BEST BUY CO INC, 10-Q filed on 9/4/2015
Quarterly Report
Document and Entity Information Document
6 Months Ended
Aug. 1, 2015
Aug. 28, 2015
Document Information [Line Items]
 
 
Entity Registrant Name
BEST BUY CO INC 
 
Entity Central Index Key
0000764478 
 
Document Type
10-Q 
 
Document Period End Date
Aug. 01, 2015 
 
Amendment Flag
false 
 
Current Fiscal Year End Date
--01-30 
 
Entity Current Reporting Status
Yes 
 
Entity Filer Category
Large Accelerated Filer 
 
Entity Common Stock, Shares Outstanding
 
344,571,727 
Document Fiscal Year Focus
2016 
 
Document Fiscal Period Focus
Q2 
 
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Millions, unless otherwise specified
Aug. 1, 2015
Jan. 31, 2015
Aug. 2, 2014
Current assets
 
 
 
Cash and cash equivalents
$ 1,800 
$ 2,432 
$ 2,141 
Short-term investments
1,695 
1,456 
939 
Receivables, net
1,025 
1,280 
1,005 
Merchandise inventories
4,995 
5,174 
5,583 
Other current assets
730 
703 
943 
Current assets held for sale
0 
684 
0 
Total current assets
10,245 
11,729 
10,611 
Property and equipment, net
2,235 
2,295 
2,532 
Goodwill
425 
425 
425 
Intangibles, net
18 
57 
100 
Other assets
610 
583 
681 
Non-current assets held for sale
33 
167 
0 
Total assets
13,566 
15,256 
14,349 
Current liabilities
 
 
 
Accounts payable
4,680 
5,030 
5,244 
Unredeemed gift card liabilities
371 
411 
371 
Deferred revenue
316 
326 
442 
Accrued compensation and related expenses
285 
372 
287 
Accrued liabilities
778 
782 
796 
Accrued income taxes
26 
230 
68 
Current portion of long-term debt
382 1
41 
43 
Current liabilities held for sale
0 
585 
0 
Total current liabilities
6,838 
7,777 
7,251 
Long-term liabilities
879 
881 
976 
Long-term debt
1,227 
1,580 
1,592 
Long-term liabilities held for sale
0 
18 
0 
Best Buy Co., Inc. shareholders’ equity
 
 
 
Preferred stock, $1.00 par value: Authorized — 400,000 shares; Issued and outstanding — none
0 
0 
0 
Common stock, $0.10 par value: Authorized — 1.0 billion shares; Issued and outstanding — 344,258,000, 351,468,000 and 349,548,000 shares, respectively
34 
35 
35 
Additional paid-in capital
198 
437 
348 
Retained earnings
4,092 
4,141 
3,649 
Accumulated other comprehensive income
298 
382 
494 
Total Best Buy Co., Inc. shareholders’ equity
4,622 
4,995 
4,526 
Noncontrolling interests
0 
5 
4 
Total equity
4,622 
5,000 
4,530 
Total liabilities and equity
$ 13,566 
$ 15,256 
$ 14,349 
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $)
Aug. 1, 2015
Jan. 31, 2015
Aug. 2, 2014
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
0 
0 
0 
Preferred stock, outstanding shares
0 
0 
0 
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
344,258,000 
351,468,000 
349,548,000 
Common stock, outstanding shares
344,258,000 
351,468,000 
349,548,000 
CONSOLIDATED STATEMENTS OF EARNINGS (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Aug. 1, 2015
Aug. 2, 2014
Aug. 1, 2015
Aug. 2, 2014
Revenue
$ 8,528 
$ 8,459 
$ 17,086 
$ 17,098 
Cost of goods sold
6,433 
6,481 
12,953 
13,153 
Restructuring charges – cost of goods sold
(3)
0 
5 
0 
Gross profit
2,098 
1,978 
4,128 
3,945 
Selling, general and administrative expenses
1,811 
1,748 
3,577 
3,503 
Restructuring charges
(1)
5 
177 
7 
Operating income
288 
225 
374 
435 
Other income (expense)
 
 
 
 
Gain on sale of investments
0 
2 
2 
2 
Investment income and other
4 
6 
11 
10 
Interest expense
(20)
(23)
(40)
(46)
Earnings from continuing operations before income tax (benefit) expense
272 
210 
347 
401 
Income tax (benefit) expense
108 
73 
146 
(205)
Net earnings from continuing operations
164 
137 
201 
606 
Gain from discontinued operations (Note 2), net of tax benefit (expense) of $-, $(7), $3 and $(4)
0 
10 
92 
2 
Net earnings including noncontrolling interests
164 
147 
293 
608 
Net earnings from discontinued operations attributable to noncontrolling interests
0 
(1)
0 
(1)
Net earnings attributable to Best Buy Co., Inc. shareholders
$ 164 
$ 146 
$ 293 
$ 607 
Basic earnings (loss) per share attributable to Best Buy Co., Inc. shareholders
 
 
 
 
Continuing operations (in dollars per share)
$ 0.47 
$ 0.39 
$ 0.57 
$ 1.74 
Discontinued operations (in dollars per share)
$ 0.00 
$ 0.03 
$ 0.26 
$ 0.00 
Basic earnings per share (in dollars per share)
$ 0.47 
$ 0.42 
$ 0.83 
$ 1.74 
Diluted earnings (loss) per share attributable to Best Buy Co., Inc. shareholders
 
 
 
 
Continuing operations (in dollars per share)
$ 0.46 
$ 0.39 
$ 0.57 
$ 1.73 
Discontinued operations (in dollars per share)
$ 0.00 
$ 0.03 
$ 0.25 
$ 0.00 
Diluted earnings per share (in dollars per share)
$ 0.46 
$ 0.42 
$ 0.82 
$ 1.73 
Dividends declared per common share (in dollars per share)
$ 0.23 
$ 0.17 
$ 0.97 
$ 0.34 
Weighted-average common shares outstanding (in millions)
 
 
 
 
Basic (in shares)
349.6 
349.3 
351.0 
348.4 
Diluted (in shares)
353.9 
352.2 
355.8 
351.6 
CONSOLIDATED STATEMENTS OF EARNINGS (PARENTHETICAL) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Aug. 1, 2015
Aug. 2, 2014
Aug. 1, 2015
Aug. 2, 2014
Income tax benefit (expense)
$ 0 
$ (7)
$ 3 
$ (4)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Aug. 1, 2015
Aug. 2, 2014
Aug. 1, 2015
Aug. 2, 2014
Net earnings including noncontrolling interests
$ 164 
$ 147 
$ 293 
$ 608 
Foreign currency translation adjustments
(32)
0 
(17)
3 
Unrealized loss on available-for-sale investments
0 
0 
0 
(1)
Reclassification of foreign currency translation adjustments into earnings due to sale of business
0 
0 
(67)
0 
Comprehensive income including noncontrolling interests
132 
147 
209 
610 
Comprehensive income attributable to noncontrolling interests
0 
(1)
0 
(1)
Comprehensive income attributable to Best Buy Co., Inc. shareholders
$ 132 
$ 146 
$ 209 
$ 609 
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 Feb. 01, 2014
$ 3,989 
$ 3,986 
$ 35 
$ 300 
$ 3,159 
$ 492 
$ 3 
Beginning balances (in shares) at Feb. 01, 2014
 
 
347 
 
 
 
 
Increase (Decrease) in Shareholders' Equity
 
 
 
 
 
 
 
Net earnings, six months ended
608 
607 
0 
0 
607 
0 
1 
Foreign currency translation adjustments
3 
3 
0 
0 
0 
3 
0 
Unrealized gains (losses) on available-for-sale investments
(1)
(1)
0 
0 
0 
(1)
0 
Reclassification of foreign currency translation adjustments into earnings due to sale of business
0 
 
 
 
 
 
 
Stock-based compensation
41 
41 
0 
41 
0 
0 
0 
Restricted stock vested and stock options exercised (in shares)
 
 
2 
 
 
 
 
Restricted stock vested and stock options exercised
13 
13 
0 
13 
0 
0 
0 
Issuance of common stock under employee stock purchase plan (in shares)
 
 
0 
 
 
 
 
Issuance of common stock under employee stock purchase plan
4 
4 
0 
4 
0 
0 
0 
Tax benefit (deficit) from stock options exercised, restricted stock vesting and employee stock purchase plan
(10)
(10)
0 
(10)
0 
0 
0 
Common stock dividends
(117)
(117)
0 
0 
(117)
0 
0 
Ending balances at Aug. 02, 2014
4,530 
4,526 
35 
348 
3,649 
494 
4 
Ending balances (in shares) at Aug. 02, 2014
 
 
349 
 
 
 
 
Beginning balances at Jan. 31, 2015
5,000 
4,995 
35 
437 
4,141 
382 
5 
Beginning balances (in shares) at Jan. 31, 2015
 
 
352 
 
 
 
 
Increase (Decrease) in Shareholders' Equity
 
 
 
 
 
 
 
Net earnings, six months ended
293 
293 
0 
0 
293 
0 
0 
Foreign currency translation adjustments
(17)
(17)
0 
0 
0 
(17)
0 
Unrealized gains (losses) on available-for-sale investments
0 
 
 
 
 
 
 
Reclassification of foreign currency translation adjustments into earnings due to sale of business
(67)
(67)
0 
0 
0 
(67)
0 
Sale of noncontrolling interest
(5)
0 
0 
0 
0 
0 
(5)
Stock-based compensation
55 
55 
0 
55 
 
 
 
Restricted stock vested and stock options exercised (in shares)
 
 
1 
 
 
 
 
Restricted stock vested and stock options exercised
24 
24 
0 
24 
0 
0 
0 
Issuance of common stock under employee stock purchase plan (in shares)
 
 
0 
 
 
 
 
Issuance of common stock under employee stock purchase plan
4 
4 
0 
4 
0 
0 
0 
Tax benefit (deficit) from stock options exercised, restricted stock vesting and employee stock purchase plan
1 
1 
0 
1 
0 
0 
0 
Common stock dividends
(342)
(342)
0 
0 
(342)
0 
0 
Stock Repurchased During Period, Shares
 
 
(9.0)
 
 
 
 
Stock Repurchased During Period, Value
(324)
(324)
(1)
(323)
 
 
 
Ending balances at Aug. 01, 2015
$ 4,622 
$ 4,622 
$ 34 
$ 198 
$ 4,092 
$ 298 
$ 0 
Ending balances (in shares) at Aug. 01, 2015
 
 
344 
 
 
 
 
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (PARENTHETICAL)
3 Months Ended 6 Months Ended
Aug. 1, 2015
Aug. 2, 2014
Aug. 1, 2015
Aug. 2, 2014
Statement of Stockholders' Equity [Abstract]
 
 
 
 
Dividends declared per common share (in dollars per share)
$ 0.23 
$ 0.17 
$ 0.97 
$ 0.34 
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
6 Months Ended
Aug. 1, 2015
Aug. 2, 2014
Operating activities
 
 
Net earnings including noncontrolling interests
$ 293 
$ 608 
Adjustments to reconcile net earnings to total cash provided by (used in) operating activities:
 
 
Depreciation
326 
319 
Restructuring charges
182 
8 
Gain on sale of business, net
(99)
(1)
Stock-based compensation
55 
40 
Deferred income taxes
(41)
(394)
Other, net
10 
8 
Changes in operating assets and liabilities:
 
 
Receivables
268 
301 
Merchandise inventories
168 
(205)
Other assets
(9)
17 
Accounts payable
(335)
120 
Other liabilities
(284)
(270)
Income taxes
(226)
(64)
Total cash provided by operating activities
308 
487 
Investing activities
 
 
Additions to property and equipment
(293)
(258)
Purchases of investments
(1,303)
(1,194)
Sales of investments
1,064 
479 
Proceeds from sale of business, net of cash transferred upon sale
92 
37 
Change in restricted assets
(46)
26 
Settlement of net investment hedges
8 
0 
Other, net
0 
3 
Total cash used in investing activities
(478)
(907)
Financing activities
 
 
Repurchase of common stock
(321)
0 
Repayments of debt
(13)
(12)
Dividends paid
(341)
(118)
Issuance of common stock
28 
17 
Other, net
7 
(1)
Total cash used in financing activities
(640)
(114)
Effect of exchange rate changes on cash
(16)
(3)
Decrease in cash and cash equivalents
(826)
(537)
Cash and cash equivalents at beginning of period, excluding held for sale
2,432 
2,678 
Cash and cash equivalents held for sale at beginning of period
194 
 
Cash and cash equivalents at end of period
$ 1,800 
$ 2,141 
Basis of Presentation (Notes)
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 generated a higher proportion of our revenue and earnings in the fiscal fourth quarter, which includes the majority of the holiday shopping season in the U.S., Canada and Mexico. 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 January 31, 2015. The first six months of fiscal 2016 and fiscal 2015 included 26 weeks.

