BEST BUY CO INC, 10-Q filed on 9/6/2012
Quarterly Report
Document and Entity Information Document
6 Months Ended
Aug. 4, 2012
Aug. 31, 2012
Document Information [Line Items]
 
 
Entity Registrant Name
BEST BUY CO INC 
 
Current Fiscal Year End Date
--02-02 
 
Document Fiscal Year Focus
2013 
 
Amendment Flag
false 
 
Entity Current Reporting Status
Yes 
 
Entity Common Stock, Shares Outstanding
 
336,667,475 
Document Fiscal Period Focus
Q2 
 
Document Type
10-Q 
 
Entity Central Index Key
0000764478 
 
Document Period End Date
Aug. 04, 2012 
 
Entity Filer Category
Large Accelerated Filer 
 
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Millions, unless otherwise specified
Aug. 4, 2012
Mar. 3, 2012
Jul. 30, 2011
CURRENT ASSETS
 
 
 
Cash and cash equivalents
$ 680 
$ 1,199 
$ 2,079 
Short-term investments
80 
Receivables
2,135 
2,288 
1,868 
Merchandise inventories
6,299 
5,731 
6,784 
Other current assets
1,070 
1,079 
1,080 
Total current assets
10,184 
10,297 
11,891 
PROPERTY AND EQUIPMENT, NET
3,407 
3,471 
3,781 
GOODWILL
1,342 
1,335 
2,507 
TRADENAMES, NET
130 
130 
136 
CUSTOMER RELATIONSHIPS, NET
221 
229 
179 
EQUITY AND OTHER INVESTMENTS
91 
140 
316 
OTHER ASSETS
474 
403 
486 
TOTAL ASSETS
15,849 
16,005 
19,296 
CURRENT LIABILITIES
 
 
 
Accounts payable
6,055 
5,364 
6,178 
Unredeemed gift card liabilities
385 
456 
426 
Accrued compensation and related expenses
464 
539 
507 
Accrued liabilities
1,476 
1,685 
1,556 
Accrued income taxes
288 
37 
Short-term debt
519 
480 
392 
Current portion of long-term debt
542 
43 
444 
Total current liabilities
9,448 
8,855 
9,540 
LONG-TERM LIABILITIES
1,125 
1,099 
1,168 
LONG-TERM DEBT
1,165 
1,685 
1,701 
Best Buy Co., Inc. Shareholders’ Equity
 
 
 
Preferred stock, $1.00 par value: Authorized - 400,000 shares; Issued and outstanding - none
Common stock, $0.10 par value: Authorized — 1.0 billion shares; Issued and outstanding — 336,530,000, 341,400,000 and 370,102,000 shares, respectively
34 
34 
37 
Additional paid-in capital
Retained earnings
3,395 
3,621 
5,846 
Accumulated other comprehensive income
86 
90 
281 
Total Best Buy Co., Inc. shareholders' equity
3,515 
3,745 
6,164 
Noncontrolling interests
596 
621 
723 
Total equity
4,111 
4,366 
6,887 
TOTAL LIABILITIES AND EQUITY
$ 15,849 
$ 16,005 
$ 19,296 
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $)
Aug. 4, 2012
Mar. 3, 2012
Jul. 30, 2011
Preferred stock, par value (in dollars per share)
$ 1.00 
$ 1.00 
$ 1.00 
Preferred stock, Authorized shares
400,000 
400,000 
400,000 
Preferred stock, Issued shares
Preferred stock, outstanding shares
Common stock, par value (in dollars per share)
$ 0.10 
$ 0.10 
$ 0.10 
Common stock, Authorized shares
1,000,000,000 
1,000,000,000 
1,000,000,000 
Common stock, Issued shares
336,530,000 
341,400,000 
370,102,000 
Common stock, outstanding shares
336,530,000 
341,400,000 
370,102,000 
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Aug. 4, 2012
Jul. 30, 2011
Aug. 4, 2012
Jul. 30, 2011
Revenue
$ 10,547 
$ 10,856 
$ 22,157 
$ 22,225 
Cost of goods sold
7,983 
8,094 
16,686 
16,542 
Gross profit
2,564 
2,762 
5,471 
5,683 
Selling, general and administrative expenses
2,440 
2,502 
4,958 
4,959 
Restructuring charges
91 
218 
Operating income
33 
260 
295 
720 
Other income (expense)
 
 
 
 
Investment income and other
12 
25 
Interest expense
(30)
(33)
(63)
(61)
Earnings from continuing operations before income tax expense and equity in loss of affiliates
235 
244 
684 
Income tax expense
14 
87 
86 
242 
Equity in loss of affiliates
(2)
(4)
(1)
Net (loss) earnings from continuing operations
(7)
148 
154 
441 
Loss from discontinued operations (Note 3), net of tax (expense) benefit of ($3), $12, $3 and $32
(37)
(9)
(91)
Net (loss) earnings including noncontrolling interests
(7)
111 
145 
350 
Net loss (earnings) from continuing operations attributable to noncontrolling interests
19 
19 
(36)
Net loss from discontinued operations attributable to noncontrolling interests
15 
26 
Net earnings (loss) attributable to Best Buy Co., Inc.
12 
128 
170 
340 
Basic (loss) earnings per share attributable to Best Buy Co., Inc.
 
 
 
 
Continuing operations
$ 0.04 
$ 0.40 
$ 0.51 
$ 1.06 
Discontinued operations
$ 0.00 
$ (0.06)
$ (0.01)
$ (0.17)
Basic earnings per share
$ 0.04 
$ 0.34 
$ 0.50 
$ 0.89 
Diluted (loss) earnings per share attributable to Best Buy Co., Inc.
 
 
 
 
Continuing operations
$ 0.04 
$ 0.39 
$ 0.51 
$ 1.04 
Discontinued operations
$ 0.00 
$ (0.05)
$ (0.01)
$ (0.17)
Diluted earnings per share
$ 0.04 
$ 0.34 
$ 0.50 
$ 0.87 
Dividends declared per common share (in dollars per share)
$ 0.16 
$ 0.15 
$ 0.32 
$ 0.30 
Weighted-average common shares outstanding (in millions)
 
 
 
 
Basic (in shares)
338.2 
376.0 
340.3 
383.6 
Diluted (in shares)
338.6 
385.6 
341.0 
393.3 
Comprehensive (loss) income including noncontrolling interests
(39)
123 
157 
505 
Comprehensive loss (income) attributable to noncontrolling interests
39 
12 
25 
(37)
Comprehensive income attributable to Best Buy Co., Inc.
$ 0 
$ 135 
$ 182 
$ 468 
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (PARENTHETICAL) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Aug. 4, 2012
Jul. 30, 2011
Aug. 4, 2012
Jul. 30, 2011
Income tax (expense) benefit
$ (3)
$ 12 
$ 3 
$ 32 
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $)
In Millions, unless otherwise specified
Total
Total Best Buy Co., Inc. [Member]
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Noncontrolling Interests [Member]
Beginning balances at Jan. 29, 2011
$ 7,139 
$ 6,449 
$ 39 
$ 0 
$ 6,257 
$ 153 
$ 690 
Beginning balances (in shares) at Jan. 29, 2011
 
 
393 
 
 
 
 
Increase (Decrease) in Shareholders' Equity
 
 
 
 
 
 
 
Adjustment for fiscal year-end change (note 2) (in shares)
 
 
 
 
 
 
Adjustment for fiscal year-end change (note 2)
(153)
(153)
(18)
(115)
(20)
Ending balances at Feb. 26, 2011
7,292 
6,602 
39 
18 
6,372 
173 
690 
Ending balances (in shares) at Feb. 26, 2011
 
 
393 
 
 
 
 
Beginning balances at Jan. 29, 2011
7,139 
6,449 
39 
6,257 
153 
690 
Beginning balances (in shares) at Jan. 29, 2011
 
 
393 
 
 
 
 
Increase (Decrease) in Shareholders' Equity
 
 
 
 
 
 
 
Net earnings, six months ended
350 
340 
340 
10 
Foreign currency translation adjustments
152 
127 
127 
25 
Unrealized losses (gains) on available-for-sale investments
Cash flow hedging instruments - unrealized gains (losses)
Dividend distribution
(4)
(4)
Stock-based compensation
67 
67 
67 
Stock options exercised (in shares)
 
 
 
 
 
 
Stock options exercised
28 
28 
28 
Issuance of common stock under employee stock purchase plan (in shares)
 
 
 
 
 
 
Issuance of common stock under employee stock purchase plan
23 
23 
23 
Tax benefit (deficit) from stock options exercised, restricted stock vesting and employee stock purchase plan
(8)
(8)
(8)
Common stock dividends, $0.32 per share during the period ended August 4, 2012 and $0.30 per share during the period ended July 30, 2011, respectively
(113)
(113)
(113)
Repurchase of common stock (in shares)
 
 
(25)
 
 
 
 
Repurchase of common stock
(750)
(750)
(2)
(110)
(638)
Ending balances at Jul. 30, 2011
6,887 
6,164 
37 
5,846 
281 
723 
Ending balances (in shares) at Jul. 30, 2011
 
 
370 
 
 
 
 
Beginning balances at Jan. 28, 2012
4,242 
3,621 
34 
3,513 
74 
621 
Beginning balances (in shares) at Jan. 28, 2012
 
 
346 
 
 
 
 
Increase (Decrease) in Shareholders' Equity
 
 
 
 
 
 
 
Adjustment for fiscal year-end change (note 2) (in shares)
 
 
 
 
 
 
Adjustment for fiscal year-end change (note 2)
(124)
(124)
(108)
(16)
Ending balances at Mar. 03, 2012
4,366 
3,745 
34 
3,621 
90 
621 
Ending balances (in shares) at Mar. 03, 2012
 
 
341 
 
 
 
 
Beginning balances at Jan. 28, 2012
4,242 
3,621 
34 
3,513 
74 
621 
Beginning balances (in shares) at Jan. 28, 2012
 
 
346 
 
 
 
 
Increase (Decrease) in Shareholders' Equity
 
 
 
 
 
 
 
Net earnings, six months ended
145 
170 
170 
   
(25)
Foreign currency translation adjustments
Unrealized losses (gains) on available-for-sale investments
Stock-based compensation
64 
64 
64 
Stock options exercised (in shares)
 
 
 
 
 
 
Stock options exercised
Issuance of common stock under employee stock purchase plan (in shares)
 
 
 
 
 
 
Issuance of common stock under employee stock purchase plan
14 
14 
14 
Tax benefit (deficit) from stock options exercised, restricted stock vesting and employee stock purchase plan
(23)
(23)
(15)
(8)
Common stock dividends, $0.32 per share during the period ended August 4, 2012 and $0.30 per share during the period ended July 30, 2011, respectively
(107)
(107)
(107)
Repurchase of common stock (in shares)
 
 
(11)
 
 
 
 
Repurchase of common stock
(237)
(237)
(64)
(173)
Ending balances at Aug. 04, 2012
$ 4,111 
$ 3,515 
$ 34 
$ 0 
$ 3,395 
$ 86 
$ 596 
Ending balances (in shares) at Aug. 04, 2012
 
 
337 
 
 
 
 
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (PARENTHETICAL)
3 Months Ended 6 Months Ended
Aug. 4, 2012
Jul. 30, 2011
Aug. 4, 2012
Jul. 30, 2011
Statement of Stockholders' Equity [Abstract]
 
 
 
 
Dividends declared per common share (in dollars per share)
$ 0.16 
$ 0.15 
$ 0.32 
$ 0.30 
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
6 Months Ended
Aug. 4, 2012
Jul. 30, 2011
OPERATING ACTIVITIES
 
 
Net earnings including noncontrolling interests
$ 145 
$ 350 
Adjustments to reconcile net earnings including noncontrolling interests to total cash (used in) provided by operating activities
 
 
Depreciation
445 
448 
Amortization of definite-lived intangible assets
20 
30 
Restructuring charges
223 
33 
Stock-based compensation
64 
67 
Deferred income taxes
(88)
(54)
Other, net
21 
Changes in operating assets and liabilities
 
 
Receivables
300 
476 
Merchandise inventories
512 
659 
Other assets
(139)
(46)
Accounts payable
(834)
(501)
Other liabilities
(575)
(119)
Income taxes
(316)
(178)
Total cash provided by (used in) operating activities
(222)
1,169 
INVESTING ACTIVITIES
 
 
Additions to property and equipment
(316)
(377)
Purchases of investments
(11)
(107)
Sales of investments
64 
73 
Change in restricted assets
73 
(31)
Other, net
(5)
Total cash provided by (used in) investing activities
(195)
(442)
FINANCING ACTIVITIES
 
 
Repurchase of common stock
(255)
(737)
Borrowings of debt
592 
2,027 
Repayments of debt
(569)
(1,218)
Dividends paid
(109)
(115)
Issuance of common stock under employee stock purchase plan and for the exercise of stock options
15 
51 
Other, net
(8)
(12)
Total cash provided by (used in) financing activities
(334)
(4)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
30 
18 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS BEFORE ADJUSTMENT
(721)
741 
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$ 680 
$ 2,079 
Basis of Presentation
Basis of Presentation
Basis of Presentation
 
Unless the context otherwise requires, the use of the terms “Best Buy,” “we,” “us,” and “our” in these Notes to Condensed Consolidated Financial Statements refers to Best Buy Co., Inc. and its consolidated subsidiaries.
 
In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary for a fair presentation as prescribed by accounting principles generally accepted in the United States (“GAAP”). All adjustments were comprised of normal recurring adjustments, except as noted in these Notes to Condensed Consolidated Financial Statements.
 
Historically, we have realized more of our revenue and earnings in the fiscal fourth quarter, which includes the majority of the holiday shopping season in the U.S., Europe and Canada than in any other fiscal quarter. Due to the seasonal nature of our business, interim results are not necessarily indicative of results for the entire fiscal year. The interim financial statements and the related notes in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended March 3, 2012.
 
Beginning in the first quarter of fiscal 2013, we changed our fiscal year-end. As a result of the change in our fiscal year-end, the comparable prior year financial statements have been recast to conform to the new fiscal calendar. The second quarter of fiscal 2013 included 13 weeks and the recast second quarter of 2012 included 13 weeks. The first six months of fiscal 2013 included 27 weeks and the recast six months of 2012 included 26 weeks. See Note 2, Fiscal Year-end Change, for further information.
 
In order to align our fiscal reporting periods and comply with statutory filing requirements in certain foreign jurisdictions, we consolidate the financial results of our Europe, China, and Mexico operations ("lag entities") on a one-month lag. Our policy is to accelerate recording the effect of events occurring in the lag period that significantly affect our consolidated financial statements. There were no significant intervening events which would have materially affected our financial condition, results of operations or liquidity had they been recorded during the three months ended August 4, 2012.
 
In preparing the accompanying condensed consolidated financial statements, we evaluated the period from August 5, 2012 through the date the financial statements were issued, for material subsequent events requiring recognition or disclosure. Other than the appointment of a new President and Chief Executive Officer, as described in Note 15, Subsequent Event, no such events were identified for this period.

New Accounting Standards
 
Goodwill Impairment — In September 2011, the Financial Accounting Standards Board (“FASB”) issued new guidance on the testing of goodwill for impairment. Under the new guidance, entities may make a qualitative assessment of the likelihood of goodwill impairment in order to determine whether a detailed quantitative analysis is required. This new guidance is effective for fiscal years and interim periods beginning after December 15, 2011. Accordingly, we adopted the new guidance on March 4, 2012, and determined that it did not have an impact on our consolidated financial position, results of operations, or cash flows.

Comprehensive Income — In June 2011, the FASB issued new guidance on the presentation of comprehensive income. Specifically, the new guidance requires an entity to present components of net income and other comprehensive income in one continuous statement, referred to as the statement of comprehensive income, or in two separate but consecutive statements. The new guidance eliminated the previous option to report other comprehensive income and its components in the statement of changes in equity. While the new guidance changed the presentation of comprehensive income, there are no changes to the components that are recognized in net income or other comprehensive income under current accounting guidance. This new guidance is effective for fiscal years and interim periods beginning after December 15, 2011. Accordingly, we adopted the new guidance on March 4, 2012, and have presented total comprehensive income in our Condensed Consolidated Statements of Earnings and Comprehensive Income.

Fair Value Measurement — In April 2011, the FASB issued new guidance to converge fair value measurement and disclosure guidance with International Financial Reporting Standards. This new guidance amended current fair value measurement and disclosure guidance to include increased transparency around valuation inputs and investment categorization. This new guidance is effective for fiscal years and interim periods beginning after December 15, 2011. Accordingly, we adopted the new guidance on March 4, 2012, and determined that it did not have an impact on our consolidated financial position, results of operations, or cash flows.
Fiscal Year-end Change
Fiscal Year-End Change
Fiscal Year-end Change

Beginning in the first quarter of fiscal 2013, we changed our fiscal year-end from the Saturday nearest the end of February to the Saturday nearest the end of January. As a result of this change, our fiscal year 2013 is an 11-month transition period ending on February 2, 2013. As a result of this change, in the first quarter of fiscal 2013, we also began consolidating the results of our Europe, China, and Mexico operations on a one-month lag, compared to a two-month lag in fiscal year 2012, to continue to align our fiscal reporting periods with statutory filing requirements.

