Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Nov. 02, 2013 | Dec. 04, 2013 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'BEST BUY CO INC | ' |
Current Fiscal Year End Date | '--02-01 | ' |
Document Fiscal Year Focus | '2014 | ' |
Amendment Flag | 'false | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Common Stock, Shares Outstanding | ' | 346,007,645 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Entity Central Index Key | '0000764478 | ' |
Document Period End Date | 2-Nov-13 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Nov. 03, 2012 | ||
In Millions, unless otherwise specified | |||||
CURRENT ASSETS | ' | ' | ' | ||
Cash and cash equivalents | $2,170 | $1,826 | $309 | ||
Receivables | 1,123 | 2,704 | 2,250 | ||
Merchandise inventories | 6,978 | 6,571 | 8,156 | ||
Other current assets | 963 | 946 | 1,131 | ||
Total current assets | 11,234 | 12,047 | 11,846 | ||
PROPERTY AND EQUIPMENT, NET | 2,726 | 3,270 | 3,407 | ||
GOODWILL | 528 | 528 | 1,344 | ||
TRADENAMES, NET | 103 | 131 | 131 | ||
CUSTOMER RELATIONSHIPS, NET | 72 | 203 | 213 | ||
EQUITY AND OTHER INVESTMENTS | 41 | 86 | 91 | ||
OTHER ASSETS | 364 | 522 | 524 | ||
TOTAL ASSETS | 15,068 | 16,787 | 17,556 | ||
CURRENT LIABILITIES | ' | ' | ' | ||
Accounts payable | 6,578 | 6,951 | 7,933 | ||
Unredeemed gift card liabilities | 368 | 428 | 392 | ||
Accrued compensation and related expenses | 350 | 520 | 429 | ||
Accrued liabilities | 1,233 | 1,639 | 1,531 | ||
Accrued income taxes | 91 | 129 | 9 | ||
Short-term debt | 0 | 596 | 310 | ||
Current portion of long-term debt | 45 | 547 | [1] | 544 | [1] |
Total current liabilities | 8,665 | 10,810 | 11,148 | ||
LONG-TERM LIABILITIES | 1,035 | 1,109 | 1,122 | ||
LONG-TERM DEBT | 1,624 | 1,153 | 1,158 | ||
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 — 345,564,000, 338,276,000 and 337,925,000 shares, respectively | 35 | 34 | 34 | ||
Additional paid-in capital | 253 | 54 | 40 | ||
Retained earnings | 2,926 | 2,861 | 3,328 | ||
Accumulated other comprehensive income | 528 | 112 | 105 | ||
Total Best Buy Co., Inc. shareholders' equity | 3,742 | 3,061 | 3,507 | ||
Noncontrolling interests | 2 | 654 | 621 | ||
Total equity | 3,744 | 3,715 | 4,128 | ||
TOTAL LIABILITIES AND EQUITY | $15,068 | $16,787 | $17,556 | ||
[1] | Our 2013 Notes due July 15, 2013, which were retired on July 15, 2013, are classified in the current portion of long-term debt as of February 2, 2013, and November 3, 2012. |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Nov. 03, 2012 |
Preferred stock, par value (in dollars per share) | $1 | $1 | $1 |
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 | 345,564,000 | 338,276,000 | 337,925,000 |
Common stock, outstanding shares | 345,564,000 | 338,276,000 | 337,925,000 |
CONSOLIDATED_STATEMENTS_OF_EAR
CONSOLIDATED STATEMENTS OF EARNINGS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 |
Revenue | $9,362 | $9,381 | $28,042 | $29,093 |
Cost of goods sold | 7,192 | 7,153 | 21,233 | 22,020 |
Gross profit | 2,170 | 2,228 | 6,809 | 7,073 |
Selling, general and administrative expenses | 2,048 | 2,192 | 6,093 | 6,467 |
Restructuring charges | 31 | 34 | 44 | 252 |
Operating income | 91 | 2 | 672 | 354 |
Other income (expense) | ' | ' | ' | ' |
Gain on sale of investments | 4 | 0 | 18 | 0 |
Investment income and other | 8 | 10 | 18 | 15 |
Interest expense | -24 | -27 | -77 | -81 |
Earnings (loss) from continuing operations before income tax expense (benefit) | 79 | -15 | 631 | 288 |
Income tax expense (benefit) | 35 | -6 | 253 | 97 |
Net earnings (loss) from continuing operations | 44 | -9 | 378 | 191 |
Gain (loss) from discontinued operations (Note 2), net of tax benefit (expense) of $10, $(6), $34 and $14 | 10 | 10 | -149 | -45 |
Net earnings including noncontrolling interests | 54 | 1 | 229 | 146 |
Net earnings from continuing operations attributable to noncontrolling interests | -1 | 0 | -1 | 0 |
Net (gain) loss from discontinued operations attributable to noncontrolling interests | 1 | -11 | 11 | 14 |
Net earnings (loss) attributable to Best Buy Co., Inc. shareholders | $54 | ($10) | $239 | $160 |
Basic earnings (loss) per share attributable to Best Buy Co., Inc. shareholders | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.13 | ($0.03) | $1.11 | $0.56 |
Discontinued operations (in dollars per share) | $0.03 | $0 | ($0.41) | ($0.09) |
Basic earnings (loss) per share (in dollars per share) | $0.16 | ($0.03) | $0.70 | $0.47 |
Diluted earnings (loss) per share attributable to Best Buy Co., Inc. shareholders | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.12 | ($0.03) | $1.09 | $0.56 |
Discontinued operations (in dollars per share) | $0.04 | $0 | ($0.40) | ($0.09) |
Diluted earnings (loss) per share (in dollars per share) | $0.16 | ($0.03) | $0.69 | $0.47 |
Dividends declared per common share (in dollars per share) | $0.17 | $0.17 | $0.51 | $0.49 |
Weighted-average common shares outstanding (in millions) | ' | ' | ' | ' |
Basic (in shares) | 342.8 | 337.2 | 340.7 | 339.3 |
Diluted (in shares) | 348.9 | 337.2 | 345.3 | 340.4 |
CONSOLIDATED_STATEMENTS_OF_EAR1
CONSOLIDATED STATEMENTS OF EARNINGS (PARENTHETICAL) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | |
Income tax benefit (expense) | $10 | [1] | ($6) | $34 | $14 |
[1] | Income tax benefit for the three months ended November 2, 2013 includes a $16 million benefit related to the impairment of our investment in Best Buy Europe, partially offset by $(6) million of expense related to a tax allocation between continuing and discontinued operations. The fiscal 2014 effective tax rate for discontinued operations differs from the statutory tax rate primarily due to the tax allocation, restructuring charges and the impairment of our investment in Best Buy Europe. The restructuring charges and impairment generally included minimal related tax benefit. The deferred tax assets related to the restructuring charges generally resulted in an increase in the valuation allowance in an equal amount, while the investment impairment is generally not tax deductible. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 |
Net earnings including noncontrolling interests | $54 | $1 | $229 | $146 |
Foreign currency translation adjustments | -2 | 33 | -106 | 42 |
Unrealized gain on available-for-sale investments | 1 | 0 | 1 | 3 |
Reclassification of foreign currency translation adjustments into earnings | 0 | 0 | 654 | 0 |
Reclassification of losses on available-for-sale investments into earnings | 0 | 0 | 2 | 0 |
Comprehensive income including noncontrolling interests | 53 | 34 | 780 | 191 |
Comprehensive income attributable to noncontrolling interests | 0 | -25 | -125 | 0 |
Comprehensive income attributable to Best Buy Co., Inc. shareholders | $53 | $9 | $655 | $191 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | 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] |
In Millions, unless otherwise specified | |||||||
Beginning balances at Jan. 28, 2012 | $4,242 | $3,621 | $34 | $0 | $3,513 | $74 | $621 |
Beginning balances (in shares) at Jan. 28, 2012 | ' | ' | 346 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Adjustment for fiscal year-end change (Note 1) (in shares) | ' | ' | 5 | ' | ' | ' | ' |
Adjustment for fiscal year-end change (Note 1) | -124 | -124 | 0 | 0 | -108 | -16 | 0 |
Unrealized gain on available-for-sale investments | 0 | ' | ' | ' | ' | ' | ' |
Ending balances at Mar. 03, 2012 | 4,366 | 3,745 | 34 | 0 | 3,621 | 90 | 621 |
Ending balances (in shares) at Mar. 03, 2012 | ' | ' | 341 | ' | ' | ' | ' |
Beginning balances at Jan. 28, 2012 | 4,242 | 3,621 | 34 | 0 | 3,513 | 74 | 621 |
Beginning balances (in shares) at Jan. 28, 2012 | ' | ' | 346 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss), nine months ended | 146 | 160 | 0 | 0 | 160 | 0 | -14 |
Foreign currency translation adjustments | ' | 28 | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | 42 | 28 | 0 | 0 | 0 | 28 | 14 |
Unrealized gain on available-for-sale investments | 3 | 3 | 0 | 0 | 0 | 3 | 0 |
Reclassification of foreign currency translation adjustments into earnings | 0 | ' | ' | ' | ' | ' | ' |
Reclassification of losses on available-for-sale investments into earnings | 0 | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 99 | 99 | 0 | 99 | 0 | 0 | 0 |
Stock options exercised (in shares) | ' | ' | 2 | ' | ' | ' | ' |
Stock options exercised | 2 | 2 | 0 | 2 | 0 | 0 | 0 |
Issuance of common stock under employee stock purchase plan (in shares) | ' | ' | 1 | ' | ' | ' | ' |
Issuance of common stock under employee stock purchase plan | 24 | 24 | 0 | 24 | 0 | 0 | 0 |
Tax deficit from stock options canceled or exercised, restricted stock vesting and employee stock purchase plan | -29 | -29 | 0 | -29 | 0 | 0 | 0 |
Common stock dividends | -164 | -164 | 0 | 0 | -164 | 0 | 0 |
Repurchase and retirement of common stock (in shares) | ' | ' | -11 | ' | ' | ' | ' |
Repurchase and retirement of common stock | -237 | -237 | 0 | -56 | -181 | 0 | 0 |
Ending balances at Nov. 03, 2012 | 4,128 | 3,507 | 34 | 40 | 3,328 | 105 | 621 |
Ending balances (in shares) at Nov. 03, 2012 | ' | ' | 338 | ' | ' | ' | ' |
Beginning balances at Aug. 04, 2012 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss), nine months ended | 1 | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | ' | 18 | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | 33 | ' | ' | ' | ' | ' | ' |
Unrealized gain on available-for-sale investments | 0 | 1 | ' | ' | ' | ' | ' |
Reclassification of foreign currency translation adjustments into earnings | 0 | ' | ' | ' | ' | ' | ' |
Reclassification of losses on available-for-sale investments into earnings | 0 | ' | ' | ' | ' | ' | ' |
Ending balances at Nov. 03, 2012 | 4,128 | 3,507 | ' | ' | ' | ' | ' |
Beginning balances at Feb. 02, 2013 | 3,715 | 3,061 | 34 | 54 | 2,861 | 112 | 654 |
Beginning balances (in shares) at Feb. 02, 2013 | ' | ' | 338 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss), nine months ended | 229 | 239 | 0 | 0 | 239 | 0 | -10 |
Foreign currency translation adjustments | -106 | -95 | 0 | 0 | 0 | -95 | -11 |
Foreign currency translation adjustments | -106 | ' | ' | ' | ' | ' | ' |
Unrealized gain on available-for-sale investments | 1 | 2 | 0 | 0 | 0 | 2 | -1 |
Sale of noncontrolling interest | -776 | 0 | 0 | 0 | 0 | 0 | -776 |
Reclassification of foreign currency translation adjustments into earnings | 654 | 508 | 0 | 0 | 0 | 508 | 146 |
Reclassification of losses on available-for-sale investments into earnings | 2 | 1 | 0 | 0 | 0 | 1 | 1 |
Dividend distribution | -1 | 0 | 0 | 0 | 0 | 0 | -1 |
Stock-based compensation | 74 | 74 | 0 | 74 | 0 | 0 | 0 |
Stock options exercised (in shares) | ' | ' | 7 | ' | ' | ' | ' |
Stock options exercised | 136 | 136 | 1 | 135 | 0 | 0 | 0 |
Issuance of common stock under employee stock purchase plan (in shares) | ' | ' | 1 | ' | ' | ' | ' |
Issuance of common stock under employee stock purchase plan | 13 | 13 | 0 | 13 | 0 | 0 | 0 |
Tax deficit from stock options canceled or exercised, restricted stock vesting and employee stock purchase plan | -23 | -23 | 0 | -23 | 0 | 0 | 0 |
Common stock dividends | -174 | -174 | 0 | 0 | -174 | 0 | 0 |
Ending balances at Nov. 02, 2013 | 3,744 | 3,742 | 35 | 253 | 2,926 | 528 | 2 |
Ending balances (in shares) at Nov. 02, 2013 | ' | ' | 346 | ' | ' | ' | ' |
Beginning balances at Aug. 03, 2013 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss), nine months ended | 54 | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | ' | -2 | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | -2 | ' | ' | ' | ' | ' | ' |
Unrealized gain on available-for-sale investments | 1 | 1 | ' | ' | ' | ' | ' |
Reclassification of foreign currency translation adjustments into earnings | 0 | ' | ' | ' | ' | ' | ' |
Reclassification of losses on available-for-sale investments into earnings | 0 | ' | ' | ' | ' | ' | ' |
Ending balances at Nov. 02, 2013 | $3,744 | $3,742 | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (PARENTHETICAL) (USD $) | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Dividends declared per common share (in dollars per share) | $0.17 | $0.17 | $0.51 | $0.49 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Nov. 02, 2013 | Nov. 03, 2012 |
OPERATING ACTIVITIES | ' | ' |
Net earnings including noncontrolling interests | $229 | $146 |
Adjustments to reconcile net earnings including noncontrolling interests to total cash provided by (used in) operating activities: | ' | ' |
Depreciation | 537 | 657 |
Amortization of definite-lived intangible assets | 13 | 30 |
Restructuring charges | 144 | 251 |
Loss on sale of business, net | 123 | 0 |
Stock-based compensation | 70 | 95 |
Excess tax benefits from stock-based compensation | -8 | 0 |
Deferred income taxes | -3 | -96 |
Other, net | 14 | 19 |
Changes in operating assets and liabilities | ' | ' |
Receivables | 208 | 216 |
Merchandise inventories | -974 | -1,330 |
Other assets | -102 | -167 |
Accounts payable | 465 | 967 |
Other liabilities | -347 | -541 |
Income taxes | -45 | -368 |
Total cash provided by (used in) operating activities | 324 | -121 |
INVESTING ACTIVITIES | ' | ' |
Additions to property and equipment | -422 | -522 |
Purchases of investments | -5 | -13 |
Sales of investments | 49 | 68 |
Proceeds from sale of business, net of cash transferred upon sale | 67 | 25 |
Acquisition of businesses, net of cash acquired | 0 | -29 |
Change in restricted assets | -3 | 59 |
Other, net | -1 | 0 |
Total cash used in investing activities | -315 | -412 |
FINANCING ACTIVITIES | ' | ' |
Repurchase of common stock | 0 | -255 |
Borrowings of debt | 2,414 | 1,034 |
Repayments of debt | -2,027 | -1,234 |
Dividends paid | -174 | -166 |
Issuance of common stock under employee stock purchase plan and for the exercise of stock options | 147 | 26 |
Excess tax benefits from stock-based compensation | 8 | 0 |
Other, net | -9 | -12 |
Total cash provided by (used in) financing activities | 359 | -607 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -24 | 48 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS BEFORE ADJUSTMENT | 344 | -1,092 |
ADJUSTMENT FOR FISCAL YEAR-END CHANGE (NOTE 1) | 0 | 202 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AFTER ADJUSTMENT | 344 | -890 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 1,826 | 1,199 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $2,170 | $309 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Nov. 02, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
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. | |
Sale of Best Buy Europe | |
During the first quarter of fiscal 2014, we entered into a definitive agreement with Carphone Warehouse Group plc ("CPW") to sell our 50% ownership interest in Best Buy Europe to CPW. On June 26, 2013, the sale was completed. As a result, beginning in the first quarter of fiscal 2014, the results of Best Buy Europe for all periods have been presented as discontinued operations. See Note 2, Discontinued Operations, for further information. | |
On June 21, 2013, we filed a Current Report on Form 8-K (the “June 21st Form 8-K”) to recast certain financial information included in our Transition Report on Form 10-K for the transition period from March 4, 2012, to February 2, 2013, to reflect the results of Best Buy Europe as discontinued operations. | |
Description of Business | |
Historically, we have realized more of our revenue and a large portion of our earnings in the fiscal fourth quarter, which includes the majority of the holiday shopping season in the U.S., Canada and Mexico, than in any other fiscal quarter. Due to the seasonal nature of our business, interim results are not necessarily indicative of results for the entire fiscal year. The interim financial statements and the related notes in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in our Transition Report on Form 10-K for the fiscal year ended February 2, 2013, and the recast financial information included in the June 21st Form 8-K. The first nine months of fiscal 2014 and fiscal 2013 included 39 weeks and 40 weeks, respectively. | |
Beginning in the first quarter of fiscal 2013, we changed our fiscal year-end from the Saturday nearest the end of February to the Saturday nearest the end of January. As a result of this change, our fiscal year 2013 was an 11-month transition period ending on February 2, 2013. The results for the nine months ended November 3, 2012 include our fiscal month ended March 3, 2012, for operations that are not reported on a lag (primarily our Domestic segment and Canadian operations), which were also included in our results for the fiscal year ended March 3, 2012, included in our fiscal 2012 Form 10-K. See Note 2, Fiscal Year-end Change, in the Notes to Consolidated Financial Statements included in our Transition Report on Form 10-K for the fiscal year ended February 2, 2013, and the recast financial information included in the June 21st Form 8-K, for additional information regarding our fiscal year-end change. | |
In order to align our fiscal reporting periods and comply with statutory filing requirements in certain foreign jurisdictions, we consolidate the financial results of our China and 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 November 3, 2013, 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 | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Discontinued Operations | ||||||||||||||||
On June 26, 2013, we completed the sale of our 50% ownership interest in Best Buy Europe to CPW in return for the following consideration upon closing: net cash of £341 million ($526 million); £80 million ($123 million) of ordinary shares of CPW; £25 million ($39 million), plus 2.5% interest, to be paid by CPW on June 26, 2014; and £25 million ($39 million), plus 2.5% interest, to be paid by CPW on June 26, 2015. We subsequently sold the ordinary shares of CPW for $123 million on July 3, 2013. | ||||||||||||||||
