
|
)
|
|
(5
|
)
|
||
Pension liability adjustments
|
|
—
|
|
|
(1
|
)
|
||
Other comprehensive income (loss)
|
|
5
|
|
|
3
|
|
||
Total comprehensive income (loss)
|
|
386
|
|
|
(272
|
)
|
||
Comprehensive (income) loss attributable to noncontrolling interests
|
|
(23
|
)
|
|
—
|
|
||
Comprehensive income (loss) attributable to Micron
|
|
$
|
363
|
|
|
$
|
(272
|
)
|
As of
|
|
November 28,
2013 |
|
August 29,
2013 |
||||
Assets
|
|
|
|
|
||||
Cash and equivalents
|
|
$
|
3,654
|
|
|
$
|
2,880
|
|
Short-term investments
|
|
216
|
|
|
221
|
|
||
Receivables
|
|
2,833
|
|
|
2,329
|
|
||
Inventories
|
|
2,459
|
|
|
2,649
|
|
||
Restricted cash
|
|
—
|
|
|
556
|
|
||
Other current assets
|
|
207
|
|
|
276
|
|
||
Total current assets
|
|
9,369
|
|
|
8,911
|
|
||
Long-term marketable investments
|
|
538
|
|
|
499
|
|
||
Property, plant and equipment, net
|
|
7,733
|
|
|
7,626
|
|
||
Equity method investments
|
|
490
|
|
|
396
|
|
||
Intangible assets, net
|
|
368
|
|
|
386
|
|
||
Deferred tax assets
|
|
802
|
|
|
861
|
|
||
Other noncurrent assets
|
|
494
|
|
|
439
|
|
||
Total assets
|
|
$
|
19,794
|
|
|
$
|
19,118
|
|
|
|
|
|
|
||||
Liabilities and equity
|
|
|
|
|
||||
Accounts payable and accrued expenses
|
|
$
|
2,630
|
|
|
$
|
2,115
|
|
Deferred income
|
|
236
|
|
|
243
|
|
||
Equipment purchase contracts
|
|
104
|
|
|
182
|
|
||
Current portion of long-term debt
|
|
1,543
|
|
|
1,585
|
|
||
Total current liabilities
|
|
4,513
|
|
|
4,125
|
|
||
Long-term debt
|
|
4,260
|
|
|
4,452
|
|
||
Other noncurrent liabilities
|
|
875
|
|
|
535
|
|
||
Total liabilities
|
|
9,648
|
|
|
9,112
|
|
||
|
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Micron shareholders' equity:
|
|
|
|
|
||||
Common stock, $0.10 par value, 3,000 shares authorized, 1,058 shares issued and outstanding (1,044 as of August 29, 2013)
|
|
106
|
|
|
104
|
|
||
Additional capital
|
|
8,919
|
|
|
9,187
|
|
||
Retained earnings (accumulated deficit)
|
|
126
|
|
|
(212
|
)
|
||
Accumulated other comprehensive income
|
|
68
|
|
|
63
|
|
||
Total Micron shareholders' equity
|
|
9,219
|
|
|
9,142
|
|
||
Noncontrolling interests in subsidiaries
|
|
927
|
|
|
864
|
|
||
Total equity
|
|
10,146
|
|
|
10,006
|
|
||
Total liabilities and equity
|
|
$
|
19,794
|
|
|
$
|
19,118
|
|
Quarter Ended
|
|
November 28,
2013 |
|
November 29,
2012 |
||||
Cash flows from operating activities
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
381
|
|
|
$
|
(275
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Depreciation expense and amortization of intangible assets
|
|
491
|
|
|
457
|
|
||
Amortization of debt discount and other costs
|
|
50
|
|
|
28
|
|
||
Noncash loss on restructure of debt
|
|
86
|
|
|
—
|
|
||
Stock-based compensation
|
|
22
|
|
|
19
|
|
||
(Gains) losses from currency hedges, net
|
|
14
|
|
|
51
|
|
||
Equity in net (income) loss of equity method investees
|
|
(86
|
)
|
|
52
|
|
||
Restructure and asset impairments
|
|
(8
|
)
|
|
(22
|
)
|
||
Change in operating assets and liabilities:
|
|
|
|
|
|
|
||
Receivables
|
|
(494
|
)
|
|
98
|
|
||
Inventories
|
|
190
|
|
|
(26
|
)
|
||
Accounts payable and accrued expenses
|
|
408
|
|
|
(108
|
)
|
||
Customer prepayments
|
|
212
|
|
|
(36
|
)
|
||
Deferred income taxes, net
|
|
59
|
|
|
4
|
|
||
Other
|
|
182
|
|
|
(6
|
)
|
||
Net cash provided by operating activities
|
|
1,507
|
|
|
236
|
|
||
|
|
|
|
|
||||
Cash flows from investing activities
|
|
|
|
|
|
|
||
Expenditures for property, plant and equipment
|
|
(526
|
)
|
|
(434
|
)
|
||
Purchases of available-for-sale securities
|
|
(196
|
)
|
|
(317
|
)
|
||
Decrease in restricted cash
|
|
556
|
|
|
—
|
|
||
Proceeds from sales and maturities of available-for-sale securities
|
|
162
|
|
|
109
|
|
||
Other
|
|
25
|
|
|
3
|
|
||
Net cash provided by (used for) investing activities
|
|
21
|
|
|
(639
|
)
|
||
|
|
|
|
|
||||
Cash flows from financing activities
|
|
|
|
|
|
|
||
Repayments of debt
|
|
(737
|
)
|
|
(52
|
)
|
||
Payments on equipment purchase contracts
|
|
(143
|
)
|
|
(104
|
)
|
||
Cash paid to purchase common stock
|
|
(42
|
)
|
|
(2
|
)
|
||
Proceeds from issuance of common stock under equity plans
|
|
144
|
|
|
—
|
|
||
Cash received from noncontrolling interests
|
|
49
|
|
|
—
|
|
||
Proceeds from equipment sale-leaseback transactions
|
|
14
|
|
|
26
|
|
||
Proceeds from issuance of debt
|
|
—
|
|
|
173
|
|
||
Cash received for capped call transactions
|
|
—
|
|
|
24
|
|
||
Other
|
|
(20
|
)
|
|
(19
|
)
|
||
Net cash provided by (used for) financing activities
|
|
(735
|
)
|
|
46
|
|
||
|
|
|
|
|
||||
Effect on changes in foreign currency exchange rates on cash and cash equivalents
|
|
(19
|
)
|
|
—
|
|
||
|
|
|
|
|
||||
Net increase (decrease) in cash and equivalents
|
|
774
|
|
|
(357
|
)
|
||
Cash and equivalents at beginning of period
|
|
2,880
|
|
|
2,459
|
|
||
Cash and equivalents at end of period
|
|
$
|
3,654
|
|
|
$
|
2,102
|
|
|
|
|
|
|
||||
Noncash investing and financing activities:
|
|
|
|
|
|
|
||
Exchange of convertible notes
|
|
756
|
|
|
—
|
|
||
Equipment acquisitions on contracts payable and capital leases
|
|
80
|
|
|
59
|
|
Quarter ended
|
|
November 29,
2012 |
||
Net sales
|
|
$
|
2,619
|
|
Net income (loss)
|
|
(226
|
)
|
|
Net income (loss) attributable to Micron
|
|
(237
|
)
|
|
Earnings (loss) per share:
|
|
|
||
Basic
|
|
$
|
(0.23
|
)
|
Diluted
|
|
(0.23
|
)
|
As of
|
|
November 28, 2013
|
|
August 29, 2013
|
||||||||||||||||||||||||||||
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||||||||||
Money market funds
|
|
$
|
1,677
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,677
|
|
|
$
|
1,188
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,188
|
|
Certificates of deposit
|
|
558
|
|
|
—
|
|
|
—
|
|
|
558
|
|
|
349
|
|
|
—
|
|
|
—
|
|
|
349
|
|
||||||||
Corporate bonds
|
|
441
|
|
|
1
|
|
|
—
|
|
|
442
|
|
|
414
|
|
|
1
|
|
|
(1
|
)
|
|
414
|
|
||||||||
Government securities
|
|
133
|
|
|
—
|
|
|
—
|
|
|
133
|
|
|
168
|
|
|
—
|
|
|
—
|
|
|
168
|
|
||||||||
Asset-backed securities
|
|
107
|
|
|
—
|
|
|
—
|
|
|
107
|
|
|
97
|
|
|
—
|
|
|
—
|
|
|
97
|
|
||||||||
Commercial paper
|
|
63
|
