Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Feb. 01, 2014 | Mar. 24, 2014 | Aug. 03, 2013 |
Document and Entity Information [Abstract} | ' | ' | ' |
Entity Registrant Name | 'BEST BUY CO INC | ' | ' |
Current Fiscal Year End Date | '--02-01 | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 347,043,619 | ' |
Entity Public Float | ' | ' | $6.50 |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Entity Central Index Key | '0000764478 | ' | ' |
Document Period End Date | 1-Feb-14 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | |
In Millions, unless otherwise specified | |||
CURRENT ASSETS | ' | ' | |
Cash and cash equivalents | $2,678 | $1,826 | |
Short-term investments | 223 | 0 | |
Receivables, net | 1,308 | 2,704 | |
Merchandise inventories | 5,376 | 6,571 | |
Other current assets | 900 | 946 | |
Total current assets | 10,485 | 12,047 | |
Property and Equipment | ' | ' | |
Land and buildings | 758 | 756 | |
Leasehold improvements | 2,182 | 2,386 | |
Fixtures and equipment | 4,515 | 5,120 | |
Property under capital lease | 120 | 113 | |
Property and equipment, gross | 7,575 | 8,375 | |
Less accumulated depreciation | 4,977 | 5,105 | |
Net property and equipment | 2,598 | 3,270 | |
Goodwill | 425 | 528 | |
Intangibles, Net | 101 | 334 | |
Other Assets | 404 | 608 | |
Total Assets | 14,013 | 16,787 | |
CURRENT LIABILITIES | ' | ' | |
Accounts payable | 5,122 | 6,951 | |
Unredeemed gift card liabilities | 406 | 428 | |
Deferred revenue | 399 | 451 | |
Accrued compensation and related expenses | 444 | 520 | |
Accrued liabilities | 873 | 1,188 | |
Accrued income taxes | 147 | 129 | |
Short-term debt | 0 | 596 | |
Current portion of long-term debt | 45 | 547 | [1] |
Total current liabilities | 7,436 | 10,810 | |
Long-Term Liabilities | 976 | 1,109 | |
Long-Term Debt | 1,612 | 1,153 | |
Contingencies and Commitments (Note 13) | ' | ' | |
Best Buy Co., Inc. Shareholders’ Equity | ' | ' | |
Preferred stock, $1.00 par value: Authorized — 400,000 shares; Issued and outstanding — none | 0 | 0 | |
Common stock, $0.10 par value: Authorized — 1.0 billion shares; Issued and outstanding — 346,751,000 and 338,276,000 shares, respectively | 35 | 34 | |
Additional paid-in capital | 300 | 54 | |
Retained earnings | 3,159 | 2,861 | |
Accumulated other comprehensive income | 492 | 112 | |
Total Best Buy Co., Inc. shareholders' equity | 3,986 | 3,061 | |
Noncontrolling interests | 3 | 654 | |
Total equity | 3,989 | 3,715 | |
Total Liabilities and Equity | $14,013 | $16,787 | |
[1] | (1)Our 2013 Notes due July 15, 2013, which we retired on July 15, 2013, are classified in the current portion of long-term debt as of February 2, 2013. |
CONSOLIDATED_BALANCE_SHEETS_PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred stock, Authorized shares | 400,000 | 400,000 |
Preferred stock, Issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value (in dollars per share) | $0.10 | $0.10 |
Common stock, Authorized shares | 1,000,000,000 | 1,000,000,000 |
Common stock, Issued shares | 346,751,000 | 338,276,000 |
Common stock, outstanding shares | 346,751,000 | 338,276,000 |
CONSOLIDATED_STATEMENTS_OF_EAR
CONSOLIDATED STATEMENTS OF EARNINGS (USD $) | 11 Months Ended | 12 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 | ||
Revenue | $39,827 | [1] | $41,311 | $42,410 | $45,457 | |
Cost of goods sold | 30,528 | 31,384 | 32,720 | 34,454 | ||
Restructuring charges — cost of goods sold | 1 | 19 | 0 | 19 | ||
Gross profit | 9,298 | [1] | 9,908 | 9,690 | 10,984 | |
Selling, general and administrative expenses | 8,181 | 7,986 | 8,391 | 8,755 | ||
Restructuring charges | 414 | 24 | 159 | 29 | ||
Goodwill impairments | 822 | 0 | 0 | 0 | ||
Operating income (loss) | -119 | [1],[2] | 1,898 | 1,140 | [3] | 2,200 |
Other income (expense) | ' | ' | ' | ' | ||
Gain on sale of investments | 0 | 55 | 20 | 55 | ||
Investment income and other | 20 | 23 | 27 | 22 | ||
Interest expense | -99 | -101 | -100 | -111 | ||
Earnings (loss) from continuing operations before income tax expense and equity in income (loss) of affiliates | -198 | 1,875 | 1,087 | 2,166 | ||
Income tax expense | 269 | 658 | 398 | 742 | ||
Net earnings (loss) from continuing operations | -467 | [1],[4] | 1,217 | 689 | 1,424 | |
Gain (loss) from discontinued operations (Note 4), net of tax of $42, $37, $119 and $122 | 47 | [1] | -1,394 | -166 | -1,402 | |
Net earnings (loss) including noncontrolling interests | -420 | [1] | -177 | 523 | 22 | |
Net earnings from continuing operations attributable to noncontrolling interests | -2 | [4] | -3 | -2 | -3 | |
Net (earnings) loss from discontinued operations attributable to noncontrolling interests | -19 | -1,245 | 11 | -1,250 | ||
Net earnings (loss) attributable to Best Buy Co., Inc. shareholders | ($441) | [1] | ($1,425) | $532 | ($1,231) | |
Basic earnings (loss) per share attributable to Best Buy Co., Inc. shareholders | ' | ' | ' | ' | ||
Continuing operations | ($1.38) | [4] | $3.26 | $2.01 | $3.88 | |
Discontinued operations | $0.08 | ($7.09) | ($0.45) | ($7.24) | ||
Basic earnings (loss) per share | ($1.30) | ($3.83) | $1.56 | ($3.36) | ||
Diluted earnings (loss) per share attributable to Best Buy Co., Inc. shareholders | ' | ' | ' | ' | ||
Continuing operations | ($1.38) | [1],[4] | $3.19 | $1.98 | $3.81 | |
Discontinued operations | $0.08 | [1],[5] | ($6.91) | ($0.45) | [5] | ($7.08) |
Diluted earnings (loss) per share | ($1.30) | [1] | ($3.72) | $1.53 | ($3.27) | |
Weighted-average common shares outstanding (in millions) | ' | ' | ' | ' | ||
Basic | 338.6 | [4] | 372.5 | 342.1 | 366.3 | |
Diluted | 338.6 | [4] | 382 | 347.6 | 374.5 | |
[1] | (4)On November 2, 2011, our Board of Directors approved a change to our fiscal year-end from the Saturday nearest the end of February to the Saturday nearest the end of January. In the first quarter of fiscal 2013 (11-month), we began reporting our quarterly results on the basis of our new fiscal year-end. As such, the results for the month of February 2012, which are included in the audited results for fiscal 2012, were also included in the reported first quarter of fiscal 2013 (11-month). However, the results for the month of February 2012 are not included in the results for the full year of fiscal 2013 (11-month). Thus, the four quarters of fiscal year 2013 (11-month) are not additive. | |||||
[2] | (5)Includes $127 million, $91 million, $34 million and $169 million of restructuring charges recorded in the fiscal first, second, third and fourth quarters, respectively, and $415 million for the 11 months ended February 2, 2013, related to measures we took to restructure our businesses. Also included in the fourth quarter and 11 months ended February 2, 2013, is a $822 million goodwill impairment charge related to our Canada, Five Star and U.S. reporting units. | |||||
[3] | Includes $6 million, $7 million, $31 million and $115 million of restructuring charges recorded in the fiscal first, second, third and fourth quarters, respectively, and $159 million for the 12 months ended February 1, 2014, related to measures we took to restructure our businesses. | |||||
[4] | (1)The calculation of diluted loss per share for fiscal 2013 (11-month) does not include potentially dilutive securities because their inclusion would be anti-dilutive (i.e., reduce the net loss per share). | |||||
[5] | The sum of our quarterly diluted earnings per share does not equal our annual diluted earnings per share due to the impact of the timing of the repurchases of common stock and stock option exercises on quarterly and annual weighted-average shares outstanding. |
CONSOLIDATED_STATEMENTS_OF_EAR1
CONSOLIDATED STATEMENTS OF EARNINGS (PARENTHETICAL) (USD $) | 11 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 |
Tax effect of discontinued operations | ($37) | ($119) | ($42) | ($122) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 11 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 | |
OPERATING ACTIVITIES | ' | ' | ' | ' | |
Net earnings (loss) including noncontrolling interests | ($420) | [1] | ($177) | $523 | $22 |
Adjustments to reconcile net earnings (loss) to total cash provided by operating activities | ' | ' | ' | ' | |
Depreciation | 794 | 811 | 701 | 897 | |
Amortization of definite-lived intangible assets | 38 | 42 | 15 | 48 | |
Restructuring charges | 449 | 280 | 259 | 287 | |
Goodwill impairments | 822 | 1,207 | 0 | 1,207 | |
Loss on sale of business | 0 | 0 | 143 | 0 | |
Stock-based compensation | 107 | 110 | 90 | 120 | |
Realized gain on sale of investment | 0 | -55 | 0 | -55 | |
Deferred income taxes | -19 | 110 | -28 | 28 | |
Other, net | 41 | 20 | 62 | 26 | |
Changes in operating assets and liabilities, net of assets and liabilities acquired or sold: | ' | ' | ' | ' | |
Receivables | -551 | -342 | 7 | 41 | |
Merchandise inventories | -912 | -1,067 | 597 | 120 | |
Other assets | -65 | 29 | -70 | -24 | |
Accounts payable | 1,735 | 2,095 | -986 | 574 | |
Other liabilities | -339 | 82 | -273 | -23 | |
Income taxes | -226 | -48 | 54 | 25 | |
Total cash provided by operating activities | 1,454 | 3,097 | 1,094 | 3,293 | |
INVESTING ACTIVITIES | ' | ' | ' | ' | |
Additions to property and equipment, net of $13, $29, $13 and $18 non-cash capital expenditures | -705 | -709 | -547 | -766 | |
Purchases of investments | -13 | -111 | -230 | -112 | |
Sales of investments | 69 | 290 | 50 | 290 | |
Acquisition of businesses, net of cash acquired | -31 | -174 | 0 | -174 | |
Proceeds from sale of business, net of cash transferred | 25 | 1 | 206 | 0 | |
Change in restricted assets | 101 | 58 | 5 | 40 | |
Other, net | 16 | -2 | -1 | -2 | |
Total cash used in investing activities | -538 | -647 | -517 | -724 | |
FINANCING ACTIVITIES | ' | ' | ' | ' | |
Repurchase of common stock | -122 | -1,368 | 0 | -1,500 | |
Issuance of common stock under employee stock purchase plan and for the exercise of stock options | 25 | 66 | 171 | 67 | |
Dividends paid | -224 | -228 | -233 | -228 | |
Repayments of debt | -1,614 | -3,192 | -2,033 | -3,412 | |
Proceeds from issuance of debt | 1,741 | 3,911 | 2,414 | 3,921 | |
Payment to noncontrolling interest (Note 3) | 0 | -1,303 | 0 | -1,303 | |
Other, net | -17 | -27 | 0 | -23 | |
Total cash provided by (used in) financing activities | -211 | -2,141 | 319 | -2,478 | |
Effect of Exchange Rate Changes on Cash | -4 | -6 | -44 | 5 | |
Increase in Cash and Cash Equivalents | 701 | 303 | 852 | 96 | |
Adjustment for Fiscal Year-end Change (Note 2) | -74 | -5 | 0 | 0 | |
Increase in Cash and Cash Equivalents After Adjustment | 627 | 298 | 852 | 96 | |
Cash and Cash Equivalents at Beginning of Year | 1,199 | 1,103 | 1,826 | 1,103 | |
Cash and Cash Equivalents at End of Year | 1,826 | 1,401 | 2,678 | 1,199 | |
Supplemental Disclosure of Cash Flow Information | ' | ' | ' | ' | |
Income taxes paid | 478 | 476 | 332 | 568 | |
Interest paid | $106 | $86 | $82 | $89 | |
[1] | (4)On November 2, 2011, our Board of Directors approved a change to our fiscal year-end from the Saturday nearest the end of February to the Saturday nearest the end of January. In the first quarter of fiscal 2013 (11-month), we began reporting our quarterly results on the basis of our new fiscal year-end. As such, the results for the month of February 2012, which are included in the audited results for fiscal 2012, were also included in the reported first quarter of fiscal 2013 (11-month). However, the results for the month of February 2012 are not included in the results for the full year of fiscal 2013 (11-month). Thus, the four quarters of fiscal year 2013 (11-month) are not additive. |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) (USD $) | 11 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 |
Statement of Cash Flows [Abstract] | ' | ' | ' | ' |
Non-cash capital expenditures | $29 | $13 | $13 | $18 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Parent [Member] | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest [Member] | |
In Millions, except Share data, unless otherwise specified | ||||||||
Beginning balances at Feb. 26, 2011 | $7,292 | $6,602 | $39 | $18 | $6,372 | $173 | $690 | |
Beginning balances (in shares) at Feb. 26, 2011 | ' | ' | 393,000,000 | ' | ' | ' | ' | |
Increase (decrease) in shareholders' equity | ' | ' | ' | ' | ' | ' | ' | |
Net earnings (loss) | 22 | -1,231 | 0 | 0 | -1,231 | 0 | 1,253 | |
Foreign currency translation adjustments | -21 | ' | ' | ' | ' | ' | ' | |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | |
Foreign currency translation adjustments | -21 | -9 | 0 | 0 | 0 | -9 | -12 | |
Unrealized gain (loss) on available-for-sale investments | -26 | -26 | 0 | 0 | 0 | -26 | 0 | |
Reclassification of foreign currency translations adjustments into earnings due to sale of business | 0 | ' | ' | ' | ' | ' | ' | |
Reclassification of gains (losses) on available-for-sale investments into earnings | -48 | -48 | 0 | 0 | 0 | -48 | 0 | |
Payment to noncontrolling interest | -1,303 | 0 | 0 | 0 | 0 | 0 | -1,303 | |
Dividend distribution | -7 | 0 | 0 | 0 | 0 | 0 | -7 | |
Stock options exercised | 27 | 27 | 0 | 27 | 0 | 0 | 0 | |
Stock options exercised (in shares) | ' | ' | 1,000,000 | ' | ' | ' | ' | |
Tax benefit (loss) from stock options canceled or excercised, restricted stock vesting and employee stock purchase plan | -2 | -2 | 0 | -2 | 0 | 0 | 0 | |
Issuance of common stock under employee stock purchase plan | 40 | 40 | 0 | 40 | 0 | 0 | 0 | |
Issuance of common stock under employee stock purchase plan (in shares) | ' | ' | 2,000,000 | ' | ' | ' | ' | |
Stock-based compensation | 120 | 120 | 0 | 120 | 0 | 0 | 0 | |
Common stock dividends, $0.68 per share during the period ended February 1, 2014, $0.66 per share during the period ended February 2, 2013, $0.62 per share during the period ended March 3, 2012, respectively | -228 | -228 | 0 | 0 | -228 | 0 | 0 | |
Repurchase of common stock | -1,500 | -1,500 | -5 | -203 | -1,292 | 0 | 0 | |
Repurchase of common stock (in shares) | ' | ' | -55,000,000 | ' | ' | ' | ' | |
Ending balances at Mar. 03, 2012 | 4,366 | 3,745 | 34 | 0 | 3,621 | 90 | 621 | |
Ending balances (in shares) at Mar. 03, 2012 | ' | ' | 341,000,000 | ' | ' | ' | ' | |
Beginning balances at Jan. 28, 2012 | ' | ' | ' | ' | ' | ' | ' | |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | |
Foreign currency translation adjustments | ' | 9 | ' | ' | ' | ' | ' | |
Unrealized gain (loss) on available-for-sale investments | ' | 2 | ' | ' | ' | ' | ' | |
Ending balances at Feb. 02, 2013 | ' | 3,061 | ' | ' | ' | ' | ' | |
Beginning balances at Mar. 03, 2012 | 4,366 | 3,745 | 34 | 0 | 3,621 | 90 | 621 | |
Beginning balances (in shares) at Mar. 03, 2012 | ' | ' | 341,000,000 | ' | ' | ' | ' | |
Increase (decrease) in shareholders' equity | ' | ' | ' | ' | ' | ' | ' | |
Net earnings (loss) | -420 | [1] | -441 | 0 | 0 | -441 | 0 | 21 |
Foreign currency translation adjustments | 15 | ' | ' | ' | ' | ' | ' | |
Adjustment for fiscal year-end change (Note 2) | 6 | -3 | 0 | 0 | -14 | 11 | 9 | |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | |
Foreign currency translation adjustments | 15 | 9 | 0 | 0 | 0 | 9 | 6 | |
Unrealized gain (loss) on available-for-sale investments | 2 | 2 | 0 | 0 | 0 | 2 | 0 | |
Reclassification of foreign currency translations adjustments into earnings due to sale of business | 0 | ' | ' | ' | ' | ' | ' | |
Payment to noncontrolling interest | 0 | ' | ' | ' | ' | ' | ' | |
Dividend distribution | -3 | 0 | 0 | 0 | 0 | 0 | -3 | |
Stock options exercised | 1 | 1 | 0 | 1 | 0 | 0 | 0 | |
Stock options exercised (in shares) | ' | ' | 2,000,000 | ' | ' | ' | ' | |
Tax benefit (loss) from stock options canceled or excercised, restricted stock vesting and employee stock purchase plan | -44 | -44 | 0 | -44 | 0 | 0 | 0 | |
Issuance of common stock under employee stock purchase plan | 24 | 24 | 0 | 24 | 0 | 0 | 0 | |
Issuance of common stock under employee stock purchase plan (in shares) | ' | ' | 1,000,000 | ' | ' | ' | ' | |
Stock-based compensation | 112 | 112 | 0 | 112 | 0 | 0 | 0 | |
Common stock dividends, $0.68 per share during the period ended February 1, 2014, $0.66 per share during the period ended February 2, 2013, $0.62 per share during the period ended March 3, 2012, respectively | -222 | -222 | 0 | 0 | -222 | 0 | 0 | |
Repurchase of common stock | -122 | -122 | 0 | -39 | -83 | 0 | 0 | |
Repurchase of common stock (in shares) | ' | ' | -6,000,000 | ' | ' | ' | ' | |
Ending balances at Feb. 02, 2013 | 3,715 | 3,061 | 34 | 54 | 2,861 | 112 | 654 | |
Ending balances (in shares) at Feb. 02, 2013 | ' | ' | 338,000,000 | ' | ' | ' | ' | |
Increase (decrease) in shareholders' equity | ' | ' | ' | ' | ' | ' | ' | |
Net earnings (loss) | 523 | 532 | 0 | 0 | 532 | 0 | -9 | |
Foreign currency translation adjustments | -147 | -136 | 0 | 0 | 0 | -136 | -11 | |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | |
Foreign currency translation adjustments | ' | -136 | ' | ' | ' | ' | ' | |
Unrealized gain (loss) on available-for-sale investments | 6 | 7 | 0 | 0 | 0 | 7 | -1 | |
Reclassification of foreign currency translations adjustments into earnings due to sale of business | 654 | 508 | 0 | 0 | 0 | 508 | 146 | |
Reclassification of gains (losses) on available-for-sale investments into earnings | 2 | 1 | 0 | 0 | 0 | 1 | 1 | |
Sale of noncontrolling interest | -776 | 0 | 0 | 0 | 0 | 0 | -776 | |
Payment to noncontrolling interest | 0 | ' | ' | ' | ' | ' | ' | |
Dividend distribution | -1 | 0 | 0 | 0 | 0 | 0 | -1 | |
Stock options exercised | 159 | 159 | 1 | 158 | 0 | 0 | 0 | |
Stock options exercised (in shares) | 5,169,000 | ' | 8,000,000 | ' | ' | ' | ' | |
Tax benefit (loss) from stock options canceled or excercised, restricted stock vesting and employee stock purchase plan | -22 | -22 | 0 | -22 | 0 | 0 | 0 | |
Issuance of common stock under employee stock purchase plan | 13 | 13 | 0 | 13 | 0 | 0 | 0 | |
Issuance of common stock under employee stock purchase plan (in shares) | ' | ' | 1,000,000 | ' | ' | ' | ' | |
Stock-based compensation | 97 | 97 | 0 | 97 | 0 | 0 | 0 | |
Common stock dividends, $0.68 per share during the period ended February 1, 2014, $0.66 per share during the period ended February 2, 2013, $0.62 per share during the period ended March 3, 2012, respectively | -234 | -234 | 0 | 0 | -234 | 0 | 0 | |
Ending balances at Feb. 01, 2014 | $3,989 | $3,986 | $35 | $300 | $3,159 | $492 | $3 | |
Ending balances (in shares) at Feb. 01, 2014 | ' | ' | 347,000,000 | ' | ' | ' | ' | |
[1] | (4)On November 2, 2011, our Board of Directors approved a change to our fiscal year-end from the Saturday nearest the end of February to the Saturday nearest the end of January. In the first quarter of fiscal 2013 (11-month), we began reporting our quarterly results on the basis of our new fiscal year-end. As such, the results for the month of February 2012, which are included in the audited results for fiscal 2012, were also included in the reported first quarter of fiscal 2013 (11-month). However, the results for the month of February 2012 are not included in the results for the full year of fiscal 2013 (11-month). Thus, the four quarters of fiscal year 2013 (11-month) are not additive. |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (PARENTHETICAL) (USD $) | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Dividends declared per common share (in dollars per share) | $0.66 | $0.68 | $0.62 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Statement (USD $) | 11 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | |
Net earnings (loss) including noncontrolling interests | ($420) | [1] | $523 | $22 |
Foreign currency translation adjustments | 15 | -147 | -21 | |
Unrealized gain (loss) on available-for-sale investments | 2 | 6 | -26 | |
Reclassification of foreign currency translations adjustments into earnings due to sale of business | 0 | 654 | 0 | |
Reclassification of (gains) losses on available-for-sale investments into earnings | 0 | 2 | -48 | |
Comprehensive income (loss) including noncontrolling interests | -403 | 1,038 | -73 | |
Comprehensive income attributable to noncontrolling interests | -27 | -126 | -1,241 | |
Comprehensive income (loss) attributable to Best Buy Co., Inc. shareholders | ($430) | $912 | ($1,314) | |
[1] | (4)On November 2, 2011, our Board of Directors approved a change to our fiscal year-end from the Saturday nearest the end of February to the Saturday nearest the end of January. In the first quarter of fiscal 2013 (11-month), we began reporting our quarterly results on the basis of our new fiscal year-end. As such, the results for the month of February 2012, which are included in the audited results for fiscal 2012, were also included in the reported first quarter of fiscal 2013 (11-month). However, the results for the month of February 2012 are not included in the results for the full year of fiscal 2013 (11-month). Thus, the four quarters of fiscal year 2013 (11-month) are not additive. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||||||||||||
Unless the context otherwise requires, the use of the terms "Best Buy", "we," "us" and "our" in these Notes to Consolidated Financial Statements refers to Best Buy Co., Inc. and, as applicable, its consolidated subsidiaries. | ||||||||||||||||||||||||
Discontinued Operations | ||||||||||||||||||||||||
On June 26, 2013, we sold our 50% ownership interest in Best Buy Europe Distributions Limited (“Best Buy Europe”) to Carphone Warehouse Group plc ("CPW"). On February 1, 2014, we sold mindSHIFT Technologies, Inc. ("mindSHIFT") to Ricoh Americas Holdings, Inc. ("Ricoh"). The results of Best Buy Europe and mindSHIFT for all periods have been presented as discontinued operations. See Note 4, Discontinued Operations, for further information. | ||||||||||||||||||||||||
Description of Business | ||||||||||||||||||||||||
We are a multi-national, multi-channel retailer of technology products, including mobile phones, tablets and computers, large and small appliances, televisions, digital imaging, entertainment products and related accessories. We also offer technology services – including technical support, repair and installation – under the Geek Squad brand. We have two operating segments: Domestic and International. The Domestic segment is comprised of store, online and call center operations in all states, districts and territories of the U.S., operating under the brand names Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video and Pacific Sales. The International segment is comprised of: (i) all Canada store, online and call center operations, operating under the brand names Best Buy, Best Buy Mobile, Cell Shop, Connect Pro, Future Shop and Geek Squad, (ii) all China store and call center operations, operating under the brand names Five Star and Best Buy Mobile, and (iii) all Mexico store operations operating under the brand names Best Buy, Best Buy Express and Geek Squad. | ||||||||||||||||||||||||
In addition to our retail store operations, we also operate websites including BestBuy.com, BestBuy.ca and FutureShop.ca. | ||||||||||||||||||||||||
Fiscal Year | ||||||||||||||||||||||||
On November 2, 2011, our Board of Directors approved a change in our fiscal year-end from the Saturday nearest the end of February to the Saturday nearest the end of January, effective beginning with our fiscal year 2013. As a result of this change, our fiscal year 2013 was an 11-month transition period beginning March 4, 2012, through February 2, 2013. Concurrent with the change, we began consolidating the results of our Europe, China and Mexico operations on a one-month lag, compared to a two-month lag in prior years, to continue aligning the fiscal reporting periods of our international operations with statutory filing requirements. In these consolidated statements, including the notes thereto, financial results for fiscal 2013 are for an 11-month period. Corresponding results for fiscal 2014 and fiscal 2012 are both for 12-month periods. In addition, our Consolidated Statements of Earnings and Consolidated Statements of Cash Flows also include an unaudited 11-month fiscal 2012 (recast). Fiscal 2014 included 52 weeks, fiscal 2013 (11-month) included 48 weeks and fiscal 2012 included 53 weeks. | ||||||||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||||||
The consolidated financial statements include the accounts of Best Buy Co., Inc. and its consolidated subsidiaries. All intercompany balances and transactions are eliminated upon consolidation. | ||||||||||||||||||||||||
In order to align our fiscal reporting periods and comply with statutory filing requirements, we consolidate the financial results of our Europe, China and Mexico operations on a lag. Due to our fiscal year-end change, this was a one-month lag in fiscal 2014 and 2013 (11-month) and a two-month lag in fiscal 2012. Our policy is to accelerate recording the effect of events occurring in the lag period that significantly affect our consolidated financial statements. In fiscal 2012, we recorded $82 million of restructuring charges recorded in January 2012 related to our large-format Best Buy branded store closures in the United Kingdom ("U.K.") as well as a $1.2 billion goodwill impairment charge attributable to our Best Buy Europe reporting unit. Except for these restructuring activities and the goodwill impairment in fiscal 2012, no significant intervening event occurred in these operations that would have materially affected our financial condition, results of operations, liquidity or other factors had it been recorded during fiscal 2014 or 2013 (11-month). For further information about our restructuring and the nature of the charges we recorded, refer to Note 6, Restructuring Charges. For further information about the goodwill impairment, refer to Goodwill and Intangible Assets below, as well as Note 3, Profit Share Buy-Out. | ||||||||||||||||||||||||
In preparing the accompanying consolidated financial statements, we evaluated the period from February 2, 2014, through the date the financial statements were issued for material subsequent events requiring recognition or disclosure. No such events were identified for this period. | ||||||||||||||||||||||||
Use of Estimates in the Preparation of Financial Statements | ||||||||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. ("GAAP") requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts in the consolidated financial statements, as well as the disclosure of contingent liabilities. Future results could be materially affected if actual results were to differ from these estimates and assumptions. | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||
Cash primarily consists of cash on hand and bank deposits. Cash equivalents consist of money market funds, treasury bills, commercial paper and time deposits such as certificates of deposit with an original maturity of 3 months or less when purchased. The amounts of cash equivalents at February 1, 2014, and February 2, 2013, were $1,705 million and $740 million, respectively, and the weighted-average interest rates were 0.5% and 0.3%, respectively. | ||||||||||||||||||||||||
Outstanding checks in excess of funds on deposit (book overdrafts) totaled $62 million and $97 million at February 1, 2014, and February 2, 2013, respectively, and are reflected within accounts payable in our Consolidated Balance Sheets. | ||||||||||||||||||||||||
Receivables | ||||||||||||||||||||||||
Receivables consist principally of amounts due from mobile phone network operators for commissions earned; banks for customer credit card, certain debit card and electronic benefits transfer (EBT) transactions; and vendors for various vendor funding programs. | ||||||||||||||||||||||||
We establish allowances for uncollectible receivables based on historical collection trends and write-off history. Our allowances for uncollectible receivables were $104 million and $92 million at February 1, 2014, and February 2, 2013, respectively. | ||||||||||||||||||||||||
Merchandise Inventories | ||||||||||||||||||||||||
Merchandise inventories are recorded at the lower of cost, using either the average cost or first-in first-out method, or market. In-bound freight-related costs from our vendors are included as part of the net cost of merchandise inventories. Also included in the cost of inventory are certain vendor allowances that are not a reimbursement of specific, incremental and identifiable costs to promote a vendor's products. Other costs associated with acquiring, storing and transporting merchandise inventories to our retail stores are expensed as incurred and included in cost of goods sold. | ||||||||||||||||||||||||
Our inventory valuation reflects adjustments for anticipated physical inventory losses (e.g., theft) that have occurred since the last physical inventory. Physical inventory counts are taken on a regular basis to ensure that the inventory reported in our consolidated financial statements is properly stated. | ||||||||||||||||||||||||
Our inventory valuation also reflects markdowns for the excess of the cost over the amount we expect to realize from the ultimate sale or other disposal of the inventory. Markdowns establish a new cost basis for our inventory. Subsequent changes in facts or circumstances do not result in the reversal of previously recorded markdowns or an increase in the newly established cost basis. | ||||||||||||||||||||||||
Restricted Assets | ||||||||||||||||||||||||
Restricted cash and investments in debt securities totaled $310 million and $366 million at February 1, 2014, and February 2, 2013, respectively, and are included in other current assets or other assets in our Consolidated Balance Sheets. Such balances are pledged as collateral or restricted to use for vendor payables, general liability insurance, workers' compensation insurance and insurance business regulatory reserve requirements. | ||||||||||||||||||||||||
Derivative Instruments | ||||||||||||||||||||||||
We use foreign currency forward contracts to manage the impact of fluctuations in foreign currency exchange rates relative to recognized receivable and payable balances denominated in non-functional currencies, and on certain forecast inventory purchases denominated in non-functional currencies. The contracts generally have terms of up to 12 months. These derivative instruments are not designated in hedging relationships and, therefore, we record gains and losses on these contracts directly to net earnings. At February 1, 2014, and February 2, 2013, the notional amount of these instruments was $157 million and $173 million, respectively. We recognized a gain of $5 million and $2 million in selling, general and administrative expenses ("SG&A") on our Consolidated Statements of Earnings during fiscal 2014 and 2013 (11-month), respectively, related to these instruments. | ||||||||||||||||||||||||
In conjunction with our agreement to sell our 50% ownership interest in Best Buy Europe as described in Note 4, 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, and we recognized a $2 million loss in gain (loss) from discontinued operations on our Consolidated Statements of Earnings in fiscal 2014. | ||||||||||||||||||||||||
Property and Equipment | ||||||||||||||||||||||||
Property and equipment are recorded at cost. We compute depreciation using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are depreciated over the shorter of their estimated useful lives or the period from the date the assets are placed in service to the end of the lease term, which includes optional renewal periods if they are reasonably assured. Accelerated depreciation methods are generally used for income tax purposes. | ||||||||||||||||||||||||
When property is retired or otherwise disposed of, the cost and accumulated depreciation are removed from our Consolidated Balance Sheets and any resulting gain or loss is reflected in our Consolidated Statements of Earnings. | ||||||||||||||||||||||||
Repairs and maintenance costs are charged directly to expense as incurred. Major renewals or replacements that substantially extend the useful life of an asset are capitalized and depreciated. | ||||||||||||||||||||||||
Costs associated with the acquisition or development of software for internal use are capitalized and amortized over the expected useful life of the software, from three to seven years. A subsequent addition, modification or upgrade to internal-use software is capitalized to the extent that it enhances the software's functionality or extends its useful life. Capitalized software is included in fixtures and equipment. Software maintenance and training costs are expensed in the period incurred. | ||||||||||||||||||||||||
Property under capital lease is comprised of buildings and equipment used in our operations. The related depreciation for capital lease assets is included in depreciation expense. The carrying value of property under capital lease was $58 million and $70 million at February 1, 2014, and February 2, 2013, respectively, net of accumulated depreciation of $62 million and $43 million, respectively. | ||||||||||||||||||||||||
Estimated useful lives by major asset category are as follows: | ||||||||||||||||||||||||
Asset | Life | |||||||||||||||||||||||
(in years) | ||||||||||||||||||||||||
Buildings | 25-50 | |||||||||||||||||||||||
Leasehold improvements | 25-Mar | |||||||||||||||||||||||
Fixtures and equipment | 20-Mar | |||||||||||||||||||||||
Property under capital lease | 20-Feb | |||||||||||||||||||||||
Impairment of Long-Lived Assets and Costs Associated With Exit Activities | ||||||||||||||||||||||||
Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Factors considered important that could result in an impairment review include, but are not limited to, significant underperformance relative to historical or planned operating results, significant changes in the manner of use or expected life of the assets, or significant changes in our business strategies. An impairment loss is recognized when the estimated undiscounted cash flows expected to result from the use of the asset plus net proceeds expected from the disposition of the asset (if any) are less than the carrying value of the asset. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value based on quoted market prices or other valuation techniques (e.g., discounted cash flow analysis). | ||||||||||||||||||||||||
When reviewing long-lived assets for impairment, we group long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For example, long-lived assets deployed at store locations are reviewed for impairment at the individual store level, which involves comparing the carrying value of all land, buildings, leasehold improvements, fixtures and equipment located at each store to the net cash flow projections for each store. In addition, we conduct separate impairment reviews at other levels as appropriate, for example, to evaluate potential impairment of assets shared by several areas of operations, such as information technology systems. | ||||||||||||||||||||||||
The present value of costs associated with location closings, primarily future lease costs (net of expected sublease income), are charged to earnings when we have ceased using the specific location. We accelerate depreciation on property and equipment we expect to retire when a decision is made to abandon a location. | ||||||||||||||||||||||||
At February 1, 2014, and February 2, 2013, the obligation associated with location closings included in accrued liabilities in our Consolidated Balance Sheets was $33 million and $83 million, respectively, and the obligation associated with location closings included in long-term liabilities in our Consolidated Balance Sheets was $86 million and $149 million, respectively. The obligation associated with location closings at February 1, 2014, and February 2, 2013, included amounts associated with our restructuring activities as further described in Note 6, Restructuring Charges. | ||||||||||||||||||||||||
Leases | ||||||||||||||||||||||||
We conduct the majority of our retail and distribution operations from leased locations. The leases require payment of real estate taxes, insurance and common area maintenance, in addition to rent. The terms of our new lease agreements for large-format stores are generally less than 10 years, although we have existing leases with terms up to 20 years. Small-format stores generally have lease terms that are half the length of large-format stores. Most of the leases contain renewal options and escalation clauses, and certain store leases require contingent rents based on factors such as specified percentages of revenue or the consumer price index. | ||||||||||||||||||||||||
For leases that contain predetermined fixed escalations of the minimum rent, we recognize the related rent expense on a straight-line basis from the date we take possession of the property to the end of the initial lease term. We record any difference between the straight-line rent amounts and amounts payable under the leases as part of deferred rent, in accrued liabilities or long-term liabilities, as appropriate. | ||||||||||||||||||||||||
Cash or lease incentives received upon entering into certain store leases ("tenant allowances") are recognized on a straight-line basis as a reduction to rent from the date we take possession of the property through the end of the initial lease term. We record the unamortized portion of tenant allowances as a part of deferred rent, in accrued liabilities or long-term liabilities, as appropriate. | ||||||||||||||||||||||||
At February 1, 2014, and February 2, 2013, deferred rent included in accrued liabilities in our Consolidated Balance Sheets was $36 million and $50 million, respectively, and deferred rent included in long-term liabilities in our Consolidated Balance Sheets was $232 million and $289 million, respectively. | ||||||||||||||||||||||||
We also lease certain equipment under noncancelable operating and capital leases. In addition, we have financing leases for which the gross cost of constructing the asset is included in property and equipment, and amounts reimbursed from the landlord are recorded as financing obligations. Assets acquired under capital and financing leases are depreciated over the shorter of the useful life of the asset or the lease term, including renewal periods, if reasonably assured. | ||||||||||||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations. We test goodwill for impairment annually, as of the first day of the fiscal fourth quarter, or when indications of potential impairment exist. We monitor the existence of potential impairment indicators throughout the fiscal year. We test for goodwill impairment at the reporting unit level. Our reporting units are the components of operating segments which constitute businesses for which discrete financial information is available and is regularly reviewed by segment management. No components were aggregated in arriving at our reporting units. Our reporting unit with a goodwill balance at the beginning of fiscal 2014 was Best Buy Domestic. | ||||||||||||||||||||||||
We review goodwill for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill, as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. If it is determined that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, we conclude that goodwill is not impaired. If it is determined that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, we conduct detailed impairment testing. The first step of the detailed testing involves estimating the fair value of the reporting unit and comparing this to its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, the second step of the two-step goodwill impairment test is required to measure the goodwill impairment loss. The second step includes hypothetically valuing all tangible and intangible assets and liabilities of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit’s goodwill is compared to the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying amount. In fiscal 2014, we determined that the fair value of the Best Buy Domestic reporting unit exceeded its carrying value, and as a result, no goodwill impairment was recorded in fiscal 2014. | ||||||||||||||||||||||||
In fiscal 2013 (11-month), initial goodwill impairment assessments as of November 4, 2012, based on forecasts in place at that time, indicated that fair value exceeded carrying value for each reporting unit. However, operating performance in our Best Buy Canada and Five Star reporting units fell significantly below expectations in the later part of the fiscal fourth quarter. Therefore, we updated our forecasts for Best Buy Canada and Five Star and tested for goodwill impairment as of the end of fiscal 2013 (11-month). The updated forecasts, which were used as the basis for our discounted cash flow ("DCF") valuations for goodwill testing purposes, reflected significantly lower cash flows than previously forecast. Our analysis for step one of detailed impairment testing indicated that carrying values exceeded fair values for both Best Buy Canada and Five Star. Step two entailed allocating the fair values determined from step one to the fair value of all recognized and appropriately unrecognized assets and liabilities to determine the implied fair value of goodwill. In both cases, this analysis led to the conclusion that the goodwill had no value, and therefore we recorded full impairment of the goodwill associated with Best Buy Canada ($611 million) and Five Star ($208 million). The combined goodwill impairment expense of $819 million is included in our International segment. | ||||||||||||||||||||||||
For the Best Buy Domestic reporting unit, we determined that the fair value of the reporting unit exceeded its carrying value by a substantial margin and there were no events during the fourth quarter of fiscal 2013 (11-month) that would be more likely than not to reduce the fair value of the Domestic reporting unit below its carrying amount. | ||||||||||||||||||||||||
Refer to Note 3, Profit Share Buy-Out, for further information on the $1.2 billion goodwill impairment attributable to the Best Buy Europe reporting unit recorded in the fourth quarter of fiscal 2012. | ||||||||||||||||||||||||
Tradenames and Customer Relationships | ||||||||||||||||||||||||
Beginning in fiscal 2014, we have presented our tradenames and customer relationships within intangibles, net in our Consolidated Balance Sheets. All prior-year periods have been reclassified to conform to the current year presentation. | ||||||||||||||||||||||||
We have an indefinite-lived tradename related to Pacific Sales included within our Domestic segment. We also have indefinite-lived tradenames related to Future Shop and Five Star included within our International segment. | ||||||||||||||||||||||||
Our valuation of identifiable intangible assets acquired is based on information and assumptions available to us at the time of acquisition, using income and market approaches to determine fair value. We amortize definite-lived intangible assets over their estimated useful lives. We do not amortize our indefinite-lived tradenames, but test for impairment annually, or when indications of potential impairment exist. | ||||||||||||||||||||||||
We utilize the relief from royalty method to determine the fair value of each of our indefinite-lived tradenames. If the carrying value exceeds the fair value, we recognize an impairment loss in an amount equal to the excess. No impairments were identified during fiscal 2014. | ||||||||||||||||||||||||
We previously had definite-lived customer relationships acquired as part of our acquisition of mindSHIFT within our Domestic segment, and Best Buy Europe within our International segment. At February 2, 2013, the gross carrying amount and accumulated amortization of these customer relationships was $475 million and $272 million, respectively, resulting in a net book value of $203 million. These definite-lived intangible assets were written off as a result of the sales of mindSHIFT and Best Buy Europe in fiscal 2014 as described in Note 4, Discontinued Operations. | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill and indefinite-lived tradenames by segment were as follows in fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | ||||||||||||||||||||||||
Goodwill | Indefinite-Lived Tradenames | |||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | |||||||||||||||||||
