Analysis of Income Taxes
- Income Tax Expense (Benefit)
- Effective Income Tax Rate (EITR)
- Components of Deferred Tax Assets and Liabilities
- Deferred Tax Assets and Liabilities, Classification
- Adjustments to Financial Statements: Removal of Deferred Taxes
- Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
- Adjusted Current Ratio
- Adjusted Net Profit Margin
- Adjusted Total Asset Turnover
- Adjusted Financial Leverage
- Adjusted Return on Equity (ROE)
- Adjusted Return on Assets (ROA)
Income Tax Expense (Benefit)
Micron Technology Inc., income tax expense (benefit), continuing operations
US$ in millions
Based on: 10-K (filing date: 2020-10-19), 10-K (filing date: 2019-10-17), 10-K (filing date: 2018-10-15), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-27).
Item | Description | The company |
---|---|---|
Current | Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. | Micron Technology Inc.’s current decreased from 2018 to 2019 and from 2019 to 2020. |
Deferred | Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. | Micron Technology Inc.’s deferred increased from 2018 to 2019 but then slightly decreased from 2019 to 2020. |
Income tax provision | Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Micron Technology Inc.’s income tax provision increased from 2018 to 2019 but then slightly decreased from 2019 to 2020 not reaching 2018 level. |
Effective Income Tax Rate (EITR)
Micron Technology Inc., effective income tax rate (EITR) reconciliation
Based on: 10-K (filing date: 2020-10-19), 10-K (filing date: 2019-10-17), 10-K (filing date: 2018-10-15), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-27).
Item | Description | The company |
---|---|---|
Effective income tax rate, before the Tax Act | Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Micron Technology Inc.’s effective income tax rate, before the Tax Act increased from 2018 to 2019 but then slightly decreased from 2019 to 2020. |
Components of Deferred Tax Assets and Liabilities
Micron Technology Inc., components of deferred tax assets and liabilities
US$ in millions
Based on: 10-K (filing date: 2020-10-19), 10-K (filing date: 2019-10-17), 10-K (filing date: 2018-10-15), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-27).
Item | Description | The company |
---|---|---|
Gross deferred tax assets | Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Micron Technology Inc.’s gross deferred tax assets decreased from 2018 to 2019 and from 2019 to 2020. |
Deferred tax assets, net of valuation allowance | Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Micron Technology Inc.’s deferred tax assets, net of valuation allowance decreased from 2018 to 2019 and from 2019 to 2020. |
Net deferred tax assets (liabilities) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. | Micron Technology Inc.’s net deferred tax assets (liabilities) decreased from 2018 to 2019 and from 2019 to 2020. |
Deferred Tax Assets and Liabilities, Classification
Micron Technology Inc., deferred tax assets and liabilities, classification
US$ in millions
Based on: 10-K (filing date: 2020-10-19), 10-K (filing date: 2019-10-17), 10-K (filing date: 2018-10-15), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-27).
Item | Description | The company |
---|---|---|
Deferred tax assets | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. | Micron Technology Inc.’s deferred tax assets decreased from 2018 to 2019 and from 2019 to 2020. |
Deferred tax liabilities (included in Other noncurrent liabilities) | Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. | Micron Technology Inc.’s deferred tax liabilities (included in Other noncurrent liabilities) increased from 2018 to 2019 and from 2019 to 2020. |
Adjustments to Financial Statements: Removal of Deferred Taxes
Micron Technology Inc., adjustments to financial statements
US$ in millions
Based on: 10-K (filing date: 2020-10-19), 10-K (filing date: 2019-10-17), 10-K (filing date: 2018-10-15), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-27).
Micron Technology Inc., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Micron Technology Inc., adjusted financial ratios
Based on: 10-K (filing date: 2020-10-19), 10-K (filing date: 2019-10-17), 10-K (filing date: 2018-10-15), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-27).