|
|
—
|
|
|
—
|
|
|
63
|
|
|
61
|
|
|
—
|
|
|
—
|
|
|
61
|
|
||||||||
Marketable equity securities
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||||||
|
|
$
|
2,985
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
2,986
|
|
|
$
|
2,283
|
|
|
$
|
1
|
|
|
$
|
(1
|
)
|
|
$
|
2,283
|
|
|
|
Amortized Cost
|
|
Fair
Value
|
||||
Money market funds not due at a single maturity date
|
|
$
|
1,677
|
|
|
$
|
1,677
|
|
Due in 1 year or less
|
|
771
|
|
|
771
|
|
||
Due in 1 - 2 years
|
|
257
|
|
|
258
|
|
||
Due in 2 - 4 years
|
|
262
|
|
|
262
|
|
||
Due after 4 years
|
|
12
|
|
|
12
|
|
||
|
|
$
|
2,979
|
|
|
$
|
2,980
|
|
As of
|
|
November 28,
2013 |
|
August 29,
2013 |
||||
Tra
de receivables (net of allowance for doubtful accounts of $5 and $5, respectively)
|
|
$
|
2,533
|
|
|
$
|
2,069
|
|
Income and other taxes
|
|
65
|
|
|
74
|
|
||
Other
|
|
235
|
|
|
186
|
|
||
|
|
$
|
2,833
|
|
|
$
|
2,329
|
|
As of
|
|
November 28,
2013 |
|
August 29,
2013 |
||||
Finished goods
|
|
$
|
836
|
|
|
$
|
796
|
|
Work in process
|
|
1,462
|
|
|
1,719
|
|
||
Raw materials and supplies
|
|
161
|
|
|
134
|
|
||
|
|
$
|
2,459
|
|
|
$
|
2,649
|
|
As of
|
|
November 28,
2013 |
|
August 29,
2013 |
||||
Land
|
|
$
|
86
|
|
|
$
|
86
|
|
Buildings
|
|
4,892
|
|
|
4,835
|
|
||
Equipment
|
|
15,909
|
|
|
15,600
|
|
||
Construction in progress
|
|
195
|
|
|
84
|
|
||
Software
|
|
319
|
|
|
315
|
|
||
|
|
21,401
|
|
|
20,920
|
|
||
Accumulated depreciation
|
|
(13,668
|
)
|
|
(13,294
|
)
|
||
|
|
$
|
7,733
|
|
|
$
|
7,626
|
|
As of
|
|
November 28, 2013
|
|
August 29, 2013
|
||||||||||
|
|
Investment Balance
|
|
Ownership Percentage
|
|
Investment Balance
|
|
Ownership Percentage
|
||||||
Inotera
|
|
$
|
437
|
|
|
35
|
%
|
|
$
|
344
|
|
|
35
|
%
|
Tera Probe
|
|
42
|
|
|
40
|
%
|
|
40
|
|
|
40
|
%
|
||
Other
|
|
11
|
|
|
Various
|
|
|
12
|
|
|
Various
|
|
||
|
|
$
|
490
|
|
|
|
|
|
$
|
396
|
|
|
|
|
Quarter ended
|
|
November 28,
2013 |
|
November 29,
2012 |
||||
Inotera
|
|
$
|
84
|
|
|
$
|
(53
|
)
|
Tera Probe
|
|
2
|
|
|
—
|
|
||
Other
|
|
—
|
|
|
1
|
|
||
|
|
$
|
86
|
|
|
$
|
(52
|
)
|
As of
|
|
November 28, 2013
|
|
August 29, 2013
|
||||||||||||
|
|
Gross
Amount
|
|
Accumulated
Amortization
|
|
Gross
Amount
|
|
Accumulated
Amortization
|
||||||||
Product and process technology
|
|
$
|
647
|
|
|
$
|
(288
|
)
|
|
$
|
642
|
|
|
$
|
(269
|
)
|
Customer relationships
|
|
127
|
|
|
(118
|
)
|
|
127
|
|
|
(114
|
)
|
||||
|
|
$
|
774
|
|
|
$
|
(406
|
)
|
|
$
|
769
|
|
|
$
|
(383
|
)
|
As of
|
|
November 28,
2013 |
|
August 29,
2013 |
||||
Accounts payable
|
|
$
|
1,164
|
|
|
$
|
1,048
|
|
Related party payables
|
|
605
|
|
|
374
|
|
||
Salaries, wages and benefits
|
|
337
|
|
|
267
|
|
||
Customer advances
|
|
192
|
|
|
140
|
|
||
Income and other taxes
|
|
42
|
|
|
47
|
|
||
Other
|
|
290
|
|
|
239
|
|
||
|
|
$
|
2,630
|
|
|
$
|
2,115
|
|
As of
|
|
November 28,
2013 |
|
August 29,
2013 |
||||
Capital lease obligations
|
|
$
|
1,107
|
|
|
$
|
1,252
|
|
Elpida creditor installment payments
|
|
1,095
|
|
|
1,644
|
|
||
2014 convertible senior notes, due June 2014
(1)
|
|
471
|
|
|
465
|
|
||
2027 convertible senior notes, due June 2027
|
|
160
|
|
|
147
|
|
||
2031A convertible senior notes, due August 2031
|
|
284
|
|
|
277
|
|
||
2031B convertible senior notes, due August 2031
|
|
104
|
|
|
253
|
|
||
2032C convertible senior notes, due May 2032
(1)
|
|
467
|
|
|
463
|
|
||
2032D convertible senior notes, due May 2032
(1)
|
|
371
|
|
|
369
|
|
||
2033E convertible senior notes, due February 2033
|
|
273
|
|
|
272
|
|
||
2033F convertible senior notes, due February 2033
|
|
261
|
|
|
260
|
|
||
2043G convertible senior notes, due November 2043
(1)
|
|
628
|
|
|
—
|
|
||
Other notes payable
|
|
582
|
|
|
635
|
|
||
|
|
5,803
|
|
|
6,037
|
|
||
Less current portion
|
|
1,543
|
|
|
1,585
|
|
||
|
|
$
|
4,260
|
|
|
$
|
4,452
|
|
|
|
|
|
Date Holders Can Put Back to Us
(2)
|
|
Interest Rate
|
|
Discount as of
|
|||||||||||
|
|
Term
(Years)
(1)
|
|
|
Stated
|
|
Effective
|
|
November 28, 2013
|
|
August 29,
2013 |
||||||||
2014 Notes
|
|
Less than 1
|
|
—
|
|
|
1.875
|
%
|
|
7.9
|
%
|
|
$
|
14
|
|
|
$
|
20
|
|
2027 Notes
(3)
|
|
Less than 1
|
|
N/A
|
|
|
1.875
|
%
|
|
6.9
|
%
|
|
14
|
|
|
28
|
|
||
2031A Notes
(3)
|
|
Less than 1
|
|
N/A
|
|
|
1.500
|
%
|
|
6.5
|
%
|
|
36
|
|
|
68
|
|
||
2031B Notes
|
|
7
|
|
August 2020
|
|
|
1.875
|
%
|
|
7.0
|
%
|
|
36
|
|
|
92
|
|
||
2032C Notes
|
|
5
|
|
May 2019
|
|
|
2.375
|
%
|
|
6.0
|
%
|
|
83
|
|
|
87
|
|
||
2032D Notes
|
|
7
|
|
May 2021
|
|
|
3.125
|
%
|
|
6.3
|
%
|
|
79
|
|
|
81
|
|
||
2033E Notes
|
|
4
|
|
February 2018
|
|
|
1.625
|
%
|
|
4.5
|
%
|
|
27
|
|
|
28
|
|
||
2033F Notes
|
|
6
|
|
February 2020
|
|
|
2.125
|
%
|
|
4.9
|
%
|
|
39
|
|
|
40
|
|
||
2043G Notes
|
|
15
|
|
November 2028
|
|
|
3.000
|
%
|
|
6.8
|
%
|
|
397
|
|
|
—
|
|
|
|
Initial Conversion
|
|
Conversion Price Per Share Threshold
(2)
|
|
Conversion Value
in Excess of Principal
|
|||||||||||||
|
|
Outstanding Principal
|
|
Price Per Share
|
|
Number of Shares
(1)
|
|
|
November 28, 2013
(3)
|
|
August 29, 2013
(4)
|
||||||||
2014 Notes
|
|
$
|
485
|
|
|
14.23
|
|
34
|
|
|
18.50
|
|
$
|
237
|
|
|
$
|
—
|
|
2027 Notes
|
|
95
|
|
|
10.90
|
|
9
|
|
|
14.17
|
|
89
|
|
|
43
|
|
|||
2031A Notes
|
|
190
|
|
|
9.50
|
|
20
|
|
|
12.35
|
|
233
|
|
|
148
|
|
|||
2031B Notes
|
|
140
|
|
|
9.50
|
|
15
|
|
|
12.35
|
|
172
|
|
|
148
|
|
|||
2032C Notes
|
|
550
|
|
|
9.63
|
|
57
|
|
|
12.52
|
|
659
|
|
|
225
|
|
|||
2032D Notes
|
|
450
|
|
|
9.98
|
|
45
|
|
|
12.97
|
|
504
|
|
|
162
|
|
|||
2033E Notes
|
|
300
|
|
|
10.93
|
|
27
|
|
|
14.21
|
|
281
|
|
|
72
|
|
|||
2033F Notes
|
|
300
|
|
|
10.93
|
|
27
|
|
|
14.21
|
|
281
|
|
|
72
|
|
|||
2043G Notes
|
|
1,025
|
|
|
29.16
|
|
35
|
|
|
37.91
|
|
—
|
|
|
—
|
|
|||
|
|
$
|
3,535
|
|
|
|
|
269
|
|
|
|
|
$
|
2,456
|
|
|
$
|
870
|
|
As of November 28, 2013
|
|
Notes Payable
|
||
Remainder of 2014
|
|
$
|
1,110
|
|
2015
|
|
359
|
|
|
2016
|
|
348
|
|
|
2017
|
|
317
|
|
|
2018
|
|
516
|
|
|
2019 and thereafter
(1)
|
|
2,960
|
|
|
Discounts
(1)
|
|
(914
|
)
|
|
|
|
$
|
4,696
|
|
|
|
Quarter Ended November 28, 2013
