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New Fiscal Calendar(1) | Previous Fiscal Calendar(1) | |||
2013 | 2012 | 2012 | ||
August 2012 - October 2012 | August 2011 - October 2011 | September 2011 - November 2011 |
(1) | For entities reported on a lag, the fiscal months included in the third quarters of fiscal 2013 and 2012 were July through September under both the new and previous fiscal calendars. |
February 2012 | February 2011 | ||||||
Net earnings | $ | 206 | $ | 115 | |||
Impact of share repurchases(1) | (98 | ) | — | ||||
Net reconciling item to Retained earnings | $ | 108 | $ | 115 |
(1) | Share repurchases reduced Retained earnings after the Additional paid-in capital balance was reduced to zero during February 2012. |
|
Three Months Ended | Nine Months Ended | ||||||||||||||
November 3, 2012 | October 29, 2011 | November 3, 2012 | October 29, 2011 | ||||||||||||
(recast) | (recast) | ||||||||||||||
Revenue | $ | — | $ | 95 | $ | 8 | $ | 312 | |||||||
Restructuring charges(1) | (8 | ) | 19 | (3 | ) | 48 | |||||||||
Earnings (loss) from discontinued operations before income tax benefit (expense) | 8 | (63 | ) | (5 | ) | (190 | ) | ||||||||
Income tax benefit (expense) | (2 | ) | 17 | 2 | 49 | ||||||||||
Gain on sale of discontinued operations | — | — | — | 4 | |||||||||||
Net gain (loss) from discontinued operations, including noncontrolling interests | 6 | (46 | ) | (3 | ) | (137 | ) | ||||||||
Net (gain) loss from discontinued operations attributable to noncontrolling interests | (3 | ) | 29 | 3 | 55 | ||||||||||
Net gain (loss) from discontinued operations attributable to Best Buy Co., Inc. | $ | 3 | $ | (17 | ) | $ | — | $ | (82 | ) |
(1) | See Note 7, Restructuring Charges, for further discussion of the restructuring charges associated with discontinued operations. |
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Investments |
November 3, 2012 | March 3, 2012 | October 29, 2011 | |||||||||
(recast) | |||||||||||
Short-term investments | |||||||||||
U.S. Treasury bills | $ | — | $ | — | $ | 20 | |||||
Equity and other investments | |||||||||||
Debt securities (auction rate securities) | 21 | 82 | 84 | ||||||||
Marketable equity securities | 3 | 3 | 131 | ||||||||
Other investments | 67 | 55 | 64 | ||||||||
Total equity and other investments | $ | 91 | $ | 140 | $ | 279 |
Description | Nature of collateral or guarantee | November 3, 2012 | March 3, 2012 | October 29, 2011 | ||||||||||
(recast) | ||||||||||||||
Student loan bonds | Student loans guaranteed 95% to 100% by the U.S. government | $ | 19 | $ | 80 | $ | 82 | |||||||
Municipal revenue bonds | 100% insured by AA/Aa-rated bond insurers at November 3, 2012 | 2 | 2 | 2 | ||||||||||
Total fair value plus accrued interest(1) | $ | 21 | $ | 82 | $ | 84 |
(1) | The par value and weighted-average interest rates (taxable equivalent) of our ARS were $23, $88 and $89, and 0.81%, 0.50% and 0.51%, respectively, at November 3, 2012, March 3, 2012 and October 29, 2011, respectively. |
November 3, 2012 | March 3, 2012 | October 29, 2011 | |||||||||
(recast) | |||||||||||
Common stock of TalkTalk Telecom Group PLC | $ | — | $ | — | $ | 74 | |||||
Common stock of Carphone Warehouse Group plc | — | — | 56 | ||||||||
Other | 3 | 3 | 1 | ||||||||
Total | $ | 3 | $ | 3 | $ | 131 |
|
• | Quoted prices for similar assets or liabilities in active markets; |
• | Quoted prices for identical or similar assets in non-active markets; |
• | Inputs other than quoted prices that are observable for the asset or liability; and |
• | Inputs that are derived principally from or corroborated by other observable market data. |
Fair Value Measurements Using Inputs Considered as | |||||||||||||||
Fair Value at November 3, 2012 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
ASSETS | |||||||||||||||
Other current assets | |||||||||||||||
Foreign currency derivative instruments | $ | 2 | $ | — | $ | 2 | $ | — | |||||||
Equity and other investments | |||||||||||||||
Auction rate securities | 21 | — | — | 21 | |||||||||||
Marketable equity securities | 3 | 3 | — | — | |||||||||||
LIABILITIES | |||||||||||||||
Accrued liabilities | |||||||||||||||
Foreign currency derivative instruments | 1 | — | 1 | — |
Fair Value Measurements Using Inputs Considered as | |||||||||||||||
Fair Value at March 3, 2012 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
ASSETS | |||||||||||||||
Cash and cash equivalents | |||||||||||||||
Money market funds | $ | 272 | $ | 272 | $ | — | $ | — | |||||||
Other current assets | |||||||||||||||
Money market funds (restricted cash) | 119 | 119 | — | — | |||||||||||
U.S. Treasury bills (restricted cash) | 30 | 30 | — | — | |||||||||||
Foreign currency derivative instruments | 1 | — | 1 | — | |||||||||||
Equity and other investments | |||||||||||||||
Auction rate securities | 82 | — | — | 82 | |||||||||||
Marketable equity securities | 3 | 3 | — | — | |||||||||||
LIABILITIES | |||||||||||||||
Accrued liabilities | |||||||||||||||
Foreign currency derivative instruments | 2 | — | 2 | — |
Fair Value Measurements Using Inputs Considered as | |||||||||||||||
Fair Value at October 29, 2011 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
(recast) | (recast) | (recast) | (recast) | ||||||||||||
ASSETS | |||||||||||||||
Cash and cash equivalents | |||||||||||||||
Money market funds | $ | 796 | $ | 796 | $ | — | $ | — | |||||||
Short-term investments | |||||||||||||||
U.S. Treasury bills | 20 | 20 | — | — | |||||||||||
