|
|
|
|
|
|
|
|
|
|
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. |
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. |
|
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. |
|
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 |
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. |
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 |
|
• | 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. |
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 | — |
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 |
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 | 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. |
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 | ) |
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 | ) |
Fiscal Year | |||
Remainder of fiscal 2013 | $ | 21 | |
2014 | 41 | ||
2015 | 41 | ||
2016 | 41 | ||
2017 | 24 | ||
Thereafter | 53 |
|
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 |
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 |
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 |
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 |
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. |
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 |
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 |
|
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 |
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. |
|
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 | ) |
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. |
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 | ) |
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 |
|
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 |
|
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 |
|
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 |
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 |
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 |
|
|
|
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 | $ | — |
|
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. |
|
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. |
|
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 |
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. |
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 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 | — |
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 |
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 | 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. |
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 | ) |
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 | ) |
Fiscal Year | |||
Remainder of fiscal 2013 | $ | 21 | |
2014 | 41 | ||
2015 | 41 | ||
2016 | 41 | ||
2017 | 24 | ||
Thereafter | 53 |
|
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 |
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 |
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 |
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 |
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 |
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. |
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 |
|
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 |
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. |
|
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 | ) |
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. |
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 | ) |
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 |
|
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 |
|
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 |
|
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 |
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 |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|