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Micron Technology, Inc., Reports Results For The Fourth Quarter And 2012 Fiscal Year

Stocks in this article: MU

(3)   Other non-operating income for fiscal 2012 included $35 million in net gains from the disposition of noncurrent equity investments. Other non-operating income for fiscal 2011 included $15 million for the termination of the company's debt guarantee obligation recorded in connection with the acquisition of Numonyx and a $111 million loss recognized in connection with a series of debt restructure transactions with certain holders of the company's convertible notes.

(4)   Income taxes for the third quarter and full fiscal 2012 included a tax benefit of $42 million and $56 million, respectively, related to the favorable resolution of certain prior year tax matters, which were previously reserved as uncertain tax positions.Income taxes in fiscal 2011 included a net charge of $74 million, of which $27 million was related to the gain on the disposition of the Japan Fab and $47 million was to record a valuation allowance against certain remaining deferred tax assets at the company's Japanese subsidiary. Income taxes in fiscal 2011 also included charges of $45 million in connection with the Samsung license agreement and $19 million to reduce net deferred tax assets in connection with changes in certain tax rates. Remaining taxes in fiscal 2012 and 2011 primarily reflect taxes on the company's non-U.S. operations. The company has a valuation allowance for its net deferred tax asset associated with its U.S. operations. Taxes attributable to the company's U.S. operations in fiscal 2012 and 2011 were substantially offset by changes in the valuation allowance.

(5)   As a result of the ongoing challenging global environment in the solar industry and unfavorable worldwide supply and demand conditions, on May 25, 2012, the Board of Directors of Transform Solar Pty Ltd. ("Transform"), an equity method investment of the company, approved a liquidation plan. As a result of the liquidation plan, the company recognized a charge in the third quarter of fiscal 2012 of $69 million.

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