Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
3-May-14 | 30-May-14 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'BEST BUY CO INC | ' |
Entity Central Index Key | '0000764478 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 3-May-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--01-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 348,803,518 |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | 3-May-14 | Feb. 01, 2014 | 4-May-13 | |
In Millions, unless otherwise specified | ||||
Current assets | ' | ' | ' | |
Cash and cash equivalents | $2,569 | $2,678 | $908 | |
Short-term investments | 497 | 223 | 0 | |
Receivables, net | 871 | 1,308 | 937 | |
Merchandise inventories | 5,255 | 5,376 | 5,461 | |
Other current assets | 926 | 900 | 821 | |
Current assets held for sale | 0 | 0 | 1,879 | |
Total current assets | 10,118 | 10,485 | 10,006 | |
Property and equipment, net | 2,525 | 2,598 | 2,830 | |
Goodwill | 425 | 425 | 528 | |
Intangibles, net | 100 | 101 | 180 | |
Other assets | 743 | 404 | 316 | |
Long-term assets held for sale | 0 | 0 | 471 | |
Total assets | 13,911 | 14,013 | 14,331 | |
Current liabilities | ' | ' | ' | |
Accounts payable | 4,952 | 5,122 | 4,776 | |
Unredeemed gift card liabilities | 362 | 406 | 373 | |
Deferred revenue | 394 | 399 | 395 | |
Accrued compensation and related expenses | 350 | 444 | 333 | |
Accrued liabilities | 731 | 873 | 747 | |
Accrued income taxes | 47 | 147 | 8 | |
Current portion of long-term debt | 44 | 45 | 544 | [1] |
Current liabilities held for sale | 0 | 0 | 1,385 | |
Total current liabilities | 6,880 | 7,436 | 8,561 | |
Long-term liabilities | 1,003 | 976 | 1,001 | |
Long-term debt | 1,604 | 1,612 | 1,142 | |
Long-term liabilities held for sale | 0 | 0 | 79 | |
Best Buy Co., Inc. shareholders’ equity | ' | ' | ' | |
Preferred stock, $1.00 par value: Authorized — 400,000 shares; Issued and outstanding — none | 0 | 0 | 0 | |
Common stock, $0.10 par value: Authorized — 1.0 billion shares; Issued and outstanding — 348,750,000, 346,751,000 and 339,737,000 shares, respectively | 35 | 35 | 34 | |
Additional paid-in capital | 330 | 300 | 77 | |
Retained earnings | 3,562 | 3,159 | 2,723 | |
Accumulated other comprehensive income | 494 | 492 | 82 | |
Total Best Buy Co., Inc. shareholders’ equity | 4,421 | 3,986 | 2,916 | |
Noncontrolling interests | 3 | 3 | 632 | |
Total equity | 4,424 | 3,989 | 3,548 | |
Total liabilities and equity | $13,911 | $14,013 | $14,331 | |
[1] | Our 2013 Notes due July 15, 2013, which were retired on July 15, 2013, are classified in the current portion of long-term debt as of May 4, 2013. |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | 3-May-14 | Feb. 01, 2014 | 4-May-13 |
Preferred stock, par value (in dollars per share) | $1 | $1 | $1 |
Preferred stock, authorized shares | 400,000 | 400,000 | 400,000 |
Preferred stock, issued shares | 0 | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $0.10 | $0.10 | $0.10 |
Common stock, authorized shares | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Common stock, issued shares | 348,750,000 | 346,751,000 | 339,737,000 |
Common stock, outstanding shares | 348,750,000 | 346,751,000 | 339,737,000 |
CONSOLIDATED_STATEMENTS_OF_EAR
CONSOLIDATED STATEMENTS OF EARNINGS (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | 3-May-14 | 4-May-13 |
Revenue | $9,035 | $9,347 |
Cost of goods sold | 7,015 | 7,189 |
Gross profit | 2,020 | 2,158 |
Selling, general and administrative expenses | 1,820 | 1,984 |
Restructuring charges | 3 | 6 |
Operating income | 197 | 168 |
Other income (expense) | ' | ' |
Investment income and other | 6 | 5 |
Interest expense | -23 | -27 |
Earnings from continuing operations before income tax (benefit) expense | 180 | 146 |
Income tax (benefit) expense | -281 | 49 |
Net earnings from continuing operations | 461 | 97 |
Loss from discontinued operations (Note 2), net of tax benefit (expense) of $0 and ($13) | 0 | -170 |
Net earnings (loss) including noncontrolling interests | 461 | -73 |
Net earnings from discontinued operations attributable to noncontrolling interests | 0 | -8 |
Net earnings (loss) attributable to Best Buy Co., Inc. shareholders | $461 | ($81) |
Basic earnings (loss) per share attributable to Best Buy Co., Inc. shareholders | ' | ' |
Continuing operations (in dollars per share) | $1.33 | $0.29 |
Discontinued operations (in dollars per share) | $0 | ($0.53) |
Basic earnings (loss) per share (in dollars per share) | $1.33 | ($0.24) |
Diluted earnings (loss) per share attributable to Best Buy Co., Inc. shareholders | ' | ' |
Continuing operations (in dollars per share) | $1.31 | $0.29 |
Discontinued operations (in dollars per share) | $0 | ($0.53) |
Diluted earnings (loss) per share (in dollars per share) | $1.31 | ($0.24) |
Dividends declared per common share (in dollars per share) | $0.17 | $0.17 |
Weighted-average common shares outstanding (in millions) | ' | ' |
Basic (in shares) | 347.4 | 339 |
Diluted (in shares) | 350.4 | 341 |
CONSOLIDATED_STATEMENTS_OF_EAR1
CONSOLIDATED STATEMENTS OF EARNINGS (PARENTHETICAL) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 | |
Income tax benefit (expense) | $0 | ($13) | [1] |
[1] | The fiscal 2014 effective tax rate for discontinued operations differs from the statutory tax rate primarily due to the $53 million of restructuring charges and $175 million impairment of our investment in Best Buy Europe, which generally included no related tax benefit. The deferred tax assets related to the restructuring charges generally resulted in an increase in the valuation allowance in an equal amount, while the investment impairment is not tax deductible. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 |
Net earnings (loss) including noncontrolling interests | $461 | ($73) |
Foreign currency translation adjustments | 3 | -63 |
Unrealized gain (loss) on available-for-sale investments | -1 | 3 |
Comprehensive income (loss) including noncontrolling interests | 463 | -133 |
Comprehensive loss attributable to noncontrolling interests | 0 | 22 |
Comprehensive income (loss) attributable to Best Buy Co., Inc. shareholders | $463 | ($111) |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Total Best Buy Co., Inc. [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] |
In Millions, unless otherwise specified | |||||||
Beginning balances at Feb. 02, 2013 | $3,715 | $3,061 | $34 | $54 | $2,861 | $112 | $654 |
Beginning balances (in shares) at Feb. 02, 2013 | ' | ' | 338 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss), three months ended | -73 | -81 | 0 | 0 | -81 | 0 | 8 |
Foreign currency translation adjustments | -63 | -33 | 0 | 0 | 0 | -33 | -30 |
Unrealized gain (loss) on available-for-sale investments | 3 | 3 | 0 | 0 | 0 | 3 | 0 |
Tax deficit from stock options exercised, restricted stock vesting and employee stock purchase plan | -9 | -9 | 0 | -9 | 0 | 0 | ' |
Issuance of common stock under employee stock purchase plan | 7 | 7 | 0 | 7 | 0 | 0 | 0 |
Issuance of common stock under employee stock purchase plan (in shares) | ' | ' | 1 | ' | ' | ' | ' |
Stock-based compensation | 23 | 23 | 0 | 23 | 0 | 0 | 0 |
Restricted stock vested and stock options exercised | 2 | 2 | 0 | 2 | 0 | 0 | 0 |
Restricted stock vested and stock options exercised (in shares) | ' | ' | 1 | ' | ' | ' | ' |
Common stock dividends | -57 | -57 | 0 | 0 | -57 | 0 | 0 |
Ending balances at May. 04, 2013 | 3,548 | 2,916 | 34 | 77 | 2,723 | 82 | 632 |
Ending balances (in shares) at May. 04, 2013 | ' | ' | 340 | ' | ' | ' | ' |
Beginning balances at Feb. 01, 2014 | 3,989 | 3,986 | 35 | 300 | 3,159 | 492 | 3 |
Beginning balances (in shares) at Feb. 01, 2014 | ' | ' | 347 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss), three months ended | 461 | 461 | 0 | 0 | 461 | 0 | 0 |
Foreign currency translation adjustments | 3 | 3 | 0 | 0 | 0 | 3 | 0 |
Unrealized gain (loss) on available-for-sale investments | -1 | -1 | 0 | 0 | 0 | -1 | 0 |
Tax deficit from stock options exercised, restricted stock vesting and employee stock purchase plan | -2 | -2 | 0 | -2 | 0 | 0 | 0 |
Issuance of common stock under employee stock purchase plan | 4 | 4 | 0 | 4 | 0 | 0 | 0 |
Issuance of common stock under employee stock purchase plan (in shares) | ' | ' | 0 | ' | ' | ' | ' |
Stock-based compensation | 23 | 23 | 0 | 23 | ' | ' | ' |
Restricted stock vested and stock options exercised | 5 | 5 | 0 | 5 | 0 | 0 | 0 |
Restricted stock vested and stock options exercised (in shares) | ' | ' | 2 | ' | ' | ' | ' |
Common stock dividends | -58 | -58 | 0 | 0 | -58 | 0 | 0 |
Ending balances at May. 03, 2014 | $4,424 | $4,421 | $35 | $330 | $3,562 | $494 | $3 |
Ending balances (in shares) at May. 03, 2014 | ' | ' | 349 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (PARENTHETICAL) (USD $) | 3 Months Ended | |