The composition of assets and liabilities disposed of on June 26, 2013, as a result of the sale of Best Buy Europe was as follows ($ in millions): | ||||||||||||||||
26-Jun-13 | ||||||||||||||||
Cash and cash equivalents | $ | 597 | ||||||||||||||
Receivables | 1,295 | |||||||||||||||
Merchandise inventories | 554 | |||||||||||||||
Other current assets | 168 | |||||||||||||||
Net property and equipment | 159 | |||||||||||||||
Other assets | 316 | |||||||||||||||
Total assets | 3,089 | |||||||||||||||
Accounts payable | 790 | |||||||||||||||
Short-term debt | 973 | |||||||||||||||
Other current liabilities | 1,145 | |||||||||||||||
Long-term liabilities | 65 | |||||||||||||||
Total liabilities | 2,973 | |||||||||||||||
Discontinued operations are comprised of: (i) Napster operations within our Domestic segment; (ii) large-format Best Buy branded store operations in China within our International segment; and (iii) Best Buy Europe operations within our International segment. The presentation of discontinued operations has been retrospectively applied to all prior periods presented. | ||||||||||||||||
The financial results of discontinued operations for the three and nine months ended November 2, 2013, and November 3, 2012, were as follows ($ in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
November 2, 2013 | November 3, 2012 | November 2, 2013 | November 3, 2012 | |||||||||||||
Revenue | $ | — | $ | 1,372 | $ | 2,682 | $ | 3,825 | ||||||||
Restructuring charges(1) | — | 6 | 100 | (1 | ) | |||||||||||
Gain (loss) from discontinued operations before income tax benefit (expense) | — | 17 | (235 | ) | (55 | ) | ||||||||||
Income tax benefit (expense)(2) | 10 | (6 | ) | 34 | 14 | |||||||||||
Gain on sale of discontinued operations | — | — | 52 | — | ||||||||||||
Equity in loss of affiliates | — | (1 | ) | — | (4 | ) | ||||||||||
Net gain (loss) from discontinued operations, including noncontrolling interests | 10 | 10 | (149 | ) | (45 | ) | ||||||||||
Net (gain) loss from discontinued operations attributable to noncontrolling interests | 1 | (11 | ) | 11 | 14 | |||||||||||
Net gain (loss) from discontinued operations attributable to Best Buy Co., Inc. shareholders | $ | 11 | $ | (1 | ) | $ | (138 | ) | $ | (31 | ) | |||||
(1) | See Note 6, Restructuring Charges, for further discussion of the restructuring charges associated with discontinued operations. | |||||||||||||||
(2) | Income tax benefit for the three months ended November 2, 2013 includes a $16 million benefit related to the impairment of our investment in Best Buy Europe, partially offset by $(6) million of expense related to a tax allocation between continuing and discontinued operations. The fiscal 2014 effective tax rate for discontinued operations differs from the statutory tax rate primarily due to the tax allocation, restructuring charges and the impairment of our investment in Best Buy Europe. The restructuring charges and impairment generally included minimal related tax benefit. The deferred tax assets related to the restructuring charges generally resulted in an increase in the valuation allowance in an equal amount, while the investment impairment is generally not tax deductible. |
Investments
Investments | 9 Months Ended | |||||||||||
Nov. 02, 2013 | ||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||
Investments | ' | |||||||||||
Investments | ||||||||||||
Investments were comprised of the following ($ in millions): | ||||||||||||
November 2, 2013 | February 2, 2013 | November 3, 2012 | ||||||||||
Equity and other investments | ||||||||||||
Debt securities (auction rate securities) | $ | 9 | $ | 21 | $ | 21 | ||||||
Marketable equity securities | 10 | 27 | 3 | |||||||||
Other investments | 22 | 38 | 67 | |||||||||
Total equity and other investments | $ | 41 | $ | 86 | $ | 91 | ||||||
Debt Securities | ||||||||||||
Our debt securities are comprised of auction rate securities (“ARS”). At November 2, 2013, our ARS portfolio of three investments had a par value of $10 million and a fair value of $9 million. We sold $7 million of ARS at par during the third quarter of fiscal 2014. We do not intend to sell our remaining ARS until we can recover the full principal amount. In addition, we do not believe it is more likely than not that we would be required to sell our remaining ARS until we can recover the full principal amount based on our other sources of liquidity. Our ARS portfolio had an immaterial impact on accumulated other comprehensive income at November 2, 2013, February 2, 2013, and November 3, 2012. | ||||||||||||
Marketable Equity Securities | ||||||||||||
We invest in marketable equity securities and classify them as available-for-sale. Investments in marketable equity securities are classified as non-current assets within equity and other investments in our Condensed Consolidated Balance Sheets and are reported at fair value based on quoted market prices. Our investments in marketable equity securities were $10 million, $27 million, and $3 million at November 2, 2013, February 2, 2013, and November 3, 2012, respectively. We review all investments for other-than-temporary impairment at least quarterly or as indicators of impairment exist. The total unrealized gain, net of tax, included in accumulated other comprehensive income was immaterial at November 2, 2013, February 2, 2013, and November 3, 2012, respectively. | ||||||||||||
Other Investments | ||||||||||||
The aggregate carrying values of investments accounted for using the cost method at November 2, 2013, February 2, 2013, and November 3, 2012 were $22 million, $38 million, and $67 million, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
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 November 2, 2013, February 2, 2013, and November 3, 2012, according to the valuation techniques we used to determine their fair values ($ in millions). | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
Using Inputs Considered as | ||||||||||||||||
Fair Value at | Quoted Prices | Significant | Significant | |||||||||||||
2-Nov-13 | in Active | Other | Unobservable | |||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
ASSETS | ||||||||||||||||
Cash and cash equivalents | ||||||||||||||||
Money market funds | $ | 495 | $ | 495 | $ | — | $ | — | ||||||||
Equity and other investments | ||||||||||||||||
Auction rate securities | 9 | — | — | 9 | ||||||||||||
Marketable equity securities | 10 | 10 | — | — | ||||||||||||
LIABILITIES | ||||||||||||||||
Accrued liabilities | ||||||||||||||||
Foreign currency derivative instruments | 2 | — | 2 | — | ||||||||||||
Fair Value Measurements | ||||||||||||||||
Using Inputs Considered as | ||||||||||||||||
Fair Value at | Quoted Prices | Significant | Significant | |||||||||||||
2-Feb-13 | in Active | Other | Unobservable | |||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
ASSETS | ||||||||||||||||
Cash and cash equivalents | ||||||||||||||||
Money market funds | $ | 520 | $ | 520 | $ | — | $ | — | ||||||||
Other current assets | ||||||||||||||||
Foreign currency derivative instruments | 1 | — | 1 | — | ||||||||||||
Equity and other investments | ||||||||||||||||
Auction rate securities | 21 | — | — | 21 | ||||||||||||
Marketable equity securities | 27 | 27 | — | — | ||||||||||||
Fair Value Measurements | ||||||||||||||||
Using Inputs Considered as | ||||||||||||||||
Fair Value at | Quoted Prices | Significant | Significant | |||||||||||||
3-Nov-12 | in Active | Other | Unobservable | |||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
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 | — | ||||||||||||
The following tables provide a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis in the tables above that used significant unobservable inputs (Level 3) for the three and nine months ended November 2, 2013, and the three and eight months ended November 3, 2012 ($ in millions). | ||||||||||||||||
Debt securities- | ||||||||||||||||
Auction rate securities only | ||||||||||||||||
Student loan | Municipal | Total | ||||||||||||||
bonds | revenue bonds | |||||||||||||||
Balances at August 3, 2013 | $ | 14 | $ | 2 | $ | 16 | ||||||||||
Sales | (7 | ) | — | (7 | ) | |||||||||||
Balances at November 2, 2013 | $ | 7 | $ | 2 | $ | 9 | ||||||||||
Debt securities- | ||||||||||||||||
Auction rate securities only | ||||||||||||||||
Student loan | Municipal | Total | ||||||||||||||
bonds | revenue bonds | |||||||||||||||
Balances at February 2, 2013 | $ | 19 | $ | 2 | $ | 21 | ||||||||||
Sales | (12 | ) | — | (12 | ) | |||||||||||
Balances at November 2, 2013 | $ | 7 | $ | 2 | $ | 9 | ||||||||||
Debt securities- | ||||||||||||||||
Auction rate securities only | ||||||||||||||||
Student loan | Municipal | Total | ||||||||||||||
bonds | revenue bonds | |||||||||||||||
Balances at August 4, 2012 | $ | 20 | $ | 2 | $ | 22 | ||||||||||
Sales | (1 | ) | — | (1 | ) | |||||||||||
Balances at November 3, 2012 | $ | 19 | $ | 2 | $ | 21 | ||||||||||
Debt securities- | ||||||||||||||||
Auction rate securities only | ||||||||||||||||
Student loan | Municipal | Total | ||||||||||||||
bonds | revenue bonds | |||||||||||||||
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 | ||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument: | ||||||||||||||||
Money Market Funds. Our money market fund investments that are traded in an active market were measured at fair value using quoted market prices and, therefore, were classified as Level 1. | ||||||||||||||||
Foreign Currency Derivative Instruments. Comprised primarily of foreign currency forward contracts and foreign currency swap contracts, our foreign currency derivative instruments were measured at fair value using readily observable market inputs, such as quotations on forward foreign exchange points and foreign interest rates. Our foreign currency derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in active markets. | ||||||||||||||||
Auction Rate Securities. Our investments in ARS were classified as Level 3 as quoted prices were unavailable due to events described in Note 3, Investments. Due to limited market information, we utilized a discounted cash flow (“DCF”) model to derive an estimate of fair value. The unobservable inputs and assumptions we used in preparing the DCF model included estimates with respect to the amount and timing of future interest and principal payments, forward projections of the interest rate benchmarks, the probability of full repayment of the principal considering the credit quality and guarantees in place, and the rate of return required by investors to own such securities given the current liquidity risk associated with ARS. Changes in these unobservable inputs are not likely to have a significant impact on the fair value measurement of our ARS. | ||||||||||||||||
Marketable Equity Securities. Our marketable equity securities were measured at fair value using quoted market prices. They were classified as Level 1 as they trade in active markets for which closing stock prices are readily available. | ||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||
Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to our tangible fixed assets, goodwill and intangible assets, which are remeasured when the fair value is below carrying value on our Condensed Consolidated Balance Sheets. For these assets, we do not periodically adjust carrying value to fair value except in the event of impairment. When we determine that impairment has occurred, the carrying value of the asset is reduced to fair value and the difference is recorded within operating income in our Consolidated Statements of Earnings. | ||||||||||||||||
With the exception of fixed asset impairments associated with our agreement to sell our interest in Best Buy Europe and our restructuring activities described in Note 6, Restructuring Charges, we had no significant remeasurements of such assets or liabilities to fair value during the nine months ended November 2, 2013, and November 3, 2012. | ||||||||||||||||
The following table summarizes the fair value remeasurements recorded during the nine months ended November 2, 2013, and November 3, 2012 ($ in millions): | ||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||
November 2, 2013 | November 3, 2012 | |||||||||||||||
Impairments | Remaining Net Carrying Value | Impairments | Remaining Net Carrying Value | |||||||||||||
Continuing operations | ||||||||||||||||
Property and equipment | $ | 4 | $ | — | $ | 29 | $ | — | ||||||||
Investments | 16 | 22 | — | — | ||||||||||||
Total continuing operations | $ | 20 | $ | 22 | $ | 29 | $ | — | ||||||||
Discontinued operations(1) | ||||||||||||||||
Property and equipment(2) | $ | 220 | $ | — | $ | — | $ | — | ||||||||
Tradename | 4 | — | — | — | ||||||||||||
Total discontinued operations | $ | 224 | $ | — | $ | — | $ | — | ||||||||
(1) | Property and equipment and tradename impairments associated with discontinued operations are recorded within gain (loss) from discontinued operations in our Consolidated Statements of Earnings. | |||||||||||||||
(2) | Includes the $175 million impairment to write down the book value of our investment in Best Buy Europe to fair value. Upon completion of the sale of Best Buy Europe as described in Note 2, Discontinued Operations, the remaining net carrying values of all assets have been reduced to zero. | |||||||||||||||
The fair value remeasurements included in the table above were based on significant unobservable inputs (Level 3). Fixed asset and tradename 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, sales proceeds, expenses and other significant cash outflows, such as capital expenditures, as well as an appropriate discount rate. In the case of these specific assets, for which their impairment was the result of restructuring activities, no future cash flows have been assumed as the assets will cease to be used and expected sale values are nominal. | ||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
Our financial instruments, other than those presented in the disclosures above, include cash, receivables, other investments, accounts payable, other payables, and short- and long-term debt. The fair values of cash, receivables, accounts payable, other payables, and short-term debt approximated carrying values because of the short-term nature of these instruments. If these instruments were measured at fair value in the financial statements, they would be classified as Level 1 in the fair value hierarchy. Fair values for other investments held at cost are not readily available, but we estimate that the carrying values for these investments approximate fair value. See Note 7, Debt, for information about the fair value of our long-term debt. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | |||||||||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
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 nine months ended November 2, 2013, and the eight months ended November 3, 2012 ($ in millions): | ||||||||||||||||||||||||
Goodwill | Indefinite-lived Tradenames | |||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | |||||||||||||||||||
Balances at February 2, 2013 | $ | 528 | $ | — | $ | 528 | $ | 19 | $ | 112 | $ | 131 | ||||||||||||
Changes in foreign currency exchange rates | — | — | — | — | (2 | ) | (2 | ) | ||||||||||||||||
Sale of Best Buy Europe | — | — | — | — | (22 | ) | (22 | ) | ||||||||||||||||
Impairments | — | — | — | — | (4 | ) | (4 | ) | ||||||||||||||||
Balances at November 2, 2013 | $ | 528 | $ | — | $ | 528 | $ | 19 | $ | 84 | $ | 103 | ||||||||||||
Goodwill | Indefinite-lived Tradenames | |||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | |||||||||||||||||||
Balances at March 3, 2012 | $ | 516 | $ | 819 | $ | 1,335 | $ | 19 | $ | 112 | $ | 131 | ||||||||||||
Changes in foreign currency exchange rates | — | (5 | ) | (5 | ) | — | — | — | ||||||||||||||||
Acquisitions | 14 | — | 14 | — | — | — | ||||||||||||||||||
Balances at November 3, 2012 | $ | 530 | $ | 814 | $ | 1,344 | $ | 19 | $ | 112 | $ | 131 | ||||||||||||
The following table provides the gross carrying amount of goodwill and cumulative goodwill impairment losses ($ in millions): | ||||||||||||||||||||||||
November 2, 2013 | February 2, 2013 | November 3, 2012 | ||||||||||||||||||||||
Gross | Cumulative | Gross | Cumulative | Gross | Cumulative | |||||||||||||||||||
Carrying | Impairment(1) | Carrying | Impairment | Carrying | Impairment | |||||||||||||||||||
Amount(1) | Amount | Amount | ||||||||||||||||||||||
Goodwill | $ | 1,412 | $ | (884 | ) | $ | 2,608 | $ | (2,080 | ) | $ | 2,605 | $ | (1,261 | ) | |||||||||
(1) | Excludes the gross carrying amount and cumulative impairment related to Best Buy Europe, which was sold during the quarter ended August 3, 2013. | |||||||||||||||||||||||
The following table provides the gross carrying values and related accumulated amortization of definite-lived intangible assets ($ in millions): | ||||||||||||||||||||||||
November 2, 2013 | February 2, 2013 | November 3, 2012 | ||||||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | Gross | Accumulated | |||||||||||||||||||
Carrying | Amortization(1) | Carrying | Amortization | Carrying | Amortization | |||||||||||||||||||
Amount(1) | Amount | Amount | ||||||||||||||||||||||
Customer relationships | $ | 83 | $ | (11 | ) | $ | 475 | $ | (272 | ) | $ | 475 | $ | (262 | ) | |||||||||
(1) | Excludes the gross carrying amount and accumulated amortization related to Best Buy Europe, which was sold during the quarter ended August 3, 2013. | |||||||||||||||||||||||
Total amortization expense for the three months ended November 2, 2013, and November 3, 2012, was $1 million and $10 million, respectively, of which $0 million and $9 million, respectively, has been included in the results of discontinued operations. Total amortization expense for the nine months ended November 2, 2013, and November 3, 2012, was $13 million and $30 million, respectively, of which $9 million and $26 million, respectively, has been included in the results of discontinued operations. The estimated future amortization expense for identifiable intangible assets is as follows ($ in millions): | ||||||||||||||||||||||||