Balances at February 26, 2011 | $ | 422 | $ | 2,032 | $ | 2,454 | $ | 21 | $ | 84 | $ | 105 | ||||||||||||
Acquisitions(1) | 94 | — | 94 | 1 | — | 1 | ||||||||||||||||||
Impairments(2) | — | (1,207 | ) | (1,207 | ) | — | — | — | ||||||||||||||||
Sale of business | — | (7 | ) | (7 | ) | (3 | ) | (2 | ) | (5 | ) | |||||||||||||
Changes in foreign currency exchange rates | — | 1 | 1 | — | 1 | 1 | ||||||||||||||||||
Other(3) | — | — | — | — | 28 | 28 | ||||||||||||||||||
Balances at March 3, 2012 | 516 | 819 | 1,335 | 19 | 111 | 130 | ||||||||||||||||||
Acquisitions(4) | 15 | — | 15 | — | — | — | ||||||||||||||||||
Impairments | (3 | ) | (819 | ) | (822 | ) | — | — | — | |||||||||||||||
Changes in foreign currency exchange rates | — | — | — | — | 1 | 1 | ||||||||||||||||||
Balances at February 2, 2013 | 528 | — | 528 | 19 | 112 | 131 | ||||||||||||||||||
Impairments | — | — | — | — | (4 | ) | (4 | ) | ||||||||||||||||
Sale of business(5) | (103 | ) | — | (103 | ) | — | (22 | ) | (22 | ) | ||||||||||||||
Changes in foreign currency exchange rates | — | — | — | — | (4 | ) | (4 | ) | ||||||||||||||||
Balances at February 1, 2014 | $ | 425 | $ | — | $ | 425 | $ | 19 | $ | 82 | $ | 101 | ||||||||||||
-1 | Represents goodwill acquired, primarily as a result of the mindSHIFT acquisition in fiscal 2012. | |||||||||||||||||||||||
-2 | Represents the full impairment of goodwill attributable to Best Buy Europe as described in Note 3, Profit Share Buy-Out. The gross carrying amount of goodwill and cumulative impairment were written off as a result of the sale of Best Buy Europe in fiscal 2014. | |||||||||||||||||||||||
-3 | Represents the transfer of certain definite-lived tradenames (at their net book value) to indefinite-lived tradenames following our decision to no longer phase out certain tradenames. We believe these tradenames will continue to contribute to our future cash flows indefinitely. | |||||||||||||||||||||||
-4 | Represents goodwill acquired, primarily as a result of an acquisition made by mindSHIFT in fiscal 2013 (11-month). | |||||||||||||||||||||||
-5 | Represents goodwill written-off as a result of the sale of mindSHIFT in fiscal 2014 and indefinite-lived tradenames written off as a result of the sale of Best Buy Europe in fiscal 2014. | |||||||||||||||||||||||
The following table provides the gross carrying amount of goodwill and cumulative goodwill impairment losses ($ in millions): | ||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||||||||||||||
Gross Carrying | Cumulative | Gross Carrying | Cumulative | |||||||||||||||||||||
Amount(1) | Impairment(1) | Amount | Impairment | |||||||||||||||||||||
Goodwill | $ | 1,308 | $ | (883 | ) | $ | 2,608 | $ | (2,080 | ) | ||||||||||||||
-1 | Excludes the gross carrying amount and cumulative impairment related to Best Buy Europe and mindSHIFT, which were sold during fiscal 2014. | |||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||
We are self-insured for certain losses related to health, workers' compensation and general liability claims; however, we obtain third-party insurance coverage to limit our exposure to these claims. A portion of these self-insured losses are managed through a wholly-owned insurance captive. We estimate our self-insured liabilities using a number of factors, including historical claims experience, an estimate of incurred but not reported claims, demographic and severity factors, and valuations provided by independent third-party actuaries. Our self-insured liabilities included in the Consolidated Balance Sheets were as follows ($ in millions): | ||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||||||||||||||
Accrued liabilities | $ | 88 | $ | 77 | ||||||||||||||||||||
Long-term liabilities | 52 | 47 | ||||||||||||||||||||||
Total | $ | 140 | $ | 124 | ||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||
We account for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. We record a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized. | ||||||||||||||||||||||||
In determining our provision for income taxes, we use an annual effective income tax rate based on annual income, permanent differences between book and tax income, and statutory income tax rates. The effective income tax rate also reflects our assessment of the ultimate outcome of tax audits. We adjust our annual effective income tax rate as additional information on outcomes or events becomes available. Discrete events, such as audit settlements or changes in tax laws, are recognized in the period in which they occur. | ||||||||||||||||||||||||
Our income tax returns are periodically audited by U.S. federal, state and local and foreign tax authorities. At any one time, multiple tax years are subject to audit by the various tax authorities. In evaluating the tax benefits associated with our various tax filing positions, we record a tax benefit for uncertain tax positions using the highest cumulative tax benefit that is more likely than not to be realized. A number of years may elapse before a particular matter, for which we have established a liability, is audited and effectively settled. We adjust our liability for unrecognized tax benefits in the period in which we determine the issue is effectively settled with the tax authorities, the statute of limitations expires for the relevant taxing authority to examine the tax position or when more information becomes available. We include our liability for unrecognized tax benefits, including accrued penalties and interest, in accrued income taxes and long-term liabilities on our Consolidated Balance Sheets and in income tax expense in our Consolidated Statements of Earnings. | ||||||||||||||||||||||||
Accrued Liabilities | ||||||||||||||||||||||||
The major components of accrued liabilities at February 1, 2014, and February 2, 2013, were state and local tax liabilities, rent-related liabilities including accrued real estate taxes, loyalty program liabilities and self-insurance reserves. | ||||||||||||||||||||||||
Long-Term Liabilities | ||||||||||||||||||||||||
The major components of long-term liabilities at February 1, 2014, and February 2, 2013, were unrecognized tax benefits, rent-related liabilities, deferred compensation plan liabilities, self-insurance reserves and deferred revenue. | ||||||||||||||||||||||||
Foreign Currency | ||||||||||||||||||||||||
Foreign currency denominated assets and liabilities are translated into U.S. dollars using the exchange rates in effect at our consolidated balance sheet date. For operations reported on a one-month lag, we use the exchange rates in effect one month prior to our consolidated balance sheet date. Results of operations and cash flows are translated using the average exchange rates throughout the period. The effect of exchange rate fluctuations on the translation of assets and liabilities is included as a component of shareholders' equity in accumulated other comprehensive income. Gains and losses from foreign currency transactions, which are included in SG&A, have not been significant in any of the periods presented. | ||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||
Our revenue arises primarily from sales of merchandise and services. We also record revenue from sales of service contracts, extended warranties, other commissions and credit card programs. Revenue excludes sales taxes collected. | ||||||||||||||||||||||||
We recognize revenue when the sales price is fixed or determinable, collection is reasonably assured and the customer takes possession of the merchandise, or in the case of services, the service has been provided. Revenue is recognized for store sales when the customer receives and pays for the merchandise. For online sales, we defer revenue and the related product costs for shipments that are in-transit to the customer, and recognize revenue at the time the customer receives the product. Online customers typically receive goods within a few days of shipment. Revenue from merchandise sales and services is reported net of sales returns, including an estimate of future returns based on historical return rates, with a corresponding reduction to cost of sales. Our sales returns reserve was $13 million and $14 million at February 1, 2014, and February 2, 2013, respectively. | ||||||||||||||||||||||||
We sell service contracts and extended warranties that typically have terms ranging from three months to four years. We also receive commissions for customer subscriptions with various third parties, notably from mobile phone network operators. In instances where we are deemed to be the obligor on the service contract or subscription, the service and commission revenue is deferred and recognized ratably over the term of the service contract or subscription period. In instances where we are not deemed to be the obligor on the service contract or subscription, commissions are recognized in revenue when such commissions have been earned, primarily driven by customer activation. Service and commission revenues earned from the sale of extended warranties represented 2.1%, 2.4% and 2.4% of revenue in fiscal 2014, 2013 (11-month) and 2012, respectively. | ||||||||||||||||||||||||
For revenue transactions that involve multiple deliverables, we defer the revenue associated with any undelivered elements. The amount of revenue deferred in connection with the undelivered elements is determined using the relative fair value of each element, which is generally based on each element's relative retail price. | ||||||||||||||||||||||||
At February 1, 2014, and February 2, 2013, short-term deferred revenue was $399 million and $451 million, respectively. At February 1, 2014, and February 2, 2013, deferred revenue included within long-term liabilities in our Consolidated Balance Sheets was $50 million and $62 million, respectively. | ||||||||||||||||||||||||
For additional information related to our credit card arrangements and customer loyalty programs, see Credit Services and Financing and Sales Incentives, respectively, below. | ||||||||||||||||||||||||
Gift Cards | ||||||||||||||||||||||||
We sell gift cards to our customers in our retail stores, through our websites and through selected third parties. We do not charge administrative fees on unused gift cards and our gift cards do not have an expiration date. We recognize revenue from gift cards when: (i) the gift card is redeemed by the customer, or (ii) the likelihood of the gift card being redeemed by the customer is remote ("gift card breakage"), and we determine that we do not have a legal obligation to remit the value of unredeemed gift cards to the relevant jurisdictions. We determine our gift card breakage rate based upon historical redemption patterns. Based on our historical information, the likelihood of a gift card remaining unredeemed can be determined 24 months after the gift card is issued. At that time, we recognize breakage income for those cards for which the likelihood of redemption is deemed remote and we do not have a legal obligation to remit the value of such unredeemed gift cards to the relevant jurisdictions. Gift card breakage income is included in revenue in our Consolidated Statements of Earnings. | ||||||||||||||||||||||||
Gift card breakage income was as follows in fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | ||||||||||||||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Gift card breakage income | $ | 53 | $ | 46 | $ | 54 | ||||||||||||||||||
Credit Services and Financing | ||||||||||||||||||||||||
In the U.S., we have an agreement with a bank for the issuance of promotional financing and customer loyalty credit cards bearing the Best Buy brand. Under the agreement, the bank manages and directly extends credit to our customers. Cardholders who choose promotional financing can receive deferred-interest financing on qualifying purchases. The bank is the sole owner of the accounts receivable generated under the program and accordingly, we do not hold any consumer receivables related to these programs. We earn revenue from the bank based primarily on the performance of the portfolio. | ||||||||||||||||||||||||
We also have similar agreements for promotional financing and credit cards with banks for our businesses in Canada, China and Mexico, and we account for these programs in a manner consistent with the U.S. agreement. | ||||||||||||||||||||||||
In addition, we also accept Visa®, MasterCard®, Discover®, JCB® and American Express® credit cards, as well as debit cards from all major international networks. | ||||||||||||||||||||||||
Sales Incentives | ||||||||||||||||||||||||
We frequently offer sales incentives that entitle our customers to receive a reduction in the price of a product or service. Sales incentives include discounts, coupons and other offers that entitle a customer to receive a reduction in the price of a product or service either at the point of sale or by submitting a claim for a refund or rebate. For sales incentives issued to a customer in conjunction with a sale of merchandise or services for which we are the obligor, the reduction in revenue is recognized at the time of sale, based on the retail value of the incentive expected to be redeemed. | ||||||||||||||||||||||||
Customer Loyalty Programs | ||||||||||||||||||||||||
We have customer loyalty programs which allow members to earn points for each qualifying purchase. Points earned enable members to receive a certificate that may be redeemed on future purchases at our Best Buy branded stores. There are two primary ways that members may participate and earn loyalty points. | ||||||||||||||||||||||||
First, we have customer loyalty programs where members earn points for each purchase. Depending on the customer's membership level within our loyalty program, certificates expire either 2 or 12 months from the date of issuance. The retail value of points earned by our loyalty program members is included in accrued liabilities and recorded as a reduction of revenue at the time the points are earned, based on the percentage of points that are projected to be redeemed. | ||||||||||||||||||||||||
Second, under our credit card agreement, we have a customer loyalty credit card bearing the Best Buy brand. Cardholders earn points for purchases made at our stores and related websites in the U.S., as well as purchases at other merchants. Points earned entitle cardholders to receive certificates that may be redeemed on future purchases at our stores and related websites. Certificates expire either 2 or 12 months from the date of issuance. The retail value of points earned by our cardholders is included in accrued liabilities and recorded as a reduction of revenue at the time the points are earned, based on the percentage of points that are projected to be redeemed. | ||||||||||||||||||||||||
We recognize revenue when: (i) a certificate is redeemed by the customer; (ii) a certificate expires, or (iii) the likelihood of a certificate being redeemed by a customer is remote ("certificate breakage"). We determine our certificate breakage rate based upon historical redemption patterns. | ||||||||||||||||||||||||
Cost of Goods Sold and Selling, General and Administrative Expenses | ||||||||||||||||||||||||
The following table illustrates the primary costs classified in each major expense category: | ||||||||||||||||||||||||
Cost of Goods Sold | ||||||||||||||||||||||||
• | Total cost of products sold including: | |||||||||||||||||||||||
— | Freight expenses associated with moving merchandise inventories from our vendors to our distribution centers; | |||||||||||||||||||||||
— | Vendor allowances that are not a reimbursement of specific, incremental and identifiable costs to promote a vendor's products; and | |||||||||||||||||||||||
— | Cash discounts on payments to merchandise vendors; | |||||||||||||||||||||||
• | Cost of services provided including: | |||||||||||||||||||||||
— | Payroll and benefits costs for services employees; and | |||||||||||||||||||||||
— | Cost of replacement parts and related freight expenses; | |||||||||||||||||||||||
• | Physical inventory losses; | |||||||||||||||||||||||
• | Markdowns; | |||||||||||||||||||||||
• | Customer shipping and handling expenses; | |||||||||||||||||||||||
• | Costs associated with operating our distribution network, including payroll and benefit costs, occupancy costs, and depreciation; and | |||||||||||||||||||||||
• | Freight expenses associated with moving merchandise inventories from our distribution centers to our retail stores. | |||||||||||||||||||||||
SG&A | ||||||||||||||||||||||||
• | Payroll and benefit costs for retail and corporate employees; | |||||||||||||||||||||||
• | Occupancy and maintenance costs of retail, services and corporate facilities; | |||||||||||||||||||||||
• | Depreciation and amortization related to retail, services and corporate assets; | |||||||||||||||||||||||
• | Advertising costs; | |||||||||||||||||||||||
• | Vendor allowances that are a reimbursement of specific, incremental and identifiable costs to promote a vendor's products; | |||||||||||||||||||||||
• | Tender costs, including bank charges and costs associated with credit and debit card interchange fees; | |||||||||||||||||||||||
• | Charitable contributions; | |||||||||||||||||||||||
• | Outside and outsourced service fees; | |||||||||||||||||||||||
• | Long-lived asset impairment charges; and | |||||||||||||||||||||||
• | Other administrative costs, such as supplies, and travel and lodging. | |||||||||||||||||||||||
Vendor Allowances | ||||||||||||||||||||||||
We receive allowances from certain vendors through a variety of programs and arrangements intended to offset our costs of promoting and selling merchandise inventories. Vendor allowances are primarily in the form of receipt-based funds or sell-through credits. Receipt-based funds are generally determined at an agreed percentage of purchases and are initially deferred and recorded as a reduction of merchandise inventories. The deferred amounts are then included as a reduction of cost of goods sold when the related product is sold. Sell-through credits are generally determined at an agreed percentage of sales and are recognized when the related product is sold. Vendor allowances provided as a reimbursement of specific, incremental and identifiable costs, such as specialized store labor or training costs, are included in SG&A as an expense reduction when the cost is incurred. | ||||||||||||||||||||||||
Advertising Costs | ||||||||||||||||||||||||
Advertising costs, which are included in SG&A, are expensed the first time the advertisement runs. Advertising costs consist primarily of print and television advertisements as well as promotional events. Advertising expenses were $775 million, $732 million and $828 million in fiscal 2014, 2013 (11-month) and 2012, respectively. | ||||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||
We apply the fair value recognition provisions of accounting guidance as they relate to our stock-based compensation, which require us to recognize expense for the fair value of our stock-based compensation awards. We recognize compensation expense on a straight-line basis over the requisite service period of the award (or to an employee's eligible retirement date, if earlier). |
Fiscal_YearEnd_Change
Fiscal Year-End Change | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Fiscal Year-End Change [Abstract] | ' | |||||||
Fiscal Year-End Change | ' | |||||||
Fiscal Year-end Change | ||||||||
On November 2, 2011, our Board of Directors approved a change to 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 beginning March 4, 2012, through February 2, 2013. In the first quarter of fiscal 2013 (11-month), we also began consolidating the results of our Europe, China and Mexico operations on a one-month lag, compared to a two-month lag in fiscal year 2012, to continue to align our fiscal reporting periods with statutory filing requirements. | ||||||||
The following table shows the fiscal months included within our financial statements and footnotes for fiscal 2014, fiscal 2013 (11-month) and fiscal 2012. | ||||||||
New Fiscal Calendar(1) | Previous Fiscal Calendar(1) | |||||||
2014 | 2013 (11-Month) | 2012 | ||||||
February 2013 - January 2014 | March 2012 - January 2013 | March 2011 - February 2012 | ||||||
-1 | For entities reported on a lag, the fiscal months included in fiscal 2013 (11-month) were February through December, and in fiscal 2014 and 2012 were January through December. | |||||||
January Results for Entities Reported on a Lag | ||||||||
As a result of the 11-month transition period in fiscal 2013, the month of January 2012 was not captured in our consolidated fiscal 2013 (11-month) results for those entities reported on a one-month lag. The following is selected financial data for the one month ended January 31, 2012, and the comparable prior year period, for entities reported on a lag ($ in millions): | ||||||||
One Month Ended | ||||||||
31-Jan-12 | 31-Jan-11 | |||||||
(unaudited) | (unaudited) | |||||||
Revenue | $ | 189 | $ | 249 | ||||
Gross profit | 16 | 24 | ||||||
Operating loss | (14 | ) | (1 | ) | ||||
Net earnings (loss) from continuing operations | (13 | ) | — | |||||
Loss from discontinued operations, net of tax | (12 | ) | (28 | ) | ||||
Net loss including noncontrolling interests | (25 | ) | (28 | ) | ||||
Net loss attributable to Best Buy Co., Inc. shareholders(1) | (14 | ) | (33 | ) | ||||
-1 | The net loss attributable to Best Buy Co., Inc. shareholders for the one month ended January 31, 2012, represents the adjustment to retained earnings within the Consolidated Statements of Changes in Shareholders' Equity as a result of the exclusion of January results for entities reported on a lag. | |||||||
In addition, the Consolidated Statements of Cash Flows includes a net reconciling adjustment for the cash flows as a result of the exclusion of January 2012 in fiscal 2013 (11-month) described above. The total adjustment was $74 million, primarily due to $50 million of cash used in financing activities and $18 million of cash used in investing activities. The total adjustment for January 2011 in fiscal 2012 (11-month recast) was $5 million. The adjustments for both periods included the effect of exchange rate changes on our cash balances. |
Profit_Share_BuyOut
Profit Share Buy-Out | 12 Months Ended |
Feb. 01, 2014 | |
Profit Share Buy-Out Disclosure [Abstract] | ' |
Profit Share Buy-Out | ' |
Profit Share Buy-Out | |
During fiscal 2008, we entered into a profit-sharing agreement with Carphone Warehouse Group plc ("CPW") (the "profit share agreement"). Under the terms of this agreement, CPW provided expertise and certain other resources to enhance our mobile telephone retail business ("Best Buy Mobile") in return for a share of incremental profits generated in excess of defined thresholds. | |
During fiscal 2009, we acquired a 50% controlling interest in the retail business of CPW, subsequently referred to as Best Buy Europe, which included the profit share agreement with Best Buy Mobile. CPW held a 50% noncontrolling interest in Best Buy Europe until the sale of our 50% interest in Best Buy Europe to CPW in the second quarter of fiscal 2014. Refer to Note 4, Discontinued Operations. | |
In November 2011, we announced strategic changes in respect of Best Buy Europe, including an agreement to buy out CPW's interest in the profit share agreement for $1.3 billion (the "Mobile buy-out"), subject to the approval of CPW shareholders. The Mobile buy-out was completed during the fourth quarter of fiscal 2012. | |
Financial Reporting Impact of the Mobile Buy-out | |
We accounted for the Mobile buy-out transaction as a $1.3 billion payment to terminate the future payments due under the profit share agreement with Best Buy Europe, thereby eliminating CPW's interest in the profits. This payment is presented within net earnings (loss) from discontinued operations attributable to noncontrolling interests in our Consolidated Statements of Earnings, consistent with the financial reporting of the previous recurring payments made pursuant to the profit share agreement. In the Consolidated Statements of Cash Flows, the payment to CPW is included within payment to noncontrolling interest, as part of cash flows from financing activities. | |
Goodwill Impairment - Best Buy Europe | |
We recorded $1.5 billion of goodwill as a result of our acquisition of Best Buy Europe in fiscal 2009. This goodwill was part of our Best Buy Europe reporting unit, which comprised our 50% controlling interest in Best Buy Europe and the profit share agreement with Best Buy Mobile. | |
At the time of the announcement of the Mobile buy-out in November 2011, we also announced the closure of our large-format Best Buy branded stores in the U.K. As of the end of the third quarter of fiscal 2012, and in light of these strategic decisions, we performed an interim evaluation of potential impairment of goodwill associated with the Best Buy Europe reporting unit. Following the elimination of the profit share agreement from Best Buy Europe and the closure of large-format Best Buy branded stores in the U.K., the remaining fair value of the Best Buy Europe reporting unit was entirely attributable to its small-format store retail operations. As a result of these events, we performed a goodwill impairment analysis and determined that the goodwill attributable to the Best Buy Europe reporting unit, representing $1.2 billion as of January 24, 2012, had been fully impaired. The impairment loss is recorded in gain (loss) from discontinued operations within our Consolidated Statements of Earnings in fiscal 2012. | |
Acceleration of Intervening Event | |
The results of Best Buy Europe were recorded on a two-month lag in fiscal 2012. However, as described in Note 1, Summary of Significant Accounting Policies, the Mobile buy-out in January 2012 constituted a significant intervening event. Consequently, the recording of all accounting impacts arising from the Mobile buy-out, including the goodwill impairment, were accelerated and recorded in the fourth quarter of fiscal 2012 due to their significance to our consolidated financial statements. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Discontinued Operations | ' | |||||||||||
Discontinued Operations | ||||||||||||
Discontinued operations comprise the following: | ||||||||||||
Domestic Segment | ||||||||||||
Napster – During the third quarter of fiscal 2012, we sold certain assets comprising the domestic operations of Napster, Inc. to Rhapsody International and ceased operations in the U.S. Napster's operations comprised digital media download and streaming services in the U.S. In consideration for the sale of these assets, Best Buy received a minority investment in Rhapsody International. We do not exercise significant influence over Rhapsody International. | ||||||||||||
mindSHIFT – During the fourth quarter of fiscal 2014, we completed the sale of mindSHIFT to Ricoh Americas Corporation, at which time we recorded an $18 million pre-tax loss. | ||||||||||||
International Segment | ||||||||||||
Best Buy China – During the fourth quarter of fiscal 2011, we announced the restructuring of our eight large-format Best Buy branded stores in China. The closure of Best Buy branded stores was completed in the first quarter of fiscal 2012. | ||||||||||||
Best Buy Turkey – During the fourth quarter of fiscal 2011, we announced the closure of our two large-format Best Buy branded stores in Turkey. The exit activities were completed during the second quarter of fiscal 2012, at which time we recorded a $4 million pre-tax gain on the sale of certain assets related to the stores. | ||||||||||||
Best Buy Europe – During the third quarter of fiscal 2012, we announced the closure of our 11 large-format Best Buy branded stores in the U.K. We completed the exit activities associated with these stores during the fourth quarter of fiscal 2012. | ||||||||||||
During the fourth quarter of fiscal 2012, Best Buy Europe sold its retail business in Belgium, consisting of 82 small-format The Phone House stores, to Belgacom S.A. As a result of the sale, a pre-tax gain of $5 million was recorded in fiscal 2012. | ||||||||||||
During the second quarter of fiscal 2014, 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 | |||||||||||
The aggregate financial results of all discontinued operations for fiscal 2014, 2013 (11-month) and 2012 were as follows ($ in millions): | ||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue | $ | 2,815 | $ | 5,259 | $ | 5,658 | ||||||
Restructuring charges(1) | 100 | 34 | 239 | |||||||||
Gain (loss) from discontinued operations before income tax benefit | (240 | ) | 15 | (1,521 | ) | |||||||
Income tax benefit(2) | 42 | 37 | 122 | |||||||||
Gain on sale of discontinued operations | 32 | — | — | |||||||||
Equity in loss of affiliates | — | (5 | ) | (3 | ) | |||||||
Net gain (loss) from discontinued operations including noncontrolling interests | (166 | ) | 47 | (1,402 | ) | |||||||
Net (gain) loss from discontinued operations attributable to noncontrolling interests | 11 | (19 | ) | (1,250 | ) | |||||||
Net gain (loss) from discontinued operations attributable to Best Buy Co., Inc. shareholders | $ | (155 | ) | $ | 28 | $ | (2,652 | ) | ||||
-1 | See Note 6, Restructuring Charges, for further discussion of the restructuring charges associated with discontinued operations. | |||||||||||
-2 | Income tax benefit for fiscal 2014 includes a $27 million benefit related to a tax allocation between continuing and discontinued operations and a $15 million benefit related to the impairment of our investment in Best Buy Europe. The fiscal 2014 effective tax rate for discontinued operations differs from the statutory tax rate primarily due to the previously mentioned tax allocation, sale of mindSHIFT, restructuring charges and the impairment of our investment in Best Buy Europe. The sale of mindSHIFT, restructuring charges and impairment generally included no related tax benefit. The deferred tax assets related to the sale of mindSHIFT and restructuring charges generally resulted in an increase in the valuation allowance in an equal amount, of which the investment impairment is not tax deductible. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
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 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 that are Measured at Fair Value on a Recurring Basis | ||||||||||||||||
The fair value hierarchy requires the use of observable market data when available. In instances in which 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 February 1, 2014, and February 2, 2013, 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 | |||||||||||||
1-Feb-14 | 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 | $ | 53 | $ | 53 | $ | — | $ | — | ||||||||
Commercial paper | 80 | — | 80 | — | ||||||||||||
Treasury bills | 263 | 263 | — | — | ||||||||||||
Short-term investments | ||||||||||||||||
Commercial paper | 100 | — | 100 | — | ||||||||||||
Other current assets | ||||||||||||||||
Foreign currency derivative instruments | 2 | — | 2 | — | ||||||||||||
Other assets | ||||||||||||||||
Auction rate securities | 9 | — | — | 9 | ||||||||||||
Marketable securities that fund deferred compensation | 96 | 96 | — | — | ||||||||||||
Liabilities | ||||||||||||||||
Accrued liabilities | ||||||||||||||||
Foreign currency derivative instruments | 5 | — | 5 | — | ||||||||||||
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 | — | ||||||||||||
Other assets | ||||||||||||||||
Auction rate securities | 21 | — | — | 21 | ||||||||||||
Marketable equity securities | 27 | 27 | — | — | ||||||||||||
Marketable securities that fund deferred compensation | 88 | 88 | — | — | ||||||||||||
The following table provides 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) ($ in millions). | ||||||||||||||||
Debt securities — Auction rate securities only | ||||||||||||||||
Student loan bonds | Municipal revenue bonds | Total | ||||||||||||||
Balances at March 3, 2012 | $ | 80 | $ | 2 | $ | 82 | ||||||||||
Changes in unrealized losses in other comprehensive income | 4 | — | 4 | |||||||||||||
Sales | (65 | ) | — | (65 | ) | |||||||||||
Balances at February 2, 2013 | 19 | 2 | 21 | |||||||||||||
Changes in unrealized losses in other comprehensive income | 1 | — | 1 | |||||||||||||
Sales | (13 | ) | — | (13 | ) | |||||||||||
Balances at February 1, 2014 | $ | 7 | $ | 2 | $ | 9 | ||||||||||
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. Our money market fund investments not traded on a regular basis or in an active market, and for which we have been unable to obtain pricing information on an ongoing basis, were measured using inputs other than quoted market prices that are observable for the investments and, therefore, were classified as Level 2. | ||||||||||||||||
Commercial Paper. Our investments in commercial paper were measured using inputs based upon quoted prices for similar instruments in active markets and, therefore, were classified as Level 2. | ||||||||||||||||
Treasury Bills. Our Treasury bills were classified as Level 1 as they trade with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. | ||||||||||||||||
Foreign Currency Derivative Instruments. Comprised primarily of foreign currency forward contracts and foreign currency swap contracts, our foreign currency derivative instruments were measured at fair value using readily observable market inputs, such as quotations on forward foreign exchange points and foreign interest rates. Our foreign currency derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. | ||||||||||||||||
Auction Rate Securities. Our investments in auction rate securities ("ARS") were classified as Level 3 as quoted prices were unavailable. Due to limited market information, we utilized a DCF model to derive an estimate of fair value. The assumptions we used in preparing the DCF model included estimates with respect to the amount and timing of future interest and principal payments, forward projections of the interest rate benchmarks, the probability of full repayment of the principal considering the credit quality and guarantees in place, and the rate of return required by investors to own such securities given the current liquidity risk associated with ARS. | ||||||||||||||||
Marketable Equity Securities. Our marketable equity securities were measured at fair value using quoted market prices. They were classified as Level 1 as they trade in an active market for which closing stock prices are readily available. | ||||||||||||||||
Deferred Compensation. The assets that fund our deferred compensation consist of investments in mutual funds. These investments were classified as Level 1 as the shares of these mutual funds trade with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. | ||||||||||||||||
Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||
Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to our tangible fixed assets, goodwill and other intangible assets, which are remeasured when the derived fair value is below carrying value on our Consolidated Balance Sheets. For these assets, we do not periodically adjust carrying value to fair value except in the event of impairment. When we determine that impairment has occurred, the carrying value of the asset is reduced to fair value and the difference is recorded within operating income in our Consolidated Statements of Earnings. | ||||||||||||||||
The following table summarizes the fair value remeasurements for non-restructuring property and equipment impairments, goodwill impairments and restructuring activities recorded for fiscal 2014 and fiscal 2013 (11-month) ($ in millions): | ||||||||||||||||
12-Month 2014 | 11-Month 2013 | |||||||||||||||
Impairments | Remaining Net | Impairments | Remaining Net | |||||||||||||
Carrying Value(1) | Carrying Value (1) | |||||||||||||||
Continuing operations | ||||||||||||||||
Property and equipment (non-restructuring) | $ | 101 | $ | 10 | $ | 60 | $ | 8 | ||||||||
Goodwill(2) | — | — | 822 | — | ||||||||||||
Restructuring activities(3) | ||||||||||||||||
Property and equipment | 9 | — | 59 | — | ||||||||||||
Investments | 16 | 21 | 27 | 38 | ||||||||||||
Total | $ | 126 | $ | 31 | $ | 968 | $ | 46 | ||||||||
Discontinued operations(4) | ||||||||||||||||
Property and equipment(5) | $ | 220 | $ | — | $ | 11 | $ | — | ||||||||
Tradename | 4 | — | — | — | ||||||||||||
Total | $ | 224 | $ | — | $ | 11 | $ | — | ||||||||
-1 | Remaining net carrying value approximates fair value. | |||||||||||||||
-2 | See Note 1, Significant Accounting Policies, for additional information. | |||||||||||||||
-3 | See Note 6, Restructuring Charges, for additional information. | |||||||||||||||
-4 | Property and equipment and tradename impairments associated with discontinued operations are recorded within gain (loss) from discontinued operations in our Consolidated Statements of Earnings. | |||||||||||||||
-5 | 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 4, Discontinued Operations, the remaining net carrying values of all assets have been reduced to zero. | |||||||||||||||
All of the fair value remeasurements included in the table above were based on significant unobservable inputs (Level 3). Refer to Note 1, Summary of Significant Accounting Policies, as well as Note 3, Profit Share Buy-Out, for further information associated with the goodwill impairments. Fixed asset fair values were derived using a DCF model to estimate the present value of net cash flows that the asset or asset group was expected to generate. The key inputs to the DCF model generally included our forecasts of net cash generated from revenue, expenses and other significant cash outflows, such as capital expenditures, as well as an appropriate discount rate. For the tradename, fair value was derived using the relief from royalty method, as described in Note 1, Summary of Significant Accounting Policies. 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, short-term investments, other investments, accounts payable, other payables, and short- and long-term debt. The fair values of cash, receivables, short-term investments, 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. |
Restructuring_Charges
Restructuring Charges | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges | ||||||||||||||||||||||||||||||||||||||||||||||||
Summary | ||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring charges incurred in fiscal 2014, 2013 (11-month) and 2012 were as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||||||||||||||
Renew Blue | $ | 165 | $ | 171 | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Fiscal 2013 U.S. restructuring | (6 | ) | 257 | — | ||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2012 restructuring | — | (1 | ) | 28 | ||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2011 restructuring | — | (12 | ) | 20 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 159 | 415 | 48 | |||||||||||||||||||||||||||||||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2013 Europe restructuring | 95 | 36 | — | |||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2012 restructuring | 5 | (1 | ) | 215 | ||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2011 restructuring | — | (1 | ) | 24 | ||||||||||||||||||||||||||||||||||||||||||||
Total (Note 4) | 100 | 34 | 239 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 259 | $ | 449 | $ | 287 | ||||||||||||||||||||||||||||||||||||||||||
Renew Blue Plan | ||||||||||||||||||||||||||||||||||||||||||||||||
In the fourth quarter of fiscal 2013 (11-month), we began implementing initiatives intended to reduce costs and improve operating performance. These initiatives included focusing on core business activities, reducing headcount, updating our store operating model and optimizing our real estate portfolio. These cost reduction initiatives represent one of the key Renew Blue priorities for fiscal 2014 and cost reductions will continue to be a priority in fiscal 2015. We incurred $165 million of charges related to Renew Blue initiatives during fiscal 2014. Of the total charges, $129 million related to our Domestic segment, which consisted of employee termination benefits, investment impairments, and property and equipment impairments. The remaining $36 million of charges related to our International segment and consisted of employee termination benefits, facility closure and other costs, and property and equipment impairments. We expect to continue to implement cost reduction initiatives throughout fiscal 2015, as we further analyze our operations and strategies. | ||||||||||||||||||||||||||||||||||||||||||||||||
We incurred $171 million of charges related to Renew Blue initiatives during fiscal 2013 (11-month). Of the total charges, $84 million related to our Domestic segment, which consisted primarily of employee termination benefits, investment impairments, and property and equipment impairments. The remaining $87 million of charges related to our International segment and consisted of facility closure and other costs, property and equipment impairments, and employee termination benefits. | ||||||||||||||||||||||||||||||||||||||||||||||||
All restructuring charges related to this plan are from continuing operations. Inventory write-downs are presented in restructuring charges - cost of goods sold in our Consolidated Statements of Earnings, and the remainder of restructuring charges are presented in restructuring charges in our Consolidated Statements of Earnings. | ||||||||||||||||||||||||||||||||||||||||||||||||
The composition of the restructuring charges we incurred for this program in fiscal 2014 and 2013 (11-month), as well as the cumulative amount incurred through the end of fiscal 2014, was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Domestic | International | Total | ||||||||||||||||||||||||||||||||||||||||||||||
12-Month 2014 | 11-Month 2013 | Cumulative Amount | 12-Month 2014 | 11-Month 2013 | Cumulative Amount | 12-Month 2014 | 11-Month 2013 | Cumulative Amount | ||||||||||||||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||||||||||||||
Inventory write-downs | $ | — | $ | 1 | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | 1 | ||||||||||||||||||||||||||||||
Property and equipment impairments | 7 | 7 | 14 | 2 | 23 | 25 | 9 | 30 | 39 | |||||||||||||||||||||||||||||||||||||||
Termination benefits | 106 | 46 | 152 | 28 | 9 | 37 | 134 | 55 | 189 | |||||||||||||||||||||||||||||||||||||||
Investment impairments | 16 | 27 | 43 | — | — | — | 16 | 27 | 43 | |||||||||||||||||||||||||||||||||||||||
Facility closure and other costs | — | 3 | 3 | 6 | 55 | 61 | 6 | 58 | 64 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 129 | $ | 84 | $ | 213 | $ | 36 | $ | 87 | $ | 123 | $ | 165 | $ | 171 | $ | 336 | ||||||||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during fiscal 2014 and 2013 (11-month) related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Termination Benefits | Facility | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Closure and | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 3, 2012 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Charges | 55 | 54 | 109 | |||||||||||||||||||||||||||||||||||||||||||||
Cash payments | (1 | ) | — | (1 | ) | |||||||||||||||||||||||||||||||||||||||||||
Balance at February 2, 2013 | 54 | 54 | 108 | |||||||||||||||||||||||||||||||||||||||||||||
Charges | 133 | 16 | 149 | |||||||||||||||||||||||||||||||||||||||||||||
Cash payments | (68 | ) | (23 | ) | (91 | ) | ||||||||||||||||||||||||||||||||||||||||||
Adjustments | (8 | ) | 4 | (4 | ) | |||||||||||||||||||||||||||||||||||||||||||
Balance at February 1, 2014 | $ | 111 | $ | 51 | $ | 162 | ||||||||||||||||||||||||||||||||||||||||||
Fiscal 2013 Europe Restructuring | ||||||||||||||||||||||||||||||||||||||||||||||||
In the third quarter of fiscal 2013 (11-month), we also 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 4, Discontinued Operations. We incurred $95 million of restructuring charges in fiscal 2014, consisting primarily of property and equipment impairments, and employee termination benefits. In fiscal 2013 (11-month), we incurred $36 million of charges related to employee termination benefits, property and equipment impairments, and facility closure and other costs. Given the sale of Best Buy Europe, we do not expect to incur additional restructuring charges related to this program. | ||||||||||||||||||||||||||||||||||||||||||||||||