In order to allow an immediate transition to our new fiscal calendar and to maintain transparency and comparability of financial information included in our quarterly Form 10-Q filings, we are presenting such quarterly information on a three- and six-month basis for both the current and prior fiscal years, in both instances based on the new fiscal calendar. Following the change to our fiscal calendar, the second quarter of fiscal 2013 is the three months ended August 4, 2012. Therefore, the Condensed Consolidated Statements of Earnings and Comprehensive Income, Consolidated Statements of Changes in Shareholders' Equity, and Consolidated Statements of Cash Flows reflect results for the three and six month periods ended August 4, 2012. The results for the six months ended August 4, 2012 include our fiscal month ended March 3, 2012 (“February 2012”) for operations that are not reported on a lag (primarily our Domestic segment and Canadian operations), which were also included in our results for the fiscal year ended March 3, 2012, included in our fiscal 2012 Form 10-K. The change in fiscal calendar does not impact our quarterly financial statements for our lag entities because the reduction in the lag period from two months to one month occurred concurrent with the change in our fiscal calendar.

The following table shows the fiscal months included in the second quarters of fiscal 2013 and 2012 under our new fiscal calendar, as well as the fiscal months included in the second quarter of fiscal 2012 under our previous fiscal calendar:
New Fiscal Calendar(1)
 
Previous Fiscal Calendar(1)
2013
 
2012
 
2012
May 2012 - July 2012
 
May 2011 - July 2011
 
June 2011 - August 2011
(1) 
For entities reported on a lag, the fiscal months included in the second quarters of fiscal 2013 and 2012 were April through June under both the new and previous fiscal calendars.

The Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Earnings and Comprehensive Income, Consolidated Statements of Changes in Shareholders' Equity, Consolidated Statements of Cash Flows, and corresponding Notes are presented based on the new fiscal calendar (August 4, 2012 for fiscal 2013 and July 30, 2011 for fiscal 2012) and the most recent audited fiscal year (March 3, 2012).

Results for February 2012 and February 2011

As a result of the overlap of February 2012 between the fourth quarter of fiscal 2012 (previous fiscal calendar) and the first quarter of fiscal 2013 (new fiscal calendar), $3,908 of revenue from February 2012 is included in our Condensed Consolidated Statements of Earnings and Comprehensive Income for the six months ended August 4, 2012, which was also included in our results for the fiscal year ended March 3, 2012, included in our fiscal 2012 Form 10-K.

The following table provides a summary of the adjustment to Retained earnings within the Consolidated Statements of Changes in Shareholders' Equity as a result of the overlap of February 2012 between the fourth quarter of fiscal 2012 (previous fiscal calendar) and the first quarter of fiscal 2013 (new fiscal calendar), as well as the equivalent overlap in the prior-year period. The primary components of the net reconciling item to Retained earnings include the net earnings from the Domestic segment and Canadian operations, offset by the impact of share repurchases which reduced Retained earnings upon their retirement.
 
February 2012
 
February 2011
Net earnings
$
206

 
$
115

Impact of share repurchases(1)
(98
)
 

Net reconciling item to Retained earnings
$
108

 
$
115

(1)
Share repurchases reduced Retained earnings after the Additional paid-in capital balance was reduced to zero during February 2012.

In addition, the Consolidated Statements of Cash Flows includes a net reconciling item (adjustment) for the cash flows as a result of the overlap described above. The total adjustment for the overlap of February 2012 was $202, primarily due to $135 of cash used in financing activities and $46 of cash used in investing activities. The total adjustment for February 2011 was $235, due almost entirely to $228 of cash used in operating activities. The adjustments for both periods included the effect of exchange rate changes on our cash balances.
Discontinued Operations
Discontinued Operations
Discontinued Operations

Discontinued operations comprise: (i) Napster operations within our Domestic segment; (ii) large-format Best Buy branded store operations in China, Turkey, and the United Kingdom ("U.K.") within our International segment; and (iii) The Phone House stores in Belgium within our International Segment. The presentation of discontinued operations has been retrospectively applied to all prior periods presented.

The financial results of discontinued operations for the three and six months ended August 4, 2012 and July 30, 2011, were as follows:
 
Three Months Ended
 
Six Months Ended
 
August 4, 2012
 
July 30, 2011
 
August 4, 2012
 
July 30, 2011
 
 
 
(recast)
 
 
 
(recast)
Revenue
$

 
$
89

 
$
8

 
$
217

 
 
 
 
 
 
 
 
Restructuring charges(1)
(1
)
 
1

 
5

 
29

 
 
 
 
 
 
 
 
Earnings (loss) from discontinued operations before income tax benefit
3

 
(53
)
 
(12
)
 
(127
)
Income tax (expense) benefit
(3
)
 
12

 
3

 
32

Gain on sale of discontinued operations

 
4

 

 
4

Net loss from discontinued operations, including noncontrolling interests

 
(37
)
 
(9
)
 
(91
)
Net loss from discontinued operations attributable to noncontrolling interests

 
15

 
6

 
26

Net loss from discontinued operations attributable to Best Buy Co., Inc.
$

 
$
(22
)
 
$
(3
)
 
$
(65
)
 
(1)  
See Note 7, Restructuring Charges, for further discussion of the restructuring charges associated with discontinued operations.
Investments
Investments
Investments
 
Investments were comprised of the following:
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
 
 
 
 
 
(recast)
Short-term investments
 

 
 

 
 

U.S. Treasury bills
$

 
$

 
$
80

 
 
 
 
 
 
Equity and other investments
 

 
 

 
 

Debt securities (auction rate securities)
22

 
82

 
91

Marketable equity securities
3

 
3

 
150

Other investments
66

 
55

 
75

Total equity and other investments
$
91

 
$
140

 
$
316


Debt Securities
 
Our debt securities are comprised of auction rate securities (“ARS”). ARS were intended to behave like short-term debt instruments because their interest rates reset periodically through an auction process, most commonly at intervals of 7, 28, and 35 days. The auction process had historically provided a means by which we could roll over the investment or sell these securities at par in order to provide us with liquidity, as needed. As a result, we classify our investments in ARS as available-for-sale and carry them at fair value.

In February 2008, auctions began to fail due to insufficient buyers, as the amount of securities submitted for sale in auctions exceeded the aggregate amount of the bids. For each failed auction, the interest rate on the security moves to a maximum rate specified for each security, and generally resets at a level higher than specified short-term interest rate benchmarks. To date, we have collected all interest due on our ARS and expect to continue to do so in the future. Due to persistent failed auctions and the uncertainty of when these investments could be liquidated at par, we have classified all of our investments in ARS as non-current assets within Equity and Other Investments in our Condensed Consolidated Balance Sheet as of August 4, 2012.
 
We sold $47 of ARS at par during the second quarter of fiscal 2013. However, at August 4, 2012, our entire remaining ARS portfolio, consisting of seven investments in ARS with an aggregate value at par of $24, was subject to failed auctions.
 
Our ARS portfolio consisted of the following, at fair value:
Description
 
Nature of collateral or guarantee
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
 
 
 
 
 
 
 
 
(recast)
Student loan bonds
 
Student loans guaranteed 95% to 100% by the U.S. government
 
$
20

 
$
80

 
$
89

Municipal revenue bonds
 
100% insured by AA/Aa-rated bond insurers at August 4, 2012
 
2

 
2

 
2

Total fair value plus accrued interest(1)
 
 
 
$
22

 
$
82

 
$
91

 
(1) 
The par value and weighted-average interest rates (taxable equivalent) of our ARS were $24, $88 and $93, and 0.69%, 0.50% and 0.32%, respectively, at August 4, 2012, March 3, 2012 and July 30, 2011, respectively.
 
At August 4, 2012, our ARS portfolio was 39% AAA/Aaa-rated, 29% AA/Aa-rated, and 32% A/A-rated.
 
The investment principal associated with failed auctions will not be accessible until successful auctions occur, a buyer is found outside of the auction process, the issuers establish a different form of financing to replace these securities, or final payments are due according to the contractual maturities of the debt issuances, which range from 4 to 29 years. We do not intend to sell our remaining ARS until we can recover the full principal amount through one of the means described above. In addition, we do not believe it is more likely than not that we would be required to sell our remaining ARS until we can recover the full principal amount based on our other sources of liquidity.

We evaluated our entire ARS portfolio of $24 (par value) for impairment at August 4, 2012, based primarily on the methodology described in Note 5, Fair Value Measurements. As a result of this review, we determined that the fair value of our ARS portfolio at August 4, 2012 was $22. Accordingly, a $2 pre-tax unrealized loss is recognized in accumulated other comprehensive income. This unrealized loss reflects a temporary impairment on all of our investments in ARS. The estimated fair value of our ARS portfolio could change significantly based on future market conditions. We will continue to assess the fair value of our ARS portfolio for substantive changes in relevant market conditions, changes in our financial condition, or other changes that may alter our estimates described above.

We may be required to record an additional unrealized holding loss or an impairment charge to earnings if we determine that our ARS portfolio has incurred a further decline in fair value that is temporary or other-than-temporary, respectively. Factors that we consider when assessing our ARS portfolio for other-than-temporary impairment include the duration and severity of the impairment, the reason for the decline in value, the potential recovery period, the nature of the collateral or guarantees in place, and our intent and ability to hold an investment.
 
We had $(1), $(3) and $(1) of unrealized loss, net of tax, recorded in accumulated other comprehensive income at August 4, 2012, March 3, 2012 and July 30, 2011, respectively, related to our investments in debt securities.
 
Marketable Equity Securities
 
We invest in marketable equity securities and classify them as available-for-sale. Investments in marketable equity securities are classified as non-current assets within Equity and Other Investments in our Condensed Consolidated Balance Sheets and are reported at fair value based on quoted market prices.
 
Our investments in marketable equity securities were as follows:
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
 
 
 
 
 
(recast)
Common stock of TalkTalk Telecom Group PLC
$

 
$

 
$
88

Common stock of Carphone Warehouse Group plc

 

 
61

Other
3

 
3

 
1

Total
$
3

 
$
3

 
$
150


 
We review all investments for other-than-temporary impairment at least quarterly or as indicators of impairment exist. Indicators of impairment include the duration and severity of the decline in fair value, as well as the intent and ability to hold the investment to allow for a recovery in the market value of the investment. In addition, we consider qualitative factors that include, but are not limited to: (i) the financial condition and business plans of the investee, including its future earnings potential, (ii) the investee’s credit rating, and (iii) the current and expected market and industry conditions in which the investee operates. If a decline in the fair value of an investment is deemed by management to be other-than-temporary, the cost basis of the investment is written down to fair value, and the amount of the write-down is included in net earnings.

All unrealized holding gains or losses related to our investments in marketable equity securities are reflected net of tax in accumulated other comprehensive income in shareholders’ equity. The total unrealized gain, net of tax, included in accumulated other comprehensive income was $1, $0 and $77 at August 4, 2012, March 3, 2012 and July 30, 2011, respectively.
 
Other Investments
 
The aggregate carrying values of investments accounted for using either the cost method or the equity method at August 4, 2012, March 3, 2012 and July 30, 2011, were $66, $55 and $75, respectively.
Fair Value Measurements
Fair Value Measurements
Fair Value Measurements
 
Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. To measure fair value, we use a three-tier valuation hierarchy based upon observable and non-observable inputs:
 
Level 1 — Unadjusted quoted prices that are available in active markets for the identical assets or liabilities at the measurement date.
 
Level 2 — Significant other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including:
 
Quoted prices for similar assets or liabilities in active markets;
Quoted prices for identical or similar assets in non-active markets;
Inputs other than quoted prices that are observable for the asset or liability; and
Inputs that are derived principally from or corroborated by other observable market data.
 
Level 3 — Significant unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.
 
Assets and Liabilities Measured at Fair Value on a Recurring Basis
 
The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The following tables set forth by level within the fair value hierarchy, our financial assets and liabilities that were accounted for at fair value on a recurring basis at August 4, 2012, March 3, 2012 and July 30, 2011, according to the valuation techniques we used to determine their fair values.
 
 
 
Fair Value Measurements
Using Inputs Considered as
 
Fair Value at
August 4, 2012
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
ASSETS
 

 
 

 
 

 
 

Other current assets
 

 
 

 
 

 
 

Money market funds (restricted cash)
$
62

 
$
62

 
$

 
$

U.S. Treasury bills (restricted cash)
30

 
30

 

 

Equity and other investments
 

 
 

 
 

 
 

Auction rate securities
22

 

 

 
22

Marketable equity securities
3

 
3

 

 

 
 
 
 
 
 
 
 
LIABILITIES
 

 
 

 
 

 
 

Accrued liabilities
 
 
 
 
 
 
 
Foreign currency derivative instruments
2

 

 
2

 


 
 
 
Fair Value Measurements
Using Inputs Considered as
 
Fair Value at
March 3, 2012
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
ASSETS
 

 
 

 
 

 
 

Cash and cash equivalents
 

 
 

 
 

 
 

Money market funds
$
272

 
$
272

 
$

 
$

Other current assets
 

 
 

 
 

 
 

Money market funds (restricted cash)
119

 
119

 

 

U.S. Treasury bills (restricted cash)
30

 
30

 

 

Foreign currency derivative instruments
1

 

 
1

 

Equity and other investments
 

 
 

 
 

 
 

Auction rate securities
82

 

 

 
82

Marketable equity securities
3

 
3

 

 

 
 
 
 
 
 
 
 
LIABILITIES
 

 
 

 
 

 
 

Accrued liabilities
 

 
 

 
 

 
 

Foreign currency derivative instruments
2

 

 
2

 

 
 
 
 
Fair Value Measurements
Using Inputs Considered as
 
Fair Value at
July 30, 2011
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
(recast)
 
(recast)
 
(recast)
 
(recast)
ASSETS
 

 
 

 
 

 
 

Cash and cash equivalents
 
 
 
 
 
 
 
Money market funds
$
605

 
$
605

 
$

 
$

Commercial paper
165

 

 
165

 

Short-term investments
 

 
 

 
 

 
 

U.S. Treasury bills
80

 
80

 

 

Other current assets
 

 
 

 
 

 
 

Money market funds (restricted assets)
133

 
133

 

 

U.S. Treasury bills (restricted assets)
45

 
45

 

 

Foreign currency derivative instruments
5

 

 
5

 

Equity and other investments
 

 
 

 
 

 
 

Auction rate securities
91

 

 

 
91

Marketable equity securities
150

 
150

 

 

Other assets
 
 
 
 
 
 
 
Foreign currency derivative instruments
1

 

 
1

 

 
 
 
 
 
 
 
 
LIABILITIES
 
 
 
 
 
 
 
Accrued liabilities
 

 
 

 
 

 
 

Foreign currency derivative instruments
1

 

 
1

 



The following tables provide a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis in the tables above that used significant unobservable inputs (Level 3) for the three and five months ended August 4, 2012 and July 30, 2011.
 
Debt securities-
Auction rate securities only
 
Student loan
bonds
 
Municipal
revenue bonds
 
Total
Balances at May 5, 2012
$
64

 
$
2

 
$
66

Changes in unrealized losses included in other comprehensive income
3

 

 
3

Sales
(47
)
 

 
(47
)
Balances at August 4, 2012
$
20

 
$
2

 
$
22

  
 
Debt securities-
Auction rate securities only
 
Student loan
bonds
 
Municipal
revenue bonds
 
Total
Balances at March 3, 2012
$
80

 
$
2

 
$
82

Changes in unrealized losses included in other comprehensive income
4

 

 
4

Sales
(64
)
 

 
(64
)
Balances at August 4, 2012
$
20

 
$
2

 
$
22


 
Debt securities-
Auction rate securities only
 
Student loan
bonds
 
Municipal
revenue bonds
 
Total
Balances at April 30, 2011
$
95

 
$
2

 
$
97

Changes in unrealized losses included in other comprehensive income
2

 

 
2

Sales
(8
)
 

 
(8
)
Balances at July 30, 2011 (recast)
$
89

 
$
2

 
$
91

 
 
Debt securities-
Auction rate securities only
 
Student loan
bonds
 
Municipal
revenue bonds
 
Total
Balances at February 26, 2011
$
108

 
$
2

 
$
110

Changes in unrealized losses included in other comprehensive income
3

 

 
3

Sales
(22
)
 

 
(22
)
Balances at July 30, 2011 (recast)
$
89

 
$
2

 
$
91



The following methods and assumptions were used to estimate the fair value of each class of financial instrument:
 
Money Market Funds.  Our money market fund investments that are traded in an active market were measured at fair value using quoted market prices and, therefore, were classified as Level 1.

U.S. Treasury Bills.  Our U.S. Treasury bills were classified as Level 1 as they trade with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis.
 
Commercial Paper.  Our investments in commercial paper were measured using inputs based upon quoted prices for similar instruments in active markets and, therefore, were classified as Level 2.
 
Foreign Currency Derivative Instruments.  Comprised primarily of foreign currency forward contracts and foreign currency swap contracts, our foreign currency derivative instruments were measured at fair value using readily observable market inputs, such as quotations on forward foreign exchange points and foreign interest rates. Our foreign currency derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in active markets.
 
Auction Rate Securities.  Our investments in ARS were classified as Level 3 as quoted prices were unavailable due to events described in Note 4, Investments. Due to limited market information, we utilized a discounted cash flow (“DCF”) model to derive an estimate of fair value. The unobservable inputs and assumptions we used in preparing the DCF model included estimates with respect to the amount and timing of future interest and principal payments, forward projections of the interest rate benchmarks, the probability of full repayment of the principal considering the credit quality and guarantees in place, and the rate of return required by investors to own such securities given the current liquidity risk associated with ARS. Changes in these unobservable inputs are not likely to have a significant impact on the fair value measurement of our ARS.
 
Marketable Equity Securities.  Our marketable equity securities were measured at fair value using quoted market prices. They were classified as Level 1 as they trade in active markets for which closing stock prices are readily available.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
 
Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to our tangible fixed assets, goodwill and other intangible assets, which are remeasured when the derived fair value is below carrying value on our Condensed Consolidated Balance Sheets. For these assets, we do not periodically adjust carrying value to fair value except in the event of impairment. When we determine that impairment has occurred, the carrying value of the asset is reduced to fair value and the difference is recorded within Operating Income in our Condensed Consolidated Statements of Earnings and Comprehensive Income.