Fiscal Year | ||||||||||||||||||||||||
Remainder of fiscal 2014 | $ | 2 | ||||||||||||||||||||||
2015 | 6 | |||||||||||||||||||||||
2016 | 6 | |||||||||||||||||||||||
2017 | 6 | |||||||||||||||||||||||
2018 | 6 | |||||||||||||||||||||||
Thereafter | 46 | |||||||||||||||||||||||
Restructuring_Charges
Restructuring Charges | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Restructuring Charges | ' | |||||||||||||||||||||||||||||||||||
Restructuring Charges | ||||||||||||||||||||||||||||||||||||
Summary | ||||||||||||||||||||||||||||||||||||
Charges incurred in the nine months ended November 2, 2013, and November 3, 2012, for our restructuring activities were as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||||
November 2, 2013 | November 3, 2012 | |||||||||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||
Renew Blue | $ | 52 | $ | — | ||||||||||||||||||||||||||||||||
Fiscal 2013 U.S. restructuring | (8 | ) | 258 | |||||||||||||||||||||||||||||||||
Fiscal 2012 restructuring | — | 6 | ||||||||||||||||||||||||||||||||||
Fiscal 2011 restructuring | — | (12 | ) | |||||||||||||||||||||||||||||||||
Total | 44 | 252 | ||||||||||||||||||||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||||||||||||||
Fiscal 2013 Europe restructuring | 95 | 2 | ||||||||||||||||||||||||||||||||||
Fiscal 2012 restructuring | 5 | (5 | ) | |||||||||||||||||||||||||||||||||
Fiscal 2011 restructuring | — | 2 | ||||||||||||||||||||||||||||||||||
Total (Note 2) | 100 | (1 | ) | |||||||||||||||||||||||||||||||||
Total | $ | 144 | $ | 251 | ||||||||||||||||||||||||||||||||
Renew Blue | ||||||||||||||||||||||||||||||||||||
In the fourth quarter of fiscal 2013, we began implementing initiatives intended to reduce costs and improve operating performance. These initiatives included focusing on core business activities, reducing headcount and optimizing our real estate portfolio. These cost reduction initiatives represent one of the six Renew Blue priorities for fiscal 2014. We incurred $52 million of restructuring charges related to Renew Blue initiatives during the first nine months of fiscal 2014, primarily comprised of employee termination benefits, investment impairments, facility closure costs, and property and equipment impairments. We expect to continue to implement Renew Blue initiatives throughout fiscal 2014, as we further analyze our operations and strategies. | ||||||||||||||||||||||||||||||||||||
All restructuring charges related to this program are from continuing operations and are presented in restructuring charges in our Consolidated Statements of Earnings. The composition of the restructuring charges we incurred for this program in the nine months ended November 2, 2013, as well as the cumulative amount incurred through November 2, 2013, was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
Domestic | International | Total | ||||||||||||||||||||||||||||||||||
Nine Months Ended | Cumulative Amount through | Nine Months Ended | Cumulative Amount through | Nine Months Ended | Cumulative Amount through | |||||||||||||||||||||||||||||||
2-Nov-13 | 2-Nov-13 | 2-Nov-13 | 2-Nov-13 | 2-Nov-13 | 2-Nov-13 | |||||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||
Inventory write-downs | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | 1 | ||||||||||||||||||||||||
Property and equipment impairments | 2 | 9 | 2 | 25 | 4 | 34 | ||||||||||||||||||||||||||||||
Termination benefits | 16 | 62 | 10 | 19 | 26 | 81 | ||||||||||||||||||||||||||||||
Investment impairments | 16 | 43 | — | — | 16 | 43 | ||||||||||||||||||||||||||||||
Facility closure and other costs | — | 3 | 6 | 61 | 6 | 64 | ||||||||||||||||||||||||||||||
Total | $ | 34 | $ | 118 | $ | 18 | $ | 105 | $ | 52 | $ | 223 | ||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during the nine months ended November 2, 2013, related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||
Termination | Facility | Total | ||||||||||||||||||||||||||||||||||
Benefits | Closure and | |||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
Balance at February 2, 2013 | $ | 54 | $ | 54 | $ | 108 | ||||||||||||||||||||||||||||||
Charges | 25 | 14 | 39 | |||||||||||||||||||||||||||||||||
Cash payments | (65 | ) | (16 | ) | (81 | ) | ||||||||||||||||||||||||||||||
Adjustments | (7 | ) | 8 | 1 | ||||||||||||||||||||||||||||||||
Changes in foreign currency exchange rates | 1 | (1 | ) | — | ||||||||||||||||||||||||||||||||
Balance at November 2, 2013 | $ | 8 | $ | 59 | $ | 67 | ||||||||||||||||||||||||||||||
Fiscal 2013 Europe Restructuring | ||||||||||||||||||||||||||||||||||||
In the third quarter of fiscal 2013, we initiated a series of actions to restructure our Best Buy Europe operations in our International segment intended to improve operating performance. All restructuring charges related to this program are reported within gain (loss) from discontinued operations in our Consolidated Statements of Earnings as a result of the sale of our 50% ownership interest in Best Buy Europe. Refer to Note 2, Discontinued Operations. We incurred $95 million of restructuring charges in the first nine months of fiscal 2014, consisting primarily of property and equipment impairments and employee termination benefits. In the first nine months of fiscal 2013, we incurred $2 million of restructuring charges related to employee termination benefits. Given the sale of Best Buy Europe, we do not expect to incur additional restructuring charges related to this program. | ||||||||||||||||||||||||||||||||||||
The composition of the restructuring charges we incurred for this program in the nine months ended November 2, 2013 and November 3, 2012, as well as the cumulative amount incurred through November 2, 2013, was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | Cumulative Amount through | ||||||||||||||||||||||||||||||||||
2-Nov-13 | 3-Nov-12 | 2-Nov-13 | ||||||||||||||||||||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||||||||||||||
Inventory write-downs | $ | 7 | $ | — | $ | 7 | ||||||||||||||||||||||||||||||
Property and equipment impairments | 45 | — | 57 | |||||||||||||||||||||||||||||||||
Termination benefits | 36 | 2 | 55 | |||||||||||||||||||||||||||||||||
Tradename impairment | 4 | — | 4 | |||||||||||||||||||||||||||||||||
Facility closure and other costs | 3 | — | 8 | |||||||||||||||||||||||||||||||||
Total | $ | 95 | $ | 2 | $ | 131 | ||||||||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during the nine months ended November 2, 2013, and the eight months ended November 3, 2012, related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||
Termination | Facility | Total | ||||||||||||||||||||||||||||||||||
Benefits | Closure and | |||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
Balance at February 2, 2013 | $ | — | $ | 5 | $ | 5 | ||||||||||||||||||||||||||||||
Charges | 36 | 2 | 38 | |||||||||||||||||||||||||||||||||
Cash payments | (2 | ) | (7 | ) | (9 | ) | ||||||||||||||||||||||||||||||
Adjustments(1) | (34 | ) | — | (34 | ) | |||||||||||||||||||||||||||||||
Balance at November 2, 2013 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
(1) | Represents the remaining liability written off as a result of the sale of Best Buy Europe, as described in Note 2, Discontinued Operations. | |||||||||||||||||||||||||||||||||||
Termination | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
Balance at March 3, 2012 | $ | — | ||||||||||||||||||||||||||||||||||
Charges | 2 | |||||||||||||||||||||||||||||||||||
Cash payments | (2 | ) | ||||||||||||||||||||||||||||||||||
Balance at November 3, 2012 | $ | — | ||||||||||||||||||||||||||||||||||
Fiscal 2013 U.S. Restructuring | ||||||||||||||||||||||||||||||||||||
In the first quarter of fiscal 2013, we initiated a series of actions to restructure operations in our Domestic segment intended to improve operating performance. The actions included closure of 49 large-format Best Buy branded stores in the U.S. and changes to the store and corporate operating models. The costs of implementing the changes are primarily comprised of facility closure costs, employee termination benefits, and property and equipment (primarily store fixtures) impairments. We recognized a reduction to restructuring charges of $8 million in the nine months ended November 2, 2013, as a result of the buyout of a lease for less than the remaining vacant space liability. In the nine months ended November 3, 2012, we incurred $258 million of charges consisting primarily of facility closure and other costs, termination benefits, and property and equipment impairments. We do not expect to incur further material restructuring charges related to this program, with the exception of lease payments for vacated stores which will continue until leases expire or are terminated. | ||||||||||||||||||||||||||||||||||||
The restructuring charges related to our fiscal U.S. 2013 restructuring activities are from continuing operations and are presented in restructuring charges in our Consolidated Statements of Earnings. The composition of the restructuring charges we incurred for this program in the nine months ended November 2, 2013, and November 3, 2012, as well as the cumulative amount incurred through November 2, 2013, was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
Nine Months Ended | Cumulative Amount through November 2, 2013 | |||||||||||||||||||||||||||||||||||
November 2, 2013 | November 3, 2012 | |||||||||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||
Property and equipment impairments | $ | — | $ | 28 | $ | 29 | ||||||||||||||||||||||||||||||
Termination benefits | — | 83 | 77 | |||||||||||||||||||||||||||||||||
Facility closure and other costs, net | (8 | ) | 147 | 143 | ||||||||||||||||||||||||||||||||
Total | $ | (8 | ) | $ | 258 | $ | 249 | |||||||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during the nine months ended November 2, 2013, and the eight months ended November 3, 2012, related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||
Termination | Facility | Total | ||||||||||||||||||||||||||||||||||
Benefits | Closure and | |||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
Balance at February 2, 2013 | $ | 4 | $ | 113 | $ | 117 | ||||||||||||||||||||||||||||||
Charges | — | 3 | 3 | |||||||||||||||||||||||||||||||||
Cash payments | (2 | ) | (39 | ) | (41 | ) | ||||||||||||||||||||||||||||||
Adjustments | (2 | ) | (13 | ) | (15 | ) | ||||||||||||||||||||||||||||||
Balance at November 2, 2013 | $ | — | $ | 64 | $ | 64 | ||||||||||||||||||||||||||||||
Termination | Facility | Total | ||||||||||||||||||||||||||||||||||
Benefits | Closure and | |||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
Fiscal 2012 Restructuring | ||||||||||||||||||||||||||||||||||||
In the third quarter of fiscal 2012, we implemented a series of actions to restructure operations in our Domestic and International segments. The actions within our Domestic segment included a decision to modify our strategy for certain mobile broadband offerings. In our International segment, we closed our large-format Best Buy branded stores in the U.K. and impaired certain information technology assets supporting the restructured operations. All restructuring charges directly related to the large-format Best Buy branded stores in the U.K. are reported within gain (loss) from discontinued operations in our Consolidated Statements of Earnings. Refer to Note 2, Discontinued Operations. All other restructuring charges related to this program are from continuing operations and are presented in restructuring charges in our Consolidated Statements of Earnings. | ||||||||||||||||||||||||||||||||||||
We incurred $5 million of charges related to this program in the first nine months of fiscal 2014, representing a change in sublease assumptions. In the first nine months of fiscal 2013, we incurred $1 million of charges, comprised primarily of facility closure and other costs. We do not expect to incur further material restructuring charges related to this program in either our Domestic or International segments, as we have substantially completed these restructuring activities. | ||||||||||||||||||||||||||||||||||||
The composition of the restructuring charges we incurred for this program in the nine months ended November 2, 2013, and November 3, 2012, as well as the cumulative amount incurred through November 2, 2013, was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
Domestic | International | Total | ||||||||||||||||||||||||||||||||||
Nine Months Ended | Cumulative Amount through | Nine Months Ended | Cumulative Amount through | Nine Months Ended | Cumulative Amount through | |||||||||||||||||||||||||||||||
Nov. 2, 2013 | Nov. 3, 2012 | 2-Nov-13 | Nov. 2, 2013 | Nov. 3, 2012 | 2-Nov-13 | Nov. 2, 2013 | Nov. 3, 2012 | 2-Nov-13 | ||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||
Property and equipment impairments | $ | — | $ | 1 | $ | 17 | $ | — | $ | — | $ | 15 | $ | — | $ | 1 | $ | 32 | ||||||||||||||||||
Termination benefits | — | — | 1 | — | — | — | — | — | 1 | |||||||||||||||||||||||||||
Facility closure and other costs | — | 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 | — | — | — | 5 | (6 | ) | 84 | 5 | (6 | ) | 84 | |||||||||||||||||||||||||
Total | — | — | — | 5 | (5 | ) | 208 | 5 | (5 | ) | 208 | |||||||||||||||||||||||||
Total | $ | — | $ | 6 | $ | 23 | $ | 5 | $ | (5 | ) | $ | 223 | $ | 5 | $ | 1 | $ | 246 | |||||||||||||||||
The following table summarizes our restructuring accrual activity during the nine months ended November 2, 2013, and the eight months ended November 3, 2012, related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||
Facility | ||||||||||||||||||||||||||||||||||||
Closure and | ||||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
Balance at February 2, 2013 | $ | 36 | ||||||||||||||||||||||||||||||||||
Cash payments | (33 | ) | ||||||||||||||||||||||||||||||||||
Adjustments(1) | (1 | ) | ||||||||||||||||||||||||||||||||||
Changes in foreign currency exchange rates | (2 | ) | ||||||||||||||||||||||||||||||||||
Balance at November 2, 2013 | $ | — | ||||||||||||||||||||||||||||||||||
(1) | Included within the adjustments is a $5 million charge related to a change in sublease assumptions, offset by a $(6) million adjustment to write off the remaining liability as a result of the sale of Best Buy Europe, as described in Note 2, Discontinued Operations. | |||||||||||||||||||||||||||||||||||
Termination | Facility | Total | ||||||||||||||||||||||||||||||||||
Benefits | Closure and | |||||||||||||||||||||||||||||||||||
Other Costs(1) | ||||||||||||||||||||||||||||||||||||
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 million from the first quarter of fiscal 2013, representing an adjustment to exclude non-cash charges or benefits, which had no impact on our Consolidated Statements of Earnings in the first quarter of fiscal 2013. | |||||||||||||||||||||||||||||||||||
Fiscal 2011 Restructuring | ||||||||||||||||||||||||||||||||||||
In the fourth quarter of fiscal 2011, we implemented a series of actions to restructure operations in our Domestic and International segments in order to improve performance and enhance customer service. The restructuring actions included plans to improve supply chain and operational efficiencies in our Domestic segment's operations, primarily focused on modifications to our distribution channels and exit from certain digital delivery services within our entertainment product category. During the first nine months of fiscal 2013, we recorded a net reduction to restructuring charges of $10 million, which related primarily to our Domestic segment. The net reduction was largely the result of a gain recorded on the sale of a previously impaired distribution facility and equipment during the first quarter of fiscal 2013 (previously impaired through restructuring charges), partially offset by charges associated with the exit from certain digital delivery services within our entertainment product category. We have completed activities under this plan. |
Debt
Debt | 9 Months Ended | |||||||||||
Nov. 02, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Debt | ' | |||||||||||
Debt | ||||||||||||
Short-Term Debt | ||||||||||||
Short-term debt consisted of the following ($ in millions): | ||||||||||||
November 2, 2013 | February 2, 2013 | November 3, 2012 | ||||||||||
U.S. revolving credit facility – 364-Day | $ | — | $ | — | $ | — | ||||||
U.S. revolving credit facility – 5-Year | — | — | — | |||||||||
Europe revolving credit facility(1) | — | 596 | 310 | |||||||||
Canada revolving demand facility | — | — | — | |||||||||
China revolving demand facilities | — | — | — | |||||||||
Total short-term debt | $ | — | $ | 596 | $ | 310 | ||||||
(1) | Short-term debt associated with the Europe revolving credit facility is related to our Best Buy Europe operations, which we sold on June 26, 2013, as described in Note 2, Discontinued Operations. | |||||||||||
U.S. Revolving Credit Facility | ||||||||||||
On June 25, 2013, we entered into a $500 million 364-day senior unsecured revolving credit facility agreement (the "364-Day Facility Agreement") with a syndicate of lenders. The 364-Day Facility Agreement replaces the previous $1.0 billion senior unsecured revolving credit facility with a syndicate of banks, including JPMorgan acting as administrative agent, which was originally scheduled to expire on August 30, 2013, but was terminated on June 25, 2013. | ||||||||||||