Other current assets | |||||||||||||||
Money market funds (restricted assets) | 163 | 163 | — | — | |||||||||||
U.S. Treasury bills (restricted assets) | 20 | 20 | — | — | |||||||||||
Foreign currency derivative instruments | 1 | — | 1 | — | |||||||||||
Equity and other investments | |||||||||||||||
Auction rate securities | 84 | — | — | 84 | |||||||||||
Marketable equity securities | 131 | 131 | — | — |
Debt securities- Auction rate securities only | |||||||||||
Student loan bonds | Municipal revenue bonds | Total | |||||||||
Balances at August 4, 2012 | $ | 20 | $ | 2 | $ | 22 | |||||
Changes in unrealized losses included in other comprehensive income | — | — | — | ||||||||
Sales | (1 | ) | — | (1 | ) | ||||||
Balances at November 3, 2012 | $ | 19 | $ | 2 | $ | 21 |
Debt securities- Auction rate securities only | |||||||||||
Student loan bonds | Municipal revenue bonds | Total | |||||||||
Balances at March 3, 2012 | $ | 80 | $ | 2 | $ | 82 | |||||
Changes in unrealized losses included in other comprehensive income | 4 | — | 4 | ||||||||
Sales | (65 | ) | — | (65 | ) | ||||||
Balances at November 3, 2012 | $ | 19 | $ | 2 | $ | 21 |
Debt securities- Auction rate securities only | |||||||||||
Student loan bonds | Municipal revenue bonds | Total | |||||||||
Balances at July 30, 2011 | $ | 89 | $ | 2 | $ | 91 | |||||
Changes in unrealized losses included in other comprehensive income | (3 | ) | — | (3 | ) | ||||||
Sales | (4 | ) | — | (4 | ) | ||||||
Balances at October 29, 2011 (recast) | $ | 82 | $ | 2 | $ | 84 |
Debt securities- Auction rate securities only | |||||||||||
Student loan bonds | Municipal revenue bonds | Total | |||||||||
Balances at February 26, 2011 | $ | 108 | $ | 2 | $ | 110 | |||||
Changes in unrealized losses included in other comprehensive income | — | — | — | ||||||||
Sales | (26 | ) | — | (26 | ) | ||||||
Balances at October 29, 2011 (recast) | $ | 82 | $ | 2 | $ | 84 |
Nine Months Ended | Nine Months Ended | ||||||||||||||
November 3, 2012 | October 29, 2011 | ||||||||||||||
Impairments | Remaining Net Carrying Value | Impairments | Remaining Net Carrying Value | ||||||||||||
(recast) | (recast) | ||||||||||||||
Continuing operations | |||||||||||||||
Property and equipment | $ | 29 | $ | — | $ | — | $ | — | |||||||
Discontinued operations(1) | |||||||||||||||
Property and equipment | — | — | 15 | — | |||||||||||
Tradename | — | — | 3 | — | |||||||||||
Total | $ | — | $ | — | $ | 18 | $ | — |
(1) | Fixed asset and tradename impairments associated with discontinued operations are recorded within Loss from discontinued operations in our Consolidated Statement of Earnings and Comprehensive Income. |
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Goodwill | Indefinite-lived Tradenames | ||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | ||||||||||||||||||
Balances at March 3, 2012 | $ | 516 | $ | 819 | $ | 1,335 | $ | 19 | $ | 111 | $ | 130 | |||||||||||
Changes in foreign currency exchange rates | — | (5 | ) | (5 | ) | — | — | — | |||||||||||||||
Acquisitions | 14 | — | 14 | — | — | — | |||||||||||||||||
Balances at November 3, 2012 | $ | 530 | $ | 814 | $ | 1,344 | $ | 19 | $ | 111 | $ | 130 |
Goodwill | Indefinite-lived Tradenames | ||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | ||||||||||||||||||
Balances at February 26, 2011 | $ | 422 | $ | 2,032 | $ | 2,454 | $ | 21 | $ | 84 | $ | 105 | |||||||||||
Sale of business | — | — | — | (3 | ) | — | (3 | ) | |||||||||||||||
Changes in foreign currency exchange rates | — | (7 | ) | (7 | ) | — | 1 | 1 | |||||||||||||||
Other(1) | — | — | — | — | 28 | 28 | |||||||||||||||||
Balances at October 29, 2011 (recast) | $ | 422 | $ | 2,025 | $ | 2,447 | $ | 18 | $ | 113 | $ | 131 |
(1) | Represents the transfer of certain definite-lived tradenames (at their net book value) to indefinite-lived tradenames following our decision not to phase out certain tradenames. We believe these tradenames will continue to contribute to our future cash flows indefinitely. |
November 3, 2012 | March 3, 2012 | October 29, 2011 | |||||||||||||||||||||
Gross Carrying Amount | Cumulative Impairment | Gross Carrying Amount | Cumulative Impairment | Gross Carrying Amount | Cumulative Impairment | ||||||||||||||||||
(recast) | (recast) | ||||||||||||||||||||||
Goodwill | $ | 2,605 | $ | (1,261 | ) | $ | 2,596 | $ | (1,261 | ) | $ | 2,511 | $ | (64 | ) |
November 3, 2012 | March 3, 2012 | October 29, 2011 | |||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||
(recast) | (recast) | ||||||||||||||||||||||
Customer relationships | $ | 475 | $ | (262 | ) | $ | 453 | $ | (224 | ) | $ | 382 | $ | (217 | ) |
Fiscal Year | |||
Remainder of fiscal 2013 | $ | 11 | |
2014 | 42 | ||
2015 | 42 | ||
2016 | 42 | ||
2017 | 24 | ||
Thereafter | 52 |
|
Nine Months Ended | |||||||
November 3, 2012 | October 29, 2011 | ||||||
(recast) | |||||||
Continuing operations | |||||||
Fiscal 2013 Europe restructuring | $ | 2 | $ | — | |||
Fiscal 2013 U.S. restructuring | 258 | — | |||||
Fiscal 2012 restructuring | 6 | — | |||||
Fiscal 2011 restructuring | (12 | ) | 4 | ||||
Total | 254 | 4 | |||||
Discontinued operations | |||||||
Fiscal 2012 restructuring | (5 | ) | — | ||||
Fiscal 2011 restructuring | 2 | 48 | |||||
Total (Note 3) | (3 | ) | 48 | ||||
Total | $ | 251 | $ | 52 |
Nine Months Ended November 3, 2012 | |||
Continuing operations | |||
Property and equipment impairments | $ | 28 | |
Termination benefits | 83 | ||
Facility closure and other costs, net | 147 | ||