The composition of the restructuring charges we incurred for this program in fiscal 2014 and 2013 (11-month), as well as the cumulative amount incurred through the end of fiscal 2014, was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
International | ||||||||||||||||||||||||||||||||||||||||||||||||
12-Month 2014 | 11-Month 2013 | Cumulative Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||||||||||||||||||||||||||
Inventory write-downs | $ | 7 | $ | — | $ | 7 | ||||||||||||||||||||||||||||||||||||||||||
Property and equipment impairments | 45 | 12 | 57 | |||||||||||||||||||||||||||||||||||||||||||||
Termination benefits | 36 | 19 | 55 | |||||||||||||||||||||||||||||||||||||||||||||
Tradename impairments | 4 | — | 4 | |||||||||||||||||||||||||||||||||||||||||||||
Facility closure and other costs | 3 | 5 | 8 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 95 | $ | 36 | $ | 131 | ||||||||||||||||||||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during fiscal 2014 and 2013 (11-month) related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Termination Benefits | Facility | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Closure and | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 3, 2012 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Charges | 19 | 5 | 24 | |||||||||||||||||||||||||||||||||||||||||||||
Cash payments | (19 | ) | — | (19 | ) | |||||||||||||||||||||||||||||||||||||||||||
Balance at February 2, 2013 | — | 5 | 5 | |||||||||||||||||||||||||||||||||||||||||||||
Charges | 36 | 2 | 38 | |||||||||||||||||||||||||||||||||||||||||||||
Cash payments | (2 | ) | (7 | ) | (9 | ) | ||||||||||||||||||||||||||||||||||||||||||
Adjustments(1) | (34 | ) | — | (34 | ) | |||||||||||||||||||||||||||||||||||||||||||
Balance at February 1, 2014 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
-1 | Represents the remaining liability written off as a result of the sale of Best Buy Europe, as described in Note 4, Discontinued Operations. | |||||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2013 U.S. Restructuring | ||||||||||||||||||||||||||||||||||||||||||||||||
In the first quarter of fiscal 2013 (11-month), 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 primarily consisted of facility closure costs, employee termination benefits, and property and equipment (primarily store fixtures) impairments. We recognized a reduction to restructuring charges of $6 million in fiscal 2014 as a result of the buyout of a lease for less than the remaining vacant space liability. In fiscal 2013 (11-month), we incurred $257 million of charges, primarily consisting of facility closure and other costs, employee termination benefits, and property and equipment impairments. We do not expect to incur further material restructuring charges related to this program, with the exception of lease payments for vacated stores which will continue until the lease expires or we otherwise terminate the lease. | ||||||||||||||||||||||||||||||||||||||||||||||||
The restructuring charges related to this program are from continuing operations and are presented in restructuring charges in our Consolidated Statements of Earnings. The composition of the restructuring charges we incurred for this program in fiscal 2014 and 2013 (11-month), as well as the cumulative amount incurred through the end of fiscal 2014, was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Domestic | ||||||||||||||||||||||||||||||||||||||||||||||||
12-Month 2014 | 11-Month 2013 | Cumulative Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment impairments | $ | — | $ | 29 | $ | 29 | ||||||||||||||||||||||||||||||||||||||||||
Termination benefits | — | 77 | 77 | |||||||||||||||||||||||||||||||||||||||||||||
Facility closure and other costs | (6 | ) | 151 | 145 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | (6 | ) | $ | 257 | $ | 251 | |||||||||||||||||||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during fiscal 2014 and 2013 (11-month) related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Termination Benefits | Facility | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Closure and | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 3, 2012 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Charges | 109 | 152 | 261 | |||||||||||||||||||||||||||||||||||||||||||||
Cash payments | (65 | ) | (33 | ) | (98 | ) | ||||||||||||||||||||||||||||||||||||||||||
Adjustments | (40 | ) | (6 | ) | (46 | ) | ||||||||||||||||||||||||||||||||||||||||||
Balance at February 2, 2013 | 4 | 113 | 117 | |||||||||||||||||||||||||||||||||||||||||||||
Charges | — | 4 | 4 | |||||||||||||||||||||||||||||||||||||||||||||
Cash payments | (2 | ) | (46 | ) | (48 | ) | ||||||||||||||||||||||||||||||||||||||||||
Adjustments | (2 | ) | (13 | ) | (15 | ) | ||||||||||||||||||||||||||||||||||||||||||
Balance at February 1, 2014 | $ | — | $ | 58 | $ | 58 | ||||||||||||||||||||||||||||||||||||||||||
Fiscal 2012 Restructuring Plan | ||||||||||||||||||||||||||||||||||||||||||||||||
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 related to Best Buy Europe, including the charges 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 4, 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 fiscal 2014, representing a change in sublease assumptions. During fiscal 2013 (11-month), we recorded a gain of $2 million related to this program, primarily related to our International segment from adjustments to estimated facility closures costs associated with the closure of our Best Buy branded stores in the U.K. | ||||||||||||||||||||||||||||||||||||||||||||||||
We incurred $243 million of charges related to this program during fiscal 2012. Of the total charges, $23 million related to our Domestic segment and consisted primarily of IT asset impairments and other related costs. The remaining $220 million of charges related to our International segment and consisted primarily of property and equipment impairments, facility closure and other costs, employee termination benefits and inventory write-downs. We do not expect to incur further material restructuring charges related to this program in either our Domestic or International segments, as we have substantially completed these restructuring activities. | ||||||||||||||||||||||||||||||||||||||||||||||||
The composition of the restructuring charges we incurred for this program in fiscal 2014, 2013 (11-month) and 2012, as well as the cumulative amount incurred through the end of fiscal 2014, was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Domestic | International | Total | ||||||||||||||||||||||||||||||||||||||||||||||
12-Month 2014 | 11-Month 2013 | 12-Month 2012 | Cumulative Amount | 12-Month 2014 | 11-Month 2013 | 12-Month 2012 | Cumulative Amount | 12-Month 2014 | 11-Month 2013 | 12-Month 2012 | Cumulative Amount | |||||||||||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment impairments | $ | — | $ | — | $ | 17 | $ | 17 | $ | — | $ | — | $ | 5 | $ | 5 | $ | — | $ | — | $ | 22 | $ | 22 | ||||||||||||||||||||||||
Termination benefits | — | — | 1 | 1 | — | — | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||||||||||
Facility closure and other costs | — | (1 | ) | 5 | 4 | — | — | — | — | — | (1 | ) | 5 | 4 | ||||||||||||||||||||||||||||||||||
Total | — | (1 | ) | 23 | 22 | — | — | 5 | 5 | — | (1 | ) | 28 | 27 | ||||||||||||||||||||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||||||||||||||||||||||||||
Inventory write-downs | — | — | — | — | — | — | 11 | 11 | — | — | 11 | 11 | ||||||||||||||||||||||||||||||||||||
Property and equipment impairments | — | — | — | — | — | — | 106 | 106 | — | — | 106 | 106 | ||||||||||||||||||||||||||||||||||||
Termination benefits | — | — | — | — | — | 1 | 16 | 17 | — | 1 | 16 | 17 | ||||||||||||||||||||||||||||||||||||
Facility closure and other costs | — | — | — | — | 5 | (2 | ) | 82 | 85 | 5 | (2 | ) | 82 | 85 | ||||||||||||||||||||||||||||||||||
Total | — | — | — | — | 5 | (1 | ) | 215 | 219 | 5 | (1 | ) | 215 | 219 | ||||||||||||||||||||||||||||||||||
Total | $ | — | $ | (1 | ) | $ | 23 | $ | 22 | $ | 5 | $ | (1 | ) | $ | 220 | $ | 224 | $ | 5 | $ | (2 | ) | $ | 243 | $ | 246 | |||||||||||||||||||||
The following table summarizes our restructuring accrual activity during fiscal 2014 and 2013 (11-month) related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Termination Benefits | Facility | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Closure and | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 3, 2012 | $ | 17 | $ | 85 | $ | 102 | ||||||||||||||||||||||||||||||||||||||||||
Charges | 1 | 2 | 3 | |||||||||||||||||||||||||||||||||||||||||||||
Cash payments | (18 | ) | (83 | ) | (101 | ) | ||||||||||||||||||||||||||||||||||||||||||
Adjustments(1) | — | 28 | 28 | |||||||||||||||||||||||||||||||||||||||||||||
Changes in foreign currency exchange rates | — | 4 | 4 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at February 2, 2013 | — | 36 | 36 | |||||||||||||||||||||||||||||||||||||||||||||
Cash payments | — | (33 | ) | (33 | ) | |||||||||||||||||||||||||||||||||||||||||||
Adjustments(2) | — | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||||||||||||||||
Changes in foreign currency exchange rates | — | (2 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||||||||||
Balance at February 1, 2014 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
-1 | Included within adjustments to facility closure and other costs is $34 million from the first quarter of fiscal 2013 (11-month), representing an adjustment to exclude non-cash charges or benefits, which had no impact on our Consolidated Statements of Earnings in fiscal 2013 (11-month). | |||||||||||||||||||||||||||||||||||||||||||||||
-2 | Included within adjustments to facility closure and other costs 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 4, Discontinued Operations. | |||||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2011 Restructuring Plan | ||||||||||||||||||||||||||||||||||||||||||||||||
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 fiscal 2013 (11-month), we recorded a net reduction to restructuring charges of $13 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 (11-month) (previously impaired through restructuring charges), partially offset by charges associated with the exit from certain digital delivery services within our entertainment product category. | ||||||||||||||||||||||||||||||||||||||||||||||||
In fiscal 2012, we incurred $44 million of charges related to this program, which related primarily to our Domestic segment consisting primarily of property and equipment impairments (notably IT assets), employee termination benefits, intangible asset impairments and other costs associated with the exit from certain digital delivery services within our entertainment product category. Within our Domestic segment, we also incurred additional inventory write-downs as we completed the exit from certain distribution facilities associated with our entertainment product category at the end of fiscal 2012. We have completed activities under this program. |
Debt
Debt | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Debt | ' | |||||||||||||
Debt | ||||||||||||||
Short-Term Debt | ||||||||||||||
Short-term debt consisted of the following ($ in millions): | ||||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||||
Principal | Interest | Principal | Interest | |||||||||||
Balance | Rate | Balance | Rate | |||||||||||
Europe revolving credit facility(1) | $ | — | — | % | $ | 596 | 2 | % | ||||||
12-Month | 11-Month | |||||||||||||
Fiscal Year | 2014 | 2013 | ||||||||||||
Maximum month-end amount outstanding during the year(1) | $ | 597 | $ | 596 | ||||||||||
Average amount outstanding during the year(1) | 135 | 477 | ||||||||||||
-1 | Amounts relate to our previous £400 million Europe unsecured revolving credit facility agreement (the "RCF"). Interest rates under the previous RCF were variable, based on LIBOR plus an applicable margin based on Best Buy Europe's fixed charges coverage ratio. As described in Note 4, Discontinued Operations, we sold our interest in Best Buy Europe on June 26, 2013. | |||||||||||||
U.S. Revolving Credit Facilities | ||||||||||||||
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, 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 1.0%, 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%. The 364-Day Facility Agreement terminates in June 2014 (subject to a one-year term-out option). | ||||||||||||||
On October 7, 2011, we entered into a $1.5 billion five-year unsecured revolving credit facility agreement (the "Five-Year Facility Agreement and, collectively with the 364-Day Facility Agreement, the "Agreements") with a syndicate of banks. The interest rates under the Five-Year Facility Agreement is variable and determined at our option as: (i) the sum of (a) the greatest of JPMorgan's prime rate, the federal funds rate plus 0.5%, or the one-month London Interbank Offered Rate (“LIBOR”) plus 1.0%, and (b) a margin (the “ABR Margin”); or (ii) the LIBOR plus a margin (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 long-term credit ratings. Under the Five-Year Facility Agreement, the ABR Margin ranges from 0.0% to 0.475%, the LIBOR Margin ranges from 0.875% to 1.475%, and the facility fee ranges from 0.125% to 0.275%. The Five-Year Facility Agreement terminates in October 2016. | ||||||||||||||
The Agreements permit borrowings of up to $2.0 billion (which may be increased to up to $2.5 billion at our option under certain circumstances) and a $300 million letter of credit sublimit. At February 1, 2014, and February 2, 2013, there were no borrowings outstanding and at February 1, 2014, $2.0 billion was available under the Agreements. | ||||||||||||||
The Agreements are guaranteed by specified subsidiaries of Best Buy Co., Inc. and contain customary affirmative and negative covenants. Among other things, these covenants restrict Best Buy Co., Inc. or its subsidiaries' ability to incur certain types or amounts of indebtedness, incur liens on certain assets, make material changes in corporate structure or the nature of its business, dispose of material assets, engage in a change in control transaction, make certain foreign investments, enter into certain restrictive agreements or engage in certain transactions with affiliates. The Agreements also contain covenants that require us to maintain a maximum quarterly cash flow leverage ratio and a minimum quarterly interest coverage ratio. The Agreements contain customary default provisions including, but not limited to, failure to pay interest or principal when due and failure to comply with covenants. | ||||||||||||||
Canada Revolving Demand Facility | ||||||||||||||
We have $4 million in a revolving demand facility available to our Canada operations. There were no borrowings outstanding under the facility at February 1, 2014, or February 2, 2013. There is no set expiration date for the facility. All borrowings under the facility are made available at the sole discretion of the lender and are payable on demand. Borrowings under the facility bear interest at rates specified in the credit agreement for the facility. Borrowings are secured by a guarantee of Best Buy Co., Inc. | ||||||||||||||
China Revolving Demand Facilities | ||||||||||||||
We have $158 million in revolving demand facilities available to our China operations, of which no borrowings were outstanding at February 1, 2014, or February 2, 2013. The facilities are renewed annually with the respective banks. All borrowings under these facilities bear interest at rates specified in the related credit agreements, are made available at the sole discretion of the respective lenders and are payable on demand. Certain of these facilities are secured by a guarantee of Best Buy Co., Inc. | ||||||||||||||
Long-Term Debt | ||||||||||||||
Long-term debt consisted of the following ($ in millions): | ||||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||||
2013 Notes | $ | — | $ | 500 | ||||||||||
2016 Notes | 349 | 349 | ||||||||||||
2018 Notes | 500 | — | ||||||||||||
2021 Notes | 649 | 648 | ||||||||||||
Financing lease obligations, due 2015 to 2026, interest rates ranging from 3.0% to 8.1% | 95 | 122 | ||||||||||||
Capital lease obligations, due 2015 to 2036, interest rates ranging from 1.9% to 9.3% | 63 | 80 | ||||||||||||
Other debt, due 2017, interest rate 6.7% | 1 | 1 | ||||||||||||
Total long-term debt | 1,657 | 1,700 | ||||||||||||
Less: current portion(1) | (45 | ) | (547 | ) | ||||||||||
Total long-term debt, less current portion | $ | 1,612 | $ | 1,153 | ||||||||||
-1 | Our 2013 Notes due July 15, 2013, which we retired on July 15, 2013, are classified in the current portion of long-term debt as of February 2, 2013. | |||||||||||||
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 Treasury Rate plus 50 basis points. Furthermore, if a change of control triggering event occurs, we will be required to offer to purchase the remaining unredeemed 2018 Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the purchase date. | ||||||||||||||
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. | ||||||||||||||
2016 and 2021 Notes | ||||||||||||||
In March 2011, we issued $350 million principal amount of notes due March 15, 2016 (the “2016 Notes”) and $650 million principal amount of notes due March 15, 2021 (the “2021 Notes” and, together with the 2016 Notes, the “Notes”). The 2016 Notes bear interest at a fixed rate of 3.75% per year, while the 2021 Notes bear interest at a fixed rate of 5.50% per year. Interest on the Notes is payable semi-annually on March 15 and September 15 of each year, beginning on September 15, 2011. The Notes were issued at a slight discount to par, which when coupled with underwriting discounts of $6 million, resulted in net proceeds from the sale of the Notes of $990 million. | ||||||||||||||
We may redeem some or all of the Notes at any time at a redemption price equal to the greater of (i) 100% of the principal amount and (ii) the sum of the present values of each remaining scheduled payment of principal and interest discounted to the redemption date on a semiannual basis, plus accrued and unpaid interest on the principal amount to the redemption date as described in the indenture (including the supplemental indenture) relating to the Notes. Furthermore, if a change of control triggering event occurs, we will be required to offer to purchase the remaining unredeemed Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the purchase date. | ||||||||||||||
The Notes are unsecured and unsubordinated obligations and rank equally with all of our other unsecured and unsubordinated debt. The Notes contain covenants that, among other things, limit our ability to incur debt secured by liens or to enter into sale and lease-back transactions. | ||||||||||||||
Other | ||||||||||||||
The fair value of long-term debt approximated $1,690 million and $1,652 million at February 1, 2014, and February 2, 2013, respectively, based primarily on the ask prices quoted from external sources, compared to carrying values of $1,657 million and $1,700 million, respectively. If our long-term debt was recorded at fair value, it would be classified as Level 1. | ||||||||||||||
At February 1, 2014, the future maturities of long-term debt, including capitalized leases, consisted of the following ($ in millions): | ||||||||||||||
Fiscal Year | ||||||||||||||
2015 | $ | 45 | ||||||||||||
2016 | 38 | |||||||||||||
2017 | 372 | |||||||||||||
2018 | 16 | |||||||||||||
2019 | 509 | |||||||||||||
Thereafter | 677 | |||||||||||||
Total long-term debt | $ | 1,657 | ||||||||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||||||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||||||||
Shareholders' Equity Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||
Shareholders Equity Including Stock Compensation Plans, Earnings Per Share, Repurchase of Common Stock, Comprehensive Income | ' | |||||||||||||||||||||||||||||
Shareholders' Equity | ||||||||||||||||||||||||||||||
Stock Compensation Plans | ||||||||||||||||||||||||||||||
Our 2004 Omnibus Stock and Incentive Plan, as amended (the "Omnibus Plan"), authorizes us to grant or issue non-qualified stock options, incentive stock options, share awards and other equity awards up to a total of 64.5 million shares with a limit of 26.3 million shares of restricted stock awards, restricted stock units, dividend equivalents settled in shares and other stock grants. We have not granted incentive stock options under the Omnibus Plan. Under the terms of the Omnibus Plan, awards may be granted to our employees, officers, advisors, consultants and directors. Awards issued under the Omnibus Plan vest as determined by the Compensation and Human Resources Committee of our Board of Directors at the time of grant. At February 1, 2014, a total of 19.1 million shares in total, and10.0 million shares of restricted stock awards, restricted stock units, dividend equivalents settled in shares and other stock grants were available for future grants under the Omnibus Plan. | ||||||||||||||||||||||||||||||
Upon adoption and approval of the Omnibus Plan, all of our previous equity incentive compensation plans were terminated. However, existing awards under those plans continued to vest in accordance with the original vesting schedule and will expire at the end of their original term. | ||||||||||||||||||||||||||||||
Our outstanding stock options have a 10-year term. Outstanding stock options issued to employees generally vest over a three or four-year period, and outstanding stock options issued to directors vest immediately upon grant. Share awards vest based either upon attainment of specified goals or upon continued employment. Outstanding share awards that are not time-based vest at the end of a three-year incentive period based upon our total shareholder return ("TSR") compared to the TSR of companies that comprise Standard & Poor's 500 Index ("market-based"). We have time-based share awards that vest in their entirety at the end of three- and four-year periods, time-based share awards where 25% of the award vests on the date of grant and 25% vests on each of the three anniversary dates thereafter, and time-based share awards to directors vest one year from the grant date. | ||||||||||||||||||||||||||||||
During fiscal 2014, our Employee Stock Purchase Plan was amended. The Plan permits employees to purchase our common stock at a 5% discount from the market price at the end of semi-annual purchase periods and is non-compensatory. During fiscal 2013 (11-month) and 2012, the Plan permitted our employees to purchase our common stock at a 15% discount from the market price of the stock at the beginning or at the end of a semi-annual purchase period, whichever is less, and was considered compensatory. Employees are required to hold the common stock purchased for 12 months. In fiscal 2014, 2013 (11-month) and 2012, 0.6 million, 1.0 million and 1.4 million shares, respectively, were purchased through our employee stock purchase plans. At February 1, 2014, and February 2, 2013, plan participants had accumulated $2 million and $4 million, respectively, to purchase our common stock pursuant to these plans. | ||||||||||||||||||||||||||||||
Stock-based compensation expense was as follows in fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | ||||||||||||||||||||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Stock options | $ | 25 | $ | 43 | $ | 76 | ||||||||||||||||||||||||
Share awards | ||||||||||||||||||||||||||||||
Market-based | 9 | 2 | — | |||||||||||||||||||||||||||
Time-based | 62 | 62 | 33 | |||||||||||||||||||||||||||
Employee stock purchase plans | 1 | 5 | 11 | |||||||||||||||||||||||||||
Total | $ | 97 | $ | 112 | $ | 120 | ||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||||||||
Stock option activity was as follows in fiscal 2014: | ||||||||||||||||||||||||||||||
Stock | Weighted- | Weighted-Average | Aggregate | |||||||||||||||||||||||||||
Options | Average | Remaining | Intrinsic Value (in millions) | |||||||||||||||||||||||||||
Exercise Price | Contractual | |||||||||||||||||||||||||||||
per Share | Term (in years) | |||||||||||||||||||||||||||||
Outstanding at February 2, 2013 | 29,983,000 | $ | 36.93 | |||||||||||||||||||||||||||
Granted | 2,741,000 | $ | 22.53 | |||||||||||||||||||||||||||
Exercised | (5,169,000 | ) | $ | 31.21 | ||||||||||||||||||||||||||
Forfeited/Canceled | (5,454,000 | ) | $ | 37.36 | ||||||||||||||||||||||||||
Outstanding at February 1, 2014 | 22,101,000 | $ | 36.38 | 5.4 | $ | 16 | ||||||||||||||||||||||||
Vested or expected to vest at February 1, 2014 | 21,597,000 | $ | 36.68 | 5.3 | $ | 16 | ||||||||||||||||||||||||
Exercisable at February 1, 2014 | 16,926,000 | $ | 40.11 | 4.4 | $ | 5 | ||||||||||||||||||||||||
The weighted-average grant-date fair value of stock options granted during fiscal 2014, 2013 (11-month) and 2012 was $7.77, $5.11 and $7.94, respectively, per share. The aggregate intrinsic value of our stock options (the amount by which the market price of the stock on the date of exercise exceeded the exercise price of the option) exercised during fiscal 2014, 2013 (11-month) and 2012, was $39 million, $0 million and $6 million, respectively. At February 1, 2014, there was $29 million of unrecognized compensation expense related to stock options that is expected to be recognized over a weighted-average period of 1.2 years. | ||||||||||||||||||||||||||||||
Net cash proceeds from the exercise of stock options were $158 million, $1 million and $27 million in fiscal 2014, 2013 (11-month) and 2012, respectively. | ||||||||||||||||||||||||||||||
There was $13 million of income tax benefits realized from stock option exercises in fiscal 2014. The actual income tax benefit realized from stock option exercises was $0 million and $2 million, in fiscal 2013 (11-month) and 2012, respectively. | ||||||||||||||||||||||||||||||
In fiscal 2014, 2013 (11-month) and 2012, we estimated the fair value of each stock option on the date of grant using a lattice or Black Scholes valuation model (for certain individuals) with the following assumptions: | ||||||||||||||||||||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||||||||||||||||||||
Valuation Assumptions(1) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Risk-free interest rate(2) | 0.1% – 1.8% | 0.1% – 2.0% | 0.1% – 3.6% | |||||||||||||||||||||||||||
Expected dividend yield | 2 | % | 2.2 | % | 2.3 | % | ||||||||||||||||||||||||
Expected stock price volatility(3) | 46 | % | 44 | % | 37 | % | ||||||||||||||||||||||||
Expected life of stock options (in years)(4) | 5.9 | 5.9 | 6.2 | |||||||||||||||||||||||||||
-1 | Forfeitures are estimated using historical experience and projected employee turnover. | |||||||||||||||||||||||||||||
-2 | Based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected life of our stock options. | |||||||||||||||||||||||||||||
-3 | In projecting expected stock price volatility, we consider both the historical volatility of our stock price as well as implied volatilities from exchange-traded options on our stock. | |||||||||||||||||||||||||||||
-4 | We estimate the expected life of stock options based upon historical experience. | |||||||||||||||||||||||||||||
Market-Based Share Awards | ||||||||||||||||||||||||||||||
The fair value of market-based share awards is determined based on generally accepted valuation techniques and the closing market price of our stock on the date of grant. A summary of the status of our nonvested market-based share awards at February 1, 2014, and changes during fiscal 2014, is as follows: | ||||||||||||||||||||||||||||||
Market-Based Share Awards | Shares | Weighted-Average Fair Value per Share | ||||||||||||||||||||||||||||
Outstanding at February 2, 2013 | 805,000 | $ | 16.76 | |||||||||||||||||||||||||||
Granted | 1,044,000 | $ | 24.26 | |||||||||||||||||||||||||||
Vested | (20,000 | ) | $ | 19.89 | ||||||||||||||||||||||||||
Forfeited/Canceled | (193,000 | ) | $ | 21.82 | ||||||||||||||||||||||||||
Outstanding at February 1, 2014 | 1,636,000 | $ | 20.91 | |||||||||||||||||||||||||||
At February 1, 2014, there was $21 million of unrecognized compensation expense related to nonvested market-based share awards that we expect to recognize over a weighted-average period of 2.0 years. | ||||||||||||||||||||||||||||||
Time-Based Share Awards | ||||||||||||||||||||||||||||||
The fair value of time-based share awards is determined based on the closing market price of our stock on the date of grant. This value is reduced by the present value of expected dividends during vesting when the employee is not entitled to dividends. | ||||||||||||||||||||||||||||||
A summary of the status of our nonvested time-based share awards at February 1, 2014, and changes during fiscal 2014, is as follows: | ||||||||||||||||||||||||||||||
Time-Based Share Awards | Shares | Weighted-Average Fair Value per Share | ||||||||||||||||||||||||||||
Outstanding at February 2, 2013 | 7,751,000 | $ | 21.05 | |||||||||||||||||||||||||||
Granted | 3,433,000 | $ | 22.99 | |||||||||||||||||||||||||||
Vested | (2,642,000 | ) | $ | 22.06 | ||||||||||||||||||||||||||
Forfeited/Canceled | (1,477,000 | ) | $ | 21.61 | ||||||||||||||||||||||||||
Outstanding at February 1, 2014 | 7,065,000 | $ | 21.49 | |||||||||||||||||||||||||||
At February 1, 2014, there was $93 million of unrecognized compensation expense related to nonvested time-based share awards that we expect to recognize over a weighted-average period of 1.8 years. | ||||||||||||||||||||||||||||||
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 the potentially dilutive common shares been issued. Potentially dilutive securities include stock options, nonvested share awards and shares issuable under our employee stock purchase plan, as well as common shares that would have resulted from the assumed conversion of our convertible debentures. During the fourth quarter of fiscal 2012, we repurchased and redeemed all of the remaining outstanding convertible debentures. Since the potentially dilutive shares related to the convertible debentures are included in the computation, the related interest expense, net of tax, is added back to net earnings, as the interest would not have been paid if the convertible debentures had been converted to common stock. Nonvested market-based share awards and nonvested performance-based share awards are included in the average diluted shares outstanding each period if established market or performance criteria have been met at the end of the respective periods. | ||||||||||||||||||||||||||||||
At February 1, 2014, options to purchase 22.1 million shares of common stock were outstanding as follows (shares in millions): | ||||||||||||||||||||||||||||||
Exercisable | Unexercisable | Total | ||||||||||||||||||||||||||||
Shares | % | Weighted- | Shares | % | Weighted- | Shares | % | Weighted- | ||||||||||||||||||||||
Average Price | Average Price | Average Price | ||||||||||||||||||||||||||||
per Share | per Share | per Share | ||||||||||||||||||||||||||||
In-the-money | 2.6 | 15 | % | $ | 23.84 | 4.3 | 83 | % | $ | 21.45 | 6.9 | 31 | % | $ | 22.36 | |||||||||||||||
Out-of-the-money | 14.3 | 85 | % | $ | 43.14 | 0.9 | 17 | % | $ | 36.91 | 15.2 | 69 | % | $ | 42.77 | |||||||||||||||
Total | 16.9 | 100 | % | $ | 40.11 | 5.2 | 100 | % | $ | 24.16 | 22.1 | 100 | % | $ | 36.38 | |||||||||||||||
The computation of dilutive shares outstanding excludes the out-of-the-money stock options because such outstanding options' exercise prices were greater than the average market price of our common shares and, therefore, the effect would be anti-dilutive (i.e., including such options would result in higher earnings per share). | ||||||||||||||||||||||||||||||
The following table presents a reconciliation of the numerators and denominators of basic and diluted earnings per share in fiscal 2014, 2013 (11-month) and 2012: | ||||||||||||||||||||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||||||||||||||||||||
2014 | 2013(1) | 2012 | ||||||||||||||||||||||||||||
Numerator (in millions): | ||||||||||||||||||||||||||||||
Net earnings (loss) from continuing operations | $ | 689 | $ | (467 | ) | $ | 1,424 | |||||||||||||||||||||||
Net earnings from continuing operations attributable to noncontrolling interests | (2 | ) | (2 | ) | (3 | ) | ||||||||||||||||||||||||
Net earnings (loss) from continuing operations attributable to Best Buy Co., Inc., shareholders, basic | 687 | (469 | ) | 1,421 | ||||||||||||||||||||||||||
Adjustment for assumed dilution: | ||||||||||||||||||||||||||||||
Interest on convertible debentures due in 2022, net of tax | — | — | 5 | |||||||||||||||||||||||||||
Net earnings (loss) from continuing operations attributable to Best Buy Co., Inc., shareholders, diluted | $ | 687 | $ | (469 | ) | $ | 1,426 | |||||||||||||||||||||||
Denominator (in millions): | ||||||||||||||||||||||||||||||
Weighted-average common shares outstanding | 342.1 | 338.6 | 366.3 | |||||||||||||||||||||||||||
Effect of potentially dilutive securities: | ||||||||||||||||||||||||||||||
Shares from assumed conversion of convertible debentures | — | — | 7.6 | |||||||||||||||||||||||||||
Stock options and other | 5.5 | — | 0.6 | |||||||||||||||||||||||||||
Weighted-average common shares outstanding, assuming dilution | 347.6 | 338.6 | 374.5 | |||||||||||||||||||||||||||
Net earnings (loss) per share from continuing operations attributable to Best Buy Co., Inc. shareholders | ||||||||||||||||||||||||||||||
Basic | $ | 2.01 | $ | (1.38 | ) | $ | 3.88 | |||||||||||||||||||||||
Diluted | $ | 1.98 | $ | (1.38 | ) | $ | 3.81 | |||||||||||||||||||||||
-1 | The calculation of diluted loss per share for fiscal 2013 (11-month) does not include potentially dilutive securities because their inclusion would be anti-dilutive (i.e., reduce the net loss per share). | |||||||||||||||||||||||||||||
Repurchase of Common Stock | ||||||||||||||||||||||||||||||
In June 2011, our Board of Directors authorized a $5.0 billion share repurchase program. The June 2011 program replaced our prior $5.5 billion share repurchase program authorized in June 2007. There is no expiration date governing the period over which we can repurchase shares under the June 2011 share repurchase program. | ||||||||||||||||||||||||||||||
The following table presents the amount and cost of shares we repurchased and retired in fiscal 2014, 2013 (11-month) and 2012 under the June 2011 program and the June 2007 program ($ and shares in millions): | ||||||||||||||||||||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
June 2011 Program | ||||||||||||||||||||||||||||||
Total number of shares repurchased | — | 6.3 | 34.5 | |||||||||||||||||||||||||||
Total cost of shares repurchased | $ | — | $ | 122 | $ | 889 | ||||||||||||||||||||||||
June 2007 Program | ||||||||||||||||||||||||||||||
Total number of shares repurchased | — | — | 20.1 | |||||||||||||||||||||||||||
Total cost of shares repurchased | $ | — | $ | — | $ | 611 | ||||||||||||||||||||||||
At February 1, 2014, $4.0 billion remained available for additional purchases under the June 2011 share repurchase program. Repurchased shares have been retired and constitute authorized but unissued shares. | ||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||
Comprehensive income (loss) is computed as net earnings (loss) plus certain other items that are recorded directly to shareholders' equity. In addition to net earnings (loss), the significant components of comprehensive income (loss) include foreign currency translation adjustments and unrealized gains and losses, net of tax, on available-for-sale marketable equity securities. Foreign currency translation adjustments do not include a provision for income tax expense when earnings from foreign operations are considered to be indefinitely reinvested outside the U.S. | ||||||||||||||||||||||||||||||
The following table provides a reconciliation of the components of accumulated other comprehensive income, net of tax, attributable to Best Buy Co., Inc. shareholders for fiscal 2014, 2013 (11-month) and 2012, respectively ($ in millions): | ||||||||||||||||||||||||||||||
Foreign Currency Translation | Available-For-Sale Investments | Total | ||||||||||||||||||||||||||||
Balances at February 26, 2011 | $ | 102 | $ | 71 | $ | 173 | ||||||||||||||||||||||||
Foreign currency translation adjustments | (9 | ) | — | (9 | ) | |||||||||||||||||||||||||
Unrealized losses on available-for-sale investments | — | (26 | ) | (26 | ) | |||||||||||||||||||||||||
Reclassification of gains on available-for-sale investments into earnings | — | (48 | ) | (48 | ) | |||||||||||||||||||||||||
Balances at March 3, 2012 | 93 | (3 | ) | 90 | ||||||||||||||||||||||||||
Adjustment for fiscal year-end change | 11 | — | 11 | |||||||||||||||||||||||||||
Balances at January 28, 2012 | 104 | (3 | ) | 101 | ||||||||||||||||||||||||||
Foreign currency translation adjustments | 9 | — | 9 | |||||||||||||||||||||||||||
Unrealized gains on available-for-sale investments | — | 2 | 2 | |||||||||||||||||||||||||||
Balances at February 2, 2013 | 113 | (1 | ) | 112 | ||||||||||||||||||||||||||
Foreign currency translation adjustments | (136 | ) | — | (136 | ) | |||||||||||||||||||||||||
Unrealized gains on available-for-sale investments | — | 7 | 7 | |||||||||||||||||||||||||||
Reclassification of foreign currency translation adjustments into earnings due to sale of business | 508 | — | 508 | |||||||||||||||||||||||||||
Reclassification of losses on available-for-sale investments into earnings | — | 1 | 1 | |||||||||||||||||||||||||||
Balances at February 1, 2014 | $ | 485 | $ | 7 | $ | 492 | ||||||||||||||||||||||||
There is no tax impact related to foreign currency translation adjustments, as the earnings are considered permanently reinvested. |
Leases
Leases | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Leases | ' | ||||||||||||
Leases | |||||||||||||
The composition of net rent expense for all operating leases, including leases of property and equipment, was as follows in fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | |||||||||||||
12-Month | 11-Month | 12-Month | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Minimum rentals | $ | 951 | $ | 890 | $ | 980 | |||||||
Contingent rentals | 2 | 1 | 2 | ||||||||||
Total rent expense | 953 | 891 | 982 | ||||||||||
Less: sublease income | (18 | ) | (16 | ) | (18 | ) | |||||||
Net rent expense | $ | 935 | $ | 875 | $ | 964 | |||||||
The future minimum lease payments under our capital, financing and operating leases by fiscal year (not including contingent rentals) at February 1, 2014, were as follows ($ in millions): | |||||||||||||
Fiscal Year | Capital | Financing | Operating | ||||||||||
Leases | Leases | Leases(1) | |||||||||||
2015 | $ | 26 | $ | 27 | $ | 1,027 | |||||||
2016 | 18 | 25 | 931 | ||||||||||
2017 | 8 | 19 | 807 | ||||||||||
2018 | 3 | 15 | 656 | ||||||||||
2019 | 2 | 9 | 496 | ||||||||||
Thereafter | 17 | 17 | 1,116 | ||||||||||
Subtotal | 74 | 112 | $ | 5,033 | |||||||||
Less: imputed interest | (11 | ) | (17 | ) | |||||||||
Present value | $ | 63 | $ | 95 | |||||||||
-1 | Operating lease obligations do not include payments to landlords covering real estate taxes and common area maintenance. These charges, if included, would increase total operating lease obligations by $1.5 billion at February 1, 2014. | ||||||||||||
Total minimum lease payments have not been reduced by minimum sublease rent income of approximately $160 million due under future noncancelable subleases. |
Benefit_Plans
Benefit Plans | 12 Months Ended |
Feb. 01, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Benefit Plans | ' |
Benefit Plans | |
We sponsor retirement savings plans for employees meeting certain eligibility requirements. Participants may choose from various investment options including a fund comprised of our company stock. Participants can contribute up to 50% of their eligible compensation annually as defined by the plan document, subject to Internal Revenue Service ("IRS") limitations. We match 100% of the first 3% of participating employees' contributions and 50% of the next 2%. Employer contributions vest immediately. The total employer contributions were $65 million, $62 million and $69 million in fiscal 2014, 2013 (11-month) and 2012, respectively. | |
We have a non-qualified, unfunded deferred compensation plan for highly compensated employees and members of our Board of Directors. Amounts contributed and deferred under our deferred compensation plan are credited or charged with the performance of investment options offered under the plan and elected by the participants. In the event of bankruptcy, the assets of the plan are available to satisfy the claims of general creditors. The liability for compensation deferred under the plan was $54 million and $58 million at February 1, 2014, and February 2, 2013, respectively, and is included in long-term liabilities. We manage the risk of changes in the fair value of the liability for deferred compensation by electing to match our liability under the plan with investment vehicles that offset a substantial portion of our exposure. The cash value of the investment vehicles, which includes funding for future deferrals, was $96 million and $88 million at February 1, 2014, and February 2, 2013, respectively, and is included in other assets. Both the asset and the liability are carried at fair value. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The following is a reconciliation of the federal statutory income tax rate to income tax expense in fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | ||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal income tax at the statutory rate | $ | 380 | $ | (70 | ) | $ | 758 | |||||
State income taxes, net of federal benefit | 25 | (2 | ) | 47 | ||||||||
(Benefit) expense from foreign operations | (13 | ) | 49 | (63 | ) | |||||||
Other | 6 | 5 | — | |||||||||
Goodwill impairments (non-deductible) | — | 287 | — | |||||||||
Income tax expense | $ | 398 | $ | 269 | $ | 742 | ||||||
Effective income tax rate | 36.7 | % | (135.8 | )% | 34.3 | % | ||||||
Earnings (loss) from continuing operations before income tax expense and equity in income (loss) of affiliates by jurisdiction was as follows in fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | ||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||
2014 | 2013 | 2012 | ||||||||||
United States | $ | 687 | $ | 279 | $ | 1,644 | ||||||
Outside the United States | 400 | (477 | ) | 522 | ||||||||
Earnings (loss) from continuing operations before income tax expense and equity in income (loss) of affiliates | $ | 1,087 | $ | (198 | ) | $ | 2,166 | |||||
Income tax expense was comprised of the following in fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | ||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 306 | $ | 204 | $ | 520 | ||||||
State | 45 | (1 | ) | 61 | ||||||||
Foreign | 64 | 66 | 72 | |||||||||
415 | 269 | 653 | ||||||||||
Deferred: | ||||||||||||
Federal | (21 | ) | 26 | 86 | ||||||||
State | 1 | (3 | ) | 11 | ||||||||
Foreign | 3 | (23 | ) | (8 | ) | |||||||
(17 | ) | — | 89 | |||||||||
Income tax expense | $ | 398 | $ | 269 | $ | 742 | ||||||
Deferred taxes are the result of differences between the bases of assets and liabilities for financial reporting and income tax purposes. Deferred tax assets and liabilities were comprised of the following ($ in millions): | ||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||
Accrued property expenses | $ | 162 | $ | 194 | ||||||||
Other accrued expenses | 133 | 119 | ||||||||||
Deferred revenue | 81 | 153 | ||||||||||
Compensation and benefits | 114 | 95 | ||||||||||
Stock-based compensation | 110 | 137 | ||||||||||
Loss and credit carryforwards | 176 | 266 | ||||||||||
Other | 103 | 125 | ||||||||||
Total deferred tax assets | 879 | 1,089 | ||||||||||
Valuation allowance | (158 | ) | (228 | ) | ||||||||
Total deferred tax assets after valuation allowance | 721 | 861 | ||||||||||
