Crucial 2015 Annual Report Download - page 49

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47
MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
For the year ended September 3,
2015 August 28,
2014 August 29,
2013
Cash flows from operating activities
Net income $ 2,899 $ 3,079 $ 1,194
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation expense and amortization of intangible assets 2,667 2,103 1,804
Amortization of debt discount and other costs 138 167 122
Stock-based compensation 168 115 91
(Gain) loss from currency hedges, net 64 27 222
Loss on restructure of debt 49 195 31
Noncash restructure and asset impairment, net 1 (17) 106
(Gain) on MMJ Acquisition — 33 (1,484)
Equity in net (income) loss of equity method investees (447) (474) 83
Gain from Inotera issuance of shares (3) (97) (48)
Gain from disposition of interest in Aptina (1) (119) —
Change in operating assets and liabilities:
Receivables 393 (518) (409)
Inventories 116 194 83
Accounts payable and accrued expenses (691) 671 28
Deferred income taxes, net 168 68 (7)
Other noncurrent liabilities (16) 243 (15)
Other (297) 29 10
Net cash provided by operating activities 5,208 5,699 1,811
Cash flows from investing activities
Purchases of available-for-sale securities (4,392) (1,063) (924)
Expenditures for property, plant and equipment (4,021) (3,107) (1,442)
Payments to settle hedging activities (132) (26) (253)
(Increase) decrease in restricted cash (15) 536 —
Proceeds from sales and maturities of available-for-sale securities 2,248 557 678
Cash received from disposition of interest in Aptina 1 105 —
Other 79 96 31
Net cash provided by (used for) investing activities (6,232) (2,902) (1,910)
Cash flows from financing activities
Repayments of debt (2,329) (3,843) (743)
Cash paid to acquire treasury stock (884) (76) (5)
Payments on equipment purchase contracts (95) (30) (16)
Proceeds from issuance of debt 2,212 2,212 1,121
Proceeds from equipment sale-leaseback transactions 291 14 126
Contributions from noncontrolling interests 142 102 11
Proceeds from issuance of stock under equity plans 73 265 150
Other (128) (143) (124)
Net cash provided by (used for) financing activities (718) (1,499) 520
Effect of changes in currency exchange rates on cash and equivalents (121) (28) —
Net increase (decrease) in cash and equivalents (1,863) 1,270 421
Cash and equivalents at beginning of period 4,150 2,880 2,459
Cash and equivalents at end of period $ 2,287 $ 4,150 $ 2,880
Supplemental disclosures
Income taxes refunded (paid), net $ (63) $ (43) $ 4
Interest paid, net of amounts capitalized (226) (163) (107)
Noncash investing and financing activities:
Exchange of convertible notes — 756 —
Acquisition of noncontrolling interest — 127 —
See accompanying notes to consolidated financial statements.