The interest rate under the 364-Day Facility Agreement is variable and is determined at the registrant's option as either: (i) the sum of (a) the greatest of (1) JPMorgan's prime rate, (2) the federal funds rate plus 0.5%, and (3) the one-month London Interbank Offered Rate (“LIBOR”) plus 1%, and (b) a variable margin rate (the “ABR Margin”); or (ii) the LIBOR plus a variable margin rate (the “LIBOR Margin”). In addition, a facility fee is assessed on the commitment amount. The ABR Margin, LIBOR Margin and the facility fee are based upon our current senior unsecured debt rating by Standard and Poor's Rating Services and Moody's Investors Services, Inc. Under the 364-Day Facility Agreement, the ABR Margin ranges from 0.0% to 0.6%, the LIBOR Margin ranges from 0.925% to 1.6%, and the facility fee ranges from 0.075% to 0.275%. | ||||||||||||
Long-Term Debt | ||||||||||||
Long-term debt consisted of the following ($ in millions): | ||||||||||||
November 2, 2013 | February 2, 2013 | November 3, 2012 | ||||||||||
2013 Notes | $ | — | $ | 500 | $ | 500 | ||||||
2016 Notes | 349 | 349 | 349 | |||||||||
2018 Notes | 500 | — | — | |||||||||
2021 Notes | 649 | 648 | 648 | |||||||||
Financing lease obligations | 103 | 122 | 130 | |||||||||
Capital lease obligations | 67 | 80 | 74 | |||||||||
Other debt | 1 | 1 | 1 | |||||||||
Total long-term debt | 1,669 | 1,700 | 1,702 | |||||||||
Less: current portion(1) | (45 | ) | (547 | ) | (544 | ) | ||||||
Total long-term debt, less current portion | $ | 1,624 | $ | 1,153 | $ | 1,158 | ||||||
(1) | Our 2013 Notes due July 15, 2013, which were retired on July 15, 2013, are classified in the current portion of long-term debt as of February 2, 2013, and November 3, 2012. | |||||||||||
2013 Notes | ||||||||||||
We retired our $500 million principal amount of notes plus accrued interest when they matured on July 15, 2013, using available cash. | ||||||||||||
2018 Notes | ||||||||||||
On July 16, 2013, we completed the sale of $500 million principal amount of notes due August 1, 2018 (the “2018 Notes”). The 2018 Notes bear interest at a fixed rate of 5.00% per year, payable semi-annually on February 1 and August 1 of each year, beginning on February 1, 2014. Net proceeds from the sale of the 2018 Notes were $495 million, after underwriting and issue discounts totaling $5 million. | ||||||||||||
We may redeem some or all of the 2018 Notes at any time, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2018 Notes to be redeemed and (2) the sum of the present values of each remaining scheduled payment of principal and interest on the 2018 Notes to be redeemed discounted to the redemption date on a semi-annual basis at the comparable Treasury Rate plus 50 basis points. | ||||||||||||
The 2018 Notes are unsecured and unsubordinated obligations and rank equally with all of our other unsecured and unsubordinated debt. The 2018 Notes contain covenants that, among other things, limit our ability and the ability of our subsidiaries to incur debt secured by liens and enter into sale and lease-back transactions. | ||||||||||||
Other | ||||||||||||
The fair value of long-term debt approximated $1,717 million, $1,652 million, and $1,635 million at November 2, 2013, February 2, 2013, and November 3, 2012, respectively, based primarily on the market prices quoted from external sources, compared with carrying values of $1,669 million, $1,700 million, and $1,702 million, respectively. If long-term debt was measured at fair value in the financial statements, it would be classified primarily as Level 1 in the fair value hierarchy. | ||||||||||||
See Note 8, Debt, in the Notes to Consolidated Financial Statements included in our Transition Report on Form 10-K for the fiscal year ended February 2, 2013, and the recast financial information included in the June 21st Form 8-K, for additional information regarding the terms of our debt facilities, debt instruments and other obligations. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | ||||||||||||
Nov. 02, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Derivative Instruments | ' | ||||||||||||
Derivative Instruments | |||||||||||||
We manage our transaction exposure to certain market-based risks through the use of foreign currency derivative instruments. Our objective in holding derivatives is to reduce the volatility of net earnings and cash flows associated with changes in foreign currency exchange rates. We do not hold or issue derivative financial instruments for trading or speculative purposes. In addition, 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. | |||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||
Derivatives not designated as hedging instruments include foreign currency forward contracts used to manage the impact of fluctuations in foreign currency exchange rates relative to recognized receivable and payable balances denominated in non-functional currencies, and on certain forecast inventory purchases denominated in non-functional currencies. The contracts generally have terms of up to 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. At November 2, 2013, the notional amount of these instruments was $138 million and the effect of these instruments on our Consolidated Statements of Earnings for the three and nine months ended November 2, 2013, recognized in selling, general and administrative expenses was a $3 million loss and $3 million gain, respectively. | |||||||||||||
In conjunction with our agreement to sell our 50% ownership interest in Best Buy Europe as described in Note 2, Discontinued Operations, we entered into a deal-contingent foreign currency forward contract to hedge £455 million of the total £471 million of net proceeds. The contract was settled in cash following the completion of the sale on June 26, 2013. This instrument had no effect on the Consolidated Statements of Earnings in the three months ended November 2, 2013, and a $2 million loss recognized in gain (loss) from discontinued operations in the nine months ended November 2, 2013. | |||||||||||||
Summary of Derivative Balances | |||||||||||||
The following table presents the notional amounts of our foreign currency exchange contracts at November 2, 2013, February 2, 2013, and November 3, 2012 ($ in millions): | |||||||||||||
Notional Amount | |||||||||||||
Contract Type | November 2, 2013 | February 2, 2013 | November 3, 2012 | ||||||||||
Derivatives not designated as hedging instruments | $ | 138 | $ | 173 | $ | 323 | |||||||
Earnings_per_Share
Earnings per Share | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
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 | Nine Months Ended | |||||||||||||||
November 2, 2013 | November 3, 2012 | November 2, 2013 | November 3, 2012 | |||||||||||||
Numerator | ||||||||||||||||
Net earnings (loss) from continuing operations | $ | 44 | $ | (9 | ) | $ | 378 | $ | 191 | |||||||
Net earnings from continuing operations attributable to noncontrolling interests | (1 | ) | — | (1 | ) | — | ||||||||||
Net earnings (loss) from continuing operations attributable to Best Buy Co., Inc. | $ | 43 | $ | (9 | ) | $ | 377 | $ | 191 | |||||||
Denominator | ||||||||||||||||
Weighted-average common shares outstanding | 342.8 | 337.2 | 340.7 | 339.3 | ||||||||||||
Effect of potentially dilutive securities: | ||||||||||||||||
Nonvested share awards | 6.1 | — | 4.6 | 1.1 | ||||||||||||
Weighted-average common shares outstanding, assuming dilution | 348.9 | 337.2 | 345.3 | 340.4 | ||||||||||||
Net earnings (loss) per share from continuing operations attributable to Best Buy Co., Inc. | ||||||||||||||||
Basic | $ | 0.13 | $ | (0.03 | ) | $ | 1.11 | $ | 0.56 | |||||||
Diluted | $ | 0.12 | $ | (0.03 | ) | $ | 1.09 | $ | 0.56 | |||||||
The computation of weighted-average common shares outstanding, assuming dilution, excluded options to purchase 12.6 million shares of our common stock for the three months ended November 2, 2013 and options to purchase 16.4 million and 28.6 million shares of our common stock for the nine months ended November 2, 2013, and November 3, 2012, 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). The calculation of the diluted loss per share for the three months ended November 3, 2012 does not include potentially dilutive securities because their inclusion would be anti-dilutive (i.e. reduce the net loss per share). |
Comprehensive_Income
Comprehensive Income | 9 Months Ended | |||||||||||
Nov. 02, 2013 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
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 nine months ended November 2, 2013, and November 3, 2012, respectively ($ in millions): | ||||||||||||
Foreign Currency Translation | Available-For-Sale Investments | Total | ||||||||||
Balances at August 3, 2013 | $ | 528 | $ | 1 | $ | 529 | ||||||
Foreign currency translation adjustments | (2 | ) | — | (2 | ) | |||||||
Unrealized gains on available-for-sale investments | — | 1 | 1 | |||||||||
Balances at November 2, 2013 | $ | 526 | $ | 2 | $ | 528 | ||||||
Foreign Currency Translation | Available-For-Sale Investments | Total | ||||||||||
Balances at February 2, 2013 | $ | 113 | $ | (1 | ) | $ | 112 | |||||
Foreign currency translation adjustments | (95 | ) | — | (95 | ) | |||||||
Reclassification of foreign currency translation adjustments into earnings due to sale of business | 508 | — | 508 | |||||||||
Unrealized gains on available-for-sale investments | — | 2 | 2 | |||||||||
Reclassification of losses on available-for-sale investments into earnings | — | 1 | 1 | |||||||||
Balances at November 2, 2013 | $ | 526 | $ | 2 | $ | 528 | ||||||
Foreign Currency Translation | Available-For-Sale Investments | Total | ||||||||||
Balances at August 4, 2012 | $ | 87 | $ | (1 | ) | $ | 86 | |||||
Foreign currency translation adjustments | 18 | — | 18 | |||||||||
Unrealized gains on available-for-sale investments | — | 1 | 1 | |||||||||
Balances at November 3, 2012 | $ | 105 | $ | — | $ | 105 | ||||||
Foreign Currency Translation | Available-For-Sale Investments | Total | ||||||||||
Balances at March 3, 2012 | $ | 93 | $ | (3 | ) | $ | 90 | |||||
Adjustment for fiscal year change | (16 | ) | — | (16 | ) | |||||||
Balances at January 28, 2012 | 77 | (3 | ) | 74 | ||||||||
Foreign currency translation adjustments | 28 | — | 28 | |||||||||
Unrealized gains on available-for-sale investments | — | 3 | 3 | |||||||||
Balances at November 3, 2012 | $ | 105 | $ | — | $ | 105 | ||||||
There is 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 gains or losses on available-for-sale investments in the periods presented. |
Repurchase_of_Common_Stock
Repurchase of Common Stock | 9 Months Ended |
Nov. 02, 2013 | |
Repurchase of Common Stock [Abstract] | ' |
Repurchase of Common Stock | ' |
Repurchase of Common Stock | |
In June 2011, our Board of Directors authorized a $5.0 billion share repurchase program. There is no expiration date governing the period over which we can repurchase shares under the June 2011 share repurchase program. For the nine months ended November 3, 2012, we repurchased 10.9 million shares of our common stock at a cost of $237 million. No shares were repurchased during the three months ended November 3, 2012, nor the three or nine months ended November 2, 2013. | |
At November 2, 2013, $4.0 billion remained available for additional purchases under the June 2011 share repurchase program. Repurchased shares have been retired and constitute authorized but unissued shares. We have currently suspended our share repurchase program. |
Segments
Segments | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segments | ' | |||||||||||||||
Segments | ||||||||||||||||
Our chief operating decision maker ("CODM") is our Chief Executive Officer. Our business is organized into two segments: Domestic (which is comprised of all operations within the United States and its territories) and International (which is comprised of all operations outside the United States and its territories). Our CODM has ultimate responsibility for enterprise decisions. Our CODM determines, in particular, resource allocation for, and monitors the performance of, the consolidated enterprise, the Domestic segment and the International segment. Segment managers for the Domestic segment and the International segment have responsibility for operating decisions, allocating resources and assessing performance within their respective segments. Our CODM relies on internal management reporting that analyzes enterprise and segment results to the operating income level. | ||||||||||||||||
We do not aggregate our operating segments, so our operating segments also represent our reportable segments. The accounting policies of the segments are the same as those described in Note 1, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements included in our Transition Report on Form 10-K for the fiscal year ended February 2, 2013, and the recast financial information included in the June 21st Form 8-K. | ||||||||||||||||
Revenue by reportable segment was as follows ($ in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
November 2, 2013 | November 3, 2012 | November 2, 2013 | November 3, 2012 | |||||||||||||
Domestic | $ | 7,847 | $ | 7,673 | $ | 23,635 | $ | 24,298 | ||||||||
International | 1,515 | 1,708 | 4,407 | 4,795 | ||||||||||||
Total revenue | $ | 9,362 | $ | 9,381 | $ | 28,042 | $ | 29,093 | ||||||||
Operating income (loss) by reportable segment and the reconciliation to earnings (loss) from continuing operations before income tax expense (benefit) were as follows ($ in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
November 2, 2013 | November 3, 2012 | November 2, 2013 | November 3, 2012 | |||||||||||||
Domestic | $ | 111 | $ | 16 | $ | 753 | $ | 394 | ||||||||
International | (20 | ) | (14 | ) | (81 | ) | (40 | ) | ||||||||
Total operating income | 91 | 2 | 672 | 354 | ||||||||||||
Other income (expense) | ||||||||||||||||
Gain on sale of investments | 4 | — | 18 | — | ||||||||||||
Investment income and other | 8 | 10 | 18 | 15 | ||||||||||||
Interest expense | (24 | ) | (27 | ) | (77 | ) | (81 | ) | ||||||||
Earnings (loss) from continuing operations before income tax expense (benefit) | $ | 79 | $ | (15 | ) | $ | 631 | $ | 288 | |||||||
Assets by reportable segment were as follows ($ in millions): | ||||||||||||||||
November 2, 2013 | February 2, 2013 | November 3, 2012 | ||||||||||||||
Domestic | $ | 11,971 | $ | 10,874 | $ | 11,291 | ||||||||||
International | 3,097 | 5,913 | 6,265 | |||||||||||||
Total assets | $ | 15,068 | $ | 16,787 | $ | 17,556 | ||||||||||
Contingencies
Contingencies | 9 Months Ended |
Nov. 02, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
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). We filed a Motion to Reconsider the August 5 Order and also a Motion to Certify that Order for Interlocutory Review by the Eighth Circuit Court of Appeals. Decisions on those motions are 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 until after a final resolution of the motion to dismiss in the consolidated IBEW Local 98 Pension Fund v. Best Buy Co., Inc., et al. case. | |
The plaintiffs in the above securities actions seek damages, including interest, equitable relief and reimbursement of the costs and expenses they incurred in the lawsuits. 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. | |
Trade Secrets Action | |
In February 2011, a lawsuit captioned Techforward, Inc. v. Best Buy Co., Inc., et. al. was filed against us in the U.S. District Court, Central District of California. The case alleges that we implemented our “Buy Back Plan” in February 2011 using trade secrets misappropriated from plaintiff's buyback plan that were disclosed to us during business relationship discussions and also breached both an agreement for a limited marketing test of plaintiff's buyback plan and a non-disclosure agreement related to the business discussions. In November 2012, a jury found we were unjustly enriched through misappropriation of trade secrets and awarded plaintiff $22 million. The jury also found that although we breached the subject contracts, plaintiff suffered no resulting damage. In December 2012, the court further awarded the plaintiff $5 million in exemplary damages and granted plaintiff's motion for $6 million in attorney fees and costs. We believe that the jury verdict and court awards are inconsistent with the law and the evidence offered at trial or otherwise in error. Accordingly, we appealed the resulting judgment and awards in February 2013 and our opening brief and Techforward’s opposition have been filed. We intend to vigorously pursue this appeal and contest these decisions. | |
LCD Action | |
On October 8, 2010, we filed a lawsuit captioned Best Buy Co., Inc., et al. v. AU Optronics Corp., et al. 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 and conspired to control the supply of TFT-LCD panels. During the second quarter of fiscal 2014, we entered into binding settlement agreements with multiple defendants. Under the terms of the settlement agreements, we will receive specified payments in accordance with specified schedules, and there are no performance obligations or other contingencies associated with our right to receive the specified payments. Settlement proceeds of $264 million were recognized during the second quarter in cost of goods sold. In addition, associated legal expenses of $35 million were recorded in selling, general and administrative expenses. As of November 2, 2013, $137 million of the gross settlement proceeds had been received, with the remaining $127 million recorded as short-term or long-term receivables. | |
On July 22, 2013, trial commenced against the remaining named defendants. On September 3, 2013, a jury found that HannStar Display, Co. knowingly participated in a conspiracy to fix prices for TFT-LCD panels and found damages in the amount of $7.5 million. In addition, the jury found that Toshiba Corp. did not knowingly participate in the alleged conspiracy. We are considering all options in regard to the verdict, but we currently do not expect to receive amounts in addition to the settlements reached in prior quarters. As to HannStar, we have applied to the trial court for attorney fees, costs and disbursements. A decision on that application is pending. | |