|
|
Quarter Ended November 29, 2012
|
||||||||||||||||||||
|
|
Attributable to Micron
|
|
Noncontrolling Interests
|
|
Total Equity
|
|
Attributable to Micron
|
|
Noncontrolling Interests
|
|
Total Equity
|
||||||||||||
Beginning balance
|
|
$
|
9,142
|
|
|
$
|
864
|
|
|
$
|
10,006
|
|
|
$
|
7,700
|
|
|
$
|
717
|
|
|
$
|
8,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income (loss)
|
|
358
|
|
|
23
|
|
|
381
|
|
|
(275
|
)
|
|
—
|
|
|
(275
|
)
|
||||||
Other comprehensive income (loss)
|
|
5
|
|
|
—
|
|
|
5
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||||
Comprehensive income (loss)
|
|
363
|
|
|
23
|
|
|
386
|
|
|
(272
|
)
|
|
—
|
|
|
(272
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Contribution from noncontrolling interests
|
|
—
|
|
|
49
|
|
|
49
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Distributions to noncontrolling interests
|
|
—
|
|
|
(9
|
)
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Capital and other transactions attributable to Micron
|
|
(286
|
)
|
|
—
|
|
|
(286
|
)
|
|
41
|
|
|
—
|
|
|
41
|
|
||||||
Ending balance
|
|
$
|
9,219
|
|
|
$
|
927
|
|
|
$
|
10,146
|
|
|
$
|
7,469
|
|
|
$
|
717
|
|
|
$
|
8,186
|
|
Capped Calls
|
|
|
|
|
|
Strike Price
(1)
|
|
Cap Price Range
|
|
Common Shares Covered
|
|
Value at Expiration
(2)
|
|||||||||||||||
|
Expiration Dates
|
|
|
Low
|
|
High
|
|
|
Minimum
|
|
Maximum
|
||||||||||||||||
2031
|
|
Jul 2014
|
-
|
Feb 2016
|
|
$
|
9.50
|
|
|
$
|
11.40
|
|
|
$
|
13.17
|
|
|
73
|
|
|
$
|
—
|
|
|
$
|
207
|
|
2032C
|
|
May 2016
|
-
|
Nov 2017
|
|
9.80
|
|
|
14.26
|
|
|
15.69
|
|
|
56
|
|
|
—
|
|
|
307
|
|
|||||
2032D
|
|
Nov 2016
|
-
|
May 2018
|
|
10.16
|
|
|
14.62
|
|
|
16.04
|
|
|
44
|
|
|
—
|
|
|
244
|
|
|||||
2033E
|
|
Jan 2018
|
-
|
Feb 2018
|
|
10.93
|
|
|
14.51
|
|
|
14.51
|
|
|
27
|
|
|
—
|
|
|
98
|
|
|||||
2033F
|
|
Jan 2020
|
-
|
Feb 2020
|
|
10.93
|
|
|
14.51
|
|
|
14.51
|
|
|
27
|
|
|
—
|
|
|
98
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
227
|
|
|
$
|
—
|
|
|
$
|
954
|
|
(1)
|
Initial strike prices are subject to certain adjustments.
|
(2)
|
Settlement in cash on the respective expiration dates would result in us receiving an amount ranging from zero, if the market price per share of our common stock is at or below the respective low strike price, to the respective maximum amount if the market price per share of our common stock is at or above the respective high cap price. If share settlement were elected, the number of shares repurchased would be determined by the value of the capped calls at the time of settlement divided by the share price on the settlement date.
|
|
|
Cumulative Foreign Currency Translation Adjustments
|
|
Gains (Losses) on Derivative Instruments, Net
|
|
Gains (Losses) on Investments, Net
|
|
Pension Liability Adjustments
|
|
Total
|
||||||||||
August 29, 2013
|
|
$
|
44
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
63
|
|
Other comprehensive income before reclassifications
|
|
6
|
|
|
(2
|
)
|
|
1
|
|
|
—
|
|
|
5
|
|
|||||
Net other comprehensive income (loss)
|
|
6
|
|
|
(2
|
)
|
|
1
|
|
|
—
|
|
|
5
|
|
|||||
November 28, 2013
|
|
$
|
50
|
|
|
$
|
19
|
|
|
$
|
1
|
|
|
$
|
(2
|
)
|
|
$
|
68
|
|
As of November 28, 2013
|
|
Notional Amount
(1)
|
|
Fair Value of
|
||||||||||||||||
Current Assets
(2)
|
|
Noncurrent Assets
(3)
|
|
(Current Liabilities)
(4)
|
|
(Noncurrent Liabilities)
(5)
|
||||||||||||||
Currency forward contracts:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Yen
|
|
$
|
496
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(13
|
)
|
|
$
|
(4
|
)
|
Singapore dollar
|
|
265
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|||||
Shekel
|
|
81
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Euro
|
|
58
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|||||
Interest rate swap contracts
|
|
59
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
$
|
959
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Convertible notes settlement obligations
|
|
21
|
|
|
—
|
|
|
—
|
|
|
(444
|
)
|
|
—
|
|
|||||
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(460
|
)
|
|
$
|
(4
|
)
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
As of August 29, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Forward contracts:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Yen
|
|
$
|
336
|
|
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Singapore dollar
|
|
218
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Shekel
|
|
78
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|||||
Euro
|
|
217
|
|
|
1
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|||||
Interest rate swap contracts
|
|
62
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Currency options:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New Taiwan dollar
|
|
351
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
$
|
1,262
|
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
(1)
|
Notional amounts of forward, option and interest rate swap contracts in U.S. dollars and convertible notes settlement obligations in shares.
|
(2)
|
Included in receivables – other.
|
(3)
|
Included in other noncurrent assets.
|
(4)
|
Included in accounts payable and accrued expenses – other for forward, option and interest rate swap contracts and in current portion of long-term debt for convertible notes settlement obligations.
|
(5)
|
Included in other noncurrent liabilities.
|
As of November 28, 2013
|
|
Notional Amount
(in U.S. Dollars)
|
|
Fair Value of Current Liabilities
(1)
|
||||
Currency forward contracts:
|
|
|
|
|
||||
Euro
|
|
$
|
15
|
|
|
$
|
—
|
|
Yen
|
|
12
|
|
|
—
|
|
||
Currency options:
|
|
|
|
|
||||
Yen
|
|
11
|
|
|
(1
|
)
|
||
Interest swap contracts:
|
|
234
|
|
|
(2
|
)
|
||
|
|
$
|
272
|
|
|
$
|
(3
|
)
|
As of August 29, 2013
|
|
|
|
|
|
|
||
Currency forward contracts:
|
|
|
|
|
||||
Yen
|
|
$
|
6
|
|
|
$
|
(1
|
)
|
Euro
|
|
6
|
|
|
—
|
|
||
Currency options:
|
|
|
|
|
||||
Yen
|
|
21
|
|
|
(2
|
)
|
||
Interest swap contracts:
|
|
250
|
|
|
—
|
|
||
|
|
$
|
283
|
|
|
$
|
(3
|
)
|
(1)
|
Included in accounts payable and accrued expenses – other.