With the exception of fixed asset impairments associated with our restructuring activities described in Note 7, Restructuring Charges, we had no significant remeasurements of such assets or liabilities to fair value during the six months ended August 4, 2012 and July 30, 2011. The following table summarizes the fair value remeasurements recorded during the six months ended August 4, 2012 and July 30, 2011:
 
Six Months Ended
 
Six Months Ended
 
August 4, 2012
 
July 30, 2011
 
Impairments
 
Remaining Net Carrying Value
 
Impairments
 
Remaining Net Carrying Value
 
 
 
 
 
(recast)
 
(recast)
Continuing operations
 
 
 
 
 
 
 
Property and equipment
$
29

 
$

 
$
1

 
$



The fair value remeasurements included in the table above were based on significant unobservable inputs (Level 3). Fixed asset fair values were derived using a DCF model to estimate the present value of net cash flows that the asset or asset group was expected to generate. The key inputs to the DCF model generally included our forecasts of net cash generated from revenue, expenses and other significant cash outflows, such as capital expenditures, as well as an appropriate discount rate. In the case of these specific assets, for which their impairment was the result of restructuring activities, no future cash flows have been assumed as the assets will cease to be used and expected sale values are nominal.

Fair Value of Financial Instruments
 
Our financial instruments, other than those presented in the disclosures above, include cash, receivables, other investments, accounts payable, other payables, and short- and long-term debt. The fair values of cash, receivables, accounts payable, other payables, and short-term debt approximated carrying values because of the short-term nature of these instruments. If these instruments were measured at fair value in the financial statements, they would be classified as Level 1 in the fair value hierarchy. Fair values for other investments held at cost are not readily available, but we estimate that the carrying values for these investments approximate fair value. See Note 8, Debt, for information about the fair value of our long-term debt.
Goodwill and Intangible Assets
Goodwill and Intangible Assets
Goodwill and Intangible Assets
 
The changes in the carrying values of goodwill and indefinite-lived tradenames by segment were as follows in the five months ended August 4, 2012 and July 30, 2011:
 
Goodwill
 
Indefinite-lived Tradenames
 
Domestic
 
International
 
Total
 
Domestic
 
International
 
Total
Balances at March 3, 2012
$
516

 
$
819

 
$
1,335

 
$
19

 
$
111

 
$
130

Changes in foreign currency exchange rates

 
(7
)
 
(7
)
 

 

 

Acquisitions
14

 

 
14

 

 

 

Balances at August 4, 2012
$
530

 
$
812

 
$
1,342

 
$
19

 
$
111

 
$
130

 

 
Goodwill
 
Indefinite-lived Tradenames
 
Domestic
 
International
 
Total
 
Domestic
 
International
 
Total
Balances at February 26, 2011
$
422

 
$
2,032

 
$
2,454

 
$
21

 
$
84

 
$
105

Changes in foreign currency exchange rates

 
53

 
53

 

 
3

 
3

Other(1)

 

 

 

 
28

 
28

Balances at July 30, 2011 (recast)
$
422

 
$
2,085

 
$
2,507

 
$
21

 
$
115

 
$
136

(1) 
Represents the transfer of certain definite-lived tradenames (at their net book value) to indefinite-lived tradenames following our decision not to phase out certain tradenames. We believe these tradenames will continue to contribute to our future cash flows indefinitely.

The following table provides the gross carrying amount of goodwill and cumulative goodwill impairment losses:
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
 
Gross
Carrying
Amount
 
Cumulative
Impairment
 
Gross
Carrying
Amount
 
Cumulative
Impairment
 
Gross
Carrying
Amount
 
Cumulative
Impairment
 
 
 
 
 
 
 
 
 
(recast)
 
(recast)
Goodwill
$
2,603

 
$
(1,261
)
 
$
2,596

 
$
(1,261
)
 
$
2,571

 
$
(64
)

 
The following table provides the gross carrying values and related accumulated amortization of definite-lived intangible assets:
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
 
 
 
 
 
 
 
 
(recast)
 
(recast)
Customer relationships
$
465

 
$
(244
)
 
$
453

 
$
(224
)
 
$
393

 
$
(214
)


Total amortization expense for the three months ended August 4, 2012 and July 30, 2011, was $10 and $15, respectively, and was $20 and $30 for the six months then ended, respectively. The estimated future amortization expense for identifiable intangible assets is as follows:
Fiscal Year
 
Remainder of fiscal 2013
$
21

2014
41

2015
41

2016
41

2017
24

Thereafter
53



Restructuring Charges
Restructuring Charges
Restructuring Charges
 
Summary

Restructuring charges incurred in the six months ended August 4, 2012 and July 30, 2011, for our fiscal 2013, fiscal 2012 and fiscal 2011 restructuring activities were as follows:
 
Six Months Ended
 
August 4, 2012
 
July 30, 2011
 
 
 
(recast)
Continuing operations
 
 
 
Fiscal 2013 restructuring
$
224

 
$

Fiscal 2012 restructuring
6

 

Fiscal 2011 restructuring
(12
)
 
4

Total
218

 
4

Discontinued operations
 
 
 
Fiscal 2013 restructuring

 

Fiscal 2012 restructuring
3

 

Fiscal 2011 restructuring
2

 
29

Total (Note 3)
5

 
29

Total
$
223

 
$
33



Fiscal 2013 Restructuring

In the first quarter of fiscal 2013, we initiated a series of actions to restructure operations in our Domestic segment intended to improve operating performance. The actions include closure of approximately 50 large-format Best Buy branded stores in the U.S. and changes to the store and corporate operating models. The costs of implementing the changes primarily consist of facility closure costs, employee termination benefits and property and equipment (primarily store fixtures) impairments.

We incurred $91 of charges related to the fiscal 2013 restructuring in the second quarter of fiscal 2013, consisting primarily of facility closure and other costs related to our closure of 41 stores, partially offset by an adjustment to reduce our expected termination benefits due to a greater number of employees finding new positions within Best Buy than originally planned. In the first six months of fiscal 2013, we incurred $224 of restructuring charges related to the fiscal 2013 restructuring consisting primarily of facility closure and other costs, termination benefits and property and equipment impairments.

We expect to incur additional pre-tax restructuring charges (primarily facility closure costs) of between $25 and $75 related to our fiscal 2013 restructuring activities. The estimated facility closure costs associated with lease commitments on vacated stores will be recognized when stores are closed. We expect to substantially complete these restructuring activities in fiscal 2013, with the exception of lease payments for vacated stores which will continue until the lease expires or we otherwise terminate the lease.

All restructuring charges related to our fiscal 2013 restructuring activities are from continuing operations and are presented in Restructuring charges in our Condensed Consolidated Statements of Earnings and Comprehensive Income. The composition of the restructuring charges we incurred in the six months ended August 4, 2012 for our fiscal 2013 restructuring activities in the Domestic segment was as follows:
 
Six Months Ended
August 4, 2012
Continuing operations
 
Property and equipment impairments
$
27

Termination benefits
81

Facility closure and other costs, net
116

Total
$
224



The following table summarizes our restructuring accrual activity during the five months ended August 4, 2012 related to termination benefits and facility closure and other costs associated with our 2013 restructuring activities:
 
Termination
Benefits
 
Facility
Closure and
Other Costs
 
Total
Balance at March 3, 2012
$

 
$

 
$

Charges
107

 
116

 
223

Cash payments
(35
)
 
(2
)
 
(37
)
Adjustments
(27
)
 
(6
)
 
(33
)
Balance at August 4, 2012
$
45

 
$
108

 
$
153



Fiscal 2012 Restructuring

In the third quarter of fiscal 2012, we implemented a series of actions to restructure operations in our Domestic and International segments. The actions within our Domestic segment included a decision to modify our strategy for certain mobile broadband offerings, and in our International segment we closed our large-format Best Buy branded stores in the U.K. to refocus our Best Buy Europe strategy on our small-format stores. In addition, we impaired certain information technology ("IT") assets supporting the restructured activities in our International segment. We view these restructuring activities as necessary to meet our long-term financial performance objectives by refocusing our investments on areas that provide profitable growth opportunities and meet our overall return expectations. All restructuring charges directly related to the large-format Best Buy branded stores in the U.K. are reported within Loss from discontinued operations in our Condensed Consolidated Statements of Earnings and Comprehensive Income. Refer to Note 3, Discontinued Operations.

We incurred $9 of charges related to the fiscal 2012 restructuring in the first six months of fiscal 2013. Of the total charges, $6 related to our Domestic segment and consisted primarily of other costs resulting from the modified strategy for certain mobile broadband offerings. The remaining $3 of charges related to our International segment and were directly associated with the closure of our Best Buy branded stores in the U.K.

We do not expect to incur further material restructuring charges related to our fiscal 2012 restructuring activities in either our Domestic or International segments, as we have substantially completed these restructuring activities.

All restructuring charges from continuing operations related to our fiscal 2012 restructuring activities are presented in Restructuring charges in our Condensed Consolidated Statements of Earnings and Comprehensive Income, whereas all restructuring charges from discontinued operations related to our fiscal 2012 restructuring activities are presented in Loss from discontinued operations in our Condensed Consolidated Statements of Earnings and Comprehensive Income. The composition of the restructuring charges we incurred in the six months ended August 4, 2012, as well as the cumulative amount incurred through August 4, 2012, for our fiscal 2012 restructuring activities for both the Domestic and International segments was as follows:
 
Domestic
 
International
 
Total
 
Six Months
Ended
August 4, 2012
 
Cumulative
Amount
through
August 4, 2012
 
Six Months
Ended
August 4, 2012
 
Cumulative
Amount
through
August 4, 2012
 
Six Months
Ended
August 4, 2012
 
Cumulative
Amount
through
August 4, 2012
Continuing operations
 
 
 
 
 
 
 
 
 
 
 
Property and equipment impairments
$
1

 
$
17

 
$

 
$
15

 
$
1

 
$
32

Termination benefits

 
1

 

 

 

 
1

Facility closure and other costs, net
5

 
5

 

 

 
5

 
5

Total
6

 
23

 

 
15

 
6

 
38

 
 
 
 
 
 
 
 
 
 
 
 
Discontinued operations
 
 
 
 
 
 
 
 
 
 
 
Inventory write-downs

 

 

 
11

 

 
11

Property and equipment impairments

 

 

 
96

 

 
96

Termination benefits

 

 
1

 
17

 
1

 
17

Facility closure and other costs, net

 

 
2

 
84

 
2

 
84

Total

 

 
3

 
208

 
3

 
208

Total
$
6

 
$
23

 
$
3

 
$
223

 
$
9

 
$
246


 
The following table summarizes our restructuring accrual activity during the five months ended August 4, 2012 related to termination benefits and facility closure and other costs associated with our 2012 restructuring activities:
 
Termination
Benefits
 
Facility
Closure and
Other Costs(1)
 
Total
Balance at March 3, 2012
$
17

 
$
85

 
$
102

Charges
1

 
2

 
3

Cash payments
(17
)
 
(77
)
 
(94
)
Adjustments

 
34

 
34

Changes in foreign currency exchange rates

 
2

 
2

Balance at August 4, 2012
$
1

 
$
46

 
$
47

(1) 
Included within the adjustments to facility closure and other costs is $34 from the first quarter of fiscal 2013, representing an adjustment to exclude non-cash charges or benefits, which had no impact on our Condensed Consolidated Statements of Earnings and Comprehensive Income in the first quarter of fiscal 2013.
 
Fiscal 2011 Restructuring

In the fourth quarter of fiscal 2011, we implemented a series of actions to restructure operations in our Domestic and International segments in order to improve performance and enhance customer service. The restructuring actions included plans to improve supply chain and operational efficiencies in our Domestic segment's operations, primarily focused on modifications to our distribution channels and exit from certain digital delivery services within our entertainment product category. The actions also included plans to exit the Turkey market and restructure the Best Buy branded stores in China. As part of the international restructuring, we also impaired certain IT assets supporting the restructured activities in our International segment. We view these restructuring activities as necessary to meet our long-term growth goals by investing in businesses that have the potential to meet our internal rate of return expectations. All restructuring charges directly related to Turkey and China, as well as the Domestic charges directly related to our exit from certain digital delivery services within our entertainment product category, are reported within discontinued operations in our Condensed Consolidated Statements of Earnings and Comprehensive Income. Refer to Note 3, Discontinued Operations.

We incurred $33 of charges related to the fiscal 2011 restructuring in the first six months of fiscal 2012. Of the total charges, $5 related to our Domestic segment and consisted primarily of property and equipment impairments and facility closure costs associated with supply chain and operational improvements. Within our International segment, we incurred $28 of charges consisting primarily of termination benefits and facility closure costs related to actions taken to exit the Turkey market and restructure our Best Buy branded stores in China.

During the first six months of fiscal 2013, we recorded a net reduction to restructuring charges of $(10), which related primarily to our Domestic segment. The net reduction was largely the result of a gain recorded on the sale of a previously impaired distribution facility and equipment during the first quarter of fiscal 2013 (previously impaired through restructuring charges), partially offset by charges associated with the exit from certain digital delivery services within our entertainment product category.

We do not expect to incur further material restructuring charges related to our fiscal 2011 restructuring activities in either our Domestic or International segment.

For continuing operations, the cumulative inventory write-downs related to our fiscal 2011 restructuring activities were presented in Restructuring charges — cost of goods sold in our Condensed Consolidated Statements of Earnings and Comprehensive Income. The remainder of the restructuring charges are presented in Restructuring charges in our Condensed Consolidated Statements of Earnings and Comprehensive Income. However, all restructuring charges from discontinued operations related to our fiscal 2011 restructuring activities are presented in Loss from discontinued operations in our Condensed Consolidated Statements of Earnings and Comprehensive Income. The composition of the restructuring charges we incurred in the six months ended August 4, 2012 and July 30, 2011, as well as the cumulative amount incurred through August 4, 2012, for our fiscal 2011 restructuring activities for both the Domestic and International segments was as follows:
 
Domestic
 
International
 
Total
 
Six Months Ended
 
Cumulative
Amount
through
August 4, 2012
 
Six Months Ended
 
Cumulative
Amount
through
August 4, 2012
 
Six Months Ended
 
Cumulative
Amount
through
August 4, 2012
 
August 4,
2012
 
July 30,
2011
 
 
August 4,
2012
 
July 30,
2011
 
 
August 4,
2012
 
July 30,
2011
 
 
 
 
(recast)
 
 
 
 
 
(recast)
 
 
 
 
 
(recast)
 
 
Continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Inventory write-downs
$

 
$

 
$
28

 
$

 
$

 
$

 
$

 
$

 
$
28

Property and equipment impairments
(12
)
 

 
3

 

 
(1
)
 
107

 
(12
)
 
(1
)
 
110

Termination benefits

 

 
13

 

 

 

 

 

 
13

Facility closure and other costs, net

 
5

 
4

 

 

 

 

 
5

 
4

Total
(12
)
 
5

 
48

 

 
(1
)
 
107

 
(12
)
 
4

 
155

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discontinued operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Inventory write-downs

 

 

 

 

 
15

 

 

 
15

Property and equipment impairments

 

 
15

 

 

 
25

 

 

 
40

Termination benefits

 

 
4

 

 
18

 
19

 

 
18

 
23

Intangible asset impairments

 

 
13

 

 

 

 

 

 
13

Facility closure and other costs, net
3

 

 
3

 
(1
)
 
11

 
4

 
2

 
11

 
7

Total
3

 

 
35

 
(1
)
 
29

 
63

 
2

 
29

 
98

Total
$
(9
)
 
$
5

 
$
83

 
$
(1
)
 
$
28

 
$
170

 
$
(10
)
 
$
33

 
$
253


 
The following tables summarize our restructuring accrual activity during the five months ended August 4, 2012 and July 30, 2011, related to termination benefits and facility closure and other costs associated with our 2011 restructuring activities:    
 
Termination
Benefits
 
Facility
Closure and
Other Costs(1)
 
Total
Balance at February 26, 2011
$
28

 
$
13

 
$
41

Charges
6

 

 
6

Cash payments
(24
)
 
(8
)
 
(32
)
Adjustments
(3
)
 
8

 
5

Changes in foreign currency exchange rates

 
1

 
1

Balance at July 30, 2011 (recast)
$
7

 
$
14

 
$
21

 
(1) 
Included within the adjustments to facility closure and other costs is $10 from the first quarter of fiscal 2011, representing an adjustment to exclude non-cash charges or benefits, which had no impact on our Condensed Consolidated Statements of Earnings and Comprehensive Income in the first quarter of fiscal 2012.
 
Termination
Benefits
 
Facility
Closure and
Other Costs
 
Total
Balance at March 3, 2012
$
3

 
$
9

 
$
12

Charges

 

 

Cash payments
(2
)
 
(3
)
 
(5
)
Adjustments
(1
)
 
(1
)
 
(2
)
Balance at August 4, 2012
$

 
$
5

 
$
5

Debt
Debt
Debt
 
Short-Term Debt
 
Short-term debt consisted of the following:
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
 
 
 
 
 
(recast)
U.S. revolving credit facility – 364-Day
$

 
$

 
$

U.S. revolving credit facility – Five-Year

 

 

Europe revolving credit facility
519

 
480

 

Europe receivables financing facility

 

 
386

Old Europe revolving credit facility

 

 

Canada revolving demand facility

 

 

China revolving demand facilities

 

 
6

   Total short-term debt
$
519

 
$
480

 
$
392


U.S. Revolving Credit Facility

On August 31, 2012, subsequent to the end of the second quarter of fiscal 2012, Best Buy Co., Inc. entered into a $1,000 364-day senior unsecured revolving credit facility agreement (the "364-Day Facility Agreement") with JPMorgan Chase Bank, N.A. ("JPMorgan"), as adminstrative agent, and a syndicate of banks. The 364-Day Facility Agreement terminates in August 2013 (subject to a one-year term-out option). The 364-Day Facility Agreement replaced the previously existing $1,000 364-day senior unsecured revolving credit facility with a syndicate of banks, including JPMorgan acting as administrative agent, which was originally scheduled to expire in October 2012.