Other Legal Proceedings | |
We are involved in various other legal proceedings arising in the normal course of conducting business. For such legal proceedings, we have accrued an amount that reflects the aggregate liability deemed probable and estimable, but this amount is not material to our consolidated financial position, results of operations or cash flows. Because of the preliminary nature of many of these proceedings, the difficulty in ascertaining the applicable facts relating to many of these proceedings, the variable treatment of claims made in many of these proceedings and the difficulty of predicting the settlement value of many of these proceedings, we are not able to estimate an amount or range of any reasonably possible additional losses. However, based upon our historical experience, the resolution of these proceedings is not expected to have a material effect on our consolidated financial position, results of operations or cash flows. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Abstract] | ' | |||||||||||||||
Schedule of Assets and Liabilities Disposed of by Sale, in Period of Disposition | ' | |||||||||||||||
The composition of assets and liabilities disposed of on June 26, 2013, as a result of the sale of Best Buy Europe was as follows ($ in millions): | ||||||||||||||||
26-Jun-13 | ||||||||||||||||
Cash and cash equivalents | $ | 597 | ||||||||||||||
Receivables | 1,295 | |||||||||||||||
Merchandise inventories | 554 | |||||||||||||||
Other current assets | 168 | |||||||||||||||
Net property and equipment | 159 | |||||||||||||||
Other assets | 316 | |||||||||||||||
Total assets | 3,089 | |||||||||||||||
Accounts payable | 790 | |||||||||||||||
Short-term debt | 973 | |||||||||||||||
Other current liabilities | 1,145 | |||||||||||||||
Long-term liabilities | 65 | |||||||||||||||
Total liabilities | 2,973 | |||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||||||||||
The financial results of discontinued operations for the three and nine months ended November 2, 2013, and November 3, 2012, were as follows ($ in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
November 2, 2013 | November 3, 2012 | November 2, 2013 | November 3, 2012 | |||||||||||||
Revenue | $ | — | $ | 1,372 | $ | 2,682 | $ | 3,825 | ||||||||
Restructuring charges(1) | — | 6 | 100 | (1 | ) | |||||||||||
Gain (loss) from discontinued operations before income tax benefit (expense) | — | 17 | (235 | ) | (55 | ) | ||||||||||
Income tax benefit (expense)(2) | 10 | (6 | ) | 34 | 14 | |||||||||||
Gain on sale of discontinued operations | — | — | 52 | — | ||||||||||||
Equity in loss of affiliates | — | (1 | ) | — | (4 | ) | ||||||||||
Net gain (loss) from discontinued operations, including noncontrolling interests | 10 | 10 | (149 | ) | (45 | ) | ||||||||||
Net (gain) loss from discontinued operations attributable to noncontrolling interests | 1 | (11 | ) | 11 | 14 | |||||||||||
Net gain (loss) from discontinued operations attributable to Best Buy Co., Inc. shareholders | $ | 11 | $ | (1 | ) | $ | (138 | ) | $ | (31 | ) | |||||
(1) | See Note 6, Restructuring Charges, for further discussion of the restructuring charges associated with discontinued operations. | |||||||||||||||
(2) | Income tax benefit for the three months ended November 2, 2013 includes a $16 million benefit related to the impairment of our investment in Best Buy Europe, partially offset by $(6) million of expense related to a tax allocation between continuing and discontinued operations. The fiscal 2014 effective tax rate for discontinued operations differs from the statutory tax rate primarily due to the tax allocation, restructuring charges and the impairment of our investment in Best Buy Europe. The restructuring charges and impairment generally included minimal related tax benefit. The deferred tax assets related to the restructuring charges generally resulted in an increase in the valuation allowance in an equal amount, while the investment impairment is generally not tax deductible. |
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||
Nov. 02, 2013 | ||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||
Schedule of Investments | ' | |||||||||||
Investments were comprised of the following ($ in millions): | ||||||||||||
November 2, 2013 | February 2, 2013 | November 3, 2012 | ||||||||||
Equity and other investments | ||||||||||||
Debt securities (auction rate securities) | $ | 9 | $ | 21 | $ | 21 | ||||||
Marketable equity securities | 10 | 27 | 3 | |||||||||
Other investments | 22 | 38 | 67 | |||||||||
Total equity and other investments | $ | 41 | $ | 86 | $ | 91 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
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 November 2, 2013, February 2, 2013, and November 3, 2012, according to the valuation techniques we used to determine their fair values ($ in millions). | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
Using Inputs Considered as | ||||||||||||||||
Fair Value at | Quoted Prices | Significant | Significant | |||||||||||||
2-Nov-13 | in Active | Other | Unobservable | |||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
ASSETS | ||||||||||||||||
Cash and cash equivalents | ||||||||||||||||
Money market funds | $ | 495 | $ | 495 | $ | — | $ | — | ||||||||
Equity and other investments | ||||||||||||||||
Auction rate securities | 9 | — | — | 9 | ||||||||||||
Marketable equity securities | 10 | 10 | — | — | ||||||||||||
LIABILITIES | ||||||||||||||||
Accrued liabilities | ||||||||||||||||
Foreign currency derivative instruments | 2 | — | 2 | — | ||||||||||||
Fair Value Measurements | ||||||||||||||||
Using Inputs Considered as | ||||||||||||||||
Fair Value at | Quoted Prices | Significant | Significant | |||||||||||||
2-Feb-13 | in Active | Other | Unobservable | |||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
ASSETS | ||||||||||||||||
Cash and cash equivalents | ||||||||||||||||
Money market funds | $ | 520 | $ | 520 | $ | — | $ | — | ||||||||
Other current assets | ||||||||||||||||
Foreign currency derivative instruments | 1 | — | 1 | — | ||||||||||||
Equity and other investments | ||||||||||||||||
Auction rate securities | 21 | — | — | 21 | ||||||||||||
Marketable equity securities | 27 | 27 | — | — | ||||||||||||
Fair Value Measurements | ||||||||||||||||
Using Inputs Considered as | ||||||||||||||||
Fair Value at | Quoted Prices | Significant | Significant | |||||||||||||
3-Nov-12 | in Active | Other | Unobservable | |||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
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, Assets Measured on a Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||
The following tables provide a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis in the tables above that used significant unobservable inputs (Level 3) for the three and nine months ended November 2, 2013, and the three and eight months ended November 3, 2012 ($ in millions). | ||||||||||||||||
Debt securities- | ||||||||||||||||
Auction rate securities only | ||||||||||||||||
Student loan | Municipal | Total | ||||||||||||||
bonds | revenue bonds | |||||||||||||||
Balances at August 3, 2013 | $ | 14 | $ | 2 | $ | 16 | ||||||||||
Sales | (7 | ) | — | (7 | ) | |||||||||||
Balances at November 2, 2013 | $ | 7 | $ | 2 | $ | 9 | ||||||||||
Debt securities- | ||||||||||||||||
Auction rate securities only | ||||||||||||||||
Student loan | Municipal | Total | ||||||||||||||
bonds | revenue bonds | |||||||||||||||
Balances at February 2, 2013 | $ | 19 | $ | 2 | $ | 21 | ||||||||||
Sales | (12 | ) | — | (12 | ) | |||||||||||
Balances at November 2, 2013 | $ | 7 | $ | 2 | $ | 9 | ||||||||||
Debt securities- | ||||||||||||||||
Auction rate securities only | ||||||||||||||||
Student loan | Municipal | Total | ||||||||||||||
bonds | revenue bonds | |||||||||||||||
Balances at August 4, 2012 | $ | 20 | $ | 2 | $ | 22 | ||||||||||
Sales | (1 | ) | — | (1 | ) | |||||||||||
Balances at November 3, 2012 | $ | 19 | $ | 2 | $ | 21 | ||||||||||
Debt securities- | ||||||||||||||||
Auction rate securities only | ||||||||||||||||
Student loan | Municipal | Total | ||||||||||||||
bonds | revenue bonds | |||||||||||||||
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 | ||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | ' | |||||||||||||||
The following table summarizes the fair value remeasurements recorded during the nine months ended November 2, 2013, and November 3, 2012 ($ in millions): | ||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||
November 2, 2013 | November 3, 2012 | |||||||||||||||
Impairments | Remaining Net Carrying Value | Impairments | Remaining Net Carrying Value | |||||||||||||
Continuing operations | ||||||||||||||||
Property and equipment | $ | 4 | $ | — | $ | 29 | $ | — | ||||||||
Investments | 16 | 22 | — | — | ||||||||||||
Total continuing operations | $ | 20 | $ | 22 | $ | 29 | $ | — | ||||||||
Discontinued operations(1) | ||||||||||||||||
Property and equipment(2) | $ | 220 | $ | — | $ | — | $ | — | ||||||||
Tradename | 4 | — | — | — | ||||||||||||
Total discontinued operations | $ | 224 | $ | — | $ | — | $ | — | ||||||||
(1) | Property and equipment and tradename impairments associated with discontinued operations are recorded within gain (loss) from discontinued operations in our Consolidated Statements of Earnings. | |||||||||||||||
(2) | Includes the $175 million impairment to write down the book value of our investment in Best Buy Europe to fair value. Upon completion of the sale of Best Buy Europe as described in Note 2, Discontinued Operations, the remaining net carrying values of all assets have been reduced to zero. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill, by Segment | ' | |||||||||||||||||||||||
The changes in the carrying values of goodwill and indefinite-lived tradenames by segment were as follows in the nine months ended November 2, 2013, and the eight months ended November 3, 2012 ($ in millions): | ||||||||||||||||||||||||
Goodwill | Indefinite-lived Tradenames | |||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | |||||||||||||||||||
Balances at February 2, 2013 | $ | 528 | $ | — | $ | 528 | $ | 19 | $ | 112 | $ | 131 | ||||||||||||
Changes in foreign currency exchange rates | — | — | — | — | (2 | ) | (2 | ) | ||||||||||||||||
Sale of Best Buy Europe | — | — | — | — | (22 | ) | (22 | ) | ||||||||||||||||
Impairments | — | — | — | — | (4 | ) | (4 | ) | ||||||||||||||||
Balances at November 2, 2013 | $ | 528 | $ | — | $ | 528 | $ | 19 | $ | 84 | $ | 103 | ||||||||||||
Goodwill | Indefinite-lived Tradenames | |||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | |||||||||||||||||||
Balances at March 3, 2012 | $ | 516 | $ | 819 | $ | 1,335 | $ | 19 | $ | 112 | $ | 131 | ||||||||||||
Changes in foreign currency exchange rates | — | (5 | ) | (5 | ) | — | — | — | ||||||||||||||||
Acquisitions | 14 | — | 14 | — | — | — | ||||||||||||||||||
Balances at November 3, 2012 | $ | 530 | $ | 814 | $ | 1,344 | $ | 19 | $ | 112 | $ | 131 | ||||||||||||
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 losses ($ in millions): | ||||||||||||||||||||||||
November 2, 2013 | February 2, 2013 | November 3, 2012 | ||||||||||||||||||||||
Gross | Cumulative | Gross | Cumulative | Gross | Cumulative | |||||||||||||||||||
Carrying | Impairment(1) | Carrying | Impairment | Carrying | Impairment | |||||||||||||||||||
Amount(1) | Amount | Amount | ||||||||||||||||||||||
Goodwill | $ | 1,412 | $ | (884 | ) | $ | 2,608 | $ | (2,080 | ) | $ | 2,605 | $ | (1,261 | ) | |||||||||
(1) | Excludes the gross carrying amount and cumulative impairment related to Best Buy Europe, which was sold during the quarter ended August 3, 2013. | |||||||||||||||||||||||
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets by Major Class | ' | |||||||||||||||||||||||
The following table provides the gross carrying values and related accumulated amortization of definite-lived intangible assets ($ in millions): | ||||||||||||||||||||||||
November 2, 2013 | February 2, 2013 | November 3, 2012 | ||||||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | Gross | Accumulated | |||||||||||||||||||
Carrying | Amortization(1) | Carrying | Amortization | Carrying | Amortization | |||||||||||||||||||
Amount(1) | Amount | Amount | ||||||||||||||||||||||
Customer relationships | $ | 83 | $ | (11 | ) | $ | 475 | $ | (272 | ) | $ | 475 | $ | (262 | ) | |||||||||
(1) | Excludes the gross carrying amount and accumulated amortization related to Best Buy Europe, which was sold during the quarter ended August 3, 2013. | |||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | |||||||||||||||||||||||
The estimated future amortization expense for identifiable intangible assets is as follows ($ in millions): | ||||||||||||||||||||||||
Fiscal Year | ||||||||||||||||||||||||
Remainder of fiscal 2014 | $ | 2 | ||||||||||||||||||||||
2015 | 6 | |||||||||||||||||||||||
2016 | 6 | |||||||||||||||||||||||
2017 | 6 | |||||||||||||||||||||||
2018 | 6 | |||||||||||||||||||||||
Thereafter | 46 | |||||||||||||||||||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||||||||||||||||||
Composition of Restructuring Charges | ' | |||||||||||||||||||||||||||||||||||
Charges incurred in the nine months ended November 2, 2013, and November 3, 2012, for our restructuring activities were as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||||
November 2, 2013 | November 3, 2012 | |||||||||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||
Renew Blue | $ | 52 | $ | — | ||||||||||||||||||||||||||||||||
Fiscal 2013 U.S. restructuring | (8 | ) | 258 | |||||||||||||||||||||||||||||||||
Fiscal 2012 restructuring | — | 6 | ||||||||||||||||||||||||||||||||||
Fiscal 2011 restructuring | — | (12 | ) | |||||||||||||||||||||||||||||||||
Total | 44 | 252 | ||||||||||||||||||||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||||||||||||||
Fiscal 2013 Europe restructuring | 95 | 2 | ||||||||||||||||||||||||||||||||||
Fiscal 2012 restructuring | 5 | (5 | ) | |||||||||||||||||||||||||||||||||
Fiscal 2011 restructuring | — | 2 | ||||||||||||||||||||||||||||||||||
Total (Note 2) | 100 | (1 | ) | |||||||||||||||||||||||||||||||||
Total | $ | 144 | $ | 251 | ||||||||||||||||||||||||||||||||
Restructuring Program 2013 Renew Blue [Member] | ' | |||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||||||||||||||||||
Composition of Restructuring Charges | ' | |||||||||||||||||||||||||||||||||||
The composition of the restructuring charges we incurred for this program in the nine months ended November 2, 2013, as well as the cumulative amount incurred through November 2, 2013, was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
Domestic | International | Total | ||||||||||||||||||||||||||||||||||
Nine Months Ended | Cumulative Amount through | Nine Months Ended | Cumulative Amount through | Nine Months Ended | Cumulative Amount through | |||||||||||||||||||||||||||||||
2-Nov-13 | 2-Nov-13 | 2-Nov-13 | 2-Nov-13 | 2-Nov-13 | 2-Nov-13 | |||||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||
Inventory write-downs | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | 1 | ||||||||||||||||||||||||
Property and equipment impairments | 2 | 9 | 2 | 25 | 4 | 34 | ||||||||||||||||||||||||||||||
Termination benefits | 16 | 62 | 10 | 19 | 26 | 81 | ||||||||||||||||||||||||||||||
Investment impairments | 16 | 43 | — | — | 16 | 43 | ||||||||||||||||||||||||||||||
Facility closure and other costs | — | 3 | 6 | 61 | 6 | 64 | ||||||||||||||||||||||||||||||
Total | $ | 34 | $ | 118 | $ | 18 | $ | 105 | $ | 52 | $ | 223 | ||||||||||||||||||||||||
Restructuring Accrual Activity | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during the nine months ended November 2, 2013, related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||
Termination | Facility | Total | ||||||||||||||||||||||||||||||||||
Benefits | Closure and | |||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
Balance at February 2, 2013 | $ | 54 | $ | 54 | $ | 108 | ||||||||||||||||||||||||||||||
Charges | 25 | 14 | 39 | |||||||||||||||||||||||||||||||||
Cash payments | (65 | ) | (16 | ) | (81 | ) | ||||||||||||||||||||||||||||||
Adjustments | (7 | ) | 8 | 1 | ||||||||||||||||||||||||||||||||
Changes in foreign currency exchange rates | 1 | (1 | ) | — | ||||||||||||||||||||||||||||||||
Balance at November 2, 2013 | $ | 8 | $ | 59 | $ | 67 | ||||||||||||||||||||||||||||||
Restructuring Program 2013 Europe [Member] | ' | |||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||||||||||||||||||
Composition of Restructuring Charges | ' | |||||||||||||||||||||||||||||||||||
The composition of the restructuring charges we incurred for this program in the nine months ended November 2, 2013 and November 3, 2012, as well as the cumulative amount incurred through November 2, 2013, was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | Cumulative Amount through | ||||||||||||||||||||||||||||||||||
2-Nov-13 | 3-Nov-12 | 2-Nov-13 | ||||||||||||||||||||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||||||||||||||
Inventory write-downs | $ | 7 | $ | — | $ | 7 | ||||||||||||||||||||||||||||||
Property and equipment impairments | 45 | — | 57 | |||||||||||||||||||||||||||||||||
Termination benefits | 36 | 2 | 55 | |||||||||||||||||||||||||||||||||
Tradename impairment | 4 | — | 4 | |||||||||||||||||||||||||||||||||
Facility closure and other costs | 3 | — | 8 | |||||||||||||||||||||||||||||||||
Total | $ | 95 | $ | 2 | $ | 131 | ||||||||||||||||||||||||||||||
Restructuring Accrual Activity | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during the nine months ended November 2, 2013, and the eight months ended November 3, 2012, related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||