Property and equipment | (286 | ) | (343 | ) | ||||||||
Goodwill and intangibles | (75 | ) | (127 | ) | ||||||||
Inventory | (60 | ) | (90 | ) | ||||||||
Other | (16 | ) | (22 | ) | ||||||||
Total deferred tax liabilities | (437 | ) | (582 | ) | ||||||||
Net deferred tax assets | $ | 284 | $ | 279 | ||||||||
Deferred tax assets and liabilities included in our Consolidated Balance Sheets were as follows ($ in millions): | ||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||
Other current assets | $ | 261 | $ | 228 | ||||||||
Other assets | 44 | 66 | ||||||||||
Other current liabilities | — | (5 | ) | |||||||||
Other long-term liabilities | (21 | ) | (10 | ) | ||||||||
Net deferred tax assets | $ | 284 | $ | 279 | ||||||||
At February 1, 2014, we had total net operating loss carryforwards from international operations of $125 million, of which $117 million will expire in various years through 2024 and the remaining amounts have no expiration. Additionally, we had acquired U.S. federal net operating loss carryforwards of $23 million which expire between 2023 and 2030, U.S. federal foreign tax credit carryforwards of $12 million which expire between 2022 and 2023, state credit carryforwards of $12 million which expire in 2023, and state capital loss carryforwards of $4 million which expire in 2019. | ||||||||||||
At February 1, 2014, a valuation allowance of $158 million had been established, of which $11 million is against U.S. federal foreign tax credit carryforwards, $13 million is against U.S. federal and state capital loss carryforwards, $3 million is against state credit carryforwards, and $131 million is against certain international net operating loss carryforwards and other international deferred tax assets. The $70 million decrease from February 2, 2013, is primarily due to the decrease in the valuation allowance against the U.S. federal foreign tax credit carryforward and international net operating loss carryforwards, partially offset by the increase in valuation allowances against federal and state capital loss carryforwards and state credit carryforwards. | ||||||||||||
We have not provided deferred taxes on unremitted earnings attributable to foreign operations that have been considered to be reinvested indefinitely. These earnings relate to ongoing operations and were $1.4 billion at February 1, 2014. It is not practicable to determine the income tax liability that would be payable if such earnings were not indefinitely reinvested. | ||||||||||||
The following table provides a reconciliation of changes in unrecognized tax benefits for fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | ||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at beginning of period | $ | 383 | $ | 387 | $ | 359 | ||||||
Gross increases related to prior period tax positions | 38 | 10 | 69 | |||||||||
Gross decreases related to prior period tax positions | (67 | ) | (22 | ) | (35 | ) | ||||||
Gross increases related to current period tax positions | 34 | 37 | 43 | |||||||||
Settlements with taxing authorities | (3 | ) | (10 | ) | (20 | ) | ||||||
Lapse of statute of limitations | (15 | ) | (19 | ) | (29 | ) | ||||||
Balance at end of period | $ | 370 | $ | 383 | $ | 387 | ||||||
Unrecognized tax benefits of $228 million, $231 million and $239 million at February 1, 2014, February 2, 2013, and March 3, 2012, respectively, would favorably impact our effective income tax rate if recognized. | ||||||||||||
We recognize interest and penalties (not included in the "unrecognized tax benefits" above), as well as interest received from favorable tax settlements, as components of income tax expense. Interest expense of $8 million and penalties expense of $2 million were recognized in fiscal 2014. At February 1, 2014, February 2, 2013, and March 3, 2012, we had accrued interest of $91 million, $85 million and $79 million, respectively, along with accrued penalties of $2 million, $0 million and $0 million at February 1, 2014, February 2, 2013, and March 3, 2012, respectively. | ||||||||||||
We file a consolidated U.S. federal income tax return, as well as income tax returns in various states and foreign jurisdictions. With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before fiscal 2005. | ||||||||||||
Because existing tax positions will continue to generate increased liabilities for us for unrecognized tax benefits over the next 12 months, and since we are routinely under audit by various taxing authorities, it is reasonably possible that the amount of unrecognized tax benefits will change during the next 12 months. An estimate of the amount or range of such change cannot be made at this time. However, we do not expect the change, if any, to have a material effect on our consolidated financial condition, results of operations or cash flows within the next 12 months. |
Segments_and_Geographic_Inform
Segments and Geographic Information | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment and Geographic Information | ' | |||||||||||
Segment and Geographic Information | ||||||||||||
Segment Information | ||||||||||||
Our chief operating decision maker ("CODM") is our Chief Executive Officer. Our business is organized into two segments: Domestic (which is comprised of all operations within the U.S. and its territories) and International (which is comprised of all operations outside the U.S. and its territories). Our CODM has ultimate responsibility for enterprise decisions. Our CODM determines, in particular, resource allocation for, and monitors performance of, the consolidated enterprise, the Domestic segment and the International segment. The Domestic segment managers and International segment managers have responsibility for operating decisions, allocating resources and assessing performance within their respective segments. Our CODM relies on internal management reporting that analyzes enterprise results to the net earnings level and segment results to the operating income level. | ||||||||||||
We 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. | ||||||||||||
The following tables present our business segment information in fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | ||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue | ||||||||||||
Domestic | $ | 35,831 | $ | 33,222 | $ | 37,596 | ||||||
International | 6,579 | 6,605 | 7,861 | |||||||||
Total revenue | $ | 42,410 | $ | 39,827 | $ | 45,457 | ||||||
Percentage of revenue, by revenue category | ||||||||||||
Domestic: | ||||||||||||
Consumer Electronics | 30 | % | 34 | % | 36 | % | ||||||
Computing and Mobile Phones | 48 | % | 44 | % | 40 | % | ||||||
Entertainment | 8 | % | 9 | % | 12 | % | ||||||
Appliances | 7 | % | 6 | % | 5 | % | ||||||
Services | 6 | % | 6 | % | 6 | % | ||||||
Other | 1 | % | 1 | % | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | ||||||
International: | ||||||||||||
Consumer Electronics | 28 | % | 31 | % | 34 | % | ||||||
Computing and Mobile Phones | 40 | % | 39 | % | 36 | % | ||||||
Entertainment | 7 | % | 8 | % | 8 | % | ||||||
Appliances | 20 | % | 17 | % | 17 | % | ||||||
Services | 5 | % | 5 | % | 5 | % | ||||||
Other | < 1% | < 1% | < 1% | |||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||
Operating income (loss) | ||||||||||||
Domestic | $ | 1,145 | $ | 731 | $ | 1,964 | ||||||
International(1) | (5 | ) | (850 | ) | 236 | |||||||
Total operating income (loss) | 1,140 | (119 | ) | 2,200 | ||||||||
Other income (expense) | ||||||||||||
Gain on sale of investments | 20 | — | 55 | |||||||||
Investment income and other | 27 | 20 | 22 | |||||||||
Interest expense | (100 | ) | (99 | ) | (111 | ) | ||||||
Earnings (loss) from continuing operations before income tax expense and equity in income (loss) of affiliates | $ | 1,087 | $ | (198 | ) | $ | 2,166 | |||||
Assets | ||||||||||||
Domestic | $ | 11,146 | $ | 10,874 | $ | 9,592 | ||||||
International | 2,867 | 5,913 | 6,413 | |||||||||
Total assets | $ | 14,013 | $ | 16,787 | $ | 16,005 | ||||||
Capital expenditures | ||||||||||||
Domestic | $ | 440 | $ | 488 | $ | 488 | ||||||
International | 107 | 217 | 278 | |||||||||
Total capital expenditures | $ | 547 | $ | 705 | $ | 766 | ||||||
Depreciation | ||||||||||||
Domestic | $ | 565 | $ | 561 | $ | 612 | ||||||
International | 136 | 233 | 267 | |||||||||
Total depreciation | $ | 701 | $ | 794 | $ | 879 | ||||||
-1 | Included within our International segment's operating loss for fiscal 2013 (11-month) is a $819 million goodwill impairment charge. | |||||||||||
Geographic Information | ||||||||||||
The following table presents our geographic information in fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | ||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales to customers | ||||||||||||
United States | $ | 35,831 | $ | 33,222 | $ | 37,596 | ||||||
Canada | 4,522 | 4,818 | 5,635 | |||||||||
China | 1,806 | 1,574 | 2,069 | |||||||||
Other | 251 | 213 | 157 | |||||||||
Total revenue | $ | 42,410 | $ | 39,827 | $ | 45,457 | ||||||
Long-lived assets | ||||||||||||
United States | $ | 2,190 | $ | 2,404 | $ | 2,507 | ||||||
Europe | — | 352 | 352 | |||||||||
Canada | 244 | 341 | 432 | |||||||||
China | 139 | 142 | 161 | |||||||||
Other | 25 | 31 | 19 | |||||||||
Total long-lived assets | $ | 2,598 | $ | 3,270 | $ | 3,471 | ||||||
Contingencies_and_Commitments
Contingencies and Commitments | 12 Months Ended |
Feb. 01, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies and Commitments | ' |
Contingencies and Commitments | |
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 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 intend to vigorously 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 SG&A. As of February 1, 2014, $176 million of the gross settlement proceeds had been received, with the remaining $88 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 the current and prior fiscal years. | |
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. | |
Commitments | |
We engage Accenture LLP ("Accenture") to assist us with improving our operational capabilities and reducing our costs in the information systems and human resources areas. We expect our future contractual obligations to Accenture to range from $21 million to $106 million per year through 2018, the end of the periods under contract. | |
We had outstanding letters of credit and bankers' acceptances for purchase obligations with an aggregate fair value of $512 million at February 1, 2014. | |
At February 1, 2014, we did not have any material commitments for the purchase, construction or lease of facilities or future locations. |
Supplementary_Financial_Inform
Supplementary Financial Information | 12 Months Ended | |||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Supplementary Financial Information (Unaudited) | ' | |||||||||||||||||||
Supplementary Financial Information (Unaudited) | ||||||||||||||||||||
The following tables show selected operating results for each 3-month quarter and full year of fiscal 2014 and 2013 (11-month)(unaudited) ($ in millions): | ||||||||||||||||||||
Quarter | 12-Month | |||||||||||||||||||
1st | 2nd | 3rd | 4th | 2014 | ||||||||||||||||
Revenue | $ | 9,347 | $ | 9,266 | $ | 9,327 | $ | 14,470 | $ | 42,410 | ||||||||||
Comparable store sales % change(1) | (1.4 | )% | (0.6 | )% | 0.3 | % | (1.2 | )% | (0.8 | )% | ||||||||||
Gross profit | $ | 2,158 | $ | 2,458 | $ | 2,157 | $ | 2,917 | $ | 9,690 | ||||||||||
Operating income(2) | 168 | 413 | 90 | 469 | 1,140 | |||||||||||||||
Net earnings from continuing operations | 97 | 237 | 44 | 311 | 689 | |||||||||||||||
Gain (loss) from discontinued operations, net of tax | (170 | ) | 11 | 10 | (17 | ) | (166 | ) | ||||||||||||
Net earnings (loss) including noncontrolling interests | (73 | ) | 248 | 54 | 294 | 523 | ||||||||||||||
Net earnings (loss) attributable to Best Buy Co., Inc. shareholders | (81 | ) | 266 | 54 | 293 | 532 | ||||||||||||||
Diluted earnings (loss) per share(3) | ||||||||||||||||||||
Continuing operations | $ | 0.29 | $ | 0.69 | $ | 0.12 | $ | 0.88 | $ | 1.98 | ||||||||||
Discontinued operations | (0.53 | ) | 0.08 | 0.04 | (0.05 | ) | (0.45 | ) | ||||||||||||
Diluted earnings (loss) per share | $ | (0.24 | ) | $ | 0.77 | $ | 0.16 | $ | 0.83 | $ | 1.53 | |||||||||
Quarter | 11-Month | |||||||||||||||||||
1st | 2nd | 3rd | 4th | 2013(4) | ||||||||||||||||
Revenue | $ | 10,343 | $ | 9,306 | $ | 9,343 | $ | 14,921 | $ | 39,827 | ||||||||||
Comparable store sales % decline(1) | (5.2 | )% | (3.3 | )% | (5.1 | )% | (1.4 | )% | (3.4 | )% | ||||||||||
Gross profit | $ | 2,572 | $ | 2,249 | $ | 2,213 | $ | 3,331 | $ | 9,298 | ||||||||||
Operating income (loss)(5) | 263 | 87 | — | (181 | ) | (119 | ) | |||||||||||||
Net earnings (loss) from continuing operations | 169 | 30 | (9 | ) | (460 | ) | (467 | ) | ||||||||||||
Gain (loss) from discontinued operations, net of tax | (17 | ) | (37 | ) | 10 | 81 | 47 | |||||||||||||
Net earnings (loss) including noncontrolling interests | 152 | (7 | ) | 1 | (379 | ) | (420 | ) | ||||||||||||
Net earnings (loss) attributable to Best Buy Co., Inc. shareholders | 158 | 12 | (10 | ) | (409 | ) | (441 | ) | ||||||||||||
Diluted earnings (loss) per share(3) | ||||||||||||||||||||
Continuing operations | $ | 0.49 | $ | 0.09 | $ | (0.03 | ) | $ | (1.36 | ) | $ | (1.38 | ) | |||||||
Discontinued operations | (0.03 | ) | (0.05 | ) | — | 0.15 | 0.08 | |||||||||||||
Diluted earnings (loss) per share | $ | 0.46 | $ | 0.04 | $ | (0.03 | ) | $ | (1.21 | ) | $ | (1.30 | ) | |||||||
Note: Certain fiscal year totals may not add due to rounding. | ||||||||||||||||||||
-1 | Comprised of revenue from stores operating for at least 14 full months, as well as revenue related to call centers, websites and our other comparable sales channels. Revenue we earn from sales of merchandise to wholesalers or dealers is generally not included within our comparable store sales calculation. Relocated, remodeled and expanded stores are excluded from our comparable store sales calculation until at least 14 full months after reopening. Acquired stores are included in our comparable store sales calculation beginning with the first full quarter following the first anniversary of the date of the acquisition. The portion of our calculation of the comparable store sales percentage change attributable to our International segment excludes the effect of fluctuations in foreign currency exchange rates. The method of calculating comparable store sales varies across the retail industry. As a result, our method of calculating comparable store sales may not be the same as other retailers' methods. The calculation of comparable store sales excludes the impact of the extra week of revenue in the fourth quarter of fiscal 2012, as well as revenue from discontinued operations for all periods presented. | |||||||||||||||||||
-2 | Includes $6 million, $7 million, $31 million and $115 million of restructuring charges recorded in the fiscal first, second, third and fourth quarters, respectively, and $159 million for the 12 months ended February 1, 2014, related to measures we took to restructure our businesses. | |||||||||||||||||||
-3 | The sum of our quarterly diluted earnings per share does not equal our annual diluted earnings per share due to the impact of the timing of the repurchases of common stock and stock option exercises on quarterly and annual weighted-average shares outstanding. | |||||||||||||||||||
-4 | On November 2, 2011, our Board of Directors approved a change to our fiscal year-end from the Saturday nearest the end of February to the Saturday nearest the end of January. In the first quarter of fiscal 2013 (11-month), we began reporting our quarterly results on the basis of our new fiscal year-end. As such, the results for the month of February 2012, which are included in the audited results for fiscal 2012, were also included in the reported first quarter of fiscal 2013 (11-month). However, the results for the month of February 2012 are not included in the results for the full year of fiscal 2013 (11-month). Thus, the four quarters of fiscal year 2013 (11-month) are not additive. | |||||||||||||||||||
-5 | Includes $127 million, $91 million, $34 million and $169 million of restructuring charges recorded in the fiscal first, second, third and fourth quarters, respectively, and $415 million for the 11 months ended February 2, 2013, related to measures we took to restructure our businesses. Also included in the fourth quarter and 11 months ended February 2, 2013, is a $822 million goodwill impairment charge related to our Canada, Five Star and U.S. reporting units. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||
Valuation and Qualifying Accounts | ' | |||||||||||||||
Schedule II | ||||||||||||||||
Valuation and Qualifying Accounts | ||||||||||||||||
($ in millions) | ||||||||||||||||
Balance at | Charged to | Other(1) | Balance at | |||||||||||||
Beginning | Expenses or | End of | ||||||||||||||
of Period | Other Accounts | Period | ||||||||||||||
Year ended February 1, 2014 | ||||||||||||||||
Allowance for doubtful accounts | $ | 92 | $ | 76 | $ | (64 | ) | $ | 104 | |||||||
Year ended February 2, 2013 | ||||||||||||||||
Allowance for doubtful accounts | $ | 72 | $ | 34 | $ | (14 | ) | $ | 92 | |||||||
Year ended March 3, 2012 | ||||||||||||||||
Allowance for doubtful accounts | $ | 107 | $ | 8 | $ | (43 | ) | $ | 72 | |||||||
-1 | Includes bad debt write-offs and recoveries, acquisitions and the effect of foreign currency fluctuations. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Discontinued Operations | ' | |||||||||||||||||||||||
Discontinued Operations | ||||||||||||||||||||||||
On June 26, 2013, we sold our 50% ownership interest in Best Buy Europe Distributions Limited (“Best Buy Europe”) to Carphone Warehouse Group plc ("CPW"). On February 1, 2014, we sold mindSHIFT Technologies, Inc. ("mindSHIFT") to Ricoh Americas Holdings, Inc. ("Ricoh"). The results of Best Buy Europe and mindSHIFT for all periods have been presented as discontinued operations. See Note 4, Discontinued Operations, for further information. | ||||||||||||||||||||||||
Description of Business | ' | |||||||||||||||||||||||
Description of Business | ||||||||||||||||||||||||
We are a multi-national, multi-channel retailer of technology products, including mobile phones, tablets and computers, large and small appliances, televisions, digital imaging, entertainment products and related accessories. We also offer technology services – including technical support, repair and installation – under the Geek Squad brand. We have two operating segments: Domestic and International. The Domestic segment is comprised of store, online and call center operations in all states, districts and territories of the U.S., operating under the brand names Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video and Pacific Sales. The International segment is comprised of: (i) all Canada store, online and call center operations, operating under the brand names Best Buy, Best Buy Mobile, Cell Shop, Connect Pro, Future Shop and Geek Squad, (ii) all China store and call center operations, operating under the brand names Five Star and Best Buy Mobile, and (iii) all Mexico store operations operating under the brand names Best Buy, Best Buy Express and Geek Squad. | ||||||||||||||||||||||||
In addition to our retail store operations, we also operate websites including BestBuy.com, BestBuy.ca and FutureShop.ca. | ||||||||||||||||||||||||
Fiscal Year | ' | |||||||||||||||||||||||
Fiscal Year | ||||||||||||||||||||||||
On November 2, 2011, our Board of Directors approved a change in our fiscal year-end from the Saturday nearest the end of February to the Saturday nearest the end of January, effective beginning with our fiscal year 2013. As a result of this change, our fiscal year 2013 was an 11-month transition period beginning March 4, 2012, through February 2, 2013. Concurrent with the change, we began consolidating the results of our Europe, China and Mexico operations on a one-month lag, compared to a two-month lag in prior years, to continue aligning the fiscal reporting periods of our international operations with statutory filing requirements. In these consolidated statements, including the notes thereto, financial results for fiscal 2013 are for an 11-month period. Corresponding results for fiscal 2014 and fiscal 2012 are both for 12-month periods. In addition, our Consolidated Statements of Earnings and Consolidated Statements of Cash Flows also include an unaudited 11-month fiscal 2012 (recast). Fiscal 2014 included 52 weeks, fiscal 2013 (11-month) included 48 weeks and fiscal 2012 included 53 weeks. | ||||||||||||||||||||||||
Basis of Presentation | ' | |||||||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||||||
The consolidated financial statements include the accounts of Best Buy Co., Inc. and its consolidated subsidiaries. All intercompany balances and transactions are eliminated upon consolidation. | ||||||||||||||||||||||||
In order to align our fiscal reporting periods and comply with statutory filing requirements, we consolidate the financial results of our Europe, China and Mexico operations on a lag. Due to our fiscal year-end change, this was a one-month lag in fiscal 2014 and 2013 (11-month) and a two-month lag in fiscal 2012. Our policy is to accelerate recording the effect of events occurring in the lag period that significantly affect our consolidated financial statements. In fiscal 2012, we recorded $82 million of restructuring charges recorded in January 2012 related to our large-format Best Buy branded store closures in the United Kingdom ("U.K.") as well as a $1.2 billion goodwill impairment charge attributable to our Best Buy Europe reporting unit. Except for these restructuring activities and the goodwill impairment in fiscal 2012, no significant intervening event occurred in these operations that would have materially affected our financial condition, results of operations, liquidity or other factors had it been recorded during fiscal 2014 or 2013 (11-month). For further information about our restructuring and the nature of the charges we recorded, refer to Note 6, Restructuring Charges. For further information about the goodwill impairment, refer to Goodwill and Intangible Assets below, as well as Note 3, Profit Share Buy-Out. | ||||||||||||||||||||||||
In preparing the accompanying consolidated financial statements, we evaluated the period from February 2, 2014, through the date the financial statements were issued for material subsequent events requiring recognition or disclosure. No such events were identified for this period. | ||||||||||||||||||||||||
Use of Estimates in the Preparation of Financial Statements | ' | |||||||||||||||||||||||
Use of Estimates in the Preparation of Financial Statements | ||||||||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. ("GAAP") requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts in the consolidated financial statements, as well as the disclosure of contingent liabilities. Future results could be materially affected if actual results were to differ from these estimates and assumptions. | ||||||||||||||||||||||||
Cash and Cash Equivalents | ' | |||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||
Cash primarily consists of cash on hand and bank deposits. Cash equivalents consist of money market funds, treasury bills, commercial paper and time deposits such as certificates of deposit with an original maturity of 3 months or less when purchased. The amounts of cash equivalents at February 1, 2014, and February 2, 2013, were $1,705 million and $740 million, respectively, and the weighted-average interest rates were 0.5% and 0.3%, respectively. | ||||||||||||||||||||||||
Outstanding checks in excess of funds on deposit (book overdrafts) totaled $62 million and $97 million at February 1, 2014, and February 2, 2013, respectively, and are reflected within accounts payable in our Consolidated Balance Sheets. | ||||||||||||||||||||||||
Receivables | ' | |||||||||||||||||||||||
Receivables | ||||||||||||||||||||||||
Receivables consist principally of amounts due from mobile phone network operators for commissions earned; banks for customer credit card, certain debit card and electronic benefits transfer (EBT) transactions; and vendors for various vendor funding programs. | ||||||||||||||||||||||||
We establish allowances for uncollectible receivables based on historical collection trends and write-off history. Our allowances for uncollectible receivables were $104 million and $92 million at February 1, 2014, and February 2, 2013, respectively. | ||||||||||||||||||||||||
Merchandise Inventories | ' | |||||||||||||||||||||||
Merchandise Inventories | ||||||||||||||||||||||||
Merchandise inventories are recorded at the lower of cost, using either the average cost or first-in first-out method, or market. In-bound freight-related costs from our vendors are included as part of the net cost of merchandise inventories. Also included in the cost of inventory are certain vendor allowances that are not a reimbursement of specific, incremental and identifiable costs to promote a vendor's products. Other costs associated with acquiring, storing and transporting merchandise inventories to our retail stores are expensed as incurred and included in cost of goods sold. | ||||||||||||||||||||||||
Our inventory valuation reflects adjustments for anticipated physical inventory losses (e.g., theft) that have occurred since the last physical inventory. Physical inventory counts are taken on a regular basis to ensure that the inventory reported in our consolidated financial statements is properly stated. | ||||||||||||||||||||||||
Our inventory valuation also reflects markdowns for the excess of the cost over the amount we expect to realize from the ultimate sale or other disposal of the inventory. Markdowns establish a new cost basis for our inventory. Subsequent changes in facts or circumstances do not result in the reversal of previously recorded markdowns or an increase in the newly established cost basis. | ||||||||||||||||||||||||
Restricted Assets | ' | |||||||||||||||||||||||
Restricted Assets | ||||||||||||||||||||||||
Restricted cash and investments in debt securities totaled $310 million and $366 million at February 1, 2014, and February 2, 2013, respectively, and are included in other current assets or other assets in our Consolidated Balance Sheets. Such balances are pledged as collateral or restricted to use for vendor payables, general liability insurance, workers' compensation insurance and insurance business regulatory reserve requirements. | ||||||||||||||||||||||||
Derivative Instruments | ' | |||||||||||||||||||||||
Derivative Instruments | ||||||||||||||||||||||||
We use foreign currency forward contracts to manage the impact of fluctuations in foreign currency exchange rates relative to recognized receivable and payable balances denominated in non-functional currencies, and on certain forecast inventory purchases denominated in non-functional currencies. The contracts generally have terms of up to 12 months. These derivative instruments are not designated in hedging relationships and, therefore, we record gains and losses on these contracts directly to net earnings. At February 1, 2014, and February 2, 2013, the notional amount of these instruments was $157 million and $173 million, respectively. We recognized a gain of $5 million and $2 million in selling, general and administrative expenses ("SG&A") on our Consolidated Statements of Earnings during fiscal 2014 and 2013 (11-month), respectively, related to these instruments. | ||||||||||||||||||||||||
In conjunction with our agreement to sell our 50% ownership interest in Best Buy Europe as described in Note 4, 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, and we recognized a $2 million loss in gain (loss) from discontinued operations on our Consolidated Statements of Earnings in fiscal 2014. | ||||||||||||||||||||||||
Property and Equipment | ' | |||||||||||||||||||||||
Property and Equipment | ||||||||||||||||||||||||
Property and equipment are recorded at cost. We compute depreciation using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are depreciated over the shorter of their estimated useful lives or the period from the date the assets are placed in service to the end of the lease term, which includes optional renewal periods if they are reasonably assured. Accelerated depreciation methods are generally used for income tax purposes. | ||||||||||||||||||||||||
When property is retired or otherwise disposed of, the cost and accumulated depreciation are removed from our Consolidated Balance Sheets and any resulting gain or loss is reflected in our Consolidated Statements of Earnings. | ||||||||||||||||||||||||
Repairs and maintenance costs are charged directly to expense as incurred. Major renewals or replacements that substantially extend the useful life of an asset are capitalized and depreciated. | ||||||||||||||||||||||||
Costs associated with the acquisition or development of software for internal use are capitalized and amortized over the expected useful life of the software, from three to seven years. A subsequent addition, modification or upgrade to internal-use software is capitalized to the extent that it enhances the software's functionality or extends its useful life. Capitalized software is included in fixtures and equipment. Software maintenance and training costs are expensed in the period incurred. | ||||||||||||||||||||||||
Property under capital lease is comprised of buildings and equipment used in our operations. The related depreciation for capital lease assets is included in depreciation expense. The carrying value of property under capital lease was $58 million and $70 million at February 1, 2014, and February 2, 2013, respectively, net of accumulated depreciation of $62 million and $43 million, respectively. | ||||||||||||||||||||||||
Estimated useful lives by major asset category are as follows: | ||||||||||||||||||||||||
Asset | Life | |||||||||||||||||||||||
(in years) | ||||||||||||||||||||||||
Buildings | 25-50 | |||||||||||||||||||||||
Leasehold improvements | 25-Mar | |||||||||||||||||||||||
Fixtures and equipment | 20-Mar | |||||||||||||||||||||||
Property under capital lease | 20-Feb | |||||||||||||||||||||||
Impairment of Long-Lived Assets and Costs Associated with Exit Activities | ' | |||||||||||||||||||||||
Impairment of Long-Lived Assets and Costs Associated With Exit Activities | ||||||||||||||||||||||||
Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Factors considered important that could result in an impairment review include, but are not limited to, significant underperformance relative to historical or planned operating results, significant changes in the manner of use or expected life of the assets, or significant changes in our business strategies. An impairment loss is recognized when the estimated undiscounted cash flows expected to result from the use of the asset plus net proceeds expected from the disposition of the asset (if any) are less than the carrying value of the asset. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value based on quoted market prices or other valuation techniques (e.g., discounted cash flow analysis). | ||||||||||||||||||||||||
When reviewing long-lived assets for impairment, we group long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For example, long-lived assets deployed at store locations are reviewed for impairment at the individual store level, which involves comparing the carrying value of all land, buildings, leasehold improvements, fixtures and equipment located at each store to the net cash flow projections for each store. In addition, we conduct separate impairment reviews at other levels as appropriate, for example, to evaluate potential impairment of assets shared by several areas of operations, such as information technology systems. | ||||||||||||||||||||||||
The present value of costs associated with location closings, primarily future lease costs (net of expected sublease income), are charged to earnings when we have ceased using the specific location. We accelerate depreciation on property and equipment we expect to retire when a decision is made to abandon a location. | ||||||||||||||||||||||||
At February 1, 2014, and February 2, 2013, the obligation associated with location closings included in accrued liabilities in our Consolidated Balance Sheets was $33 million and $83 million, respectively, and the obligation associated with location closings included in long-term liabilities in our Consolidated Balance Sheets was $86 million and $149 million, respectively. The obligation associated with location closings at February 1, 2014, and February 2, 2013, included amounts associated with our restructuring activities as further described in Note 6, Restructuring Charges. | ||||||||||||||||||||||||
Leases | ' | |||||||||||||||||||||||
Leases | ||||||||||||||||||||||||
We conduct the majority of our retail and distribution operations from leased locations. The leases require payment of real estate taxes, insurance and common area maintenance, in addition to rent. The terms of our new lease agreements for large-format stores are generally less than 10 years, although we have existing leases with terms up to 20 years. Small-format stores generally have lease terms that are half the length of large-format stores. Most of the leases contain renewal options and escalation clauses, and certain store leases require contingent rents based on factors such as specified percentages of revenue or the consumer price index. | ||||||||||||||||||||||||
For leases that contain predetermined fixed escalations of the minimum rent, we recognize the related rent expense on a straight-line basis from the date we take possession of the property to the end of the initial lease term. We record any difference between the straight-line rent amounts and amounts payable under the leases as part of deferred rent, in accrued liabilities or long-term liabilities, as appropriate. | ||||||||||||||||||||||||
Cash or lease incentives received upon entering into certain store leases ("tenant allowances") are recognized on a straight-line basis as a reduction to rent from the date we take possession of the property through the end of the initial lease term. We record the unamortized portion of tenant allowances as a part of deferred rent, in accrued liabilities or long-term liabilities, as appropriate. | ||||||||||||||||||||||||
At February 1, 2014, and February 2, 2013, deferred rent included in accrued liabilities in our Consolidated Balance Sheets was $36 million and $50 million, respectively, and deferred rent included in long-term liabilities in our Consolidated Balance Sheets was $232 million and $289 million, respectively. | ||||||||||||||||||||||||
We also lease certain equipment under noncancelable operating and capital leases. In addition, we have financing leases for which the gross cost of constructing the asset is included in property and equipment, and amounts reimbursed from the landlord are recorded as financing obligations. Assets acquired under capital and financing leases are depreciated over the shorter of the useful life of the asset or the lease term, including renewal periods, if reasonably assured. | ||||||||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations. We test goodwill for impairment annually, as of the first day of the fiscal fourth quarter, or when indications of potential impairment exist. We monitor the existence of potential impairment indicators throughout the fiscal year. We test for goodwill impairment at the reporting unit level. Our reporting units are the components of operating segments which constitute businesses for which discrete financial information is available and is regularly reviewed by segment management. No components were aggregated in arriving at our reporting units. Our reporting unit with a goodwill balance at the beginning of fiscal 2014 was Best Buy Domestic. | ||||||||||||||||||||||||
We review goodwill for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill, as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. If it is determined that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, we conclude that goodwill is not impaired. If it is determined that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, we conduct detailed impairment testing. The first step of the detailed testing involves estimating the fair value of the reporting unit and comparing this to its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, the second step of the two-step goodwill impairment test is required to measure the goodwill impairment loss. The second step includes hypothetically valuing all tangible and intangible assets and liabilities of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit’s goodwill is compared to the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying amount. In fiscal 2014, we determined that the fair value of the Best Buy Domestic reporting unit exceeded its carrying value, and as a result, no goodwill impairment was recorded in fiscal 2014. | ||||||||||||||||||||||||
In fiscal 2013 (11-month), initial goodwill impairment assessments as of November 4, 2012, based on forecasts in place at that time, indicated that fair value exceeded carrying value for each reporting unit. However, operating performance in our Best Buy Canada and Five Star reporting units fell significantly below expectations in the later part of the fiscal fourth quarter. Therefore, we updated our forecasts for Best Buy Canada and Five Star and tested for goodwill impairment as of the end of fiscal 2013 (11-month). The updated forecasts, which were used as the basis for our discounted cash flow ("DCF") valuations for goodwill testing purposes, reflected significantly lower cash flows than previously forecast. Our analysis for step one of detailed impairment testing indicated that carrying values exceeded fair values for both Best Buy Canada and Five Star. Step two entailed allocating the fair values determined from step one to the fair value of all recognized and appropriately unrecognized assets and liabilities to determine the implied fair value of goodwill. In both cases, this analysis led to the conclusion that the goodwill had no value, and therefore we recorded full impairment of the goodwill associated with Best Buy Canada ($611 million) and Five Star ($208 million). The combined goodwill impairment expense of $819 million is included in our International segment. | ||||||||||||||||||||||||
For the Best Buy Domestic reporting unit, we determined that the fair value of the reporting unit exceeded its carrying value by a substantial margin and there were no events during the fourth quarter of fiscal 2013 (11-month) that would be more likely than not to reduce the fair value of the Domestic reporting unit below its carrying amount. | ||||||||||||||||||||||||
Refer to Note 3, Profit Share Buy-Out, for further information on the $1.2 billion goodwill impairment attributable to the Best Buy Europe reporting unit recorded in the fourth quarter of fiscal 2012. | ||||||||||||||||||||||||
Tradenames and Customer Relationships | ||||||||||||||||||||||||
Beginning in fiscal 2014, we have presented our tradenames and customer relationships within intangibles, net in our Consolidated Balance Sheets. All prior-year periods have been reclassified to conform to the current year presentation. | ||||||||||||||||||||||||
We have an indefinite-lived tradename related to Pacific Sales included within our Domestic segment. We also have indefinite-lived tradenames related to Future Shop and Five Star included within our International segment. | ||||||||||||||||||||||||
Our valuation of identifiable intangible assets acquired is based on information and assumptions available to us at the time of acquisition, using income and market approaches to determine fair value. We amortize definite-lived intangible assets over their estimated useful lives. We do not amortize our indefinite-lived tradenames, but test for impairment annually, or when indications of potential impairment exist. | ||||||||||||||||||||||||
We utilize the relief from royalty method to determine the fair value of each of our indefinite-lived tradenames. If the carrying value exceeds the fair value, we recognize an impairment loss in an amount equal to the excess. No impairments were identified during fiscal 2014. | ||||||||||||||||||||||||
We previously had definite-lived customer relationships acquired as part of our acquisition of mindSHIFT within our Domestic segment, and Best Buy Europe within our International segment. At February 2, 2013, the gross carrying amount and accumulated amortization of these customer relationships was $475 million and $272 million, respectively, resulting in a net book value of $203 million. These definite-lived intangible assets were written off as a result of the sales of mindSHIFT and Best Buy Europe in fiscal 2014 as described in Note 4, Discontinued Operations. | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill and indefinite-lived tradenames by segment were as follows in fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | ||||||||||||||||||||||||
Goodwill | Indefinite-Lived Tradenames | |||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | |||||||||||||||||||
Balances at February 26, 2011 | $ | 422 | $ | 2,032 | $ | 2,454 | $ | 21 | $ | 84 | $ | 105 | ||||||||||||
Acquisitions(1) | 94 | — | 94 | 1 | — | 1 | ||||||||||||||||||
Impairments(2) | — | (1,207 | ) | (1,207 | ) | — | — | — | ||||||||||||||||
Sale of business | — | (7 | ) | (7 | ) | (3 | ) | (2 | ) | (5 | ) | |||||||||||||
Changes in foreign currency exchange rates | — | 1 | 1 | — | 1 | 1 | ||||||||||||||||||
Other(3) | — | — | — | — | 28 | 28 | ||||||||||||||||||
Balances at March 3, 2012 | 516 | 819 | 1,335 | 19 | 111 | 130 | ||||||||||||||||||
Acquisitions(4) | 15 | — | 15 | — | — | — | ||||||||||||||||||
Impairments | (3 | ) | (819 | ) | (822 | ) | — | — | — | |||||||||||||||
Changes in foreign currency exchange rates | — | — | — | — | 1 | 1 | ||||||||||||||||||
Balances at February 2, 2013 | 528 | — | 528 | 19 | 112 | 131 | ||||||||||||||||||
Impairments | — | — | — | — | (4 | ) | (4 | ) | ||||||||||||||||
Sale of business(5) | (103 | ) | — | (103 | ) | — | (22 | ) | (22 | ) | ||||||||||||||
Changes in foreign currency exchange rates | — | — | — | — | (4 | ) | (4 | ) | ||||||||||||||||
Balances at February 1, 2014 | $ | 425 | $ | — | $ | 425 | $ | 19 | $ | 82 | $ | 101 | ||||||||||||
-1 | Represents goodwill acquired, primarily as a result of the mindSHIFT acquisition in fiscal 2012. | |||||||||||||||||||||||
-2 | Represents the full impairment of goodwill attributable to Best Buy Europe as described in Note 3, Profit Share Buy-Out. The gross carrying amount of goodwill and cumulative impairment were written off as a result of the sale of Best Buy Europe in fiscal 2014. | |||||||||||||||||||||||
-3 | Represents the transfer of certain definite-lived tradenames (at their net book value) to indefinite-lived tradenames following our decision to no longer phase out certain tradenames. We believe these tradenames will continue to contribute to our future cash flows indefinitely. | |||||||||||||||||||||||
-4 | Represents goodwill acquired, primarily as a result of an acquisition made by mindSHIFT in fiscal 2013 (11-month). | |||||||||||||||||||||||
-5 | Represents goodwill written-off as a result of the sale of mindSHIFT in fiscal 2014 and indefinite-lived tradenames written off as a result of the sale of Best Buy Europe in fiscal 2014. | |||||||||||||||||||||||
The following table provides the gross carrying amount of goodwill and cumulative goodwill impairment losses ($ in millions): | ||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||||||||||||||
Gross Carrying | Cumulative | Gross Carrying | Cumulative | |||||||||||||||||||||
Amount(1) | Impairment(1) | Amount | Impairment | |||||||||||||||||||||
Goodwill | $ | 1,308 | $ | (883 | ) | $ | 2,608 | $ | (2,080 | ) | ||||||||||||||
-1 | Excludes the gross carrying amount and cumulative impairment related to Best Buy Europe and mindSHIFT, which were sold during fiscal 2014. | |||||||||||||||||||||||