Financial ratio | Description | The company |
---|---|---|
Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. | Micron Technology Inc.’s adjusted current ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 not reaching 2018 level. |
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Micron Technology Inc.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 and from 2019 to 2020. |
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Micron Technology Inc.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020. |
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Micron Technology Inc.’s adjusted financial leverage ratio increased from 2018 to 2019 and from 2019 to 2020. |
Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Micron Technology Inc.’s adjusted ROE deteriorated from 2018 to 2019 and from 2019 to 2020. |
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Micron Technology Inc.’s adjusted ROA deteriorated from 2018 to 2019 and from 2019 to 2020. |
Micron Technology Inc., Financial Ratios: Reported vs. Adjusted
Adjusted Current Ratio
Based on: 10-K (filing date: 2020-10-19), 10-K (filing date: 2019-10-17), 10-K (filing date: 2018-10-15), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-27).
2020 Calculations
1 Current ratio = Current assets ÷ Current liabilities
= 17,965 ÷ 6,635 = 2.71
2 Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 17,965 ÷ 6,635 = 2.71
Liquidity ratio | Description | The company |
---|---|---|
Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. | Micron Technology Inc.’s adjusted current ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 not reaching 2018 level. |
Adjusted Net Profit Margin
Based on: 10-K (filing date: 2020-10-19), 10-K (filing date: 2019-10-17), 10-K (filing date: 2018-10-15), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-27).
2020 Calculations
1 Net profit margin = 100 × Net income (loss) attributable to Micron ÷ Revenue
= 100 × 2,687 ÷ 21,435 = 12.54%
2 Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to Micron ÷ Revenue
= 100 × 2,797 ÷ 21,435 = 13.05%
Profitability ratio | Description | The company |
---|---|---|
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Micron Technology Inc.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 and from 2019 to 2020. |
Adjusted Total Asset Turnover
Based on: 10-K (filing date: 2020-10-19), 10-K (filing date: 2019-10-17), 10-K (filing date: 2018-10-15), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-27).
2020 Calculations
1 Total asset turnover = Revenue ÷ Total assets
= 21,435 ÷ 53,678 = 0.40
2 Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 21,435 ÷ 52,971 = 0.40
Activity ratio | Description | The company |
---|---|---|
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Micron Technology Inc.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020. |
Adjusted Financial Leverage
Based on: 10-K (filing date: 2020-10-19), 10-K (filing date: 2019-10-17), 10-K (filing date: 2018-10-15), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-27).
2020 Calculations
1 Financial leverage = Total assets ÷ Total Micron shareholders’ equity
= 53,678 ÷ 38,996 = 1.38
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Micron shareholders’ equity
= 52,971 ÷ 38,298 = 1.38
Solvency ratio | Description | The company |
---|---|---|
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Micron Technology Inc.’s adjusted financial leverage ratio increased from 2018 to 2019 and from 2019 to 2020. |
Adjusted Return on Equity (ROE)
Based on: 10-K (filing date: 2020-10-19), 10-K (filing date: 2019-10-17), 10-K (filing date: 2018-10-15), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-27).
2020 Calculations
1 ROE = 100 × Net income (loss) attributable to Micron ÷ Total Micron shareholders’ equity
= 100 × 2,687 ÷ 38,996 = 6.89%
2 Adjusted ROE = 100 × Adjusted net income (loss) attributable to Micron ÷ Adjusted total Micron shareholders’ equity
= 100 × 2,797 ÷ 38,298 = 7.30%
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Micron Technology Inc.’s adjusted ROE deteriorated from 2018 to 2019 and from 2019 to 2020. |
Adjusted Return on Assets (ROA)
Based on: 10-K (filing date: 2020-10-19), 10-K (filing date: 2019-10-17), 10-K (filing date: 2018-10-15), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-27).
2020 Calculations
1 ROA = 100 × Net income (loss) attributable to Micron ÷ Total assets
= 100 × 2,687 ÷ 53,678 = 5.01%
2 Adjusted ROA = 100 × Adjusted net income (loss) attributable to Micron ÷ Adjusted total assets
= 100 × 2,797 ÷ 52,971 = 5.28%
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Micron Technology Inc.’s adjusted ROA deteriorated from 2018 to 2019 and from 2019 to 2020. |