Total | $ | 258 |
Termination Benefits | Facility Closure and Other Costs | Total | |||||||||
Balance at March 3, 2012 | $ | — | $ | — | $ | — | |||||
Charges | 109 | 145 | 254 | ||||||||
Cash payments | (65 | ) | (18 | ) | (83 | ) | |||||
Adjustments | (31 | ) | (3 | ) | (34 | ) | |||||
Balance at November 3, 2012 | $ | 13 | $ | 124 | $ | 137 |
Domestic | International | Total | |||||||||||||||||||||
Nine Months Ended November 3, 2012 | Cumulative Amount through November 3, 2012 | Nine Months Ended November 3, 2012 | Cumulative Amount through November 3, 2012 | Nine Months Ended November 3, 2012 | Cumulative Amount through November 3, 2012 | ||||||||||||||||||
Continuing operations | |||||||||||||||||||||||
Property and equipment impairments | $ | 1 | $ | 17 | $ | — | $ | 15 | $ | 1 | $ | 32 | |||||||||||
Termination benefits | — | 1 | — | — | — | 1 | |||||||||||||||||
Facility closure and other costs, net | 5 | 5 | — | — | 5 | 5 | |||||||||||||||||
Total | 6 | 23 | — | 15 | 6 | 38 | |||||||||||||||||
Discontinued operations | |||||||||||||||||||||||
Inventory write-downs | — | — | — | 11 | — | 11 | |||||||||||||||||
Property and equipment impairments | — | — | — | 96 | — | 96 | |||||||||||||||||
Termination benefits | — | — | 1 | 17 | 1 | 17 | |||||||||||||||||
Facility closure and other costs, net | — | — | (6 | ) | 76 | (6 | ) | 76 | |||||||||||||||
Total | — | — | (5 | ) | 200 | (5 | ) | 200 | |||||||||||||||
Total | $ | 6 | $ | 23 | $ | (5 | ) | $ | 215 | $ | 1 | $ | 238 |
Termination Benefits | Facility Closure and Other Costs(1) | Total | |||||||||
Balance at March 3, 2012 | $ | 17 | $ | 85 | $ | 102 | |||||
Charges | 1 | 2 | 3 | ||||||||
Cash payments | (17 | ) | (81 | ) | (98 | ) | |||||
Adjustments | — | 25 | 25 | ||||||||
Changes in foreign currency exchange rates | — | 3 | 3 | ||||||||
Balance at November 3, 2012 | $ | 1 | $ | 34 | $ | 35 |
(1) | Included within the adjustments to facility closure and other costs is $34 from the first quarter of fiscal 2013, representing an adjustment to exclude non-cash charges or benefits, which had no impact on our Condensed Consolidated Statements of Earnings and Comprehensive Income in the first quarter of fiscal 2013. |
Domestic | International | Total | |||||||||||||||||||||||||||||||||
Nine Months Ended | Cumulative Amount through November 3, 2012 | Nine Months Ended | Cumulative Amount through November 3, 2012 | Nine Months Ended | Cumulative Amount through November 3, 2012 | ||||||||||||||||||||||||||||||
November 3, 2012 | October 29, 2011 | November 3, 2012 | October 29, 2011 | November 3, 2012 | October 29, 2011 | ||||||||||||||||||||||||||||||
(recast) | (recast) | (recast) | |||||||||||||||||||||||||||||||||
Continuing operations | |||||||||||||||||||||||||||||||||||
Inventory write-downs | $ | — | $ | — | $ | 28 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 28 | |||||||||||||||||
Property and equipment impairments(1) | (12 | ) | 1 | 3 | — | (1 | ) | 107 | (12 | ) | — | 110 | |||||||||||||||||||||||
Termination benefits | — | (1 | ) | 14 | — | — | — | — | (1 | ) | 14 | ||||||||||||||||||||||||
Facility closure and other costs, net | — | 5 | 4 | — | — | — | — | 5 | 4 | ||||||||||||||||||||||||||
Total | (12 | ) | 5 | 49 | — | (1 | ) | 107 | (12 | ) | 4 | 156 | |||||||||||||||||||||||
Discontinued operations | |||||||||||||||||||||||||||||||||||
Inventory write-downs | — | — | — | — | — | 15 | — | — | 15 | ||||||||||||||||||||||||||
Property and equipment impairments | — | 15 | 15 | — | — | 25 | — | 15 | 40 | ||||||||||||||||||||||||||
Intangible asset impairments | — | 3 | 13 | — | — | — | — | 3 | 13 | ||||||||||||||||||||||||||
Termination benefits | — | 4 | 4 | — | 20 | 19 | — | 24 | 23 | ||||||||||||||||||||||||||
Facility closure and other costs, net | 3 | — | 3 | (1 | ) | 6 | 4 | 2 | 6 | 7 | |||||||||||||||||||||||||
Total | 3 | 22 | 35 | (1 | ) | 26 | 63 | 2 | 48 | 98 | |||||||||||||||||||||||||
Total | $ | (9 | ) | $ | 27 | $ | 84 | $ | (1 | ) | $ | 25 | $ | 170 | $ | (10 | ) | $ | 52 | $ | 254 |
Termination Benefits | Facility Closure and Other Costs(1) | Total | |||||||||
Balance at February 26, 2011 | $ | 28 | $ | 13 | $ | 41 | |||||
Charges | 11 | — | 11 | ||||||||
Cash payments | (27 | ) | (12 | ) | (39 | ) | |||||
Adjustments | (3 | ) | 4 | 1 | |||||||
Changes in foreign currency exchange rates | — | 1 | 1 | ||||||||
Balance at October 29, 2011 (recast) | $ | 9 | $ | 6 | $ | 15 |
(1) | Included within the adjustments to facility closure and other costs is $10 from the first quarter of fiscal 2012, representing an adjustment to exclude non-cash charges or benefits, which had no impact on our Condensed Consolidated Statements of Earnings and Comprehensive Income in the first quarter of fiscal 2012. |
Termination Benefits | Facility Closure and Other Costs | Total | |||||||||
Balance at March 3, 2012 | $ | 3 | $ | 9 | $ | 12 | |||||
Charges | — | — | — | ||||||||
Cash payments | (2 | ) | (3 | ) | (5 | ) | |||||
Adjustments | (1 | ) | (1 | ) | (2 | ) | |||||
Balance at November 3, 2012 | $ | — | $ | 5 | $ | 5 |
|
November 3, 2012 | March 3, 2012 | October 29, 2011 | |||||||||
(recast) | |||||||||||
U.S. revolving credit facility – 364-Day | $ | — | $ | — | $ | — | |||||
U.S. revolving credit facility – Five-Year | — | — | — | ||||||||
Europe revolving credit facility | 310 | 480 | — | ||||||||
Europe receivables financing facility | — | — | 155 | ||||||||
Canada revolving demand facility | — | — | — | ||||||||