|
As of November 28, 2013
|
|
Current Assets
(1)
|
|
(Current Liabilities)
(2)
|
|
(Noncurrent Liabilities)
(3)
|
||||||
Gross amount
|
|
$
|
1
|
|
|
$
|
(463
|
)
|
|
$
|
(4
|
)
|
Gross amounts offset in the statement of financial position
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
|||
Net amounts presented in the statement of financial position
|
|
$
|
—
|
|
|
$
|
(462
|
)
|
|
$
|
(4
|
)
|
As of
|
|
November 28, 2013
|
|
August 29, 2013
|
||||||||||||||||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Money market funds
|
|
$
|
1,677
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,677
|
|
|
$
|
1,188
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,188
|
|
Certificates of deposit
|
|
—
|
|
|
543
|
|
|
—
|
|
|
543
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
38
|
|
||||||||
Commercial paper
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|
35
|
|
||||||||
|
|
1,677
|
|
|
548
|
|
|
—
|
|
|
2,225
|
|
|
1,188
|
|
|
73
|
|
|
—
|
|
|
1,261
|
|
||||||||
Short-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Corporate bonds
|
|
—
|
|
|
112
|
|
|
—
|
|
|
112
|
|
|
—
|
|
|
112
|
|
|
—
|
|
|
112
|
|
||||||||
Commercial paper
|
|
—
|
|
|
58
|
|
|
—
|
|
|
58
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|
26
|
|
||||||||
Government securities
|
|
—
|
|
|
37
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
72
|
|
|
—
|
|
|
72
|
|
||||||||
Certificates of deposit
|
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
9
|
|
||||||||
Asset-backed securities
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||||
|
|
—
|
|
|
216
|
|
|
—
|
|
|
216
|
|
|
—
|
|
|
221
|
|
|
—
|
|
|
221
|
|
||||||||
Long-term marketable investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Corporate bonds
|
|
—
|
|
|
330
|
|
|
—
|
|
|
330
|
|
|
—
|
|
|
302
|
|
|
—
|
|
|
302
|
|
||||||||
Asset-backed securities
|
|
—
|
|
|
106
|
|
|
—
|
|
|
106
|
|
|
—
|
|
|
95
|
|
|
—
|
|
|
95
|
|
||||||||
Government securities
|
|
—
|
|
|
96
|
|
|
—
|
|
|
96
|
|
|
—
|
|
|
96
|
|
|
—
|
|
|
96
|
|
||||||||
Marketable equity securities
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||||||
|
|
6
|
|
|
532
|
|
|
—
|
|
|
538
|
|
|
6
|
|
|
493
|
|
|
—
|
|
|
499
|
|
||||||||
Restricted cash:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Certificates of deposit
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
302
|
|
|
—
|
|
|
302
|
|
||||||||
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
302
|
|
|
—
|
|
|
302
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
$
|
1,683
|
|
|
$
|
1,303
|
|
|
$
|
—
|
|
|
$
|
2,986
|
|
|
$
|
1,194
|
|
|
$
|
1,089
|
|
|
$
|
—
|
|
|
$
|
2,283
|
|
As of
|
|
November 28, 2013
|
|
August 29, 2013
|
||||||||||||
|
|
Fair
Value
|
|
Carrying
Value
|
|
Fair
Value
|
|
Carrying
Value
|
||||||||
Convertible notes
|
|
$
|
6,076
|
|
|
$
|
3,019
|
|
|
$
|
4,167
|
|
|
$
|
2,506
|
|
Elpida creditor installment payments and other notes
|
1,680
|
|
|
1,677
|
|
|
2,269
|
|
|
2,279
|
|
Quarter Ended
|
|
November 28,
2013 |
|
November 29,
2012 |
||
Average expected life in years
|
|
4.8
|
|
|
5.0
|
|
Weighted-average expected volatility
|
|
50
|
%
|
|
62
|
%
|
Weighted-average risk-free interest rate
|
|
1.3
|
%
|
|
0.7
|
%
|
Quarter ended
|
|
November 28,
2013 |
|
November 29,
2012 |
||||
Service-based awards
|
|
1
|
|
|
2
|
|
||
Performance-based awards
|
|
1
|
|
|
1
|
|
||
Weighted-average grant-date fair values per share
|
|
$
|
17.31
|
|
|
$
|
5.73
|
|
Quarter ended
|
|
November 28,
2013 |
|
November 29,
2012 |
||||
Stock-based compensation expense by caption:
|
|
|
|
|
||||
Cost of goods sold
|
|
$
|
7
|
|
|
$
|
6
|
|
Selling, general and administrative
|
|
11
|
|
|
9
|
|
||
Research and development
|
|
4
|
|
|
4
|
|
||
|
|
$
|
22
|
|
|
$
|
19
|
|
|
|
|
|
|
||||
Stock-based compensation expense by type of award:
|
|
|
|
|
||||
Stock options
|
|
$
|
14
|
|
|
$
|
13
|
|
Restricted stock awards
|
|
8
|
|
|
6
|
|
||
|
|
$
|
22
|
|
|
$
|
19
|
|
Quarter ended
|
|
November 28,
2013 |
|
November 29,
2012 |
||||
Gain on termination of lease to Transform
|
|
$
|
—
|
|
|
$
|
(25
|
)
|
Other
|
|
(3
|
)
|
|
4
|
|
||
|
|
$
|
(3
|
)
|
|
$
|
(21
|
)
|
Quarter ended
|
|
November 28,
2013 |
|
November 29,
2012 |
||||
Rambus settlement
|
|
$
|
233
|
|
|
$
|
—
|
|
(Gain) loss on disposition of property, plant and equipment
|
|
8
|
|
|
(5
|
)
|
||
Other
|
|
(4
|
)
|
|
(3
|
)
|
||
|
|
$
|
237
|
|
|
$
|
(8
|
)
|
Quarter ended
|
|
November 28, 2013
|
|
November 29, 2012
|
||||
Loss on restructure of debt
|
|
$
|
(75
|
)
|
|
$
|
—
|
|
Gain (loss) from changes in currency exchange rates
|
|
(6
|
)
|
|
(59
|
)
|
||
Other
|
|
1
|
|
|
—
|
|
||
|
|
$
|
(80
|
)
|
|
$
|
(59
|
)
|
Quarter ended
|
|
November 28,
2013 |
|
November 29,
2012 |
||||
Net income (loss) available to Micron shareholders – Basic and Diluted
|
|
$
|
358
|
|
|
$
|
(275
|
)
|
|
|
|
|
|
||||
Weighted-average common shares outstanding – Basic
|
|
1,046
|
|
|
1,014
|
|
||
Net effect of dilutive equity awards and convertible notes
|
|
150
|
|
|
—
|
|
||
Weighted-average common shares outstanding – Diluted
|
|
1,196
|
|
|
1,014
|
|
||
|
|
|
|
|
||||
Earnings (loss) per share:
|
|
|
|
|
||||
Basic
|
|
$
|
0.34
|
|
|
$
|
(0.27
|
)
|
Diluted
|
|
0.30
|
|
|
(0.27
|
)
|
As of
|
|
November 28,
2013 |
|
August 29, 2013
|
||||
Assets
|
|
|
|
|
||||
Cash and equivalents
|
|
$
|
105
|
|
|
$
|
62
|
|
Receivables
|
|
67
|
|
|
76
|
|
||
Inventories
|
|
48
|
|
|
49
|
|
||
Other current assets
|
|
4
|
|
|
4
|
|
||
Total current assets
|
|
224
|
|
|
191
|
|
||
Property, plant and equipment, net
|
|
1,364
|
|
|
1,382
|
|
||
Other noncurrent assets
|
|
47
|
|
|
46
|
|
||
Total assets
|
|
$
|
1,635
|
|
|
$
|
1,619
|
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
||||
Accounts payable and accrued expenses
|
|
$
|
87
|
|
|
$
|
88
|
|
Deferred income
|
|
9
|
|
|
9
|
|
||
Equipment purchase contracts
|
|
4
|
|
|
78
|
|
||
Current portion of long-term debt
|
|
6
|
|
|
6
|
|
||
Total current liabilities
|
|
106
|
|
|
181
|
|
||
Long-term debt
|
|
11
|
|
|
13
|
|
||
Other noncurrent liabilities
|
|
114
|
|
|
118
|
|
||
Total liabilities
|
|
$
|
231
|
|
|
$
|
312
|
|
Quarter Ended
|
|
November 28,
2013 |
|
November 29,
2012 |
||||
IMFT distributions to Micron
|
|
$
|
—
|
|
|
$
|
—
|
|
IMFT distributions to Intel
|
|
—
|
|
|
—
|
|
||
Micron contributions to IMFT
|
|
51
|
|
|
—
|
|
||
Intel contributions to IMFT
|
|
49
|
|
|
—
|
|
As of
|
|
November 28,
2013 |
|
August 29, 2013
|
||||
Current assets
|
|
$
|
32
|
|
|
$
|
26
|
|
Noncurrent assets (primarily property, plant and equipment)
|
|
176
|
|
|
182
|
|
||
Current liabilities
|
|
24
|
|
|
25
|
|
Quarter ended
|
|
November 28,
2013 |
|
November 29,
2012 |
||||
Net sales:
|
|
|
|
|
||||
DSG
|
|
$
|
1,785
|
|
|
$
|
600
|
|
WSG
|
|
1,054
|
|
|
263
|
|
||
NSG
|
|
806
|
|
|
617
|
|
||
ESG
|
|
366
|
|
|
278
|
|
||
All Other
|
|
31
|
|
|
76
|
|
||
|
|
$
|
4,042
|
|
|
$
|
1,834
|
|
|
|
|
|
|
||||
Operating income (loss):
|
|
|
|
|
||||
DSG
|
|
$
|
432
|
|
|
$
|
(112
|
)
|
WSG
|
|
176
|
|
|
(64
|
)
|
||
NSG
|
|
95
|
|
|
13
|
|
||
ESG
|
|
66
|
|
|
78
|
|
||
All Other
|
|
15
|
|
|
(12
|
)
|
||
Unallocated
|
|
(233
|
)
|
|
—
|
|
||
|
|
$
|
551
|
|
|
$
|
(97
|
)
|
For the quarter ended
|
|
November 28, 2013
|
|
November 29, 2012
|
||
Computing (including desktop PCs, servers, notebooks and workstations)
|
|
35
|
%
|
|
20
|
%
|
Mobile
|
|
25
|
%
|
|
15
|
%
|
Consumer electronics
|
|
10
|
%
|
|
20
|
%
|
Solid state drives
|
|
10
|
%
|
|
10
|
%
|
Networking and storage
|
|
10
|
%
|
|
10
|
%
|
•
|
Overview:
An overview of our business and operations and highlights of key transactions and events.