3-May-14 | 4-May-13 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Dividends declared per common share (in dollars per share) | $0.17 | $0.17 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 |
Operating activities | ' | ' |
Net earnings (loss) including noncontrolling interests | $461 | ($73) |
Adjustments to reconcile net earnings (loss) including noncontrolling interests to total cash provided by (used in) operating activities: | ' | ' |
Depreciation | 161 | 200 |
Amortization of definite-lived intangible assets | 0 | 10 |
Restructuring charges | 3 | 59 |
Impairment of assets held for sale | 0 | 175 |
Stock-based compensation | 23 | 22 |
Realized gain on sale of subsidiary | 0 | -28 |
Deferred income taxes | -401 | -16 |
Other, net | 3 | 13 |
Changes in operating assets and liabilities | ' | ' |
Receivables | 436 | 473 |
Merchandise inventories | 121 | 702 |
Other assets | 7 | 26 |
Accounts payable | -144 | -1,118 |
Other liabilities | -312 | -362 |
Income taxes | -50 | -88 |
Total cash provided by (used in) operating activities | 308 | -5 |
Investing activities | ' | ' |
Additions to property and equipment | -111 | -174 |
Purchases of investments | -496 | -1 |
Sales of investments | 224 | 12 |
Proceeds from sale of business, net of cash transferred upon sale | 0 | 26 |
Change in restricted assets | 21 | 22 |
Other, net | 0 | -1 |
Total cash used in investing activities | -362 | -116 |
Financing activities | ' | ' |
Borrowings of debt | 0 | 293 |
Repayments of debt | -6 | -885 |
Dividends paid | -59 | -58 |
Issuance of common stock under employee stock purchase plan and for the exercise of stock options | 9 | 9 |
Other, net | 3 | 0 |
Total cash used in financing activities | -53 | -641 |
Effect of exchange rate changes on cash | -2 | 7 |
Decrease in cash and cash equivalents | -109 | -755 |
Cash and cash equivalents at beginning of period | 2,678 | 1,826 |
Cash and cash equivalents at end of period | 2,569 | 1,071 |
Less cash and cash equivalents held for sale | 0 | 163 |
Cash and cash equivalents at end of period, excluding held for sale | $2,569 | $908 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
3-May-14 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Unless the context otherwise requires, the use of the terms “Best Buy,” “we,” “us,” and “our” in these Notes to Condensed Consolidated Financial Statements refers to Best Buy Co., Inc. and its consolidated subsidiaries. | |
In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary for a fair presentation as prescribed by accounting principles generally accepted in the United States (“GAAP”). All adjustments were comprised of normal recurring adjustments, except as noted in these Notes to Condensed Consolidated Financial Statements. | |
Description of Business | |
Historically, we have generated a higher proportion of our revenue and earnings in the fiscal fourth quarter, which includes the majority of the holiday shopping season in the U.S., Canada and Mexico. Due to the seasonal nature of our business, interim results are not necessarily indicative of results for the entire fiscal year. The interim financial statements and the related notes in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended February 1, 2014. The first three months of fiscal 2015 and fiscal 2014 included 13 weeks. | |
In order to align our fiscal reporting periods and comply with statutory filing requirements in certain foreign jurisdictions, we consolidate the financial results of our China and Mexico operations on a one-month lag. Our policy is to accelerate recording the effect of events occurring in the lag period that significantly affect our consolidated financial statements. No such events were identified for this period. | |
In preparing the accompanying condensed consolidated financial statements, we evaluated the period from May 4, 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. |
Assets_and_Liabilities_Held_fo
Assets and Liabilities Held for Sale and Discontinued Operations | 3 Months Ended | |||
3-May-14 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Discontinued Operations | ' | |||
Assets and Liabilities Held for Sale and Discontinued Operations | ||||
Assets and Liabilities Held for Sale | ||||
On April 29, 2013, we entered into a definitive agreement with Carphone Warehouse Group plc ("CPW") to sell our 50% ownership interest in Best Buy Europe to CPW. As a result of our commitment to sell Best Buy Europe, we recognized a $175 million impairment (which is not tax deductible) in the first quarter of fiscal 2014 to write down the book value of our investment in Best Buy Europe to fair value based on expected net proceeds. The impairment reflected the impact of accumulated foreign currency losses due to the devaluation of the British pound sterling against the U.S. dollar since the time of our original acquisition of Best Buy Europe, which were expected to be recognized upon disposal. | ||||
On June 26, 2013, we completed the sale of Best Buy Europe 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 $123 million on July 3, 2013. | ||||
The assets and liabilities of Best Buy Europe as of May 4, 2013, are classified as held for sale in the Condensed Consolidated Balance Sheets and the results of Best Buy Europe are presented as discontinued operations in the Consolidated Statements of Earnings. The composition of assets and liabilities held for sale as of May 4, 2013, was as follows ($ in millions): | ||||
4-May-13 | ||||
Cash and cash equivalents | $ | 163 | ||
Receivables | 1,211 | |||
Merchandise inventories | 385 | |||
Other current assets | 120 | |||
Current assets held for sale | 1,879 | |||
Net property and equipment | 147 | |||
Other assets | 324 | |||
Long-term assets held for sale | 471 | |||
Accounts payable | 965 | |||
Other current liabilities | 420 | |||
Current liabilities held for sale | 1,385 | |||
Long-term liabilities held for sale | 79 | |||
Discontinued Operations | ||||
During the first quarter of fiscal 2014, and prior to the aforementioned sale agreement, Best Buy Europe sold its fixed-line business in Switzerland, which resulted in a gain of $28 million (with no tax impact). | ||||
Discontinued operations are comprised of mindSHIFT Technologies, Inc. ("mindSHIFT") operations within our Domestic segment, which we sold in the fourth quarter of fiscal 2014, and Best Buy Europe operations within our International segment, as described above. The presentation of discontinued operations has been retrospectively applied to all prior periods presented. | ||||
The aggregate financial results of all discontinued operations for the three months ended May 4, 2013, were as follows ($ in millions): | ||||
Three Months Ended | ||||
May 4, 2013 | ||||
Revenue | $ | 1,463 | ||
Restructuring charges(1) | 53 | |||
Loss from discontinued operations before income tax expense | (185 | ) | ||
Income tax expense(2) | (13 | ) | ||
Gain on sale of discontinued operations | 28 | |||
Net loss from discontinued operations, including noncontrolling interests | (170 | ) | ||
Net earnings from discontinued operations attributable to noncontrolling interests | (8 | ) | ||
Net loss from discontinued operations attributable to Best Buy Co., Inc. shareholders | $ | (178 | ) | |
-1 | See Note 5, Restructuring Charges, for further discussion of the restructuring charges associated with discontinued operations. | |||
(2) | The fiscal 2014 effective tax rate for discontinued operations differs from the statutory tax rate primarily due to the $53 million of restructuring charges and $175 million impairment of our investment in Best Buy Europe, which generally included no related tax benefit. The deferred tax assets related to the restructuring charges generally resulted in an increase in the valuation allowance in an equal amount, while the investment impairment is not tax deductible. |
Fair_Value_Measurements_Notes
Fair Value Measurements (Notes) | 3 Months Ended | |||||||||||||||
3-May-14 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. To measure fair value, we use a three-tier valuation hierarchy based upon observable and non-observable inputs: | ||||||||||||||||
Level 1 — Unadjusted quoted prices that are available in active markets for the identical assets or liabilities at the measurement date. | ||||||||||||||||
Level 2 — Significant other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: | ||||||||||||||||
• | Quoted prices for similar assets or liabilities in active markets; | |||||||||||||||
• | Quoted prices for identical or similar assets in non-active markets; | |||||||||||||||
• | Inputs other than quoted prices that are observable for the asset or liability; and | |||||||||||||||
• | Inputs that are derived principally from or corroborated by other observable market data. | |||||||||||||||
Level 3 — Significant unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. | ||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||