Insurance | ' | |||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||
We are self-insured for certain losses related to health, workers' compensation and general liability claims; however, we obtain third-party insurance coverage to limit our exposure to these claims. A portion of these self-insured losses are managed through a wholly-owned insurance captive. We estimate our self-insured liabilities using a number of factors, including historical claims experience, an estimate of incurred but not reported claims, demographic and severity factors, and valuations provided by independent third-party actuaries. Our self-insured liabilities included in the Consolidated Balance Sheets were as follows ($ in millions): | ||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||||||||||||||
Accrued liabilities | $ | 88 | $ | 77 | ||||||||||||||||||||
Long-term liabilities | 52 | 47 | ||||||||||||||||||||||
Total | $ | 140 | $ | 124 | ||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||
We account for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. We record a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized. | ||||||||||||||||||||||||
In determining our provision for income taxes, we use an annual effective income tax rate based on annual income, permanent differences between book and tax income, and statutory income tax rates. The effective income tax rate also reflects our assessment of the ultimate outcome of tax audits. We adjust our annual effective income tax rate as additional information on outcomes or events becomes available. Discrete events, such as audit settlements or changes in tax laws, are recognized in the period in which they occur. | ||||||||||||||||||||||||
Our income tax returns are periodically audited by U.S. federal, state and local and foreign tax authorities. At any one time, multiple tax years are subject to audit by the various tax authorities. In evaluating the tax benefits associated with our various tax filing positions, we record a tax benefit for uncertain tax positions using the highest cumulative tax benefit that is more likely than not to be realized. A number of years may elapse before a particular matter, for which we have established a liability, is audited and effectively settled. We adjust our liability for unrecognized tax benefits in the period in which we determine the issue is effectively settled with the tax authorities, the statute of limitations expires for the relevant taxing authority to examine the tax position or when more information becomes available. We include our liability for unrecognized tax benefits, including accrued penalties and interest, in accrued income taxes and long-term liabilities on our Consolidated Balance Sheets and in income tax expense in our Consolidated Statements of Earnings. | ||||||||||||||||||||||||
Accrued Liabilities | ' | |||||||||||||||||||||||
Accrued Liabilities | ||||||||||||||||||||||||
The major components of accrued liabilities at February 1, 2014, and February 2, 2013, were state and local tax liabilities, rent-related liabilities including accrued real estate taxes, loyalty program liabilities and self-insurance reserves. | ||||||||||||||||||||||||
Long-Term Liabilities | ' | |||||||||||||||||||||||
Long-Term Liabilities | ||||||||||||||||||||||||
The major components of long-term liabilities at February 1, 2014, and February 2, 2013, were unrecognized tax benefits, rent-related liabilities, deferred compensation plan liabilities, self-insurance reserves and deferred revenue. | ||||||||||||||||||||||||
Foreign Currency | ' | |||||||||||||||||||||||
Foreign Currency | ||||||||||||||||||||||||
Foreign currency denominated assets and liabilities are translated into U.S. dollars using the exchange rates in effect at our consolidated balance sheet date. For operations reported on a one-month lag, we use the exchange rates in effect one month prior to our consolidated balance sheet date. Results of operations and cash flows are translated using the average exchange rates throughout the period. The effect of exchange rate fluctuations on the translation of assets and liabilities is included as a component of shareholders' equity in accumulated other comprehensive income. Gains and losses from foreign currency transactions, which are included in SG&A, have not been significant in any of the periods presented. | ||||||||||||||||||||||||
Revenue Recognition | ' | |||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||
Our revenue arises primarily from sales of merchandise and services. We also record revenue from sales of service contracts, extended warranties, other commissions and credit card programs. Revenue excludes sales taxes collected. | ||||||||||||||||||||||||
We recognize revenue when the sales price is fixed or determinable, collection is reasonably assured and the customer takes possession of the merchandise, or in the case of services, the service has been provided. Revenue is recognized for store sales when the customer receives and pays for the merchandise. For online sales, we defer revenue and the related product costs for shipments that are in-transit to the customer, and recognize revenue at the time the customer receives the product. Online customers typically receive goods within a few days of shipment. Revenue from merchandise sales and services is reported net of sales returns, including an estimate of future returns based on historical return rates, with a corresponding reduction to cost of sales. Our sales returns reserve was $13 million and $14 million at February 1, 2014, and February 2, 2013, respectively. | ||||||||||||||||||||||||
We sell service contracts and extended warranties that typically have terms ranging from three months to four years. We also receive commissions for customer subscriptions with various third parties, notably from mobile phone network operators. In instances where we are deemed to be the obligor on the service contract or subscription, the service and commission revenue is deferred and recognized ratably over the term of the service contract or subscription period. In instances where we are not deemed to be the obligor on the service contract or subscription, commissions are recognized in revenue when such commissions have been earned, primarily driven by customer activation. Service and commission revenues earned from the sale of extended warranties represented 2.1%, 2.4% and 2.4% of revenue in fiscal 2014, 2013 (11-month) and 2012, respectively. | ||||||||||||||||||||||||
For revenue transactions that involve multiple deliverables, we defer the revenue associated with any undelivered elements. The amount of revenue deferred in connection with the undelivered elements is determined using the relative fair value of each element, which is generally based on each element's relative retail price. | ||||||||||||||||||||||||
At February 1, 2014, and February 2, 2013, short-term deferred revenue was $399 million and $451 million, respectively. At February 1, 2014, and February 2, 2013, deferred revenue included within long-term liabilities in our Consolidated Balance Sheets was $50 million and $62 million, respectively. | ||||||||||||||||||||||||
For additional information related to our credit card arrangements and customer loyalty programs, see Credit Services and Financing and Sales Incentives, respectively, below. | ||||||||||||||||||||||||
Gift Cards | ' | |||||||||||||||||||||||
Gift Cards | ||||||||||||||||||||||||
We sell gift cards to our customers in our retail stores, through our websites and through selected third parties. We do not charge administrative fees on unused gift cards and our gift cards do not have an expiration date. We recognize revenue from gift cards when: (i) the gift card is redeemed by the customer, or (ii) the likelihood of the gift card being redeemed by the customer is remote ("gift card breakage"), and we determine that we do not have a legal obligation to remit the value of unredeemed gift cards to the relevant jurisdictions. We determine our gift card breakage rate based upon historical redemption patterns. Based on our historical information, the likelihood of a gift card remaining unredeemed can be determined 24 months after the gift card is issued. At that time, we recognize breakage income for those cards for which the likelihood of redemption is deemed remote and we do not have a legal obligation to remit the value of such unredeemed gift cards to the relevant jurisdictions. Gift card breakage income is included in revenue in our Consolidated Statements of Earnings. | ||||||||||||||||||||||||
Gift card breakage income was as follows in fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | ||||||||||||||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Gift card breakage income | $ | 53 | $ | 46 | $ | 54 | ||||||||||||||||||
Credit Services and Financing | ' | |||||||||||||||||||||||
Credit Services and Financing | ||||||||||||||||||||||||
In the U.S., we have an agreement with a bank for the issuance of promotional financing and customer loyalty credit cards bearing the Best Buy brand. Under the agreement, the bank manages and directly extends credit to our customers. Cardholders who choose promotional financing can receive deferred-interest financing on qualifying purchases. The bank is the sole owner of the accounts receivable generated under the program and accordingly, we do not hold any consumer receivables related to these programs. We earn revenue from the bank based primarily on the performance of the portfolio. | ||||||||||||||||||||||||
We also have similar agreements for promotional financing and credit cards with banks for our businesses in Canada, China and Mexico, and we account for these programs in a manner consistent with the U.S. agreement. | ||||||||||||||||||||||||
In addition, we also accept Visa®, MasterCard®, Discover®, JCB® and American Express® credit cards, as well as debit cards from all major international networks. | ||||||||||||||||||||||||
Sales Incentives | ' | |||||||||||||||||||||||
Sales Incentives | ||||||||||||||||||||||||
We frequently offer sales incentives that entitle our customers to receive a reduction in the price of a product or service. Sales incentives include discounts, coupons and other offers that entitle a customer to receive a reduction in the price of a product or service either at the point of sale or by submitting a claim for a refund or rebate. For sales incentives issued to a customer in conjunction with a sale of merchandise or services for which we are the obligor, the reduction in revenue is recognized at the time of sale, based on the retail value of the incentive expected to be redeemed. | ||||||||||||||||||||||||
Customer Loyalty Programs | ||||||||||||||||||||||||
We have customer loyalty programs which allow members to earn points for each qualifying purchase. Points earned enable members to receive a certificate that may be redeemed on future purchases at our Best Buy branded stores. There are two primary ways that members may participate and earn loyalty points. | ||||||||||||||||||||||||
First, we have customer loyalty programs where members earn points for each purchase. Depending on the customer's membership level within our loyalty program, certificates expire either 2 or 12 months from the date of issuance. The retail value of points earned by our loyalty program members is included in accrued liabilities and recorded as a reduction of revenue at the time the points are earned, based on the percentage of points that are projected to be redeemed. | ||||||||||||||||||||||||
Second, under our credit card agreement, we have a customer loyalty credit card bearing the Best Buy brand. Cardholders earn points for purchases made at our stores and related websites in the U.S., as well as purchases at other merchants. Points earned entitle cardholders to receive certificates that may be redeemed on future purchases at our stores and related websites. Certificates expire either 2 or 12 months from the date of issuance. The retail value of points earned by our cardholders is included in accrued liabilities and recorded as a reduction of revenue at the time the points are earned, based on the percentage of points that are projected to be redeemed. | ||||||||||||||||||||||||
We recognize revenue when: (i) a certificate is redeemed by the customer; (ii) a certificate expires, or (iii) the likelihood of a certificate being redeemed by a customer is remote ("certificate breakage"). We determine our certificate breakage rate based upon historical redemption patterns. | ||||||||||||||||||||||||
Cost of Goods Sold | ' | |||||||||||||||||||||||
Cost of Goods Sold and Selling, General and Administrative Expenses | ||||||||||||||||||||||||
The following table illustrates the primary costs classified in each major expense category: | ||||||||||||||||||||||||
Cost of Goods Sold | ||||||||||||||||||||||||
• | Total cost of products sold including: | |||||||||||||||||||||||
— | Freight expenses associated with moving merchandise inventories from our vendors to our distribution centers; | |||||||||||||||||||||||
— | Vendor allowances that are not a reimbursement of specific, incremental and identifiable costs to promote a vendor's products; and | |||||||||||||||||||||||
— | Cash discounts on payments to merchandise vendors; | |||||||||||||||||||||||
• | Cost of services provided including: | |||||||||||||||||||||||
— | Payroll and benefits costs for services employees; and | |||||||||||||||||||||||
— | Cost of replacement parts and related freight expenses; | |||||||||||||||||||||||
• | Physical inventory losses; | |||||||||||||||||||||||
• | Markdowns; | |||||||||||||||||||||||
• | Customer shipping and handling expenses; | |||||||||||||||||||||||
• | Costs associated with operating our distribution network, including payroll and benefit costs, occupancy costs, and depreciation; and | |||||||||||||||||||||||
• | Freight expenses associated with moving merchandise inventories from our distribution centers to our retail stores. | |||||||||||||||||||||||
SG&A | ||||||||||||||||||||||||
• | Payroll and benefit costs for retail and corporate employees; | |||||||||||||||||||||||
• | Occupancy and maintenance costs of retail, services and corporate facilities; | |||||||||||||||||||||||
• | Depreciation and amortization related to retail, services and corporate assets; | |||||||||||||||||||||||
• | Advertising costs; | |||||||||||||||||||||||
• | Vendor allowances that are a reimbursement of specific, incremental and identifiable costs to promote a vendor's products; | |||||||||||||||||||||||
• | Tender costs, including bank charges and costs associated with credit and debit card interchange fees; | |||||||||||||||||||||||
• | Charitable contributions; | |||||||||||||||||||||||
• | Outside and outsourced service fees; | |||||||||||||||||||||||
• | Long-lived asset impairment charges; and | |||||||||||||||||||||||
• | Other administrative costs, such as supplies, and travel and lodging. | |||||||||||||||||||||||
Selling, General and Administrative Expenses | ' | |||||||||||||||||||||||
Cost of Goods Sold and Selling, General and Administrative Expenses | ||||||||||||||||||||||||
The following table illustrates the primary costs classified in each major expense category: | ||||||||||||||||||||||||
Cost of Goods Sold | ||||||||||||||||||||||||
• | Total cost of products sold including: | |||||||||||||||||||||||
— | Freight expenses associated with moving merchandise inventories from our vendors to our distribution centers; | |||||||||||||||||||||||
— | Vendor allowances that are not a reimbursement of specific, incremental and identifiable costs to promote a vendor's products; and | |||||||||||||||||||||||
— | Cash discounts on payments to merchandise vendors; | |||||||||||||||||||||||
• | Cost of services provided including: | |||||||||||||||||||||||
— | Payroll and benefits costs for services employees; and | |||||||||||||||||||||||
— | Cost of replacement parts and related freight expenses; | |||||||||||||||||||||||
• | Physical inventory losses; | |||||||||||||||||||||||
• | Markdowns; | |||||||||||||||||||||||
• | Customer shipping and handling expenses; | |||||||||||||||||||||||
• | Costs associated with operating our distribution network, including payroll and benefit costs, occupancy costs, and depreciation; and | |||||||||||||||||||||||
• | Freight expenses associated with moving merchandise inventories from our distribution centers to our retail stores. | |||||||||||||||||||||||
SG&A | ||||||||||||||||||||||||
• | Payroll and benefit costs for retail and corporate employees; | |||||||||||||||||||||||
• | Occupancy and maintenance costs of retail, services and corporate facilities; | |||||||||||||||||||||||
• | Depreciation and amortization related to retail, services and corporate assets; | |||||||||||||||||||||||
• | Advertising costs; | |||||||||||||||||||||||
• | Vendor allowances that are a reimbursement of specific, incremental and identifiable costs to promote a vendor's products; | |||||||||||||||||||||||
• | Tender costs, including bank charges and costs associated with credit and debit card interchange fees; | |||||||||||||||||||||||
• | Charitable contributions; | |||||||||||||||||||||||
• | Outside and outsourced service fees; | |||||||||||||||||||||||
• | Long-lived asset impairment charges; and | |||||||||||||||||||||||
• | Other administrative costs, such as supplies, and travel and lodging. | |||||||||||||||||||||||
Vendor Allowances | ' | |||||||||||||||||||||||
Vendor Allowances | ||||||||||||||||||||||||
We receive allowances from certain vendors through a variety of programs and arrangements intended to offset our costs of promoting and selling merchandise inventories. Vendor allowances are primarily in the form of receipt-based funds or sell-through credits. Receipt-based funds are generally determined at an agreed percentage of purchases and are initially deferred and recorded as a reduction of merchandise inventories. The deferred amounts are then included as a reduction of cost of goods sold when the related product is sold. Sell-through credits are generally determined at an agreed percentage of sales and are recognized when the related product is sold. Vendor allowances provided as a reimbursement of specific, incremental and identifiable costs, such as specialized store labor or training costs, are included in SG&A as an expense reduction when the cost is incurred. | ||||||||||||||||||||||||
Advertising Costs | ' | |||||||||||||||||||||||
Advertising Costs | ||||||||||||||||||||||||
Advertising costs, which are included in SG&A, are expensed the first time the advertisement runs. Advertising costs consist primarily of print and television advertisements as well as promotional events. Advertising expenses were $775 million, $732 million and $828 million in fiscal 2014, 2013 (11-month) and 2012, respectively. | ||||||||||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||
We apply the fair value recognition provisions of accounting guidance as they relate to our stock-based compensation, which require us to recognize expense for the fair value of our stock-based compensation awards. We recognize compensation expense on a straight-line basis over the requisite service period of the award (or to an employee's eligible retirement date, if earlier). |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Schedule of estimated useful lives by major asset category | ' | |||||||||||||||||||||||
Estimated useful lives by major asset category are as follows: | ||||||||||||||||||||||||
Asset | Life | |||||||||||||||||||||||
(in years) | ||||||||||||||||||||||||
Buildings | 25-50 | |||||||||||||||||||||||
Leasehold improvements | 25-Mar | |||||||||||||||||||||||
Fixtures and equipment | 20-Mar | |||||||||||||||||||||||
Property under capital lease | 20-Feb | |||||||||||||||||||||||
Schedule of changes in carrying amount of goodwill and indefinite lived tradenames by segment | ' | |||||||||||||||||||||||
The changes in the carrying amount of goodwill and indefinite-lived tradenames by segment were as follows in fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | ||||||||||||||||||||||||
Goodwill | Indefinite-Lived Tradenames | |||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | |||||||||||||||||||
Balances at February 26, 2011 | $ | 422 | $ | 2,032 | $ | 2,454 | $ | 21 | $ | 84 | $ | 105 | ||||||||||||
Acquisitions(1) | 94 | — | 94 | 1 | — | 1 | ||||||||||||||||||
Impairments(2) | — | (1,207 | ) | (1,207 | ) | — | — | — | ||||||||||||||||
Sale of business | — | (7 | ) | (7 | ) | (3 | ) | (2 | ) | (5 | ) | |||||||||||||
Changes in foreign currency exchange rates | — | 1 | 1 | — | 1 | 1 | ||||||||||||||||||
Other(3) | — | — | — | — | 28 | 28 | ||||||||||||||||||
Balances at March 3, 2012 | 516 | 819 | 1,335 | 19 | 111 | 130 | ||||||||||||||||||
Acquisitions(4) | 15 | — | 15 | — | — | — | ||||||||||||||||||
Impairments | (3 | ) | (819 | ) | (822 | ) | — | — | — | |||||||||||||||
Changes in foreign currency exchange rates | — | — | — | — | 1 | 1 | ||||||||||||||||||
Balances at February 2, 2013 | 528 | — | 528 | 19 | 112 | 131 | ||||||||||||||||||
Impairments | — | — | — | — | (4 | ) | (4 | ) | ||||||||||||||||
Sale of business(5) | (103 | ) | — | (103 | ) | — | (22 | ) | (22 | ) | ||||||||||||||
Changes in foreign currency exchange rates | — | — | — | — | (4 | ) | (4 | ) | ||||||||||||||||
Balances at February 1, 2014 | $ | 425 | $ | — | $ | 425 | $ | 19 | $ | 82 | $ | 101 | ||||||||||||
-1 | Represents goodwill acquired, primarily as a result of the mindSHIFT acquisition in fiscal 2012. | |||||||||||||||||||||||
-2 | Represents the full impairment of goodwill attributable to Best Buy Europe as described in Note 3, Profit Share Buy-Out. The gross carrying amount of goodwill and cumulative impairment were written off as a result of the sale of Best Buy Europe in fiscal 2014. | |||||||||||||||||||||||
-3 | Represents the transfer of certain definite-lived tradenames (at their net book value) to indefinite-lived tradenames following our decision to no longer phase out certain tradenames. We believe these tradenames will continue to contribute to our future cash flows indefinitely. | |||||||||||||||||||||||
-4 | Represents goodwill acquired, primarily as a result of an acquisition made by mindSHIFT in fiscal 2013 (11-month). | |||||||||||||||||||||||
-5 | Represents goodwill written-off as a result of the sale of mindSHIFT in fiscal 2014 and indefinite-lived tradenames written off as a result of the sale of Best Buy Europe in fiscal 2014. | |||||||||||||||||||||||
Schedule of goodwill | ' | |||||||||||||||||||||||
The following table provides the gross carrying amount of goodwill and cumulative goodwill impairment losses ($ in millions): | ||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||||||||||||||
Gross Carrying | Cumulative | Gross Carrying | Cumulative | |||||||||||||||||||||
Amount(1) | Impairment(1) | Amount | Impairment | |||||||||||||||||||||
Goodwill | $ | 1,308 | $ | (883 | ) | $ | 2,608 | $ | (2,080 | ) | ||||||||||||||
-1 | Excludes the gross carrying amount and cumulative impairment related to Best Buy Europe and mindSHIFT, which were sold during fiscal 2014. | |||||||||||||||||||||||
Schedule of self insurance liability | ' | |||||||||||||||||||||||
Our self-insured liabilities included in the Consolidated Balance Sheets were as follows ($ in millions): | ||||||||||||||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||||||||||||||
Accrued liabilities | $ | 88 | $ | 77 | ||||||||||||||||||||
Long-term liabilities | 52 | 47 | ||||||||||||||||||||||
Total | $ | 140 | $ | 124 | ||||||||||||||||||||
Schedule of gift card breakage income | ' | |||||||||||||||||||||||
Gift card breakage income was as follows in fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | ||||||||||||||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Gift card breakage income | $ | 53 | $ | 46 | $ | 54 | ||||||||||||||||||
Schedule of primary costs, classified in each major expense category | ' | |||||||||||||||||||||||
The following table illustrates the primary costs classified in each major expense category: | ||||||||||||||||||||||||
Cost of Goods Sold | ||||||||||||||||||||||||
• | Total cost of products sold including: | |||||||||||||||||||||||
— | Freight expenses associated with moving merchandise inventories from our vendors to our distribution centers; | |||||||||||||||||||||||
— | Vendor allowances that are not a reimbursement of specific, incremental and identifiable costs to promote a vendor's products; and | |||||||||||||||||||||||
— | Cash discounts on payments to merchandise vendors; | |||||||||||||||||||||||
• | Cost of services provided including: | |||||||||||||||||||||||
— | Payroll and benefits costs for services employees; and | |||||||||||||||||||||||
— | Cost of replacement parts and related freight expenses; | |||||||||||||||||||||||
• | Physical inventory losses; | |||||||||||||||||||||||
• | Markdowns; | |||||||||||||||||||||||
• | Customer shipping and handling expenses; | |||||||||||||||||||||||
• | Costs associated with operating our distribution network, including payroll and benefit costs, occupancy costs, and depreciation; and | |||||||||||||||||||||||
• | Freight expenses associated with moving merchandise inventories from our distribution centers to our retail stores. | |||||||||||||||||||||||
SG&A | ||||||||||||||||||||||||
• | Payroll and benefit costs for retail and corporate employees; | |||||||||||||||||||||||
• | Occupancy and maintenance costs of retail, services and corporate facilities; | |||||||||||||||||||||||
• | Depreciation and amortization related to retail, services and corporate assets; | |||||||||||||||||||||||
• | Advertising costs; | |||||||||||||||||||||||
• | Vendor allowances that are a reimbursement of specific, incremental and identifiable costs to promote a vendor's products; | |||||||||||||||||||||||
• | Tender costs, including bank charges and costs associated with credit and debit card interchange fees; | |||||||||||||||||||||||
• | Charitable contributions; | |||||||||||||||||||||||
• | Outside and outsourced service fees; | |||||||||||||||||||||||
• | Long-lived asset impairment charges; and | |||||||||||||||||||||||
• | Other administrative costs, such as supplies, and travel and lodging. |
Fiscal_YearEnd_Change_Tables
Fiscal Year-End Change (Tables) | 12 Months Ended | |||||||
Feb. 01, 2014 | ||||||||
Fiscal Year-End Change [Abstract] | ' | |||||||
Fiscal Year Change | ' | |||||||
The following table shows the fiscal months included within our financial statements and footnotes for fiscal 2014, fiscal 2013 (11-month) and fiscal 2012. | ||||||||
New Fiscal Calendar(1) | Previous Fiscal Calendar(1) | |||||||
2014 | 2013 (11-Month) | 2012 | ||||||
February 2013 - January 2014 | March 2012 - January 2013 | March 2011 - February 2012 | ||||||
-1 | For entities reported on a lag, the fiscal months included in fiscal 2013 (11-month) were February through December, and in fiscal 2014 and 2012 were January through December. | |||||||
Fiscal Year-End Change | ' | |||||||
The following is selected financial data for the one month ended January 31, 2012, and the comparable prior year period, for entities reported on a lag ($ in millions): | ||||||||
One Month Ended | ||||||||
31-Jan-12 | 31-Jan-11 | |||||||
(unaudited) | (unaudited) | |||||||
Revenue | $ | 189 | $ | 249 | ||||
Gross profit | 16 | 24 | ||||||
Operating loss | (14 | ) | (1 | ) | ||||
Net earnings (loss) from continuing operations | (13 | ) | — | |||||
Loss from discontinued operations, net of tax | (12 | ) | (28 | ) | ||||
Net loss including noncontrolling interests | (25 | ) | (28 | ) | ||||
Net loss attributable to Best Buy Co., Inc. shareholders(1) | (14 | ) | (33 | ) | ||||
-1 | The net loss attributable to Best Buy Co., Inc. shareholders for the one month ended January 31, 2012, represents the adjustment to retained earnings within the Consolidated Statements of Changes in Shareholders' Equity as a result of the exclusion of January results for entities reported on a lag. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Schedule of Assets and Liabilities Disposed of by Sale, in Period of Disposition [Table Text Block] | ' | |||||||||||
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 financial results of discontinued operations | ' | |||||||||||
The aggregate financial results of all discontinued operations for fiscal 2014, 2013 (11-month) and 2012 were as follows ($ in millions): | ||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue | $ | 2,815 | $ | 5,259 | $ | 5,658 | ||||||
Restructuring charges(1) | 100 | 34 | 239 | |||||||||
Gain (loss) from discontinued operations before income tax benefit | (240 | ) | 15 | (1,521 | ) | |||||||
Income tax benefit(2) | 42 | 37 | 122 | |||||||||
Gain on sale of discontinued operations | 32 | — | — | |||||||||
Equity in loss of affiliates | — | (5 | ) | (3 | ) | |||||||
Net gain (loss) from discontinued operations including noncontrolling interests | (166 | ) | 47 | (1,402 | ) | |||||||
Net (gain) loss from discontinued operations attributable to noncontrolling interests | 11 | (19 | ) | (1,250 | ) | |||||||
Net gain (loss) from discontinued operations attributable to Best Buy Co., Inc. shareholders | $ | (155 | ) | $ | 28 | $ | (2,652 | ) | ||||
-1 | See Note 6, Restructuring Charges, for further discussion of the restructuring charges associated with discontinued operations. | |||||||||||
-2 | Income tax benefit for fiscal 2014 includes a $27 million benefit related to a tax allocation between continuing and discontinued operations and a $15 million benefit related to the impairment of our investment in Best Buy Europe. The fiscal 2014 effective tax rate for discontinued operations differs from the statutory tax rate primarily due to the previously mentioned tax allocation, sale of mindSHIFT, restructuring charges and the impairment of our investment in Best Buy Europe. The sale of mindSHIFT, restructuring charges and impairment generally included no related tax benefit. The deferred tax assets related to the sale of mindSHIFT and restructuring charges generally resulted in an increase in the valuation allowance in an equal amount, of which the investment impairment is not tax deductible. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair value, assets and liabilities measured on recurring basis | ' | |||||||||||||||
The following tables set forth by level within the fair value hierarchy, our financial assets and liabilities that were accounted for at fair value on a recurring basis at February 1, 2014, and February 2, 2013, according to the valuation techniques we used to determine their fair values ($ in millions). | ||||||||||||||||
Fair Value Measurements Using Inputs Considered as | ||||||||||||||||
Fair Value at | Quoted Prices | Significant | Significant | |||||||||||||
1-Feb-14 | 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 | $ | 53 | $ | 53 | $ | — | $ | — | ||||||||
Commercial paper | 80 | — | 80 | — | ||||||||||||
Treasury bills | 263 | 263 | — | — | ||||||||||||
Short-term investments | ||||||||||||||||
Commercial paper | 100 | — | 100 | — | ||||||||||||
Other current assets | ||||||||||||||||
Foreign currency derivative instruments | 2 | — | 2 | — | ||||||||||||
Other assets | ||||||||||||||||
Auction rate securities | 9 | — | — | 9 | ||||||||||||
Marketable securities that fund deferred compensation | 96 | 96 | — | — | ||||||||||||
Liabilities | ||||||||||||||||
Accrued liabilities | ||||||||||||||||
Foreign currency derivative instruments | 5 | — | 5 | — | ||||||||||||
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 | — | ||||||||||||
Other assets | ||||||||||||||||
Auction rate securities | 21 | — | — | 21 | ||||||||||||
Marketable equity securities | 27 | 27 | — | — | ||||||||||||
Marketable securities that fund deferred compensation | 88 | 88 | — | — | ||||||||||||
Fair value, assets measured on a recurring basis, unobservable input reconciliation | ' | |||||||||||||||
The following table provides 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) ($ in millions). | ||||||||||||||||
Debt securities — Auction rate securities only | ||||||||||||||||
Student loan bonds | Municipal revenue bonds | Total | ||||||||||||||
Balances at March 3, 2012 | $ | 80 | $ | 2 | $ | 82 | ||||||||||
Changes in unrealized losses in other comprehensive income | 4 | — | 4 | |||||||||||||
Sales | (65 | ) | — | (65 | ) | |||||||||||
Balances at February 2, 2013 | 19 | 2 | 21 | |||||||||||||
Changes in unrealized losses in other comprehensive income | 1 | — | 1 | |||||||||||||
Sales | (13 | ) | — | (13 | ) | |||||||||||
Balances at February 1, 2014 | $ | 7 | $ | 2 | $ | 9 | ||||||||||
Fair value, assets and liabilities measured on nonrecurring basis, fair value remeasurements (impairments) | ' | |||||||||||||||
The following table summarizes the fair value remeasurements for non-restructuring property and equipment impairments, goodwill impairments and restructuring activities recorded for fiscal 2014 and fiscal 2013 (11-month) ($ in millions): | ||||||||||||||||
12-Month 2014 | 11-Month 2013 | |||||||||||||||
Impairments | Remaining Net | Impairments | Remaining Net | |||||||||||||
Carrying Value(1) | Carrying Value (1) | |||||||||||||||
Continuing operations | ||||||||||||||||
Property and equipment (non-restructuring) | $ | 101 | $ | 10 | $ | 60 | $ | 8 | ||||||||
Goodwill(2) | — | — | 822 | — | ||||||||||||
Restructuring activities(3) | ||||||||||||||||
Property and equipment | 9 | — | 59 | — | ||||||||||||
Investments | 16 | 21 | 27 | 38 | ||||||||||||
Total | $ | 126 | $ | 31 | $ | 968 | $ | 46 | ||||||||
Discontinued operations(4) | ||||||||||||||||
Property and equipment(5) | $ | 220 | $ | — | $ | 11 | $ | — | ||||||||
Tradename | 4 | — | — | — | ||||||||||||
Total | $ | 224 | $ | — | $ | 11 | $ | — | ||||||||
-1 | Remaining net carrying value approximates fair value. | |||||||||||||||
-2 | See Note 1, Significant Accounting Policies, for additional information. | |||||||||||||||
-3 | See Note 6, Restructuring Charges, for additional information. | |||||||||||||||
-4 | Property and equipment and tradename impairments associated with discontinued operations are recorded within gain (loss) from discontinued operations in our Consolidated Statements of Earnings. | |||||||||||||||
-5 | Includes the $175 million impairment to write down the book value of our investment in Best Buy Europe to fair value. Upon completion of the sale of Best Buy Europe as described in Note 4, Discontinued Operations, the remaining net carrying values of all assets have been reduced to zero. |
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Composition of restructuring charges for both the Domestic and International segments | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring charges incurred in fiscal 2014, 2013 (11-month) and 2012 were as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||||||||||||||
Renew Blue | $ | 165 | $ | 171 | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Fiscal 2013 U.S. restructuring | (6 | ) | 257 | — | ||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2012 restructuring | — | (1 | ) | 28 | ||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2011 restructuring | — | (12 | ) | 20 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 159 | 415 | 48 | |||||||||||||||||||||||||||||||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2013 Europe restructuring | 95 | 36 | — | |||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2012 restructuring | 5 | (1 | ) | 215 | ||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2011 restructuring | — | (1 | ) | 24 | ||||||||||||||||||||||||||||||||||||||||||||
Total (Note 4) | 100 | 34 | 239 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 259 | $ | 449 | $ | 287 | ||||||||||||||||||||||||||||||||||||||||||
Restructuring Program 2013 Renew Blue [Member] [Domain] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring activity related to termination benefits and facility closure costs | ' | |||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during fiscal 2014 and 2013 (11-month) related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Termination Benefits | Facility | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Closure and | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 3, 2012 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Charges | 55 | 54 | 109 | |||||||||||||||||||||||||||||||||||||||||||||
Cash payments | (1 | ) | — | (1 | ) | |||||||||||||||||||||||||||||||||||||||||||
Balance at February 2, 2013 | 54 | 54 | 108 | |||||||||||||||||||||||||||||||||||||||||||||
Charges | 133 | 16 | 149 | |||||||||||||||||||||||||||||||||||||||||||||
Cash payments | (68 | ) | (23 | ) | (91 | ) | ||||||||||||||||||||||||||||||||||||||||||
Adjustments | (8 | ) | 4 | (4 | ) | |||||||||||||||||||||||||||||||||||||||||||
Balance at February 1, 2014 | $ | 111 | $ | 51 | $ | 162 | ||||||||||||||||||||||||||||||||||||||||||
Composition of restructuring charges for both the Domestic and International segments | ' | |||||||||||||||||||||||||||||||||||||||||||||||
The composition of the restructuring charges we incurred for this program in fiscal 2014 and 2013 (11-month), as well as the cumulative amount incurred through the end of fiscal 2014, was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Domestic | International | Total | ||||||||||||||||||||||||||||||||||||||||||||||
12-Month 2014 | 11-Month 2013 | Cumulative Amount | 12-Month 2014 | 11-Month 2013 | Cumulative Amount | 12-Month 2014 | 11-Month 2013 | Cumulative Amount | ||||||||||||||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||||||||||||||
Inventory write-downs | $ | — | $ | 1 | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | 1 | ||||||||||||||||||||||||||||||
Property and equipment impairments | 7 | 7 | 14 | 2 | 23 | 25 | 9 | 30 | 39 | |||||||||||||||||||||||||||||||||||||||
Termination benefits | 106 | 46 | 152 | 28 | 9 | 37 | 134 | 55 | 189 | |||||||||||||||||||||||||||||||||||||||
Investment impairments | 16 | 27 | 43 | — | — | — | 16 | 27 | 43 | |||||||||||||||||||||||||||||||||||||||
Facility closure and other costs | — | 3 | 3 | 6 | 55 | 61 | 6 | 58 | 64 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 129 | $ | 84 | $ | 213 | $ | 36 | $ | 87 | $ | 123 | $ | 165 | $ | 171 | $ | 336 | ||||||||||||||||||||||||||||||
Restructuring Program 2013 Europe [Member] [Domain] [Domain] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring activity related to termination benefits and facility closure costs | ' | |||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during fiscal 2014 and 2013 (11-month) related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Termination Benefits | Facility | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Closure and | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 3, 2012 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Charges | 19 | 5 | 24 | |||||||||||||||||||||||||||||||||||||||||||||
Cash payments | (19 | ) | — | (19 | ) | |||||||||||||||||||||||||||||||||||||||||||
Balance at February 2, 2013 | — | 5 | 5 | |||||||||||||||||||||||||||||||||||||||||||||
Charges | 36 | 2 | 38 | |||||||||||||||||||||||||||||||||||||||||||||
Cash payments | (2 | ) | (7 | ) | (9 | ) | ||||||||||||||||||||||||||||||||||||||||||
Adjustments(1) | (34 | ) | — | (34 | ) | |||||||||||||||||||||||||||||||||||||||||||
Balance at February 1, 2014 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
-1 | Represents the remaining liability written off as a result of the sale of Best Buy Europe, as described in Note 4, Discontinued Operations. | |||||||||||||||||||||||||||||||||||||||||||||||
Composition of restructuring charges for both the Domestic and International segments | ' | |||||||||||||||||||||||||||||||||||||||||||||||
The composition of the restructuring charges we incurred for this program in fiscal 2014 and 2013 (11-month), as well as the cumulative amount incurred through the end of fiscal 2014, was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
International | ||||||||||||||||||||||||||||||||||||||||||||||||
12-Month 2014 | 11-Month 2013 | Cumulative Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||||||||||||||||||||||||||
Inventory write-downs | $ | 7 | $ | — | $ | 7 | ||||||||||||||||||||||||||||||||||||||||||
Property and equipment impairments | 45 | 12 | 57 | |||||||||||||||||||||||||||||||||||||||||||||
Termination benefits | 36 | 19 | 55 | |||||||||||||||||||||||||||||||||||||||||||||
Tradename impairments | 4 | — | 4 | |||||||||||||||||||||||||||||||||||||||||||||
Facility closure and other costs | 3 | 5 | 8 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 95 | $ | 36 | $ | 131 | ||||||||||||||||||||||||||||||||||||||||||
Restructuring Program 2013 U.S. [Member] [Domain] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring activity related to termination benefits and facility closure costs | ' | |||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during fiscal 2014 and 2013 (11-month) related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Termination Benefits | Facility | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Closure and | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 3, 2012 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Charges | 109 | 152 | 261 | |||||||||||||||||||||||||||||||||||||||||||||
Cash payments | (65 | ) | (33 | ) | (98 | ) | ||||||||||||||||||||||||||||||||||||||||||
Adjustments | (40 | ) | (6 | ) | (46 | ) | ||||||||||||||||||||||||||||||||||||||||||
Balance at February 2, 2013 | 4 | 113 | 117 | |||||||||||||||||||||||||||||||||||||||||||||
Charges | — | 4 | 4 | |||||||||||||||||||||||||||||||||||||||||||||
Cash payments | (2 | ) | (46 | ) | (48 | ) | ||||||||||||||||||||||||||||||||||||||||||
Adjustments | (2 | ) | (13 | ) | (15 | ) | ||||||||||||||||||||||||||||||||||||||||||
Balance at February 1, 2014 | $ | — | $ | 58 | $ | 58 | ||||||||||||||||||||||||||||||||||||||||||
Composition of restructuring charges for both the Domestic and International segments | ' | |||||||||||||||||||||||||||||||||||||||||||||||
The composition of the restructuring charges we incurred for this program in fiscal 2014 and 2013 (11-month), as well as the cumulative amount incurred through the end of fiscal 2014, was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Domestic | ||||||||||||||||||||||||||||||||||||||||||||||||
12-Month 2014 | 11-Month 2013 | Cumulative Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment impairments | $ | — | $ | 29 | $ | 29 | ||||||||||||||||||||||||||||||||||||||||||
Termination benefits | — | 77 | 77 | |||||||||||||||||||||||||||||||||||||||||||||
Facility closure and other costs | (6 | ) | 151 | 145 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | (6 | ) | $ | 257 | $ | 251 | |||||||||||||||||||||||||||||||||||||||||
Restructuring Program 2012 [Member] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring activity related to termination benefits and facility closure costs | ' | |||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during fiscal 2014 and 2013 (11-month) related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Termination Benefits | Facility | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Closure and | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 3, 2012 | $ | 17 | $ | 85 | $ | 102 | ||||||||||||||||||||||||||||||||||||||||||
Charges | 1 | 2 | 3 | |||||||||||||||||||||||||||||||||||||||||||||
Cash payments | (18 | ) | (83 | ) | (101 | ) | ||||||||||||||||||||||||||||||||||||||||||
Adjustments(1) | — | 28 | 28 | |||||||||||||||||||||||||||||||||||||||||||||
Changes in foreign currency exchange rates | — | 4 | 4 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at February 2, 2013 | — | 36 | 36 | |||||||||||||||||||||||||||||||||||||||||||||
Cash payments | — | (33 | ) | (33 | ) | |||||||||||||||||||||||||||||||||||||||||||
Adjustments(2) | — | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||||||||||||||||
Changes in foreign currency exchange rates | — | (2 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||||||||||
Balance at February 1, 2014 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
