A Dark Vector Cognition product

Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

20172016201520142013
(in millions except per share amounts)
Net sales$20,322$12,399$16,192$16,358$9,073
Gross margin8,4362,5055,2155,4371,847
Operating income5,8681682,9983,087236
Net income (loss)5,090(275)2,8993,0791,194
Net income (loss) attributable to Micron5,089(276)2,8993,0451,190
Diluted earnings (loss) per share4.41(0.27)2.472.541.13
Cash and short-term investments5,4284,3983,5214,5343,101
Total current assets12,4579,4958,59610,2458,911
Property, plant, and equipment, net19,43114,68610,5548,6827,626
Total assets35,33627,54024,14322,41619,068
Total current liabilities5,3344,8353,9054,7914,122
Long-term debt9,8729,1546,2524,8934,406
Redeemable convertible notes21—4968—
Total Micron shareholders’ equity18,62112,08012,30210,7609,142
Noncontrolling interests in subsidiaries849848937802864
Total equity19,47012,92813,23911,56210,006

Through December 6, 2016, we held a 33% ownership interest in Inotera (now known as MTTW), Nanya and certain of its affiliates held a 32% ownership interest, and the remaining ownership interest was publicly held. On December 6, 2016, we acquired the 67% remaining interest in Inotera and began consolidating Inotera's operating results. Inotera manufactures DRAM products at its 300mm wafer fabrication facility in Taoyuan City, Taiwan, and previously sold such 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.

On July 31, 2013, we completed the MMJ acquisition, in which we acquired Elpida, now known as MMJ, and a controlling interest in Rexchip Electronics Corporation, now known as MMT. The MMJ Group's products include mobile DRAM targeted to mobile phones and tablets and computing DRAM targeted to desktop PCs, servers, notebooks, and workstations. The MMJ acquisition included a 300mm DRAM wafer fabrication facility located in Hiroshima, Japan, a 300mm DRAM wafer fabrication facility in Taichung City, Taiwan, and an assembly and test facility located in Akita, Japan. We recorded a gain on the transaction of $1.48 billion in 2013.

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