|
•
|
Results of Operations:
An analysis of our financial results consisting of the following:
|
◦
|
Consolidated results;
|
◦
|
Operating results by business segment;
|
◦
|
Operating results by product; and
|
◦
|
Operating expenses and other.
|
•
|
Liquidity and Capital Resources:
An analysis of changes in our balance sheet and cash flows and discussion of our financial condition and potential sources of liquidity.
|
|
|
First Quarter
|
|
Fourth Quarter
|
|||||||||||||||||
|
|
2014
|
|
% of net sales
|
|
2013
|
|
% of net sales
|
|
2013
|
|
% of net sales
|
|||||||||
|
|
|
|
(dollar amounts in millions)
|
|
|
|||||||||||||||
Net sales
|
|
$
|
4,042
|
|
|
100
|
%
|
|
$
|
1,834
|
|
|
100
|
%
|
|
$
|
2,843
|
|
|
100
|
%
|
Cost of goods sold
|
|
2,761
|
|
|
68
|
%
|
|
1,617
|
|
|
88
|
%
|
|
2,135
|
|
|
75
|
%
|
|||
Gross margin
|
|
1,281
|
|
|
32
|
%
|
|
217
|
|
|
12
|
%
|
|
708
|
|
|
25
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
SG&A
|
|
176
|
|
|
4
|
%
|
|
119
|
|
|
6
|
%
|
|
193
|
|
|
7
|
%
|
|||
R&D
|
|
320
|
|
|
8
|
%
|
|
224
|
|
|
12
|
%
|
|
267
|
|
|
9
|
%
|
|||
Restructure and asset impairments
|
|
(3
|
)
|
|
—
|
%
|
|
(21
|
)
|
|
(1
|
)%
|
|
32
|
|
|
1
|
%
|
|||
Other operating (income) expense, net
|
|
237
|
|
|
6
|
%
|
|
(8
|
)
|
|
—
|
%
|
|
9
|
|
|
—
|
%
|
|||
Operating income (loss)
|
|
551
|
|
|
14
|
%
|
|
(97
|
)
|
|
(5
|
)%
|
|
207
|
|
|
7
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gain on acquisition of Elpida
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
1,484
|
|
|
52
|
%
|
|||
Interest income (expense), net
|
|
(96
|
)
|
|
(2
|
)%
|
|
(54
|
)
|
|
(3
|
)%
|
|
(58
|
)
|
|
(2
|
)%
|
|||
Other non-operating income (expense), net
|
|
(80
|
)
|
|
(2
|
)%
|
|
(59
|
)
|
|
(3
|
)%
|
|
45
|
|
|
2
|
%
|
|||
Income tax provision
|
|
(80
|
)
|
|
(2
|
)%
|
|
(13
|
)
|
|
(1
|
)%
|
|
(5
|
)
|
|
—
|
%
|
|||
Equity in net income (loss) of equity method investees
|
|
86
|
|
|
2
|
%
|
|
(52
|
)
|
|
(3
|
)%
|
|
37
|
|
|
1
|
%
|
|||
Net income attributable to noncontrolling interests
|
|
(23
|
)
|
|
(1
|
)%
|
|
—
|
|
|
—
|
%
|
|
(2
|
)
|
|
—
|
%
|
|||
Net income (loss) attributable to Micron
|
|
$
|
358
|
|
|
9
|
%
|
|
$
|
(275
|
)
|
|
(15
|
)%
|
|
$
|
1,708
|
|
|
60
|
%
|
|
|
First Quarter
|
|
Fourth Quarter
|
|||||||||||||||||
|
|
2014
|
|
% of net sales
|
|
2013
|
|
% of net sales
|
|
2013
|
|
% of net sales
|
|||||||||
DSG
|
|
$
|
1,785
|
|
|
44
|
%
|
|
$
|
600
|
|
|
33
|
%
|
|
$
|
1,239
|
|
|
44
|
%
|
WSG
|
|
1,054
|
|
|
26
|
%
|
|
263
|
|
|
14
|
%
|
|
469
|
|
|
16
|
%
|
|||
NSG
|
|
806
|
|
|
20
|
%
|
|
617
|
|
|
34
|
%
|
|
781
|
|
|
27
|
%
|
|||
ESG
|
|
366
|
|
|
9
|
%
|
|
278
|
|
|
15
|
%
|
|
329
|
|
|
12
|
%
|
|||
All Other
|
|
31
|
|
|
1
|
%
|
|
76
|
|
|
4
|
%
|
|
25
|
|
|
1
|
%
|
|||
|
|
$
|
4,042
|
|
|
100
|
%
|
|
$
|
1,834
|
|
|
100
|
%
|
|
$
|
2,843
|
|
|
100
|
%
|
|
|
First Quarter
|
|
Fourth Quarter
|
||||||||
|
|
2014
|
|
2013
|
|
2013
|
||||||
Net sales
|
|
$
|
1,785
|
|
|
$
|
600
|
|
|
$
|
1,239
|
|
Operating income (loss)
|
|
432
|
|
|
(112
|
)
|
|
183
|
|
|
|
First Quarter
|
|
Fourth Quarter
|
||||||||
|
|
2014
|
|
2013
|
|
2013
|
||||||
Net sales
|
|
$
|
1,054
|
|
|
$
|
263
|
|
|
$
|
469
|
|
Operating income (loss)
|
|
176
|
|
|
(64
|
)
|
|
(50
|
)
|
|
|
First Quarter
|
|
Fourth Quarter
|
||||||||
|
|
2014
|
|
2013
|
|
2013
|
||||||
Net sales
|
|
$
|
806
|
|
|
$
|
617
|
|
|
$
|
781
|
|
Operating income
|
|
95
|
|
|
13
|
|
|
66
|
|
|
|
First Quarter
|
|
Fourth Quarter
|
||||||||
|
|
2014
|
|
2013
|
|
2013
|
||||||
Net sales
|
|
$
|
366
|
|
|
$
|
278
|
|
|
$
|
329
|
|
Operating income
|
|
66
|
|
|
78
|
|
|
63
|
|
|
|
First Quarter
|
|
Fourth Quarter
|
|||||||||||||||||
|
|
2014
|
|
% of net sales
|
|
2013
|
|
% of net sales
|
|
2013
|
|
% of net sales
|
|||||||||
DRAM
|
|
2,794
|
|
|
69
|
%
|
|
720
|
|
|
39
|
%
|
|
1,652
|
|
|
58
|
%
|
|||
NAND Flash
|
|
1,058
|
|
|
26
|
%
|
|
803
|
|
|
44
|
%
|
|
980
|
|
|
34
|
%
|
|||
NOR Flash
|
|
145
|
|
|
4
|
%
|
|
228
|
|
|
12
|
%
|
|
173
|
|
|
6
|
%
|
|||
Other
|
|
45
|
|
|
1
|
%
|
|
83
|
|
|
5
|
%
|
|
38
|
|
|
2
|
%
|
|||
|
|
$
|
4,042
|
|
|
100
|
%
|
|
$
|
1,834
|
|
|
100
|
%
|
|
$
|
2,843
|
|
|
100
|
%
|
|
|
First Quarter 2014 Versus
|
||||
|
|
Fourth Quarter
|
|
First Quarter
|
||
For the year ended
|
|
2013
|
|
2013
|
||
|
|
(percentage change from prior period)
|
||||
Net sales
|
|
69
|
%
|
|
288
|
%
|
Average selling prices per gigabit
|
|
0
|
%
|
|
10
|
%
|
Gigabits sold
|
|
69
|
%
|
|
253
|
%
|
Cost per gigabit
|
|
(11
|
)%
|
|
(27
|
)%
|
|
|
First Quarter 2014 Versus
|
||||
|
|
Fourth Quarter
|
|
First Quarter
|
||
For the year ended
|
|
2013
|
|
2013
|
||
|
|
(percentage change from prior period)
|
||||
Sales to trade customers:
|
|
|
|
|
||
Net sales
|
|
10
|
%
|
|
36
|
%
|
Average selling prices per gigabit
|
|
(6
|
)%
|
|
(8
|
)%
|
Gigabits sold
|
|
17
|
%
|
|
48
|
%
|
Cost per gigabit
|
|
(7
|
)%
|
|
(20
|
)%
|
|
|
First Quarter
|
|
Fourth Quarter
|
||||||||
|
|
2014
|
|
2013
|
|
2013
|
||||||
Gain on termination of lease to Transform
|
|
$
|
—
|
|
|
$
|
(25
|
)
|
|
$
|
—
|
|
Other
|
|
(3
|
)
|
|
4
|
|
|
32
|
|
|||
|
|
$
|
(3
|
)
|
|
$
|
(21
|
)
|
|
$
|
32
|
|
|
|
First Quarter
|
|
Fourth Quarter
|
||||||||
|
|
2014
|
|
2013
|
|
2013
|
||||||
Inotera
|
|
$
|
84
|
|
|
$
|
(53
|
)
|
|
$
|
42
|
|
Tera Probe
|
|
2
|
|
|
—
|
|
|
—
|
|
|||
Other
|
|
—
|
|
|
1
|
|
|
(5
|
)
|
|||
|
|
$
|
86
|
|
|
$
|
(52
|
)
|
|
$
|
37
|
|
•
|
Equity Plans
|
•
|
Other Operating (Income) Expense, Net
|
•
|
Other Non-Operating Income (Expense), Net
|
As of
|
|
November 28, 2013
|
|
August 29, 2013
|
||||
Cash and equivalents and short-term investments:
|
|
|
|
|
||||
Money market funds
|
|
$
|
1,677
|
|
|
$
|
1,188
|
|
Bank deposits
|
|
1,429
|
|
|
1,619
|
|
||
Certificates of deposit
|
|
551
|
|
|
47
|
|
||