In order to align our fiscal reporting periods and comply with statutory filing requirements, we consolidate the financial results of our Mexico operations 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. No such events were identified for this period.

In preparing the accompanying condensed consolidated financial statements, we evaluated the period from August 2, 2015, through the date the financial statements were issued, for material subsequent events requiring recognition or disclosure. No such events were identified for this period.

Discontinued Operations
Discontinued Operations
Discontinued Operations

Discontinued operations are primarily comprised of Jiangsu Five Star Appliance Co., Limited ("Five Star") within our International segment. Following the sale of Five Star in February 2015, we continue to hold one retail property in Shanghai, China, which remains held for sale at August 1, 2015, as we continue to actively market the property. The presentation of discontinued operations has been retrospectively applied to all prior periods presented.

The composition of assets and liabilities disposed of as a result of the sale of Five Star was as follows ($ in millions):
 
February 13, 2015
Cash and cash equivalents
$
125

Receivables
113

Merchandise inventories
252

All other assets
461

Total assets
$
951

 
 
Accounts payable
$
478

All other liabilities
128

Total liabilities
$
606



The aggregate financial results of discontinued operations were as follows ($ in millions):

 
Three Months Ended
 
Six Months Ended
 
August 1, 2015
 
August 2, 2014
 
August 1, 2015
 
August 2, 2014
Revenue(1)
$
5

 
$
437

 
$
217

 
$
834

 
 
 
 
 
 
 
 
Restructuring charges
—

 
—

 
—

 
1

 
 
 
 
 
 
 
 
Gain (loss) from discontinued operations before income tax benefit
—

 
15

 
(10
)
 
4

Income tax benefit (expense)
—

 
(7
)
 
3

 
(4
)
Gain on sale of discontinued operations
—

 
2

 
99

 
2

Net gain from discontinued operations, including noncontrolling interests
—

 
10

 
92

 
2

Net earnings from discontinued operations attributable to noncontrolling interests
—

 
(1
)
 
—

 
(1
)
Net gain from discontinued operations attributable to Best Buy Co., Inc. shareholders
$
—

 
$
9

 
$
92

 
$
1


(1) The $5 million of revenue for the three months ended August 1, 2015, represents the final sales associated with our China retail business.
Fair Value Measurements (Notes)
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 1, 2015, January 31, 2015, and August 2, 2014, according to the valuation techniques we used to determine their fair values ($ in millions).
 
 
 
Fair Value Measurements
Using Inputs Considered as
 
Fair Value at
August 1, 2015
 
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
$
21

 
$
21

 
$
—

 
$
—

Commercial paper
65

 
—

 
65

 
—

Short-term investments
 

 
 

 
 

 
 

Corporate bonds
402

 
—

 
402

 
—

Commercial paper
240

 
—

 
240

 
—

Other current assets
 
 
 
 
 
 
 
Foreign currency derivative instruments
21

 
—

 
21

 
—

Other assets
 

 
 

 
 

 
 

Interest rate swap derivative instruments
13

 
—

 
13

 
—

Auction rate securities
2

 
—

 
—

 
2

Marketable securities that fund deferred compensation
98

 
98

 
—

 
—


 
 
 
Fair Value Measurements
Using Inputs Considered as
 
Fair Value at
January 31, 2015
 
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
$
265

 
$
265

 
$
—

 
$
—

Corporate bonds
13

 
—

 
13

 
—

Commercial paper
165

 
—

 
165

 
—

Short-term investments
 

 
 

 
 

 
 

Corporate bonds
276

 
—

 
276

 
—

Commercial paper
306

 
—

 
306

 
—

Other current assets
 

 
 

 
 

 
 

Foreign currency derivative instruments
30

 
—

 
30

 
—

Other assets
 

 
 

 
 

 
 

Interest rate swap derivative instruments
1

 
—

 
1

 
—

Auction rate securities
2

 
—

 
—

 
2

Marketable securities that fund deferred compensation
97

 
97

 
—

 
—

 
 
 
 
 
 
 
 
ASSETS HELD FOR SALE
 
 
 
 
 
 
 
Cash and cash equivalents
 
 
 
 
 
 
 
Money market funds
16

 
16

 
—

 
—

 
 
 
 
Fair Value Measurements
Using Inputs Considered as
 
Fair Value at
August 2, 2014
 
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
$
211

 
$
211

 
$
—

 
$
—

Commercial paper
111

 
—

 
111

 
—

Short-term investments
 

 
 

 
 

 
 

Commercial paper
364

 
—

 
364

 
—

U.S. Treasury bills
100

 
100

 
—

 
—

Other current assets
 

 
 

 
 

 
 

Foreign currency derivative instruments
1

 
—

 
1

 
—

Other assets
 

 
 

 
 

 
 

Auction rate securities
9

 
—

 
—

 
9

Marketable equity securities
10

 
10

 
—

 
—

Marketable securities that fund deferred compensation
98

 
98

 
—

 
—


There was no change in 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 months ended August 1, 2015.

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 were measured at fair value as they trade in an active market using quoted market prices and therefore, were classified as Level 1.

Corporate Bonds. Our corporate bond investments were measured at fair value using quoted market prices. They were classified as Level 2 as they trade in a non-active market for which bond prices are readily available.
 
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.
 
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.

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 an active market.

Interest Rate Swap Derivative Instruments. Our interest rate swap contracts were measured at fair value using readily observable inputs, such as the LIBOR interest rate. Our interest rate swap 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 an active market.
 
Auction Rate Securities. Our investments in auction rate securities ("ARS") were classified as Level 3 as quoted prices were unavailable. Due to limited market information, we utilized a discounted cash flow ("DCF") model to derive an estimate of fair value. The 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.
 
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 an active market for which closing stock prices are readily available.
 
Marketable Securities that Fund Deferred Compensation. The assets that fund our deferred compensation consist of investments in mutual funds. These investments were classified as Level 1 as the shares of these mutual funds trade with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis.

Assets and Liabilities that are 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 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 Consolidated Statements of Earnings.

The following table summarizes the fair value remeasurements for non-restructuring property and equipment impairments and restructuring impairments recorded during the six months ended August 1, 2015, and August 2, 2014 ($ in millions):
 
Six Months Ended
 
Six Months Ended
 
August 1, 2015
 
August 2, 2014
 
Impairments
 
Remaining Net Carrying Value(1)
 
Impairments
 
Remaining Net Carrying Value(1)
Continuing operations
 
 
 
 
 
 
 
Property and equipment (non-restructuring)
$
26

 
$
9

 
$
21

 
$
8

Restructuring activities(2)
 
 
 
 
 
 
 
Tradename
40

 
—

 
—

 
—

Property and equipment
30

 
—

 
1

 
—

Total continuing operations
$
96

 
$
9

 
$
22

 
$
8

(1)
Remaining net carrying value approximates fair value.
(2)
See Note 5, Restructuring Charges, for additional information.

All of 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. For the tradename, fair value was derived using the relief from royalty method. In the case of assets for which the 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, short-term investments, other investments, accounts payable, other payables, and long-term debt. The fair values of cash, receivables, short-term investments, accounts payable and other payables approximated carrying values because of the short-term nature of these instruments. Short-term investments other than those disclosed in the tables above represent time deposits. 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 6, Debt, for information about the fair value of our long-term debt.
Goodwill and Intangible Assets (Notes)
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 six months ended August 1, 2015, and August 2, 2014 ($ in millions):
 
Goodwill
 
Indefinite-lived Tradenames
 
Domestic
 
Domestic
 
International
 
Total
Balances at January 31, 2015
$
425

 
$
18

 
$
39

 
$
57

Changes in foreign currency exchange rates
—

 
—

 
1

 
1

Canada brand restructuring(1)
—

 
—

 
(40
)
 
(40
)
Balances at August 1, 2015
$
425

 
$
18

 
$
—

 
$
18

 
(1)
Represents the Future Shop tradename impaired as a result of the Canadian brand consolidation in the first quarter of fiscal 2016. See Note 5, Restructuring Charges, for further discussion of the Canadian brand consolidation.
 
Goodwill
 
Indefinite-lived Tradenames
 
Domestic
 
Domestic
 
International
 
Total
Balances at February 1, 2014
$
425

 
$
19

 
$
82

 
$
101

Changes in foreign currency exchange rates
—

 
—

 
(1
)
 
(1
)
Balances at August 2, 2014
$
425

 
$
19

 
$
81

 
$
100



The following table provides the gross carrying amount of goodwill and cumulative goodwill impairment ($ in millions):
 
August 1, 2015
 
January 31, 2015
 
August 2, 2014
 
Gross
Carrying
Amount(1)
 
Cumulative
Impairment(1)
 
Gross
Carrying
Amount(1)
 
Cumulative
Impairment(1)
 
Gross
Carrying
Amount
 
Cumulative
Impairment
Goodwill
$
1,100

 
$
(675
)
 
$
1,100

 
$
(675
)
 
$
1,308

 
$
(883
)

(1)
Excludes the gross carrying amount and cumulative impairment related to Five Star, which was held for sale at January 31, 2015. The sale was completed on February 13, 2015.

Restructuring Charges (Notes)
Restructuring Charges
Restructuring Charges

Charges incurred in the six months ended August 1, 2015, and August 2, 2014, for our restructuring activities were as follows ($ in millions):
 
Six Months Ended
 
August 1, 2015
 
August 2, 2014
Continuing operations
 
 
 
Canadian brand consolidation
$
184

 
$
—

Renew Blue
(2
)
 
13

Other restructuring activities(1)
—

 
(6
)
Total continuing operations
182

 
7

Discontinued operations
 
 
 
Renew Blue
—

 
1

Total restructuring charges
$
182

 
$
8


(1)
Represents activity related to our remaining vacant space liability for U.S. large-format store closures in fiscal 2013. We may continue to incur immaterial adjustments to the liability for changes in sublease assumptions or potential lease buyouts. In addition, lease payments for vacated stores will continue until leases expire or are terminated. The remaining vacant space liability was $19 million at August 1, 2015.

Canadian Brand Consolidation

In the first quarter of fiscal 2016, we consolidated the Future Shop and Best Buy stores and websites in Canada under the Best Buy brand. This resulted in the permanent closure of 66 Future Shop stores and the conversion of the remaining 65 Future Shop stores to the Best Buy brand. In the first six months of fiscal 2016, we incurred $184 million of restructuring charges related to implementing these changes, which primarily consisted of lease exit costs, a tradename impairment, property and equipment impairments, employee termination benefits and inventory write-downs. We expect to incur total pre-tax charges in the range of $200 million to $280 million related to this action, which includes restructuring charges and other non-restructuring asset impairments and costs. The total charges include approximately $140 million to $180 million of cash charges. We expect to substantially complete this activity in fiscal 2016, with the exception of lease payments for vacated stores which will continue until the leases expire or we otherwise terminate the leases.