The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The following tables set forth by level within the fair value hierarchy, our financial assets and liabilities that were accounted for at fair value on a recurring basis at May 3, 2014, February 1, 2014, and May 4, 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 | |||||||||||||
3-May-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 | $ | 16 | $ | 16 | $ | — | $ | — | ||||||||
Commercial paper | 149 | — | 149 | — | ||||||||||||
Treasury bills | 100 | 100 | — | — | ||||||||||||
Short-term investments | ||||||||||||||||
Commercial paper | 234 | — | 234 | — | ||||||||||||
Treasury bills | 100 | 100 | — | — | ||||||||||||
Other assets | ||||||||||||||||
Auction rate securities | 9 | — | — | 9 | ||||||||||||
Marketable securities that fund deferred compensation | 96 | 96 | — | — | ||||||||||||
LIABILITIES | ||||||||||||||||
Accrued liabilities | ||||||||||||||||
Foreign currency derivative instruments | 8 | — | 8 | — | ||||||||||||
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 | |||||||||||||
4-May-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 | $ | 40 | $ | 40 | $ | — | $ | — | ||||||||
Other assets | ||||||||||||||||
Auction rate securities | 21 | — | — | 21 | ||||||||||||
Marketable equity securities | 3 | 3 | — | — | ||||||||||||
Marketable securities that fund deferred compensation | 90 | 90 | — | — | ||||||||||||
LIABILITIES | ||||||||||||||||
Accrued liabilities | ||||||||||||||||
Foreign currency derivative instruments | 5 | — | 5 | — | ||||||||||||
ASSETS HELD FOR SALE | ||||||||||||||||
Short-term investments | ||||||||||||||||
Marketable equity securities | 9 | 9 | — | — | ||||||||||||
Other current assets | ||||||||||||||||
Money market funds (restricted assets) | 34 | 34 | — | — | ||||||||||||
There was no change in the beginning and ending balances of items measured at fair value on a recurring basis in the tables above that used significant unobservable inputs (Level 3) for the three months ended May 3, 2014, and May 4, 2013. | ||||||||||||||||
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 discounted cash flow ("DCF") model to derive an estimate of fair value. The assumptions we used in preparing the DCF model included estimates with respect to the amount and timing of future interest and principal payments, forward projections of the interest rate benchmarks, the probability of full repayment of the principal considering the credit quality and guarantees in place, and the rate of return required by investors to own such securities given the current liquidity risk associated with ARS. | ||||||||||||||||
Marketable Equity Securities. Our marketable equity securities were measured at fair value using quoted market prices. They were classified as Level 1 as they trade in an active market for which closing stock prices are readily available. | ||||||||||||||||
Deferred Compensation. The assets that fund our deferred compensation consist of investments in mutual funds. These investments were classified as Level 1 as the shares of these mutual funds trade with sufficient frequency and volume to enable us to obtain pricing information on an ongoing basis. | ||||||||||||||||
Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||
Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to our tangible fixed assets, goodwill and other intangible assets, which are remeasured when the derived fair value is below carrying value on our Consolidated Balance Sheets. For these assets, we do not periodically adjust carrying value to fair value except in the event of impairment. When we determine that impairment has occurred, the carrying value of the asset is reduced to fair value and the difference is recorded within operating income in our Consolidated Statements of Earnings. | ||||||||||||||||
The following table summarizes the fair value remeasurements for non-restructuring property and equipment impairments and restructuring activities recorded during the three months ended May 3, 2014, and May 4, 2013 ($ in millions): | ||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
May 3, 2014 | May 4, 2013 | |||||||||||||||
Impairments | Remaining Net Carrying Value(1) | Impairments | Remaining Net Carrying Value(1) | |||||||||||||
Continuing operations | ||||||||||||||||
Property and equipment (non-restructuring) | $ | 9 | $ | — | $ | 13 | $ | — | ||||||||
Restructuring activities(2) | ||||||||||||||||
Property and equipment | 1 | — | 1 | — | ||||||||||||
Total continuing operations | $ | 10 | $ | — | $ | 14 | $ | — | ||||||||
Discontinued operations(3) | ||||||||||||||||
Property and equipment(4) | $ | — | $ | — | $ | 220 | $ | 147 | ||||||||
Tradename | — | — | 4 | 22 | ||||||||||||
Total discontinued operations | $ | — | $ | — | $ | 224 | $ | 169 | ||||||||
-1 | Remaining net carrying value approximates fair value. | |||||||||||||||
-2 | See Note 5, Restructuring Charges, for additional information. | |||||||||||||||
-3 | Property and equipment and tradename impairments associated with discontinued operations are recorded within loss from discontinued operations in our Consolidated Statements of Earnings. | |||||||||||||||
-4 | Includes the $175 million impairment to write down the book value of our investment in Best Buy Europe to fair value based on expected net proceeds as described in Note 2, Assets and Liabilities Held for Sale and Discontinued Operations. The impairment was calculated based on the fair value and foreign currency translation adjustment associated with the business and was applied to the fixed assets. | |||||||||||||||
All of the fair value remeasurements included in the table above were based on significant unobservable inputs (Level 3). Fixed asset fair values were derived using a DCF model to estimate the present value of net cash flows that the asset or asset group was expected to generate. The key inputs to the DCF model generally included our forecasts of net cash generated from revenue, expenses and other significant cash outflows, such as capital expenditures, as well as an appropriate discount rate. For the tradename, fair value was derived using the relief from royalty method. In the case of 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 6, Debt, for information about the fair value of our long-term debt. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets (Notes) | 3 Months Ended | |||||||||||||||||||||||
3-May-14 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||||||||||
The changes in the carrying values of goodwill and indefinite-lived tradenames by segment were as follows in the three months ended May 3, 2014, and May 4, 2013 ($ in millions): | ||||||||||||||||||||||||
Goodwill | Indefinite-lived Tradenames | |||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | |||||||||||||||||||
Balances at February 1, 2014 | $ | 425 | $ | — | $ | 425 | $ | 19 | $ | 82 | $ | 101 | ||||||||||||
Changes in foreign currency exchange rates | — | — | — | — | (1 | ) | (1 | ) | ||||||||||||||||
Balances at May 3, 2014 | $ | 425 | $ | — | $ | 425 | $ | 19 | $ | 81 | $ | 100 | ||||||||||||
Goodwill | Indefinite-lived Tradenames | |||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | |||||||||||||||||||
Balances at February 2, 2013 | $ | 528 | $ | — | $ | 528 | $ | 19 | $ | 112 | $ | 131 | ||||||||||||
Transfer of assets held for sale | — | — | — | — | (22 | ) | (22 | ) | ||||||||||||||||
Impairments | — | — | — | — | (4 | ) | (4 | ) | ||||||||||||||||
Balances at May 4, 2013 | $ | 528 | $ | — | $ | 528 | $ | 19 | $ | 86 | $ | 105 | ||||||||||||
The following table provides the gross carrying amount of goodwill and cumulative goodwill impairment losses ($ in millions): | ||||||||||||||||||||||||
May 3, 2014 | February 1, 2014 | May 4, 2013 | ||||||||||||||||||||||
Gross | Cumulative | Gross | Cumulative | Gross | Cumulative | |||||||||||||||||||
Carrying | Impairment | Carrying | Impairment(1) | Carrying | Impairment(2) | |||||||||||||||||||
Amount | Amount(1) | Amount(2) | ||||||||||||||||||||||
Goodwill | $ | 1,308 | $ | (883 | ) | $ | 1,308 | $ | (883 | ) | $ | 1,412 | $ | (884 | ) | |||||||||
-1 | Excludes the gross carrying amount and cumulative impairment related to Best Buy Europe and mindSHIFT goodwill, which were sold during fiscal 2014. | |||||||||||||||||||||||
-2 | Excludes the gross carrying amount and cumulative impairment related to Best Buy Europe goodwill classified as held for sale. |
Restructuring_Charges_Notes
Restructuring Charges (Notes) | 3 Months Ended | |||||||||||||||||||||||||||||||||||
3-May-14 | ||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Restructuring Charges | ' | |||||||||||||||||||||||||||||||||||
Restructuring Charges | ||||||||||||||||||||||||||||||||||||
Summary | ||||||||||||||||||||||||||||||||||||