Corporate bonds
|
|
112
|
|
|
112
|
|
||
Commercial paper
|
|
63
|
|
|
61
|
|
||
Government securities
|
|
37
|
|
|
72
|
|
||
Asset-backed securities
|
|
1
|
|
|
2
|
|
||
|
|
$
|
3,870
|
|
|
$
|
3,101
|
|
|
|
|
|
|
||||
Long-term marketable investments
|
|
$
|
538
|
|
|
$
|
499
|
|
|
|
|
|
|
||||
Restricted cash:
|
|
|
|
|
||||
Current
|
|
$
|
—
|
|
|
$
|
556
|
|
Noncurrent (included in "Other noncurrent assets")
|
|
65
|
|
|
63
|
|
||
|
|
$
|
65
|
|
|
$
|
619
|
|
|
|
|
|
Payments Due by Period
|
||||||||||||||||||||||||
As of November 28, 2013
|
|
Total
|
|
Remainder of 2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019 and Thereafter
|
||||||||||||||
Notes payable
(1)
|
|
$
|
6,379
|
|
|
$
|
1,177
|
|
|
$
|
445
|
|
|
$
|
428
|
|
|
$
|
392
|
|
|
$
|
585
|
|
|
$
|
3,352
|
|
Capital lease obligations
(1)
|
|
1,208
|
|
|
292
|
|
|
354
|
|
|
305
|
|
|
84
|
|
|
40
|
|
|
133
|
|
|||||||
Operating leases
(2)
|
|
118
|
|
|
18
|
|
|
18
|
|
|
16
|
|
|
13
|
|
|
11
|
|
|
42
|
|
|||||||
Total
|
|
$
|
7,705
|
|
|
$
|
1,487
|
|
|
$
|
817
|
|
|
$
|
749
|
|
|
$
|
489
|
|
|
$
|
636
|
|
|
$
|
3,527
|
|
(1)
Amounts include Elpida Creditor Installment Payments, convertible notes and other notes and reflects principal and interest cash payments over the life of the obligations, including anticipated interest payments that are not recorded on our consolidated balance sheet. Notes payable amounts in the table do not include any conversion values in excess of principal amounts. Any future redemption or conversion of convertible debt could impact the timing and amount of our cash payments.
|
||||||||||||||||||||||||||||
(2)
Amounts do not include contingent payments.
|
|
|
DRAM
|
|
|
Trade NAND Flash*
|
|
|
(percentage change in average selling prices)
|
|||
2013 from 2012
|
|
(11)%
|
|
|
(18)%
|
2012 from 2011
|
|
(45)%
|
|
|
(55)%
|
2011 from 2010
|
|
(39)%
|
|
|
(12)%
|
2010 from 2009
|
|
28%
|
|
|
26%
|
2009 from 2008
|
|
(52)%
|
|
|
(52)%
|
* Trade NAND Flash excludes sales to Intel from IMFT.
|
|
|
|
|
|
•
|
we may be unable to maintain customers, successfully execute our integration strategies, or achieve planned synergies;
|
•
|
we may be unable to accurately forecast the anticipated financial results of the combined business;
|
•
|
our consolidated financial condition may be adversely impacted by the increased leverage resulting from the transactions;
|
•
|
increased exposure to the DRAM market, which experienced significant declines in pricing during the first quarter of 2013 as well as 2012 and 2011;
|
•
|
deterioration of Elpida's and MMT's operations and customer base following closing;
|
•
|
increased exposure to operating costs denominated in yen and New Taiwan dollar;
|
•
|
integration issues with Elpida's and MMT's primary manufacturing operations in Japan and Taiwan;
|
•
|
integration issues of our product and process technology with Elpida and MMT;
|
•
|
integration of business systems and processes; and
|
•
|
an overlap in customers.
|
•
|
require us to use a large portion of our cash flow to pay principal and interest on debt, which will reduce the amount of cash flow available to fund working capital, capital expenditures, acquisitions, research and development expenditures and other business activities;
|
•
|
limit our future ability to raise funds for capital expenditures, strategic acquisitions or business opportunities, research and development and other general corporate requirements;
|
•
|
contribute to a future downgrade of our credit rating, which could increase future borrowing costs; and
|
•
|
increase our vulnerability to adverse economic and semiconductor memory industry conditions.
|
•
|
higher costs for supply obtained under the market-based provisions of the Inotera Supply Agreement;
|
•
|
difficulties and delays in ramping production at Inotera and delays in the future; and
|
•
|
difficulties in transferring technology to Inotera.
|
•
|
integrating the operations, technologies and products of acquired or newly formed entities into our operations;
|
•
|
increasing capital expenditures to upgrade and maintain facilities;
|
•
|
increased debt levels;
|
•
|
the assumption of unknown or underestimated liabilities;
|
•
|
the use of cash to finance a transaction, which may reduce the availability of cash to fund working capital, capital expenditures, research and development expenditures and other business activities;
|
•
|
diverting management's attention from normal daily operations;
|
•
|
managing larger or more complex operations and facilities and employees in separate and diverse geographic areas;
|
•
|
hiring and retaining key employees;
|
•
|
requirements imposed by governmental authorities in connection with the regulatory review of a transaction, which may include, among other things, divestitures or restrictions on the conduct of our business or the acquired business;
|
•
|
inability to realize synergies or other expected benefits;
|
•
|
failure to maintain customer, vendor and other relationships;
|
•
|
inadequacy or ineffectiveness of an acquired company's internal financial controls, disclosure controls and procedures, and/or environmental, health and safety, anti-corruption, human resource, or other policies or practices; and
|
•
|
impairment of acquired intangible assets and goodwill as a result of changing business conditions, technological advancements or worse-than-expected performance of the acquired business.
|
•
|
that we will be successful in developing competitive
new semiconductor memory technologies;
|
•
|
that we will be able to cost-effectively manufacture new products;
|
•
|
that we will be able to successfully market these technologies; and
|
•
|
that margins generated from sales of these products will allow us to recover costs of development efforts.