China revolving demand facilities | — | — | 8 | ||||||||
Total short-term debt | $ | 310 | $ | 480 | $ | 163 |
November 3, 2012 | March 3, 2012 | October 29, 2011 | |||||||||
(recast) | |||||||||||
2013 Notes | $ | 500 | $ | 500 | $ | 500 | |||||
2016 Notes | 349 | 349 | 349 | ||||||||
2021 Notes | 648 | 648 | 648 | ||||||||
Convertible debentures | — | — | 402 | ||||||||
Financing lease obligations | 130 | 149 | 156 | ||||||||
Capital lease obligations | 74 | 81 | 78 | ||||||||
Other debt | 1 | 1 | 1 | ||||||||
Total long-term debt | 1,702 | 1,728 | 2,134 | ||||||||
Less: current portion(1) | (544 | ) | (43 | ) | (442 | ) | |||||
Total long-term debt, less current portion | $ | 1,158 | $ | 1,685 | $ | 1,692 |
(1) | Our 2013 Notes due July 15, 2013, are classified in the current portion of long-term debt as of November 3, 2012. Since holders of our convertible debentures could have required us to purchase all or a portion of the debentures on January 15, 2012, we classified the $402 for such debentures in the current portion of long-term debt at October 29, 2011. |
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November 3, 2012 | March 3, 2012 | October 29, 2011 | ||||||||||||||||||||||
Contract Type | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||
(recast) | (recast) | |||||||||||||||||||||||
No hedge designation (foreign exchange forward contracts) | $ | 2 | $ | (1 | ) | $ | 1 | $ | (2 | ) | $ | 1 | $ | — |
Three Months Ended | Nine Months Ended | |||||||||||||||
November 3, 2012 | November 3, 2012 | |||||||||||||||
Contract Type | Pre-tax Gain (Loss) Recognized in OCI(1) | Gain (Loss) Reclassified from Accumulated OCI to Earnings (Effective Portion)(2) | Pre-tax Gain (Loss) Recognized in OCI(1) | (Loss) Reclassified from Accumulated OCI to Earnings (Effective Portion)(2) | ||||||||||||
Cash flow hedges (foreign exchange forward contracts) | $ | — | $ | — | $ | — | $ | (1 | ) |
Three Months Ended | Nine Months Ended | |||||||||||||||
October 29, 2011 | October 29, 2011 | |||||||||||||||
Contract Type | Pre-tax (Loss) Recognized in OCI(1) | Gain Reclassified from Accumulated OCI to Earnings (Effective Portion)(2) | Pre-tax Gain Recognized in OCI(1) | Gain Reclassified from Accumulated OCI to Earnings (Effective Portion)(2) | ||||||||||||
(recast) | (recast) | (recast) | (recast) | |||||||||||||
Cash flow hedges (foreign exchange forward contracts) | $ | (5 | ) | $ | 1 | $ | 8 | $ | 8 |
(1) | Reflects the amount recognized in OCI prior to the reclassification of 50% to noncontrolling interests for the cash flow hedges. |
(2) | Gain reclassified from accumulated OCI is included within selling, general and administrative expenses (“SG&A”) in our Condensed Consolidated Statements of Earnings and Comprehensive Income. |
Gain (Loss) Recognized within SG&A | ||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||
Contract Type | November 3, 2012 | November 3, 2012 | October 29, 2011 | October 29, 2011 | ||||||||||||
(recast) | (recast) | |||||||||||||||
No hedge designation (foreign exchange forward contracts) | $ | (1 | ) | $ | 2 | $ | 19 | $ | 7 |
Notional Amount | ||||||||||||
Contract Type | November 3, 2012 | March 3, 2012 | October 29, 2011 | |||||||||
(recast) | ||||||||||||
Derivatives designated as cash flow hedging instruments | $ | — | $ | — | $ | 228 | ||||||
Derivatives not designated as hedging instruments | 323 | 238 | 152 | |||||||||
Total | $ | 323 | $ | 238 | $ | 380 |
|
November 3, 2012 | March 3, 2012 | October 29, 2011 | |||||||||
(recast) | |||||||||||
Foreign currency translation | $ | 105 | $ | 93 | $ | 86 | |||||
Unrealized losses on available-for-sale investments | — | (3 | ) | — | |||||||
Unrealized gains on derivative instruments (cash flow hedges) | — | — | 59 | ||||||||
Total | $ | 105 | $ | 90 | $ | 145 |
|
Three Months Ended | Nine Months Ended | ||||||||||||||
November 3, 2012 | October 29, 2011 | November 3, 2012 | October 29, 2011 | ||||||||||||
(recast) | (recast) | ||||||||||||||
June 2011 Program | |||||||||||||||
Number of shares repurchased | — | 13.0 | 10.9 | 17.6 | |||||||||||
Cost of shares repurchased | $ | — | $ | 323 | $ | 237 | $ | 462 | |||||||
June 2007 Program | |||||||||||||||
Number of shares repurchased | — | — | — | 20.1 | |||||||||||
Cost of shares repurchased | $ | — | $ | — | $ | — | $ | 611 |
|
Three Months Ended | Nine Months Ended | ||||||||||||||
November 3, 2012 | October 29, 2011 | November 3, 2012 | October 29, 2011 | ||||||||||||
(recast) | (recast) | ||||||||||||||
Domestic | $ | 7,673 | $ | 8,055 | $ | 24,298 | $ | 24,424 | |||||||
International | 3,080 | 3,090 | 8,612 | 8,946 | |||||||||||
Total | $ | 10,753 | $ | 11,145 | $ | 32,910 | $ | 33,370 |
Three Months Ended | Nine Months Ended | ||||||||||||||
November 3, 2012 | October 29, 2011 | November 3, 2012 | October 29, 2011 | ||||||||||||
(recast) | (recast) | ||||||||||||||
Domestic | $ | 16 | $ | 249 | $ | 394 | $ | 854 | |||||||
International | (4 | ) | 132 | (87 | ) | 247 | |||||||||
Total operating income | 12 | 381 | 307 | 1,101 | |||||||||||
Other income (expense) | |||||||||||||||
Investment income and other | 13 | — | 25 | 25 | |||||||||||
Interest expense | (31 | ) | (37 | ) | (94 | ) | (98 | ) | |||||||
Earnings (loss) from continuing operations before income tax (benefit) expense and equity in loss of affiliates | $ | (6 | ) | $ | 344 | $ | 238 | $ | 1,028 |
November 3, 2012 | March 3, 2012 | October 29, 2011 | |||||||||
(recast) | |||||||||||