Charges incurred in the three months ended May 3, 2014, and May 4, 2013, for our restructuring activities were as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||
May 3, 2014 | May 4, 2013 | |||||||||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||
Renew Blue | $ | 7 | $ | 6 | ||||||||||||||||||||||||||||||||
Fiscal 2013 U.S. restructuring | (4 | ) | — | |||||||||||||||||||||||||||||||||
Total continuing operations | 3 | 6 | ||||||||||||||||||||||||||||||||||
Discontinued operations (Note 2) | ||||||||||||||||||||||||||||||||||||
Fiscal 2013 Europe restructuring | — | 53 | ||||||||||||||||||||||||||||||||||
Total | $ | 3 | $ | 59 | ||||||||||||||||||||||||||||||||
Renew Blue | ||||||||||||||||||||||||||||||||||||
In the fourth quarter of fiscal 2013, we began implementing initiatives intended to reduce costs and improve operating performance. These initiatives included focusing on core business activities, reducing headcount, updating our store operating model and optimizing our real estate portfolio. These cost reduction initiatives represented one of the key Renew Blue priorities for fiscal 2014 and cost reduction continues to be a priority in fiscal 2015. We incurred $7 million and $6 million of restructuring charges related to Renew Blue initiatives during the first three months of fiscal 2015 and 2014, respectively. The charges in the first quarter of fiscal 2015 were primarily due to employee termination benefits from new actions taken, partially offset by adjustments to reduce the termination benefits liability related to previous actions and adjustments to facility closure cost liabilities due to changes in sublease assumptions. We expect to continue to implement cost reduction initiatives throughout fiscal 2015, as we further analyze our operations and strategies. | ||||||||||||||||||||||||||||||||||||
All restructuring charges related to this program are from continuing operations. Inventory write-downs are presented in restructuring charges - cost of goods sold and the remainder of restructuring charges are presented in restructuring charges in our Consolidated Statements of Earnings. The composition of the restructuring charges we incurred for this program in the three months ended May 3, 2014, and May 4, 2013, as well as the cumulative amount incurred through May 3, 2014, was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
Domestic | International | Total | ||||||||||||||||||||||||||||||||||
Three Months Ended | Cumulative | Three Months Ended | Cumulative | Three Months Ended | Cumulative | |||||||||||||||||||||||||||||||
May 3, | May 4, | Amount | May 3, | May 4, | Amount | May 3, | May 4, | Amount | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||
Inventory write-downs | $ | — | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1 | ||||||||||||||||||
Property and equipment impairments | — | 1 | 14 | 1 | — | 26 | 1 | 1 | 40 | |||||||||||||||||||||||||||
Termination benefits | 6 | — | 158 | 2 | 4 | 39 | 8 | 4 | 197 | |||||||||||||||||||||||||||
Investment impairments | — | — | 43 | — | — | — | — | — | 43 | |||||||||||||||||||||||||||
Facility closure and other costs | — | — | 3 | (2 | ) | 1 | 59 | (2 | ) | 1 | 62 | |||||||||||||||||||||||||
Total | $ | 6 | $ | 1 | $ | 219 | $ | 1 | $ | 5 | $ | 124 | $ | 7 | $ | 6 | $ | 343 | ||||||||||||||||||
The following table summarizes our restructuring accrual activity during the three months ended May 3, 2014, and May 4, 2013, related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||
Termination | Facility | Total | ||||||||||||||||||||||||||||||||||
Benefits | Closure and | |||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
Balances at February 1, 2014 | $ | 111 | $ | 51 | $ | 162 | ||||||||||||||||||||||||||||||
Charges | 22 | 2 | 24 | |||||||||||||||||||||||||||||||||
Cash payments | (26 | ) | (6 | ) | (32 | ) | ||||||||||||||||||||||||||||||
Adjustments(1) | (14 | ) | (5 | ) | (19 | ) | ||||||||||||||||||||||||||||||
Changes in foreign currency exchange rates | — | (5 | ) | (5 | ) | |||||||||||||||||||||||||||||||
Balances at May 3, 2014 | $ | 93 | $ | 37 | $ | 130 | ||||||||||||||||||||||||||||||
-1 | Adjustments to termination benefits were due to higher-than-expected employee retention. Adjustments to facility closure and other costs represent changes in sublease assumptions. | |||||||||||||||||||||||||||||||||||
Termination | Facility | Total | ||||||||||||||||||||||||||||||||||
Benefits | Closure and | |||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
Balances at February 2, 2013 | $ | 54 | $ | 54 | $ | 108 | ||||||||||||||||||||||||||||||
Charges | 4 | 4 | 8 | |||||||||||||||||||||||||||||||||
Cash payments | (35 | ) | (3 | ) | (38 | ) | ||||||||||||||||||||||||||||||
Adjustments | (2 | ) | 8 | 6 | ||||||||||||||||||||||||||||||||
Changes in foreign currency exchange rates | — | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||||
Balances at May 4, 2013 | $ | 21 | $ | 62 | $ | 83 | ||||||||||||||||||||||||||||||
Fiscal 2013 U.S. Restructuring | ||||||||||||||||||||||||||||||||||||
In the first quarter of fiscal 2013, we initiated a series of actions to restructure operations in our Domestic segment intended to improve operating performance. The actions included closure of 49 large-format Best Buy branded stores in the U.S. and changes to the store and corporate operating models. The costs of implementing the changes were primarily comprised of facility closure costs, employee termination benefits, and property and equipment (primarily store fixtures) impairments. We have completed activities under this restructuring program and do not expect to incur further material restructuring charges, with the exception of potential adjustments to facility closure and other cost liabilities as a result of changes in sublease assumptions or lease buyouts. In addition, lease payments for vacated stores will continue until leases expire or are terminated. | ||||||||||||||||||||||||||||||||||||
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 cumulative restructuring charges we incurred for this program through May 3, 2014, was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
Cumulative Amount through May 3, 2014 | ||||||||||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||
Property and equipment impairments | $ | 29 | ||||||||||||||||||||||||||||||||||
Termination benefits | 77 | |||||||||||||||||||||||||||||||||||
Facility closure and other costs, net | 141 | |||||||||||||||||||||||||||||||||||
Total | $ | 247 | ||||||||||||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during the three months ended May 3, 2014, and May 4, 2013, related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||
Facility | ||||||||||||||||||||||||||||||||||||
Closure and | ||||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
Balances at February 1, 2014 | $ | 58 | ||||||||||||||||||||||||||||||||||
Charges | 1 | |||||||||||||||||||||||||||||||||||
Cash payments | (6 | ) | ||||||||||||||||||||||||||||||||||
Adjustments | (4 | ) | ||||||||||||||||||||||||||||||||||
Balances at May 3, 2014 | $ | 49 | ||||||||||||||||||||||||||||||||||
Termination | Facility | Total | ||||||||||||||||||||||||||||||||||
Benefits | Closure and | |||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
Balances at February 2, 2013 | $ | 4 | $ | 113 | $ | 117 | ||||||||||||||||||||||||||||||
Charges | — | 2 | 2 | |||||||||||||||||||||||||||||||||
Cash payments | (2 | ) | (9 | ) | (11 | ) | ||||||||||||||||||||||||||||||
Adjustments | (2 | ) | (4 | ) | (6 | ) | ||||||||||||||||||||||||||||||
Balances at May 4, 2013 | $ | — | $ | 102 | $ | 102 | ||||||||||||||||||||||||||||||
Fiscal 2013 Europe Restructuring | ||||||||||||||||||||||||||||||||||||
In the third quarter of fiscal 2013, we initiated a series of actions to restructure our Best Buy Europe operations in our International segment intended to improve operating performance. As described in Note 2, Assets Held for Sale and Discontinued Operations, we agreed to sell our 50% ownership interest in Best Buy Europe in the first quarter of fiscal 2014, and the sale was completed on June 26, 2013. This program ended as of the date of sale, at which time we wrote off all remaining restructuring liabilities. The cumulative amount of charges we incurred under this program was $131 million, which included $53 million in the first quarter of fiscal 2014, primarily related to property and equipment impairments. All restructuring charges related to this program are reported within loss from discontinued operations in our Consolidated Statements of Earnings. | ||||||||||||||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during the three months ended May 4, 2013, related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||
Termination | Facility | Total | ||||||||||||||||||||||||||||||||||