|
•
|
our interests could diverge from our partners or we may not be able to agree with partners on ongoing manufacturing and operational activities, or on the amount, timing or nature of further investments in our joint venture;
|
•
|
we may experience difficulties in transferring technology to joint ventures;
|
•
|
we may experience difficulties and delays in ramping production at joint ventures;
|
•
|
our control over the operations of our joint ventures is limited;
|
•
|
we may recognize losses from our equity investment in Inotera in future results of operations;
|
•
|
due to financial constraints, our joint venture partners may be unable to meet their commitments to us or our joint ventures and may pose credit risks for our transactions with them;
|
•
|
due to differing business models or long-term business goals, our partners may decide not to join us in funding capital investment by our joint ventures, which may result in higher levels of cash expenditures by us;
|
•
|
cash flows may be inadequate to fund increased capital requirements;
|
•
|
we may experience difficulties or delays in collecting amounts due to us from our joint ventures and partners;
|
•
|
the terms of our partnering arrangements may turn out to be unfavorable; and
|
•
|
changes in tax, legal or regulatory requirements may necessitate changes in the agreements with our partners.
|
•
|
we may be required to compensate customers for costs incurred or damages caused by defective or incompatible product or replace products;
|
•
|
we could incur a decrease in revenue or adjustment to pricing commensurate with the reimbursement of such costs or alleged damages; and
|
•
|
we may encounter adverse publicity, which could cause a decrease in sales of our products.
|
•
|
export and import duties, changes to import and export regulations, and restrictions on the transfer of funds;
|
•
|
compliance with U.S. and international laws involving international operations, including the Foreign Corrupt Practices Act, export control laws and similar rules and regulations;
|
•
|
political and economic instability;
|
•
|
problems with the transportation or delivery of our products;
|
•
|
issues arising from cultural or language differences and labor unrest;
|
•
|
longer payment cycles and greater difficulty in collecting accounts receivable;
|
•
|
compliance with trade, technical standards and other laws in a variety of jurisdictions;
|
•
|
contractual and regulatory limitations on our ability to maintain flexibility with our staffing levels;
|
•
|
disruptions to our manufacturing operations as a result of actions imposed by foreign governments;
|
•
|
changes in economic policies of foreign governments; and
|
•
|
difficulties in staffing and managing international operations.
|
Period
|
|
(a) Total number of shares purchased
|
|
(b) Average price paid per share
|
|
(c) Total number of shares (or units) purchased as part of publicly announced plans or programs
|
|
(d) Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||
August 30, 2013
|
-
|
October 3, 2013
|
|
601,289
|
|
|
$
|
17.15
|
|
|
N/A
|
|
N/A
|
October 4, 2013
|
-
|
October 31, 2013
|
|
1,774,333
|
|
|
17.16
|
|
|
N/A
|
|
N/A
|
|
November 1, 2013
|
-
|
November 28, 2013
|
|
52,080
|
|
|
18.36
|
|
|
N/A
|
|
N/A
|
|
|
|
|
|
2,427,702
|
|
|
17.18
|
|
|
|
|
|
Exhibit Number
|
|
Description of Exhibit
|
3.1
|
|
Restated Certificate of Incorporation of the Registrant (1)
|
3.2
|
|
Bylaws of the Registrant, as amended (2)
|
4.1
|
|
Indenture dated as of November 12, 2013, by and between Micron Technology, Inc. and U.S. Bank National Association, as Trustee for 3% Convertible Senior Notes due 2043 (3)
|
31.1
|
|
Rule 13a-14(a) Certification of Chief Executive Officer
|
31.2
|
|
Rule 13a-14(a) Certification of Chief Financial Officer
|
32.1
|
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. 1350
|
32.2
|
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. 1350
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
(1)
|
Incorporated by reference to Quarterly Report on Form 10-Q for the quarter ended May 31, 2001
|
(2)
|
Incorporated by reference to Current Report on Form 8-K dated July 17, 2013
|
(3)
|
Incorporated by reference to Current Report on Form 8-K dated November 12, 2013
|
|
|
Micron Technology, Inc.
|
|
|
(Registrant)
|
|
|
|
|
|
|
Date:
|
January 7, 2014
|
/s/ Ronald C. Foster
|
|
|
Ronald C. Foster
Vice President of Finance and Chief Financial Officer (Principal Financial and Accounting Officer)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|---|---|---|
Capital World Investors | 54,282,374 | 4,716,604,029 | |
FMR LLC | 47,387,099 | 4,117,465,032 | |
PRIMECAP MANAGEMENT CO/CA/ | 37,280,768 | 3,239,325,935 | |
SUSQUEHANNA INTERNATIONAL GROUP, LLP | 31,137,501 | 2,705,537,462 | |
GEODE CAPITAL MANAGEMENT, LLC | 25,376,002 | 2,198,213,826 | |
Capital International Investors | 21,329,392 | 1,853,545,523 | |
JANE STREET GROUP, LLC | 20,850,123 | 1,811,667,187 | |
CITADEL ADVISORS LLC | 17,149,712 | 1,490,138,476 | |
Capital Research Global Investors | 16,709,877 | 1,451,953,695 | |
SIMPLEX TRADING, LLC | 7,725,338 | 671,253 | |
Legal & General Group Plc | 7,195,405 | 625,208,736 | |
INFINITUM ASSET MANAGEMENT, LLC | 6,951,200 | 80,000 | |
CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 6,938,848 | 602,916,503 | |
Teilinger Capital Ltd. | 6,928,600 | 602,026,052 | |
DIMENSIONAL FUND ADVISORS LP | 6,800,052 | 590,807,478 | |
IMC-Chicago, LLC | 6,614,339 | 574,719,916 | |
PRICE T ROWE ASSOCIATES INC /MD/ | 6,345,278 | 551,342 | |
AMUNDI ASSET MANAGEMENT US, INC. | 5,808,779 | 512,391 | |
D. E. Shaw & Co., Inc. | 5,408,004 | 469,901,468 | |
MILLENNIUM MANAGEMENT LLC | 5,062,309 | 439,864,029 | |
Boston Partners | 4,883,112 | 420,496,384 | |
PICTET ASSET MANAGEMENT LTD | 4,656,092 | 395,675 | |
EATON VANCE MANAGEMENT | 4,553,536 | 228,132 | |
Optiver Holding B.V. | 4,529,554 | 393,572,947 | |
Nuveen Asset Management, LLC | 4,444,456 | 374,045,416 | |
Parametric Portfolio Associates LLC | 4,434,518 | 345,405 | |
BNP PARIBAS FINANCIAL MARKETS | 4,349,394 | 578,124,353 | |
PEAK6 Investments LLC | 4,290,171 | 444,933,634 | |
Nuveen, LLC | 4,248,949 | 369,191,178 | |
NATIONAL BANK OF CANADA /FI/ | 4,104,201 | 607,552,725 | |
Pictet Asset Management Holding SA | 3,829,233 | 332,757,735 | |
DEUTSCHE BANK AG\ | 3,813,960 | 331,394,984 | |
Swedbank AB | 3,449,556 | 290,314,633 | |
1832 Asset Management L.P. | 3,400,000 | 295,426,000 | |
Squarepoint Ops LLC | 3,326,461 | 289,036,196 | |
Qube Research & Technologies Ltd | 3,280,500 | 285,042,645 | |
Swiss National Bank | 3,142,500 | 273,051,825 | |
HSBC HOLDINGS PLC | 3,129,528 | 270,819,565 | |
MACQUARIE GROUP LTD | 3,067,077 | 257,630,144 | |
Rafferty Asset Management, LLC | 2,995,396 | 260,269,958 | |
Parallax Volatility Advisers, L.P. | 2,940,953 | 255,539,406 | |
PEAK6 LLC | 2,803,000 | 243,552,670 | |
National Pension Service | 2,743,110 | 238,348,828 | |
AMUNDI | 2,513,732 | 186,870,837 | |
NOMURA ASSET MANAGEMENT CO LTD | 2,482,599 | 215,713,027 | |
Orbis Allan Gray Ltd | 2,301,640 | 199,989,500 | |
MANUFACTURERS LIFE INSURANCE COMPANY, THE | 2,118,523 | 184,078,463 | |
Manning & Napier Group, LLC | 2,115,762 | 249,426 | |
Mitsubishi UFJ Asset Management Co., Ltd. | 2,085,294 | 181,191,196 | |
FIRST TRUST ADVISORS LP | 2,021,737 | 175,668,845 | |
Aspex Management (HK) Ltd | 2,020,350 | 175,548 | |
SUSQUEHANNA ADVISORS GROUP, INC. | 2,000,000 | 173,780,000 | |
California Public Employees Retirement System | 1,854,914 | 161,173,477 | |
CAPITAL FUND MANAGEMENT S.A. | 1,829,700 | 158,982,633 | |