Long-Term Debt
 
Long-term debt consisted of the following:
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
 
 
 
 
 
(recast)
2013 Notes
$
500

 
$
500

 
$
500

2016 Notes
349

 
349

 
349

2021 Notes
648

 
648

 
648

Convertible debentures

 

 
402

Financing lease obligations
136

 
149

 
162

Capital lease obligations
73

 
81

 
82

Other debt
1

 
1

 
2

   Total long-term debt
1,707

 
1,728

 
2,145

Less: current portion(1)
(542
)
 
(43
)
 
(444
)
   Total long-term debt, less current portion
$
1,165

 
$
1,685

 
$
1,701

 
(1) 
Since holders of our convertible debentures could have required us to purchase all or a portion of the debentures on January 15, 2012, we classified the $402 for such debentures in the current portion of long-term debt at July 30, 2011. Our 2013 Notes due July 15, 2013, are classified in the current portion of long-term debt as of August 4, 2012.
 
The fair value of long-term debt approximated $1,669, $1,756 and $2,219 at August 4, 2012, March 3, 2012 and July 30, 2011, respectively, based primarily on the market prices quoted from external sources, compared with carrying values of $1,707, $1,728 and $2,145, respectively. If long-term debt was measured at fair value in the financial statements, it would be classified primarily as Level 1 in the fair value hierarchy.

See Note 8, Debt, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended March 3, 2012, for additional information regarding the terms of our debt facilities, debt instruments and other obligations.
Derivative Instruments
Derivative Instruments
Derivative Instruments
 
We manage our economic and transaction exposure to certain market-based risks through the use of foreign currency derivative instruments. Our objective in holding derivatives is to reduce the volatility of net earnings and cash flows associated with changes in foreign currency exchange rates. We do not hold or issue derivative financial instruments for trading or speculative purposes.
 
We record all foreign currency derivative instruments in our Condensed Consolidated Balance Sheets at fair value and evaluate hedge effectiveness prospectively and retrospectively when electing to apply hedge accounting treatment. We formally document all hedging relationships at inception for all derivative hedges and the underlying hedged items, as well as the risk, management objectives, and strategies for undertaking the hedge transactions. In addition, we have derivatives which are not designated as hedging instruments. We have no derivatives that have credit risk-related contingent features, and we mitigate our credit risk by engaging with major financial institutions as our counterparties.
 
Cash Flow Hedges
 
We enter into foreign exchange forward contracts to hedge against the effect of exchange rate fluctuations on certain revenue streams denominated in non-functional currencies. The contracts generally have terms of up to two years. We report the effective portion of the gain or loss on a cash flow hedge as a component of other comprehensive income, and it is subsequently reclassified into net earnings in the period in which the hedged transaction affects net earnings or the forecast transaction is no longer probable of occurring. We report the ineffective portion, if any, of the gain or loss in net earnings. We did not have any cash flow hedges outstanding in the first six months of fiscal 2013.

Derivatives Not Designated as Hedging Instruments
 
Derivatives not designated as hedging instruments include foreign exchange forward contracts used to manage the impact of fluctuations in foreign currency exchange rates relative to recognized receivable and payable balances denominated in non-functional currencies, and on certain forecast inventory purchases denominated in non-functional currencies. The contracts generally have terms of up to six months. These derivative instruments are not designated in hedging relationships and, therefore, we record gains and losses on these contracts directly in net earnings.
 
Summary of Derivative Balances
 
The following table presents the gross fair values for derivative instruments and the corresponding classification at August 4, 2012, March 3, 2012 and July 30, 2011:
 
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
Contract Type
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
 
 
 
 
 
 
 
 
 
(recast)
 
(recast)
Cash flow hedges (foreign exchange forward contracts)
 
$

 
$

 
$

 
$

 
$
6

 
$

No hedge designation (foreign exchange forward contracts)
 

 
(2
)
 
1

 
(2
)
 

 
(1
)
Total
 
$

 
$
(2
)
 
$
1

 
$
(2
)
 
$
6

 
$
(1
)


The following tables present the effects of derivative instruments on other comprehensive income (“OCI”) and on our Condensed Consolidated Statements of Earnings and Comprehensive Income for the three and six months ended August 4, 2012 and July 30, 2011
 
 
Three Months Ended
 
Six Months Ended
 
 
August 4, 2012
 
August 4, 2012
Contract Type
 
Pre-tax Gain Recognized in
OCI(1)
 
(Loss)
Reclassified from
Accumulated
OCI to Earnings
(Effective
Portion)(2)
 
Pre-tax Gain
Recognized in
OCI(1)
 
(Loss)
Reclassified from
Accumulated
OCI to Earnings
(Effective
Portion)(2)
Cash flow hedges (foreign exchange forward contracts)
 
$

 
$

 
$

 
$
(1
)
 
 
 
Three Months Ended
 
Six Months Ended
 
 
July 30, 2011
 
July 30, 2011
Contract Type
 
Pre-tax Gain
Recognized in
OCI(1)
 
Gain
Reclassified from
Accumulated
OCI to Earnings
(Effective
Portion)(2)
 
Pre-tax Gain
Recognized in
OCI(1)
 
Gain
Reclassified from
Accumulated
OCI to Earnings
(Effective
Portion)(2)
 
 
(recast)
 
(recast)
 
(recast)
 
(recast)
Cash flow hedges (foreign exchange forward contracts)
 
$
5

 
$
5

 
$
13

 
$
7

(1) 
Reflects the amount recognized in OCI prior to the reclassification of 50% to noncontrolling interests for the cash flow and net investment hedges, respectively.
(2) 
Gain reclassified from accumulated OCI is included within selling, general and administrative expenses (“SG&A”) in our Condensed Consolidated Statements of Earnings and Comprehensive Income.
 
The following table presents the effects of derivatives not designated as hedging instruments on our Condensed Consolidated Statements of Earnings and Comprehensive Income for the three and six months ended August 4, 2012 and July 30, 2011
 
 
Gain (Loss) Recognized within SG&A
 
 
Three Months Ended
 
Six Months Ended
 
Three Months Ended
 
Six Months Ended
Contract Type
 
August 4, 2012
 
August 4, 2012
 
July 30, 2011
 
July 30, 2011
 
 
 
 
 
 
(recast)
 
(recast)
No hedge designation (foreign exchange forward contracts)
 
$
6

 
$
3

 
$
(4
)
 
$
(12
)

 
The following table presents the notional amounts of our foreign currency exchange contracts at August 4, 2012, March 3, 2012 and July 30, 2011
 
 
Notional Amount
Contract Type
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
 
 
 
 
 
 
(recast)
Derivatives designated as cash flow hedging instruments
 
$

 
$

 
$
268

Derivatives not designated as hedging instruments
 
153

 
238

 
257

Total
 
$
153

 
$
238

 
$
525

Earnings per Share
Earnings per Share
Earnings per Share
 
We compute our basic earnings per share based on the weighted-average number of common shares outstanding and our diluted earnings per share based on the weighted-average number of common shares outstanding adjusted by the number of additional shares that would have been outstanding had potentially dilutive common shares been issued. Potentially dilutive securities include stock options, nonvested share awards and shares issuable under our employee stock purchase plan, as well as common shares that would have resulted from the assumed conversion of our convertible debentures. Since the potentially dilutive shares related to the convertible debentures are included in the computation, the related interest expense, net of tax, is added back to net earnings, as the interest would not have been paid if the convertible debentures had been converted to common stock. In February 2012, we repurchased and redeemed all of the remaining outstanding convertible debentures. Nonvested market-based share awards and nonvested performance-based share awards are included in the average diluted shares outstanding for each period if established market or performance criteria have been met at the end of the respective periods.

The following table presents a reconciliation of the numerators and denominators of basic and diluted earnings per share attributable to Best Buy Co., Inc. (shares in millions):
 
Three Months Ended
 
Six Months Ended
 
August 4, 2012
 
July 30, 2011
 
August 4, 2012
 
July 30, 2011
 
 
 
(recast)
 
 
 
(recast)
Numerator
 

 
 

 
 
 
 
Net (loss) earnings from continuing operations
$
(7
)
 
$
148

 
$
154

 
$
441

Net loss (earnings) from continuing operations attributable to noncontrolling interests
19

 
2

 
19

 
(36
)
Net earnings from continuing operations attributable to Best Buy Co., Inc., basic
12

 
150

 
173

 
405

Adjustment for assumed dilution:
 
 
 
 
 
 
 
Interest on convertible debentures, net of tax

 
2

 

 
3

Net earnings from continuing operations attributable to Best Buy Co., Inc., diluted
$
12

 
$
152

 
$
173

 
$
408

 


 


 


 


Denominator
 
 
 
 
 
 
 
Weighted-average common shares outstanding
338.2

 
376.0

 
340.3

 
383.6

Effect of potentially dilutive securities:
 
 
 
 
 
 
 
Shares from assumed conversion of convertible debentures

 
8.8

 

 
8.8

Stock options and other
0.4

 
0.8

 
0.7

 
0.9

Weighted-average common shares outstanding, assuming dilution
338.6

 
385.6

 
341.0

 
393.3

 
 
 
 
 
 
 
 
Net earnings per share from continuing operations attributable to Best Buy Co., Inc.
 
 
 
 
 
 
 
Basic
$
0.04

 
$
0.40

 
$
0.51

 
$
1.06

Diluted
$
0.04

 
$
0.39

 
$
0.51

 
$
1.04


 
The computation of weighted-average common shares outstanding, assuming dilution, excluded options to purchase 29.7 million and 29.7 million shares of our common stock for the three months ended August 4, 2012 and July 30, 2011, respectively, and options to purchase 29.3 million and 29.6 million shares of our common stock for the six months ended August 4, 2012 and July 30, 2011, respectively. These amounts were excluded as the options’ exercise prices were greater than the average market price of our common stock for the periods presented and, therefore, the effect would be anti-dilutive (i.e., including such options would result in higher earnings per share).
Comprehensive Income
Comprehensive Income
Comprehensive Income
 
The components of accumulated other comprehensive income, net of tax, attributable to Best Buy Co., Inc. were as follows:
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
 
 
 
 
 
(recast)
Foreign currency translation
$
87

 
$
93

 
$
203

Unrealized (losses) gains on available-for-sale investments
(1
)
 
(3
)
 
76

Unrealized gains on derivative instruments (cash flow hedges)

 

 
2

Total
$
86

 
$
90

 
$
281

Repurchase of Common Stock
Repurchase of Common Stock
Repurchase of Common Stock

In June 2011, our Board of Directors authorized a new $5,000 share repurchase program. The June 2011 program terminated and replaced our prior $5,500 share repurchase program authorized in June 2007. There is no expiration date governing the period over which we can repurchase shares under the June 2011 share repurchase program.
 
The following table shows the amount and cost of shares we repurchased and retired for the three and six months ended August 4, 2012 and July 30, 2011, under the June 2011 program and the June 2007 program.
 
Three Months Ended
 
Six Months Ended
 
August 4, 2012
 
July 30, 2011
 
August 4, 2012
 
July 30, 2011
 
 
 
(recast)
 
 
 
(recast)
June 2011 Program
 
 
 
 
 
 
 
Number of shares repurchased
6.3

 
4.6

 
10.9

 
4.6

Cost of shares repurchased
$
122

 
$
139

 
$
237

 
$
139

 
 
 
 
 
 
 
 
June 2007 Program
 
 
 
 
 
 
 
Number of shares repurchased

 
9.2

 

 
20.1

Cost of shares repurchased
$

 
$
286

 
$

 
$
611



At August 4, 2012, $3,989 remained available for additional purchases under the June 2011 share repurchase program. Repurchased shares have been retired and constitute authorized but unissued shares.
Segments
Segments
Segments
 
Our chief operating decision maker ("CODM") is our Chief Executive Officer. Our business is organized into two segments: Domestic (which is comprised of all operations within the United States and its territories) and International (which is comprised of all operations outside the United States and its territories). Our CODM has ultimate responsibility for enterprise decisions. Our CODM determines, in particular, resource allocation for, and monitors performance of, the consolidated enterprise, the Domestic segment and the International segment. Segment managers for the Domestic segment and the International segment have full responsibility for setting strategy, making operating decisions, allocating resources and assessing performance within their respective segments. Our CODM does not make operating or other decisions below the segment levels. Our CODM relies on internal management reporting that analyzes enterprise and segment results to the operating income level.

We do not aggregate our operating segments, so our operating segments also represent our reportable segments. The accounting policies of the segments are the same as those described in Note 1, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended March 3, 2012.

Revenue by reportable segment was as follows:
 
Three Months Ended
 
Six Months Ended
 
August 4, 2012
 
July 30, 2011
 
August 4, 2012
 
July 30, 2011
 
 
 
(recast)
 
 
 
(recast)
Domestic
$
7,803

 
$
7,977

 
$
16,625

 
$
16,369

International
2,744

 
2,879

 
5,532

 
5,856

Total
$
10,547

 
$
10,856

 
$
22,157

 
$
22,225

 
Operating income (loss) by reportable segment and the reconciliation to earnings from continuing operations before income tax expense and equity in loss of affiliates were as follows:
 
Three Months Ended
 
Six Months Ended
 
August 4, 2012
 
July 30, 2011
 
August 4, 2012
 
July 30, 2011
 
 
 
(recast)
 
 
 
(recast)
Domestic
$
83

 
$
239

 
$
378

 
$
605

International
(50
)
 
21

 
(83
)
 
115

Total operating income
33

 
260

 
295

 
720

Other income (expense)
 
 
 
 
 
 
 
Investment income and other
6

 
8

 
12

 
25

Interest expense
(30
)
 
(33
)
 
(63
)
 
(61
)
Earnings from continuing operations before income tax expense and equity in loss of affiliates
$
9

 
$
235

 
$
244

 
$
684

 
Assets by reportable segment were as follows:
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
 
 
 
 
 
(recast)
Domestic
$
9,884

 
$
9,592

 
$
10,887

International
5,965

 
6,413

 
8,409

Total
$
15,849

 
$
16,005

 
$
19,296



Contingencies
Contingencies
Contingencies
 
Securities Actions
 
In February 2011, a purported class action lawsuit captioned, IBEW Local 98 Pension Fund, individually and on behalf of all others similarly situated v. Best Buy Co., Inc., et al., was filed against us and certain of our executive officers in the U.S. District Court for the District of Minnesota. This federal court action alleges, among other things, that we and the officers named in the complaint violated Sections 10(b) and 20A of the Exchange Act and Rule 10b-5 under the Exchange Act in connection with press releases and other statements relating to our fiscal 2011 earnings guidance that had been made available to the public. Additionally, in March 2011, a similar purported class action was filed by a single shareholder, Rene LeBlanc, against us and certain of our executive officers in the same court. In July 2011, after consolidation of the IBEW Local 98 Pension Fund and Rene LeBlanc actions, a consolidated complaint captioned, IBEW Local 98 Pension Fund v. Best Buy Co., Inc., et al., was filed and served. We filed a motion to dismiss the consolidated complaint in September 2011, and in March 2012, subsequent to the end of fiscal 2012, the court issued a decision dismissing the action with prejudice. In April 2012, the plaintiffs filed a motion to alter or amend the court's decision on our motion to dismiss. An opposition to the plaintiffs' motion was filed, with argument heard on June 8, 2012, and we await the court's decision. As a result, the court's decision on the motion to dismiss is not final, and the time period for an appeal thereof is delayed until 30 days after a court order disposing of the plaintiffs' new motion.

In June 2011, a purported shareholder derivative action captioned, Salvatore M. Talluto, Derivatively and on Behalf of Best Buy Co., Inc. v. Richard M. Schulze, et al., as Defendants and Best Buy Co., Inc. as Nominal Defendant, was filed against both present and former members of our Board of Directors serving during the relevant periods in fiscal 2011 and us as a nominal defendant in the U.S. District Court for the State of Minnesota. The lawsuit alleges that the director defendants breached their fiduciary duty, among other claims, including violation of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, in failing to correct public misrepresentations and material misstatements and/or omissions regarding our fiscal 2011 earnings projections and, for certain directors, selling stock while in possession of material adverse non-public information. Additionally, in July 2011, a similar purported class action was filed by a single shareholder, Daniel Himmel, against us and certain of our executive officers in the same court. In November 2011, the respective lawsuits of Salvatore M. Talluto and Daniel Himmel were consolidated into a new action captioned, In Re: Best Buy Co., Inc. Shareholder Derivative Litigation, and a stay ordered until after a final resolution of the motion to dismiss in the consolidated IBEW Local 98 Pension Fund v. Best Buy Co., Inc., et al. case.

The plaintiffs in the above securities actions seek damages, including interest, equitable relief and reimbursement of the costs and expenses they incurred in the lawsuits. We believe the allegations in the above securities actions are without merit, and we intend to defend these actions vigorously. Based on our assessment of the facts underlying the claims in the above securities actions, their respective procedural litigation history, and the degree to which we intend to defend our company in these matters, the amount or range of reasonably possible losses, if any, cannot be estimated.