Benefits | Closure and | |||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
Balances at February 2, 2013 | $ | — | $ | 5 | $ | 5 | ||||||||||||||||||||||||||||||
Charges | 2 | 2 | 4 | |||||||||||||||||||||||||||||||||
Cash payments | (1 | ) | (4 | ) | (5 | ) | ||||||||||||||||||||||||||||||
Balances at May 4, 2013 | $ | 1 | $ | 3 | $ | 4 | ||||||||||||||||||||||||||||||
Fiscal 2012 Restructuring | ||||||||||||||||||||||||||||||||||||
In the third quarter of fiscal 2012, we implemented a series of actions to restructure operations in our Domestic and International segments. The actions within our Domestic segment included a decision to modify our strategy for certain mobile broadband offerings. In our International segment, we closed our large-format Best Buy branded stores in the U.K. and impaired certain information technology assets supporting the restructured operations. The cumulative amount of charges we incurred under this program was $246 million, comprised of $22 million within our Domestic segment and $224 million within our International segment, primarily related to property and equipment impairments and facility closure and other costs. We did not incur any charges related to this program in the first three months of fiscal 2015 or 2014 and do not expect to incur further material restructuring charges related to this program, as we have completed these restructuring activities. | ||||||||||||||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during the three months ended May 4, 2013, related to facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||
Facility | ||||||||||||||||||||||||||||||||||||
Closure and | ||||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
Balances at February 2, 2013 | $ | 36 | ||||||||||||||||||||||||||||||||||
Cash payments | (29 | ) | ||||||||||||||||||||||||||||||||||
Changes in foreign currency exchange rates | (2 | ) | ||||||||||||||||||||||||||||||||||
Balances at May 4, 2013 | $ | 5 | ||||||||||||||||||||||||||||||||||
Debt_Notes
Debt (Notes) | 3 Months Ended | |||||||||||
3-May-14 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Debt | ' | |||||||||||
Debt | ||||||||||||
Long-Term Debt | ||||||||||||
Long-term debt consisted of the following ($ in millions): | ||||||||||||
May 3, 2014 | February 1, 2014 | May 4, 2013 | ||||||||||
2013 Notes | $ | — | $ | — | $ | 500 | ||||||
2016 Notes | 349 | 349 | 349 | |||||||||
2018 Notes | 500 | 500 | — | |||||||||
2021 Notes | 649 | 649 | 648 | |||||||||
Financing lease obligations | 90 | 95 | 116 | |||||||||
Capital lease obligations | 59 | 63 | 72 | |||||||||
Other debt | 1 | 1 | 1 | |||||||||
Total long-term debt | 1,648 | 1,657 | 1,686 | |||||||||
Less: current portion(1) | (44 | ) | (45 | ) | (544 | ) | ||||||
Total long-term debt, less current portion | $ | 1,604 | $ | 1,612 | $ | 1,142 | ||||||
-1 | Our 2013 Notes due July 15, 2013, which were retired on July 15, 2013, are classified in the current portion of long-term debt as of May 4, 2013. | |||||||||||
The fair value of long-term debt approximated $1,705 million, $1,690 million, and $1,729 million at May 3, 2014, February 1, 2014, and May 4, 2013, respectively, based primarily on the market prices quoted from external sources, compared with carrying values of $1,648 million, $1,657 million, and $1,686 million, respectively. If long-term debt was measured at fair value in the financial statements, it would be classified primarily as Level 1 in the fair value hierarchy. | ||||||||||||
See Note 7, Debt, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended February 1, 2014, for additional information regarding the terms of our debt facilities, debt instruments and other obligations. |
Derivative_Instruments_Notes
Derivative Instruments (Notes) | 3 Months Ended |
3-May-14 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
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 May 3, 2014, February 1, 2014, and May 4, 2013, the notional amount of these instruments was $140 million, $157 million, and $51 million, respectively. We recognized a loss of $3 million and a gain of $1 million in selling, general and administrative expenses ("SG&A") in our Consolidated Statements of Earnings during the three months ended May 3, 2014, and May 4, 2013, respectively, related to these instruments. | |
In conjunction with our agreement to sell our 50% ownership interest in Best Buy Europe as described in Note 2, Assets and Liabilities Held for Sale and 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 notional amount of this instrument was $708 million based on the exchange rates in effect at May 4, 2013. A $4 million loss was recognized in loss from discontinued operations in our Consolidated Statements of Earnings related to this instrument in the three months ended May 4, 2013. The contract was settled in cash following the completion of the sale on June 26, 2013. |
Earnings_per_Share_Notes
Earnings per Share (Notes) | 3 Months Ended | |||||||
3-May-14 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings per Share | ' | |||||||
Earnings per Share | ||||||||
We compute our basic earnings per share based on the weighted-average number of common shares outstanding and our diluted earnings per share based on the weighted-average number of common shares outstanding adjusted by the number of additional shares that would have been outstanding had potentially dilutive common shares been issued. Potentially dilutive securities include stock options, nonvested share awards and shares issuable under our employee stock purchase plan. Nonvested market-based share awards and nonvested performance-based share awards are included in the average diluted shares outstanding for each period if established market or performance criteria have been met at the end of the respective periods. | ||||||||
The following table presents a reconciliation of the numerators and denominators of basic and diluted earnings per share from continuing operations attributable to Best Buy Co., Inc. ($ and shares in millions): | ||||||||
Three Months Ended | ||||||||
May 3, 2014 | May 4, 2013 | |||||||
Numerator | ||||||||
Net earnings from continuing operations attributable to Best Buy Co., Inc. | $ | 461 | $ | 97 | ||||
Denominator | ||||||||
Weighted-average common shares outstanding | 347.4 | 339 | ||||||
Effect of potentially dilutive securities: | ||||||||
Nonvested share awards | 3 | 2 | ||||||
Weighted-average common shares outstanding, assuming dilution | 350.4 | 341 | ||||||
Net earnings per share from continuing operations attributable to Best Buy Co., Inc. | ||||||||
Basic | $ | 1.33 | $ | 0.29 | ||||
Diluted | $ | 1.31 | $ | 0.29 | ||||
The computation of weighted-average common shares outstanding, assuming dilution, excluded options to purchase 16.2 million and 25.1 million shares of our common stock for the three months ended May 3, 2014, and May 4, 2013, respectively. These amounts were excluded as the options’ exercise prices were greater than the average market price of our common stock for the periods presented and, therefore, the effect would be anti-dilutive (i.e., including such options would result in higher earnings per share). |
Comprehensive_Income_Notes
Comprehensive Income (Notes) | 3 Months Ended | |||||||||||
3-May-14 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Comprehensive Income | ' | |||||||||||
Comprehensive Income | ||||||||||||
The following tables provide a reconciliation of the components of accumulated other comprehensive income, net of tax, attributable to Best Buy Co., Inc. for the three months ended May 3, 2014, and May 4, 2013, respectively ($ in millions): | ||||||||||||
Foreign Currency Translation | Available-For-Sale Investments | Total | ||||||||||
Balances at February 1, 2014 | $ | 485 | $ | 7 | $ | 492 | ||||||
Foreign currency translation adjustments | 3 | — | 3 | |||||||||
Unrealized losses on available-for-sale investments | — | (1 | ) | (1 | ) | |||||||
Balances at May 3, 2014 | $ | 488 | $ | 6 | $ | 494 | ||||||
Foreign Currency Translation | Available-For-Sale Investments | Total | ||||||||||
Balances at February 2, 2013 | $ | 113 | $ | (1 | ) | $ | 112 | |||||
Foreign currency translation adjustments | (33 | ) | — | (33 | ) | |||||||
Unrealized gains on available-for-sale investments | — | 3 | 3 | |||||||||
Balances at May 4, 2013 | $ | 80 | $ | 2 | $ | 82 | ||||||
There is no tax impact related to foreign currency translation adjustments, as the earnings are considered permanently reinvested. |
Income_Taxes_Notes
Income Taxes (Notes) | 3 Months Ended |
3-May-14 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
Income Taxes | |