ProShare Advisors LLC | 1,821,472 | 158,267,701 | |
CTC LLC | 1,789,985 | 150,645,138 | |
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | 1,705,736 | 148,211,401 | |
PICTET ASSET MANAGEMENT SA | 1,647,483 | 103,972,652 | |
Polar Capital Holdings Plc | 1,548,741 | 134,570,105 | |
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | 1,535,297 | 133,401,956 | |
Clearbridge Investments, LLC | 1,515,459 | 131,678,254 | |
Aptus Capital Advisors, LLC | 1,514,585 | 131,602,302 | |
DRW Securities, LLC | 1,495,580 | 129,950,938 | |
CREDIT SUISSE AG/ | 1,466,135 | 172,842,655 | |
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 1,454,623 | 126,520,138 | |
Balyasny Asset Management L.P. | 1,426,858 | 123,979,692 | |
Mirae Asset Global Investments Co., Ltd. | 1,418,191 | 124,461,743 | |
BRANDES INVESTMENT PARTNERS, LP | 1,289,030 | 112,003,788 | |
GROUPAMA ASSET MANAGMENT | 1,278,276 | 113,050,729 | |
GROUP ONE TRADING LLC | 1,247,001 | 108,351,917 | |
CANADA LIFE ASSURANCE Co | 1,192,082 | 103,736 | |
Capital Markets Trading UK LLP | 1,176,584 | 102,233 | |
ADAGE CAPITAL PARTNERS GP, L.L.C. | 1,170,903 | 101,739,762 | |
Eisler Capital Management Ltd. | 1,157,709 | 100,506,508 | |
MENORA MIVTACHIM HOLDINGS LTD. | 1,108,850 | 96,347,976 | |
KEYSTONE INVESTORS PTE LTD | 1,107,756 | 96,252,919 | |
Candriam S.C.A. | 1,106,241 | 96,121,280 | |
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | 1,088,296 | 94,562,039 | |
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | 1,060,590 | 92,154,665 | |
Schonfeld Strategic Advisors LLC | 1,037,121 | 90,115,441 | |
RAYMOND JAMES & ASSOCIATES | 1,007,475 | 104,485,179 | |
MASTERS CAPITAL MANAGEMENT LLC | 1,000,000 | 86,890,000 | |
ROTHSCHILD & CO ASSET MANAGEMENT US INC. | 988,652 | 49,412,800 | |
DekaBank Deutsche Girozentrale | 980,785 | 84,569 | |
PARNASSUS INVESTMENTS, LLC | 978,092 | 84,986,414 | |
PLATINUM INVESTMENT MANAGEMENT LTD | 936,814 | 81,399,768 | |
Crake Asset Management LLP | 936,000 | 81,329,040 | |
NEW YORK STATE TEACHERS RETIREMENT SYSTEM | 935,644 | 81,298 | |
SHAPIRO CAPITAL MANAGEMENT LLC | 929,062 | 80,726,214 | |
LPL Financial LLC | 926,139 | 80,472,235 | |
Oak Grove Capital LLC | 905,920 | 29,437,946 | |
Atreides Management, LP | 889,842 | 77,318,371 | |
Aberdeen Group plc | 880,889 | 75,056,147 | |
Korea Investment CORP | 864,878 | 75,149,249 | |
Hudson Bay Capital Management LP | 860,826 | 74,797,171 | |
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | 852,030 | 74,032,906 | |
Aperio Group, LLC | 810,715 | 60,950 | |
MAVERICK CAPITAL LTD | 809,170 | 70,308,781 | |
Russell Investments Group, Ltd. | 796,799 | 69,272,450 | |
GREAT LAKES ADVISORS, LLC | 775,482 | 65,264,586 |
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|---|---|---|
Mr. Gomo’s experience as the chief financial officer of a public technology company provides our Board expertise in the technology industry, particularly in the areas of finance, accounting, treasury, investor relations, and securities, which contribute valuable insights and perspectives to our business and operations. We believe these experiences, qualifications, attributes, and skills qualify Mr. Gomo to serve as a member of our Board. | |||
Robert Swan Independent Age | 64 Director Since | 2024 Committees Audit, Finance | |||
Robert Swan Independent Age | 64 Director Since | 2024 Committees Audit, Finance | |||
Mr. Beyer’s experience as the chief executive officer and a director at leading technology companies provides our Board expertise in the technology industry and also in corporate strategy, financial management, operations, marketing, and research and development, all of which are critical to achieving our strategic objectives. We believe these experiences, qualifications, attributes, and skills qualify Mr. Beyer to serve as a member of our Board. | |||
MaryAnn Wright Independent Age | 62 Director Since | 2019 Committees Compensation, Governance and Sustainability (Chair) | |||
Mary Pat McCarthy Independent Age | 69 Director Since | 2018 Committees Audit (Chair), Finance | |||
Lynn A. Dugle Independent Age | 65 Director Since | 2020 Committees Governance and Sustainability, Security | |||
Ms. Haynesworth’s experience as the sector vice president and general manager of a public defense and space company provides our Board expertise in technology integration, cybersecurity (including a Certificate in Cybersecurity Oversight), enterprise strategy, risk management, and large complex system development, delivery, and deployment, and contributes valuable insights and perspectives to our business and operations. Additionally, Ms. Haynesworth became a Member of the Defense Business Board of the United States Department of Defense in November 2021. We believe these experiences, qualifications, attributes, and skills qualify Ms. Haynesworth to serve as a member of our Board. |
Name and Principal Position | Year | Salary | Bonus | Stock Awards | Non-Equity Incentive Plan Compensation | All Other Compensation | Total | |||||||||||||||||||
Sanjay Mehrotra | 2024 | $ | 1,416,909 | $ | — | $ | 23,749,623 | $ | 4,847,433 | $ | 46,161 | $ | 30,060,126 | |||||||||||||
President and Chief | 2023 | 1,255,476 | — | 23,750,005 | — | 271,472 | 25,276,953 | |||||||||||||||||||
Executive Officer | 2022 | 1,409,893 | — | 23,499,965 | 3,435,275 | 495,676 | 28,840,809 | |||||||||||||||||||
Mark Murphy
|
2024 | 765,654 | — | 8,499,848 | 1,540,313 | 26,188 | 10,832,003 | |||||||||||||||||||
Executive Vice President and | 2023 | 639,827 | — | 7,749,991 | — | 14,284 | 8,404,102 | |||||||||||||||||||
Chief Financial Officer | 2022 | 266,538 | 250,000 | 12,631,963 | 326,555 | 99,986 | 13,575,042 | |||||||||||||||||||
Manish Bhatia | 2024 | 791,203 | — | 8,999,852 | 1,590,000 | 17,250 | 11,398,305 | |||||||||||||||||||
Executive Vice President, | 2023 | 667,020 | — | 8,250,009 | — | 17,118 | 8,934,147 | |||||||||||||||||||
Global Operations | 2022 | 725,607 | — | 7,999,991 | 904,511 | 8,887,720 | 18,517,829 | |||||||||||||||||||
Scott DeBoer | 2024 | 690,668 | — | 7,249,849 | 1,335,600 | 18,450 | 9,294,567 | |||||||||||||||||||
Executive Vice President, | 2023 | 571,046 | — | 6,500,022 | — | 18,352 | 7,089,420 | |||||||||||||||||||
Chief Technology and Products Officer | 2022 | 621,203 | — | 6,249,944 | 703,968 | 17,450 | 7,592,565 | |||||||||||||||||||
Sumit Sadana | 2024 | 819,452 | — | 8,999,852 | 1,803,656 | 17,250 | 11,640,210 | |||||||||||||||||||
Executive Vice President | 2023 | 715,007 | — | 8,500,024 | — | 16,500 | 9,231,531 | |||||||||||||||||||
and Chief Business Officer | 2022 | 777,809 | — | 8,250,001 | 1,057,727 | 15,893 | 10,101,430 |
Customers
Customer name | Ticker |
---|---|
Pitney Bowes Inc. | PBI |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|---|---|---|
MEHROTRA SANJAY | - | 651,759 | 532,935 |
MEHROTRA SANJAY | - | 394,675 | 675,000 |
BHATIA MANISH H | - | 278,469 | 0 |
BHATIA MANISH H | - | 260,347 | 0 |
Sadana Sumit | - | 218,048 | 0 |
Sadana Sumit | - | 208,987 | 0 |
Murphy Mark J. | - | 196,442 | 0 |
Deboer Scott J | - | 188,340 | 0 |
Bokan Michael W | - | 179,032 | 17,201 |
ARNZEN APRIL S | - | 164,769 | 0 |
Deboer Scott J | - | 158,617 | 0 |
ARNZEN APRIL S | - | 155,052 | 0 |
Bokan Michael W | - | 133,177 | 17,201 |
ARNZEN APRIL S | - | 118,885 | 0 |
BEYER RICHARD M | - | 99,245 | 0 |
RAY MICHAEL CHARLES | - | 92,437 | 0 |
ALLEN SCOTT R. | - | 58,457 | 0 |
ALLEN SCOTT R. | - | 53,108 | 0 |
Beard Robert P | - | 48,439 | 0 |
McCarthy Mary Pat | - | 24,954 | 0 |
Haynesworth Linnie M | - | 13,632 | 0 |
SWAN ROBERT HOLMES | - | 4,444 | 0 |
Simons Anna C | - | 2,456 | 0 |