Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA



	2018		2017		2016			2015		2014

	(in millions except per share amounts)
Net sales	$	30,391	$	20,322	$	12,399		$	16,192	$	16,358
Gross margin	17,891		8,436		2,505			5,215		5,437
Operating income	14,994		5,868		168			2,998		3,087
Net income (loss)	14,138		5,090		(275		)	2,899		3,079
Net income (loss) attributable to Micron	14,135		5,089		(276		)	2,899		3,045
Diluted earnings (loss) per share	11.51		4.41		(0.27		)	2.47		2.54

Cash and short-term investments	6,802		5,428		4,398			3,521		4,534
Total current assets	16,039		12,457		9,495			8,596		10,245
Property, plant, and equipment	23,672		19,431		14,686			10,554		8,682
Total assets	43,376		35,336		27,540			24,143		22,416
Total current liabilities	5,754		5,334		4,835			3,905		4,791
Long-term debt	3,777		9,872		9,154			6,252		4,893
Redeemable convertible notes	3		21		—			49		68
Redeemable noncontrolling interest	97		—		—			—		—
Total Micron shareholders’ equity	32,294		18,621		12,080			12,302		10,760
Noncontrolling interests in subsidiaries	870		849		848			937		802
Total equity	33,164		19,470		12,928			13,239		11,562

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. (See Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Acquisition of Inotera."

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