Termination | Facility | Total | ||||||||||||||||||||||||||||||||||
Benefits | Closure and | |||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
Balance at February 2, 2013 | $ | — | $ | 5 | $ | 5 | ||||||||||||||||||||||||||||||
Charges | 36 | 2 | 38 | |||||||||||||||||||||||||||||||||
Cash payments | (2 | ) | (7 | ) | (9 | ) | ||||||||||||||||||||||||||||||
Adjustments(1) | (34 | ) | — | (34 | ) | |||||||||||||||||||||||||||||||
Balance at November 2, 2013 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
(1) | Represents the remaining liability written off as a result of the sale of Best Buy Europe, as described in Note 2, Discontinued Operations. | |||||||||||||||||||||||||||||||||||
Termination | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
Balance at March 3, 2012 | $ | — | ||||||||||||||||||||||||||||||||||
Charges | 2 | |||||||||||||||||||||||||||||||||||
Cash payments | (2 | ) | ||||||||||||||||||||||||||||||||||
Balance at November 3, 2012 | $ | — | ||||||||||||||||||||||||||||||||||
Restructuring Program 2013 U.S. [Member] | ' | |||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||||||||||||||||||
Composition of Restructuring Charges | ' | |||||||||||||||||||||||||||||||||||
The composition of the restructuring charges we incurred for this program in the nine months ended November 2, 2013, and November 3, 2012, as well as the cumulative amount incurred through November 2, 2013, was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
Nine Months Ended | Cumulative Amount through November 2, 2013 | |||||||||||||||||||||||||||||||||||
November 2, 2013 | November 3, 2012 | |||||||||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||
Property and equipment impairments | $ | — | $ | 28 | $ | 29 | ||||||||||||||||||||||||||||||
Termination benefits | — | 83 | 77 | |||||||||||||||||||||||||||||||||
Facility closure and other costs, net | (8 | ) | 147 | 143 | ||||||||||||||||||||||||||||||||
Total | $ | (8 | ) | $ | 258 | $ | 249 | |||||||||||||||||||||||||||||
Restructuring Accrual Activity | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during the nine months ended November 2, 2013, and the eight months ended November 3, 2012, related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||
Termination | Facility | Total | ||||||||||||||||||||||||||||||||||
Benefits | Closure and | |||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
Balance at February 2, 2013 | $ | 4 | $ | 113 | $ | 117 | ||||||||||||||||||||||||||||||
Charges | — | 3 | 3 | |||||||||||||||||||||||||||||||||
Cash payments | (2 | ) | (39 | ) | (41 | ) | ||||||||||||||||||||||||||||||
Adjustments | (2 | ) | (13 | ) | (15 | ) | ||||||||||||||||||||||||||||||
Balance at November 2, 2013 | $ | — | $ | 64 | $ | 64 | ||||||||||||||||||||||||||||||
Termination | Facility | Total | ||||||||||||||||||||||||||||||||||
Benefits | Closure and | |||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
Restructuring Program 2012 [Member] | ' | |||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||||||||||||||||||
Composition of Restructuring Charges | ' | |||||||||||||||||||||||||||||||||||
The composition of the restructuring charges we incurred for this program in the nine months ended November 2, 2013, and November 3, 2012, as well as the cumulative amount incurred through November 2, 2013, was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
Domestic | International | Total | ||||||||||||||||||||||||||||||||||
Nine Months Ended | Cumulative Amount through | Nine Months Ended | Cumulative Amount through | Nine Months Ended | Cumulative Amount through | |||||||||||||||||||||||||||||||
Nov. 2, 2013 | Nov. 3, 2012 | 2-Nov-13 | Nov. 2, 2013 | Nov. 3, 2012 | 2-Nov-13 | Nov. 2, 2013 | Nov. 3, 2012 | 2-Nov-13 | ||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||
Property and equipment impairments | $ | — | $ | 1 | $ | 17 | $ | — | $ | — | $ | 15 | $ | — | $ | 1 | $ | 32 | ||||||||||||||||||
Termination benefits | — | — | 1 | — | — | — | — | — | 1 | |||||||||||||||||||||||||||
Facility closure and other costs | — | 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 | — | — | — | 5 | (6 | ) | 84 | 5 | (6 | ) | 84 | |||||||||||||||||||||||||
Total | — | — | — | 5 | (5 | ) | 208 | 5 | (5 | ) | 208 | |||||||||||||||||||||||||
Total | $ | — | $ | 6 | $ | 23 | $ | 5 | $ | (5 | ) | $ | 223 | $ | 5 | $ | 1 | $ | 246 | |||||||||||||||||
Restructuring Accrual Activity | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during the nine months ended November 2, 2013, and the eight months ended November 3, 2012, related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||
Facility | ||||||||||||||||||||||||||||||||||||
Closure and | ||||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
Balance at February 2, 2013 | $ | 36 | ||||||||||||||||||||||||||||||||||
Cash payments | (33 | ) | ||||||||||||||||||||||||||||||||||
Adjustments(1) | (1 | ) | ||||||||||||||||||||||||||||||||||
Changes in foreign currency exchange rates | (2 | ) | ||||||||||||||||||||||||||||||||||
Balance at November 2, 2013 | $ | — | ||||||||||||||||||||||||||||||||||
(1) | Included within the adjustments is a $5 million charge related to a change in sublease assumptions, offset by a $(6) million adjustment to write off the remaining liability as a result of the sale of Best Buy Europe, as described in Note 2, Discontinued Operations. | |||||||||||||||||||||||||||||||||||
Termination | Facility | Total | ||||||||||||||||||||||||||||||||||
Benefits | Closure and | |||||||||||||||||||||||||||||||||||
Other Costs(1) | ||||||||||||||||||||||||||||||||||||
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 $34 million from the first quarter of fiscal 2013, representing an adjustment to exclude non-cash charges or benefits, which had no impact on our Consolidated Statements of Earnings in the first quarter of fiscal 2013. |
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||||||
Nov. 02, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Short-term Debt | ' | |||||||||||
Short-term debt consisted of the following ($ in millions): | ||||||||||||
November 2, 2013 | February 2, 2013 | November 3, 2012 | ||||||||||
U.S. revolving credit facility – 364-Day | $ | — | $ | — | $ | — | ||||||
U.S. revolving credit facility – 5-Year | — | — | — | |||||||||
Europe revolving credit facility(1) | — | 596 | 310 | |||||||||
Canada revolving demand facility | — | — | — | |||||||||
China revolving demand facilities | — | — | — | |||||||||
Total short-term debt | $ | — | $ | 596 | $ | 310 | ||||||
(1) | Short-term debt associated with the Europe revolving credit facility is related to our Best Buy Europe operations, which we sold on June 26, 2013, as described in Note 2, Discontinued Operations. | |||||||||||
Schedule of Long-term Debt | ' | |||||||||||
Long-term debt consisted of the following ($ in millions): | ||||||||||||
November 2, 2013 | February 2, 2013 | November 3, 2012 | ||||||||||
2013 Notes | $ | — | $ | 500 | $ | 500 | ||||||
2016 Notes | 349 | 349 | 349 | |||||||||
2018 Notes | 500 | — | — | |||||||||
2021 Notes | 649 | 648 | 648 | |||||||||
Financing lease obligations | 103 | 122 | 130 | |||||||||
Capital lease obligations | 67 | 80 | 74 | |||||||||
Other debt | 1 | 1 | 1 | |||||||||
Total long-term debt | 1,669 | 1,700 | 1,702 | |||||||||
Less: current portion(1) | (45 | ) | (547 | ) | (544 | ) | ||||||
Total long-term debt, less current portion | $ | 1,624 | $ | 1,153 | $ | 1,158 | ||||||
(1) | Our 2013 Notes due July 15, 2013, which were retired on July 15, 2013, are classified in the current portion of long-term debt as of February 2, 2013, and November 3, 2012. |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | ||||||||||||
Nov. 02, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Notional Amounts Foreign Currency Exchange Contracts | ' | ||||||||||||
The following table presents the notional amounts of our foreign currency exchange contracts at November 2, 2013, February 2, 2013, and November 3, 2012 ($ in millions): | |||||||||||||
Notional Amount | |||||||||||||
Contract Type | November 2, 2013 | February 2, 2013 | November 3, 2012 | ||||||||||
Derivatives not designated as hedging instruments | $ | 138 | $ | 173 | $ | 323 | |||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
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 | Nine Months Ended | |||||||||||||||
November 2, 2013 | November 3, 2012 | November 2, 2013 | November 3, 2012 | |||||||||||||
Numerator | ||||||||||||||||
Net earnings (loss) from continuing operations | $ | 44 | $ | (9 | ) | $ | 378 | $ | 191 | |||||||
Net earnings from continuing operations attributable to noncontrolling interests | (1 | ) | — | (1 | ) | — | ||||||||||
Net earnings (loss) from continuing operations attributable to Best Buy Co., Inc. | $ | 43 | $ | (9 | ) | $ | 377 | $ | 191 | |||||||
Denominator | ||||||||||||||||
Weighted-average common shares outstanding | 342.8 | 337.2 | 340.7 | 339.3 | ||||||||||||
Effect of potentially dilutive securities: | ||||||||||||||||
Nonvested share awards | 6.1 | — | 4.6 | 1.1 | ||||||||||||
Weighted-average common shares outstanding, assuming dilution | 348.9 | 337.2 | 345.3 | 340.4 | ||||||||||||
Net earnings (loss) per share from continuing operations attributable to Best Buy Co., Inc. | ||||||||||||||||
Basic | $ | 0.13 | $ | (0.03 | ) | $ | 1.11 | $ | 0.56 | |||||||
Diluted | $ | 0.12 | $ | (0.03 | ) | $ | 1.09 | $ | 0.56 | |||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 9 Months Ended | |||||||||||
Nov. 02, 2013 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
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 nine months ended November 2, 2013, and November 3, 2012, respectively ($ in millions): | ||||||||||||
Foreign Currency Translation | Available-For-Sale Investments | Total | ||||||||||
Balances at August 3, 2013 | $ | 528 | $ | 1 | $ | 529 | ||||||
Foreign currency translation adjustments | (2 | ) | — | (2 | ) | |||||||
Unrealized gains on available-for-sale investments | — | 1 | 1 | |||||||||
Balances at November 2, 2013 | $ | 526 | $ | 2 | $ | 528 | ||||||
Foreign Currency Translation | Available-For-Sale Investments | Total | ||||||||||
Balances at February 2, 2013 | $ | 113 | $ | (1 | ) | $ | 112 | |||||
Foreign currency translation adjustments | (95 | ) | — | (95 | ) | |||||||
Reclassification of foreign currency translation adjustments into earnings due to sale of business | 508 | — | 508 | |||||||||
Unrealized gains on available-for-sale investments | — | 2 | 2 | |||||||||
Reclassification of losses on available-for-sale investments into earnings | — | 1 | 1 | |||||||||
Balances at November 2, 2013 | $ | 526 | $ | 2 | $ | 528 | ||||||
Foreign Currency Translation | Available-For-Sale Investments | Total | ||||||||||
Balances at August 4, 2012 | $ | 87 | $ | (1 | ) | $ | 86 | |||||
Foreign currency translation adjustments | 18 | — | 18 | |||||||||
Unrealized gains on available-for-sale investments | — | 1 | 1 | |||||||||
Balances at November 3, 2012 | $ | 105 | $ | — | $ | 105 | ||||||
Foreign Currency Translation | Available-For-Sale Investments | Total | ||||||||||
Balances at March 3, 2012 | $ | 93 | $ | (3 | ) | $ | 90 | |||||
Adjustment for fiscal year change | (16 | ) | — | (16 | ) | |||||||
Balances at January 28, 2012 | 77 | (3 | ) | 74 | ||||||||
Foreign currency translation adjustments | 28 | — | 28 | |||||||||
Unrealized gains on available-for-sale investments | — | 3 | 3 | |||||||||
Balances at November 3, 2012 | $ | 105 | $ | — | $ | 105 | ||||||
Segments_Tables
Segments (Tables) | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Business Segment Information | ' | |||||||||||||||
Revenue by reportable segment was as follows ($ in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
November 2, 2013 | November 3, 2012 | November 2, 2013 | November 3, 2012 | |||||||||||||
Domestic | $ | 7,847 | $ | 7,673 | $ | 23,635 | $ | 24,298 | ||||||||
International | 1,515 | 1,708 | 4,407 | 4,795 | ||||||||||||
Total revenue | $ | 9,362 | $ | 9,381 | $ | 28,042 | $ | 29,093 | ||||||||
Operating income (loss) by reportable segment and the reconciliation to earnings (loss) from continuing operations before income tax expense (benefit) were as follows ($ in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
November 2, 2013 | November 3, 2012 | November 2, 2013 | November 3, 2012 | |||||||||||||
Domestic | $ | 111 | $ | 16 | $ | 753 | $ | 394 | ||||||||
International | (20 | ) | (14 | ) | (81 | ) | (40 | ) | ||||||||
Total operating income | 91 | 2 | 672 | 354 | ||||||||||||
Other income (expense) | ||||||||||||||||
Gain on sale of investments | 4 | — | 18 | — | ||||||||||||
Investment income and other | 8 | 10 | 18 | 15 | ||||||||||||
Interest expense | (24 | ) | (27 | ) | (77 | ) | (81 | ) | ||||||||
Earnings (loss) from continuing operations before income tax expense (benefit) | $ | 79 | $ | (15 | ) | $ | 631 | $ | 288 | |||||||
Assets by reportable segment were as follows ($ in millions): | ||||||||||||||||
November 2, 2013 | February 2, 2013 | November 3, 2012 | ||||||||||||||
Domestic | $ | 11,971 | $ | 10,874 | $ | 11,291 | ||||||||||
International | 3,097 | 5,913 | 6,265 | |||||||||||||
Total assets | $ | 15,068 | $ | 16,787 | $ | 17,556 | ||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) | 9 Months Ended | |
Nov. 02, 2013 | Nov. 03, 2012 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Number of weeks in fiscal period | 'P39W | 'P40W |
Reporting period lag for consolidation of financial results | '1 month | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||
In Millions, unless otherwise specified | Jul. 03, 2013 | Jun. 26, 2013 | Jun. 26, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Feb. 02, 2013 | Jan. 28, 2012 | Jun. 26, 2013 | ||||
USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Best Buy Europe [Member] | |||||
USD ($) | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Other Tax Expense (Benefit) | ' | ' | ' | $16 | ' | ' | ' | ' | ' | ' | ||||
Proceeds from divestiture of businesses | ' | 526 | 341 | ' | ' | ' | ' | ' | ' | ' | ||||
Amount of shares received from divestiture of business | 123 | 123 | 80 | ' | ' | ' | ' | ' | ' | ' | ||||
Future cash consideration from divestiture of business, due in one year | ' | 39 | 25 | ' | ' | ' | ' | ' | ' | ' | ||||
Future cash consideration from divestiture of business, due in two years | ' | 39 | 25 | ' | ' | ' | ' | ' | ' | ' | ||||
Interest rate on future cash consideration from divestiture of business | ' | 2.50% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ||||
Cash and cash equivalents | ' | ' | ' | 2,170 | 309 | 2,170 | 309 | 1,826 | 1,199 | 597 | ||||
Receivables | ' | ' | ' | 1,123 | 2,250 | 1,123 | 2,250 | 2,704 | ' | 1,295 | ||||
Merchandise inventories | ' | ' | ' | 6,978 | 8,156 | 6,978 | 8,156 | 6,571 | ' | 554 | ||||
Other current assets | ' | ' | ' | 963 | 1,131 | 963 | 1,131 | 946 | ' | 168 | ||||
Net property and equipment | ' | ' | ' | 2,726 | 3,407 | 2,726 | 3,407 | 3,270 | ' | 159 | ||||
Other assets | ' | ' | ' | 364 | 524 | 364 | 524 | 522 | ' | 316 | ||||
Total Assets | ' | ' | ' | 15,068 | 17,556 | 15,068 | 17,556 | 16,787 | ' | 3,089 | ||||
Accounts payable | ' | ' | ' | 6,578 | 7,933 | 6,578 | 7,933 | 6,951 | ' | 790 | ||||
Short-term debt | ' | ' | ' | 0 | 310 | 0 | 310 | 596 | ' | 973 | ||||
Other current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,145 | ||||
Long-term liabilities | ' | ' | ' | 1,035 | 1,122 | 1,035 | 1,122 | 1,109 | ' | 65 | ||||
Total liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,973 | ||||
Revenue | ' | ' | ' | 0 | 1,372 | 2,682 | 3,825 | ' | ' | ' | ||||
Restructuring charges | ' | ' | ' | 0 | [1] | 6 | [1] | 100 | [1] | -1 | [1] | ' | ' | ' |
Gain (loss) from discontinued operations before income tax benefit (expense) | ' | ' | ' | 0 | 17 | -235 | -55 | ' | ' | ' | ||||
Income tax benefit (expense) | ' | ' | ' | 10 | [2] | -6 | 34 | 14 | ' | ' | ' | |||
Gain on sale of discontinued operations | ' | ' | ' | 0 | 0 | 52 | 0 | ' | ' | ' | ||||
Equity in loss of affiliates | ' | ' | ' | 0 | -1 | 0 | -4 | ' | ' | ' | ||||
Net gain (loss) from discontinued operations, including noncontrolling interests | ' | ' | ' | 10 | 10 | -149 | -45 | ' | ' | ' | ||||
Net (gain) loss from discontinued operations attributable to noncontrolling interests | ' | ' | ' | 1 | -11 | 11 | 14 | ' | ' | ' | ||||
Net gain (loss) from discontinued operations attributable to Best Buy Co., Inc. shareholders | ' | ' | ' | 11 | -1 | -138 | -31 | ' | ' | ' | ||||
Income tax benefit, intraperiod tax allocation | ' | ' | ' | ($6) | ' | ' | ' | ' | ' | ' | ||||
[1] | See Note 6, Restructuring Charges, for further discussion of the restructuring charges associated with discontinued operations. | |||||||||||||
[2] | Income tax benefit for the three months ended November 2, 2013 includes a $16 million benefit related to the impairment of our investment in Best Buy Europe, partially offset by $(6) million of expense related to a tax allocation between continuing and discontinued operations. The fiscal 2014 effective tax rate for discontinued operations differs from the statutory tax rate primarily due to the tax allocation, restructuring charges and the impairment of our investment in Best Buy Europe. The restructuring charges and impairment generally included minimal related tax benefit. The deferred tax assets related to the restructuring charges generally resulted in an increase in the valuation allowance in an equal amount, while the investment impairment is generally not tax deductible. |
Investments_Details
Investments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Nov. 02, 2013 | Feb. 02, 2013 | Nov. 03, 2012 |
investments | ||||
Schedule of Investments | ' | ' | ' | ' |
Total equity and other investments | $41 | $41 | $86 | $91 |
Number of investments in portfolio | ' | 3 | ' | ' |