The inventory write-downs related to our Canadian brand consolidation are presented in restructuring charges – cost of goods sold in our Consolidated Statements of Earnings, and the remainder of the restructuring charges are presented in restructuring charges in our Consolidated Statements of Earnings. The composition of total restructuring charges we incurred for the Canadian brand consolidation in the first six months of fiscal 2016 was as follows ($ in millions):
 
International
Continuing operations
 
Inventory write-downs
$
5

Property and equipment impairments
30

Tradename impairment
40

Termination benefits
24

Facility closure and other costs
85

Total continuing operations
$
184



The following tables summarize our restructuring accrual activity during the six months ended August 1, 2015, related to termination benefits and facility closure and other costs associated with Canadian brand consolidation ($ in millions):
 
Termination
Benefits
 
Facility
Closure and
Other Costs
 
Total
Balances at January 31, 2015
$
—

 
$
—

 
$
—

Charges
27

 
104

 
131

Cash payments
(21
)
 
(18
)
 
(39
)
Adjustments(1)
(2
)
 
(4
)
 
(6
)
Changes in foreign currency exchange rates
—

 
(3
)
 
(3
)
Balances at August 1, 2015
$
4

 
$
79

 
$
83

(1) The adjustments related to termination benefits relate to higher-than-expected employee retention. Adjustments to facility closure and other costs represent changes in sublease assumptions.

Renew Blue

In the fourth quarter of fiscal 2013, we launched the Renew Blue strategy, which included initiatives intended to reduce costs and improve operating performance. These initiatives included focusing on core business activities, reducing headcount, updating our store operating model and optimizing our real estate portfolio. These cost reduction initiatives represented one of the key Renew Blue priorities. We recognized a benefit of $2 million and incurred $13 million of restructuring charges related to Renew Blue initiatives during the first six months of fiscal 2016 and 2015, respectively. The benefit in the first six months of fiscal 2016 was primarily due to an adjustment to the employee termination benefit liability due to higher-than-expected employee retention. The charges in the first six months of fiscal 2015 were primarily comprised of employee termination benefits. We expect to continue to implement cost reduction initiatives throughout the remainder of fiscal 2016, as we further analyze our operations and strategies.

For continuing operations, the inventory write-downs related to our Renew Blue restructuring activities are presented in restructuring charges - cost of goods sold in our Consolidated Statements of Earnings and the remainder of the restructuring charges are presented in restructuring charges. The restructuring charges from discontinued operations related to this plan are presented in discontinued operations, net of tax.

The composition of the restructuring charges we incurred for this program in the six months ended August 1, 2015, and August 2, 2014, as well as the cumulative amount incurred through August 1, 2015, was as follows ($ in millions):
 
Domestic
 
International
 
Total
 
Six Months Ended
 
Cumulative
Amount
 
Six Months Ended
 
Cumulative
Amount
 
Six Months Ended
 
Cumulative
Amount
 
August 1, 2015
 
August 2, 2014
 
 
August 1, 2015
 
August 2, 2014
 
 
August 1, 2015
 
August 2, 2014
 
Continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Inventory write-downs
$
—

 
$
—

 
$
1

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
1

Property and equipment impairments
—

 
—

 
14

 
—

 
1

 
25

 
—

 
1

 
39

Termination benefits
(2
)
 
7

 
159

 
—

 
5

 
38

 
(2
)
 
12

 
197

Investment impairments
—

 
—

 
43

 
—

 
—

 
—

 
—

 
—

 
43

Facility closure and other costs
1

 
—

 
5

 
(1
)
 
—

 
50

 
—

 
—

 
55

Total continuing operations
(1
)
 
7

 
222

 
(1
)
 
6

 
113

 
(2
)
 
13

 
335

Discontinued operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment impairments
—

 
—

 
—

 
—

 
—

 
1

 
—

 
—

 
1

Termination benefits
—

 
—

 
—

 
—

 
—

 
16

 
—

 
—

 
16

Facility closure and other costs
—

 
—

 
—

 
—

 
1

 
11

 
—

 
1

 
11

Total Discontinued Operations
—

 
—

 
—

 
—

 
1

 
28

 
—

 
1

 
28

Total
$
(1
)
 
$
7

 
$
222

 
$
(1
)
 
$
7

 
$
141

 
$
(2
)
 
$
14

 
$
363



The following tables summarize our restructuring accrual activity during the six months ended August 1, 2015, and August 2, 2014, related to termination benefits and facility closure and other costs associated with this program ($ in millions):
 
Termination
Benefits
 
Facility
Closure and
Other Costs
 
Total
Balances at January 31, 2015
$
16

 
$
23

 
$
39

Charges
—

 
—

 
—

Cash payments
(7
)
 
(6
)
 
(13
)
Adjustments(1)
(8
)
 
(5
)
 
(13
)
Changes in foreign currency exchange rates
—

 
—

 
—

Balances at August 1, 2015
$
1

 
$
12

 
$
13


(1)
Adjustments to termination benefits were due to higher-than-expected employee retention. In addition, adjustments include the remaining liabilities eliminated as a result of the sale of Five Star, as described in Note 2, Discontinued Operations.
 
Termination
Benefits
 
Facility
Closure and
Other Costs
 
Total
Balances at February 1, 2014
$
111

 
$
51

 
$
162

Charges
28

 
7

 
35

Cash payments
(106
)
 
(9
)
 
(115
)
Adjustments(1)
(16
)
 
(4
)
 
(20
)
Changes in foreign currency exchange rates
—

 
(5
)
 
(5
)
Balances at August 2, 2014
$
17

 
$
40

 
$
57


(1)
Adjustments to termination benefits were due to higher-than-expected employee retention. Adjustments to facility closure and other costs represent changes in sublease assumptions.
Debt (Notes)
Debt
Debt

Long-term debt consisted of the following ($ in millions):
 
August 1, 2015
 
January 31, 2015
 
August 2, 2014
2016 Notes
$
350

 
$
349

 
$
350

2018 Notes
500

 
500

 
500

2021 Notes
649

 
649

 
649

Interest rate swap valuation adjustments
13

 
1

 
—

Financing lease obligations
52

 
69

 
83

Capital lease obligations
45

 
52

 
52

Other debt
—

 
1

 
1

   Total long-term debt
1,609

 
1,621

 
1,635

Less: current portion(1)
(382
)
 
(41
)
 
(43
)
   Total long-term debt, less current portion
$
1,227

 
$
1,580

 
$
1,592

 
(1)
Our 2016 Notes due March 15, 2016, are classified in the current portion of long-term debt as of August 1, 2015.

The fair value of total long-term debt approximated $1,669 million, $1,677 million, and $1,670 million at August 1, 2015, January 31, 2015, and August 2, 2014, respectively, based primarily on the market prices quoted from external sources, compared with carrying values of $1,609 million, $1,621 million, and $1,635 million, respectively. If long-term debt was measured at fair value in the financial statements, it would be classified primarily as Level 2 in the fair value hierarchy.

See Note 5, Debt, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015, for additional information regarding the terms of our debt facilities, debt instruments and other obligations.
Derivative Instruments (Notes)
Derivative Instruments
Derivative Instruments

We manage our economic and transaction exposure to certain risks through the use of foreign currency derivative instruments. Our objective in holding these derivatives is to reduce the volatility of net earnings and cash flows, as well as net asset value associated with changes in foreign currency exchange rates. We do not hold derivative instruments for trading or speculative purposes. 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.

We record all foreign currency derivative instruments on our Condensed Consolidated Balance Sheets at fair value and evaluate hedge effectiveness prospectively and retrospectively when electing to apply hedge accounting. We formally document all hedging relations at inception for derivative hedges and the underlying hedged items, as well as the risk management objectives and strategies for undertaking the hedge transaction. In addition, we have derivatives which are not designated as hedging instruments.

Net Investment Hedges

We use foreign exchange forward contracts to hedge against the effect of Canadian dollar exchange rate fluctuations on a portion of our net investment in our Canadian operations. The contracts have terms up to 12 months. For a net investment hedge, we recognize changes in the fair value of the derivative as a component of foreign currency translation within other comprehensive income to offset a portion of the change in translated value of the net investment being hedged, until the investment is sold or liquidated. We limit recognition in net earnings of amounts previously recorded in other comprehensive income to circumstances such as complete or substantially complete liquidation of the net investment in the hedged foreign operation. We report the ineffective portion of the gain or loss, if any, in net earnings.

Interest Rate Swaps

We use "receive fixed-rate, pay variable-rate" interest rate swaps to mitigate the effect of interest rate fluctuations on our 2018 Notes and 2021 Notes. Our interest rate swap contracts are considered perfect hedges because the critical terms and notional amounts match those of our fixed-rate debt being hedged and are therefore accounted as a fair value hedge using the shortcut method. Under the shortcut method, we recognize the change in the fair value of the derivatives with an offsetting change to the carrying value of the debt. Accordingly, there is no impact on our Consolidated Statements of Earnings from the fair value of the derivatives.

Derivatives Not Designated as Hedging Instruments

We use foreign currency forward contracts 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 12 months. These derivative instruments are not designated in hedging relationships and, therefore, we record gains and losses on these contracts directly to net earnings.

Summary of Derivative Balances

The following table presents the gross fair values for outstanding derivative instruments and the corresponding classification at August 1, 2015, January 31, 2015 and August 2, 2014 (in millions):
 
August 1, 2015
 
January 31, 2015
 
August 2, 2014
Contract Type
Assets
 
Liabilities
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Derivatives designated as net investment hedges(1)
$
17

 
$
—

 
$
19

 
$
—

 
$
—

 
$
—

Derivatives designated as interest rate swaps(2)
13

 
—

 
1

 
—

 
—

 
—

No hedge designation (foreign exchange forward contracts)(1)
4

 
—

 
11

 
—

 
1

 
—

Total
$
34

 
$
—

 
$
31

 
$
—

 
$
1

 
$
—

(1)
The fair value is recorded in other current assets or accrued liabilities.
(2)
The fair value is recorded in other assets or long-term liabilities.
    