Other Legal Proceedings
 
We are involved in various other legal proceedings arising in the normal course of conducting business. For such legal proceedings, we have accrued an amount that reflects the aggregate liability deemed probable and estimable, but this amount is not material to our consolidated financial position, results of operations or cash flows. Because of the preliminary nature of many of these proceedings, the difficulty in ascertaining the applicable facts relating to many of these proceedings, the variable treatment of claims made in many of these proceedings and the difficulty of predicting the settlement value of many of these proceedings, we are not able to estimate an amount or range of any reasonably possible additional losses. However, based upon our historical experience, the resolution of these proceedings is not expected to have a material effect on our consolidated financial position, results of operations or cash flows.
Subsequent Events
Subsequent Event
Subsequent Event
 
On August 19, 2012, Best Buy Co., Inc. appointed Hubert Joly, 53, as Best Buy's President and Chief Executive Officer, effective September 4, 2012. In connection with Mr. Joly's appointment, Best Buy entered into an employment agreement with Mr. Joly dated August 19, 2012.
Basis of Presentation (Policies)
Fair Value of Financial Instruments, Policy [Policy Text Block]
The following methods and assumptions were used to estimate the fair value of each class of financial instrument:
 
Money Market Funds.  Our money market fund investments that are traded in an active market were measured at fair value using quoted market prices and, therefore, were classified as Level 1.

U.S. Treasury Bills.  Our U.S. Treasury bills were classified as Level 1 as they trade with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis.
 
Commercial Paper.  Our investments in commercial paper were measured using inputs based upon quoted prices for similar instruments in active markets and, therefore, were classified as Level 2.
 
Foreign Currency Derivative Instruments.  Comprised primarily of foreign currency forward contracts and foreign currency swap contracts, our foreign currency derivative instruments were measured at fair value using readily observable market inputs, such as quotations on forward foreign exchange points and foreign interest rates. Our foreign currency derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in active markets.
 
Auction Rate Securities.  Our investments in ARS were classified as Level 3 as quoted prices were unavailable due to events described in Note 4, Investments. Due to limited market information, we utilized a discounted cash flow (“DCF”) model to derive an estimate of fair value. The unobservable inputs and assumptions we used in preparing the DCF model included estimates with respect to the amount and timing of future interest and principal payments, forward projections of the interest rate benchmarks, the probability of full repayment of the principal considering the credit quality and guarantees in place, and the rate of return required by investors to own such securities given the current liquidity risk associated with ARS. Changes in these unobservable inputs are not likely to have a significant impact on the fair value measurement of our ARS.
 
Marketable Equity Securities.  Our marketable equity securities were measured at fair value using quoted market prices. They were classified as Level 1 as they trade in active markets for which closing stock prices are readily available.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
 
Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to our tangible fixed assets, goodwill and other intangible assets, which are remeasured when the derived fair value is below carrying value on our Condensed Consolidated Balance Sheets. For these assets, we do not periodically adjust carrying value to fair value except in the event of impairment. When we determine that impairment has occurred, the carrying value of the asset is reduced to fair value and the difference is recorded within Operating Income in our Condensed Consolidated Statements of Earnings and Comprehensive Income.

With the exception of fixed asset impairments associated with our restructuring activities described in Note 7, Restructuring Charges, we had no significant remeasurements of such assets or liabilities to fair value during the six months ended August 4, 2012 and July 30, 2011. The following table summarizes the fair value remeasurements recorded during the six months ended August 4, 2012 and July 30, 2011:
 
Six Months Ended
 
Six Months Ended
 
August 4, 2012
 
July 30, 2011
 
Impairments
 
Remaining Net Carrying Value
 
Impairments
 
Remaining Net Carrying Value
 
 
 
 
 
(recast)
 
(recast)
Continuing operations
 
 
 
 
 
 
 
Property and equipment
$
29

 
$

 
$
1

 
$



The fair value remeasurements included in the table above were based on significant unobservable inputs (Level 3). Fixed asset fair values were derived using a DCF model to estimate the present value of net cash flows that the asset or asset group was expected to generate. The key inputs to the DCF model generally included our forecasts of net cash generated from revenue, expenses and other significant cash outflows, such as capital expenditures, as well as an appropriate discount rate. In the case of these specific assets, for which their impairment was the result of restructuring activities, no future cash flows have been assumed as the assets will cease to be used and expected sale values are nominal.

Fair Value of Financial Instruments
 
Our financial instruments, other than those presented in the disclosures above, include cash, receivables, other investments, accounts payable, other payables, and short- and long-term debt. The fair values of cash, receivables, accounts payable, other payables, and short-term debt approximated carrying values because of the short-term nature of these instruments. If these instruments were measured at fair value in the financial statements, they would be classified as Level 1 in the fair value hierarchy. Fair values for other investments held at cost are not readily available, but we estimate that the carrying values for these investments approximate fair value. See Note 8, Debt, for information about the fair value of our long-term debt.
Fiscal Year-end Change (Tables)
Fiscal Year-End Change
The primary components of the net reconciling item to Retained earnings include the net earnings from the Domestic segment and Canadian operations, offset by the impact of share repurchases which reduced Retained earnings upon their retirement.
 
February 2012
 
February 2011
Net earnings
$
206

 
$
115

Impact of share repurchases(1)
(98
)
 

Net reconciling item to Retained earnings
$
108

 
$
115

(1)
Share repurchases reduced Retained earnings after the Additional paid-in capital balance was reduced to zero during February 2012.

Discontinued Operations (Tables)
Schedule of financial results of discontinued operations
The financial results of discontinued operations for the three and six months ended August 4, 2012 and July 30, 2011, were as follows:
 
Three Months Ended
 
Six Months Ended
 
August 4, 2012
 
July 30, 2011
 
August 4, 2012
 
July 30, 2011
 
 
 
(recast)
 
 
 
(recast)
Revenue
$

 
$
89

 
$
8

 
$
217

 
 
 
 
 
 
 
 
Restructuring charges(1)
(1
)
 
1

 
5

 
29

 
 
 
 
 
 
 
 
Earnings (loss) from discontinued operations before income tax benefit
3

 
(53
)
 
(12
)
 
(127
)
Income tax (expense) benefit
(3
)
 
12

 
3

 
32

Gain on sale of discontinued operations

 
4

 

 
4

Net loss from discontinued operations, including noncontrolling interests

 
(37
)
 
(9
)
 
(91
)
Net loss from discontinued operations attributable to noncontrolling interests

 
15

 
6

 
26

Net loss from discontinued operations attributable to Best Buy Co., Inc.
$

 
$
(22
)
 
$
(3
)
 
$
(65
)
 
(1)  
See Note 7, Restructuring Charges, for further discussion of the restructuring charges associated with discontinued operations.
Investments (Tables)
Investments were comprised of the following:
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
 
 
 
 
 
(recast)
Short-term investments
 

 
 

 
 

U.S. Treasury bills
$

 
$

 
$
80

 
 
 
 
 
 
Equity and other investments
 

 
 

 
 

Debt securities (auction rate securities)
22

 
82

 
91

Marketable equity securities
3

 
3

 
150

Other investments
66

 
55

 
75

Total equity and other investments
$
91

 
$
140

 
$
316

Our ARS portfolio consisted of the following, at fair value:
Description
 
Nature of collateral or guarantee
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
 
 
 
 
 
 
 
 
(recast)
Student loan bonds
 
Student loans guaranteed 95% to 100% by the U.S. government
 
$
20

 
$
80

 
$
89

Municipal revenue bonds
 
100% insured by AA/Aa-rated bond insurers at August 4, 2012
 
2

 
2

 
2

Total fair value plus accrued interest(1)
 
 
 
$
22

 
$
82

 
$
91

 
(1) 
The par value and weighted-average interest rates (taxable equivalent) of our ARS were $24, $88 and $93, and 0.69%, 0.50% and 0.32%, respectively, at August 4, 2012, March 3, 2012 and July 30, 2011, respectively.
Our investments in marketable equity securities were as follows:
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
 
 
 
 
 
(recast)
Common stock of TalkTalk Telecom Group PLC
$

 
$

 
$
88

Common stock of Carphone Warehouse Group plc

 

 
61

Other
3

 
3

 
1

Total
$
3

 
$
3

 
$
150

Fair Value Measurements (Tables)
The following tables set forth by level within the fair value hierarchy, our financial assets and liabilities that were accounted for at fair value on a recurring basis at August 4, 2012, March 3, 2012 and July 30, 2011, according to the valuation techniques we used to determine their fair values.
 
 
 
Fair Value Measurements
Using Inputs Considered as
 
Fair Value at
August 4, 2012
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
ASSETS
 

 
 

 
 

 
 

Other current assets
 

 
 

 
 

 
 

Money market funds (restricted cash)
$
62

 
$
62

 
$

 
$

U.S. Treasury bills (restricted cash)
30

 
30

 

 

Equity and other investments
 

 
 

 
 

 
 

Auction rate securities
22

 

 

 
22

Marketable equity securities
3

 
3

 

 

 
 
 
 
 
 
 
 
LIABILITIES
 

 
 

 
 

 
 

Accrued liabilities
 
 
 
 
 
 
 
Foreign currency derivative instruments
2

 

 
2

 


 
 
 
Fair Value Measurements
Using Inputs Considered as
 
Fair Value at
March 3, 2012
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
ASSETS
 

 
 

 
 

 
 

Cash and cash equivalents
 

 
 

 
 

 
 

Money market funds
$
272

 
$
272

 
$

 
$

Other current assets
 

 
 

 
 

 
 

Money market funds (restricted cash)
119

 
119

 

 

U.S. Treasury bills (restricted cash)
30

 
30

 

 

Foreign currency derivative instruments
1

 

 
1

 

Equity and other investments
 

 
 

 
 

 
 

Auction rate securities
82

 

 

 
82

Marketable equity securities
3

 
3

 

 

 
 
 
 
 
 
 
 
LIABILITIES
 

 
 

 
 

 
 

Accrued liabilities
 

 
 

 
 

 
 

Foreign currency derivative instruments
2

 

 
2

 

 
 
 
 
Fair Value Measurements
Using Inputs Considered as
 
Fair Value at
July 30, 2011
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
(recast)
 
(recast)
 
(recast)
 
(recast)
ASSETS
 

 
 

 
 

 
 

Cash and cash equivalents
 
 
 
 
 
 
 
Money market funds
$
605

 
$
605

 
$

 
$

Commercial paper
165

 

 
165

 

Short-term investments
 

 
 

 
 

 
 

U.S. Treasury bills
80

 
80

 

 

Other current assets
 

 
 

 
 

 
 

Money market funds (restricted assets)
133

 
133

 

 

U.S. Treasury bills (restricted assets)
45

 
45

 

 

Foreign currency derivative instruments
5

 

 
5

 

Equity and other investments
 

 
 

 
 

 
 

Auction rate securities
91

 

 

 
91

Marketable equity securities
150

 
150

 

 

Other assets
 
 
 
 
 
 
 
Foreign currency derivative instruments
1

 

 
1

 

 
 
 
 
 
 
 
 
LIABILITIES
 
 
 
 
 
 
 
Accrued liabilities
 

 
 

 
 

 
 

Foreign currency derivative instruments
1

 

 
1

 

The following tables provide a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis in the tables above that used significant unobservable inputs (Level 3) for the three and five months ended August 4, 2012 and July 30, 2011.
 
Debt securities-
Auction rate securities only
 
Student loan
bonds
 
Municipal
revenue bonds
 
Total
Balances at May 5, 2012
$
64

 
$
2

 
$
66

Changes in unrealized losses included in other comprehensive income
3

 

 
3

Sales
(47
)
 

 
(47
)
Balances at August 4, 2012
$
20

 
$
2

 
$
22

  
 
Debt securities-
Auction rate securities only
 
Student loan
bonds
 
Municipal
revenue bonds
 
Total
Balances at March 3, 2012
$
80

 
$
2

 
$
82

Changes in unrealized losses included in other comprehensive income
4

 

 
4

Sales
(64
)
 

 
(64
)
Balances at August 4, 2012
$
20

 
$
2

 
$
22


 
Debt securities-
Auction rate securities only
 
Student loan
bonds
 
Municipal
revenue bonds
 
Total
Balances at April 30, 2011
$
95

 
$
2

 
$
97

Changes in unrealized losses included in other comprehensive income
2

 

 
2

Sales
(8
)
 

 
(8
)
Balances at July 30, 2011 (recast)
$
89

 
$
2

 
$
91

 
 
Debt securities-
Auction rate securities only
 
Student loan
bonds
 
Municipal
revenue bonds
 
Total
Balances at February 26, 2011
$
108

 
$
2

 
$
110

Changes in unrealized losses included in other comprehensive income
3

 

 
3

Sales
(22
)
 

 
(22
)
Balances at July 30, 2011 (recast)
$
89

 
$
2

 
$
91

The following table summarizes the fair value remeasurements recorded during the six months ended August 4, 2012 and July 30, 2011:
 
Six Months Ended
 
Six Months Ended
 
August 4, 2012
 
July 30, 2011
 
Impairments
 
Remaining Net Carrying Value
 
Impairments
 
Remaining Net Carrying Value
 
 
 
 
 
(recast)
 
(recast)
Continuing operations
 
 
 
 
 
 
 
Property and equipment
$
29

 
$

 
$
1

 
$

Goodwill and Intangible Assets (Tables)
The changes in the carrying values of goodwill and indefinite-lived tradenames by segment were as follows in the five months ended August 4, 2012 and July 30, 2011:
 
Goodwill
 
Indefinite-lived Tradenames
 
Domestic
 
International
 
Total
 
Domestic
 
International
 
Total
Balances at March 3, 2012
$
516

 
$
819

 
$
1,335

 
$
19

 
$
111

 
$
130

Changes in foreign currency exchange rates

 
(7
)
 
(7
)
 

 

 

Acquisitions
14

 

 
14

 

 

 

Balances at August 4, 2012
$
530

 
$
812

 
$
1,342

 
$
19

 
$
111

 
$
130

 

 
Goodwill
 
Indefinite-lived Tradenames
 
Domestic
 
International
 
Total
 
Domestic
 
International
 
Total
Balances at February 26, 2011
$
422

 
$
2,032

 
$
2,454

 
$
21

 
$
84

 
$
105

Changes in foreign currency exchange rates

 
53

 
53

 

 
3

 
3

Other(1)

 

 

 

 
28

 
28

Balances at July 30, 2011 (recast)
$
422

 
$
2,085

 
$
2,507

 
$
21

 
$
115

 
$
136

(1) 
Represents the transfer of certain definite-lived tradenames (at their net book value) to indefinite-lived tradenames following our decision not to phase out certain tradenames. We believe these tradenames will continue to contribute to our future cash flows indefinitely.

The following table provides the gross carrying amount of goodwill and cumulative goodwill impairment losses:
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
 
Gross
Carrying
Amount
 
Cumulative
Impairment
 
Gross
Carrying
Amount
 
Cumulative
Impairment
 
Gross
Carrying
Amount
 
Cumulative
Impairment
 
 
 
 
 
 
 
 
 
(recast)
 
(recast)
Goodwill
$
2,603

 
$
(1,261
)
 
$
2,596

 
$
(1,261
)
 
$
2,571

 
$
(64
)
The following table provides the gross carrying values and related accumulated amortization of definite-lived intangible assets:
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
 
 
 
 
 
 
 
 
(recast)
 
(recast)
Customer relationships
$
465

 
$
(244
)
 
$
453

 
$
(224
)
 
$
393

 
$
(214
)
The estimated future amortization expense for identifiable intangible assets is as follows:
Fiscal Year
 
Remainder of fiscal 2013
$
21

2014
41

2015
41

2016
41

2017
24

Thereafter
53

Restructuring Charges (Tables)
The composition of the restructuring charges we incurred in the six months ended August 4, 2012 for our fiscal 2013 restructuring activities in the Domestic segment was as follows:
 
Six Months Ended
August 4, 2012
Continuing operations
 
Property and equipment impairments
$
27

Termination benefits
81

Facility closure and other costs, net
116

Total
$
224

The composition of the restructuring charges we incurred in the six months ended August 4, 2012 and July 30, 2011, as well as the cumulative amount incurred through August 4, 2012, for our fiscal 2011 restructuring activities for both the Domestic and International segments was as follows:
 
Domestic
 
International
 
Total
 
Six Months Ended
 
Cumulative
Amount
through
August 4, 2012
 
Six Months Ended
 
Cumulative
Amount
through
August 4, 2012
 
Six Months Ended
 
Cumulative
Amount
through
August 4, 2012
 
August 4,
2012
 
July 30,
2011
 
 
August 4,
2012
 
July 30,
2011
 
 
August 4,
2012
 
July 30,
2011
 
 
 
 
(recast)
 
 
 
 
 
(recast)
 
 
 
 
 
(recast)
 
 
Continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Inventory write-downs
$

 
$

 
$
28

 
$

 
$

 
$

 
$

 
$

 
$
28

Property and equipment impairments
(12
)
 

 
3

 

 
(1
)
 
107

 
(12
)
 
(1
)
 
110

Termination benefits

 

 
13

 

 

 

 

 

 
13

Facility closure and other costs, net

 
5

 
4

 

 

 

 

 
5

 
4

Total
(12
)
 
5

 
48

 

 
(1
)
 
107

 
(12
)
 
4

 
155

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discontinued operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Inventory write-downs

 

 

 

 

 
15

 

 

 
15

Property and equipment impairments

 

 
15

 

 

 
25

 

 

 
40

Termination benefits

 

 
4

 

 
18

 
19

 

 
18

 
23

Intangible asset impairments

 

 
13

 

 

 

 

 

 
13

Facility closure and other costs, net
3

 

 
3

 
(1
)
 