Securities redeemed | 7 | ' | ' | ' |
Debt Securities (Auction-Rate Securities) [Member] | ' | ' | ' | ' |
Schedule of Investments | ' | ' | ' | ' |
Total equity and other investments | 9 | 9 | 21 | 21 |
Auction rate securities, par value | 10 | 10 | ' | ' |
Investments, Fair Value Disclosure | 9 | 9 | ' | ' |
Marketable Equity Securities [Member] | ' | ' | ' | ' |
Schedule of Investments | ' | ' | ' | ' |
Total equity and other investments | 10 | 10 | 27 | 3 |
Other Investments [Member] | ' | ' | ' | ' |
Schedule of Investments | ' | ' | ' | ' |
Total equity and other investments | $22 | $22 | $38 | $67 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Nov. 03, 2012 |
In Millions, unless otherwise specified | |||
Fair Value [Member] | Cash and Cash Equivalents [Member] | Money Market Funds [Member] | ' | ' | ' |
ASSETS | ' | ' | ' |
Cash and cash equivalents | $495 | $520 | ' |
Fair Value [Member] | Other Current Assets [Member] | ' | ' | ' |
ASSETS | ' | ' | ' |
Foreign currency derivative instruments | ' | 1 | 2 |
Fair Value [Member] | Equity and Other Investments [Member] | ' | ' | ' |
ASSETS | ' | ' | ' |
Auction rate securities | 9 | 21 | 21 |
Marketable equity securities | 10 | 27 | 3 |
Fair Value [Member] | Accrued Liabilities [Member] | ' | ' | ' |
LIABILITIES | ' | ' | ' |
Foreign currency derivative instruments | 2 | ' | 1 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and Cash Equivalents [Member] | Money Market Funds [Member] | ' | ' | ' |
ASSETS | ' | ' | ' |
Cash and cash equivalents | 495 | 520 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Current Assets [Member] | ' | ' | ' |
ASSETS | ' | ' | ' |
Foreign currency derivative instruments | ' | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity and Other Investments [Member] | ' | ' | ' |
ASSETS | ' | ' | ' |
Auction rate securities | 0 | 0 | 0 |
Marketable equity securities | 10 | 27 | 3 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Accrued Liabilities [Member] | ' | ' | ' |
LIABILITIES | ' | ' | ' |
Foreign currency derivative instruments | 0 | ' | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash Equivalents [Member] | Money Market Funds [Member] | ' | ' | ' |
ASSETS | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Other Current Assets [Member] | ' | ' | ' |
ASSETS | ' | ' | ' |
Foreign currency derivative instruments | ' | 1 | 2 |
Significant Other Observable Inputs (Level 2) [Member] | Equity and Other Investments [Member] | ' | ' | ' |
ASSETS | ' | ' | ' |
Auction rate securities | 0 | 0 | 0 |
Marketable equity securities | 0 | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Accrued Liabilities [Member] | ' | ' | ' |
LIABILITIES | ' | ' | ' |
Foreign currency derivative instruments | 2 | ' | 1 |
Significant Unobservable Inputs (Level 3) [Member] | Cash and Cash Equivalents [Member] | Money Market Funds [Member] | ' | ' | ' |
ASSETS | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Other Current Assets [Member] | ' | ' | ' |
ASSETS | ' | ' | ' |
Foreign currency derivative instruments | ' | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Equity and Other Investments [Member] | ' | ' | ' |
ASSETS | ' | ' | ' |
Auction rate securities | 9 | 21 | 21 |
Marketable equity securities | 0 | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Accrued Liabilities [Member] | ' | ' | ' |
LIABILITIES | ' | ' | ' |
Foreign currency derivative instruments | $0 | ' | $0 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 03, 2012 | Nov. 02, 2013 |
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation. | ' | ' | ' | ' |
Balance at the beginning of the period | $16 | $22 | $82 | $21 |
Changes in unrealized losses included in other comprehensive income | ' | ' | 4 | ' |
Sales | -7 | -1 | -65 | -12 |
Balance at the end of the period | 9 | 21 | 21 | 9 |
Student loan bonds [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation. | ' | ' | ' | ' |
Balance at the beginning of the period | 14 | 20 | 80 | 19 |
Changes in unrealized losses included in other comprehensive income | ' | ' | 4 | ' |
Sales | -7 | -1 | -65 | -12 |
Balance at the end of the period | 7 | 19 | 19 | 7 |
Municipal revenue bonds [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation. | ' | ' | ' | ' |
Balance at the beginning of the period | 2 | 2 | 2 | 2 |
Changes in unrealized losses included in other comprehensive income | ' | ' | 0 | ' |
Sales | 0 | 0 | 0 | 0 |
Balance at the end of the period | $2 | $2 | $2 | $2 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Nov. 02, 2013 | Nov. 03, 2012 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Tradename, Impairments | $4 | ' | ||
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 | 4 | 29 | ||
Property and equipment, Remaining Net Carrying Value | 0 | 0 | ||
Investments, Impairments | 16 | 0 | ||
Investments, Remaining Net Carrying Value | 22 | 0 | ||
Total discontinued operations, Impairments | 20 | 29 | ||
Total discontinued operations, Remaining Net Carrying Value | 22 | 0 | ||
Discontinued Operations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impairment of long-lived assets to be disposed of | 175 | ' | ||
Discontinued 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 | 220 | [1],[2] | 0 | [1],[2] |
Property and equipment, Remaining Net Carrying Value | 0 | 0 | ||
Total discontinued operations, Impairments | 224 | 0 | ||
Total discontinued operations, Remaining Net Carrying Value | 0 | 0 | ||
Tradename [Member] | Discontinued 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 | 4 | [2] | 0 | [2] |
Tradename, Remaining Net Carrying Value | $0 | $0 | ||
[1] | Includes the $175 million impairment to write down the book value of our investment in Best Buy Europe to fair value. Upon completion of the sale of Best Buy Europe as described in Note 2, Discontinued Operations, the remaining net carrying values of all assets have been reduced to zero. | |||
[2] | Property and equipment and tradename impairments associated with discontinued operations are recorded within gain (loss) from discontinued operations in our Consolidated Statements of Earnings. |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 8 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 03, 2012 | Nov. 02, 2013 | Feb. 02, 2013 | |
Goodwill [Roll Forward] | ' | ' | ' | |
Goodwill, Balance at the beginning of the period | $1,335 | $528 | ' | |
Goodwill, Changes in foreign currency exchange rates | -5 | 0 | ' | |
Goodwill, Sale of Best Buy Europe | ' | 0 | ' | |
Goodwill, Impairments | ' | 0 | ' | |
Goodwill, Acquisitions | 14 | ' | ' | |
Goodwill, Balance at the end of the period | 1,344 | 528 | ' | |
Indefinite-lived Tradenames [Roll Forward] | ' | ' | ' | |
Indefinite-lived Tradenames, Beginning balance | 131 | 131 | ' | |
Indefinite-lived Tradenames, Changes in foreign currency exchange rates, Tradenames | 0 | -2 | ' | |
Indefinite-lived Tradenames, Sale of Best Buy Europe | ' | -22 | ' | |
Indefinite-lived Tradenames, Impairments | ' | -4 | ' | |
Indefinite-lived Tradenames, Acquisitions | 0 | ' | ' | |
Indefinite-lived Tradenames, Ending balance | 131 | 103 | ' | |
Gross amount of goodwill and the accumulated goodwill impairment losses | ' | ' | ' | |
Gross Carrying Amount | 2,605 | 1,412 | [1] | 2,608 |
Cumulative Impairment | -1,261 | -884 | [1] | -2,080 |
Domestic [Member] | ' | ' | ' | |
Goodwill [Roll Forward] | ' | ' | ' | |
Goodwill, Balance at the beginning of the period | 516 | 528 | ' | |
Goodwill, Changes in foreign currency exchange rates | 0 | 0 | ' | |
Goodwill, Sale of Best Buy Europe | ' | 0 | ' | |
Goodwill, Impairments | ' | 0 | ' | |
Goodwill, Acquisitions | 14 | ' | ' | |
Goodwill, Balance at the end of the period | 530 | 528 | ' | |
Indefinite-lived Tradenames [Roll Forward] | ' | ' | ' | |
Indefinite-lived Tradenames, Beginning balance | 19 | 19 | ' | |
Indefinite-lived Tradenames, Changes in foreign currency exchange rates, Tradenames | 0 | 0 | ' | |
Indefinite-lived Tradenames, Sale of Best Buy Europe | ' | 0 | ' | |
Indefinite-lived Tradenames, Impairments | ' | 0 | ' | |
Indefinite-lived Tradenames, Acquisitions | 0 | ' | ' | |
Indefinite-lived Tradenames, Ending balance | 19 | 19 | ' | |
International [Member] | ' | ' | ' | |
Goodwill [Roll Forward] | ' | ' | ' | |
Goodwill, Balance at the beginning of the period | 819 | 0 | ' | |
Goodwill, Changes in foreign currency exchange rates | -5 | 0 | ' | |
Goodwill, Sale of Best Buy Europe | ' | 0 | ' | |
Goodwill, Impairments | ' | 0 | ' | |
Goodwill, Acquisitions | 0 | ' | ' | |
Goodwill, Balance at the end of the period | 814 | 0 | ' | |
Indefinite-lived Tradenames [Roll Forward] | ' | ' | ' | |
Indefinite-lived Tradenames, Beginning balance | 112 | 112 | ' | |
Indefinite-lived Tradenames, Changes in foreign currency exchange rates, Tradenames | 0 | -2 | ' | |
Indefinite-lived Tradenames, Sale of Best Buy Europe | ' | -22 | ' | |
Indefinite-lived Tradenames, Impairments | ' | -4 | ' | |
Indefinite-lived Tradenames, Acquisitions | 0 | ' | ' | |
Indefinite-lived Tradenames, Ending balance | $112 | $84 | ' | |
[1] | (1)Â Excludes the gross carrying amount and cumulative impairment related to Best Buy Europe, which was sold during the quarter ended August 3, 2013. |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Feb. 02, 2013 | Nov. 03, 2012 | |
Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | ||||||
Finite-Lived Intangible Assets | ' | ' | ' | ' | ' | ' | ' | |
Gross Carrying Amount | ' | ' | ' | ' | $83 | [1] | $475 | $475 |
Accumulated Amortization | ' | ' | ' | ' | -11 | [1] | -272 | -262 |
Amortization expense | 1 | 10 | 13 | 30 | ' | ' | ' | |
Depreciation and amortization, discontinued operations | $0 | $9 | $9 | $26 | ' | ' | ' | |
[1] | (1)Â Excludes the gross carrying amount and accumulated amortization related to Best Buy Europe, which was sold during the quarter ended August 3, 2013. |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets (Details 3) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Nov. 02, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Remainder of fiscal 2014 | $2 |
2015 | 6 |
2016 | 6 |
2017 | 6 |
2018 | 6 |
Thereafter | $46 |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | $144 | $251 | ' |
Restructuring Program 2013 Renew Blue [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 52 | ' | ' |
Restructuring Program 2013 U.S. [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | -8 | 258 | ' |
Restructuring Program 2012 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 5 | 1 | ' |
Restructuring Program 2011 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | ' | -10 | ' |
Restructuring Program 2013 Europe [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 95 | 2 | ' |
Continuing Operations [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 44 | 252 | ' |
Continuing Operations [Member] | Restructuring Program 2013 Renew Blue [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 52 | 0 | 223 |
Continuing Operations [Member] | Restructuring Program 2013 U.S. [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | -8 | 258 | ' |
Continuing Operations [Member] | Restructuring Program 2012 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 0 | 6 | ' |
Continuing Operations [Member] | Restructuring Program 2011 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 0 | -12 | ' |
Discontinued Operations [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 100 | -1 | ' |
Discontinued Operations [Member] | Restructuring Program 2012 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 5 | -5 | ' |
Discontinued Operations [Member] | Restructuring Program 2011 [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | 0 | 2 | ' |
Discontinued Operations [Member] | Restructuring Program 2013 Europe [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | $95 | $2 | ' |
Restructuring_Charges_Renew_Bl
Restructuring Charges - Renew Blue (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | |
Termination benefits [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | ||||||
Termination benefits [Member] | Facility closure and other costs [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | Restructuring Program 2013 Renew Blue [Member] | ||||||||||||
Inventory write-downs [Member] | Inventory write-downs [Member] | Property and equipment impairments [Member] | Property and equipment impairments [Member] | Termination benefits [Member] | Termination benefits [Member] | Investment impairments [Member] | Investment impairments [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | |||||||||||||||||
Inventory write-downs [Member] | Inventory write-downs [Member] | Property and equipment impairments [Member] | Property and equipment impairments [Member] | Termination benefits [Member] | Termination benefits [Member] | Investment impairments [Member] | Investment impairments [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Inventory write-downs [Member] | Inventory write-downs [Member] | Property and equipment impairments [Member] | Property and equipment impairments [Member] | Termination benefits [Member] | Termination benefits [Member] | Investment impairments [Member] | Investment impairments [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | |||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Restructuring charges | ' | ' | $144 | $251 | ' | ' | ' | $52 | ' | ' | $44 | $252 | $52 | $0 | $223 | $0 | $1 | $4 | $34 | $26 | $81 | $16 | $43 | $6 | $64 | $34 | $118 | $0 | $1 | $2 | $9 | $16 | $62 | $16 | $43 | $0 | $3 | $18 | $105 | $0 | $0 | $2 | $25 | $10 | $19 | $0 | $0 | $6 | $61 | |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Restructuring reserve, balance at the beginning of the period | ' | ' | ' | ' | ' | ' | ' | 108 | 54 | 54 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Charges | 31 | 34 | 44 | 252 | ' | ' | ' | 39 | 25 | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cash payments | ' | ' | ' | ' | ' | ' | ' | -81 | -65 | -16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Adjustments | ' | ' | ' | ' | -34 | [1] | 0 | 34 | 1 | -7 | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in foreign currency exchange rates | ' | ' | ' | ' | ' | ' | ' | 0 | 1 | -1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Restructuring reserve, balance at the end of the period | ' | ' | ' | ' | ' | ' | ' | $67 | $8 | $59 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Represents the remaining liability written off as a result of the sale of Best Buy Europe, as described in Note 2, Discontinued Operations. |
Restructuring_Charges_Fiscal_2
Restructuring Charges - Fiscal 2013 Europe (Details) (USD $) | 3 Months Ended | 9 Months Ended | 8 Months Ended | 9 Months Ended | 15 Months Ended | 9 Months Ended | 15 Months Ended | 9 Months Ended | 15 Months Ended | 9 Months Ended | 15 Months Ended | 9 Months Ended | 15 Months Ended | 9 Months Ended | 15 Months Ended | |||||||||||||||||||||
In Millions, unless otherwise specified | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | ||
Termination benefits [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | |||||||
Termination benefits [Member] | Termination benefits [Member] | Facility closure and other costs [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | ||||||||||||||
International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | |||||||||||||||||||
Inventory write-downs [Member] | Inventory write-downs [Member] | Inventory write-downs [Member] | Property and equipment impairments [Member] | Property and equipment impairments [Member] | Property and equipment impairments [Member] | Termination benefits [Member] | Termination benefits [Member] | Termination benefits [Member] | Tradename impairment [Member] | Tradename impairment [Member] | Tradename impairment [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Restructuring charges | ' | ' | $144 | $251 | ' | ' | ' | $95 | $2 | ' | ' | ' | $100 | ($1) | $95 | $2 | $95 | $2 | $131 | $7 | $0 | $7 | $45 | $0 | $57 | $36 | $2 | $55 | $4 | $0 | $4 | $3 | $0 | $8 | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Restructuring reserve, balance at the beginning of the period | ' | ' | ' | ' | ' | ' | ' | 5 | ' | 0 | 0 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Charges | 31 | 34 | 44 | 252 | ' | ' | ' | 38 | ' | 2 | 36 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cash payments | ' | ' | ' | ' | ' | ' | ' | -9 | ' | -2 | -2 | -7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Adjustments | ' | ' | ' | ' | -34 | [1] | 0 | 34 | -34 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring reserve, balance at the end of the period | ' | ' | ' | ' | ' | ' | ' | $0 | ' | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Represents the remaining liability written off as a result of the sale of Best Buy Europe, as described in Note 2, Discontinued Operations. |
Restructuring_Charges_Fiscal_21
Restructuring Charges - Fiscal 2013 U.S. (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 8 Months Ended | 9 Months Ended | 8 Months Ended | 9 Months Ended | 21 Months Ended | 9 Months Ended | 21 Months Ended | 9 Months Ended | 21 Months Ended | 9 Months Ended | 21 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | 5-May-12 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | |
Termination benefits [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Restructuring Charges 2013 [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | ||||||
Domestic [Member] | Termination benefits [Member] | Termination benefits [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | ||||||||||||||
store | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | ||||||||||||||||||||