The following table presents the effects of derivative instruments on Other Comprehensive Income ("OCI") and on our Consolidated Statements of Earnings for the three and six months ended August 1, 2015, and August 2, 2014, respectively (in millions):
 
Three Months Ended
 
Three Months Ended
 
Six Months Ended
 
Six Months Ended
 
August 1, 2015
 
August 2, 2014
 
August 1, 2015
 
August 2, 2014
Contract Type
Pre-tax Gain(Loss) Recognized in OCI
 
Gain(Loss) Reclassified from Accumulated OCI to Earnings (Effective Portion)
 
Pre-tax Gain(Loss) Recognized in OCI
 
Gain(Loss) Reclassified from Accumulated OCI to Earnings (Effective Portion)
 
Pre-tax Gain(Loss) Recognized in OCI
 
Gain(Loss) Reclassified from Accumulated OCI to Earnings (Effective Portion)
 
Pre-tax Gain(Loss) Recognized in OCI
 
Gain(Loss) Reclassified from Accumulated OCI to Earnings (Effective Portion)
Derivatives designated as net investment hedges
$
15

 
$
—

 
$
—

 
$
—

 
$
6

 
$
—

 
$
—

 
$
—



The following tables present the effects of derivative instruments on our Consolidated Statements of Earnings for the three and six months ended August 1, 2015, and August 2, 2014, respectively (in millions):
 
Gain (Loss) Recognized within SG&A
 
Gain (Loss) Recognized within SG&A
 
Three Months Ended
 
Three Months Ended
 
Six Months Ended
 
Six Months Ended
Contract Type
August 1, 2015
 
August 2, 2014
 
August 1, 2015
 
August 2, 2014
No hedge designation (foreign exchange forward contracts)
$
1

 
$
(1
)
 
$
(4
)
 
$
(4
)


 
Gain (Loss) Recognized within Interest Expense
 
Gain (Loss) Recognized within Interest Expense
 
Three Months Ended
 
Three Months Ended
 
Six Months Ended
 
Six Months Ended
Contract Type
August 1, 2015
 
August 2, 2014
 
August 1, 2015
 
August 2, 2014
Interest rate swap gain
$
8

 
$
—

 
$
12

 
$
—

Long-term debt loss
(8
)
 
—

 
(12
)
 
—

Net impact on Consolidated Statements of Earnings
$
—

 
$
—

 
$
—

 
$
—



The following table presents the notional amounts of our derivative instruments at August 1, 2015, January 31, 2015 and August 2, 2014 (in millions):
 
Notional Amount
Contract Type
August 1, 2015
 
January 31, 2015
 
August 2, 2014
Derivatives designated as net investment hedges
$
207

 
$
197

 
$
—

Derivatives designated as interest rate swaps
750

 
145

 
—

No hedge designation (foreign exchange forward contracts)
163

 
212

 
95

Total
$
1,120

 
$
554

 
$
95

Earnings per Share (Notes)
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. 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 from continuing operations attributable to Best Buy Co., Inc. ($ and shares in millions):
 
Three Months Ended
 
Six Months Ended
 
August 1, 2015
 
August 2, 2014
 
August 1, 2015
 
August 2, 2014
Numerator
 

 
 

 
 
 
 
Net earnings from continuing operations attributable to Best Buy Co., Inc.
$
164

 
$
137

 
$
201

 
$
606

 


 


 
 
 
 
Denominator
 
 
 
 
 
 
 
Weighted-average common shares outstanding
349.6

 
349.3

 
351.0

 
348.4

Effect of potentially dilutive securities:
 
 
 
 
 
 
 
Nonvested share awards
4.3

 
2.9

 
4.8

 
3.2

Weighted-average common shares outstanding, assuming dilution
353.9

 
352.2

 
355.8

 
351.6

 
 
 
 
 
 
 
 
Net earnings per share from continuing operations attributable to Best Buy Co., Inc.
 
 
 
 
 
 
 
Basic
$
0.47

 
$
0.39

 
$
0.57

 
$
1.74

Diluted
$
0.46

 
$
0.39

 
$
0.57

 
$
1.73



The computation of weighted-average common shares outstanding, assuming dilution, excluded options to purchase 10.4 million and 13.5 million shares of our common stock for the three months ended August 1, 2015, and August 2, 2014, respectively, and options to purchase 10.4 million and 13.5 million shares of our common stock for the six months ended August 1, 2015, and August 2, 2014, 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 (Notes)
Comprehensive Income
Comprehensive Income
 
The following tables provide a reconciliation of the components of accumulated other comprehensive income, net of tax, attributable to Best Buy Co., Inc. for the three and six months ended August 1, 2015, and the six months ended August 2, 2014, respectively ($ in millions):
 
Foreign Currency Translation
 
Available-For-Sale Investments
 
Total
Balances at May 2, 2015
$
330

 
$
—

 
330

Foreign currency translation adjustments
(32
)
 
—

 
(32
)
Balances at August 1, 2015
$
298

 
$
—

 
$
298

 
 
 
 
 
 
 
Foreign Currency Translation
 
Available-For-Sale Investments
 
Total
Balances at January 31, 2015
$
382

 
$
—

 
$
382

Foreign currency translation adjustments
(17
)
 
—

 
(17
)
Reclassification of foreign currency translation adjustments into earnings due to sale of business
(67
)
 
—

 
(67
)
Balances at August 1, 2015
$
298

 
$
—

 
$
298



 
Foreign Currency Translation
 
Available-For-Sale Investments
 
Total
Balances at February 1, 2014
$
485

 
$
7

 
$
492

Foreign currency translation adjustments
3

 
—

 
3

Unrealized losses on available-for-sale investments
—

 
(1
)
 
(1
)
Balances at August 2, 2014
$
488

 
$
6

 
$
494



The gains and losses on our net investment hedges, which are included in foreign currency translation, were not material for the periods presented. There is generally no tax impact related to foreign currency translation adjustments, as the earnings are considered permanently reinvested. In addition, there were no material tax impacts related to unrealized gains or losses on available-for-sale investments in the periods presented.
Income Taxes (Notes)
Income Tax Disclosure [Text Block]
Income Taxes
 
In the first quarter of fiscal 2015, we filed an election with the Internal Revenue Service to treat a U.K. subsidiary as a disregarded entity such that its assets were deemed to be assets held directly by a U.S. entity for U.S. tax purposes. This tax-only election resulted in the elimination of our outside basis difference in the U.K. subsidiary. Additionally, the election resulted in the recognition of a deferred tax asset (and corresponding income tax benefit) for the remaining unrecognized inside tax basis in the U.K. subsidiary’s intangible asset. Excluding the $353 million income tax benefit related to this election, our effective tax rate in the first six months of fiscal 2015 would have been 36.8%. See Note 10, Income Taxes, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015, for additional information.
Segments (Notes)
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 U.S. and its territories) and International (which is comprised of all operations outside the U.S. 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. The Domestic and International segment managers have responsibility for operating decisions, allocating resources and assessing performance within their respective segments. Our CODM relies on internal management reporting that analyzes enterprise results to the net earnings level and segment results to the operating income level.
 
We aggregate our Canada and Mexico businesses into one International operating segment. Our Domestic and International 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 January 31, 2015.

Revenue by reportable segment was as follows ($ in millions):
 
Three Months Ended
 
Six Months Ended
 
August 1, 2015
 
August 2, 2014
 
August 1, 2015
 
August 2, 2014
Domestic
$
7,878

 
$
7,585

 
$
15,768

 
$
15,366

International
650

 
874

 
1,318

 
1,732

Total revenue
$
8,528

 
$
8,459

 
$
17,086

 
$
17,098



Operating income (loss) by reportable segment and the reconciliation to earnings from continuing operations before income tax (benefit) expense were as follows ($ in millions):
 
Three Months Ended
 
Six Months Ended
 
August 1, 2015
 
August 2, 2014
 
August 1, 2015
 
August 2, 2014
Domestic
$
309

 
$
258

 
$
613

 
$
484

International
(21
)
 
(33
)
 
(239
)
 
(49
)
Total operating income
288

 
225

 
374

 
435

Other income (expense)
 
 
 
 
 
 
 
Gain on sale of investments
—

 
2

 
2

 
2

Investment income and other
4

 
6

 
11

 
10

Interest expense
(20
)
 
(23
)
 
(40
)
 
(46
)
Earnings from continuing operations before income tax (benefit) expense
$
272

 
$
210

 
$
347

 
$
401

 
Assets by reportable segment were as follows ($ in millions):
 
August 1, 2015
 
January 31, 2015
 
August 2, 2014
Domestic
$
12,335

 
$
12,998

 
$
11,847

International
1,231

 
2,258

 
2,502

Total assets
$
13,566

 
$
15,256

 
$
14,349

Contingencies (Notes)
Contingencies
Contingencies

We are involved in a number of legal proceedings. Where appropriate, we have made accruals with respect to these matters, which are reflected in our consolidated financial statements. However, there are cases where liability is not probable or the amount cannot be reasonably estimated and therefore accruals have not been made. We provide disclosure of matters where we believe it is reasonably possible the impact may be material to our consolidated financial statements.

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. In October 2012, the court granted plaintiff's motion to alter or amend the court's decision on our motion to dismiss in part by vacating such decision and giving plaintiff leave to file an amended complaint, which plaintiff did in October 2012. We filed a motion to dismiss the amended complaint in November 2012 and all responsive pleadings were filed in December 2012. A hearing was held on April 26, 2013. On August 5, 2013, the court issued an order granting our motion to dismiss in part and, contrary to its March 2012 order, denying the motion to dismiss in part, holding that certain of the statements alleged to have been made were not forward-looking statements and therefore were not subject to the “safe-harbor” provisions of the Private Securities Litigation Reform Act (PSLRA). Plaintiffs moved to certify the purported class. By Order filed August 6, 2014, the court certified a class of persons or entities who acquired Best Buy common stock between 10:00 a.m. EDT on September 14, 2010, and December 13, 2010, and who were damaged by the alleged violations of law. The 8th Circuit Court of Appeals granted our request for interlocutory appeal. Briefing is complete. Oral argument is expected to be scheduled later in 2015. The trial court has stayed proceedings while the appeal is pending. We continue to believe that these allegations are without merit and intend to vigorously defend our company in this matter.
 
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 pending the close of discovery in the consolidated IBEW Local 98 Pension Fund v. Best Buy Co., Inc., et al. case. Additionally, in June, 2015, a similar purported class action was filed by a single shareholder, Khuong Tran, derivatively on behalf of Best Buy Co., Inc. against us and certain of our executive officers and directors in the same court. The Tran lawsuit has also been stayed pending the close of discovery in IBEW.

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. As stated above, 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.

Cathode Ray Tube Action

On November 14, 2011, we filed a lawsuit captioned In re Cathode Ray Tube Antitrust Litigation in the United States District Court for the Northern District of California. We allege that the defendants engaged in price fixing in violation of antitrust regulations relating to cathode ray tubes for the time period between March 1, 1995 through November 25, 2007. No trial date has been set. In connection with this action, we received settlement proceeds net of legal expenses and costs in the amount of $8 million and $75 million in the second quarter and the first six months of fiscal 2016, respectively. We will continue to litigate against the remaining defendants and expect further settlement discussions as this matter proceeds; however, it is uncertain whether we will recover additional settlement sums or a favorable verdict at trial.

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.
Repurchase of Common Stock (Notes)
Schedule of Repurchases of Common Stock [Table Text Block]
10.    Repurchase of Common Stock

We have a $5.0 billion share repurchase program that was authorized by our Board of Directors in June 2011. At the beginning of the second quarter of fiscal 2016, there was $4.0 billion available for share repurchases. There is no expiration date governing the period over which we can repurchase shares under the June 2011 share repurchase program. On March 3, 2015, we announced that we planned to resume share repurchases under the 2011 program, with the intent to purchase $1.0 billion in the 3 years following the announcement.