11

 
4

 
2

 
11

 
7

Total
3

 

 
35

 
(1
)
 
29

 
63

 
2

 
29

 
98

Total
$
(9
)
 
$
5

 
$
83

 
$
(1
)
 
$
28

 
$
170

 
$
(10
)
 
$
33

 
$
253

Restructuring charges incurred in the six months ended August 4, 2012 and July 30, 2011, for our fiscal 2013, fiscal 2012 and fiscal 2011 restructuring activities were as follows:
 
Six Months Ended
 
August 4, 2012
 
July 30, 2011
 
 
 
(recast)
Continuing operations
 
 
 
Fiscal 2013 restructuring
$
224

 
$

Fiscal 2012 restructuring
6

 

Fiscal 2011 restructuring
(12
)
 
4

Total
218

 
4

Discontinued operations
 
 
 
Fiscal 2013 restructuring

 

Fiscal 2012 restructuring
3

 

Fiscal 2011 restructuring
2

 
29

Total (Note 3)
5

 
29

Total
$
223

 
$
33

The composition of the restructuring charges we incurred in the six months ended August 4, 2012, as well as the cumulative amount incurred through August 4, 2012, for our fiscal 2012 restructuring activities for both the Domestic and International segments was as follows:
 
Domestic
 
International
 
Total
 
Six Months
Ended
August 4, 2012
 
Cumulative
Amount
through
August 4, 2012
 
Six Months
Ended
August 4, 2012
 
Cumulative
Amount
through
August 4, 2012
 
Six Months
Ended
August 4, 2012
 
Cumulative
Amount
through
August 4, 2012
Continuing operations
 
 
 
 
 
 
 
 
 
 
 
Property and equipment impairments
$
1

 
$
17

 
$

 
$
15

 
$
1

 
$
32

Termination benefits

 
1

 

 

 

 
1

Facility closure and other costs, net
5

 
5

 

 

 
5

 
5

Total
6

 
23

 

 
15

 
6

 
38

 
 
 
 
 
 
 
 
 
 
 
 
Discontinued operations
 
 
 
 
 
 
 
 
 
 
 
Inventory write-downs

 

 

 
11

 

 
11

Property and equipment impairments

 

 

 
96

 

 
96

Termination benefits

 

 
1

 
17

 
1

 
17

Facility closure and other costs, net

 

 
2

 
84

 
2

 
84

Total

 

 
3

 
208

 
3

 
208

Total
$
6

 
$
23

 
$
3

 
$
223

 
$
9

 
$
246

The following table summarizes our restructuring accrual activity during the five months ended August 4, 2012 related to termination benefits and facility closure and other costs associated with our 2013 restructuring activities:
 
Termination
Benefits
 
Facility
Closure and
Other Costs
 
Total
Balance at March 3, 2012
$

 
$

 
$

Charges
107

 
116

 
223

Cash payments
(35
)
 
(2
)
 
(37
)
Adjustments
(27
)
 
(6
)
 
(33
)
Balance at August 4, 2012
$
45

 
$
108

 
$
153

The following table summarizes our restructuring accrual activity during the five months ended August 4, 2012 related to termination benefits and facility closure and other costs associated with our 2012 restructuring activities:
 
Termination
Benefits
 
Facility
Closure and
Other Costs(1)
 
Total
Balance at March 3, 2012
$
17

 
$
85

 
$
102

Charges
1

 
2

 
3

Cash payments
(17
)
 
(77
)
 
(94
)
Adjustments

 
34

 
34

Changes in foreign currency exchange rates

 
2

 
2

Balance at August 4, 2012
$
1

 
$
46

 
$
47

(1) 
Included within the adjustments to facility closure and other costs is $34 from the first quarter of fiscal 2013, representing an adjustment to exclude non-cash charges or benefits, which had no impact on our Condensed Consolidated Statements of Earnings and Comprehensive Income in the first quarter of fiscal 2013.
The following tables summarize our restructuring accrual activity during the five months ended August 4, 2012 and July 30, 2011, related to termination benefits and facility closure and other costs associated with our 2011 restructuring activities:    
 
Termination
Benefits
 
Facility
Closure and
Other Costs(1)
 
Total
Balance at February 26, 2011
$
28

 
$
13

 
$
41

Charges
6

 

 
6

Cash payments
(24
)
 
(8
)
 
(32
)
Adjustments
(3
)
 
8

 
5

Changes in foreign currency exchange rates

 
1

 
1

Balance at July 30, 2011 (recast)
$
7

 
$
14

 
$
21

 
(1) 
Included within the adjustments to facility closure and other costs is $10 from the first quarter of fiscal 2011, representing an adjustment to exclude non-cash charges or benefits, which had no impact on our Condensed Consolidated Statements of Earnings and Comprehensive Income in the first quarter of fiscal 2012.
 
Termination
Benefits
 
Facility
Closure and
Other Costs
 
Total
Balance at March 3, 2012
$
3

 
$
9

 
$
12

Charges

 

 

Cash payments
(2
)
 
(3
)
 
(5
)
Adjustments
(1
)
 
(1
)
 
(2
)
Balance at August 4, 2012
$

 
$
5

 
$
5

Debt (Tables)
Short-term debt consisted of the following:
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
 
 
 
 
 
(recast)
U.S. revolving credit facility – 364-Day
$

 
$

 
$

U.S. revolving credit facility – Five-Year

 

 

Europe revolving credit facility
519

 
480

 

Europe receivables financing facility

 

 
386

Old Europe revolving credit facility

 

 

Canada revolving demand facility

 

 

China revolving demand facilities

 

 
6

   Total short-term debt
$
519

 
$
480

 
$
392


Long-term debt consisted of the following:
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
 
 
 
 
 
(recast)
2013 Notes
$
500

 
$
500

 
$
500

2016 Notes
349

 
349

 
349

2021 Notes
648

 
648

 
648

Convertible debentures

 

 
402

Financing lease obligations
136

 
149

 
162

Capital lease obligations
73

 
81

 
82

Other debt
1

 
1

 
2

   Total long-term debt
1,707

 
1,728

 
2,145

Less: current portion(1)
(542
)
 
(43
)
 
(444
)
   Total long-term debt, less current portion
$
1,165

 
$
1,685

 
$
1,701

 
(1) 
Since holders of our convertible debentures could have required us to purchase all or a portion of the debentures on January 15, 2012, we classified the $402 for such debentures in the current portion of long-term debt at July 30, 2011. Our 2013 Notes due July 15, 2013, are classified in the current portion of long-term debt as of August 4, 2012.
Derivative Instruments (Tables)
The following table presents the gross fair values for derivative instruments and the corresponding classification at August 4, 2012, March 3, 2012 and July 30, 2011:
 
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
Contract Type
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
 
 
 
 
 
 
 
 
 
(recast)
 
(recast)
Cash flow hedges (foreign exchange forward contracts)
 
$

 
$

 
$

 
$

 
$
6

 
$

No hedge designation (foreign exchange forward contracts)
 

 
(2
)
 
1

 
(2
)
 

 
(1
)
Total
 
$

 
$
(2
)
 
$
1

 
$
(2
)
 
$
6

 
$
(1
)
The following tables present the effects of derivative instruments on other comprehensive income (“OCI”) and on our Condensed Consolidated Statements of Earnings and Comprehensive Income for the three and six months ended August 4, 2012 and July 30, 2011
 
 
Three Months Ended
 
Six Months Ended
 
 
August 4, 2012
 
August 4, 2012
Contract Type
 
Pre-tax Gain Recognized in
OCI(1)
 
(Loss)
Reclassified from
Accumulated
OCI to Earnings
(Effective
Portion)(2)
 
Pre-tax Gain
Recognized in
OCI(1)
 
(Loss)
Reclassified from
Accumulated
OCI to Earnings
(Effective
Portion)(2)
Cash flow hedges (foreign exchange forward contracts)
 
$

 
$

 
$

 
$
(1
)
 
 
 
Three Months Ended
 
Six Months Ended
 
 
July 30, 2011
 
July 30, 2011
Contract Type
 
Pre-tax Gain
Recognized in
OCI(1)
 
Gain
Reclassified from
Accumulated
OCI to Earnings
(Effective
Portion)(2)
 
Pre-tax Gain
Recognized in
OCI(1)
 
Gain
Reclassified from
Accumulated
OCI to Earnings
(Effective
Portion)(2)
 
 
(recast)
 
(recast)
 
(recast)
 
(recast)
Cash flow hedges (foreign exchange forward contracts)
 
$
5

 
$
5

 
$
13

 
$
7

(1) 
Reflects the amount recognized in OCI prior to the reclassification of 50% to noncontrolling interests for the cash flow and net investment hedges, respectively.
(2) 
Gain reclassified from accumulated OCI is included within selling, general and administrative expenses (“SG&A”) in our Condensed Consolidated Statements of Earnings and Comprehensive Income.
 
The following table presents the effects of derivatives not designated as hedging instruments on our Condensed Consolidated Statements of Earnings and Comprehensive Income for the three and six months ended August 4, 2012 and July 30, 2011
 
 
Gain (Loss) Recognized within SG&A
 
 
Three Months Ended
 
Six Months Ended
 
Three Months Ended
 
Six Months Ended
Contract Type
 
August 4, 2012
 
August 4, 2012
 
July 30, 2011
 
July 30, 2011
 
 
 
 
 
 
(recast)
 
(recast)
No hedge designation (foreign exchange forward contracts)
 
$
6

 
$
3

 
$
(4
)
 
$
(12
)
The following table presents the notional amounts of our foreign currency exchange contracts at August 4, 2012, March 3, 2012 and July 30, 2011
 
 
Notional Amount
Contract Type
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
 
 
 
 
 
 
(recast)
Derivatives designated as cash flow hedging instruments
 
$

 
$

 
$
268

Derivatives not designated as hedging instruments
 
153

 
238

 
257

Total
 
$
153

 
$
238

 
$
525


 
Earnings per Share (Tables)
Schedule of Calculation of Numerator and Denominator in Earnings Per Share
The following table presents a reconciliation of the numerators and denominators of basic and diluted earnings per share attributable to Best Buy Co., Inc. (shares in millions):
 
Three Months Ended
 
Six Months Ended
 
August 4, 2012
 
July 30, 2011
 
August 4, 2012
 
July 30, 2011
 
 
 
(recast)
 
 
 
(recast)
Numerator
 

 
 

 
 
 
 
Net (loss) earnings from continuing operations
$
(7
)
 
$
148

 
$
154

 
$
441

Net loss (earnings) from continuing operations attributable to noncontrolling interests
19

 
2

 
19

 
(36
)
Net earnings from continuing operations attributable to Best Buy Co., Inc., basic
12

 
150

 
173

 
405

Adjustment for assumed dilution:
 
 
 
 
 
 
 
Interest on convertible debentures, net of tax

 
2

 

 
3

Net earnings from continuing operations attributable to Best Buy Co., Inc., diluted
$
12

 
$
152

 
$
173

 
$
408

 


 


 


 


Denominator
 
 
 
 
 
 
 
Weighted-average common shares outstanding
338.2

 
376.0

 
340.3

 
383.6

Effect of potentially dilutive securities:
 
 
 
 
 
 
 
Shares from assumed conversion of convertible debentures

 
8.8

 

 
8.8

Stock options and other
0.4

 
0.8

 
0.7

 
0.9

Weighted-average common shares outstanding, assuming dilution
338.6

 
385.6

 
341.0

 
393.3

 
 
 
 
 
 
 
 
Net earnings per share from continuing operations attributable to Best Buy Co., Inc.
 
 
 
 
 
 
 
Basic
$
0.04

 
$
0.40

 
$
0.51

 
$
1.06

Diluted
$
0.04

 
$
0.39

 
$
0.51

 
$
1.04

Comprehensive Income (Tables)
Schedule of Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income, net of tax, attributable to Best Buy Co., Inc. were as follows:
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
 
 
 
 
 
(recast)
Foreign currency translation
$
87

 
$
93

 
$
203

Unrealized (losses) gains on available-for-sale investments
(1
)
 
(3
)
 
76

Unrealized gains on derivative instruments (cash flow hedges)

 

 
2

Total
$
86

 
$
90

 
$
281

Repurchase of Common Stock Repurcahse of Common Stock (Tables)
Schedule of Repurchases of Common Stock
The following table shows the amount and cost of shares we repurchased and retired for the three and six months ended August 4, 2012 and July 30, 2011, under the June 2011 program and the June 2007 program.
 
Three Months Ended
 
Six Months Ended
 
August 4, 2012
 
July 30, 2011
 
August 4, 2012
 
July 30, 2011
 
 
 
(recast)
 
 
 
(recast)
June 2011 Program
 
 
 
 
 
 
 
Number of shares repurchased
6.3

 
4.6

 
10.9

 
4.6

Cost of shares repurchased
$
122

 
$
139

 
$
237

 
$
139

 
 
 
 
 
 
 
 
June 2007 Program
 
 
 
 
 
 
 
Number of shares repurchased

 
9.2

 

 
20.1

Cost of shares repurchased
$

 
$
286

 
$

 
$
611

Segments (Tables)
Business segment information
Revenue by reportable segment was as follows:
 
Three Months Ended
 
Six Months Ended
 
August 4, 2012
 
July 30, 2011
 
August 4, 2012
 
July 30, 2011
 
 
 
(recast)
 
 
 
(recast)
Domestic
$
7,803

 
$
7,977

 
$
16,625

 
$
16,369

International
2,744

 
2,879

 
5,532

 
5,856

Total
$
10,547

 
$
10,856

 
$
22,157

 
$
22,225

 
Operating income (loss) by reportable segment and the reconciliation to earnings from continuing operations before income tax expense and equity in loss of affiliates were as follows:
 
Three Months Ended
 
Six Months Ended
 
August 4, 2012
 
July 30, 2011
 
August 4, 2012
 
July 30, 2011
 
 
 
(recast)
 
 
 
(recast)
Domestic
$
83

 
$
239

 
$
378

 
$
605

International
(50
)
 
21

 
(83
)
 
115

Total operating income
33

 
260

 
295

 
720

Other income (expense)
 
 
 
 
 
 
 
Investment income and other
6

 
8

 
12

 
25

Interest expense
(30
)
 
(33
)
 
(63
)
 
(61
)
Earnings from continuing operations before income tax expense and equity in loss of affiliates
$
9

 
$
235

 
$
244

 
$
684

 
Assets by reportable segment were as follows:
 
August 4, 2012
 
March 3, 2012
 
July 30, 2011
 
 
 
 
 
(recast)
Domestic
$
9,884

 
$
9,592

 
$
10,887

International
5,965

 
6,413

 
8,409

Total
$
15,849

 
$
16,005

 
$
19,296

Basis of Presentation (Details)
3 Months Ended 6 Months Ended 12 Months Ended
Aug. 4, 2012
May 5, 2012
Jul. 30, 2011
Aug. 4, 2012
Jul. 30, 2011
Mar. 3, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]
 
 
 
 
 
 
Reporting period lag for consolidation of financial results
 
1 month 
 
1 month 
 
2 months 
Number of Weeks in Fiscal Quarter
P13W 
 
P13W 
 
 
 
Number of Weeks in First Six Months
 
 
 
P27W 
P26W 
 
Fiscal Year-end Change (Details) (USD $)
In Millions, unless otherwise specified
1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Mar. 3, 2012
Feb. 26, 2011
May 5, 2012
Aug. 4, 2012
Mar. 3, 2012
Fiscal Year-End Change [Line Items]
 
 
 
 
 
Transition period
 
 
 
11 months 
 
Reporting period lag for consolidation of financial results
 
 
1 month 
1 month 
2 months 
Revenue Overlap from Fiscal Year-End Change
$ 3,908 
 
 
 
 
Net earnings
206 
115 
 
 
 
Impact of share repurchases
(98)
 
 
 
Net reconciling item to Retained earnings
(124)
(153)
 
 
 
Adjustment to cash flows
202 
235 
 
 
 
Fiscal Year Change, Adjustment to Cash Flows, Operating Activities
 
228 
 
 
 
Fiscal Year Change, Adjustment to Cash Flows, Investing Activities
46 
 
 
 
 
Fiscal Year Change, Adjustment to Cash Flows, Financing Activities
135 
 
 
 
 
Retained Earnings [Member]
 
 
 
 
 
Fiscal Year-End Change [Line Items]
 
 
 
 
 
Net reconciling item to Retained earnings
$ (108)
$ (115)
 
 
 