Property and equipment impairments [Member] | Property and equipment impairments [Member] | Property and equipment impairments [Member] | Termination benefits [Member] | Termination benefits [Member] | Termination benefits [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | ||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of stores to be closed | ' | ' | ' | ' | ' | ' | ' | 49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Restructuring charges | ' | ' | $144 | $251 | ' | ' | ' | ' | ' | ($8) | $258 | ' | ' | ' | ' | $44 | $252 | ($8) | $258 | ($8) | $258 | $249 | $0 | $28 | $29 | $0 | $83 | $77 | ($8) | $147 | $143 | |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Restructuring reserve, balance at the beginning of the period | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 117 | ' | 0 | 4 | 0 | 113 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Charges | 31 | 34 | 44 | 252 | ' | ' | ' | ' | 254 | 3 | ' | 109 | 0 | 145 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cash payments | ' | ' | ' | ' | ' | ' | ' | ' | -83 | -41 | ' | -65 | -2 | -18 | -39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Adjustments | ' | ' | ' | ' | -34 | [1] | 0 | 34 | ' | -34 | -15 | ' | -31 | -2 | -3 | -13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring reserve, balance at the end of the period | ' | ' | ' | ' | ' | ' | ' | ' | $137 | $64 | $137 | $13 | $0 | $124 | $64 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Represents the remaining liability written off as a result of the sale of Best Buy Europe, as described in Note 2, Discontinued Operations. |
Restructuring_Charges_Fiscal_22
Restructuring Charges - Fiscal 2012 (Details) (USD $) | 3 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | 9 Months Ended | 32 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Mar. 03, 2012 | Nov. 03, 2012 | Mar. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Mar. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | ||||
Termination benefits [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | |||||||||
Termination benefits [Member] | Termination benefits [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | International [Member] | International [Member] | International [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | ||||||||||||||||||||
Property and equipment impairments [Member] | Property and equipment impairments [Member] | Property and equipment impairments [Member] | Termination benefits [Member] | Termination benefits [Member] | Termination benefits [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | Property and equipment impairments [Member] | Property and equipment impairments [Member] | Property and equipment impairments [Member] | Termination benefits [Member] | Termination benefits [Member] | Termination benefits [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Inventory write-downs [Member] | Inventory write-downs [Member] | Inventory write-downs [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | |||||||||||||||||||||||||||||||||||||
Property and equipment impairments [Member] | Property and equipment impairments [Member] | Property and equipment impairments [Member] | Termination benefits [Member] | Termination benefits [Member] | Termination benefits [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Property and equipment impairments [Member] | Property and equipment impairments [Member] | Property and equipment impairments [Member] | Termination benefits [Member] | Termination benefits [Member] | Termination benefits [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Property and equipment impairments [Member] | Property and equipment impairments [Member] | Property and equipment impairments [Member] | Termination benefits [Member] | Termination benefits [Member] | Termination benefits [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Inventory write-downs [Member] | Inventory write-downs [Member] | Inventory write-downs [Member] | Property and equipment impairments [Member] | Property and equipment impairments [Member] | Property and equipment impairments [Member] | Termination benefits [Member] | Termination benefits [Member] | Termination benefits [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Inventory write-downs [Member] | Inventory write-downs [Member] | Inventory write-downs [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Cumulative amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $246 | ' | ' | ' | ' | ' | ' | $0 | $6 | $23 | ' | ' | $223 | ' | ' | ' | ' | $38 | ' | ' | $32 | ' | ' | $1 | ' | ' | $5 | $0 | $6 | $23 | $0 | $1 | $17 | $0 | $0 | $1 | $0 | $5 | $5 | ' | ' | $15 | ' | ' | $15 | ' | ' | $0 | ' | ' | $0 | ' | ' | ' | ' | $208 | ' | ' | $96 | ' | ' | $17 | ' | ' | $84 | ' | ' | $11 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ' | ' | $208 | ' | ' | $96 | ' | ' | $17 | ' | ' | $84 | ' | ' | $11 | ||||
Restructuring charges | ' | ' | 144 | 251 | ' | ' | ' | 5 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | -5 | ' | 44 | 252 | 0 | 6 | ' | 0 | 1 | ' | 0 | 0 | ' | 0 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 100 | -1 | 5 | -5 | ' | 0 | 0 | ' | 0 | 1 | ' | 5 | -6 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | -5 | ' | 0 | 0 | ' | 0 | 1 | ' | 5 | -6 | ' | 0 | 0 | ' | ||||
Restructuring reserve, accrual adjustment, write-off remaining liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Restructuring reserve, balance at the beginning of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102 | ' | 17 | 36 | ' | 85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Charges | 31 | 34 | 44 | 252 | ' | ' | ' | ' | 3 | ' | ' | 1 | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Cash payments | ' | ' | ' | ' | ' | ' | ' | ' | -98 | ' | ' | -17 | ' | -33 | -81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Adjustments | ' | ' | ' | ' | -34 | [1] | 0 | 34 | ' | 25 | [2] | ' | ' | 0 | ' | -1 | [3] | 25 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in foreign currency exchange rates | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | 0 | ' | -2 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Restructuring reserve, balance at the end of the period | ' | ' | ' | ' | ' | ' | ' | ' | $35 | ' | $102 | $1 | $17 | $0 | $34 | $85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | Represents the remaining liability written off as a result of the sale of Best Buy Europe, as described in Note 2, Discontinued Operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Included within the adjustments to facility closure and other costs is $34 million from the first quarter of fiscal 2013, representing an adjustment to exclude non-cash charges or benefits, which had no impact on our Consolidated Statements of Earnings in the first quarter of fiscal 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Included within the adjustments is a $5 million charge related to a change in sublease assumptions, offset by a $(6) million adjustment to write off the remaining liability as a result of the sale of Best Buy Europe, as described in Note 2, Discontinued Operations. |
Restructuring_Charges_Fiscal_23
Restructuring Charges - Fiscal 2011 (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Nov. 02, 2013 | Nov. 03, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring charges | $144 | $251 |
Restructuring Program 2011 [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring charges | ' | ($10) |
Debt_Details
Debt (Details) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Nov. 03, 2012 | ||
In Millions, unless otherwise specified | |||||
Short-term Debt | ' | ' | ' | ||
Short-term debt | $0 | $596 | $310 | ||
New U.S. Revolving Credit Facility - 364-Day [Member] [Domain] | ' | ' | ' | ||
Short-term Debt | ' | ' | ' | ||
Short-term debt | 0 | ' | ' | ||
U.S. Revolving Credit facility - 364-Day [Member] | ' | ' | ' | ||
Short-term Debt | ' | ' | ' | ||
Short-term debt | ' | 0 | 0 | ||
U.S. Revolving Credit Facility - 5-Year [Member] | ' | ' | ' | ||
Short-term Debt | ' | ' | ' | ||
Short-term debt | 0 | 0 | 0 | ||
Europe Revolving Credit Facility [Member] | ' | ' | ' | ||
Short-term Debt | ' | ' | ' | ||
Short-term debt | 0 | 596 | [1] | 310 | [1] |
Canada Revolving Demand Facility [Member] | ' | ' | ' | ||
Short-term Debt | ' | ' | ' | ||
Short-term debt | 0 | 0 | 0 | ||
China Revolving Demand Facilities [Member] | ' | ' | ' | ||
Short-term Debt | ' | ' | ' | ||
Short-term debt | $0 | $0 | $0 | ||
[1] | Short-term debt associated with the Europe revolving credit facility is related to our Best Buy Europe operations, which we sold on June 26, 2013, as described in Note 2, Discontinued Operations. |
Debt_Details_2
Debt (Details 2) (USD $) | Nov. 02, 2013 | Jul. 15, 2013 | Feb. 02, 2013 | Nov. 03, 2012 | ||
In Millions, unless otherwise specified | ||||||
Long-term Debt. | ' | ' | ' | ' | ||
Total long-term debt | $1,669 | ' | $1,700 | $1,702 | ||
Less: current portion | -45 | ' | -547 | [1] | -544 | [1] |
Total long-term debt, less current portion | 1,624 | ' | 1,153 | 1,158 | ||
2013 Notes [Member] | ' | ' | ' | ' | ||
Long-term Debt. | ' | ' | ' | ' | ||
Total long-term debt | 0 | 500 | 500 | 500 | ||
2016 Notes [Member] | ' | ' | ' | ' | ||
Long-term Debt. | ' | ' | ' | ' | ||
Total long-term debt | 349 | ' | 349 | 349 | ||
2018 Notes [Member] | ' | ' | ' | ' | ||
Long-term Debt. | ' | ' | ' | ' | ||
Total long-term debt | 500 | ' | 0 | 0 | ||
2021 Notes [Member] | ' | ' | ' | ' | ||
Long-term Debt. | ' | ' | ' | ' | ||
Total long-term debt | 649 | ' | 648 | 648 | ||
Financing Lease Obligations [Member] | ' | ' | ' | ' | ||
Long-term Debt. | ' | ' | ' | ' | ||
Total long-term debt | 103 | ' | 122 | 130 | ||
Capital Lease Obligations [Member] | ' | ' | ' | ' | ||
Long-term Debt. | ' | ' | ' | ' | ||
Total long-term debt | 67 | ' | 80 | 74 | ||
Other Debt [Member] | ' | ' | ' | ' | ||
Long-term Debt. | ' | ' | ' | ' | ||
Total long-term debt | $1 | ' | $1 | $1 | ||
[1] | Our 2013 Notes due July 15, 2013, which were retired on July 15, 2013, are classified in the current portion of long-term debt as of February 2, 2013, and November 3, 2012. |
Debt_Details_3
Debt (Details 3) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Jul. 15, 2013 | Feb. 02, 2013 | Nov. 03, 2012 | Jul. 31, 2013 | Nov. 02, 2013 | Jul. 16, 2013 | Feb. 02, 2013 | Nov. 03, 2012 | Jun. 25, 2013 | Jun. 25, 2013 |
In Millions, unless otherwise specified | 2013 Notes [Member] | 2013 Notes [Member] | 2013 Notes [Member] | 2013 Notes [Member] | 2018 Notes [Member] | 2018 Notes [Member] | 2018 Notes [Member] | 2018 Notes [Member] | 2018 Notes [Member] | New U.S. Revolving Credit Facility - 364-Day [Member] [Domain] | U.S. Revolving Credit facility - 364-Day [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500 | $1,000 |
Basis spread on federal funds rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' |
Basis spread on one-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' |
ABR margin, lower range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' |
ABR margin, higher range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.60% | ' |
LIBOR margin, lower range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.93% | ' |
LIBOR margin, higher range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.60% | ' |
Facility fee, lower range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.08% | ' |
Facility fee, higher range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.28% | ' |
Principal amount of notes retired | 1,669 | 1,700 | 1,702 | 0 | 500 | 500 | 500 | ' | 500 | ' | 0 | 0 | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' |
Net proceeds from sale of notes | ' | ' | ' | ' | ' | ' | ' | 495 | ' | ' | ' | ' | ' | ' |
Underwriting and issue discount | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' |
Redemption price as percentage of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Treasury rate basis points | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' | ' | ' |
Fair value of long-term debt | $1,717 | $1,652 | $1,635 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Details
Derivative Instruments (Details) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Nov. 02, 2013 | Feb. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 02, 2013 |
GBP (£) | Operating Expense [Member] | Operating Expense [Member] | Operating Expense [Member] | Operating Expense [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | ||
Segment, Continuing Operations [Member] | Segment, Continuing Operations [Member] | Segment, Discontinued Operations [Member] | Segment, Discontinued Operations [Member] | USD ($) | USD ($) | USD ($) | Segment, Continuing Operations [Member] | Segment, Discontinued Operations [Member] | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | ||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract term | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | ' | ' | ' | ' | ' | ' | $138 | $173 | $323 | $138 | £ 455 |
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | ' | ' | -3 | 3 | 0 | -2 | ' | ' | ' | ' | ' |
Proceeds from divestiture of businesses | ' | £ 471 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 |
Numerator | ' | ' | ' | ' |
Net earnings (loss) from continuing operations | $44 | ($9) | $378 | $191 |
Net earnings from continuing operations attributable to noncontrolling interests | -1 | 0 | -1 | 0 |
Net earnings (loss) from continuing operations attributable to Best Buy Co., Inc. | $43 | ($9) | $377 | $191 |
Denominator | ' | ' | ' | ' |
Weighted-average common shares outstanding (in shares) | 342.8 | 337.2 | 340.7 | 339.3 |
Effect of potentially dilutive securities: | ' | ' | ' | ' |
Nonvested share awards (in shares) | 6.1 | 0 | 4.6 | 1.1 |
Weighted-average common shares outstanding, assuming dilution (in shares) | 348.9 | 337.2 | 345.3 | 340.4 |
Net earnings (loss) per share from continuing operations attributable to Best Buy Co., Inc. | ' | ' | ' | ' |
Basic (in dollars per share) | $0.13 | ($0.03) | $1.11 | $0.56 |
Diluted (in dollars per share) | $0.12 | ($0.03) | $1.09 | $0.56 |
Antidilutive securities excluded from computation of earnings per share | 12.6 | ' | 16.4 | 28.6 |
Comprehensive_Income_Details
Comprehensive Income (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Mar. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ' |
Foreign Currency Translation, Beginning Balance | $77 | $528 | $87 | $113 | $77 |
Available-For-Sale Investments, Beginning Balance | -3 | 1 | -1 | -1 | -3 |
Total, Beginning Balance | 74 | 529 | 86 | 112 | 74 |
Foreign currency translation adjustments | ' | ' | ' | -106 | ' |
Reclassification of foreign currency translation adjustments into earnings | ' | 0 | 0 | 654 | 0 |
Unrealized gains on available-for-sale investments | 0 | 1 | 0 | 1 | 3 |
Reclassification of losses on available-for-sale investments into earnings | ' | 0 | 0 | 2 | 0 |
Adjustment for fiscal year change | -16 | ' | ' | ' | ' |
Foreign Currency Translation, Ending Balance | 93 | 526 | 105 | 526 | 105 |
Available-For-Sale Investments, Ending Balance | -3 | 2 | 0 | 2 | 0 |
Total, Ending Balance | 90 | 528 | 105 | 528 | 105 |
Best Buy Co., Inc. [Member] | ' | ' | ' | ' | ' |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | ' | -2 | 18 | -95 | 28 |
Reclassification of foreign currency translation adjustments into earnings | ' | ' | ' | 508 | ' |
Unrealized gains on available-for-sale investments | ' | 1 | 1 | 2 | 3 |
Reclassification of losses on available-for-sale investments into earnings | ' | ' | ' | $1 | ' |
Repurchase_of_Common_Stock_Det
Repurchase of Common Stock (Details) (USD $) | 1 Months Ended | 9 Months Ended | |
Share data in Millions, unless otherwise specified | Jun. 30, 2011 | Nov. 02, 2013 | Nov. 03, 2012 |
Repurchase of Common Stock [Abstract] | ' | ' | ' |
Share repurchase program, authorized amount | $5,000,000,000 | ' | ' |
Stock repurchased and retired during period, shares | ' | ' | 10.9 |
Stock repurchased and retired during period, value | ' | ' | 237,000,000 |
Amount remained available for future repurchases | ' | $4,000,000,000 | ' |
Segments_Details
Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Nov. 02, 2013 | Nov. 03, 2012 | Nov. 02, 2013 | Nov. 03, 2012 | Feb. 02, 2013 |
segments | |||||
Business segment information | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 2 | ' | ' |
Total revenue | $9,362 | $9,381 | $28,042 | $29,093 | ' |
Operating income (loss) | 91 | 2 | 672 | 354 | ' |
Other income (expense) | ' | ' | ' | ' | ' |
Gain on sale of investments | 4 | 0 | 18 | 0 | ' |
Investment income and other | 8 | 10 | 18 | 15 | ' |
Interest expense | -24 | -27 | -77 | -81 | ' |
Earnings (loss) from continuing operations before income tax expense (benefit) | 79 | -15 | 631 | 288 | ' |
Total assets | 15,068 | 17,556 | 15,068 | 17,556 | 16,787 |
Domestic [Member] | ' | ' | ' | ' | ' |
Business segment information | ' | ' | ' | ' | ' |
Total revenue | 7,847 | 7,673 | 23,635 | 24,298 | ' |
Operating income (loss) | 111 | 16 | 753 | 394 | ' |
Other income (expense) | ' | ' | ' | ' | ' |
Total assets | 11,971 | 11,291 | 11,971 | 11,291 | 10,874 |
International [Member] | ' | ' | ' | ' | ' |
Business segment information | ' | ' | ' | ' | ' |
Total revenue | 1,515 | 1,708 | 4,407 | 4,795 | ' |
Operating income (loss) | -20 | -14 | -81 | -40 | ' |
Other income (expense) | ' | ' | ' | ' | ' |
Total assets | $3,097 | $6,265 | $3,097 | $6,265 | $5,913 |
Contingencies_Contingencies_De
Contingencies Contingencies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Aug. 03, 2013 | Nov. 02, 2013 | Sep. 03, 2013 | Dec. 31, 2012 | Nov. 30, 2012 |
Pending Litigation [Member] | Pending Litigation [Member] | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Loss contingency, settlement agreement consideration, plaintiff amount | ' | ' | ' | $5 | $22 |
Loss contingency, settlement agreement consideration, attorneys amount | ' | ' | ' | 6 | ' |
Litigation settlement, amount | 264 | ' | ' | ' | ' |
Legal Fees | 35 | ' | ' | ' | ' |
Proceeds from legal settlements | ' | 137 | ' | ' | ' |
Future proceeds from legal settlements | ' | 127 | ' | ' | ' |
Damages, value | ' | ' | $7.50 | ' | ' |