As disclosed in Note 3, Profit Share Buy-Out, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended February 1, 2014, in the fourth quarter of fiscal 2012, we purchased CPW’s interest in the Best Buy Mobile profit share agreement for $1.3 billion (the “Mobile buy-out”). The Mobile buy-out completed by our U.K. subsidiary resulted in the $1.3 billion purchase price being assigned, for U.S. tax purposes only, to an intangible asset. The Mobile buy-out did not, however, result in a similar intangible asset in the U.K., as the Mobile buy-out was considered part of a tax-free equity transaction for U.K. tax purposes. | |
Because the U.S. tax basis in the intangible asset was considered under U.S. tax law to be held by our U.K. subsidiary, which is regarded as a foreign corporation for U.S. tax purposes, ASC 740, Income Taxes, requires that no deferred tax asset may be recorded in respect of the intangible asset. ASC 740-30-25-9 also precludes the recording of a deferred tax asset on the outside basis difference of the U.K. subsidiary. As a result, the amortization of the U.S. tax basis in the intangible asset only resulted in a periodic income tax benefit by reducing the amount of the U.K. subsidiary’s income, if any, that would otherwise have been subject to U.S. income taxes. | |
In the first quarter of fiscal 2015, we filed an election with the Internal Revenue Service to treat the U.K. subsidiary as a disregarded entity such that its assets are now deemed to be assets held directly by a U.S. entity for U.S. tax purposes. This tax-only election, which results in the liquidation of the U.K. subsidiary for U.S. tax purposes, resulted in the elimination of the Company’s outside basis difference in the U.K. subsidiary. Additionally, the election resulted in the recognition of a deferred tax asset (and corresponding income tax benefit) for the remaining unrecognized inside tax basis in the intangible, in a manner similar to a change in tax status as provided in ASC 740-10-25-32. | |
Our effective tax rate for the first quarter of fiscal 2015 was (155.6)%, compared to 33.4% in the prior year period. Without the impact of the election described above, which contributed to an income tax benefit of $353 million, the effective tax rate for the first quarter of fiscal 2015 would have been 40.1%. The 40.1% effective tax rate was higher than the prior year primarily due to certain favorable discrete items in the prior-year period and the unfavorable ongoing periodic impact as a result of the election described above. |
Segments_Notes
Segments (Notes) | 3 Months Ended | |||||||||||
3-May-14 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segments | ' | |||||||||||
Segments | ||||||||||||
Our chief operating decision maker ("CODM") is our Chief Executive Officer. Our business is organized into two segments: Domestic (which is comprised of all operations within the U.S. and its territories) and International (which is comprised of all operations outside the U.S. and its territories). Our CODM has ultimate responsibility for enterprise decisions. Our CODM determines, in particular, resource allocation for, and monitors performance of, the consolidated enterprise, the Domestic segment and the International segment. The Domestic segment managers and International segment managers have responsibility for operating decisions, allocating resources and assessing performance within their respective segments. Our CODM relies on internal management reporting that analyzes enterprise results to the net earnings level and segment results to the operating income level. | ||||||||||||
We do not aggregate our operating segments, so our operating segments also represent our reportable segments. The accounting policies of the segments are the same as those described in Note 1, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended February 1, 2014. | ||||||||||||
Revenue by reportable segment was as follows ($ in millions): | ||||||||||||
Three Months Ended | ||||||||||||
May 3, 2014 | May 4, 2013 | |||||||||||
Domestic | $ | 7,781 | $ | 7,946 | ||||||||
International | 1,254 | 1,401 | ||||||||||
Total revenue | $ | 9,035 | $ | 9,347 | ||||||||
Operating income (loss) by reportable segment and the reconciliation to earnings from continuing operations before income tax (benefit) expense were as follows ($ in millions): | ||||||||||||
Three Months Ended | ||||||||||||
May 3, 2014 | May 4, 2013 | |||||||||||
Domestic | $ | 226 | $ | 222 | ||||||||
International | (29 | ) | (54 | ) | ||||||||
Total operating income | 197 | 168 | ||||||||||
Other income (expense) | ||||||||||||
Investment income and other | 6 | 5 | ||||||||||
Interest expense | (23 | ) | (27 | ) | ||||||||
Earnings from continuing operations before income tax (benefit) expense | $ | 180 | $ | 146 | ||||||||
Assets by reportable segment were as follows ($ in millions): | ||||||||||||
May 3, 2014 | February 1, 2014 | May 4, 2013 | ||||||||||
Domestic | $ | 11,514 | $ | 11,146 | $ | 9,363 | ||||||
International | 2,397 | 2,867 | 4,968 | |||||||||
Total assets | $ | 13,911 | $ | 14,013 | $ | 14,331 | ||||||
Contingencies_Notes
Contingencies (Notes) | 3 Months Ended |
3-May-14 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
We are involved in a number of legal proceedings. Where appropriate, we have made accruals with respect to these matters, which are reflected in our consolidated financial statements. However, there are cases where liability is not probable or the amount cannot be reasonably estimated and therefore accruals have not been made. We provide disclosure of matters where we believe it is reasonably possible the impact may be material to our consolidated financial statements. | |
Securities Actions | |
In February 2011, a purported class action lawsuit captioned, IBEW Local 98 Pension Fund, individually and on behalf of all others similarly situated v. Best Buy Co., Inc., et al., was filed against us and certain of our executive officers in the U.S. District Court for the District of Minnesota. This federal court action alleges, among other things, that we and the officers named in the complaint violated Sections 10(b) and 20A of the Exchange Act and Rule 10b-5 under the Exchange Act in connection with press releases and other statements relating to our fiscal 2011 earnings guidance that had been made available to the public. Additionally, in March 2011, a similar purported class action was filed by a single shareholder, Rene LeBlanc, against us and certain of our executive officers in the same court. In July 2011, after consolidation of the IBEW Local 98 Pension Fund and Rene LeBlanc actions, a consolidated complaint captioned, IBEW Local 98 Pension Fund v. Best Buy Co., Inc., et al., was filed and served. We filed a motion to dismiss the consolidated complaint in September 2011, and in March 2012, subsequent to the end of fiscal 2012, the court issued a decision dismissing the action with prejudice. In April 2012, the plaintiffs filed a motion to alter or amend the court's decision on our motion to dismiss. In October 2012, the court granted plaintiff's motion to alter or amend the court's decision on our motion to dismiss in part by vacating such decision and giving plaintiff leave to file an amended complaint, which plaintiff did in October 2012. We filed a motion to dismiss the amended complaint in November 2012 and all responsive pleadings were filed in December 2012. A hearing was held on April 26, 2013. On August 5, 2013, the court issued an order granting our motion to dismiss in part and, contrary to its March 2012 order, denying the motion to dismiss in part, holding that certain of the statements alleged to have been made were not forward-looking statements and therefore were not subject to the “safe-harbor” provisions of the Private Securities Litigation Reform Act (PSLRA). Plaintiffs moved to certify the purported class. Following briefing and oral argument in March 2014, the court took the matter under advisement, staying discovery pending a decision which is expected in late spring or summer of 2014. We continue to believe that these allegations are without merit and intend to vigorously defend our company in this matter. | |
In June 2011, a purported shareholder derivative action captioned, Salvatore M. Talluto, Derivatively and on Behalf of Best Buy Co., Inc. v. Richard M. Schulze, et al., as Defendants and Best Buy Co., Inc. as Nominal Defendant, was filed against both present and former members of our Board of Directors serving during the relevant periods in fiscal 2011 and us as a nominal defendant in the U.S. District Court for the State of Minnesota. The lawsuit alleges that the director defendants breached their fiduciary duty, among other claims, including violation of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, in failing to correct public misrepresentations and material misstatements and/or omissions regarding our fiscal 2011 earnings projections and, for certain directors, selling stock while in possession of material adverse non-public information. Additionally, in July 2011, a similar purported class action was filed by a single shareholder, Daniel Himmel, against us and certain of our executive officers in the same court. In November 2011, the respective lawsuits of Salvatore M. Talluto and Daniel Himmel were consolidated into a new action captioned, In Re: Best Buy Co., Inc. Shareholder Derivative Litigation, and a stay ordered pending the close of discovery in the consolidated IBEW Local 98 Pension Fund v. Best Buy Co., Inc., et al. case. | |