Discontinued Operations (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Aug. 4, 2012
Jul. 30, 2011
Aug. 4, 2012
Jul. 30, 2011
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
Revenue
$ 0 
$ 89 
$ 8 
$ 217 
Restructuring charges
(1)
29 
Earnings (loss) from discontinued operations before income tax benefit
(53)
(12)
(127)
Income tax (expense) benefit
(3)
12 
32 
Gain on sale of discontinued operations
Net loss from discontinued operations including noncontrolling interests
(37)
(9)
(91)
Net loss from discontinued operations attributable to noncontrolling interests
15 
26 
Net loss from discontinued operations attributable to Best Buy Co., Inc.
$ 0 
$ (22)
$ (3)
$ (65)
Investments (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 6 Months Ended 12 Months Ended
Aug. 4, 2012
Aug. 4, 2012
investments
Mar. 3, 2012
Jul. 30, 2011
Mar. 31, 2010
company
Aug. 4, 2012
U.S. Treasury bills [Member]
Mar. 3, 2012
U.S. Treasury bills [Member]
Jul. 30, 2011
U.S. Treasury bills [Member]
Aug. 4, 2012
Debt Securities (Auction-Rate Securities) [Member]
Mar. 3, 2012
Debt Securities (Auction-Rate Securities) [Member]
Jul. 30, 2011
Debt Securities (Auction-Rate Securities) [Member]
Aug. 4, 2012
Student loan bonds [Member]
Mar. 3, 2012
Student loan bonds [Member]
Jul. 30, 2011
Student loan bonds [Member]
Aug. 4, 2012
Municipal revenue bonds [Member]
Mar. 3, 2012
Municipal revenue bonds [Member]
Jul. 30, 2011
Municipal revenue bonds [Member]
Aug. 4, 2012
Marketable Equity Securities [Member]
Mar. 3, 2012
Marketable Equity Securities [Member]
Jul. 30, 2011
Marketable Equity Securities [Member]
Aug. 4, 2012
Common stock of Talk Talk Telecom Group PLC [Member]
Mar. 3, 2012
Common stock of Talk Talk Telecom Group PLC [Member]
Jul. 30, 2011
Common stock of Talk Talk Telecom Group PLC [Member]
Aug. 4, 2012
Common stock of Carphone Warehouse Group plc [Member]
Mar. 3, 2012
Common stock of Carphone Warehouse Group plc [Member]
Jul. 30, 2011
Common stock of Carphone Warehouse Group plc [Member]
Aug. 4, 2012
Marketable Equity Securities, Other [Member]
Mar. 3, 2012
Marketable Equity Securities, Other [Member]
Jul. 30, 2011
Marketable Equity Securities, Other [Member]
Aug. 4, 2012
Other Investments [Member]
Mar. 3, 2012
Other Investments [Member]
Jul. 30, 2011
Other Investments [Member]
Mar. 3, 2012
Auction Rate Securities, Interval 1 [Member]
Mar. 3, 2012
Auction Rate Securities, Interval 2 [Member]
Mar. 3, 2012
Auction Rate Securities, Interval 3 [Member]
Schedule of Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total short-term investments
$ 0 
$ 0 
$ 0 
$ 80 
 
$ 0 
$ 0 
$ 80 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total equity and other investments
91 
91 
140 
316 
 
 
 
 
22 
82 
91 
 
 
 
 
 
 
150 
88 
61 
66 
55 
75 
 
 
 
Auction rate securities, interval period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7 days 
28 days 
35 days 
Securities redeemed
47 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments in portfolio (investments)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aggregate par value of failed auctions
24 
24 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments, Fair Value Disclosure
 
 
 
 
 
 
 
 
22 
 
 
20 
80 
89 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Auction Rate Securities, Par Value
 
 
 
 
 
 
 
 
24 
88 
93 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Guaranteed or Insured Percentage, Low Range (as a percent)
 
 
 
 
 
 
 
 
 
 
 
95.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Guaranteed or Insured Percentage, High Range (as a percent)
 
 
 
 
 
 
 
 
 
 
 
100.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage Insured by Rated Bond Insurers (as a percent)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Interest Rate Percentage (as a percent)
 
 
 
 
 
 
 
 
0.69% 
0.50% 
0.32% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of Portfolio With Credit Rating AAA/Aaa (as a percent)
 
 
 
 
 
 
 
 
39.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of Portfolio With Credit Rating AA/Aa (as a percent)
 
 
 
 
 
 
 
 
29.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of Portfolio With Credit Rating A/A (as a percent)
 
 
 
 
 
 
 
 
32.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Auction Rate Securities, Maturity Date Range, Start (in years)
 
 
 
 
 
 
 
 
4 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Auction Rate Securities, Maturity Date Range, End (in years)
 
 
 
 
 
 
 
 
29 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax unrealized gain (loss) in accumulated other comprehensive income
 
 
 
 
 
 
 
 
(2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax
$ (1)
$ (1)
$ (3)
$ 76 
 
 
 
 
$ (1)
$ (3)
$ (1)
 
 
 
 
 
 
$ 1 
$ 0 
$ 77 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of companies formed after CPW demerger
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], USD $)
In Millions, unless otherwise specified
Aug. 4, 2012
Mar. 3, 2012
Jul. 30, 2011
Fair Value [Member] |
Cash and Cash Equivalents [Member] |
Money Market Funds [Member]
 
 
 
ASSETS
 
 
 
Cash and cash equivalents
 
$ 272 
$ 605 
Fair Value [Member] |
Cash and Cash Equivalents [Member] |
Commercial Paper [Member]
 
 
 
ASSETS
 
 
 
Cash and cash equivalents
 
 
165 
Fair Value [Member] |
Short-term Investments [Member] |
US Treasury Securities [Member]
 
 
 
ASSETS
 
 
 
Short-term investments
 
 
80 
Fair Value [Member] |
Other Current Assets [Member]
 
 
 
ASSETS
 
 
 
Foreign currency derivative instruments
 
Fair Value [Member] |
Other Current Assets [Member] |
Money Market Funds [Member]
 
 
 
ASSETS
 
 
 
Restricted cash
62 
119 
133 
Fair Value [Member] |
Other Current Assets [Member] |
US Treasury Securities [Member]
 
 
 
ASSETS
 
 
 
Restricted cash
30 
30 
45 
Fair Value [Member] |
Equity and Other Investments [Member]
 
 
 
ASSETS
 
 
 
Auction rate securities
22 
82 
91 
Marketable equity securities
150 
Fair Value [Member] |
Other Assets [Member]
 
 
 
ASSETS
 
 
 
Foreign currency derivative instruments
 
 
Fair Value [Member] |
Accrued Liabilities [Member]
 
 
 
LIABILITIES
 
 
 
Foreign currency derivative instruments
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] |
Cash and Cash Equivalents [Member] |
Money Market Funds [Member]
 
 
 
ASSETS
 
 
 
Cash and cash equivalents
 
272 
605 
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] |
Cash and Cash Equivalents [Member] |
Commercial Paper [Member]
 
 
 
ASSETS
 
 
 
Cash and cash equivalents
 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] |
Short-term Investments [Member] |
US Treasury Securities [Member]
 
 
 
ASSETS
 
 
 
Short-term investments
 
 
80 
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] |
Other Current Assets [Member]
 
 
 
ASSETS
 
 
 
Foreign currency derivative instruments
 
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] |
Other Current Assets [Member] |
Money Market Funds [Member]
 
 
 
ASSETS
 
 
 
Restricted cash
62 
119 
133 
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] |
Other Current Assets [Member] |
US Treasury Securities [Member]
 
 
 
ASSETS
 
 
 
Restricted cash
30 
30 
45 
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] |
Equity and Other Investments [Member]
 
 
 
ASSETS
 
 
 
Auction rate securities
Marketable equity securities
150 
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] |
Other Assets [Member]
 
 
 
ASSETS
 
 
 
Foreign currency derivative instruments
 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] |
Accrued Liabilities [Member]
 
 
 
LIABILITIES
 
 
 
Foreign currency derivative instruments
Significant Other Observable Inputs (Level 2) [Member] |
Cash and Cash Equivalents [Member] |
Money Market Funds [Member]
 
 
 
ASSETS
 
 
 
Cash and cash equivalents
 
Significant Other Observable Inputs (Level 2) [Member] |
Cash and Cash Equivalents [Member] |
Commercial Paper [Member]
 
 
 
ASSETS
 
 
 
Cash and cash equivalents
 
 
165 
Significant Other Observable Inputs (Level 2) [Member] |
Short-term Investments [Member] |
US Treasury Securities [Member]
 
 
 
ASSETS
 
 
 
Short-term investments
 
 
Significant Other Observable Inputs (Level 2) [Member] |
Other Current Assets [Member]
 
 
 
ASSETS
 
 
 
Foreign currency derivative instruments
 
Significant Other Observable Inputs (Level 2) [Member] |
Other Current Assets [Member] |
Money Market Funds [Member]
 
 
 
ASSETS
 
 
 
Restricted cash
Significant Other Observable Inputs (Level 2) [Member] |
Other Current Assets [Member] |
US Treasury Securities [Member]
 
 
 
ASSETS
 
 
 
Restricted cash
Significant Other Observable Inputs (Level 2) [Member] |
Equity and Other Investments [Member]
 
 
 
ASSETS
 
 
 
Auction rate securities
Marketable equity securities
Significant Other Observable Inputs (Level 2) [Member] |
Other Assets [Member]
 
 
 
ASSETS
 
 
 
Foreign currency derivative instruments
 
 
Significant Other Observable Inputs (Level 2) [Member] |
Accrued Liabilities [Member]
 
 
 
LIABILITIES
 
 
 
Foreign currency derivative instruments
Significant Unobservable Inputs (Level 3) [Member] |
Cash and Cash Equivalents [Member] |
Money Market Funds [Member]
 
 
 
ASSETS
 
 
 
Cash and cash equivalents
 
Significant Unobservable Inputs (Level 3) [Member] |
Cash and Cash Equivalents [Member] |
Commercial Paper [Member]
 
 
 
ASSETS
 
 
 
Cash and cash equivalents
 
 
Significant Unobservable Inputs (Level 3) [Member] |
Short-term Investments [Member] |
US Treasury Securities [Member]
 
 
 
ASSETS
 
 
 
Short-term investments
 
 
Significant Unobservable Inputs (Level 3) [Member] |
Other Current Assets [Member]
 
 
 
ASSETS
 
 
 
Foreign currency derivative instruments
 
Significant Unobservable Inputs (Level 3) [Member] |
Other Current Assets [Member] |
Money Market Funds [Member]
 
 
 
ASSETS
 
 
 
Restricted cash
Significant Unobservable Inputs (Level 3) [Member] |
Other Current Assets [Member] |
US Treasury Securities [Member]
 
 
 
ASSETS
 
 
 
Restricted cash
Significant Unobservable Inputs (Level 3) [Member] |
Equity and Other Investments [Member]
 
 
 
ASSETS
 
 
 
Auction rate securities
22 
82 
91 
Marketable equity securities
Significant Unobservable Inputs (Level 3) [Member] |
Other Assets [Member]
 
 
 
ASSETS
 
 
 
Foreign currency derivative instruments
 
 
Significant Unobservable Inputs (Level 3) [Member] |
Accrued Liabilities [Member]
 
 
 
LIABILITIES
 
 
 
Foreign currency derivative instruments
$ 0 
$ 0 
$ 0 
Fair Value Measurements (Details 2) (USD $)
In Millions, unless otherwise specified
3 Months Ended 5 Months Ended
Aug. 4, 2012
Jul. 30, 2011
Aug. 4, 2012
Jul. 30, 2011
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation.
 
 
 
 
Balance at the beginning of the period
$ 66 
$ 97 
$ 82 
$ 110 
Changes in unrealized losses included in other comprehensive income
Sales
(47)
(8)
(64)
(22)
Balance at the end of the period
22 
91 
22 
91 
Student loan bonds [Member]
 
 
 
 
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation.
 
 
 
 
Balance at the beginning of the period
64 
95 
80 
108 
Changes in unrealized losses included in other comprehensive income
Sales
(47)
(8)
(64)
(22)
Balance at the end of the period
20 
89 
20 
89 
Municipal revenue bonds [Member]
 
 
 
 
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation.
 
 
 
 
Balance at the beginning of the period
Changes in unrealized losses included in other comprehensive income
Sales
Balance at the end of the period
$ 2 
$ 2 
$ 2 
$ 2 
Fair Value Measurements (Details 3) (Segment, Continuing Operations [Member], Fair Value, Measurements, Nonrecurring [Member], Fair Value, Inputs, Level 3 [Member], USD $)
In Millions, unless otherwise specified
6 Months Ended
Aug. 4, 2012
Jul. 30, 2011
Segment, Continuing Operations [Member] |
Fair Value, Measurements, Nonrecurring [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Property and equipment, impairments
$ 29 
$ 1 
Property and equipment, remaining net carrying value
$ 0 
$ 0 
Goodwill and Intangible Assets (Details) (USD $)
In Millions, unless otherwise specified
5 Months Ended
Aug. 4, 2012
Jul. 30, 2011
Mar. 3, 2012
Goodwill [Roll Forward]
 
 
 
Goodwill, balance at the beginning of the period
$ 1,335 
$ 2,454 
 
Changes in foreign currency exchange rates
(7)
53 
 
Acquisitions
14 
 
 
Other
 
 
Goodwill, balance at the end of the period
1,342 
2,507 
 
Indefinite-lived Intangible Tradenames [Roll Forward]
 
 
 
Tradenames, beginning balance
130 
105 
 
Changes in foreign currency exchange rates, Tradenames
 
Acquisitions
 
 
Other
 
28 
 
Tradenames, ending balance
130 
136 
 
Gross amount of goodwill and the accumulated goodwill impairment losses
 
 
 
Gross Carrying Amount
2,603 
2,571 
2,596 
Cumulative Impairment
(1,261)
(64)
(1,261)
Domestic [Member]
 
 
 
Goodwill [Roll Forward]
 
 
 
Goodwill, balance at the beginning of the period
516 
422 
 
Changes in foreign currency exchange rates
 
Acquisitions
14 
 
 
Other
 
 
Goodwill, balance at the end of the period
530 
422 
 
Indefinite-lived Intangible Tradenames [Roll Forward]
 
 
 
Tradenames, beginning balance
19 
21 
 
Changes in foreign currency exchange rates, Tradenames
 
Acquisitions
 
 
Other
 
 
Tradenames, ending balance
19 
21 
 
International [Member]
 
 
 
Goodwill [Roll Forward]
 
 
 
Goodwill, balance at the beginning of the period
819 
2,032 
 
Changes in foreign currency exchange rates
(7)
53 
 
Acquisitions
 
 
Other
 
 
Goodwill, balance at the end of the period
812 
2,085 
 
Indefinite-lived Intangible Tradenames [Roll Forward]
 
 
 
Tradenames, beginning balance
111 
84 
 
Changes in foreign currency exchange rates, Tradenames
 
Acquisitions
 
 
Other
 
28 
 
Tradenames, ending balance
$ 111 
$ 115 
 
Goodwill and Intangible Assets (Details 2) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Aug. 4, 2012
Jul. 30, 2011
Aug. 4, 2012
Jul. 30, 2011
Aug. 4, 2012
Customer Relationships [Member]
Mar. 3, 2012
Customer Relationships [Member]
Jul. 30, 2011
Customer Relationships [Member]
Finite-Lived Intangible Assets
 
 
 
 
 
 
 
Gross Carrying Amount
 
 
 
 
$ 465 
$ 453 
$ 393 
Accumulated Amortization
 
 
 
 
(244)
(224)
(214)
Amortization expense
$ 10 
$ 15 
$ 20 
$ 30 
 
 
 
Goodwill and Intangible Assets (Details 3) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Aug. 4, 2012
Goodwill and Intangible Assets Disclosure [Abstract]
 