Domestic | $ | 11,291 | $ | 9,592 | $ | 11,743 | |||||
International | 6,265 | 6,413 | 8,384 | ||||||||
Total | $ | 17,556 | $ | 16,005 | $ | 20,127 |
|
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Nine Months Ended | Nine Months Ended | ||||||||||||||
November 3, 2012 | October 29, 2011 | ||||||||||||||
Impairments | Remaining Net Carrying Value | Impairments | Remaining Net Carrying Value | ||||||||||||
(recast) | (recast) | ||||||||||||||
Continuing operations | |||||||||||||||
Property and equipment | $ | 29 | $ | — | $ | — | $ | — | |||||||
Discontinued operations(1) | |||||||||||||||
Property and equipment | — | — | 15 | — | |||||||||||
Tradename | — | — | 3 | — | |||||||||||
Total | $ | — | $ | — | $ | 18 | $ | — |
(1) | Fixed asset and tradename impairments associated with discontinued operations are recorded within Loss from discontinued operations in our Consolidated Statement of Earnings and Comprehensive Income. |
|
February 2012 | February 2011 | ||||||
Net earnings | $ | 206 | $ | 115 | |||
Impact of share repurchases(1) | (98 | ) | — | ||||
Net reconciling item to Retained earnings | $ | 108 | $ | 115 |
(1) | Share repurchases reduced Retained earnings after the Additional paid-in capital balance was reduced to zero during February 2012. |
|
Three Months Ended | Nine Months Ended | ||||||||||||||
November 3, 2012 | October 29, 2011 | November 3, 2012 | October 29, 2011 | ||||||||||||
(recast) | (recast) | ||||||||||||||
Revenue | $ | — | $ | 95 | $ | 8 | $ | 312 | |||||||
Restructuring charges(1) | (8 | ) | 19 | (3 | ) | 48 | |||||||||
Earnings (loss) from discontinued operations before income tax benefit (expense) | 8 | (63 | ) | (5 | ) | (190 | ) | ||||||||
Income tax benefit (expense) | (2 | ) | 17 | 2 | 49 | ||||||||||
Gain on sale of discontinued operations | — | — | — | 4 | |||||||||||
Net gain (loss) from discontinued operations, including noncontrolling interests | 6 | (46 | ) | (3 | ) | (137 | ) | ||||||||
Net (gain) loss from discontinued operations attributable to noncontrolling interests | (3 | ) | 29 | 3 | 55 | ||||||||||
Net gain (loss) from discontinued operations attributable to Best Buy Co., Inc. | $ | 3 | $ | (17 | ) | $ | — | $ | (82 | ) |
(1) | See Note 7, Restructuring Charges, for further discussion of the restructuring charges associated with discontinued operations. |
|
November 3, 2012 | March 3, 2012 | October 29, 2011 | |||||||||
(recast) | |||||||||||
Short-term investments | |||||||||||
U.S. Treasury bills | $ | — | $ | — | $ | 20 | |||||
Equity and other investments | |||||||||||
Debt securities (auction rate securities) | 21 | 82 | 84 | ||||||||
Marketable equity securities | 3 | 3 | 131 | ||||||||
Other investments | 67 | 55 | 64 | ||||||||
Total equity and other investments | $ | 91 | $ | 140 | $ | 279 |
Description | Nature of collateral or guarantee | November 3, 2012 | March 3, 2012 | October 29, 2011 | ||||||||||
(recast) | ||||||||||||||
Student loan bonds | Student loans guaranteed 95% to 100% by the U.S. government | $ | 19 | $ | 80 | $ | 82 | |||||||
Municipal revenue bonds | 100% insured by AA/Aa-rated bond insurers at November 3, 2012 | 2 | 2 | 2 | ||||||||||
Total fair value plus accrued interest(1) | $ | 21 | $ | 82 | $ | 84 |
(1) | The par value and weighted-average interest rates (taxable equivalent) of our ARS were $23, $88 and $89, and 0.81%, 0.50% and 0.51%, respectively, at November 3, 2012, March 3, 2012 and October 29, 2011, respectively. |
November 3, 2012 | March 3, 2012 | October 29, 2011 | |||||||||
(recast) | |||||||||||
Common stock of TalkTalk Telecom Group PLC | $ | — | $ | — | $ | 74 | |||||
Common stock of Carphone Warehouse Group plc | — | — | 56 | ||||||||
Other | 3 | 3 | 1 | ||||||||
Total | $ | 3 | $ | 3 | $ | 131 |
|
Fair Value Measurements Using Inputs Considered as | |||||||||||||||
Fair Value at November 3, 2012 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
ASSETS | |||||||||||||||
Other current assets | |||||||||||||||
Foreign currency derivative instruments | $ | 2 | $ | — | $ | 2 | $ | — | |||||||
Equity and other investments | |||||||||||||||
Auction rate securities | 21 | — | — | 21 | |||||||||||
Marketable equity securities | 3 | 3 | — | — | |||||||||||
LIABILITIES | |||||||||||||||
Accrued liabilities | |||||||||||||||
Foreign currency derivative instruments | 1 | — | 1 | — |
Fair Value Measurements Using Inputs Considered as | |||||||||||||||
Fair Value at March 3, 2012 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
ASSETS | |||||||||||||||
Cash and cash equivalents | |||||||||||||||
Money market funds | $ | 272 | $ | 272 | $ | — | $ | — | |||||||
Other current assets | |||||||||||||||
Money market funds (restricted cash) | 119 | 119 | — | — | |||||||||||
U.S. Treasury bills (restricted cash) | 30 | 30 | — | — | |||||||||||
Foreign currency derivative instruments | 1 | — | 1 | — | |||||||||||
Equity and other investments | |||||||||||||||
Auction rate securities | 82 | — | — | 82 | |||||||||||
Marketable equity securities | 3 | 3 | — | — | |||||||||||
LIABILITIES | |||||||||||||||
Accrued liabilities | |||||||||||||||
Foreign currency derivative instruments | 2 | — | 2 | — |
Fair Value Measurements Using Inputs Considered as | |||||||||||||||
Fair Value at October 29, 2011 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
(recast) | (recast) | (recast) | (recast) | ||||||||||||
ASSETS | |||||||||||||||
Cash and cash equivalents | |||||||||||||||
Money market funds | $ | 796 | $ | 796 | $ | — | $ | — | |||||||