-1 | Included within adjustments to facility closure and other costs is $34 million from the first quarter of fiscal 2013 (11-month), representing an adjustment to exclude non-cash charges or benefits, which had no impact on our Consolidated Statements of Earnings in fiscal 2013 (11-month). | |||||||||||||||||||||||||||||||||||||||||||||||
-2 | Included within adjustments to facility closure and other costs is a $5 million charge related to a change in sublease assumptions, offset by a $(6) million adjustment to write off the remaining liability as a result of the sale of Best Buy Europe, as described in Note 4, Discontinued Operations. | |||||||||||||||||||||||||||||||||||||||||||||||
Composition of restructuring charges for both the Domestic and International segments | ' | |||||||||||||||||||||||||||||||||||||||||||||||
The composition of the restructuring charges we incurred for this program in fiscal 2014, 2013 (11-month) and 2012, as well as the cumulative amount incurred through the end of fiscal 2014, was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||
Domestic | International | Total | ||||||||||||||||||||||||||||||||||||||||||||||
12-Month 2014 | 11-Month 2013 | 12-Month 2012 | Cumulative Amount | 12-Month 2014 | 11-Month 2013 | 12-Month 2012 | Cumulative Amount | 12-Month 2014 | 11-Month 2013 | 12-Month 2012 | Cumulative Amount | |||||||||||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment impairments | $ | — | $ | — | $ | 17 | $ | 17 | $ | — | $ | — | $ | 5 | $ | 5 | $ | — | $ | — | $ | 22 | $ | 22 | ||||||||||||||||||||||||
Termination benefits | — | — | 1 | 1 | — | — | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||||||||||
Facility closure and other costs | — | (1 | ) | 5 | 4 | — | — | — | — | — | (1 | ) | 5 | 4 | ||||||||||||||||||||||||||||||||||
Total | — | (1 | ) | 23 | 22 | — | — | 5 | 5 | — | (1 | ) | 28 | 27 | ||||||||||||||||||||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||||||||||||||||||||||||||
Inventory write-downs | — | — | — | — | — | — | 11 | 11 | — | — | 11 | 11 | ||||||||||||||||||||||||||||||||||||
Property and equipment impairments | — | — | — | — | — | — | 106 | 106 | — | — | 106 | 106 | ||||||||||||||||||||||||||||||||||||
Termination benefits | — | — | — | — | — | 1 | 16 | 17 | — | 1 | 16 | 17 | ||||||||||||||||||||||||||||||||||||
Facility closure and other costs | — | — | — | — | 5 | (2 | ) | 82 | 85 | 5 | (2 | ) | 82 | 85 | ||||||||||||||||||||||||||||||||||
Total | — | — | — | — | 5 | (1 | ) | 215 | 219 | 5 | (1 | ) | 215 | 219 | ||||||||||||||||||||||||||||||||||
Total | $ | — | $ | (1 | ) | $ | 23 | $ | 22 | $ | 5 | $ | (1 | ) | $ | 220 | $ | 224 | $ | 5 | $ | (2 | ) | $ | 243 | $ | 246 | |||||||||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||
Feb. 01, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Short-term Debt | ' | |||||||||||||
Short-term debt consisted of the following ($ in millions): | ||||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||||
Principal | Interest | Principal | Interest | |||||||||||
Balance | Rate | Balance | Rate | |||||||||||
Europe revolving credit facility(1) | $ | — | — | % | $ | 596 | 2 | % | ||||||
12-Month | 11-Month | |||||||||||||
Fiscal Year | 2014 | 2013 | ||||||||||||
Maximum month-end amount outstanding during the year(1) | $ | 597 | $ | 596 | ||||||||||
Average amount outstanding during the year(1) | 135 | 477 | ||||||||||||
-1 | Amounts relate to our previous £400 million Europe unsecured revolving credit facility agreement (the "RCF"). Interest rates under the previous RCF were variable, based on LIBOR plus an applicable margin based on Best Buy Europe's fixed charges coverage ratio. As described in Note 4, Discontinued Operations, we sold our interest in Best Buy Europe on June 26, 2013. | |||||||||||||
Schedule of long-term debt | ' | |||||||||||||
Long-term debt consisted of the following ($ in millions): | ||||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||||
2013 Notes | $ | — | $ | 500 | ||||||||||
2016 Notes | 349 | 349 | ||||||||||||
2018 Notes | 500 | — | ||||||||||||
2021 Notes | 649 | 648 | ||||||||||||
Financing lease obligations, due 2015 to 2026, interest rates ranging from 3.0% to 8.1% | 95 | 122 | ||||||||||||
Capital lease obligations, due 2015 to 2036, interest rates ranging from 1.9% to 9.3% | 63 | 80 | ||||||||||||
Other debt, due 2017, interest rate 6.7% | 1 | 1 | ||||||||||||
Total long-term debt | 1,657 | 1,700 | ||||||||||||
Less: current portion(1) | (45 | ) | (547 | ) | ||||||||||
Total long-term debt, less current portion | $ | 1,612 | $ | 1,153 | ||||||||||
-1 | Our 2013 Notes due July 15, 2013, which we retired on July 15, 2013, are classified in the current portion of long-term debt as of February 2, 2013. | |||||||||||||
Schedule of future maturities of long-term debt, including capitalized leases | ' | |||||||||||||
At February 1, 2014, the future maturities of long-term debt, including capitalized leases, consisted of the following ($ in millions): | ||||||||||||||
Fiscal Year | ||||||||||||||
2015 | $ | 45 | ||||||||||||
2016 | 38 | |||||||||||||
2017 | 372 | |||||||||||||
2018 | 16 | |||||||||||||
2019 | 509 | |||||||||||||
Thereafter | 677 | |||||||||||||
Total long-term debt | $ | 1,657 | ||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||||||||
Shareholders' Equity Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||
Stock-based compensation expense | ' | |||||||||||||||||||||||||||||
Stock-based compensation expense was as follows in fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | ||||||||||||||||||||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Stock options | $ | 25 | $ | 43 | $ | 76 | ||||||||||||||||||||||||
Share awards | ||||||||||||||||||||||||||||||
Market-based | 9 | 2 | — | |||||||||||||||||||||||||||
Time-based | 62 | 62 | 33 | |||||||||||||||||||||||||||
Employee stock purchase plans | 1 | 5 | 11 | |||||||||||||||||||||||||||
Total | $ | 97 | $ | 112 | $ | 120 | ||||||||||||||||||||||||
Stock option activity | ' | |||||||||||||||||||||||||||||
Stock option activity was as follows in fiscal 2014: | ||||||||||||||||||||||||||||||
Stock | Weighted- | Weighted-Average | Aggregate | |||||||||||||||||||||||||||
Options | Average | Remaining | Intrinsic Value (in millions) | |||||||||||||||||||||||||||
Exercise Price | Contractual | |||||||||||||||||||||||||||||
per Share | Term (in years) | |||||||||||||||||||||||||||||
Outstanding at February 2, 2013 | 29,983,000 | $ | 36.93 | |||||||||||||||||||||||||||
Granted | 2,741,000 | $ | 22.53 | |||||||||||||||||||||||||||
Exercised | (5,169,000 | ) | $ | 31.21 | ||||||||||||||||||||||||||
Forfeited/Canceled | (5,454,000 | ) | $ | 37.36 | ||||||||||||||||||||||||||
Outstanding at February 1, 2014 | 22,101,000 | $ | 36.38 | 5.4 | $ | 16 | ||||||||||||||||||||||||
Vested or expected to vest at February 1, 2014 | 21,597,000 | $ | 36.68 | 5.3 | $ | 16 | ||||||||||||||||||||||||
Exercisable at February 1, 2014 | 16,926,000 | $ | 40.11 | 4.4 | $ | 5 | ||||||||||||||||||||||||
Assumption used to estimate the fair value of stock option on the date of grant using a lattice model | ' | |||||||||||||||||||||||||||||
In fiscal 2014, 2013 (11-month) and 2012, we estimated the fair value of each stock option on the date of grant using a lattice or Black Scholes valuation model (for certain individuals) with the following assumptions: | ||||||||||||||||||||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||||||||||||||||||||
Valuation Assumptions(1) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Risk-free interest rate(2) | 0.1% – 1.8% | 0.1% – 2.0% | 0.1% – 3.6% | |||||||||||||||||||||||||||
Expected dividend yield | 2 | % | 2.2 | % | 2.3 | % | ||||||||||||||||||||||||
Expected stock price volatility(3) | 46 | % | 44 | % | 37 | % | ||||||||||||||||||||||||
Expected life of stock options (in years)(4) | 5.9 | 5.9 | 6.2 | |||||||||||||||||||||||||||
-1 | Forfeitures are estimated using historical experience and projected employee turnover. | |||||||||||||||||||||||||||||
-2 | Based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected life of our stock options. | |||||||||||||||||||||||||||||
-3 | In projecting expected stock price volatility, we consider both the historical volatility of our stock price as well as implied volatilities from exchange-traded options on our stock. | |||||||||||||||||||||||||||||
-4 | We estimate the expected life of stock options based upon historical experience. | |||||||||||||||||||||||||||||
Summary of the status of nonvested market-based share awards | ' | |||||||||||||||||||||||||||||
A summary of the status of our nonvested market-based share awards at February 1, 2014, and changes during fiscal 2014, is as follows: | ||||||||||||||||||||||||||||||
Market-Based Share Awards | Shares | Weighted-Average Fair Value per Share | ||||||||||||||||||||||||||||
Outstanding at February 2, 2013 | 805,000 | $ | 16.76 | |||||||||||||||||||||||||||
Granted | 1,044,000 | $ | 24.26 | |||||||||||||||||||||||||||
Vested | (20,000 | ) | $ | 19.89 | ||||||||||||||||||||||||||
Forfeited/Canceled | (193,000 | ) | $ | 21.82 | ||||||||||||||||||||||||||
Outstanding at February 1, 2014 | 1,636,000 | $ | 20.91 | |||||||||||||||||||||||||||
Summary of the status of nonvested time-based share awards | ' | |||||||||||||||||||||||||||||
A summary of the status of our nonvested time-based share awards at February 1, 2014, and changes during fiscal 2014, is as follows: | ||||||||||||||||||||||||||||||
Time-Based Share Awards | Shares | Weighted-Average Fair Value per Share | ||||||||||||||||||||||||||||
Outstanding at February 2, 2013 | 7,751,000 | $ | 21.05 | |||||||||||||||||||||||||||
Granted | 3,433,000 | $ | 22.99 | |||||||||||||||||||||||||||
Vested | (2,642,000 | ) | $ | 22.06 | ||||||||||||||||||||||||||
Forfeited/Canceled | (1,477,000 | ) | $ | 21.61 | ||||||||||||||||||||||||||
Outstanding at February 1, 2014 | 7,065,000 | $ | 21.49 | |||||||||||||||||||||||||||
Assumptions used to estimate the fair value of stock-based compensation expense associated with employee stock purchase plans on the purchase date using the Black-Scholes option-pricing valuation model | ' | |||||||||||||||||||||||||||||
Summary of stock options outstanding | ' | |||||||||||||||||||||||||||||
At February 1, 2014, options to purchase 22.1 million shares of common stock were outstanding as follows (shares in millions): | ||||||||||||||||||||||||||||||
Exercisable | Unexercisable | Total | ||||||||||||||||||||||||||||
Shares | % | Weighted- | Shares | % | Weighted- | Shares | % | Weighted- | ||||||||||||||||||||||
Average Price | Average Price | Average Price | ||||||||||||||||||||||||||||
per Share | per Share | per Share | ||||||||||||||||||||||||||||
In-the-money | 2.6 | 15 | % | $ | 23.84 | 4.3 | 83 | % | $ | 21.45 | 6.9 | 31 | % | $ | 22.36 | |||||||||||||||
Out-of-the-money | 14.3 | 85 | % | $ | 43.14 | 0.9 | 17 | % | $ | 36.91 | 15.2 | 69 | % | $ | 42.77 | |||||||||||||||
Total | 16.9 | 100 | % | $ | 40.11 | 5.2 | 100 | % | $ | 24.16 | 22.1 | 100 | % | $ | 36.38 | |||||||||||||||
Reconciliation of the numerators and denominators of basic and diluted earnings per share | ' | |||||||||||||||||||||||||||||
The following table presents a reconciliation of the numerators and denominators of basic and diluted earnings per share in fiscal 2014, 2013 (11-month) and 2012: | ||||||||||||||||||||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||||||||||||||||||||
2014 | 2013(1) | 2012 | ||||||||||||||||||||||||||||
Numerator (in millions): | ||||||||||||||||||||||||||||||
Net earnings (loss) from continuing operations | $ | 689 | $ | (467 | ) | $ | 1,424 | |||||||||||||||||||||||
Net earnings from continuing operations attributable to noncontrolling interests | (2 | ) | (2 | ) | (3 | ) | ||||||||||||||||||||||||
Net earnings (loss) from continuing operations attributable to Best Buy Co., Inc., shareholders, basic | 687 | (469 | ) | 1,421 | ||||||||||||||||||||||||||
Adjustment for assumed dilution: | ||||||||||||||||||||||||||||||
Interest on convertible debentures due in 2022, net of tax | — | — | 5 | |||||||||||||||||||||||||||
Net earnings (loss) from continuing operations attributable to Best Buy Co., Inc., shareholders, diluted | $ | 687 | $ | (469 | ) | $ | 1,426 | |||||||||||||||||||||||
Denominator (in millions): | ||||||||||||||||||||||||||||||
Weighted-average common shares outstanding | 342.1 | 338.6 | 366.3 | |||||||||||||||||||||||||||
Effect of potentially dilutive securities: | ||||||||||||||||||||||||||||||
Shares from assumed conversion of convertible debentures | — | — | 7.6 | |||||||||||||||||||||||||||
Stock options and other | 5.5 | — | 0.6 | |||||||||||||||||||||||||||
Weighted-average common shares outstanding, assuming dilution | 347.6 | 338.6 | 374.5 | |||||||||||||||||||||||||||
Net earnings (loss) per share from continuing operations attributable to Best Buy Co., Inc. shareholders | ||||||||||||||||||||||||||||||
Basic | $ | 2.01 | $ | (1.38 | ) | $ | 3.88 | |||||||||||||||||||||||
Diluted | $ | 1.98 | $ | (1.38 | ) | $ | 3.81 | |||||||||||||||||||||||
-1 | The calculation of diluted loss per share for fiscal 2013 (11-month) does not include potentially dilutive securities because their inclusion would be anti-dilutive (i.e., reduce the net loss per share). | |||||||||||||||||||||||||||||
Repurchases of common stock | ' | |||||||||||||||||||||||||||||
The following table presents the amount and cost of shares we repurchased and retired in fiscal 2014, 2013 (11-month) and 2012 under the June 2011 program and the June 2007 program ($ and shares in millions): | ||||||||||||||||||||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
June 2011 Program | ||||||||||||||||||||||||||||||
Total number of shares repurchased | — | 6.3 | 34.5 | |||||||||||||||||||||||||||
Total cost of shares repurchased | $ | — | $ | 122 | $ | 889 | ||||||||||||||||||||||||
June 2007 Program | ||||||||||||||||||||||||||||||
Total number of shares repurchased | — | — | 20.1 | |||||||||||||||||||||||||||
Total cost of shares repurchased | $ | — | $ | — | $ | 611 | ||||||||||||||||||||||||
Components of accumulated other comprehensive income, net of tax | ' | |||||||||||||||||||||||||||||
The following table provides a reconciliation of the components of accumulated other comprehensive income, net of tax, attributable to Best Buy Co., Inc. shareholders for fiscal 2014, 2013 (11-month) and 2012, respectively ($ in millions): | ||||||||||||||||||||||||||||||
Foreign Currency Translation | Available-For-Sale Investments | Total | ||||||||||||||||||||||||||||
Balances at February 26, 2011 | $ | 102 | $ | 71 | $ | 173 | ||||||||||||||||||||||||
Foreign currency translation adjustments | (9 | ) | — | (9 | ) | |||||||||||||||||||||||||
Unrealized losses on available-for-sale investments | — | (26 | ) | (26 | ) | |||||||||||||||||||||||||
Reclassification of gains on available-for-sale investments into earnings | — | (48 | ) | (48 | ) | |||||||||||||||||||||||||
Balances at March 3, 2012 | 93 | (3 | ) | 90 | ||||||||||||||||||||||||||
Adjustment for fiscal year-end change | 11 | — | 11 | |||||||||||||||||||||||||||
Balances at January 28, 2012 | 104 | (3 | ) | 101 | ||||||||||||||||||||||||||
Foreign currency translation adjustments | 9 | — | 9 | |||||||||||||||||||||||||||
Unrealized gains on available-for-sale investments | — | 2 | 2 | |||||||||||||||||||||||||||
Balances at February 2, 2013 | 113 | (1 | ) | 112 | ||||||||||||||||||||||||||
Foreign currency translation adjustments | (136 | ) | — | (136 | ) | |||||||||||||||||||||||||
Unrealized gains on available-for-sale investments | — | 7 | 7 | |||||||||||||||||||||||||||
Reclassification of foreign currency translation adjustments into earnings due to sale of business | 508 | — | 508 | |||||||||||||||||||||||||||
Reclassification of losses on available-for-sale investments into earnings | — | 1 | 1 | |||||||||||||||||||||||||||
Balances at February 1, 2014 | $ | 485 | $ | 7 | $ | 492 | ||||||||||||||||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Schedule of composition of net rent expense for operating leases, including leases of property and equipment | ' | ||||||||||||
The composition of net rent expense for all operating leases, including leases of property and equipment, was as follows in fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | |||||||||||||
12-Month | 11-Month | 12-Month | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Minimum rentals | $ | 951 | $ | 890 | $ | 980 | |||||||
Contingent rentals | 2 | 1 | 2 | ||||||||||
Total rent expense | 953 | 891 | 982 | ||||||||||
Less: sublease income | (18 | ) | (16 | ) | (18 | ) | |||||||
Net rent expense | $ | 935 | $ | 875 | $ | 964 | |||||||
Schedule of future minimum lease payments under capital, financing and operating leases (not including contingent rentals) | ' | ||||||||||||
The future minimum lease payments under our capital, financing and operating leases by fiscal year (not including contingent rentals) at February 1, 2014, were as follows ($ in millions): | |||||||||||||
Fiscal Year | Capital | Financing | Operating | ||||||||||
Leases | Leases | Leases(1) | |||||||||||
2015 | $ | 26 | $ | 27 | $ | 1,027 | |||||||
2016 | 18 | 25 | 931 | ||||||||||
2017 | 8 | 19 | 807 | ||||||||||
2018 | 3 | 15 | 656 | ||||||||||
2019 | 2 | 9 | 496 | ||||||||||
Thereafter | 17 | 17 | 1,116 | ||||||||||
Subtotal | 74 | 112 | $ | 5,033 | |||||||||
Less: imputed interest | (11 | ) | (17 | ) | |||||||||
Present value | $ | 63 | $ | 95 | |||||||||
-1 | Operating lease obligations do not include payments to landlords covering real estate taxes and common area maintenance. These charges, if included, would increase total operating lease obligations by $1.5 billion at February 1, 2014. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Reconciliation of the federal statutory income tax rate to income tax expense | ' | |||||||||||
The following is a reconciliation of the federal statutory income tax rate to income tax expense in fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | ||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal income tax at the statutory rate | $ | 380 | $ | (70 | ) | $ | 758 | |||||
State income taxes, net of federal benefit | 25 | (2 | ) | 47 | ||||||||
(Benefit) expense from foreign operations | (13 | ) | 49 | (63 | ) | |||||||
Other | 6 | 5 | — | |||||||||
Goodwill impairments (non-deductible) | — | 287 | — | |||||||||
Income tax expense | $ | 398 | $ | 269 | $ | 742 | ||||||
Effective income tax rate | 36.7 | % | (135.8 | )% | 34.3 | % | ||||||
Earning before income tax expense and equity in income (loss) of affiliates | ' | |||||||||||
Earnings (loss) from continuing operations before income tax expense and equity in income (loss) of affiliates by jurisdiction was as follows in fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | ||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||
2014 | 2013 | 2012 | ||||||||||
United States | $ | 687 | $ | 279 | $ | 1,644 | ||||||
Outside the United States | 400 | (477 | ) | 522 | ||||||||
Earnings (loss) from continuing operations before income tax expense and equity in income (loss) of affiliates | $ | 1,087 | $ | (198 | ) | $ | 2,166 | |||||
Components of income tax expense | ' | |||||||||||
Income tax expense was comprised of the following in fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | ||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 306 | $ | 204 | $ | 520 | ||||||
State | 45 | (1 | ) | 61 | ||||||||
Foreign | 64 | 66 | 72 | |||||||||
415 | 269 | 653 | ||||||||||
Deferred: | ||||||||||||
Federal | (21 | ) | 26 | 86 | ||||||||
State | 1 | (3 | ) | 11 | ||||||||
Foreign | 3 | (23 | ) | (8 | ) | |||||||
(17 | ) | — | 89 | |||||||||
Income tax expense | $ | 398 | $ | 269 | $ | 742 | ||||||
Deferred income tax assets and liabilities | ' | |||||||||||
Deferred taxes are the result of differences between the bases of assets and liabilities for financial reporting and income tax purposes. Deferred tax assets and liabilities were comprised of the following ($ in millions): | ||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||
Accrued property expenses | $ | 162 | $ | 194 | ||||||||
Other accrued expenses | 133 | 119 | ||||||||||
Deferred revenue | 81 | 153 | ||||||||||
Compensation and benefits | 114 | 95 | ||||||||||
Stock-based compensation | 110 | 137 | ||||||||||
Loss and credit carryforwards | 176 | 266 | ||||||||||
Other | 103 | 125 | ||||||||||
Total deferred tax assets | 879 | 1,089 | ||||||||||
Valuation allowance | (158 | ) | (228 | ) | ||||||||
Total deferred tax assets after valuation allowance | 721 | 861 | ||||||||||
Property and equipment | (286 | ) | (343 | ) | ||||||||
Goodwill and intangibles | (75 | ) | (127 | ) | ||||||||
Inventory | (60 | ) | (90 | ) | ||||||||
Other | (16 | ) | (22 | ) | ||||||||
Total deferred tax liabilities | (437 | ) | (582 | ) | ||||||||
Net deferred tax assets | $ | 284 | $ | 279 | ||||||||
Schedule of deferred tax assets and liabilities included in consolidated balance sheets | ' | |||||||||||
Deferred tax assets and liabilities included in our Consolidated Balance Sheets were as follows ($ in millions): | ||||||||||||
February 1, 2014 | February 2, 2013 | |||||||||||
Other current assets | $ | 261 | $ | 228 | ||||||||
Other assets | 44 | 66 | ||||||||||
Other current liabilities | — | (5 | ) | |||||||||
Other long-term liabilities | (21 | ) | (10 | ) | ||||||||
Net deferred tax assets | $ | 284 | $ | 279 | ||||||||
Reconciliation of changes in unrecognized tax benefits | ' | |||||||||||
The following table provides a reconciliation of changes in unrecognized tax benefits for fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | ||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at beginning of period | $ | 383 | $ | 387 | $ | 359 | ||||||
Gross increases related to prior period tax positions | 38 | 10 | 69 | |||||||||
Gross decreases related to prior period tax positions | (67 | ) | (22 | ) | (35 | ) | ||||||
Gross increases related to current period tax positions | 34 | 37 | 43 | |||||||||
Settlements with taxing authorities | (3 | ) | (10 | ) | (20 | ) | ||||||
Lapse of statute of limitations | (15 | ) | (19 | ) | (29 | ) | ||||||
Balance at end of period | $ | 370 | $ | 383 | $ | 387 | ||||||
Segment_and_Geographic_Informa
Segment and Geographic Information (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Business segment information | ' | |||||||||||
The following tables present our business segment information in fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | ||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue | ||||||||||||
Domestic | $ | 35,831 | $ | 33,222 | $ | 37,596 | ||||||
International | 6,579 | 6,605 | 7,861 | |||||||||
Total revenue | $ | 42,410 | $ | 39,827 | $ | 45,457 | ||||||
Percentage of revenue, by revenue category | ||||||||||||
Domestic: | ||||||||||||
Consumer Electronics | 30 | % | 34 | % | 36 | % | ||||||
Computing and Mobile Phones | 48 | % | 44 | % | 40 | % | ||||||
Entertainment | 8 | % | 9 | % | 12 | % | ||||||
Appliances | 7 | % | 6 | % | 5 | % | ||||||
Services | 6 | % | 6 | % | 6 | % | ||||||
Other | 1 | % | 1 | % | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | ||||||
International: | ||||||||||||
Consumer Electronics | 28 | % | 31 | % | 34 | % | ||||||
Computing and Mobile Phones | 40 | % | 39 | % | 36 | % | ||||||
Entertainment | 7 | % | 8 | % | 8 | % | ||||||
Appliances | 20 | % | 17 | % | 17 | % | ||||||
Services | 5 | % | 5 | % | 5 | % | ||||||
Other | < 1% | < 1% | < 1% | |||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||
Operating income (loss) | ||||||||||||
Domestic | $ | 1,145 | $ | 731 | $ | 1,964 | ||||||
International(1) | (5 | ) | (850 | ) | 236 | |||||||
Total operating income (loss) | 1,140 | (119 | ) | 2,200 | ||||||||
Other income (expense) | ||||||||||||
Gain on sale of investments | 20 | — | 55 | |||||||||
Investment income and other | 27 | 20 | 22 | |||||||||
Interest expense | (100 | ) | (99 | ) | (111 | ) | ||||||
Earnings (loss) from continuing operations before income tax expense and equity in income (loss) of affiliates | $ | 1,087 | $ | (198 | ) | $ | 2,166 | |||||
Assets | ||||||||||||
Domestic | $ | 11,146 | $ | 10,874 | $ | 9,592 | ||||||
International | 2,867 | 5,913 | 6,413 | |||||||||
Total assets | $ | 14,013 | $ | 16,787 | $ | 16,005 | ||||||
Capital expenditures | ||||||||||||
Domestic | $ | 440 | $ | 488 | $ | 488 | ||||||
International | 107 | 217 | 278 | |||||||||
Total capital expenditures | $ | 547 | $ | 705 | $ | 766 | ||||||
Depreciation | ||||||||||||
Domestic | $ | 565 | $ | 561 | $ | 612 | ||||||
International | 136 | 233 | 267 | |||||||||
Total depreciation | $ | 701 | $ | 794 | $ | 879 | ||||||
-1 | Included within our International segment's operating loss for fiscal 2013 (11-month) is a $819 million goodwill impairment charge. | |||||||||||
Schedule of geographic information | ' | |||||||||||
The following table presents our geographic information in fiscal 2014, 2013 (11-month) and 2012 ($ in millions): | ||||||||||||
12-Month | 11-Month | 12-Month | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales to customers | ||||||||||||
United States | $ | 35,831 | $ | 33,222 | $ | 37,596 | ||||||
Canada | 4,522 | 4,818 | 5,635 | |||||||||
China | 1,806 | 1,574 | 2,069 | |||||||||
Other | 251 | 213 | 157 | |||||||||
Total revenue | $ | 42,410 | $ | 39,827 | $ | 45,457 | ||||||
Long-lived assets | ||||||||||||
United States | $ | 2,190 | $ | 2,404 | $ | 2,507 | ||||||
Europe | — | 352 | 352 | |||||||||
Canada | 244 | 341 | 432 | |||||||||
China | 139 | 142 | 161 | |||||||||
Other | 25 | 31 | 19 | |||||||||
Total long-lived assets | $ | 2,598 | $ | 3,270 | $ | 3,471 | ||||||
Supplementary_Financial_Inform1
Supplementary Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of supplementary financial information | ' | |||||||||||||||||||
The following tables show selected operating results for each 3-month quarter and full year of fiscal 2014 and 2013 (11-month)(unaudited) ($ in millions): | ||||||||||||||||||||
Quarter | 12-Month | |||||||||||||||||||
1st | 2nd | 3rd | 4th | 2014 | ||||||||||||||||
Revenue | $ | 9,347 | $ | 9,266 | $ | 9,327 | $ | 14,470 | $ | 42,410 | ||||||||||
Comparable store sales % change(1) | (1.4 | )% | (0.6 | )% | 0.3 | % | (1.2 | )% | (0.8 | )% | ||||||||||
Gross profit | $ | 2,158 | $ | 2,458 | $ | 2,157 | $ | 2,917 | $ | 9,690 | ||||||||||
Operating income(2) | 168 | 413 | 90 | 469 | 1,140 | |||||||||||||||
Net earnings from continuing operations | 97 | 237 | 44 | 311 | 689 | |||||||||||||||
Gain (loss) from discontinued operations, net of tax | (170 | ) | 11 | 10 | (17 | ) | (166 | ) | ||||||||||||
Net earnings (loss) including noncontrolling interests | (73 | ) | 248 | 54 | 294 | 523 | ||||||||||||||
Net earnings (loss) attributable to Best Buy Co., Inc. shareholders | (81 | ) | 266 | 54 | 293 | 532 | ||||||||||||||
Diluted earnings (loss) per share(3) | ||||||||||||||||||||
Continuing operations | $ | 0.29 | $ | 0.69 | $ | 0.12 | $ | 0.88 | $ | 1.98 | ||||||||||
Discontinued operations | (0.53 | ) | 0.08 | 0.04 | (0.05 | ) | (0.45 | ) | ||||||||||||
Diluted earnings (loss) per share | $ | (0.24 | ) | $ | 0.77 | $ | 0.16 | $ | 0.83 | $ | 1.53 | |||||||||
Quarter | 11-Month | |||||||||||||||||||
1st | 2nd | 3rd | 4th | 2013(4) | ||||||||||||||||
Revenue | $ | 10,343 | $ | 9,306 | $ | 9,343 | $ | 14,921 | $ | 39,827 | ||||||||||
Comparable store sales % decline(1) | (5.2 | )% | (3.3 | )% | (5.1 | )% | (1.4 | )% | (3.4 | )% | ||||||||||
Gross profit | $ | 2,572 | $ | 2,249 | $ | 2,213 | $ | 3,331 | $ | 9,298 | ||||||||||
Operating income (loss)(5) | 263 | 87 | — | (181 | ) | (119 | ) | |||||||||||||
Net earnings (loss) from continuing operations | 169 | 30 | (9 | ) | (460 | ) | (467 | ) | ||||||||||||
Gain (loss) from discontinued operations, net of tax | (17 | ) | (37 | ) | 10 | 81 | 47 | |||||||||||||
Net earnings (loss) including noncontrolling interests | 152 | (7 | ) | 1 | (379 | ) | (420 | ) | ||||||||||||
Net earnings (loss) attributable to Best Buy Co., Inc. shareholders | 158 | 12 | (10 | ) | (409 | ) | (441 | ) | ||||||||||||
Diluted earnings (loss) per share(3) | ||||||||||||||||||||
Continuing operations | $ | 0.49 | $ | 0.09 | $ | (0.03 | ) | $ | (1.36 | ) | $ | (1.38 | ) | |||||||
Discontinued operations | (0.03 | ) | (0.05 | ) | — | 0.15 | 0.08 | |||||||||||||
Diluted earnings (loss) per share | $ | 0.46 | $ | 0.04 | $ | (0.03 | ) | $ | (1.21 | ) | $ | (1.30 | ) | |||||||
Note: Certain fiscal year totals may not add due to rounding. | ||||||||||||||||||||
-1 | Comprised of revenue from stores operating for at least 14 full months, as well as revenue related to call centers, websites and our other comparable sales channels. Revenue we earn from sales of merchandise to wholesalers or dealers is generally not included within our comparable store sales calculation. Relocated, remodeled and expanded stores are excluded from our comparable store sales calculation until at least 14 full months after reopening. Acquired stores are included in our comparable store sales calculation beginning with the first full quarter following the first anniversary of the date of the acquisition. The portion of our calculation of the comparable store sales percentage change attributable to our International segment excludes the effect of fluctuations in foreign currency exchange rates. The method of calculating comparable store sales varies across the retail industry. As a result, our method of calculating comparable store sales may not be the same as other retailers' methods. The calculation of comparable store sales excludes the impact of the extra week of revenue in the fourth quarter of fiscal 2012, as well as revenue from discontinued operations for all periods presented. | |||||||||||||||||||
-2 | Includes $6 million, $7 million, $31 million and $115 million of restructuring charges recorded in the fiscal first, second, third and fourth quarters, respectively, and $159 million for the 12 months ended February 1, 2014, related to measures we took to restructure our businesses. | |||||||||||||||||||
-3 | The sum of our quarterly diluted earnings per share does not equal our annual diluted earnings per share due to the impact of the timing of the repurchases of common stock and stock option exercises on quarterly and annual weighted-average shares outstanding. | |||||||||||||||||||
-4 | On November 2, 2011, our Board of Directors approved a change to our fiscal year-end from the Saturday nearest the end of February to the Saturday nearest the end of January. In the first quarter of fiscal 2013 (11-month), we began reporting our quarterly results on the basis of our new fiscal year-end. As such, the results for the month of February 2012, which are included in the audited results for fiscal 2012, were also included in the reported first quarter of fiscal 2013 (11-month). However, the results for the month of February 2012 are not included in the results for the full year of fiscal 2013 (11-month). Thus, the four quarters of fiscal year 2013 (11-month) are not additive. | |||||||||||||||||||
-5 | Includes $127 million, $91 million, $34 million and $169 million of restructuring charges recorded in the fiscal first, second, third and fourth quarters, respectively, and $415 million for the 11 months ended February 2, 2013, related to measures we took to restructure our businesses. Also included in the fourth quarter and 11 months ended February 2, 2013, is a $822 million goodwill impairment charge related to our Canada, Five Star and U.S. reporting units. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Discontinued Operations (Details) (Best Buy Europe [Member]) | Feb. 28, 2009 |
Best Buy Europe [Member] | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Description of Business (Details) | 12 Months Ended |
Feb. 01, 2014 | |
segments | |
Accounting Policies [Abstract] | ' |
Number of Operating Segments | 2 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Fiscal Year (Details) | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | |
Fiscal Year [Abstract] | ' | ' | ' |
Number of Months in Fiscal Year | '11 months | ' | ' |
Reporting Lag for Certain Foreign Operations in Financial Statements | '1 month | ' | '2 months |
Number of Weeks in Fiscal Year | 'P48W | 'P52W | 'P53W |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Basis of Presentation (Details) (USD $) | 11 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Reporting Lag for Certain Foreign Operations in Financial Statements | '1 month | ' | ' | '2 months |
Goodwill impairments | $822 | $0 | $0 | $0 |
Restructuring Program 2012 [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges Attributable to Intervening Event | ' | ' | ' | 82 |
International [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Goodwill impairments | $819 | ' | $0 | $1,200 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Cash & Cash Equivalents (Details) (USD $) | 11 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 02, 2013 | Feb. 01, 2014 |
Accounting Policies [Abstract] | ' | ' |
Maximum Term of Original Maturity to Classify an Instrument as Cash Equivalents | ' | '3 months |
Cash Equivalents, at Carrying Value | $740 | $1,705 |
Weighted Average Interest Rate on Cash Equivalents | 0.30% | 0.50% |
Bank Overdrafts | $97 | $62 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Receivables (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Valuation Allowances and Reserves, Balance | $104 | $92 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies - Restricted Assets (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Restricted Cash and Investments | $310 | $366 |
Recovered_Sheet1
Summary of Significant Accounting Policies - Derivatives (Details) | 12 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 |
GBP (£) | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Operating Expense [Member] | Operating Expense [Member] | Operating Expense [Member] | |
Discontinued Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Discontinued Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | ||
GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Contract Term 1 | '12 months | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | £ 455 | $157 | $173 | ' | ' | ' |
Net Proceeds from Divestiture of Businesses | 471 | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | ' | ' | ' | ' | $2 | $2 | $5 |
Recovered_Sheet2
Summary of Significant Accounting Policies - PP&E (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 |
In Millions, unless otherwise specified | Building [Member] | Leasehold Improvements [Member] | Fixtures and Equipment [Member] | Assets Held under Capital Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' |
Capital Leases, Balance Sheet, Assets by Major Class, Net | $58 | $70 | ' | ' | ' | ' |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | $62 | $43 | ' | ' | ' | ' |
Estimated useful lives, minimum (in years) | ' | ' | '25 years | '3 years | '3 years | '2 years |
Estimated useful lives, maximum (in years) | ' | ' | '50 years | '25 years | '20 years | '20 years |
Recovered_Sheet3
Summary of Significant Accounting Policies - Impairment of PPE & Exit Activities (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Asset Retirement Obligation, Current | $33 | $83 |
Asset Retirement Obligations, Noncurrent | $86 | $149 |
Recovered_Sheet4
Summary of Significant Accounting Policies - Leases (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Accounting Policies [Abstract] | ' | ' |
Term of Lease Agreements, Low End of Range | '10 years | ' |
Term of Lease Agreements, High End of Range | '20 years | ' |
Deferred Rent Credit, Current | $36 | $50 |
Deferred Rent Credit, Noncurrent | $232 | $289 |
Recovered_Sheet5
Summary of Significant Accounting Policies - Goodwill & Indefinite Intangible (Details) (USD $) | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Aug. 30, 2008 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 26, 2011 | |||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | |||
Goodwill, balance at the beginning of the period | ' | $1,335 | $2,454 | $528 | $2,454 | ' | |||
Goodwill acquisitions | 1,500 | 15 | [1] | ' | ' | 94 | [2] | ' | |
Goodwill impairments | ' | 822 | 0 | 0 | 0 | ' | |||
Goodwill written off related to sale of business | ' | ' | ' | 103 | [3] | 7 | ' | ||
Goodwill changes in foreign currency exchange rates | ' | 0 | ' | 0 | 1 | ' | |||
Goodwill other | ' | ' | ' | ' | 0 | ' | |||
Goodwill, balance at the end of the period | ' | 528 | ' | 425 | 1,335 | ' | |||
Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' | ' | ' | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | ' | 131 | ' | 101 | 130 | 105 | |||
Intangible acquisitions | ' | 0 | ' | ' | 1 | ' | |||
Tradename, impairments | ' | 0 | ' | 4 | 0 | ' | |||
Intangible written off related to sale of business | ' | ' | ' | 22 | [3] | 5 | ' | ||
Intangible changes in foreign currency exchange rates | ' | 1 | ' | -4 | 1 | ' | |||
Intangible other | ' | ' | ' | ' | 28 | [4] | ' | ||
Goodwill, Gross | ' | 2,608 | ' | 1,308 | [5] | ' | ' | ||
Cumulative Impairment | ' | -2,080 | ' | -883 | [5] | ' | ' | ||
International [Member] | ' | ' | ' | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | |||
Goodwill, balance at the beginning of the period | ' | 819 | 2,032 | 0 | 2,032 | ' | |||
Goodwill acquisitions | ' | 0 | ' | ' | 0 | ' | |||
Goodwill impairments | ' | 819 | ' | 0 | 1,200 | ' | |||
Goodwill written off related to sale of business | ' | ' | ' | 0 | 7 | ' | |||
Goodwill changes in foreign currency exchange rates | ' | 0 | ' | 0 | 1 | ' | |||
Goodwill other | ' | ' | ' | ' | 0 | ' | |||
Goodwill, balance at the end of the period | ' | 0 | ' | 0 | 819 | ' | |||
Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' | ' | ' | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | ' | 112 | ' | 82 | 111 | 84 | |||
Intangible acquisitions | ' | 0 | ' | ' | 0 | ' | |||
Tradename, impairments | ' | 0 | ' | 4 | 0 | ' | |||
Intangible written off related to sale of business | ' | ' | ' | 22 | [3] | 2 | ' | ||
Intangible changes in foreign currency exchange rates | ' | 1 | ' | -4 | 1 | ' | |||
Intangible other | ' | ' | ' | ' | 28 | [4] | ' | ||
Domestic Segment [Member] | ' | ' | ' | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | |||
Goodwill, balance at the beginning of the period | ' | 516 | 422 | 528 | 422 | ' | |||
Goodwill acquisitions | ' | 15 | [1] | ' | ' | 94 | [2] | ' | |
Goodwill impairments | ' | 3 | ' | 0 | 0 | ' | |||
Goodwill written off related to sale of business | ' | ' | ' | 103 | [3] | 0 | ' | ||
Goodwill changes in foreign currency exchange rates | ' | 0 | ' | 0 | 0 | ' | |||
Goodwill other | ' | ' | ' | ' | 0 | ' | |||
Goodwill, balance at the end of the period | ' | 528 | ' | 425 | 516 | ' | |||
Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' | ' | ' | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | ' | 19 | ' | 19 | 19 | 21 | |||
Intangible acquisitions | ' | 0 | ' | ' | 1 | ' | |||
Tradename, impairments | ' | 0 | ' | 0 | 0 | ' | |||
Intangible written off related to sale of business | ' | ' | ' | 0 | 3 | ' | |||
Intangible changes in foreign currency exchange rates | ' | 0 | ' | 0 | 0 | ' | |||
Intangible other | ' | ' | ' | ' | 0 | ' | |||
China [Member] | ' | ' | ' | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | |||
Goodwill impairments | ' | 208 | ' | ' | ' | ' | |||
Canada [Member] | ' | ' | ' | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | |||
Goodwill impairments | ' | 611 | ' | ' | ' | ' | |||
Customer Relationships [Member] | ' | ' | ' | ' | ' | ' | |||
Schedule of Goodwill and Indefinite Lived Intangible Assets by Segment [Line Items] | ' | ' | ' | ' | ' | ' | |||
Finite-Lived Intangible Assets, Gross Carrying Amount | ' | 475 | ' | ' | ' | ' | |||
Finite-Lived Intangible Assets, Accumulated Amortization | ' | 272 | ' | ' | ' | ' | |||
Finite-Lived Intangible Assets, Net | ' | 203 | ' | ' | ' | ' | |||
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | |||
Goodwill impairments | ' | ' | ' | ' | 1,207 | ' | |||
Scenario, Previously Reported [Member] | International [Member] | ' | ' | ' | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | |||
Goodwill impairments | ' | ' | ' | ' | $1,207 | ' | |||
[1] | Represents goodwill acquired, primarily as a result of an acquisition made by mindSHIFT in fiscal 2013 (11-month). | ||||||||
[2] | (1)Represents goodwill acquired, primarily as a result of the mindSHIFT acquisition in fiscal 2012. | ||||||||
[3] | Represents goodwill written-off as a result of the sale of mindSHIFT in fiscal 2014 and indefinite-lived tradenames written off as a result of the sale of Best Buy Europe in fiscal 2014. | ||||||||
[4] | Represents the transfer of certain definite-lived tradenames (at their net book value) to indefinite-lived tradenames following our decision to no longer phase out certain tradenames. We believe these tradenames will continue to contribute to our future cash flows indefinitely. | ||||||||
[5] | (1)Excludes the gross carrying amount and cumulative impairment related to Best Buy Europe and mindSHIFT, which were sold during fiscal 2014. |
Recovered_Sheet6
Summary of Significant Accounting Policies - Insurance (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Self-insured liabilities included in accrued liabilities | $88 | $77 |
Self-insured liabilities included in long-term liabilities | 52 | 47 |
Self insurance reserve | $140 | $124 |
Recovered_Sheet7
Summary of Significant Accounting Policies - Foreign Currency (Details) | 12 Months Ended |
Feb. 01, 2014 | |
Accounting Policies [Abstract] | ' |
Prior Period Foreign Currency Exchange Rate, Used to Align Operations Reported | '1 month |
Recovered_Sheet8
Summary of Significant Accounting Policies - Revenue (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Mar. 03, 2012 |
Accounting Policies [Abstract] | ' | ' | ' |
Sales returns reserve | $13 | $14 | ' |
Term of Extended Warranties, Low End of Range | '3 months | ' | ' |
Term of Extended Warranties, High End of Range | '4 years | ' | ' |
Percentage of Commissions on Sale of Extended Warranties to Revenue | 2.10% | 2.40% | 2.40% |
Deferred revenue | 399 | 451 | ' |
Deferred revenue, noncurrent | $50 | $62 | ' |
Recovered_Sheet9
Summary of Significant Accounting Policies - Gift Cards (Details) (USD $) | 11 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 |
Accounting Policies [Abstract] | ' | ' | ' |
Gift Card Redeemability, Determination Period | ' | '24 months | ' |
Gift card breakage income | $46 | $53 | $54 |
Recovered_Sheet10
Summary of Significant Accounting Policies - Sales Incentives (Details) | 12 Months Ended |
Feb. 01, 2014 | |
Accounting Policies [Abstract] | ' |
Number of Ways to Earn Loyalty Points | 2 |
Period of Expiration for Customer Loyalty Certificates, Low End of Range | '2 months |
Period of Expiration for Customer Loyalty Certificates, High End of Range | '12 months |
Period of Expiration for Customer Loyalty Certificates, Credit Card, Low end of Range | '2 months |
Period of Expiration for Customer Loyalty Certificates, Credit Card, High end of Range | '12 months |
Recovered_Sheet11
Summary of Significant Accounting Policies - Advertising Costs (Details) (USD $) | 11 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 |
Accounting Policies [Abstract] | ' | ' | ' |
Advertising expense | $732 | $775 | $828 |
Fiscal_YearEnd_Change_Details
Fiscal Year-End Change (Details) (USD $) | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Millions, unless otherwise specified | Jan. 31, 2012 | Jan. 31, 2011 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Nov. 03, 2012 | Aug. 04, 2012 | 5-May-12 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 | |||||||||||
Fiscal Year-End Change [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Number of Months in Fiscal Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '11 months | ' | ' | ' | |||||||||||
Reporting Lag for Certain Foreign Operations in Financial Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 month | ' | ' | '2 months | |||||||||||
Revenues | $189 | $249 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Gross profit | 16 | 24 | 2,917 | 2,157 | 2,458 | 2,158 | 3,331 | 2,213 | 2,249 | 2,572 | 9,298 | [1] | 9,908 | 9,690 | 10,984 | ||||||||||