Remainder of fiscal 2013
$ 21 
2014
41 
2015
41 
2016
41 
2017
24 
Thereafter
$ 53 
Restructuring Charges (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended 5 Months Ended 6 Months Ended 5 Months Ended 2 Months Ended 5 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 5 Months Ended 2 Months Ended 5 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended 6 Months Ended 29 Months Ended
Aug. 4, 2012
Jul. 30, 2011
Aug. 4, 2012
Restructuring Charges 2013 [Member]
May 5, 2012
Restructuring Charges 2013 [Member]
store
Aug. 4, 2012
Restructuring Charges 2013 [Member]
Aug. 4, 2012
Restructuring Charges 2013 [Member]
Aug. 4, 2012
Restructuring Charges 2013 [Member]
Termination benefits [Member]
Aug. 4, 2012
Restructuring Charges 2013 [Member]
Facility closure and other costs [Member]
Aug. 4, 2012
Restructuring Program 2012 [Member]
Aug. 4, 2012
Restructuring Program 2012 [Member]
Jul. 30, 2011
Restructuring Program 2012 [Member]
Aug. 4, 2012
Restructuring Program 2012 [Member]
Domestic [Member]
Jul. 30, 2011
Restructuring Program 2012 [Member]
Domestic [Member]
Aug. 4, 2012
Restructuring Program 2012 [Member]
International [Member]
Jul. 30, 2011
Restructuring Program 2012 [Member]
International [Member]
Aug. 4, 2012
Restructuring Program 2012 [Member]
Termination benefits [Member]
May 5, 2012
Restructuring Program 2012 [Member]
Facility closure and other costs [Member]
Aug. 4, 2012
Restructuring Program 2012 [Member]
Facility closure and other costs [Member]
Aug. 4, 2012
Restructuring Program 2011 [Member]
Jul. 30, 2011
Restructuring Program 2011 [Member]
Aug. 4, 2012
Restructuring Program 2011 [Member]
Jul. 30, 2011
Restructuring Program 2011 [Member]
Aug. 4, 2012
Restructuring Program 2011 [Member]
Aug. 4, 2012
Restructuring Program 2011 [Member]
Domestic [Member]
Jul. 30, 2011
Restructuring Program 2011 [Member]
Domestic [Member]
Aug. 4, 2012
Restructuring Program 2011 [Member]
Domestic [Member]
Aug. 4, 2012
Restructuring Program 2011 [Member]
International [Member]
Jul. 30, 2011
Restructuring Program 2011 [Member]
International [Member]
Aug. 4, 2012
Restructuring Program 2011 [Member]
International [Member]
Aug. 4, 2012
Restructuring Program 2011 [Member]
Termination benefits [Member]
Jul. 30, 2011
Restructuring Program 2011 [Member]
Termination benefits [Member]
Apr. 30, 2011
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
Aug. 4, 2012
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
Jul. 30, 2011
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Charges 2013 [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Restructuring Charges 2013 [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Restructuring Charges 2013 [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Charges 2013 [Member]
Property and equipment write-downs [Member]
Domestic [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Restructuring Charges 2013 [Member]
Termination benefits [Member]
Domestic [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Restructuring Charges 2013 [Member]
Facility closure and other costs [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2012 [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Restructuring Program 2012 [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2012 [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2012 [Member]
International [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2012 [Member]
Property and equipment write-downs [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2012 [Member]
Property and equipment write-downs [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2012 [Member]
Property and equipment write-downs [Member]
International [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2012 [Member]
Termination benefits [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2012 [Member]
Termination benefits [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2012 [Member]
Termination benefits [Member]
International [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2012 [Member]
Facility closure and other costs [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2012 [Member]
Facility closure and other costs [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2012 [Member]
Facility closure and other costs [Member]
International [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Domestic [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
International [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
International [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
International [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Inventory write-downs [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Inventory write-downs [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Inventory write-downs [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Inventory write-downs [Member]
Domestic [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Inventory write-downs [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Inventory write-downs [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Inventory write-downs [Member]
International [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Inventory write-downs [Member]
International [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Inventory write-downs [Member]
International [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Property and equipment write-downs [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Property and equipment write-downs [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Property and equipment write-downs [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Property and equipment write-downs [Member]
Domestic [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Property and equipment write-downs [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Property and equipment write-downs [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Property and equipment write-downs [Member]
International [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Property and equipment write-downs [Member]
International [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Property and equipment write-downs [Member]
International [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Termination benefits [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Termination benefits [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Termination benefits [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Termination benefits [Member]
Domestic [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Termination benefits [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Termination benefits [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Termination benefits [Member]
International [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Termination benefits [Member]
International [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Termination benefits [Member]
International [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
Domestic [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
International [Member]
Jul. 30, 2011
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
International [Member]
Aug. 4, 2012
Segment, Continuing Operations [Member]
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
International [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Charges 2013 [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Restructuring Charges 2013 [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2012 [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Restructuring Program 2012 [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2012 [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2012 [Member]
International [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2012 [Member]
Inventory write-downs [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2012 [Member]
Inventory write-downs [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2012 [Member]
Inventory write-downs [Member]
International [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2012 [Member]
Property and equipment write-downs [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2012 [Member]
Property and equipment write-downs [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2012 [Member]
Property and equipment write-downs [Member]
International [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2012 [Member]
Termination benefits [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2012 [Member]
Termination benefits [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2012 [Member]
Termination benefits [Member]
International [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2012 [Member]
Facility closure and other costs [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2012 [Member]
Facility closure and other costs [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2012 [Member]
Facility closure and other costs [Member]
International [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Domestic [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
International [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
International [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
International [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Inventory write-downs [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Inventory write-downs [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Inventory write-downs [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Inventory write-downs [Member]
Domestic [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Inventory write-downs [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Inventory write-downs [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Inventory write-downs [Member]
International [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Inventory write-downs [Member]
International [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Inventory write-downs [Member]
International [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Property and equipment write-downs [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Property and equipment write-downs [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Property and equipment write-downs [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Property and equipment write-downs [Member]
Domestic [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Property and equipment write-downs [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Property and equipment write-downs [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Property and equipment write-downs [Member]
International [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Property and equipment write-downs [Member]
International [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Property and equipment write-downs [Member]
International [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Termination benefits [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Termination benefits [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Termination benefits [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Termination benefits [Member]
Domestic [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Termination benefits [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Termination benefits [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Termination benefits [Member]
International [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Termination benefits [Member]
International [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Termination benefits [Member]
International [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Intangible asset impairments [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Intangible asset impairments [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Intangible asset impairments [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Intangible asset impairments [Member]
Domestic [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Intangible asset impairments [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Intangible asset impairments [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Intangible asset impairments [Member]
International [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Intangible asset impairments [Member]
International [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Intangible asset impairments [Member]
International [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
Domestic [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
Domestic [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
International [Member]
Jul. 30, 2011
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
International [Member]
Aug. 4, 2012
Segment, Discontinued Operations [Member]
Restructuring Program 2011 [Member]
Facility closure and other costs [Member]
International [Member]
Aug. 4, 2012
Minimum [Member]
Restructuring Charges 2013 [Member]
Aug. 4, 2012
Maximum [Member]
Restructuring Charges 2013 [Member]
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restructuring charges
$ 223 
$ 33 
$ 91 
 
 
$ 224 
 
 
 
$ 9 
$ 9 
$ 6 
$ 6 
$ 3 
$ 3 
 
 
 
 
 
$ (10)
$ 33 
 
$ (9)
$ 5 
 
$ (1)
$ 28 
 
 
 
 
 
 
$ 218 
$ 4 
$ 224 
$ 0 
$ 224 
$ 27 
$ 81 
$ 116 
$ 6 
$ 0 
$ 6 
$ 0 
$ 1 
$ 1 
$ 0 
$ 0 
$ 0 
$ 0 
$ 5 
$ 5 
$ 0 
$ (12)
$ 4 
 
$ (12)
$ 5 
 
$ 0 
$ (1)
 
$ 0 
$ 0 
 
$ 0 
$ 0 
 
$ 0 
$ 0 
 
$ (12)
$ (1)
 
$ (12)
$ 0 
 
$ 0 
$ (1)
 
$ 0 
$ 0 
 
$ 0 
$ 0 
 
$ 0 
$ 0 
 
$ 0 
$ 5 
 
$ 0 
$ 5 
 
$ 0 
$ 0 
 
$ 5 
$ 29 
$ 0 
$ 0 
$ 3 
$ 0 
$ 0 
$ 3 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 1 
$ 0 
$ 1 
$ 2 
$ 0 
$ 2 
$ 2 
$ 29 
 
$ 3 
$ 0 
 
$ (1)
$ 29 
 
$ 0 
$ 0 
 
$ 0 
$ 0 
 
$ 0 
$ 0 
 
$ 0 
$ 0 
 
$ 0 
$ 0 
 
$ 0 
$ 0 
 
$ 0 
$ 18 
 
$ 0 
$ 0 
 
$ 0 
$ 18 
 
$ 0 
$ 0 
 
$ 0 
$ 0 
 
$ 0 
$ 0 
 
$ 2 
$ 11 
 
$ 3 
$ 0 
 
$ (1)
$ 11 
 
 
 
Number of Stores to be Closed
 
 
 
50 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restructuring charges expected to be incurred in fiscal 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
25 
75 
Cumulative amount
 
 
 
 
 
 
 
 
 
246 
 
23 
 
223 
 
 
 
 
 
 
 
 
253 
 
 
83 
 
 
170 
 
 
 
 
 
 
 
 
 
 
 
 
 
38 
 
23 
15 
32 
17 
15 
 
 
155 
 
 
48 
 
 
107 
 
 
28 
 
 
28 
 
 
 
 
110 
 
 
 
 
107 
 
 
13 
 
 
13 
 
 
 
 
 
 
 
 
 
 
 
 
208 
 
208 
11 
11 
96 
96 
17 
17 
84 
84 
 
 
98 
 
 
35 
 
 
63 
 
 
15 
 
 
 
 
15 
 
 
40 
 
 
15 
 
 
25 
 
 
23 
 
 
 
 
19 
 
 
13 
 
 
13 
 
 
 
 
 
 
 
 
 
 
Restructuring Reserve [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restructuring reserve, balance at the beginning of the period
 
 
 
 
 
 
 
 
 
 
 
 
17 
85 
85 
12 
41 
 
 
 
 
 
 
 
 
 
28 
13 
13 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Charges
 
 
 
 
223 
 
107 
116 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash payments
 
 
 
 
37 
 
35 
94 
 
 
 
 
 
 
(17)
 
(77)
(5)
(32)
 
 
 
 
 
 
 
 
 
(2)
(24)
 
(3)
(8)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustments
 
 
 
 
 
 
 
 
34 
 
 
 
 
 
 
34 
34 
(2)
 
 
 
 
 
 
 
 
 
(1)
(3)
10 
(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in foreign currency exchange rates
 
 
 
 
(33)
 
(27)
(6)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restructuring reserve, balance at the end of the period
 
 
$ 153 
 
$ 153 
$ 153 
$ 45 
$ 108 
 
 
 
 
 
 
 
 
 
 
$ 5 
$ 21 
$ 5 
$ 21 
$ 5 
 
 
 
 
 
 
$ 0 
$ 7 
 
$ 5 
$ 14 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt (Details) (USD $)
In Millions, unless otherwise specified
Aug. 4, 2012
Mar. 3, 2012
Jul. 30, 2011
Short-term Debt
 
 
 
Short-term debt
$ 519 
$ 480 
$ 392 
U.S. revolving credit facility - 364-Day [Member]
 
 
 
Short-term Debt
 
 
 
Short-term debt
U.S. revolving credit facility - Five-Year [Member]
 
 
 
Short-term Debt
 
 
 
Short-term debt
Europe revolving credit facility [Member]
 
 
 
Short-term Debt
 
 
 
Short-term debt
519 
480 
Europe receivables financing facility [Member]
 
 
 
Short-term Debt
 
 
 
Short-term debt
386 
Old Europe Revolving Credit Facility [Member]
 
 
 
Short-term Debt
 
 
 
Short-term debt
Canada revolving demand facility [Member]
 
 
 
Short-term Debt
 
 
 
Short-term debt
China revolving demand facilities [Member]
 
 
 
Short-term Debt
 
 
 
Short-term debt
$ 0 
$ 0 
$ 6 
Debt (Details 2) (USD $)
In Millions, unless otherwise specified
Aug. 4, 2012
Mar. 3, 2012
Jul. 30, 2011
Long-term Debt.
 
 
 
Total long-term debt
$ 1,707 
$ 1,728 
$ 2,145 
Less: current portion
(542)
(43)
(444)
Total long-term debt, less current portion
1,165 
1,685 
1,701 
Long-term debt, fair value
1,669 
1,756 
2,219 
2013 Notes [Member]
 
 
 
Long-term Debt.
 
 
 
Total long-term debt
500 
500 
500 
2016 Notes [Member]
 
 
 
Long-term Debt.
 
 
 
Total long-term debt
349 
349 
349 
2021 Notes [Member]
 
 
 
Long-term Debt.
 
 
 
Total long-term debt
648 
648 
648 
Convertible debentures [Member]
 
 
 
Long-term Debt.
 
 
 
Total long-term debt
402 
Financing Lease Obligations [Member]
 
 
 
Long-term Debt.
 
 
 
Total long-term debt
136 
149 
162 
Capital Lease Obligations [Member]
 
 
 
Long-term Debt.
 
 
 
Total long-term debt
73 
81 
82 
Other debt [Member]
 
 
 
Long-term Debt.
 
 
 
Total long-term debt
$ 1 
$ 1 
$ 2 
Derivative Instruments (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Aug. 4, 2012
Jul. 30, 2011
Aug. 4, 2012
Mar. 3, 2012
Aug. 4, 2012
Operating Expense [Member]
Jul. 30, 2011
Operating Expense [Member]
Aug. 4, 2012
Operating Expense [Member]
Jul. 30, 2011
Operating Expense [Member]
Aug. 4, 2012
Foreign Exchange Forward [Member]
Cash Flow Hedging [Member]
Jul. 30, 2011
Foreign Exchange Forward [Member]
Cash Flow Hedging [Member]
Aug. 4, 2012
Foreign Exchange Forward [Member]
Cash Flow Hedging [Member]
Jul. 30, 2011
Foreign Exchange Forward [Member]
Cash Flow Hedging [Member]
Aug. 4, 2012
Foreign Exchange Forward [Member]
Derivatives designated as hedging instruments [Member]
Mar. 3, 2012
Foreign Exchange Forward [Member]
Derivatives designated as hedging instruments [Member]
Jul. 30, 2011
Foreign Exchange Forward [Member]
Derivatives designated as hedging instruments [Member]
Aug. 4, 2012
Foreign Exchange Forward [Member]
No hedge designation [Member]
Mar. 3, 2012
Foreign Exchange Forward [Member]
No hedge designation [Member]
Jul. 30, 2011
Foreign Exchange Forward [Member]
No hedge designation [Member]
Gross fair values for derivative instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross fair values for derivative assets
$ 0 
$ 6 
$ 0 
$ 1 
 
 
 
 
 
 
 
 
$ 0 
$ 0 
$ 6 
$ 0 
$ 1 
$ 0 
Gross fair values for derivative liabilities
(2)
(1)
(2)
(2)
 
 
 
 
 
 
 
 
(2)
(2)
(1)
Pre-tax gain (loss) recognized in OCI
 
 
 
 
 
 
 
 
1
13 1
 
 
 
 
 
 
Gain (loss) reclassified from accumulated OCI to earnings (effective portion)
 
 
 
 
 
 
 
 
(1)2
2
 
 
 
 
 
 
No hedge designation (foreign exchange forward contracts)
 
 
 
 
(4)
(12)
 
 
 
 
 
 
 
 
 
 
Cash flow hedge contract term
 
 
P2Y 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Contract Term
6 months 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent pre-tax gain (loss) recognized in OCI reclassified to noncontrolling interest (as a percent)
50.00% 
50.00% 
50.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives designated as cash flow hedging instruments
268 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
153 
257 
153 
238 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total notional amount of derivatives
$ 153 
$ 525 
$ 153 
$ 238 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per Share (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Aug. 4, 2012
Jul. 30, 2011
Aug. 4, 2012
Jul. 30, 2011
Numerator
 
 
 
 
Net (loss) earnings from continuing operations
$ (7)
$ 148 
$ 154 
$ 441 
Net loss (earnings) from continuing operations attributable to noncontrolling interests
19 
19 
(36)
Net earnings from continuing operations attributable to Best Buy Co., Inc., basic
12 
150 
173 
405 
Adjustment for assumed dilution:
 
 
 
 
Interest on convertible debentures, net of tax (in dollars)
Net earnings attributable to Best Buy Co., Inc., diluted (in dollars)
$ 12 
$ 152 
$ 173 
$ 408 
Denominator
 
 
 
 
Weighted-average common shares outstanding (in shares)
338.2 
376.0 
340.3 
383.6 
Effect of potentially dilutive securities:
 
 
 
 
Shares from assumed conversion of convertible debentures (in shares)
8.8 
8.8 
Stock options and other (in shares)
0.4 
0.8 
0.7 
0.9 
Weighted-average common shares outstanding, assuming dilution (in shares)
338.6 
385.6 
341.0 
393.3 
Net earnings per share from continuing operations attributable to Best Buy Co., Inc.
 
 
 
 
Basic (in dollars per share)
$ 0.04 
$ 0.40 
$ 0.51 
$ 1.06 
Diluted (in dollars per share)
$ 0.04 
$ 0.39 
$ 0.51 
$ 1.04 
Antidilutive securities excluded from computation of earnings per share
29.7 
29.7 
29.3 
29.6 
Comprehensive Income (Details) (USD $)
In Millions, unless otherwise specified
Aug. 4, 2012
Mar. 3, 2012
Jul. 30, 2011
Components of accumulated other comprehensive income (loss):
 
 
 
Foreign currency translation
$ 87 
$ 93 
$ 203 
Unrealized gains (losses) on available-for-sale investments
(1)
(3)
76 
Unrealized gains (losses) on derivative instruments (cash flow hedges)
Total
$ 86 
$ 90 
$ 281 
Repurchase of Common Stock (Details) (USD $)
In Millions, unless otherwise specified
1 Months Ended 3 Months Ended 6 Months Ended 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2007
June 2007 share repurchase program
Aug. 4, 2012
June 2007 share repurchase program
Jul. 30, 2011
June 2007 share repurchase program
Aug. 4, 2012
June 2007 share repurchase program
Jul. 30, 2011
June 2007 share repurchase program
Jun. 30, 2011
June 2011 share repurchase program
Aug. 4, 2012
June 2011 share repurchase program
Jul. 30, 2011
June 2011 share repurchase program
Aug. 4, 2012
June 2011 share repurchase program
Jul. 30, 2011
June 2011 share repurchase program
Repurchases of common stock
 
 
 
 
 
 
 
 
 
 
Share repurchase program, authorized amount
$ 5,500 
 
 
 
 
$ 5,000 
 
 
 
 
Common stock repurchased and retired (in shares)
 
9.2 
20.1 
 
6.3 
4.6 
10.9 
4.6 
Common stock repurchased and retired
 
286 
611 
 
122 
139 
237 
139 
Amount remained available for future repurchases
 
 
 
 
 
 
 
 
$ 3,989 
 
Segments (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Aug. 4, 2012
Jul. 30, 2011
Aug. 4, 2012
segments
Jul. 30, 2011
Mar. 3, 2012
Business segment information
 
 
 
 
 
Number of Reportable Segments
 
 
 
 
Total revenue
$ 10,547 
$ 10,856 
$ 22,157 
$ 22,225 
 
Operating income (loss)
33 
260 
295 
720 
 
Other income (expense)
 
 
 
 
 
Investment income and other
12 
25 
 
Interest expense
(30)
(33)
(63)
(61)
 
Earnings from continuing operations before income tax expense and equity in loss of affiliates
235 
244 
684 
 
Total Assets
15,849 
19,296 
15,849 
19,296 
16,005 
Domestic [Member]
 
 
 
 
 
Business segment information
 
 
 
 
 
Total revenue
7,803 
7,977 
16,625 
16,369 
 
Operating income (loss)
83 
239 
378 
605 
 
Other income (expense)
 
 
 
 
 
Total Assets
9,884 
10,887 
9,884 
10,887 
9,592 
International [Member]
 
 
 
 
 
Business segment information
 
 
 
 
 
Total revenue
2,744 
2,879 
5,532 
5,856 
 
Operating income (loss)
(50)
21 
(83)
115 
 
Other income (expense)
 
 
 
 
 
Total Assets
$ 5,965 
$ 8,409 
$ 5,965 
$ 8,409 
$ 6,413