For the three and six months ended August 1, 2015, we repurchased 9.5 million shares of our common stock at a cost of $324 million. No shares were repurchased during the three and six months ended August 2, 2014. At August 1, 2015, approximately $3.7 billion remained available for additional purchases under the June 2011 share repurchase program. Repurchased shares have been retired and constituted authorized, but unissued shares.
Discontinued Operations Discontinued Operations (Tables)
Schedule of Assets and Liabilities Disposed of by Sale, in Period of Disposition [Table Text Block] 
 
February 13, 2015
Cash and cash equivalents
$
125

Receivables
113

Merchandise inventories
252

All other assets
461

Total assets
$
951

 
 
Accounts payable
$
478

All other liabilities
128

Total liabilities
$
606

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures 
The aggregate financial results of discontinued operations were as follows ($ in millions):

 
Three Months Ended
 
Six Months Ended
 
August 1, 2015
 
August 2, 2014
 
August 1, 2015
 
August 2, 2014
Revenue(1)
$
5

 
$
437

 
$
217

 
$
834

 
 
 
 
 
 
 
 
Restructuring charges
—

 
—

 
—

 
1

 
 
 
 
 
 
 
 
Gain (loss) from discontinued operations before income tax benefit
—

 
15

 
(10
)
 
4

Income tax benefit (expense)
—

 
(7
)
 
3

 
(4
)
Gain on sale of discontinued operations
—

 
2

 
99

 
2

Net gain from discontinued operations, including noncontrolling interests
—

 
10

 
92

 
2

Net earnings from discontinued operations attributable to noncontrolling interests
—

 
(1
)
 
—

 
(1
)
Net gain from discontinued operations attributable to Best Buy Co., Inc. shareholders
$
—

 
$
9

 
$
92

 
$
1


(1) The $5 million of revenue for the three months ended August 1, 2015, represents the final sales associated with our China retail business.
Fair Value Measurements (Tables)
Fair Value, Assets and Liabilities Measured on Recurring Basis 
The following tables set forth by level within the fair value hierarchy, our financial assets and liabilities that were accounted for at fair value on a recurring basis at August 1, 2015, January 31, 2015, and August 2, 2014, according to the valuation techniques we used to determine their fair values ($ in millions).
 
 
 
Fair Value Measurements
Using Inputs Considered as
 
Fair Value at
August 1, 2015
 
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
$
21

 
$
21

 
$
—

 
$
—

Commercial paper
65

 
—

 
65

 
—

Short-term investments
 

 
 

 
 

 
 

Corporate bonds
402

 
—

 
402

 
—

Commercial paper
240

 
—

 
240

 
—

Other current assets
 
 
 
 
 
 
 
Foreign currency derivative instruments
21

 
—

 
21

 
—

Other assets
 

 
 

 
 

 
 

Interest rate swap derivative instruments
13

 
—

 
13

 
—

Auction rate securities
2

 
—

 
—

 
2

Marketable securities that fund deferred compensation
98

 
98

 
—

 
—


 
 
 
Fair Value Measurements
Using Inputs Considered as
 
Fair Value at
January 31, 2015
 
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
$
265

 
$
265

 
$
—

 
$
—

Corporate bonds
13

 
—

 
13

 
—

Commercial paper
165

 
—

 
165

 
—

Short-term investments
 

 
 

 
 

 
 

Corporate bonds
276

 
—

 
276

 
—

Commercial paper
306

 
—

 
306

 
—

Other current assets
 

 
 

 
 

 
 

Foreign currency derivative instruments
30

 
—

 
30

 
—

Other assets
 

 
 

 
 

 
 

Interest rate swap derivative instruments
1

 
—

 
1

 
—

Auction rate securities
2

 
—

 
—

 
2

Marketable securities that fund deferred compensation
97

 
97

 
—

 
—

 
 
 
 
 
 
 
 
ASSETS HELD FOR SALE
 
 
 
 
 
 
 
Cash and cash equivalents
 
 
 
 
 
 
 
Money market funds
16

 
16

 
—

 
—

 
 
 
 
Fair Value Measurements
Using Inputs Considered as
 
Fair Value at
August 2, 2014
 
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
$
211

 
$
211

 
$
—

 
$
—

Commercial paper
111

 
—

 
111

 
—

Short-term investments
 

 
 

 
 

 
 

Commercial paper
364

 
—

 
364

 
—

U.S. Treasury bills
100

 
100

 
—

 
—

Other current assets
 

 
 

 
 

 
 

Foreign currency derivative instruments
1

 
—

 
1

 
—

Other assets
 

 
 

 
 

 
 

Auction rate securities
9

 
—

 
—

 
9

Marketable equity securities
10

 
10

 
—

 
—

Marketable securities that fund deferred compensation
98

 
98

 
—

 
—


Fair Value, Assets and Liabilities Measured on Nonrecurring Basis 
The following table summarizes the fair value remeasurements for non-restructuring property and equipment impairments and restructuring impairments recorded during the six months ended August 1, 2015, and August 2, 2014 ($ in millions):
 
Six Months Ended
 
Six Months Ended
 
August 1, 2015
 
August 2, 2014
 
Impairments
 
Remaining Net Carrying Value(1)
 
Impairments
 
Remaining Net Carrying Value(1)
Continuing operations
 
 
 
 
 
 
 
Property and equipment (non-restructuring)
$
26

 
$
9

 
$
21

 
$
8

Restructuring activities(2)
 
 
 
 
 
 
 
Tradename
40

 
—

 
—

 
—

Property and equipment
30

 
—

 
1

 
—

Total continuing operations
$
96

 
$
9

 
$
22

 
$
8

(1)
Remaining net carrying value approximates fair value.
(2)
See Note 5, Restructuring Charges, for additional information.

Goodwill and Intangible Assets (Tables)
Schedule of Intangible Assets and Goodwill, by Segment 
The changes in the carrying values of goodwill and indefinite-lived tradenames by segment were as follows in the six months ended August 1, 2015, and August 2, 2014 ($ in millions):
 
Goodwill
 
Indefinite-lived Tradenames
 
Domestic
 
Domestic
 
International
 
Total
Balances at January 31, 2015
$
425

 
$
18

 
$
39

 
$
57

Changes in foreign currency exchange rates
—

 
—

 
1

 
1

Canada brand restructuring(1)
—

 
—

 
(40
)
 
(40
)
Balances at August 1, 2015
$
425

 
$
18

 
$
—

 
$
18

 
(1)
Represents the Future Shop tradename impaired as a result of the Canadian brand consolidation in the first quarter of fiscal 2016. See Note 5, Restructuring Charges, for further discussion of the Canadian brand consolidation.
 
Goodwill
 
Indefinite-lived Tradenames
 
Domestic
 
Domestic
 
International
 
Total
Balances at February 1, 2014
$
425

 
$
19

 
$
82

 
$
101

Changes in foreign currency exchange rates
—

 
—

 
(1
)
 
(1
)
Balances at August 2, 2014
$
425

 
$
19

 
$
81

 
$
100

Schedule of Gross Amount of Goodwill and Accumulated Goodwill Impairment Losses 
The following table provides the gross carrying amount of goodwill and cumulative goodwill impairment ($ in millions):
 
August 1, 2015
 
January 31, 2015
 
August 2, 2014
 
Gross
Carrying
Amount(1)
 
Cumulative
Impairment(1)
 
Gross
Carrying
Amount(1)
 
Cumulative
Impairment(1)
 
Gross
Carrying
Amount
 
Cumulative
Impairment
Goodwill
$
1,100

 
$
(675
)
 
$
1,100

 
$
(675
)
 
$
1,308

 
$
(883
)

(1)
Excludes the gross carrying amount and cumulative impairment related to Five Star, which was held for sale at January 31, 2015. The sale was completed on February 13, 2015.
Restructuring Charges (Tables)
Composition of Restructuring Charges 
Charges incurred in the six months ended August 1, 2015, and August 2, 2014, for our restructuring activities were as follows ($ in millions):
 
Six Months Ended
 
August 1, 2015
 
August 2, 2014
Continuing operations
 
 
 
Canadian brand consolidation
$
184

 
$
—

Renew Blue
(2
)
 
13

Other restructuring activities(1)
—

 
(6
)
Total continuing operations
182

 
7

Discontinued operations
 
 
 
Renew Blue
—

 
1

Total restructuring charges
$
182

 
$
8


(1)
Represents activity related to our remaining vacant space liability for U.S. large-format store closures in fiscal 2013. We may continue to incur immaterial adjustments to the liability for changes in sublease assumptions or potential lease buyouts. In addition, lease payments for vacated stores will continue until leases expire or are terminated. The remaining vacant space liability was $19 million at August 1, 2015.
Composition of Restructuring Charges 
 
International
Continuing operations
 
Inventory write-downs
$
5

Property and equipment impairments
30

Tradename impairment
40

Termination benefits
24

Facility closure and other costs
85

Total continuing operations
$
184

Restructuring Accrual Activity 
 
Termination
Benefits
 
Facility
Closure and
Other Costs
 
Total
Balances at January 31, 2015
$
—

 
$
—

 
$
—

Charges
27

 
104

 
131

Cash payments
(21
)
 
(18
)
 
(39
)
Adjustments(1)
(2
)
 
(4
)
 
(6
)
Changes in foreign currency exchange rates
—

 
(3
)
 
(3
)
Balances at August 1, 2015
$
4

 
$
79

 
$
83

(1) The adjustments related to termination benefits relate to higher-than-expected employee retention. Adjustments to facility closure and other costs represent changes in sublease assumptions.
Composition of Restructuring Charges 
The composition of the restructuring charges we incurred for this program in the six months ended August 1, 2015, and August 2, 2014, as well as the cumulative amount incurred through August 1, 2015, was as follows ($ in millions):
 
Domestic
 
International
 
Total
 
Six Months Ended
 
Cumulative
Amount
 
Six Months Ended
 
Cumulative
Amount
 
Six Months Ended
 
Cumulative
Amount
 
August 1, 2015
 
August 2, 2014
 
 
August 1, 2015
 
August 2, 2014
 
 
August 1, 2015
 
August 2, 2014
 
Continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Inventory write-downs
$
—

 
$
—

 
$
1

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
1

Property and equipment impairments
—

 
—

 
14

 
—

 
1

 
25

 
—

 
1

 
39

Termination benefits
(2
)
 
7

 
159

 
—

 
5

 
38

 
(2
)
 
12

 
197

Investment impairments
—

 
—

 
43

 
—

 
—

 
—

 
—

 
—

 
43

Facility closure and other costs
1

 
—

 
5

 
(1
)
 
—

 
50

 
—

 
—

 
55

Total continuing operations
(1
)
 
7

 
222

 
(1
)
 
6

 
113

 
(2
)
 
13

 
335

Discontinued operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment impairments
—

 
—

 
—

 
—

 
—

 
1

 
—

 
—

 
1

Termination benefits
—

 
—

 
—

 
—

 
—

 
16

 
—

 
—

 
16

Facility closure and other costs
—

 
—

 
—

 
—

 
1

 
11

 
—

 
1

 
11

Total Discontinued Operations
—

 
—

 
—

 
—

 
1

 
28

 
—

 
1

 
28

Total
$
(1
)
 
$
7

 
$
222

 
$
(1
)
 
$
7

 
$
141

 
$
(2
)
 
$
14

 
$
363

Restructuring Accrual Activity 
The following tables summarize our restructuring accrual activity during the six months ended August 1, 2015, and August 2, 2014, related to termination benefits and facility closure and other costs associated with this program ($ in millions):
 
Termination
Benefits
 
Facility
Closure and
Other Costs
 
Total
Balances at January 31, 2015
$
16

 
$
23

 
$
39

Charges
—

 
—

 
—

Cash payments
(7
)
 
(6
)
 
(13
)
Adjustments(1)
(8
)
 
(5
)
 
(13
)
Changes in foreign currency exchange rates
—

 
—

 
—

Balances at August 1, 2015
$
1

 
$
12

 
$
13


(1)
Adjustments to termination benefits were due to higher-than-expected employee retention. In addition, adjustments include the remaining liabilities eliminated as a result of the sale of Five Star, as described in Note 2, Discontinued Operations.
 