Short-term investments | |||||||||||||||
U.S. Treasury bills | 20 | 20 | — | — | |||||||||||
Other current assets | |||||||||||||||
Money market funds (restricted assets) | 163 | 163 | — | — | |||||||||||
U.S. Treasury bills (restricted assets) | 20 | 20 | — | — | |||||||||||
Foreign currency derivative instruments | 1 | — | 1 | — | |||||||||||
Equity and other investments | |||||||||||||||
Auction rate securities | 84 | — | — | 84 | |||||||||||
Marketable equity securities | 131 | 131 | — | — |
Debt securities- Auction rate securities only | |||||||||||
Student loan bonds | Municipal revenue bonds | Total | |||||||||
Balances at August 4, 2012 | $ | 20 | $ | 2 | $ | 22 | |||||
Changes in unrealized losses included in other comprehensive income | — | — | — | ||||||||
Sales | (1 | ) | — | (1 | ) | ||||||
Balances at November 3, 2012 | $ | 19 | $ | 2 | $ | 21 |
Debt securities- Auction rate securities only | |||||||||||
Student loan bonds | Municipal revenue bonds | Total | |||||||||
Balances at March 3, 2012 | $ | 80 | $ | 2 | $ | 82 | |||||
Changes in unrealized losses included in other comprehensive income | 4 | — | 4 | ||||||||
Sales | (65 | ) | — | (65 | ) | ||||||
Balances at November 3, 2012 | $ | 19 | $ | 2 | $ | 21 |
Debt securities- Auction rate securities only | |||||||||||
Student loan bonds | Municipal revenue bonds | Total | |||||||||
Balances at July 30, 2011 | $ | 89 | $ | 2 | $ | 91 | |||||
Changes in unrealized losses included in other comprehensive income | (3 | ) | — | (3 | ) | ||||||
Sales | (4 | ) | — | (4 | ) | ||||||
Balances at October 29, 2011 (recast) | $ | 82 | $ | 2 | $ | 84 |
Debt securities- Auction rate securities only | |||||||||||
Student loan bonds | Municipal revenue bonds | Total | |||||||||
Balances at February 26, 2011 | $ | 108 | $ | 2 | $ | 110 | |||||
Changes in unrealized losses included in other comprehensive income | — | — | — | ||||||||
Sales | (26 | ) | — | (26 | ) | ||||||
Balances at October 29, 2011 (recast) | $ | 82 | $ | 2 | $ | 84 |
Nine Months Ended | Nine Months Ended | ||||||||||||||
November 3, 2012 | October 29, 2011 | ||||||||||||||
Impairments | Remaining Net Carrying Value | Impairments | Remaining Net Carrying Value | ||||||||||||
(recast) | (recast) | ||||||||||||||
Continuing operations | |||||||||||||||
Property and equipment | $ | 29 | $ | — | $ | — | $ | — | |||||||
Discontinued operations(1) | |||||||||||||||
Property and equipment | — | — | 15 | — | |||||||||||
Tradename | — | — | 3 | — | |||||||||||
Total | $ | — | $ | — | $ | 18 | $ | — |
|
Goodwill | Indefinite-lived Tradenames | ||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | ||||||||||||||||||
Balances at March 3, 2012 | $ | 516 | $ | 819 | $ | 1,335 | $ | 19 | $ | 111 | $ | 130 | |||||||||||
Changes in foreign currency exchange rates | — | (5 | ) | (5 | ) | — | — | — | |||||||||||||||
Acquisitions | 14 | — | 14 | — | — | — | |||||||||||||||||
Balances at November 3, 2012 | $ | 530 | $ | 814 | $ | 1,344 | $ | 19 | $ | 111 | $ | 130 |
Goodwill | Indefinite-lived Tradenames | ||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | ||||||||||||||||||
Balances at February 26, 2011 | $ | 422 | $ | 2,032 | $ | 2,454 | $ | 21 | $ | 84 | $ | 105 | |||||||||||
Sale of business | — | — | — | (3 | ) | — | (3 | ) | |||||||||||||||
Changes in foreign currency exchange rates | — | (7 | ) | (7 | ) | — | 1 | 1 | |||||||||||||||
Other(1) | — | — | — | — | 28 | 28 | |||||||||||||||||
Balances at October 29, 2011 (recast) | $ | 422 | $ | 2,025 | $ | 2,447 | $ | 18 | $ | 113 | $ | 131 |
(1) | Represents the transfer of certain definite-lived tradenames (at their net book value) to indefinite-lived tradenames following our decision not to phase out certain tradenames. We believe these tradenames will continue to contribute to our future cash flows indefinitely. |
November 3, 2012 | March 3, 2012 | October 29, 2011 | |||||||||||||||||||||
Gross Carrying Amount | Cumulative Impairment | Gross Carrying Amount | Cumulative Impairment | Gross Carrying Amount | Cumulative Impairment | ||||||||||||||||||
(recast) | (recast) | ||||||||||||||||||||||
Goodwill | $ | 2,605 | $ | (1,261 | ) | $ | 2,596 | $ | (1,261 | ) | $ | 2,511 | $ | (64 | ) |
November 3, 2012 | March 3, 2012 | October 29, 2011 | |||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||
(recast) | (recast) | ||||||||||||||||||||||
Customer relationships | $ | 475 | $ | (262 | ) | $ | 453 | $ | (224 | ) | $ | 382 | $ | (217 | ) |
Fiscal Year | |||
Remainder of fiscal 2013 | $ | 11 | |
2014 | 42 | ||
2015 | 42 | ||
2016 | 42 | ||
2017 | 24 | ||
Thereafter | 52 |
|
Domestic | International | Total | |||||||||||||||||||||
Nine Months Ended November 3, 2012 | Cumulative Amount through November 3, 2012 | Nine Months Ended November 3, 2012 | Cumulative Amount through November 3, 2012 | Nine Months Ended November 3, 2012 | Cumulative Amount through November 3, 2012 | ||||||||||||||||||
Continuing operations | |||||||||||||||||||||||
Property and equipment impairments | $ | 1 | $ | 17 | $ | — | $ | 15 | $ | 1 | $ | 32 | |||||||||||
Termination benefits | — | 1 | — | — | — | 1 | |||||||||||||||||
Facility closure and other costs, net | 5 | 5 | — | — | 5 | 5 | |||||||||||||||||
Total | 6 | 23 | — | 15 | 6 | 38 | |||||||||||||||||
Discontinued operations | |||||||||||||||||||||||
Inventory write-downs | — | — | — | 11 | — | 11 | |||||||||||||||||
Property and equipment impairments | — | — | — | 96 | — | 96 | |||||||||||||||||
