Crucial 2015 Annual Report Download - page 27

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The performance graph above assumes $100 was invested on August 31, 2010 in common stock of Micron Technology,
Inc., the S&P 500 Composite Index, and the Philadelphia Semiconductor Index (SOX). Any dividends paid during the period
presented were assumed to be reinvested. The performance was plotted using the following data:
2010 2011 2012 2013 2014 2015
Micron Technology, Inc. $ 100 $ 92 $ 96 $ 210 $ 505 $ 254
S&P 500 Composite Index 100 119 140 166 208 209
Philadelphia Semiconductor Index (SOX) 100 117 132 156 223 217
ITEM 6. SELECTED FINANCIAL DATA
2015 2014 2013 2012 2011
(in millions except per share amounts)
Net sales $ 16,192 $ 16,358 $ 9,073 $ 8,234 $ 8,788
Gross margin 5,215 5,437 1,847 968 1,758
Operating income (loss) 2,998 3,087 236 (612) 761
Net income (loss) 2,899 3,079 1,194 (1,031) 190
Net income (loss) attributable to Micron 2,899 3,045 1,190 (1,032) 167
Diluted earnings (loss) per share 2.47 2.54 1.13 (1.04) 0.17
Cash and short-term investments 3,521 4,534 3,101 2,559 2,160
Total current assets 8,596 10,245 8,911 5,758 5,832
Property, plant and equipment, net 10,554 8,682 7,626 7,103 7,555
Total assets 24,143 22,416 19,068 14,295 14,730
Total current liabilities 3,905 4,791 4,122 2,243 2,480
Long-term debt 6,252 4,893 4,406 3,005 1,839
Redeemable convertible notes 49 68 — — —
Total Micron shareholders’ equity 12,302 10,760 9,142 7,700 8,470
Noncontrolling interests in subsidiaries 937 802 864 717 1,382
Total equity 13,239 11,562 10,006 8,417 9,852
On July 31, 2013, we completed the MMJ Acquisition, in which we acquired Elpida, now known as MMJ, and a
controlling interest in Rexchip, now known as MMT. The MMJ Group's products include mobile DRAM targeted to mobile
phones and tablets and computing DRAM targeted to desktop PCs, servers, notebooks, and workstations. The MMJ
Acquisition included a 300mm DRAM wafer fabrication facility located in Hiroshima, Japan, a 300mm DRAM wafer
fabrication facility in Taichung City, Taiwan, and an assembly and test facility located in Akita, Japan. In connection with the
MMJ Acquisition, we recorded net assets of $2.60 billion, noncontrolling interests of $168 million, and a gain on the
transaction of $1.48 billion in 2013. (See "Item 8. Financial Statements and Supplementary Data – Notes to Consolidated
Financial Statements – Micron Memory Japan, Inc.")
We entered into a joint venture relationship with Intel to form IMFT in 2006 and IM Flash Singapore, LLP ("IMFS") in
2007 to manufacture NAND Flash memory products for the exclusive use of the members. We have owned 51% of IMFT from
inception through September 3, 2015. Our ownership percentage of IMFS had increased from 51% at inception to 82% as of
April 6, 2012 due to a series of contributions by us that were not fully matched by Intel. On April 6, 2012, we entered into a
series of agreements with Intel to restructure IMFT and IMFS, in which we acquired Intel's remaining 18% interest in IMFS for
$466 million. In addition, we acquired IMFT's assets located at our Virginia wafer fabrication facility, for which Intel received
a distribution from IMFT of $139 million. For both transactions, the amounts Intel received approximated the book values of
Intel's interests in the assets acquired. We consolidate IMFT (and IMFS through April 6, 2012) and report Intel's ownership
interests as noncontrolling interests in subsidiaries. (See "Item 8. Financial Statements and Supplementary Data – Notes to
Consolidated Financial Statements – Equity – Noncontrolling Interests in Subsidiaries – IMFT.")