Termination
Benefits
 
Facility
Closure and
Other Costs
 
Total
Balances at February 1, 2014
$
111

 
$
51

 
$
162

Charges
28

 
7

 
35

Cash payments
(106
)
 
(9
)
 
(115
)
Adjustments(1)
(16
)
 
(4
)
 
(20
)
Changes in foreign currency exchange rates
—

 
(5
)
 
(5
)
Balances at August 2, 2014
$
17

 
$
40

 
$
57


(1)
Adjustments to termination benefits were due to higher-than-expected employee retention. Adjustments to facility closure and other costs represent changes in sublease assumptions
Debt (Tables)
Schedule of Long-term Debt
Long-term debt consisted of the following ($ in millions):
 
August 1, 2015
 
January 31, 2015
 
August 2, 2014
2016 Notes
$
350

 
$
349

 
$
350

2018 Notes
500

 
500

 
500

2021 Notes
649

 
649

 
649

Interest rate swap valuation adjustments
13

 
1

 
—

Financing lease obligations
52

 
69

 
83

Capital lease obligations
45

 
52

 
52

Other debt
—

 
1

 
1

   Total long-term debt
1,609

 
1,621

 
1,635

Less: current portion(1)
(382
)
 
(41
)
 
(43
)
   Total long-term debt, less current portion
$
1,227

 
$
1,580

 
$
1,592

 
(1)
Our 2016 Notes due March 15, 2016, are classified in the current portion of long-term debt as of August 1, 2015.
Derivative Instruments Derivative Instruments (Tables)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] 
 
August 1, 2015
 
January 31, 2015
 
August 2, 2014
Contract Type
Assets
 
Liabilities
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Derivatives designated as net investment hedges(1)
$
17

 
$
—

 
$
19

 
$
—

 
$
—

 
$
—

Derivatives designated as interest rate swaps(2)
13

 
—

 
1

 
—

 
—

 
—

No hedge designation (foreign exchange forward contracts)(1)
4

 
—

 
11

 
—

 
1

 
—

Total
$
34

 
$
—

 
$
31

 
$
—

 
$
1

 
$
—

(1)
The fair value is recorded in other current assets or accrued liabilities.
(2)
The fair value is recorded in other assets or long-term liabilities.
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] 
 
Three Months Ended
 
Three Months Ended
 
Six Months Ended
 
Six Months Ended
 
August 1, 2015
 
August 2, 2014
 
August 1, 2015
 
August 2, 2014
Contract Type
Pre-tax Gain(Loss) Recognized in OCI
 
Gain(Loss) Reclassified from Accumulated OCI to Earnings (Effective Portion)
 
Pre-tax Gain(Loss) Recognized in OCI
 
Gain(Loss) Reclassified from Accumulated OCI to Earnings (Effective Portion)
 
Pre-tax Gain(Loss) Recognized in OCI
 
Gain(Loss) Reclassified from Accumulated OCI to Earnings (Effective Portion)
 
Pre-tax Gain(Loss) Recognized in OCI
 
Gain(Loss) Reclassified from Accumulated OCI to Earnings (Effective Portion)
Derivatives designated as net investment hedges
$
15

 
$
—

 
$
—

 
$
—

 
$
6

 
$
—

 
$
—

 
$
—

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] 
 
Gain (Loss) Recognized within SG&A
 
Gain (Loss) Recognized within SG&A
 
Three Months Ended
 
Three Months Ended
 
Six Months Ended
 
Six Months Ended
Contract Type
August 1, 2015
 
August 2, 2014
 
August 1, 2015
 
August 2, 2014
No hedge designation (foreign exchange forward contracts)
$
1

 
$
(1
)
 
$
(4
)
 
$
(4
)
Schedule of Interest Rate Derivatives [Table Text Block] 
 
Gain (Loss) Recognized within Interest Expense
 
Gain (Loss) Recognized within Interest Expense
 
Three Months Ended
 
Three Months Ended
 
Six Months Ended
 
Six Months Ended
Contract Type
August 1, 2015
 
August 2, 2014
 
August 1, 2015
 
August 2, 2014
Interest rate swap gain
$
8

 
$
—

 
$
12

 
$
—

Long-term debt loss
(8
)
 
—

 
(12
)
 
—

Net impact on Consolidated Statements of Earnings
$
—

 
$
—

 
$
—

 
$
—

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] 
 
Notional Amount
Contract Type
August 1, 2015
 
January 31, 2015
 
August 2, 2014
Derivatives designated as net investment hedges
$
207

 
$
197

 
$
—

Derivatives designated as interest rate swaps
750

 
145

 
—

No hedge designation (foreign exchange forward contracts)
163

 
212

 
95

Total
$
1,120

 
$
554

 
$
95

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 from continuing operations attributable to Best Buy Co., Inc. ($ and shares in millions):
 
Three Months Ended
 
Six Months Ended
 
August 1, 2015
 
August 2, 2014
 
August 1, 2015
 
August 2, 2014
Numerator
 

 
 

 
 
 
 
Net earnings from continuing operations attributable to Best Buy Co., Inc.
$
164

 
$
137

 
$
201

 
$
606

 


 


 
 
 
 
Denominator
 
 
 
 
 
 
 
Weighted-average common shares outstanding
349.6

 
349.3

 
351.0

 
348.4

Effect of potentially dilutive securities:
 
 
 
 
 
 
 
Nonvested share awards
4.3

 
2.9

 
4.8

 
3.2

Weighted-average common shares outstanding, assuming dilution
353.9

 
352.2

 
355.8

 
351.6

 
 
 
 
 
 
 
 
Net earnings per share from continuing operations attributable to Best Buy Co., Inc.
 
 
 
 
 
 
 
Basic
$
0.47

 
$
0.39

 
$
0.57

 
$
1.74

Diluted
$
0.46

 
$
0.39

 
$
0.57

 
$
1.73

Comprehensive Income (Tables)
Schedule of Accumulated Other Comprehensive Income (Loss)
The following tables provide a reconciliation of the components of accumulated other comprehensive income, net of tax, attributable to Best Buy Co., Inc. for the three and six months ended August 1, 2015, and the six months ended August 2, 2014, respectively ($ in millions):
 
Foreign Currency Translation
 
Available-For-Sale Investments
 
Total
Balances at May 2, 2015
$
330

 
$
—

 
330

Foreign currency translation adjustments
(32
)
 
—

 
(32
)
Balances at August 1, 2015
$
298

 
$
—

 
$
298

 
 
 
 
 
 
 
Foreign Currency Translation
 
Available-For-Sale Investments
 
Total
Balances at January 31, 2015
$
382

 
$
—

 
$
382

Foreign currency translation adjustments
(17
)
 
—

 
(17
)
Reclassification of foreign currency translation adjustments into earnings due to sale of business
(67
)
 
—

 
(67
)
Balances at August 1, 2015
$
298

 
$
—

 
$
298



 
Foreign Currency Translation
 
Available-For-Sale Investments
 
Total
Balances at February 1, 2014
$
485

 
$
7

 
$
492

Foreign currency translation adjustments
3

 
—

 
3

Unrealized losses on available-for-sale investments
—

 
(1
)
 
(1
)
Balances at August 2, 2014
$
488

 
$
6

 
$
494

Segments (Tables)
Business Segment Information
Revenue by reportable segment was as follows ($ in millions):
 
Three Months Ended
 
Six Months Ended
 
August 1, 2015
 
August 2, 2014
 
August 1, 2015
 
August 2, 2014
Domestic
$
7,878

 
$
7,585

 
$
15,768

 
$
15,366

International
650

 
874

 
1,318

 
1,732

Total revenue
$
8,528

 
$
8,459

 
$
17,086

 
$
17,098



Operating income (loss) by reportable segment and the reconciliation to earnings from continuing operations before income tax (benefit) expense were as follows ($ in millions):
 
Three Months Ended
 
Six Months Ended
 
August 1, 2015
 
August 2, 2014
 
August 1, 2015
 
August 2, 2014
Domestic
$
309

 
$
258

 
$
613

 
$
484

International
(21
)
 
(33
)
 
(239
)
 
(49
)
Total operating income
288

 
225

 
374

 
435

Other income (expense)
 
 
 
 
 
 
 
Gain on sale of investments
—

 
2

 
2

 
2

Investment income and other
4

 
6

 
11

 
10

Interest expense
(20
)
 
(23
)
 
(40
)
 
(46
)
Earnings from continuing operations before income tax (benefit) expense
$
272

 
$
210

 
$
347

 
$
401

 
Assets by reportable segment were as follows ($ in millions):
 
August 1, 2015
 
January 31, 2015
 
August 2, 2014
Domestic
$
12,335

 
$
12,998

 
$
11,847

International
1,231

 
2,258

 
2,502

Total assets
$
13,566

 
$
15,256

 
$
14,349

Basis of Presentation (Details)
6 Months Ended
Aug. 1, 2015
Aug. 2, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
 
 
Number of Weeks in Fiscal Period
26 
26 
Reporting period lag for consolidation of financial results
1 month 
 
Discontinued Operations Discontinued Operations (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Aug. 1, 2015
Aug. 2, 2014
Aug. 1, 2015
Aug. 2, 2014
Feb. 13, 2015
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
 
 
 
 
 
Revenue
$ 5 1
$ 437 
$ 217 
$ 834 
 
Restructuring Charges Related to Discontinued Operations
0 
0 
0 
1 
 
Gain (loss) from discontinued operations before income tax benefit
0 
15 
(10)
4 
 
Income tax benefit (expense)
0 
(7)
3 
(4)
 
Gain on sale of discontinued operations
0 
2 
99 
2 
 
Net gain from discontinued operations, including noncontrolling interests
0 
10 
92 
2 
 
Net earnings from discontinued operations attributable to noncontrolling interests
0 
(1)
0 
(1)
 
Net gain from discontinued operations attributable to Best Buy Co., Inc. shareholders
0 
9 
92 
1 
 
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract]
 
 
 
 
 
Cash and cash equivalents
 
 
 
 
125 
Receivables
 
 
 
 
113 
Merchandise inventories
 
 
 
 
252 
All other assets
 
 
 
 
461 
Total assets
 
 
 
 
951 
Accounts payable
 
 
 
 
478 
All other liabilities
 
 
 
 
128 
Total liabilities
 
 
 
 
$ 606 
Fair Value Measurements - Recurring (Details) (Fair Value, Measurements, Recurring [Member], USD $)
In Millions, unless otherwise specified
Aug. 1, 2015
Jan. 31, 2015
Aug. 2, 2014
Money Market Funds [Member]
 
 
 
Assets
 
 
 
Cash and Cash Equivalents, Held-for-sale
 
$ 16 
 
Interest Rate Swap [Member]
 
 
 
Assets
 
 
 
Other Assets
13 
1 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] |
Money Market Funds [Member]
 
 
 
Assets
 
 
 
Cash and cash equivalents
21 
265 
211 
Cash and Cash Equivalents, Held-for-sale
 
16 
 
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] |
US Treasury Bill Securities [Member]
 
 
 
Assets
 
 
 
Short-term investments
 
 
100 
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] |
Available-for-sale Securities [Member]
 
 
 
Assets
 
 
 
Other Assets
 
 
10 
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] |
Marketable securities that fund deferred compensation [Member]
 
 
 
Assets
 
 
 
Other Assets
98 
97 
98 
Significant Other Observable Inputs (Level 2) [Member] |
Money Market Funds [Member]
 
 
 
Assets
 
 
 
Short-term investments
 
 
364 
Significant Other Observable Inputs (Level 2) [Member] |
Corporate Bond Securities [Member]
 
 
 
Assets
 
 
 
Cash and cash equivalents
 
13 
 
Short-term investments
402 
276 
 
Significant Other Observable Inputs (Level 2) [Member] |
Commercial Paper [Member]
 
 
 
Assets
 
 
 
Cash and cash equivalents
65 
165 
111 
Short-term investments
240 
306 
 
Significant Other Observable Inputs (Level 2) [Member] |
Interest Rate Swap [Member]
 
 
 
Assets
 
 
 
Other Assets
13 
1 
 
Significant Other Observable Inputs (Level 2) [Member] |
Foreign Exchange Contract [Member]
 
 
 