Termination benefits | — | — | 1 | 17 | 1 | 17 | |||||||||||||||||
Facility closure and other costs, net | — | — | (6 | ) | 76 | (6 | ) | 76 | |||||||||||||||
Total | — | — | (5 | ) | 200 | (5 | ) | 200 | |||||||||||||||
Total | $ | 6 | $ | 23 | $ | (5 | ) | $ | 215 | $ | 1 | $ | 238 |
Nine Months Ended | |||||||
November 3, 2012 | October 29, 2011 | ||||||
(recast) | |||||||
Continuing operations | |||||||
Fiscal 2013 Europe restructuring | $ | 2 | $ | — | |||
Fiscal 2013 U.S. restructuring | 258 | — | |||||
Fiscal 2012 restructuring | 6 | — | |||||
Fiscal 2011 restructuring | (12 | ) | 4 | ||||
Total | 254 | 4 | |||||
Discontinued operations | |||||||
Fiscal 2012 restructuring | (5 | ) | — | ||||
Fiscal 2011 restructuring | 2 | 48 | |||||
Total (Note 3) | (3 | ) | 48 | ||||
Total | $ | 251 | $ | 52 |
Nine Months Ended November 3, 2012 | |||
Continuing operations | |||
Property and equipment impairments | $ | 28 | |
Termination benefits | 83 | ||
Facility closure and other costs, net | 147 | ||
Total | $ | 258 |
Domestic | International | Total | |||||||||||||||||||||||||||||||||
Nine Months Ended | Cumulative Amount through November 3, 2012 | Nine Months Ended | Cumulative Amount through November 3, 2012 | Nine Months Ended | Cumulative Amount through November 3, 2012 | ||||||||||||||||||||||||||||||
November 3, 2012 | October 29, 2011 | November 3, 2012 | October 29, 2011 | November 3, 2012 | October 29, 2011 | ||||||||||||||||||||||||||||||
(recast) | (recast) | (recast) | |||||||||||||||||||||||||||||||||
Continuing operations | |||||||||||||||||||||||||||||||||||
Inventory write-downs | $ | — | $ | — | $ | 28 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 28 | |||||||||||||||||
Property and equipment impairments(1) | (12 | ) | 1 | 3 | — | (1 | ) | 107 | (12 | ) | — | 110 | |||||||||||||||||||||||
Termination benefits | — | (1 | ) | 14 | — | — | — | — | (1 | ) | 14 | ||||||||||||||||||||||||
Facility closure and other costs, net | — | 5 | 4 | — | — | — | — | 5 | 4 | ||||||||||||||||||||||||||
Total | (12 | ) | 5 | 49 | — | (1 | ) | 107 | (12 | ) | 4 | 156 | |||||||||||||||||||||||
Discontinued operations | |||||||||||||||||||||||||||||||||||
Inventory write-downs | — | — | — | — | — | 15 | — | — | 15 | ||||||||||||||||||||||||||
Property and equipment impairments | — | 15 | 15 | — | — | 25 | — | 15 | 40 | ||||||||||||||||||||||||||
Intangible asset impairments | — | 3 | 13 | — | — | — | — | 3 | 13 | ||||||||||||||||||||||||||
Termination benefits | — | 4 | 4 | — | 20 | 19 | — | 24 | 23 | ||||||||||||||||||||||||||
Facility closure and other costs, net | 3 | — | 3 | (1 | ) | 6 | 4 | 2 | 6 | 7 | |||||||||||||||||||||||||
Total | 3 | 22 | 35 | (1 | ) | 26 | 63 | 2 | 48 | 98 | |||||||||||||||||||||||||
Total | $ | (9 | ) | $ | 27 | $ | 84 | $ | (1 | ) | $ | 25 | $ | 170 | $ | (10 | ) | $ | 52 | $ | 254 |
Termination Benefits | Facility Closure and Other Costs(1) | Total | |||||||||
Balance at February 26, 2011 | $ | 28 | $ | 13 | $ | 41 | |||||
Charges | 11 | — | 11 | ||||||||
Cash payments | (27 | ) | (12 | ) | (39 | ) | |||||
Adjustments | (3 | ) | 4 | 1 | |||||||
Changes in foreign currency exchange rates | — | 1 | 1 | ||||||||
Balance at October 29, 2011 (recast) | $ | 9 | $ | 6 | $ | 15 |
(1) | Included within the adjustments to facility closure and other costs is $10 from the first quarter of fiscal 2012, representing an adjustment to exclude non-cash charges or benefits, which had no impact on our Condensed Consolidated Statements of Earnings and Comprehensive Income in the first quarter of fiscal 2012. |
Termination Benefits | Facility Closure and Other Costs | Total | |||||||||
Balance at March 3, 2012 | $ | 3 | $ | 9 | $ | 12 | |||||
Charges | — | — | — | ||||||||
Cash payments | (2 | ) | (3 | ) | (5 | ) | |||||
Adjustments | (1 | ) | (1 | ) | (2 | ) | |||||
Balance at November 3, 2012 | $ | — | $ | 5 | $ | 5 |
Termination Benefits | Facility Closure and Other Costs | Total | |||||||||
Balance at March 3, 2012 | $ | — | $ | — | $ | — | |||||
Charges | 109 | 145 | 254 | ||||||||
Cash payments | (65 | ) | (18 | ) | (83 | ) | |||||
Adjustments | (31 | ) | (3 | ) | (34 | ) | |||||
Balance at November 3, 2012 | $ | 13 | $ | 124 | $ | 137 |
Termination Benefits | Facility Closure and Other Costs(1) | Total | |||||||||
Balance at March 3, 2012 | $ | 17 | $ | 85 | $ | 102 | |||||
Charges | 1 | 2 | 3 | ||||||||
Cash payments | (17 | ) | (81 | ) | (98 | ) | |||||
Adjustments | — | 25 | 25 | ||||||||
Changes in foreign currency exchange rates | — | 3 | 3 | ||||||||
Balance at November 3, 2012 | $ | 1 | $ | 34 | $ | 35 |
(1) | Included within the adjustments to facility closure and other costs is $34 from the first quarter of fiscal 2013, representing an adjustment to exclude non-cash charges or benefits, which had no impact on our Condensed Consolidated Statements of Earnings and Comprehensive Income in the first quarter of fiscal 2013. |
|
November 3, 2012 | March 3, 2012 | October 29, 2011 | |||||||||
(recast) | |||||||||||
U.S. revolving credit facility – 364-Day | $ | — | $ | — | $ | — | |||||
U.S. revolving credit facility – Five-Year | — | — | — | ||||||||
Europe revolving credit facility | 310 | 480 | — | ||||||||
Europe receivables financing facility | — | — | 155 | ||||||||
Canada revolving demand facility | — | — | — | ||||||||
China revolving demand facilities | — | — | 8 | ||||||||
Total short-term debt | $ | 310 | $ | 480 | $ | 163 |