Operating Income (Loss) | -14 | -1 | 469 | [2] | 90 | [2] | 413 | [2] | 168 | [2] | -181 | [3] | 0 | [3] | 87 | [3] | 263 | [3] | -119 | [1],[3] | 1,898 | 1,140 | [2] | 2,200 | |
Net earnings (loss) from continuing operations | -13 | 0 | 311 | 44 | 237 | 97 | -460 | -9 | 30 | 169 | -467 | [1],[4] | 1,217 | 689 | 1,424 | ||||||||||
Gain (loss) from discontinued operations, net of tax | -12 | -28 | -17 | 10 | 11 | -170 | 81 | 10 | -37 | -17 | 47 | [1] | -1,394 | -166 | -1,402 | ||||||||||
Net earnings (loss) including noncontrolling interests | -25 | -28 | 294 | 54 | 248 | -73 | -379 | 1 | -7 | 152 | -420 | [1] | -177 | 523 | 22 | ||||||||||
Net earnings (loss) attributable to Best Buy Co., Inc. shareholders | -14 | [5] | -33 | 293 | 54 | 266 | -81 | -409 | -10 | 12 | 158 | -441 | [1] | -1,425 | 532 | -1,231 | |||||||||
Adjustment for Fiscal Year-end Change (Note 2) | 74 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | -74 | -5 | 0 | 0 | |||||||||||
Fiscal Year Change, Adjustments to Cash Flows, Financing Activities | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Fiscal Year Change, Adjustment to Cash Flows, Investing Activities | $18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
[1] | (4)On November 2, 2011, our Board of Directors approved a change to our fiscal year-end from the Saturday nearest the end of February to the Saturday nearest the end of January. In the first quarter of fiscal 2013 (11-month), we began reporting our quarterly results on the basis of our new fiscal year-end. As such, the results for the month of February 2012, which are included in the audited results for fiscal 2012, were also included in the reported first quarter of fiscal 2013 (11-month). However, the results for the month of February 2012 are not included in the results for the full year of fiscal 2013 (11-month). Thus, the four quarters of fiscal year 2013 (11-month) are not additive. | ||||||||||||||||||||||||
[2] | Includes $6 million, $7 million, $31 million and $115 million of restructuring charges recorded in the fiscal first, second, third and fourth quarters, respectively, and $159 million for the 12 months ended February 1, 2014, related to measures we took to restructure our businesses. | ||||||||||||||||||||||||
[3] | (5)Includes $127 million, $91 million, $34 million and $169 million of restructuring charges recorded in the fiscal first, second, third and fourth quarters, respectively, and $415 million for the 11 months ended February 2, 2013, related to measures we took to restructure our businesses. Also included in the fourth quarter and 11 months ended February 2, 2013, is a $822 million goodwill impairment charge related to our Canada, Five Star and U.S. reporting units. | ||||||||||||||||||||||||
[4] | (1)The calculation of diluted loss per share for fiscal 2013 (11-month) does not include potentially dilutive securities because their inclusion would be anti-dilutive (i.e., reduce the net loss per share). | ||||||||||||||||||||||||
[5] | (1)The net loss attributable to Best Buy Co., Inc. shareholders for the one month ended January 31, 2012, represents the adjustment to retained earnings within the Consolidated Statements of Changes in Shareholders' Equity as a result of the exclusion of January results for entities reported on a lag. |
Profit_Share_BuyOut_Details
Profit Share Buy-Out (Details) (USD $) | 3 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||
Aug. 30, 2008 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Mar. 03, 2012 | Feb. 28, 2009 | Feb. 28, 2009 | |||
International [Member] | International [Member] | International [Member] | Best Buy Europe [Member] | Carphone Warehouse Group plc [Member] | Best Buy Europe [Member] | ||||||||
Profit Share Buy-Out [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ||
Percentage Noncontrolling Interests Held | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ||
Profit share agreement, buy-out price | ' | ' | ' | ' | ' | ' | ' | ' | $1,300,000,000 | ' | ' | ||
Goodwill acquisitions | 1,500,000,000 | 15,000,000 | [1] | ' | ' | 94,000,000 | [2] | 0 | ' | 0 | ' | ' | ' |
Goodwill impairments | ' | $822,000,000 | $0 | $0 | $0 | $819,000,000 | $0 | $1,200,000,000 | ' | ' | ' | ||
[1] | Represents goodwill acquired, primarily as a result of an acquisition made by mindSHIFT in fiscal 2013 (11-month). | ||||||||||||
[2] | (1)Represents goodwill acquired, primarily as a result of the mindSHIFT acquisition in fiscal 2012. |
Discontinued_Operations_Detail
Discontinued Operations (Details) | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
In Millions, unless otherwise specified | Jan. 31, 2012 | Jan. 31, 2011 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Nov. 03, 2012 | Aug. 04, 2012 | 5-May-12 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 26, 2011 | Jun. 26, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Mar. 03, 2012 | Feb. 26, 2011 | Aug. 27, 2011 | Feb. 26, 2011 | Nov. 26, 2011 | Mar. 03, 2012 | Mar. 03, 2012 | Feb. 28, 2009 | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Best Buy Europe [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] | Best Buy Europe [Member] | ||||
USD ($) | USD ($) | USD ($) | USD ($) | mindSHIFT [Domain] | USD ($) | USD ($) | USD ($) | Best Buy China [Member] | Best Buy Turkey [Member] | Best Buy Turkey [Member] | Best Buy U.K. [Member] | Belgium [Member] | Belgium [Member] | |||||||||||||||||||||
USD ($) | store | USD ($) | store | store | store | USD ($) | ||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of stores closed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | 2 | 11 | ' | ' | ' | |||
Number of stores sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82 | ' | ' | |||
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | |||
Proceeds from Divestiture of Businesses | ' | ' | ' | ' | $526 | £ 341 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Dollar Amount of Shares Received from Divestiture of Business | ' | ' | ' | ' | 123 | 80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Future Cash Consideration from Divestiture of Business, Due within One Year | ' | ' | ' | ' | 39 | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Future Cash Consideration from Divestiture of Business, Due within Two Years | ' | ' | ' | ' | 39 | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest Rate on Future Cash Consideration from Divestiture of Business | ' | ' | ' | ' | 2.50% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash and cash equivalents | ' | ' | 2,678 | ' | ' | ' | ' | 1,826 | ' | ' | ' | 1,826 | 1,401 | 2,678 | 1,199 | 1,103 | 597 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Receivables, net | ' | ' | 1,308 | ' | ' | ' | ' | 2,704 | ' | ' | ' | 2,704 | ' | 1,308 | ' | ' | 1,295 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Merchandise inventories | ' | ' | 5,376 | ' | ' | ' | ' | 6,571 | ' | ' | ' | 6,571 | ' | 5,376 | ' | ' | 554 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other current assets | ' | ' | 900 | ' | ' | ' | ' | 946 | ' | ' | ' | 946 | ' | 900 | ' | ' | 168 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment, Net | ' | ' | 2,598 | ' | ' | ' | ' | 3,270 | ' | ' | ' | 3,270 | ' | 2,598 | 3,471 | ' | 159 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other Assets | ' | ' | 404 | ' | ' | ' | ' | 608 | ' | ' | ' | 608 | ' | 404 | ' | ' | 316 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Assets | ' | ' | 14,013 | ' | ' | ' | ' | 16,787 | ' | ' | ' | 16,787 | ' | 14,013 | 16,005 | ' | 3,089 | 11,146 | 10,874 | 9,592 | ' | 2,867 | 5,913 | 6,413 | ' | ' | ' | ' | ' | ' | ' | |||
Accounts payable | ' | ' | 5,122 | ' | ' | ' | ' | 6,951 | ' | ' | ' | 6,951 | ' | 5,122 | ' | ' | 790 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Short-term debt | ' | ' | 0 | ' | ' | ' | ' | 596 | ' | ' | ' | 596 | ' | 0 | ' | ' | 973 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other Liabilities, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,145 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Long-Term Liabilities | ' | ' | 976 | ' | ' | ' | ' | 1,109 | ' | ' | ' | 1,109 | ' | 976 | ' | ' | 65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,973 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,259 | ' | 2,815 | 5,658 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34 | [1] | ' | 100 | [1] | 239 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) from discontinued operations before income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' | -240 | -1,521 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37 | ' | 42 | [2] | 122 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Gain on sale of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 32 | 0 | ' | ' | ' | ' | ' | -18 | ' | ' | ' | ' | 4 | ' | ' | ' | 5 | ' | |||
Equity in loss of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5 | ' | 0 | -3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net gain (loss) from discontinued operations including noncontrolling interests | -12 | -28 | -17 | 10 | 11 | ' | -170 | 81 | 10 | -37 | -17 | 47 | [3] | -1,394 | -166 | -1,402 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net (earnings) loss from discontinued operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19 | -1,245 | 11 | -1,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net gain (loss) from discontinued operations attributable to Best Buy Co., Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' | -155 | -2,652 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income Tax Expense (Benefit), Intraperiod Tax Allocation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | (1) See Note 6, Restructuring Charges, for further discussion of the restructuring charges associated with discontinued operations. | |||||||||||||||||||||||||||||||||
[2] | (2)Income tax benefit for fiscal 2014 includes a $27 million benefit related to a tax allocation between continuing and discontinued operations and a $15 million benefit related to the impairment of our investment in Best Buy Europe. The fiscal 2014 effective tax rate for discontinued operations differs from the statutory tax rate primarily due to the previously mentioned tax allocation, sale of mindSHIFT, restructuring charges and the impairment of our investment in Best Buy Europe. The sale of mindSHIFT, restructuring charges and impairment generally included no related tax benefit. The deferred tax assets related to the sale of mindSHIFT and restructuring charges generally resulted in an increase in the valuation allowance in an equal amount, of which the investment impairment is not tax deductible. | |||||||||||||||||||||||||||||||||
[3] | (4)On November 2, 2011, our Board of Directors approved a change to our fiscal year-end from the Saturday nearest the end of February to the Saturday nearest the end of January. In the first quarter of fiscal 2013 (11-month), we began reporting our quarterly results on the basis of our new fiscal year-end. As such, the results for the month of February 2012, which are included in the audited results for fiscal 2012, were also included in the reported first quarter of fiscal 2013 (11-month). However, the results for the month of February 2012 are not included in the results for the full year of fiscal 2013 (11-month). Thus, the four quarters of fiscal year 2013 (11-month) are not additive. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Cash and Cash Equivalents [Member] | Fair Value [Member] | Money Market Funds [Member] | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | $53 | $520 |
Cash and Cash Equivalents [Member] | Fair Value [Member] | Commercial Paper [Member] | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 80 | ' |
Cash and Cash Equivalents [Member] | Fair Value [Member] | Treasury Securities [Member] | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 263 | ' |
Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Money Market Funds [Member] | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 53 | 520 |
Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commercial Paper [Member] | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 0 | ' |
Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Treasury Securities [Member] | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 263 | ' |
Cash and Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | Money Market Funds [Member] | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 0 | 0 |
Cash and Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 80 | ' |
Cash and Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | Treasury Securities [Member] | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 0 | ' |
Cash and Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | Money Market Funds [Member] | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 0 | 0 |
Cash and Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commercial Paper [Member] | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 0 | ' |
Cash and Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | Treasury Securities [Member] | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 0 | ' |
Short-term Investments [Member] | Fair Value [Member] | Commercial Paper [Member] | ' | ' |
ASSETS | ' | ' |
Short-term investments | 100 | ' |
Short-term Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commercial Paper [Member] | ' | ' |
ASSETS | ' | ' |
Short-term investments | 0 | ' |
Short-term Investments [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | ' | ' |
ASSETS | ' | ' |
Short-term investments | 100 | ' |
Short-term Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commercial Paper [Member] | ' | ' |
ASSETS | ' | ' |
Short-term investments | 0 | ' |
Other Current Assets [Member] | Fair Value [Member] | ' | ' |
ASSETS | ' | ' |
Foreign currency derivative instruments | 2 | 1 |
Other Current Assets [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
ASSETS | ' | ' |
Foreign currency derivative instruments | 0 | 0 |
Other Current Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
ASSETS | ' | ' |
Foreign currency derivative instruments | 2 | 1 |
Other Current Assets [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
ASSETS | ' | ' |
Foreign currency derivative instruments | 0 | 0 |
Other Assets [Member] | Fair Value [Member] | ' | ' |
ASSETS | ' | ' |
Auction rate securities | 9 | 21 |
Marketable equity securities | ' | 27 |
Marketable equity securities that fund deferred compensation | 96 | 88 |
Other Assets [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
ASSETS | ' | ' |
Auction rate securities | 0 | 0 |
Marketable equity securities | ' | 27 |
Marketable equity securities that fund deferred compensation | 96 | 88 |
Other Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
ASSETS | ' | ' |
Auction rate securities | 0 | 0 |
Marketable equity securities | ' | 0 |
Marketable equity securities that fund deferred compensation | 0 | 0 |
Other Assets [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
ASSETS | ' | ' |
Auction rate securities | 9 | 21 |
Marketable equity securities | ' | 0 |
Marketable equity securities that fund deferred compensation | 0 | 0 |
Accrued Liabilities [Member] | Fair Value [Member] | ' | ' |
LIABILITIES | ' | ' |
Foreign currency derivative instruments | 5 | ' |
Accrued Liabilities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
LIABILITIES | ' | ' |
Foreign currency derivative instruments | 0 | ' |
Accrued Liabilities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
LIABILITIES | ' | ' |
Foreign currency derivative instruments | 5 | ' |
Accrued Liabilities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
LIABILITIES | ' | ' |
Foreign currency derivative instruments | $0 | ' |
Fair_Value_Measurements_Auctio
Fair Value Measurements - Auction Rate Securities (Details) (USD $) | 11 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 02, 2013 | Feb. 01, 2014 |
Student loan bonds [Member] | ' | ' |
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation. | ' | ' |
Balance at the beginning of the period | $80 | $19 |
Changes in unrealized losses included in other comprehensive income | 4 | 1 |
Sales | -65 | -13 |
Balance at the end of the period | 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 |
Changes in unrealized losses included in other comprehensive income | 0 | 0 |
Sales | 0 | 0 |
Balance at the end of the period | 2 | 2 |
Total auction rate securities [Member] | ' | ' |
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation. | ' | ' |
Balance at the beginning of the period | 82 | 21 |
Changes in unrealized losses included in other comprehensive income | 4 | 1 |
Sales | -65 | -13 |
Balance at the end of the period | $21 | $9 |
Fair_Value_Measurements_Impair
Fair Value Measurements - Impairments (Details) (USD $) | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Aug. 03, 2013 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | ||||||||||||
Continuing Operations [Member] | Continuing Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Best Buy Europe [Member] | Best Buy Europe [Member] | Property and equipment write-downs [Member] | Property and equipment write-downs [Member] | Investments Impairment Charge Related to Restructuring [Member] | Investments Impairment Charge Related to Restructuring [Member] | |||||||||||||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Trade Names [Member] | Trade Names [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | ||||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Property and equipment, impairments | ' | ' | ' | ' | $60 | $101 | ' | $11 | [1],[2] | $220 | [1],[2] | ' | ' | ' | ' | $59 | [3] | $9 | [3] | ' | ' | ||||||||
Property and equipment, remaining net carrying value | ' | ' | ' | ' | 8 | [4] | 10 | [4] | ' | 0 | [1],[2],[4] | 0 | [1],[2],[4] | ' | ' | ' | ' | 0 | [3],[4] | 0 | [3],[4] | ' | ' | ||||||
Goodwill impairments | 822 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 822 | [5] | 0 | [5] | ' | ' | ' | ' | ||||||||||
Goodwill, remaining net carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [4],[5] | 0 | [4],[5] | ' | ' | ' | ' | ||||||||||
Investments, impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27 | [3] | 16 | [3] | ||||||||||
Investments, remaining net carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38 | [3],[4] | 21 | [3],[4] | ||||||||||
Tradename, impairments | 0 | ' | 4 | 0 | ' | ' | ' | ' | ' | 0 | [2] | 4 | [2] | ' | ' | ' | ' | ' | ' | ||||||||||
Tradename, remaining net carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2],[4] | 0 | [2],[4] | ' | ' | ' | ' | ' | ' | ||||||||||
Total impairments | ' | ' | ' | ' | 968 | 126 | ' | 11 | [2] | 224 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total remaining net carrying value | ' | ' | ' | ' | 46 | [4] | 31 | [4] | ' | 0 | [2],[4] | 0 | [2],[4] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Impairment of Long-Lived Assets to be Disposed of | ' | ' | ' | ' | ' | ' | $175 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
[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 4, 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. | ||||||||||||||||||||||||||||
[3] | See Note 6, Restructuring Charges, for additional information. | ||||||||||||||||||||||||||||
[4] | (1)Remaining net carrying value approximates fair value. | ||||||||||||||||||||||||||||
[5] | (2)See Note 1, Significant Accounting Policies, for additional information. |
Restructuring_Charges_Summary_
Restructuring Charges - Summary (Details) (USD $) | 3 Months Ended | 11 Months Ended | 12 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 15 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||||||||
In Millions, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Nov. 03, 2012 | Aug. 04, 2012 | 5-May-12 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 | Aug. 03, 2013 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 |
Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2011 [Member] | Restructuring Program 2011 [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] | |||||||||||||
Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 U.S. [Member] [Domain] | Restructuring Program 2013 U.S. [Member] [Domain] | Restructuring Program 2013 U.S. [Member] [Domain] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2011 [Member] | Restructuring Program 2011 [Member] | Restructuring Program 2011 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2011 [Member] | Restructuring Program 2011 [Member] | Restructuring Program 2011 [Member] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | |||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges | $115 | $31 | $7 | $6 | $169 | $34 | $91 | $127 | $449 | $280 | $259 | $287 | $5 | ($2) | $5 | $243 | ($13) | $44 | $415 | $159 | $48 | $171 | $165 | $0 | $336 | $257 | ($6) | $0 | ($1) | $0 | $28 | ($12) | $0 | $20 | $34 | $100 | $239 | ($1) | $5 | $215 | ($1) | $0 | $24 | $36 | $95 | $0 |
Restructuring_Charges_Renew_Bl
Restructuring Charges - Renew Blue Plan (Details) (USD $) | 3 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 15 Months Ended | 11 Months Ended | 12 Months Ended | 15 Months Ended | 11 Months Ended | 12 Months Ended | 15 Months Ended | 11 Months Ended | 12 Months Ended | 15 Months Ended | 11 Months Ended | 12 Months Ended | 15 Months Ended | 11 Months Ended | 12 Months Ended | 15 Months Ended | 11 Months Ended | 12 Months Ended | 15 Months Ended | 11 Months Ended | 12 Months Ended | 15 Months Ended | 11 Months Ended | 12 Months Ended | 15 Months Ended | 11 Months Ended | 12 Months Ended | 15 Months Ended | 11 Months Ended | 12 Months Ended | 15 Months Ended | 11 Months Ended | 12 Months Ended | 15 Months Ended | 11 Months Ended | 12 Months Ended | 15 Months Ended | 11 Months Ended | 12 Months Ended | 15 Months Ended | 11 Months Ended | 12 Months Ended | 15 Months Ended | 11 Months Ended | 12 Months Ended | 15 Months Ended | 11 Months Ended | 12 Months Ended | 15 Months Ended | 11 Months Ended | 12 Months Ended | 15 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Nov. 03, 2012 | Aug. 04, 2012 | 5-May-12 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 |
Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | Restructuring Program 2013 Renew Blue [Member] [Domain] | |||||||||||||
Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [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] | 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] | |||||||||||||||||||
Inventory write-downs [Member] | Inventory write-downs [Member] | Inventory write-downs [Member] | Property and equipment write-downs [Member] | Property and equipment write-downs [Member] | Property and equipment write-downs [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Investments Impairment Charge Related to Restructuring [Member] | Investments Impairment Charge Related to Restructuring [Member] | Investments Impairment Charge Related to Restructuring [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [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 write-downs [Member] | Property and equipment write-downs [Member] | Property and equipment write-downs [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Investments Impairment Charge Related to Restructuring [Member] | Investments Impairment Charge Related to Restructuring [Member] | Investments Impairment Charge Related to Restructuring [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Inventory write-downs [Member] | Inventory write-downs [Member] | Inventory write-downs [Member] | Property and equipment write-downs [Member] | Property and equipment write-downs [Member] | Property and equipment write-downs [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Investments Impairment Charge Related to Restructuring [Member] | Investments Impairment Charge Related to Restructuring [Member] | Investments Impairment Charge Related to Restructuring [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges | $115 | $31 | $7 | $6 | $169 | $34 | $91 | $127 | $449 | $280 | $259 | $287 | $415 | $159 | $48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $171 | $165 | $0 | $336 | $1 | $0 | $1 | $30 | $9 | $39 | $55 | $134 | $189 | $27 | $16 | $43 | $58 | $6 | $64 | $84 | $129 | $213 | $1 | $0 | $1 | $7 | $7 | $14 | $46 | $106 | $152 | $27 | $16 | $43 | $3 | $0 | $3 | $87 | $36 | $123 | $0 | $0 | $0 | $23 | $2 | $25 | $9 | $28 | $37 | $0 | $0 | $0 | $55 | $6 | $61 |
Restructuring Reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108 | 162 | 0 | 54 | 111 | 0 | 54 | 51 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | 414 | 24 | 159 | 29 | ' | ' | ' | 109 | 149 | ' | 55 | 133 | ' | 54 | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Restructuring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -91 | ' | -1 | -68 | ' | 0 | -23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve, Accrual Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4 | ' | ' | $8 | ' | ' | ($4) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring_Charges_Fiscal_2
Restructuring Charges - Fiscal 2013 Europe Restructuring (Details) (USD $) | 3 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 18 Months Ended | 11 Months Ended | 12 Months Ended | 18 Months Ended | 11 Months Ended | 12 Months Ended | 18 Months Ended | 11 Months Ended | 12 Months Ended | 18 Months Ended | 11 Months Ended | 12 Months Ended | 18 Months Ended | 11 Months Ended | 12 Months Ended | 18 Months Ended | ||||||||||||||||||
In Millions, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Nov. 03, 2012 | Aug. 04, 2012 | 5-May-12 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 28, 2009 | |||
Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Restructuring Program 2013 Europe [Member] [Domain] [Domain] | Best Buy Europe [Member] | ||||||||||||||||
Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [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] | |||||||||||||||||||||||
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 write-downs [Member] | Property and equipment write-downs [Member] | Property and equipment write-downs [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Impairment of Intangible Assets Related to Restructuring [Member] | Impairment of Intangible Assets Related to Restructuring [Member] | Impairment of Intangible Assets Related to Restructuring [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | |||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | |||
Restructuring Reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5 | $0 | $0 | $0 | $0 | $0 | $5 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring charges | 115 | 31 | 7 | 6 | 169 | 34 | 91 | 127 | 449 | 280 | 259 | 287 | 34 | 100 | 239 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36 | 95 | 0 | 36 | 95 | 131 | 0 | 7 | 7 | 12 | 45 | 57 | 19 | 36 | 55 | 0 | 4 | 4 | 5 | 3 | 8 | ' | |||
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | 414 | 24 | 159 | 29 | ' | ' | ' | 24 | 38 | ' | 19 | 36 | ' | 5 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Payments for Restructuring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19 | 9 | ' | 19 | 2 | ' | 0 | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restructuring Reserve, Accrual Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $34 | [1] | ' | ' | $34 | [1] | ' | ' | $0 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | (1) Represents the remaining liability written off as a result of the sale of Best Buy Europe, as described in Note 4, Discontinued Operations. |
Restructuring_Charges_Fiscal_21
Restructuring Charges - Fiscal 2013 U.S. Restructuring (Details) (USD $) | 3 Months Ended | 11 Months Ended | 12 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 24 Months Ended | 11 Months Ended | 12 Months Ended | 24 Months Ended | 11 Months Ended | 12 Months Ended | 24 Months Ended | 11 Months Ended | 12 Months Ended | 24 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Nov. 03, 2012 | Aug. 04, 2012 | 5-May-12 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 | 5-May-12 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 |
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Domestic Segment [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Restructuring Program 2013 U.S. [Member] [Domain] | Restructuring Program 2013 U.S. [Member] [Domain] | Restructuring Program 2013 U.S. [Member] [Domain] | Restructuring Program 2013 U.S. [Member] [Domain] | Restructuring Program 2013 U.S. [Member] [Domain] | Restructuring Program 2013 U.S. [Member] [Domain] | Restructuring Program 2013 U.S. [Member] [Domain] | Restructuring Program 2013 U.S. [Member] [Domain] | Restructuring Program 2013 U.S. [Member] [Domain] | Restructuring Program 2013 U.S. [Member] [Domain] | Restructuring Program 2013 U.S. [Member] [Domain] | Restructuring Program 2013 U.S. [Member] [Domain] | Restructuring Program 2013 U.S. [Member] [Domain] | Restructuring Program 2013 U.S. [Member] [Domain] | Restructuring Program 2013 U.S. [Member] [Domain] | |||||||||||||||||||
store | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | Domestic Segment [Member] | ||||||||||||||||||||||||||||
Property and equipment write-downs [Member] | Property and equipment write-downs [Member] | Property and equipment write-downs [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | ||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Stores to be Closed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $117 | $58 | $0 | $4 | $0 | $0 | $113 | $58 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges | 115 | 31 | 7 | 6 | 169 | 34 | 91 | 127 | 449 | 280 | 259 | 287 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 415 | 159 | 48 | 257 | -6 | 0 | 257 | -6 | 251 | 29 | 0 | 29 | 77 | 0 | 77 | 151 | -6 | 145 |
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | 414 | 24 | 159 | 29 | ' | 261 | 4 | ' | 109 | 0 | ' | 152 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Restructuring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98 | 48 | ' | 65 | 2 | ' | 33 | 46 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve, Accrual Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $46 | $15 | ' | $40 | $2 | ' | $6 | $13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring_Charges_Fiscal_22
Restructuring Charges - Fiscal 2012 Restructuring (Details) (USD $) | 3 Months Ended | 11 Months Ended | 12 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | 11 Months Ended | 12 Months Ended | 23 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Nov. 03, 2012 | Aug. 04, 2012 | 5-May-12 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 | Aug. 03, 2013 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Aug. 03, 2013 | Aug. 04, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 01, 2014 | ||
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Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Restructuring Reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $36 | $0 | $102 | $0 | $0 | $0 | $17 | ' | ' | $36 | $0 | $85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Restructuring charges | 115 | 31 | 7 | 6 | 169 | 34 | 91 | 127 | 449 | 280 | 259 | 287 | 5 | -2 | 5 | 243 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 0 | 23 | ' | -1 | 5 | 220 | ' | 415 | 159 | 48 | -1 | 0 | 28 | ' | 0 | 0 | 22 | ' | 0 | 0 | 1 | ' | -1 | 0 | 5 | ' | -1 | 0 | 23 | ' | 0 | 0 | 17 | ' | 0 | 0 | 1 | ' | -1 | 0 | 5 | ' | 0 | 0 | 5 | ' | 0 | 0 | 5 | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 | ' | 34 | 100 | 239 | -1 | 5 | 215 | ' | 0 | 0 | 106 | ' | 1 | 0 | 16 | ' | -2 | 5 | 82 | ' | 0 | 0 | 11 | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 | ' | -1 | 5 | 215 | ' | 0 | 0 | 106 | ' | 1 | 0 | 16 | ' | -2 | 5 | 82 | ' | 0 | 0 | 11 | ' | ||
Restructuring Reserve, Accrual Adjustment, Write-off Related to Sale of Business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Restructuring and Related Cost, Cost Incurred to Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 246 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22 | ' | ' | ' | 224 | ' | ' | ' | ' | ' | ' | 27 | ' | ' | ' | 22 | ' | ' | ' | 1 | ' | ' | ' | 4 | ' | ' | ' | 22 | ' | ' | ' | 17 | ' | ' | ' | 1 | ' | ' | ' | 4 | ' | ' | ' | 5 | ' | ' | ' | 5 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | 219 | ' | ' | ' | 106 | ' | ' | ' | 17 | ' | ' | ' | 85 | ' | ' | ' | 11 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 219 | ' | ' | ' | 106 | ' | ' | ' | 17 | ' | ' | ' | 85 | ' | ' | ' | 11 | ||
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | 414 | 24 | 159 | 29 | ' | 3 | ' | ' | ' | 1 | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Payments for Restructuring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101 | 33 | ' | ' | 18 | 0 | ' | ' | ' | 83 | 33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Restructuring Reserve, Accrual Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | -1 | ' | ' | 0 | 0 | ' | ' | -34 | 28 | [1] | -1 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve, Translation Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4 | ($2) | ' | ' | $0 | $0 | ' | ' | ' | $4 | ($2) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | (1) Included within adjustments to facility closure and other costs is $34 million from the first quarter of fiscal 2013 (11-month), representing an adjustment to exclude non-cash charges or benefits, which had no impact on our Consolidated Statements of Earnings in fiscal 2013 (11-month).(2) Included within adjustments to facility closure and other costs 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 4, Discontinued Operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | (2) Included within adjustments to facility closure and other costs 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 4, Discontinued Operations. |
Restructuring_Charges_Fiscal_23
Restructuring Charges - Fiscal 2011 Restructuring (Details) (USD $) | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Nov. 03, 2012 | Aug. 04, 2012 | 5-May-12 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges | $115 | $31 | $7 | $6 | $169 | $34 | $91 | $127 | $449 | $280 | $259 | $287 |
Restructuring Program 2011 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ($13) | ' | ' | $44 |
Debt_ShortTerm_Debt_Details
Debt - Short-Term Debt (Details) | 11 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Aug. 03, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Oct. 31, 2011 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | ||
USD ($) | USD ($) | U.S. revolving credit facility [Member] | New U.S. revolving credit facility, 364 Day [Member] [Domain] | New U.S. revolving credit facility, 364 Day [Member] [Domain] | U.S. revolving credit facility - 364-Day [Member] | U.S. revolving credit facility - Five-Year [Member] | U.S. revolving credit facility - Five-Year [Member] | JPMorgan revolving credit facility [Member] | Europe revolving credit facility [Member] | Europe revolving credit facility [Member] | Europe revolving credit facility [Member] | Canada revolving demand facility [Member] | China revolving demand facilities [Member] | Notes due 2018 [Member] | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | |||||||||
Short-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Redemption price upon control triggering event, percentage of principal amount (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ||
Short-term debt | $596 | $0 | ' | ' | ' | ' | ' | ' | ' | $0 | ' | $596 | ' | ' | ' | ||
Weighted-average interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ||
Maximum month-end outstanding during the year | 596 | [1] | 597 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average amount outstanding during the year | 477 | [1] | 135 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, current borrowing capacity | ' | ' | 2,000 | ' | ' | 500 | ' | 1,500 | 1,000 | ' | 400 | ' | ' | ' | ' | ||
Line of credit facility, amount outstanding | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ||
Line of credit facility, maximum borrowing capacity | ' | ' | 2,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 158 | ' | ||
Line of credit facility, letter of credit sublimit | ' | ' | $300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt instrument, basis spread on federal funds rate (as a percent) | ' | ' | ' | 0.50% | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt instrument, basis spread on LIBOR (as a percent) | ' | ' | ' | 1.00% | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt instrument, lower range on ABR (as a percent) | ' | ' | ' | ' | 0.00% | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt instrument, higher range on ABR (as a percent) | ' | ' | ' | ' | 0.60% | ' | 0.48% | ' | ' | ' | ' | ' | ' | ' | ' | ||
LIBOR margin, low end of the range (as a percent) | ' | ' | ' | ' | 0.93% | ' | 0.88% | ' | ' | ' | ' | ' | ' | ' | ' | ||
LIBOR margin, high end of the range (as a percent) | ' | ' | ' | ' | 1.60% | ' | 1.48% | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt instrument, lower range on facility fee (as a percent) | ' | ' | ' | ' | 0.08% | ' | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt instrument, higher range on facility fee (as a percent) | ' | ' | ' | ' | 0.28% | ' | 0.28% | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | (1)Amounts relate to our previous £400 million Europe unsecured revolving credit facility agreement (the "RCF"). Interest rates under the previous RCF were variable, based on LIBOR plus an applicable margin based on Best Buy Europe's fixed charges coverage ratio. As described in Note 4, Discontinued Operations, we sold our interest in Best Buy Europe on June 26, 2013. |
Debt_LongTerm_Debt_Details
Debt - Long-Term Debt (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Jul. 15, 2013 | Feb. 02, 2013 | Mar. 31, 2011 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Mar. 31, 2011 | Jul. 31, 2013 | Feb. 01, 2014 | Jul. 16, 2013 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Mar. 31, 2011 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 01, 2014 | |
In Millions, unless otherwise specified | 2013 Notes [Member] | 2013 Notes [Member] | 2013 Notes [Member] | 2016 and 2021 Notes [Member] | 2016 and 2021 Notes [Member] | 2016 Notes [Member] | 2016 Notes [Member] | 2016 Notes [Member] | Notes due 2018 [Member] | Notes due 2018 [Member] | Notes due 2018 [Member] | Notes due 2018 [Member] | 2021 Notes [Member] | 2021 Notes [Member] | 2021 Notes [Member] | Financing Lease Obligations [Member] | Financing Lease Obligations [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Other debt [Member] | Other debt [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Notes due 2018 [Member] | |||
Financing Lease Obligations [Member] | Capital Lease Obligations [Member] | Other debt [Member] | Financing Lease Obligations [Member] | Capital Lease Obligations [Member] | ||||||||||||||||||||||||||
Long-term Debt. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total long-term debt | $1,657 | $1,700 | $0 | $500 | $500 | ' | ' | $349 | $349 | ' | ' | $500 | ' | $0 | $649 | $648 | ' | $95 | $122 | $63 | $80 | $1 | $1 | ' | ' | ' | ' | ' | ' | |
Less: current portion | -45 | -547 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt, less current portion | 1,612 | 1,153 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Long-term debt, fair value | 1,690 | 1,652 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt instrument issued, principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350 | ' | ' | 500 | ' | ' | ' | 650 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | ' | ' | ' | 5.00% | ' | 5.50% | ' | ' | ' | ' | ' | ' | 6.70% | ' | 3.00% | 1.90% | ' | 8.10% | 9.30% | ' | |
Underwriting discounts | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net proceeds from the sale of the Notes | ' | ' | ' | ' | ' | 990 | ' | ' | ' | ' | 495 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Redemption price, as percentage of principal amount of debt instrument (as a percent) | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | |
Debt Instrument, Treasury Rate Basis Points for Redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | |
Redemption price upon control triggering event, percentage of principal amount (as a percent) | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Future maturities of long-term debt, including capitalized leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2015 | 45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2016 | 38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2017 | 372 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2018 | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2019 | 509 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Thereafter | $677 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | (1)Our 2013 Notes due July 15, 2013, which we retired on July 15, 2013, are classified in the current portion of long-term debt as of February 2, 2013. |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 11 Months Ended | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Number of shares authorized under the Omnibus Plan (in shares) | ' | 64,500,000 | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Restricted Stock Awards, Restricted Stock Units, Dividend Equivalents Settled in Shares and Other Stock Grants Authorized | ' | 26,300,000 | ' | |||
Number of shares available for future grants under the Omnibus Plan (in shares) | ' | 19,100,000 | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Restricted Shares Available for Grant | ' | 10,000,000 | ' | |||
Stock-based compensation expense (in dollars) | $112 | $97 | $120 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | |||
Outstanding at the beginning of the period (in shares) | ' | 29,983,000 | ' | |||
Granted (in shares) | ' | 2,741,000 | ' | |||
Exercised (in shares) | ' | -5,169,000 | ' | |||
Forfeited/Canceled (in shares) | ' | -5,454,000 | ' | |||
Outstanding at the end of the period (in shares) | 29,983,000 | 22,101,000 | ' | |||
Vested or expected to vest at the end of the period (in shares) | ' | 21,597,000 | ' | |||
Exercisable at the end of the period (in shares) | ' | 16,926,000 | ' | |||
Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | |||
Outstanding at the beginning of the period (in dollars per share) | ' | $36.93 | ' | |||
Granted (in dollars per share) | ' | $22.53 | ' | |||
Exercised (in dollars per share) | ' | $31.21 | ' | |||
Forfeited/Canceled (in dollars per share) | ' | $37.36 | ' | |||
Outstanding at the end of the period (in dollars per share) | $36.93 | $36.38 | ' | |||
Vested or expected to vest at the end of the period (in dollars per share) | ' | $36.68 | ' | |||
Exercisable at the end of the period (in dollars per share) | ' | $40.11 | ' | |||
Weighted Average Remaining Contractual Term, Years [Abstract] | ' | ' | ' | |||
Outstanding at the end of the period (in years) | ' | '5 years 4 months 24 days | ' | |||
Vested or expected to vest at the end of the period (in years) | ' | '5 years 3 months 18 days | ' | |||
Exercisable at the end of the period (in years) | ' | '4 years 4 months 24 days | ' | |||
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | |||
Outstanding at the end of the period (in dollars) | ' | 16 | ' | |||
Vested or expected to vest at the end of the period (in dollars) | ' | 16 | ' | |||
Exercisable at the end of the period (in dollars) | ' | 5 | ' | |||
Weighted-average grant-date fair value of stock options granted (in dollars per share) | $5.11 | $7.77 | $7.94 | |||
Aggregate intrinsic value of stock options exercised (in dollars) | 0 | 39 | 6 | |||
Net cash proceeds from the exercise of stock options (in dollars) | 1 | 158 | 27 | |||
Actual income tax benefit realized from stock option exercises (in dollars) | 0 | 13 | 2 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' | |||
Expected dividend yield (as a percent) | 2.20% | [1] | 2.00% | [1] | 2.30% | [1] |
Expected stock price volatility (as a percent) | 44.00% | [1],[2] | 46.00% | [1],[2] | 37.00% | [1],[2] |
Expected life of stock options (in years) | '5 years 10 months 24 days | [1],[3] | '5 years 10 months 24 days | [1],[3] | '6 years 2 months 12 days | [1],[3] |
Employee Stock Option [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Term of stock options (in years) | ' | '10 years | ' | |||
Vesting period (in years) | ' | '4 years | ' | |||
Stock-based compensation expense (in dollars) | 43 | 25 | 76 | |||