Assets
 
 
 
Other Current Assets
21 
30 
1 
Significant Unobservable Inputs (Level 3) [Member] |
Auction Rate Securities [Member]
 
 
 
Assets
 
 
 
Other Assets
2 
2 
9 
Estimate of Fair Value Measurement [Member] |
Money Market Funds [Member]
 
 
 
Assets
 
 
 
Cash and cash equivalents
21 
265 
211 
Estimate of Fair Value Measurement [Member] |
Corporate Bond Securities [Member]
 
 
 
Assets
 
 
 
Cash and cash equivalents
 
13 
 
Short-term investments
402 
276 
 
Estimate of Fair Value Measurement [Member] |
Commercial Paper [Member]
 
 
 
Assets
 
 
 
Cash and cash equivalents
65 
165 
111 
Short-term investments
240 
306 
364 
Estimate of Fair Value Measurement [Member] |
US Treasury Bill Securities [Member]
 
 
 
Assets
 
 
 
Short-term investments
 
 
100 
Estimate of Fair Value Measurement [Member] |
Auction Rate Securities [Member]
 
 
 
Assets
 
 
 
Other Assets
2 
2 
9 
Estimate of Fair Value Measurement [Member] |
Available-for-sale Securities [Member]
 
 
 
Assets
 
 
 
Other Assets
 
 
10 
Estimate of Fair Value Measurement [Member] |
Marketable securities that fund deferred compensation [Member]
 
 
 
Assets
 
 
 
Other Assets
98 
97 
98 
Estimate of Fair Value Measurement [Member] |
Foreign Exchange Contract [Member]
 
 
 
Assets
 
 
 
Other Current Assets
$ 21 
$ 30 
$ 1 
Fair Value Measurements - Nonrecurring (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Aug. 1, 2015
Aug. 2, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Tradename, impairments
$ 40 1
 
Continuing Operations [Member] |
Fair Value, Measurements, Nonrecurring [Member] |
Significant Unobservable Inputs (Level 3) [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Property and equipment, impairments
26 
21 
Property and equipment, remaining net carrying value
9 2
8 2
Total impairments
96 
22 
Total remaining net carrying value
9 2
8 2
Impairment of Intangible Assets Related to Restructuring [Member] |
Continuing Operations [Member] |
Fair Value, Measurements, Nonrecurring [Member] |
Significant Unobservable Inputs (Level 3) [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Tradename, impairments
40 3
 
Property and equipment write-downs [Member] |
Continuing Operations [Member] |
Fair Value, Measurements, Nonrecurring [Member] |
Significant Unobservable Inputs (Level 3) [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Property and equipment, impairments
30 3
1 3
Property and equipment, remaining net carrying value
$ 0 2 3
$ 0 2 3
Goodwill and Intangible Assets (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Aug. 1, 2015
Aug. 2, 2014
Jan. 31, 2015
Goodwill [Roll Forward]
 
 
 
Goodwill, Balance at the beginning of the period
$ 425 
 
 
Goodwill, Balance at the end of the period
425 
425 
 
Indefinite-lived Tradenames [Roll Forward]
 
 
 
Indefinite-lived Tradenames, Beginning balance
57 
101 
 
Indefinite-lived Intangible Assets, Translation Adjustments
1 
(1)
 
Indefinite-lived Tradenames, Impairments
(40)1
 
 
Indefinite-lived Tradenames, Ending balance
18 
100 
 
Gross amount of goodwill and the accumulated goodwill impairment losses
 
 
 
Gross Carrying Amount
1,100 2
1,308 
1,100 2
Cumulative Impairment
(675)2
(883)
(675)2
Domestic [Member]
 
 
 
Goodwill [Roll Forward]
 
 
 
Goodwill, Balance at the beginning of the period
425 
425 
 
Goodwill, Changes in foreign currency exchange rates
0 
 
 
Goodwill, Impairments
0 
 
 
Goodwill, Balance at the end of the period
425 
425 
 
Indefinite-lived Tradenames [Roll Forward]
 
 
 
Indefinite-lived Tradenames, Beginning balance
18 
19 
 
Indefinite-lived Intangible Assets, Translation Adjustments
0 
0 
 
Indefinite-lived Tradenames, Impairments
0 
 
 
Indefinite-lived Tradenames, Ending balance
18 
19 
 
International [Member]
 
 
 
Indefinite-lived Tradenames [Roll Forward]
 
 
 
Indefinite-lived Tradenames, Beginning balance
39 
82 
 
Indefinite-lived Intangible Assets, Translation Adjustments
1 
(1)
 
Indefinite-lived Tradenames, Impairments
(40)1
 
 
Indefinite-lived Tradenames, Ending balance
$ 0 
$ 81 
 
Restructuring Charges Summary Table (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Aug. 1, 2015
Aug. 2, 2014
Aug. 1, 2015
Aug. 2, 2014
Restructuring Cost and Reserve [Line Items]
 
 
 
 
Restructuring charges
 
 
$ 182 
$ 8 
Restructuring Charges Related to Discontinued Operations
0 
0 
0 
1 
Continuing Operations [Member]
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
Restructuring charges
 
 
182 
7 
Continuing Operations [Member] |
Restructuring Program Canadian Brand Consolidation [Member]
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
Restructuring charges
 
 
184 
 
Continuing Operations [Member] |
Restructuring Program 2013 Renew Blue [Member] [Domain]
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
Restructuring charges
 
 
(2)
13 
Continuing Operations [Member] |
Other Restructuring [Member]
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
Restructuring charges
 
 
0 
(6)1
Continuing Operations [Member] |
International Segment [Member] |
Restructuring Program Canadian Brand Consolidation [Member]
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
Restructuring charges
 
 
184 
 
Discontinued Operations [Member] |
Restructuring Program 2013 Renew Blue [Member] [Domain]
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
Restructuring Charges Related to Discontinued Operations
 
 
$ 0 
$ 1 
Restructuring Charges - Canadian Brand Consolidation (Details) (Restructuring Program Canadian Brand Consolidation [Member], USD $)
In Millions, unless otherwise specified
6 Months Ended
Aug. 1, 2015
store
Restructuring Cost and Reserve [Line Items]
 
Number of stores to be closed
66 
Number of Future Shop stores converted to Best Buy stores
65 
Restructuring Reserve [Roll Forward]
 
Restructuring reserve, balance at the beginning of the period
$ 0 
Restructuring Charges, Rollforward
131 
Cash payments
(39)
Adjustments
(6)1
Restructuring Reserve, Translation Adjustment
(3)
Restructuring reserve, balance at the end of the period
83 
Termination benefits [Member]
 
Restructuring Reserve [Roll Forward]
 
Restructuring reserve, balance at the beginning of the period
0 
Restructuring Charges, Rollforward
27 
Cash payments
(21)
Adjustments
(2)1
Restructuring Reserve, Translation Adjustment
0 
Restructuring reserve, balance at the end of the period
4 
Facility closure and other costs [Member]
 
Restructuring Reserve [Roll Forward]
 
Restructuring reserve, balance at the beginning of the period
0 
Restructuring Charges, Rollforward
104 
Cash payments
(18)
Adjustments
(4)1
Restructuring Reserve, Translation Adjustment
(3)
Restructuring reserve, balance at the end of the period
79 
Continuing Operations [Member] |
International Segment [Member]
 
Restructuring Cost and Reserve [Line Items]
 
Restructuring Charges
184 
Continuing Operations [Member] |
International Segment [Member] |
Inventory write-downs [Member]
 
Restructuring Cost and Reserve [Line Items]
 
Restructuring Charges
5 
Continuing Operations [Member] |
International Segment [Member] |
Property and equipment impairments [Member]
 
Restructuring Cost and Reserve [Line Items]
 
Restructuring Charges
30 
Continuing Operations [Member] |
International Segment [Member] |
Impairment of Intangible Assets Related to Restructuring [Member]
 
Restructuring Cost and Reserve [Line Items]
 
Restructuring Charges
40 
Continuing Operations [Member] |
International Segment [Member] |
Termination benefits [Member]
 
Restructuring Cost and Reserve [Line Items]
 
Restructuring Charges
24 
Continuing Operations [Member] |
International Segment [Member] |
Facility closure and other costs [Member]
 
Restructuring Cost and Reserve [Line Items]
 
Restructuring Charges
85 
Minimum [Member]
 
Restructuring Cost and Reserve [Line Items]
 
Restructuring and Related Cost, Expected Cost
200 
Expected Payments for Restructuring
140 
Maximum [Member]
 
Restructuring Cost and Reserve [Line Items]
 
Restructuring and Related Cost, Expected Cost
280 
Expected Payments for Restructuring
$ 180 
Restructuring Charges - Renew Blue (Details) (Restructuring Program 2013 Renew Blue [Member] [Domain], USD $)
In Millions, unless otherwise specified
6 Months Ended
Aug. 1, 2015
Aug. 2, 2014
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
$ (2)
$ 14 
Restructuring and Related Cost, Cost Incurred to Date
363 
 
Restructuring Reserve [Roll Forward]
 
 
Restructuring reserve, balance at the beginning of the period
39 
162 
Restructuring Charges, Rollforward
0 
35 
Cash payments
(13)
(115)
Adjustments
(13)1
(20)2
Changes in foreign currency exchange rates
0 
(5)
Restructuring reserve, balance at the end of the period
13 
57 
Termination benefits [Member]
 
 
Restructuring Reserve [Roll Forward]
 
 
Restructuring reserve, balance at the beginning of the period
16 
111 
Restructuring Charges, Rollforward
0 
28 
Cash payments
(7)
(106)
Adjustments
(8)1
(16)2
Changes in foreign currency exchange rates
0 
0 
Restructuring reserve, balance at the end of the period
1 
17 
Facility closure and other costs [Member]
 
 
Restructuring Reserve [Roll Forward]
 
 
Restructuring reserve, balance at the beginning of the period
23 
51 
Restructuring Charges, Rollforward
0 
7 
Cash payments
(6)
(9)
Adjustments
(5)1
(4)2
Changes in foreign currency exchange rates
0 
(5)
Restructuring reserve, balance at the end of the period
12 
40 
Domestic [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
(1)
7 
Restructuring and Related Cost, Cost Incurred to Date
222 
 
International [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
(1)
7 
Restructuring and Related Cost, Cost Incurred to Date
141 
 
Continuing Operations [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
(2)
13 
Restructuring and Related Cost, Cost Incurred to Date
335 
 
Continuing Operations [Member] |
Inventory write-downs [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
0 
0 
Restructuring and Related Cost, Cost Incurred to Date
1 
 
Continuing Operations [Member] |
Property and equipment impairments [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
0 
1 
Restructuring and Related Cost, Cost Incurred to Date
39 
 
Continuing Operations [Member] |
Termination benefits [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
(2)
12 
Restructuring and Related Cost, Cost Incurred to Date
197 
 
Continuing Operations [Member] |
Investment impairments [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
0 
0 
Restructuring and Related Cost, Cost Incurred to Date
43 
 
Continuing Operations [Member] |
Facility closure and other costs [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
0 
0 
Restructuring and Related Cost, Cost Incurred to Date
55 
 
Continuing Operations [Member] |
Domestic [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
(1)
7 
Restructuring and Related Cost, Cost Incurred to Date
222 
 
Continuing Operations [Member] |
Domestic [Member] |
Inventory write-downs [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
0 
0 
Restructuring and Related Cost, Cost Incurred to Date
1 
 
Continuing Operations [Member] |
Domestic [Member] |
Property and equipment impairments [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
0 
0 
Restructuring and Related Cost, Cost Incurred to Date
14 
 