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 $6 million in attorney fees and costs. We believe that the jury verdict and court awards are inconsistent with the law and the evidence offered at trial or otherwise in error. Accordingly, we appealed the resulting judgment and awards in February 2013 and intend to vigorously contest these decisions. | |
Other Legal Proceedings | |
We are involved in various other legal proceedings arising in the normal course of conducting business. For such legal proceedings, we have accrued an amount that reflects the aggregate liability deemed probable and estimable, but this amount is not material to our consolidated financial position, results of operations or cash flows. Because of the preliminary nature of many of these proceedings, the difficulty in ascertaining the applicable facts relating to many of these proceedings, the variable treatment of claims made in many of these proceedings and the difficulty of predicting the settlement value of many of these proceedings, we are not able to estimate an amount or range of any reasonably possible additional losses. However, based upon our historical experience, the resolution of these proceedings is not expected to have a material effect on our consolidated financial position, results of operations or cash flows. |
Assets_and_Liabilities_Held_fo1
Assets and Liabilities Held for Sale and Discontinued Operations (Tables) | 3 Months Ended | |||
3-May-14 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Schedule of Assets and Liabilities Disposed of by Sale, in Period of Disposition | ' | |||
The composition of assets and liabilities held for sale as of May 4, 2013, was as follows ($ in millions): | ||||
4-May-13 | ||||
Cash and cash equivalents | $ | 163 | ||
Receivables | 1,211 | |||
Merchandise inventories | 385 | |||
Other current assets | 120 | |||
Current assets held for sale | 1,879 | |||
Net property and equipment | 147 | |||
Other assets | 324 | |||
Long-term assets held for sale | 471 | |||
Accounts payable | 965 | |||
Other current liabilities | 420 | |||
Current liabilities held for sale | 1,385 | |||
Long-term liabilities held for sale | 79 | |||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||
The aggregate financial results of all discontinued operations for the three months ended May 4, 2013, were as follows ($ in millions): | ||||
Three Months Ended | ||||
May 4, 2013 | ||||
Revenue | $ | 1,463 | ||
Restructuring charges(1) | 53 | |||
Loss from discontinued operations before income tax expense | (185 | ) | ||
Income tax expense(2) | (13 | ) | ||
Gain on sale of discontinued operations | 28 | |||
Net loss from discontinued operations, including noncontrolling interests | (170 | ) | ||
Net earnings from discontinued operations attributable to noncontrolling interests | (8 | ) | ||
Net loss from discontinued operations attributable to Best Buy Co., Inc. shareholders | $ | (178 | ) | |
-1 | See Note 5, Restructuring Charges, for further discussion of the restructuring charges associated with discontinued operations. | |||
(2) | The fiscal 2014 effective tax rate for discontinued operations differs from the statutory tax rate primarily due to the $53 million of restructuring charges and $175 million impairment of our investment in Best Buy Europe, which generally included no related tax benefit. The deferred tax assets related to the restructuring charges generally resulted in an increase in the valuation allowance in an equal amount, while the investment impairment is not tax deductible. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
3-May-14 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||
The following tables set forth by level within the fair value hierarchy, our financial assets and liabilities that were accounted for at fair value on a recurring basis at May 3, 2014, February 1, 2014, and May 4, 2013, according to the valuation techniques we used to determine their fair values ($ in millions). | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
Using Inputs Considered as | ||||||||||||||||
Fair Value at | Quoted Prices | Significant | Significant | |||||||||||||
3-May-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 | $ | 16 | $ | 16 | $ | — | $ | — | ||||||||
Commercial paper | 149 | — | 149 | — | ||||||||||||
Treasury bills | 100 | 100 | — | — | ||||||||||||
Short-term investments | ||||||||||||||||
Commercial paper | 234 | — | 234 | — | ||||||||||||
Treasury bills | 100 | 100 | — | — | ||||||||||||
Other assets | ||||||||||||||||
Auction rate securities | 9 | — | — | 9 | ||||||||||||
Marketable securities that fund deferred compensation | 96 | 96 | — | — | ||||||||||||
LIABILITIES | ||||||||||||||||
Accrued liabilities | ||||||||||||||||
Foreign currency derivative instruments | 8 | — | 8 | — | ||||||||||||
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 | |||||||||||||
4-May-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 | $ | 40 | $ | 40 | $ | — | $ | — | ||||||||
Other assets | ||||||||||||||||
Auction rate securities | 21 | — | — | 21 | ||||||||||||
Marketable equity securities | 3 | 3 | — | — | ||||||||||||
Marketable securities that fund deferred compensation | 90 | 90 | — | — | ||||||||||||
LIABILITIES | ||||||||||||||||
Accrued liabilities | ||||||||||||||||
Foreign currency derivative instruments | 5 | — | 5 | — | ||||||||||||
ASSETS HELD FOR SALE | ||||||||||||||||
Short-term investments | ||||||||||||||||
Marketable equity securities | 9 | 9 | — | — | ||||||||||||
Other current assets | ||||||||||||||||
Money market funds (restricted assets) | 34 | 34 | — | — | ||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | ' | |||||||||||||||
The following table summarizes the fair value remeasurements for non-restructuring property and equipment impairments and restructuring activities recorded during the three months ended May 3, 2014, and May 4, 2013 ($ in millions): | ||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
May 3, 2014 | May 4, 2013 | |||||||||||||||
Impairments | Remaining Net Carrying Value(1) | Impairments | Remaining Net Carrying Value(1) | |||||||||||||
Continuing operations | ||||||||||||||||
Property and equipment (non-restructuring) | $ | 9 | $ | — | $ | 13 | $ | — | ||||||||
Restructuring activities(2) | ||||||||||||||||
Property and equipment | 1 | — | 1 | — | ||||||||||||
Total continuing operations | $ | 10 | $ | — | $ | 14 | $ | — | ||||||||
Discontinued operations(3) | ||||||||||||||||
Property and equipment(4) | $ | — | $ | — | $ | 220 | $ | 147 | ||||||||
Tradename | — | — | 4 | 22 | ||||||||||||
Total discontinued operations | $ | — | $ | — | $ | 224 | $ | 169 | ||||||||
-1 | Remaining net carrying value approximates fair value. | |||||||||||||||
-2 | See Note 5, Restructuring Charges, for additional information. | |||||||||||||||
-3 | Property and equipment and tradename impairments associated with discontinued operations are recorded within loss from discontinued operations in our Consolidated Statements of Earnings. | |||||||||||||||
-4 | Includes the $175 million impairment to write down the book value of our investment in Best Buy Europe to fair value based on expected net proceeds as described in Note 2, Assets and Liabilities Held for Sale and Discontinued Operations. The impairment was calculated based on the fair value and foreign currency translation adjustment associated with the business and was applied to the fixed assets. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||||||
3-May-14 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill, by Segment | ' | |||||||||||||||||||||||
The changes in the carrying values of goodwill and indefinite-lived tradenames by segment were as follows in the three months ended May 3, 2014, and May 4, 2013 ($ in millions): | ||||||||||||||||||||||||
Goodwill | Indefinite-lived Tradenames | |||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | |||||||||||||||||||
Balances at February 1, 2014 | $ | 425 | $ | — | $ | 425 | $ | 19 | $ | 82 | $ | 101 | ||||||||||||
Changes in foreign currency exchange rates | — | — | — | — | (1 | ) | (1 | ) | ||||||||||||||||
Balances at May 3, 2014 | $ | 425 | $ | — | $ | 425 | $ | 19 | $ | 81 | $ | 100 | ||||||||||||
Goodwill | Indefinite-lived Tradenames | |||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | |||||||||||||||||||
