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Analysis of Revenues
Advanced level
Accounting Policy on Revenue Recognition
Revenue is primarily recognized at a point in time when control of the promised goods is transferred to the customers in an amount that reflects the consideration Micron expects to be entitled to in exchange for those goods. Contracts with Micron’s customers are generally short-term in duration at fixed, negotiated prices with payment generally due shortly after delivery. Micron estimates a liability for returns using the expected value method based on historical rates of return. In addition, Micron generally offers price protection to the distributors, which is a form of variable consideration that decreases the transaction price. Micron uses the expected value method, based on historical price adjustments and current pricing trends, to estimate the amount of revenue recognized from sales to distributors. Differences between the estimated and actual amounts are recognized as adjustments to revenue.
Source: 10-K (filing date: 2019-10-17).
Revenues as Reported
Micron Technology Inc., Income Statement, Revenues
US$ in millions
Based on: 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), 10-K (filing date: 2014-10-27).
| Item | Description | The company |
|---|---|---|
| Revenue | Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). | Micron Technology Inc.’s revenue increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level. |