Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is listed on The Nasdaq Global Select Market under the trading symbol “MU.”
Holders of Record
As of October 9, 2020, there were 1,942 shareholders of record of our common stock.
Equity Compensation Plan Information
The information required by this item is incorporated by reference from the information to be included in our 2020 Proxy Statement under the section entitled “Equity Compensation Plan Information,” which will be filed with the SEC within 120 days after September 3, 2020.
Issuer Purchase of Equity Securities
Common Stock Repurchase Authorization
In May 2018, we announced that our Board of Directors authorized the discretionary repurchase of up to $10 billion of our outstanding common stock through open-market purchases, block trades, privately-negotiated transactions, derivative transactions, and/or pursuant to Rule 10b5-1 trading plans. The repurchase authorization has no expiration date, does not obligate us to acquire any common stock, and is subject to market conditions and our ongoing determination of the best use of available cash.
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Period Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Maximum number (or approximate dollar value) of shares that may yet be purchased under publicly announced plans or programs
May 29, 2020 – July 2, 2020 824,339 $ 49.91 824,339
July 3, 2020 – July 30, 2020 — — —
July 31, 2020 – September 3, 2020 — — —
824,339 $ 49.91 824,339 $7,162,264,784
Shares of common stock withheld as payment of withholding taxes and exercise prices in connection with the vesting or exercise of equity awards are also treated as common stock repurchases. Those withheld shares of common stock are not considered common stock repurchases under an authorized common stock repurchase plan and accordingly are excluded from the amounts in the table above.
Performance Graph
The following graph illustrates a five-year comparison of cumulative total returns for our common stock, the S&P 500 Composite Index, and the Philadelphia Semiconductor Index (SOX) from August 31, 2015, through August 31, 2020. We operate on a 52 or 53 week fiscal year which ends on the Thursday closest to August 31. Accordingly, the last day of our fiscal year varies. For consistent presentation and comparison to the industry indices shown herein, we have calculated our stock performance graph assuming an August 31 year end.
Note: Management cautions that the stock price performance information shown in the graph above may not be indicative of current stock price levels or future stock price performance.
The performance graph above assumes $100 was invested on August 31, 2015 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:
2015 2016 2017 2018 2019 2020
Micron Technology, Inc. $ 100 $ 100 $ 195 $ 320 $ 276 $ 277
S&P 500 Composite Index 100 113 131 157 161 196
Philadelphia Semiconductor Index (SOX) 100 134 189 242 265 405
33 | 2020 10-K
ITEM 6. SELECTED FINANCIAL DATA
2020 2019 2018 2017 2016
(in millions, except per share amounts)
Revenue $ 21,435 $ 23,406 $ 30,391 $ 20,322 $ 12,399
Gross margin 6,552 10,702 17,891 8,436 2,505
Operating income 3,003 7,376 14,994 5,868 168
Net income (loss) 2,710 6,358 14,138 5,090 (275)
Net income (loss) attributable to Micron 2,687 6,313 14,135 5,089 (276)
Diluted earnings (loss) per share 2.37 5.51 11.51 4.41 (0.27)
Cash and short-term investments 8,142 7,955 6,802 5,428 4,398
Total current assets 17,965 16,503 16,039 12,457 9,495
Property, plant, and equipment 31,031 28,240 23,672 19,431 14,686
Total assets 53,678 48,887 43,376 35,336 27,540
Total current liabilities 6,635 6,390 5,754 5,334 4,835
Long-term debt 6,373 4,541 3,777 9,872 9,154
Total Micron shareholders’ equity 38,996 35,881 32,294 18,621 12,080
Noncontrolling interests in subsidiaries — 889 870 849 848
Total equity 38,996 36,770 33,164 19,470 12,928
On October 31, 2019, we purchased Intel’s noncontrolling interest in IMFT, now known as MTU, and IMFT Member Debt for $1.25 billion. See “Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Debt” and “– Equity.”
In December 2016, we acquired the 67% remaining interest in Inotera and began consolidating Inotera's operating results. In the periods presented above through December 2016, Inotera sold DRAM products exclusively to us through supply agreements. The cash paid for the Inotera Acquisition was funded, in part, with a term loan of 80 billion New Taiwan dollars and $986 million from the sale of 58 million shares of our common stock.