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | |||
Unrecognized compensation (in dollars) | ' | 29 | ' | |||
Weighted-average period over which compensation expense is expected to be recognized (in years) | ' | '1 year 2 months 12 days | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' | |||
Risk-free interest rate low end of the range (as a percent) | 0.10% | [1],[4] | 0.10% | [1],[4] | 0.10% | [1],[4] |
Risk-free interest rate high end of the range (as a percent) | 2.00% | [1],[4] | 1.80% | [1],[4] | 3.60% | [1],[4] |
Market-based [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Stock-based compensation expense (in dollars) | 2 | 9 | 0 | |||
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | |||
Unrecognized compensation (in dollars) | ' | 21 | ' | |||
Weighted-average period over which compensation expense is expected to be recognized (in years) | ' | '2 years | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' | |||
Outstanding at the beginning of the period (in shares) | ' | 805,000 | ' | |||
Granted (in shares) | ' | 1,044,000 | ' | |||
Vested (in shares) | ' | -20,000 | ' | |||
Forfeited/Canceled (in shares) | ' | -193,000 | ' | |||
Outstanding at the end of the period (in shares) | 805,000 | 1,636,000 | ' | |||
Weighted Average Fair Value Per Share [Roll Forward] | ' | ' | ' | |||
Outstanding at the beginning of the period (in dollars per share) | ' | $16.76 | ' | |||
Granted (in dollars per share) | ' | $24.26 | ' | |||
Vested (in dollars per share) | ' | $19.89 | ' | |||
Forfeited/Canceled (in dollars per share) | ' | $21.82 | ' | |||
Outstanding at the end of the period (in dollars per share) | $16.76 | $20.91 | ' | |||
Time-based [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Share-based Payment Award, Award Vesting Period, Minimum | ' | '3 years | ' | |||
Share-based Payment Award, Award Vesting Period, Maximum | ' | '4 years | ' | |||
Vesting percentage per increment, options vesting in annual increments | ' | '25% of the award vests on the date of grant and 25% vests on each of the three anniversary dates thereafter | ' | |||
Annual vesting percentage, options vesting in annual increments | ' | 25.00% | ' | |||
Stock-based compensation expense (in dollars) | 62 | 62 | 33 | |||
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | |||
Unrecognized compensation (in dollars) | ' | 93 | ' | |||
Weighted-average period over which compensation expense is expected to be recognized (in years) | ' | '1 year 9 months 18 days | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' | |||
Outstanding at the beginning of the period (in shares) | ' | 7,751,000 | ' | |||
Granted (in shares) | ' | 3,433,000 | ' | |||
Vested (in shares) | ' | -2,642,000 | ' | |||
Forfeited/Canceled (in shares) | ' | -1,477,000 | ' | |||
Outstanding at the end of the period (in shares) | 7,751,000 | 7,065,000 | ' | |||
Weighted Average Fair Value Per Share [Roll Forward] | ' | ' | ' | |||
Outstanding at the beginning of the period (in dollars per share) | ' | $21.05 | ' | |||
Granted (in dollars per share) | ' | $22.99 | ' | |||
Vested (in dollars per share) | ' | $22.06 | ' | |||
Forfeited/Canceled (in dollars per share) | ' | $21.61 | ' | |||
Outstanding at the end of the period (in dollars per share) | $21.05 | $21.49 | ' | |||
Employee Stock [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Issuance of common stock under employee stock purchase plan (in shares) | 1,000,000 | 600,000 | 1,400,000 | |||
Discounted purchase rate on the market price of the stock (as a percent) | 15.00% | 5.00% | 15.00% | |||
Stock-based compensation expense (in dollars) | 5 | 1 | 11 | |||
Weighted Average Fair Value Per Share [Roll Forward] | ' | ' | ' | |||
Amount accumulated by plan participants to purchase common stock (in dollars) | $4 | $2 | ' | |||
[1] | (1)Forfeitures are estimated using historical experience and projected employee turnover. | |||||
[2] | (3)In projecting expected stock price volatility, we consider both the historical volatility of our stock price as well as implied volatilities from exchange-traded options on our stock. | |||||
[3] | (4)We estimate the expected life of stock options based upon historical experience. | |||||
[4] | (2)Based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected life of our stock options. |
Shareholders_Equity_Details_2
Shareholders' Equity (Details 2) (USD $) | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||||
Jan. 31, 2012 | Jun. 30, 2011 | Jan. 31, 2011 | Jun. 30, 2007 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Nov. 03, 2012 | Aug. 04, 2012 | 5-May-12 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 | Feb. 26, 2011 | ||
Outstanding Options to Purchase Common Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net cash proceeds from the exercise of stock options (in dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | ' | $158,000,000 | $27,000,000 | ' | |
Weighted-average grant-date fair value of stock options granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.11 | ' | $7.77 | $7.94 | ' | |
Exercisable stock options (in shares) | ' | ' | ' | ' | 16,926,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,926,000 | ' | ' | |
Percentage of exercisable stock options (as a percent) | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | |
Exercisable stock options, weighted-average price (in dollars per share) | ' | ' | ' | ' | $40.11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $40.11 | ' | ' | |
Unexercisable stock options (in shares) | ' | ' | ' | ' | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | ' | ' | |
Percentage of unexercisable stock options (as a percent) | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | |
Unexercisable stock options, weighted-average price (in dollars per share) | ' | ' | ' | ' | $24.16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $24.16 | ' | ' | |
Total outstanding stock options (in shares) | ' | ' | ' | ' | 22,101,000 | ' | ' | ' | 29,983,000 | ' | ' | ' | 29,983,000 | ' | 22,101,000 | ' | ' | |
Percentage of outstanding stock options (as a percent) | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | |
Outstanding stock options, weighted-average price (in dollars per share) | ' | ' | ' | ' | $36.38 | ' | ' | ' | $36.93 | ' | ' | ' | $36.93 | ' | $36.38 | ' | ' | |
Numerator [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -13,000,000 | ' | 0 | ' | 311,000,000 | 44,000,000 | 237,000,000 | 97,000,000 | -460,000,000 | -9,000,000 | 30,000,000 | 169,000,000 | -467,000,000 | [1],[2] | 1,217,000,000 | 689,000,000 | 1,424,000,000 | ' |
Net (earnings) from continuing operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,000,000 | [2] | -3,000,000 | -2,000,000 | -3,000,000 | ' |
Net (loss) earnings from continuing operations attributable to Best Buy Co., Inc., basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -469,000,000 | [2] | ' | 687,000,000 | 1,421,000,000 | ' |
Adjustment for assumed dilution: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest on convertible debentures due in 2022, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | ' | 0 | 5,000,000 | ' |
Net earnings from continuing operations attributable to Best Buy Co., Inc., diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -469,000,000 | [2] | ' | 687,000,000 | 1,426,000,000 | ' |
Denominator [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted-average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 338,600,000 | [2] | 372,500,000 | 342,100,000 | 366,300,000 | ' |
Effect of Potentially Dilutive Securities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Shares from assumed conversion of convertible debentures (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | ' | 0 | 7,600,000 | ' |
Stock options and other (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | ' | 5,500,000 | 600,000 | ' |
Weighted-average common shares outstanding, assuming dilution (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 338,600,000 | [2] | 382,000,000 | 347,600,000 | 374,500,000 | ' |
Earnings per share attributable to Best Buy Co., Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Basic (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($1.38) | [2] | $3.26 | $2.01 | $3.88 | ' |
Diluted (in dollars per share) | ' | ' | ' | ' | $0.88 | $0.12 | $0.69 | $0.29 | ($1.36) | ($0.03) | $0.09 | $0.49 | ($1.38) | [1],[2] | $3.19 | $1.98 | $3.81 | ' |
Share repurchases authorized (in shares) | ' | 5,000,000,000 | ' | 5,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Foreign currency translation | ' | ' | ' | ' | 485,000,000 | ' | ' | ' | 113,000,000 | ' | ' | ' | 113,000,000 | 104,000,000 | 485,000,000 | 93,000,000 | 102,000,000 | |
Unrealized gains (losses) on available-for-sale investments | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | -1,000,000 | ' | ' | ' | -1,000,000 | -3,000,000 | 7,000,000 | -3,000,000 | 71,000,000 | |
Total | ' | ' | ' | ' | 492,000,000 | ' | ' | ' | 112,000,000 | ' | ' | ' | 112,000,000 | 101,000,000 | 492,000,000 | 90,000,000 | 173,000,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 39,000,000 | 6,000,000 | ' | |
Actual income tax benefit realized from stock option exercises (in dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 13,000,000 | 2,000,000 | ' | |
In-the-money [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Outstanding Options to Purchase Common Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Exercisable stock options (in shares) | ' | ' | ' | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | ' | ' | |
Percentage of exercisable stock options (as a percent) | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | |
Exercisable stock options, weighted-average price (in dollars per share) | ' | ' | ' | ' | $23.84 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23.84 | ' | ' | |
Unexercisable stock options (in shares) | ' | ' | ' | ' | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | ' | ' | |
Percentage of unexercisable stock options (as a percent) | ' | ' | ' | ' | 83.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83.00% | ' | ' | |
Unexercisable stock options, weighted-average price (in dollars per share) | ' | ' | ' | ' | $21.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21.45 | ' | ' | |
Total outstanding stock options (in shares) | ' | ' | ' | ' | 6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,900,000 | ' | ' | |
Percentage of outstanding stock options (as a percent) | ' | ' | ' | ' | 31.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.00% | ' | ' | |
Outstanding stock options, weighted-average price (in dollars per share) | ' | ' | ' | ' | $22.36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22.36 | ' | ' | |
Out-of-the-money [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Outstanding Options to Purchase Common Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Exercisable stock options (in shares) | ' | ' | ' | ' | 14,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,300,000 | ' | ' | |
Percentage of exercisable stock options (as a percent) | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | |
Exercisable stock options, weighted-average price (in dollars per share) | ' | ' | ' | ' | $43.14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $43.14 | ' | ' | |
Unexercisable stock options (in shares) | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | |
Percentage of unexercisable stock options (as a percent) | ' | ' | ' | ' | 17.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.00% | ' | ' | |
Unexercisable stock options, weighted-average price (in dollars per share) | ' | ' | ' | ' | $36.91 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $36.91 | ' | ' | |
Total outstanding stock options (in shares) | ' | ' | ' | ' | 15,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,200,000 | ' | ' | |
Percentage of outstanding stock options (as a percent) | ' | ' | ' | ' | 69.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69.00% | ' | ' | |
Outstanding stock options, weighted-average price (in dollars per share) | ' | ' | ' | ' | $42.77 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $42.77 | ' | ' | |
June 2011 share repurchase program [Member} | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Outstanding Options to Purchase Common Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Amounting remaining for additional share repurchases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000,000 | ' | ' | |
Open Market Repurchases [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total number of shares repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,300,000 | ' | 0 | 34,500,000 | ' | |
Total cost of shares repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122,000,000 | ' | 0 | 889,000,000 | ' | |
June 2007 share repurchase program [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Open Market Repurchases [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total number of shares repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | 20,100,000 | ' | |
Total cost of shares repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | 611,000,000 | ' | |
Market-based [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Outstanding Options to Purchase Common Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unrecognized compensation (in dollars) | ' | ' | ' | ' | $21,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21,000,000 | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted-average period over which compensation expense is expected to be recognized (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | |
Employee Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Outstanding Options to Purchase Common Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Issuance of common stock under employee stock purchase plan (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | 600,000 | 1,400,000 | ' | |
[1] | (4)On November 2, 2011, our Board of Directors approved a change to our fiscal year-end from the Saturday nearest the end of February to the Saturday nearest the end of January. In the first quarter of fiscal 2013 (11-month), we began reporting our quarterly results on the basis of our new fiscal year-end. As such, the results for the month of February 2012, which are included in the audited results for fiscal 2012, were also included in the reported first quarter of fiscal 2013 (11-month). However, the results for the month of February 2012 are not included in the results for the full year of fiscal 2013 (11-month). Thus, the four quarters of fiscal year 2013 (11-month) are not additive. | |||||||||||||||||
[2] | (1)The calculation of diluted loss per share for fiscal 2013 (11-month) does not include potentially dilutive securities because their inclusion would be anti-dilutive (i.e., reduce the net loss per share). |
Shareholders_Equity_Components
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Details) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 03, 2012 | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | Jan. 28, 2012 | Feb. 26, 2011 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Mar. 03, 2012 |
Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation | $93 | $113 | $485 | $93 | $104 | $102 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | -3 | -1 | 7 | -3 | -3 | 71 | ' | ' | ' | ' |
Accumulated other comprehensive income | 90 | 112 | 492 | 90 | 101 | 173 | ' | ' | ' | ' |
Foreign currency translation adjustments | 11 | 15 | ' | -21 | ' | ' | 9 | -136 | 9 | -9 |
Unrealized gain (loss) on available-for-sale investments | 0 | 2 | 6 | -26 | ' | ' | 2 | 7 | 2 | -26 |
Reclassification of foreign currency translations adjustments into earnings due to sale of business | ' | 0 | 654 | 0 | ' | ' | ' | 508 | ' | ' |
Other Comprehensive Income (Loss), Adjustments, Net of Tax | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of gains (losses) on available-for-sale investments into earnings | ' | ' | $2 | ($48) | ' | ' | ' | $1 | ' | ($48) |
Leases_Details
Leases (Details) (USD $) | 11 Months Ended | 12 Months Ended | ||
Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | ||
Operating Leases, Rent Expense, Net [Abstract] | ' | ' | ' | |
Minimum rentals | $890,000,000 | $951,000,000 | $980,000,000 | |
Contingent rentals | 1,000,000 | 2,000,000 | 2,000,000 | |
Total rent expense | 891,000,000 | 953,000,000 | 982,000,000 | |
Less: sublease income | -16,000,000 | -18,000,000 | -18,000,000 | |
Net rent expense | 875,000,000 | 935,000,000 | 964,000,000 | |
Future minimum lease payments under capital leases | ' | ' | ' | |
2015 | ' | 26,000,000 | ' | |
2016 | ' | 18,000,000 | ' | |
2017 | ' | 8,000,000 | ' | |
2018 | ' | 3,000,000 | ' | |
2019 | ' | 2,000,000 | ' | |
Thereafter | ' | 17,000,000 | ' | |
Subtotal | ' | 74,000,000 | ' | |
Less: imputed interest | ' | -11,000,000 | ' | |
Present value | ' | 63,000,000 | ' | |
Future minimum lease payments under financing leases | ' | ' | ' | |
2015 | ' | 27,000,000 | ' | |
2016 | ' | 25,000,000 | ' | |
2017 | ' | 19,000,000 | ' | |
2018 | ' | 15,000,000 | ' | |
2019 | ' | 9,000,000 | ' | |
Thereafter | ' | 17,000,000 | ' | |
Subtotal | ' | 112,000,000 | ' | |
Less: imputed interest | ' | -17,000,000 | ' | |
Present value | ' | 95,000,000 | ' | |
Future minimum lease payments under operating leases | ' | ' | ' | |
2015 | ' | 1,027,000,000 | [1] | ' |
2016 | ' | 931,000,000 | [1] | ' |
2017 | ' | 807,000,000 | [1] | ' |
2018 | ' | 656,000,000 | [1] | ' |
2019 | ' | 496,000,000 | [1] | ' |
Thereafter | ' | 1,116,000,000 | [1] | ' |
Subtotal | ' | 5,033,000,000 | [1] | ' |
Other Operating Lease Payments | ' | 1,500,000,000 | ' | |
Minimum sublease rent income excluded from minimum lease payments | ' | $160,000,000 | ' | |
[1] | (1)Operating lease obligations do not include payments to landlords covering real estate taxes and common area maintenance. These charges, if included, would increase total operating lease obligations by $1.5 billion at February 1, 2014. |
Benefit_Plans_Details
Benefit Plans (Details) (USD $) | 11 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Maximum percentage of a participant's eligible compensation that a participant may contribute annually to the plan (as a percent) | ' | 50.00% | ' |
Percentage of matching contribution made by company, of first 3% of participating employees contributions (as a percent) | ' | 100.00% | ' |
Percentage of participating employees contribution, matched 100% (as a percent) | ' | 3.00% | ' |
Percentage of matching contribution made by company, of next 2% of participating employees' contributions (as a percent) | ' | 50.00% | ' |
Percentage of participating employees contribution, matched 50% (as a percent) | ' | 2.00% | ' |
Employer contribution | $62 | $65 | $69 |
Non-qualified, unfunded deferred compensation plan [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Deferred compensation liability | 58 | 54 | ' |
Deferred compensation plan assets | $88 | $96 | ' |
Income_Taxes_Tax_Rate_Reconcil
Income Taxes - Tax Rate Reconciliation (Details) (USD $) | 11 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 |
Reconciliation of the federal statutory income tax rate to income tax expense | ' | ' | ' | ' |
Federal income tax at the statutory rate | ($70) | ' | $380 | $758 |
State income taxes, net of federal benefit | -2 | ' | 25 | 47 |
(Benefit) expense from foreign operations | 49 | ' | -13 | -63 |
Other | 5 | ' | 6 | 0 |
Goodwill impairments (non-deductible) | 287 | ' | 0 | 0 |
Income tax expense | $269 | $658 | $398 | $742 |
Effective income tax rate | -135.80% | ' | 36.70% | 34.30% |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense (Details) (USD $) | 11 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 |
Earnings from continuing operations before income tax expense and equity in (loss) income of affiliates | ' | ' | ' | ' |
United States | $279 | ' | $687 | $1,644 |
Outside the United States | -477 | ' | 400 | 522 |
Earnings (loss) from continuing operations before income tax expense and equity in income (loss) of affiliates | -198 | 1,875 | 1,087 | 2,166 |
Current: | ' | ' | ' | ' |
Federal | 204 | ' | 306 | 520 |
State | -1 | ' | 45 | 61 |
Foreign | 66 | ' | 64 | 72 |
Current income tax expense | 269 | ' | 415 | 653 |
Deferred: | ' | ' | ' | ' |
Federal | 26 | ' | -21 | 86 |
State | -3 | ' | 1 | 11 |
Foreign | -23 | ' | 3 | -8 |
Deferred income tax expense | 0 | ' | -17 | 89 |
Income tax expense | $269 | $658 | $398 | $742 |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferreds (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Components of deferred tax assets and liabilities | ' | ' |
Accrued property expenses | $162 | $194 |
Other accrued expenses | 133 | 119 |
Deferred revenue | 81 | 153 |
Compensation and benefits | 114 | 95 |
Stock-based compensation | 110 | 137 |
Loss and credit carryforwards | 176 | 266 |
Other | 103 | 125 |
Total deferred tax assets | 879 | 1,089 |
Valuation allowance | -158 | -228 |
Total deferred tax assets after valuation allowance | 721 | 861 |
Property and equipment | -286 | -343 |
Goodwill and intangibles | -75 | -127 |
Inventory | -60 | -90 |
Other | -16 | -22 |
Total deferred tax liabilities | -437 | -582 |
Net deferred tax assets | 284 | 279 |
Other current assets | 261 | 228 |
Other assets | 44 | 66 |
Other current liabilities | 0 | -5 |
Other long-term liabilities | -21 | -10 |
Net deferred tax assets | $284 | $279 |
Income_Taxes_Tax_Credit_and_Op
Income Taxes - Tax Credit and Operating Loss Carryforwards (Details) (USD $) | 12 Months Ended | |
Feb. 01, 2014 | Feb. 02, 2013 | |
Tax Credit Carryforward [Line Items] | ' | ' |
Valuation allowance | $158,000,000 | $228,000,000 |
Decrease in the valuation allowance, related to the international net operating loss carryforwards and other international deferred tax assets | -70,000,000 | ' |
Unremitted earnings of foreign operations | 1,400,000,000 | ' |
State [Member] | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' |
Tax credit carryforwards | 12,000,000 | ' |
Tax credit carryforwards, valuation allowance | 3,000,000 | ' |
Capital Loss Carryforwards [Member] | State [Member] | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' |
Tax credit carryforwards | 4,000,000 | ' |
Capital Loss Carryforwards [Member] | U.S. and State [Member] | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' |
Tax credit carryforwards, valuation allowance | 13,000,000 | ' |
Federal [Member] | U.S. [Member] | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' |
Total net operating loss carryforwards | 23,000,000 | ' |
Federal [Member] | Foreign Tax Credit Carryforwards [Member] | U.S. [Member] | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' |
Tax credit carryforwards | 12,000,000 | ' |
Tax credit carryforwards, valuation allowance | 11,000,000 | ' |
International [Member] | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' |
Total net operating loss carryforwards | 125,000,000 | ' |
Net operating loss carryforwards subject to expiration | 117,000,000 | ' |
Net operating loss carryforwards, valuation allowance | $131,000,000 | ' |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits (Details) (USD $) | 11 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 |
Reconciliation of changes in unrecognized tax benefits | ' | ' | ' |
Balance at beginning of period | $387 | $383 | $359 |
Gross increases related to prior period tax positions | 10 | 38 | 69 |
Gross decreases related to prior period tax positions | -22 | -67 | -35 |
Gross increases related to current period tax positions | 37 | 34 | 43 |
Settlements with taxing authorities | -10 | -3 | -20 |
Lapse of statute of limitations | -19 | -15 | -29 |
Balance at end of period | 383 | 370 | 387 |
Unrecognized tax benefits that would impact the effective tax rate if recognized | 231 | 228 | 239 |
Interest expense recognized as component of income tax expense | ' | 8 | ' |
Penalties recognized as component of income tax expense | ' | 2 | ' |
Accrued interest in income tax expense | 85 | 91 | 79 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $0 | $2 | $0 |
Segment_and_Geographic_Informa1
Segment and Geographic Information - Segment Information (Details) (USD $) | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, unless otherwise specified | Jan. 31, 2012 | Jan. 31, 2011 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Nov. 03, 2012 | Aug. 04, 2012 | 5-May-12 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 | ||||||||||
segments | ||||||||||||||||||||||||
Business segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ||||||||||
Goodwill impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $822 | $0 | $0 | $0 | ||||||||||
Total revenue | ' | ' | 14,470 | 9,327 | 9,266 | 9,347 | 14,921 | 9,343 | 9,306 | 10,343 | 39,827 | [1] | 41,311 | 42,410 | 45,457 | |||||||||
Operating income (loss) | -14 | -1 | 469 | [2] | 90 | [2] | 413 | [2] | 168 | [2] | -181 | [3] | 0 | [3] | 87 | [3] | 263 | [3] | -119 | [1],[3] | 1,898 | 1,140 | [2] | 2,200 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Gain on sale of investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 55 | 20 | 55 | ||||||||||
Investment income and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 23 | 27 | 22 | ||||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -99 | -101 | -100 | -111 | ||||||||||
Earnings (loss) from continuing operations before income tax expense and equity in income (loss) of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -198 | 1,875 | 1,087 | 2,166 | ||||||||||
Total Assets | ' | ' | 14,013 | ' | ' | ' | 16,787 | ' | ' | ' | 16,787 | ' | 14,013 | 16,005 | ||||||||||
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 705 | 709 | 547 | 766 | ||||||||||
Total depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 794 | 811 | 701 | 897 | ||||||||||
Domestic [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Business segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Goodwill impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | 0 | 0 | ||||||||||
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,222 | ' | 35,831 | 37,596 | ||||||||||
Percentage of revenue, by revenue category (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | 100.00% | ||||||||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 731 | ' | 1,145 | 1,964 | ||||||||||
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total Assets | ' | ' | 11,146 | ' | ' | ' | 10,874 | ' | ' | ' | 10,874 | ' | 11,146 | 9,592 | ||||||||||
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 488 | ' | 440 | 488 | ||||||||||
Domestic [Member] | Consumer Electronics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Business segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Percentage of revenue, by revenue category (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34.00% | ' | 30.00% | 36.00% | ||||||||||
Domestic [Member] | Computing and Mobile Phones [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Business segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Percentage of revenue, by revenue category (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44.00% | ' | 48.00% | 40.00% | ||||||||||
Domestic [Member] | Entertainment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Business segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Percentage of revenue, by revenue category (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | 8.00% | 12.00% | ||||||||||
Domestic [Member] | Appliances [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Business segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Percentage of revenue, by revenue category (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | 7.00% | 5.00% | ||||||||||
Domestic [Member] | Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Business segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Percentage of revenue, by revenue category (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | 6.00% | 6.00% | ||||||||||
Domestic [Member] | Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Business segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Percentage of revenue, by revenue category (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | 1.00% | 1.00% | ||||||||||
International [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Business segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Goodwill impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 819 | ' | 0 | 1,200 | ||||||||||
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,605 | ' | 6,579 | 7,861 | ||||||||||
Percentage of revenue, by revenue category (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | 100.00% | ||||||||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -850 | [4] | ' | -5 | 236 | |||||||||
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total Assets | ' | ' | 2,867 | ' | ' | ' | 5,913 | ' | ' | ' | 5,913 | ' | 2,867 | 6,413 | ||||||||||
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 217 | ' | 107 | 278 | ||||||||||
International [Member] | Consumer Electronics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Business segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Percentage of revenue, by revenue category (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.00% | ' | 28.00% | 34.00% | ||||||||||
International [Member] | Computing and Mobile Phones [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Business segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Percentage of revenue, by revenue category (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39.00% | ' | 40.00% | 36.00% | ||||||||||
International [Member] | Entertainment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Business segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Percentage of revenue, by revenue category (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | 7.00% | 8.00% | ||||||||||
International [Member] | Appliances [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Business segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Percentage of revenue, by revenue category (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.00% | ' | 20.00% | 17.00% | ||||||||||
International [Member] | Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Business segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Percentage of revenue, by revenue category (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | 5.00% | 5.00% | ||||||||||
Continuing Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 794 | ' | 701 | 879 | ||||||||||
Continuing Operations [Member] | Domestic [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 561 | ' | 565 | 612 | ||||||||||
Continuing Operations [Member] | International [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $233 | ' | $136 | $267 | ||||||||||
Maximum [Member] | International [Member] | Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Business segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Maximum percentage of revenue, by revenue category (as a percent) | ' | ' | 1.00% | ' | ' | ' | 1.00% | ' | ' | ' | 1.00% | ' | 1.00% | 1.00% | ||||||||||
[1] | (4)On November 2, 2011, our Board of Directors approved a change to our fiscal year-end from the Saturday nearest the end of February to the Saturday nearest the end of January. In the first quarter of fiscal 2013 (11-month), we began reporting our quarterly results on the basis of our new fiscal year-end. As such, the results for the month of February 2012, which are included in the audited results for fiscal 2012, were also included in the reported first quarter of fiscal 2013 (11-month). However, the results for the month of February 2012 are not included in the results for the full year of fiscal 2013 (11-month). Thus, the four quarters of fiscal year 2013 (11-month) are not additive. | |||||||||||||||||||||||
[2] | Includes $6 million, $7 million, $31 million and $115 million of restructuring charges recorded in the fiscal first, second, third and fourth quarters, respectively, and $159 million for the 12 months ended February 1, 2014, related to measures we took to restructure our businesses. | |||||||||||||||||||||||
[3] | (5)Includes $127 million, $91 million, $34 million and $169 million of restructuring charges recorded in the fiscal first, second, third and fourth quarters, respectively, and $415 million for the 11 months ended February 2, 2013, related to measures we took to restructure our businesses. Also included in the fourth quarter and 11 months ended February 2, 2013, is a $822 million goodwill impairment charge related to our Canada, Five Star and U.S. reporting units. | |||||||||||||||||||||||
[4] | (1) Included within our International segment's operating loss for fiscal 2013 (11-month) is a $819 million goodwill impairment charge. |
Segment_and_Geographic_Informa2
Segment and Geographic Information - Geographic Information (Details) (USD $) | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Nov. 03, 2012 | Aug. 04, 2012 | 5-May-12 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 | |
Geographic Areas, Revenues from External Customers [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total revenue | $14,470 | $9,327 | $9,266 | $9,347 | $14,921 | $9,343 | $9,306 | $10,343 | $39,827 | [1] | $41,311 | $42,410 | $45,457 |
Geographic Areas, Long-Lived Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property, Plant and Equipment, Net | 2,598 | ' | ' | ' | 3,270 | ' | ' | ' | 3,270 | ' | 2,598 | 3,471 | |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Geographic Areas, Revenues from External Customers [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 33,222 | ' | 35,831 | 37,596 | |
Geographic Areas, Long-Lived Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property, Plant and Equipment, Net | 2,190 | ' | ' | ' | 2,404 | ' | ' | ' | 2,404 | ' | 2,190 | 2,507 | |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Geographic Areas, Long-Lived Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property, Plant and Equipment, Net | 0 | ' | ' | ' | 352 | ' | ' | ' | 352 | ' | 0 | 352 | |
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Geographic Areas, Revenues from External Customers [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 4,818 | ' | 4,522 | 5,635 | |
Geographic Areas, Long-Lived Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property, Plant and Equipment, Net | 244 | ' | ' | ' | 341 | ' | ' | ' | 341 | ' | 244 | 432 | |
China [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Geographic Areas, Revenues from External Customers [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,574 | ' | 1,806 | 2,069 | |
Geographic Areas, Long-Lived Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property, Plant and Equipment, Net | 139 | ' | ' | ' | 142 | ' | ' | ' | 142 | ' | 139 | 161 | |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Geographic Areas, Revenues from External Customers [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 213 | ' | 251 | 157 | |
Geographic Areas, Long-Lived Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property, Plant and Equipment, Net | $25 | ' | ' | ' | $31 | ' | ' | ' | $31 | ' | $25 | $19 | |
[1] | (4)On November 2, 2011, our Board of Directors approved a change to our fiscal year-end from the Saturday nearest the end of February to the Saturday nearest the end of January. In the first quarter of fiscal 2013 (11-month), we began reporting our quarterly results on the basis of our new fiscal year-end. As such, the results for the month of February 2012, which are included in the audited results for fiscal 2012, were also included in the reported first quarter of fiscal 2013 (11-month). However, the results for the month of February 2012 are not included in the results for the full year of fiscal 2013 (11-month). Thus, the four quarters of fiscal year 2013 (11-month) are not additive. |
Contingencies_and_Commitments_
Contingencies and Commitments - Contingencies (Details) (USD $) | 3 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Feb. 01, 2014 | Aug. 03, 2013 | Sep. 03, 2013 | Dec. 31, 2013 | Nov. 30, 2013 |
Employment Discrimination Action | Employment Discrimination Action | ||||
Contingencies | ' | ' | ' | ' | ' |
Payment made to plaintiffs as per settlement terms | ' | ' | ' | $5 | $22 |
Amount of plaintiffs' attorneys' fees and costs reimbursed by the entity | ' | ' | ' | 6 | ' |
Litigation Settlement, Amount | ' | 264 | ' | ' | ' |
Legal Fees | ' | 35 | ' | ' | ' |
Proceeds from Legal Settlements | 176 | ' | ' | ' | ' |
Future Proceeds from Legal Settlements | 88 | ' | ' | ' | ' |
Damages, Value | ' | ' | $7.50 | ' | ' |
Contingencies_and_Commitments_1
Contingencies and Commitments - Commitments (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 01, 2014 |
Accenture Service Contract [Member] | ' |
Commitments [Line Items] | ' |
Long-term Future Contractual Obligations, Low End of the Range | $21 |
Long-term Future Contractual Obligations, High End of the Range | 106 |
Outstanding letters of credit and bankers' acceptances [Member] | ' |
Commitments [Line Items] | ' |
Unrecorded Unconditional Purchase Obligation, Purchases | $512 |
Supplementary_Financial_Inform2
Supplementary Financial Information (Details) (USD $) | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Jan. 31, 2012 | Jan. 31, 2011 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Nov. 03, 2012 | Aug. 04, 2012 | 5-May-12 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Mar. 03, 2012 | |||||||||||
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenue | ' | ' | $14,470 | $9,327 | $9,266 | $9,347 | $14,921 | $9,343 | $9,306 | $10,343 | $39,827 | [1] | $41,311 | $42,410 | $45,457 | ||||||||||
Comparable store sales % change (as a percent) | ' | ' | -1.20% | [2] | 0.30% | [2] | -0.60% | [2] | -1.40% | [2] | -1.40% | [2] | -5.10% | [2] | -3.30% | [2] | -5.20% | [2] | -3.40% | [1],[2] | ' | -0.80% | [2] | ' | |
Gross profit | 16 | 24 | 2,917 | 2,157 | 2,458 | 2,158 | 3,331 | 2,213 | 2,249 | 2,572 | 9,298 | [1] | 9,908 | 9,690 | 10,984 | ||||||||||
Operating income (loss) | -14 | -1 | 469 | [3] | 90 | [3] | 413 | [3] | 168 | [3] | -181 | [4] | 0 | [4] | 87 | [4] | 263 | [4] | -119 | [1],[4] | 1,898 | 1,140 | [3] | 2,200 | |
Net earnings (loss) from continuing operations | -13 | 0 | 311 | 44 | 237 | 97 | -460 | -9 | 30 | 169 | -467 | [1],[5] | 1,217 | 689 | 1,424 | ||||||||||
Gain (loss) from discontinued operations, net of tax | -12 | -28 | -17 | 10 | 11 | -170 | 81 | 10 | -37 | -17 | 47 | [1] | -1,394 | -166 | -1,402 | ||||||||||
Net earnings (loss) including noncontrolling interests | -25 | -28 | 294 | 54 | 248 | -73 | -379 | 1 | -7 | 152 | -420 | [1] | -177 | 523 | 22 | ||||||||||
Net earnings (loss) attributable to Best Buy Co., Inc. | -14 | [6] | -33 | 293 | 54 | 266 | -81 | -409 | -10 | 12 | 158 | -441 | [1] | -1,425 | 532 | -1,231 | |||||||||
Diluted earnings (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Continuing operations | ' | ' | $0.88 | $0.12 | $0.69 | $0.29 | ($1.36) | ($0.03) | $0.09 | $0.49 | ($1.38) | [1],[5] | $3.19 | $1.98 | $3.81 | ||||||||||
Discontinued operations | ' | ' | ($0.05) | [7] | $0.04 | [7] | $0.08 | [7] | ($0.53) | [7] | $0.15 | [7] | $0 | [7] | ($0.05) | [7] | ($0.03) | [7] | $0.08 | [1],[7] | ($6.91) | ($0.45) | [7] | ($7.08) | |
Diluted (in dollars per share) | ' | ' | $0.83 | $0.16 | $0.77 | ($0.24) | ($1.21) | ($0.03) | $0.04 | $0.46 | ($1.30) | [1] | ($3.72) | $1.53 | ($3.27) | ||||||||||
Months until inclusion in comparable store sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '14 months | ' | |||||||||||
Restructuring charges | ' | ' | 115 | 31 | 7 | 6 | 169 | 34 | 91 | 127 | 449 | 280 | 259 | 287 | |||||||||||
Goodwill impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 822 | 0 | 0 | 0 | |||||||||||
Continuing Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Diluted earnings (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $415 | ' | $159 | $48 | |||||||||||
[1] | (4)On November 2, 2011, our Board of Directors approved a change to our fiscal year-end from the Saturday nearest the end of February to the Saturday nearest the end of January. In the first quarter of fiscal 2013 (11-month), we began reporting our quarterly results on the basis of our new fiscal year-end. As such, the results for the month of February 2012, which are included in the audited results for fiscal 2012, were also included in the reported first quarter of fiscal 2013 (11-month). However, the results for the month of February 2012 are not included in the results for the full year of fiscal 2013 (11-month). Thus, the four quarters of fiscal year 2013 (11-month) are not additive. | ||||||||||||||||||||||||
[2] | Comprised of revenue from stores operating for at least 14 full months, as well as revenue related to call centers, websites and our other comparable sales channels. Revenue we earn from sales of merchandise to wholesalers or dealers is generally not included within our comparable store sales calculation. Relocated, remodeled and expanded stores are excluded from our comparable store sales calculation until at least 14 full months after reopening. Acquired stores are included in our comparable store sales calculation beginning with the first full quarter following the first anniversary of the date of the acquisition. The portion of our calculation of the comparable store sales percentage change attributable to our International segment excludes the effect of fluctuations in foreign currency exchange rates. The method of calculating comparable store sales varies across the retail industry. As a result, our method of calculating comparable store sales may not be the same as other retailers' methods. The calculation of comparable store sales excludes the impact of the extra week of revenue in the fourth quarter of fiscal 2012, as well as revenue from discontinued operations for all periods presented. | ||||||||||||||||||||||||
[3] | Includes $6 million, $7 million, $31 million and $115 million of restructuring charges recorded in the fiscal first, second, third and fourth quarters, respectively, and $159 million for the 12 months ended February 1, 2014, related to measures we took to restructure our businesses. | ||||||||||||||||||||||||
[4] | (5)Includes $127 million, $91 million, $34 million and $169 million of restructuring charges recorded in the fiscal first, second, third and fourth quarters, respectively, and $415 million for the 11 months ended February 2, 2013, related to measures we took to restructure our businesses. Also included in the fourth quarter and 11 months ended February 2, 2013, is a $822 million goodwill impairment charge related to our Canada, Five Star and U.S. reporting units. | ||||||||||||||||||||||||
[5] | (1)The calculation of diluted loss per share for fiscal 2013 (11-month) does not include potentially dilutive securities because their inclusion would be anti-dilutive (i.e., reduce the net loss per share). | ||||||||||||||||||||||||
[6] | (1)The net loss attributable to Best Buy Co., Inc. shareholders for the one month ended January 31, 2012, represents the adjustment to retained earnings within the Consolidated Statements of Changes in Shareholders' Equity as a result of the exclusion of January results for entities reported on a lag. | ||||||||||||||||||||||||
[7] | The sum of our quarterly diluted earnings per share does not equal our annual diluted earnings per share due to the impact of the timing of the repurchases of common stock and stock option exercises on quarterly and annual weighted-average shares outstanding. |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Details) (USD $) | 11 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Feb. 02, 2013 | Feb. 01, 2014 | Mar. 03, 2012 | |||
Activity in valuation and qualifying accounts | ' | ' | ' | |||
Balance at End of Period | $92 | $104 | ' | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Activity in valuation and qualifying accounts | ' | ' | ' | |||
Balance at Beginning of Period | 72 | 92 | 107 | |||
Charged to Expenses or Other Accounts | 34 | 76 | 8 | |||
Other | -14 | [1] | -64 | [1] | -43 | [1] |
Balance at End of Period | $92 | $104 | $72 | |||
[1] | (1)Includes bad debt write-offs and recoveries, acquisitions and the effect of foreign currency fluctuations. |