Continuing Operations [Member] |
Domestic [Member] |
Termination benefits [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
(2)
7 
Restructuring and Related Cost, Cost Incurred to Date
159 
 
Continuing Operations [Member] |
Domestic [Member] |
Investment impairments [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
0 
0 
Restructuring and Related Cost, Cost Incurred to Date
43 
 
Continuing Operations [Member] |
Domestic [Member] |
Facility closure and other costs [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
1 
0 
Restructuring and Related Cost, Cost Incurred to Date
5 
 
Continuing Operations [Member] |
International [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
(1)
6 
Restructuring and Related Cost, Cost Incurred to Date
113 
 
Continuing Operations [Member] |
International [Member] |
Inventory write-downs [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
0 
0 
Restructuring and Related Cost, Cost Incurred to Date
0 
 
Continuing Operations [Member] |
International [Member] |
Property and equipment impairments [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
0 
1 
Restructuring and Related Cost, Cost Incurred to Date
25 
 
Continuing Operations [Member] |
International [Member] |
Termination benefits [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
0 
5 
Restructuring and Related Cost, Cost Incurred to Date
38 
 
Continuing Operations [Member] |
International [Member] |
Investment impairments [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
0 
0 
Restructuring and Related Cost, Cost Incurred to Date
0 
 
Continuing Operations [Member] |
International [Member] |
Facility closure and other costs [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
(1)
0 
Restructuring and Related Cost, Cost Incurred to Date
50 
 
Discontinued Operations [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
0 
1 
Restructuring and Related Cost, Cost Incurred to Date
28 
 
Discontinued Operations [Member] |
Property and equipment impairments [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
0 
0 
Restructuring and Related Cost, Cost Incurred to Date
1 
 
Discontinued Operations [Member] |
Termination benefits [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
0 
0 
Restructuring and Related Cost, Cost Incurred to Date
16 
 
Discontinued Operations [Member] |
Facility closure and other costs [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
0 
1 
Restructuring and Related Cost, Cost Incurred to Date
11 
 
Discontinued Operations [Member] |
Domestic [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
0 
0 
Restructuring and Related Cost, Cost Incurred to Date
0 
 
Discontinued Operations [Member] |
International [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
0 
1 
Restructuring and Related Cost, Cost Incurred to Date
28 
 
Discontinued Operations [Member] |
International [Member] |
Property and equipment impairments [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
0 
0 
Restructuring and Related Cost, Cost Incurred to Date
1 
 
Discontinued Operations [Member] |
International [Member] |
Termination benefits [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
0 
0 
Restructuring and Related Cost, Cost Incurred to Date
16 
 
Discontinued Operations [Member] |
International [Member] |
Facility closure and other costs [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Charges
0 
1 
Restructuring and Related Cost, Cost Incurred to Date
$ 11 
 
Restructuring Charges Restructuring Other (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Aug. 1, 2015
Aug. 2, 2014
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring charges
$ 182 
$ 8 
Facility closure and other costs [Member] |
Other Restructuring [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring Reserve
19 
 
Continuing Operations [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring charges
182 
7 
Continuing Operations [Member] |
Other Restructuring [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Restructuring charges
$ 0 
$ (6)1
Long Term Debt (Details) (USD $)
In Millions, unless otherwise specified
Aug. 1, 2015
Jan. 31, 2015
Aug. 2, 2014
Long-term Debt
 
 
 
Total long-term debt
$ 1,609 
$ 1,621 
$ 1,635 
Less: current portion
(382)1
(41)
(43)
Total long-term debt, less current portion
1,227 
1,580 
1,592 
Long-term Debt, Fair Value
1,669 
1,677 
1,670 
2016 Notes [Member]
 
 
 
Long-term Debt
 
 
 
Total long-term debt
350 
349 
350 
2018 Notes [Member]
 
 
 
Long-term Debt
 
 
 
Total long-term debt
500 
500 
500 
2021 Notes [Member]
 
 
 
Long-term Debt
 
 
 
Total long-term debt
649 
649 
649 
Interest Rate Swap [Member]
 
 
 
Long-term Debt
 
 
 
Total long-term debt
13 
1 
 
Financing Lease Obligations [Member]
 
 
 
Long-term Debt
 
 
 
Total long-term debt
52 
69 
83 
Capital Lease Obligations [Member]
 
 
 
Long-term Debt
 
 
 
Total long-term debt
45 
52 
52 
Other Debt [Member]
 
 
 
Long-term Debt
 
 
 
Total long-term debt
$ 0 
$ 1 
$ 1 
Derivative Instruments (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Aug. 1, 2015
Aug. 2, 2014
Aug. 1, 2015
Aug. 2, 2014
Jan. 31, 2015
Derivatives, Fair Value [Line Items]
 
 
 
 
 
Derivative Asset, Fair Value, Gross Asset
$ 34 
$ 1 
$ 34 
$ 1 
$ 31 
Derivative Liability, Fair Value, Gross Liability
0 
0 
0 
0 
 
Notional Amount
1,120 
95 
1,120 
95 
554 
Proceeds from divestiture of businesses
 
 
92 
37 
 
Net Investment Hedging [Member]
 
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax
15 
 
6 
 
 
Derivative Asset, Fair Value, Gross Asset
17 1
 
17 1
 
19 1
Derivative Liability, Fair Value, Gross Liability
0 1
 
0 1
 
 
Contract term
 
 
12 months 
 
 
Notional Amount
207 
0 
207 
0 
197 
Interest Rate Swap [Member]
 
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
 
Derivative Asset, Fair Value, Gross Asset
13 2
 
13 2
 
1 2
Derivative Liability, Fair Value, Gross Liability
0 2
 
0 2
 
 
Notional Amount
750 
0 
750 
0 
145 
Foreign Exchange Forward [Member] |
Not Designated as Hedging Instrument [Member]
 
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
 
Derivative Asset, Fair Value, Gross Asset
4 1
1 1
4 1
1 1
11 1
Derivative Liability, Fair Value, Gross Liability
0 1
 
0 1
 
 
Contract term
 
 
12 months 
 
 
Notional Amount
163 
95 
163 
95 
212 
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments
$ 1 
$ (1)
$ (4)
$ (4)
 
Derivative Instruments Changes in Fair Value Hedges on Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Aug. 1, 2015
Aug. 1, 2015
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Net impact on Consolidated Statements of Earnings
$ 0 
$ 0 
Interest Rate Swap [Member] |
Interest Expense [Member]
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Interest rate swap gain
8 
12 
Debt [Member] |
Interest Rate Swap [Member]
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Long-term debt loss
$ (8)
$ (12)
Earnings per Share (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Aug. 1, 2015
Aug. 2, 2014
Aug. 1, 2015
Aug. 2, 2014
Numerator
 
 
 
 
Net earnings from continuing operations
$ 164 
$ 137 
$ 201 
$ 606 
Net earnings from continuing operations attributable to Best Buy Co., Inc.
$ 164 
$ 137 
$ 201 
$ 606 
Denominator
 
 
 
 
Weighted-average common shares outstanding (in shares)
349.6 
349.3 
351.0 
348.4 
Effect of potentially dilutive securities:
 
 
 
 
Nonvested share awards (in shares)
4.3 
2.9 
4.8 
3.2 
Weighted-average common shares outstanding, assuming dilution (in shares)
353.9 
352.2 
355.8 
351.6 
Net earnings per share from continuing operations attributable to Best Buy Co., Inc.
 
 
 
 
Basic (in dollars per share)
$ 0.47 
$ 0.39 
$ 0.57 
$ 1.74 
Diluted (in dollars per share)
$ 0.46 
$ 0.39 
$ 0.57 
$ 1.73 
Antidilutive securities excluded from computation of earnings per share
10.4 
13.5 
10.4 
13.5 
Comprehensive Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Aug. 1, 2015
Aug. 2, 2014
Aug. 1, 2015
Aug. 2, 2014
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
 
 
 
 
Total, Beginning Balance
 
 
$ 382 
 
Reclassification of foreign currency translation adjustments into earnings due to sale of business
0 
0 
(67)
0 
Unrealized gains (losses) on available-for-sale investments
0 
0 
0 
(1)
Foreign Currency Translation, Ending Balance
298 
 
298 
 
Total, Ending Balance
298 
494 
298 
494 
Best Buy Co., Inc. [Member]
 
 
 
 
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
 
 
 
 
Foreign Currency Translation, Beginning Balance
330 
 
382 
485 
Available-For-Sale Investments, Beginning Balance
 
 
 
7 
Total, Beginning Balance
330 
 
382 
492 
Foreign currency translation adjustments
(32)
 
(17)
3 
Reclassification of foreign currency translation adjustments into earnings due to sale of business
 
 
(67)
 
Unrealized gains (losses) on available-for-sale investments
 
 
 
(1)
Foreign Currency Translation, Ending Balance
298 
488 
298 
488 
Available-For-Sale Investments, Ending Balance
 
6 
 
6 
Total, Ending Balance
$ 298 
$ 494 
$ 298 
$ 494 
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Aug. 1, 2015
Effective Income Tax Rate Reconciliation [Line Items]
 
Income Tax Expense (Benefit), Tax Election
$ (353)
Effective Income Tax Rate Reconciliation, Percent, without Tax Election
36.80% 
Segments (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Aug. 1, 2015
Aug. 2, 2014
Aug. 1, 2015
segments
Aug. 2, 2014
Jan. 31, 2015
Segment Reporting [Abstract]
 
 
 
 
 
Number of reportable segments
 
 
2 
 
 
Business segment information
 
 
 
 
 
Total revenue
$ 8,528 
$ 8,459 
$ 17,086 
$ 17,098 
 
Operating income (loss)
288 
225 
374 
435 
 
Gain on sale of investments
0 
2 
2 
2 
 
Other income (expense)
 
 
 
 
 
Investment income and other
4 
6 
11 
10 
 
Interest expense
(20)
(23)
(40)
(46)
 
Earnings from continuing operations before income tax (benefit) expense
272 
210 
347 
401 
 
Total assets
13,566 
14,349 
13,566 
14,349 
15,256 
Domestic [Member]
 
 
 
 
 
Business segment information
 
 
 
 
 
Total revenue
7,878 
7,585 
15,768 
15,366 
 
Operating income (loss)
309 
258 
613 
484 
 
Other income (expense)
 
 
 
 
 
Total assets
12,335 
11,847 
12,335 
11,847 
12,998 
International [Member]
 
 
 
 
 
Business segment information
 
 
 
 
 
Total revenue
650 
874 
1,318 
1,732 
 
Operating income (loss)
(21)
(33)
(239)
(49)
 
Other income (expense)
 
 
 
 
 
Total assets
$ 1,231 
$ 2,502 
$ 1,231 
$ 2,502 
$ 2,258 
Contingencies (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Aug. 1, 2015
Aug. 1, 2015
Commitments and Contingencies Disclosure [Abstract]
 
 
Proceeds from Legal Settlements
$ 8 
$ 75 
Repurchase of Common Stock (Details) (USD $)
Share data in Millions, unless otherwise specified
3 Months Ended 6 Months Ended 36 Months Ended
May 2, 2015
Aug. 1, 2015
Feb. 3, 2018
Mar. 3, 2015
Jun. 30, 2011
Equity [Abstract]
 
 
 
 
 
Stock Repurchase Program, Remaining Authorized Repurchase Amount
$ 4,000,000,000 
$ 3,700,000,000 
 
 
 
Stock Repurchase Program, Authorized Amount
 
 
 
1,000,000,000 
5,000,000,000 
Stock Repurchase Program, Period in Force
 
 
3 years 
 
 
Stock Repurchased During Period, Shares
9.5 
 
 
 
 
Stock Repurchased During Period, Value
$ 324,000,000 
$ (324,000,000)