November 3, 2012 | March 3, 2012 | October 29, 2011 | |||||||||
(recast) | |||||||||||
2013 Notes | $ | 500 | $ | 500 | $ | 500 | |||||
2016 Notes | 349 | 349 | 349 | ||||||||
2021 Notes | 648 | 648 | 648 | ||||||||
Convertible debentures | — | — | 402 | ||||||||
Financing lease obligations | 130 | 149 | 156 | ||||||||
Capital lease obligations | 74 | 81 | 78 | ||||||||
Other debt | 1 | 1 | 1 | ||||||||
Total long-term debt | 1,702 | 1,728 | 2,134 | ||||||||
Less: current portion(1) | (544 | ) | (43 | ) | (442 | ) | |||||
Total long-term debt, less current portion | $ | 1,158 | $ | 1,685 | $ | 1,692 |
(1) | Our 2013 Notes due July 15, 2013, are classified in the current portion of long-term debt as of November 3, 2012. Since holders of our convertible debentures could have required us to purchase all or a portion of the debentures on January 15, 2012, we classified the $402 for such debentures in the current portion of long-term debt at October 29, 2011. |
|
November 3, 2012 | March 3, 2012 | October 29, 2011 | ||||||||||||||||||||||
Contract Type | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||
(recast) | (recast) | |||||||||||||||||||||||
No hedge designation (foreign exchange forward contracts) | $ | 2 | $ | (1 | ) | $ | 1 | $ | (2 | ) | $ | 1 | $ | — |
Three Months Ended | Nine Months Ended | |||||||||||||||
November 3, 2012 | November 3, 2012 | |||||||||||||||
Contract Type | Pre-tax Gain (Loss) Recognized in OCI(1) | Gain (Loss) Reclassified from Accumulated OCI to Earnings (Effective Portion)(2) | Pre-tax Gain (Loss) Recognized in OCI(1) | (Loss) Reclassified from Accumulated OCI to Earnings (Effective Portion)(2) | ||||||||||||
Cash flow hedges (foreign exchange forward contracts) | $ | — | $ | — | $ | — | $ | (1 | ) |
Three Months Ended | Nine Months Ended | |||||||||||||||
October 29, 2011 | October 29, 2011 | |||||||||||||||
Contract Type | Pre-tax (Loss) Recognized in OCI(1) | Gain Reclassified from Accumulated OCI to Earnings (Effective Portion)(2) | Pre-tax Gain Recognized in OCI(1) | Gain Reclassified from Accumulated OCI to Earnings (Effective Portion)(2) | ||||||||||||
(recast) | (recast) | (recast) | (recast) | |||||||||||||
Cash flow hedges (foreign exchange forward contracts) | $ | (5 | ) | $ | 1 | $ | 8 | $ | 8 |
(1) | Reflects the amount recognized in OCI prior to the reclassification of 50% to noncontrolling interests for the cash flow hedges. |
(2) | Gain reclassified from accumulated OCI is included within selling, general and administrative expenses (“SG&A”) in our Condensed Consolidated Statements of Earnings and Comprehensive Income. |
Gain (Loss) Recognized within SG&A | ||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||
Contract Type | November 3, 2012 | November 3, 2012 | October 29, 2011 | October 29, 2011 | ||||||||||||
(recast) | (recast) | |||||||||||||||
No hedge designation (foreign exchange forward contracts) | $ | (1 | ) | $ | 2 | $ | 19 | $ | 7 |
Notional Amount | ||||||||||||
Contract Type | November 3, 2012 | March 3, 2012 | October 29, 2011 | |||||||||
(recast) | ||||||||||||
Derivatives designated as cash flow hedging instruments | $ | — | $ | — | $ | 228 | ||||||
Derivatives not designated as hedging instruments | 323 | 238 | 152 | |||||||||
Total | $ | 323 | $ | 238 | $ | 380 |
|
November 3, 2012 | March 3, 2012 | October 29, 2011 | |||||||||
(recast) | |||||||||||
Foreign currency translation | $ | 105 | $ | 93 | $ | 86 | |||||
Unrealized losses on available-for-sale investments | — | (3 | ) | — | |||||||
Unrealized gains on derivative instruments (cash flow hedges) | — | — | 59 | ||||||||
Total | $ | 105 | $ | 90 | $ | 145 |
|
Three Months Ended | Nine Months Ended | ||||||||||||||
November 3, 2012 | October 29, 2011 | November 3, 2012 | October 29, 2011 | ||||||||||||
(recast) | (recast) | ||||||||||||||
June 2011 Program | |||||||||||||||
Number of shares repurchased | — | 13.0 | 10.9 | 17.6 | |||||||||||
Cost of shares repurchased | $ | — | $ | 323 | $ | 237 | $ | 462 | |||||||
June 2007 Program | |||||||||||||||
Number of shares repurchased | — | — | — | 20.1 | |||||||||||
Cost of shares repurchased | $ | — | $ | — | $ | — | $ | 611 |
|
Three Months Ended | Nine Months Ended | ||||||||||||||
November 3, 2012 | October 29, 2011 | November 3, 2012 | October 29, 2011 | ||||||||||||
(recast) | (recast) | ||||||||||||||
Domestic | $ | 7,673 | $ | 8,055 | $ | 24,298 | $ | 24,424 | |||||||
International | 3,080 | 3,090 | 8,612 | 8,946 | |||||||||||
Total | $ | 10,753 | $ | 11,145 | $ | 32,910 | $ | 33,370 |
Three Months Ended | Nine Months Ended | ||||||||||||||
November 3, 2012 | October 29, 2011 | November 3, 2012 | October 29, 2011 | ||||||||||||
(recast) | (recast) | ||||||||||||||
Domestic | $ | 16 | $ | 249 | $ | 394 | $ | 854 | |||||||
International | (4 | ) | 132 | (87 | ) | 247 | |||||||||
Total operating income | 12 | 381 | 307 | 1,101 | |||||||||||
Other income (expense) | |||||||||||||||
Investment income and other | 13 | — | 25 | 25 | |||||||||||
Interest expense | (31 | ) | (37 | ) | (94 | ) | (98 | ) | |||||||
Earnings (loss) from continuing operations before income tax (benefit) expense and equity in loss of affiliates | $ | (6 | ) | $ | 344 | $ | 238 | $ | 1,028 |
November 3, 2012 | March 3, 2012 | October 29, 2011 | |||||||||
(recast) | |||||||||||
Domestic | $ | 11,291 | $ | 9,592 | $ | 11,743 | |||||
International | 6,265 | 6,413 | 8,384 | ||||||||
Total | $ | 17,556 | $ | 16,005 | $ | 20,127 |
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