Balances at February 2, 2013 | $ | 528 | $ | — | $ | 528 | $ | 19 | $ | 112 | $ | 131 | ||||||||||||
Transfer of assets held for sale | — | — | — | — | (22 | ) | (22 | ) | ||||||||||||||||
Impairments | — | — | — | — | (4 | ) | (4 | ) | ||||||||||||||||
Balances at May 4, 2013 | $ | 528 | $ | — | $ | 528 | $ | 19 | $ | 86 | $ | 105 | ||||||||||||
Schedule of Gross Amount of Goodwill and Accumulated Goodwill Impairment Losses | ' | |||||||||||||||||||||||
The following table provides the gross carrying amount of goodwill and cumulative goodwill impairment losses ($ in millions): | ||||||||||||||||||||||||
May 3, 2014 | February 1, 2014 | May 4, 2013 | ||||||||||||||||||||||
Gross | Cumulative | Gross | Cumulative | Gross | Cumulative | |||||||||||||||||||
Carrying | Impairment | Carrying | Impairment(1) | Carrying | Impairment(2) | |||||||||||||||||||
Amount | Amount(1) | Amount(2) | ||||||||||||||||||||||
Goodwill | $ | 1,308 | $ | (883 | ) | $ | 1,308 | $ | (883 | ) | $ | 1,412 | $ | (884 | ) | |||||||||
-1 | Excludes the gross carrying amount and cumulative impairment related to Best Buy Europe and mindSHIFT goodwill, which were sold during fiscal 2014. | |||||||||||||||||||||||
-2 | Excludes the gross carrying amount and cumulative impairment related to Best Buy Europe goodwill classified as held for sale. |
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||
3-May-14 | ||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||||||||||||||||||
Composition of Restructuring Charges | ' | |||||||||||||||||||||||||||||||||||
Charges incurred in the three months ended May 3, 2014, and May 4, 2013, for our restructuring activities were as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||
May 3, 2014 | May 4, 2013 | |||||||||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||
Renew Blue | $ | 7 | $ | 6 | ||||||||||||||||||||||||||||||||
Fiscal 2013 U.S. restructuring | (4 | ) | — | |||||||||||||||||||||||||||||||||
Total continuing operations | 3 | 6 | ||||||||||||||||||||||||||||||||||
Discontinued operations (Note 2) | ||||||||||||||||||||||||||||||||||||
Fiscal 2013 Europe restructuring | — | 53 | ||||||||||||||||||||||||||||||||||
Total | $ | 3 | $ | 59 | ||||||||||||||||||||||||||||||||
Restructuring Program 2013 Renew Blue [Member] | ' | |||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||||||||||||||||||
Composition of Restructuring Charges | ' | |||||||||||||||||||||||||||||||||||
The composition of the restructuring charges we incurred for this program in the three months ended May 3, 2014, and May 4, 2013, as well as the cumulative amount incurred through May 3, 2014, was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
Domestic | International | Total | ||||||||||||||||||||||||||||||||||
Three Months Ended | Cumulative | Three Months Ended | Cumulative | Three Months Ended | Cumulative | |||||||||||||||||||||||||||||||
May 3, | May 4, | Amount | May 3, | May 4, | Amount | May 3, | May 4, | Amount | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||
Inventory write-downs | $ | — | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1 | ||||||||||||||||||
Property and equipment impairments | — | 1 | 14 | 1 | — | 26 | 1 | 1 | 40 | |||||||||||||||||||||||||||
Termination benefits | 6 | — | 158 | 2 | 4 | 39 | 8 | 4 | 197 | |||||||||||||||||||||||||||
Investment impairments | — | — | 43 | — | — | — | — | — | 43 | |||||||||||||||||||||||||||
Facility closure and other costs | — | — | 3 | (2 | ) | 1 | 59 | (2 | ) | 1 | 62 | |||||||||||||||||||||||||
Total | $ | 6 | $ | 1 | $ | 219 | $ | 1 | $ | 5 | $ | 124 | $ | 7 | $ | 6 | $ | 343 | ||||||||||||||||||
Restructuring Accrual Activity | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during the three months ended May 3, 2014, and May 4, 2013, related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||
Termination | Facility | Total | ||||||||||||||||||||||||||||||||||
Benefits | Closure and | |||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
Balances at February 1, 2014 | $ | 111 | $ | 51 | $ | 162 | ||||||||||||||||||||||||||||||
Charges | 22 | 2 | 24 | |||||||||||||||||||||||||||||||||
Cash payments | (26 | ) | (6 | ) | (32 | ) | ||||||||||||||||||||||||||||||
Adjustments(1) | (14 | ) | (5 | ) | (19 | ) | ||||||||||||||||||||||||||||||
Changes in foreign currency exchange rates | — | (5 | ) | (5 | ) | |||||||||||||||||||||||||||||||
Balances at May 3, 2014 | $ | 93 | $ | 37 | $ | 130 | ||||||||||||||||||||||||||||||
-1 | Adjustments to termination benefits were due to higher-than-expected employee retention. Adjustments to facility closure and other costs represent changes in sublease assumptions. | |||||||||||||||||||||||||||||||||||
Termination | Facility | Total | ||||||||||||||||||||||||||||||||||
Benefits | Closure and | |||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
Balances at February 2, 2013 | $ | 54 | $ | 54 | $ | 108 | ||||||||||||||||||||||||||||||
Charges | 4 | 4 | 8 | |||||||||||||||||||||||||||||||||
Cash payments | (35 | ) | (3 | ) | (38 | ) | ||||||||||||||||||||||||||||||
Adjustments | (2 | ) | 8 | 6 | ||||||||||||||||||||||||||||||||
Changes in foreign currency exchange rates | — | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||||
Balances at May 4, 2013 | $ | 21 | $ | 62 | $ | 83 | ||||||||||||||||||||||||||||||
Restructuring Program 2013 Europe [Member] | ' | |||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||||||||||||||||||
Restructuring Accrual Activity | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during the three months ended May 4, 2013, related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||
Termination | Facility | Total | ||||||||||||||||||||||||||||||||||
Benefits | Closure and | |||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
Balances at February 2, 2013 | $ | — | $ | 5 | $ | 5 | ||||||||||||||||||||||||||||||
Charges | 2 | 2 | 4 | |||||||||||||||||||||||||||||||||
Cash payments | (1 | ) | (4 | ) | (5 | ) | ||||||||||||||||||||||||||||||
Balances at May 4, 2013 | $ | 1 | $ | 3 | $ | 4 | ||||||||||||||||||||||||||||||
Restructuring Program 2013 U.S. [Member] | ' | |||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||||||||||||||||||
Composition of Restructuring Charges | ' | |||||||||||||||||||||||||||||||||||
The composition of the cumulative restructuring charges we incurred for this program through May 3, 2014, was as follows ($ in millions): | ||||||||||||||||||||||||||||||||||||
Cumulative Amount through May 3, 2014 | ||||||||||||||||||||||||||||||||||||
Continuing operations | ||||||||||||||||||||||||||||||||||||
Property and equipment impairments | $ | 29 | ||||||||||||||||||||||||||||||||||
Termination benefits | 77 | |||||||||||||||||||||||||||||||||||
Facility closure and other costs, net | 141 | |||||||||||||||||||||||||||||||||||
Total | $ | 247 | ||||||||||||||||||||||||||||||||||
Restructuring Accrual Activity | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during the three months ended May 3, 2014, and May 4, 2013, related to termination benefits and facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||
Facility | ||||||||||||||||||||||||||||||||||||
Closure and | ||||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
Balances at February 1, 2014 | $ | 58 | ||||||||||||||||||||||||||||||||||
Charges | 1 | |||||||||||||||||||||||||||||||||||
Cash payments | (6 | ) | ||||||||||||||||||||||||||||||||||
Adjustments | (4 | ) | ||||||||||||||||||||||||||||||||||
Balances at May 3, 2014 | $ | 49 | ||||||||||||||||||||||||||||||||||
Termination | Facility | Total | ||||||||||||||||||||||||||||||||||
Benefits | Closure and | |||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
Balances at February 2, 2013 | $ | 4 | $ | 113 | $ | 117 | ||||||||||||||||||||||||||||||
Charges | — | 2 | 2 | |||||||||||||||||||||||||||||||||
Cash payments | (2 | ) | (9 | ) | (11 | ) | ||||||||||||||||||||||||||||||
Adjustments | (2 | ) | (4 | ) | (6 | ) | ||||||||||||||||||||||||||||||
Balances at May 4, 2013 | $ | — | $ | 102 | $ | 102 | ||||||||||||||||||||||||||||||
Restructuring Program 2012 [Member] | ' | |||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||||||||||||||||||||||
Restructuring Accrual Activity | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes our restructuring accrual activity during the three months ended May 4, 2013, related to facility closure and other costs associated with this program ($ in millions): | ||||||||||||||||||||||||||||||||||||
Facility | ||||||||||||||||||||||||||||||||||||
Closure and | ||||||||||||||||||||||||||||||||||||
Other Costs | ||||||||||||||||||||||||||||||||||||
Balances at February 2, 2013 | $ | 36 | ||||||||||||||||||||||||||||||||||
Cash payments | (29 | ) | ||||||||||||||||||||||||||||||||||
Changes in foreign currency exchange rates | (2 | ) | ||||||||||||||||||||||||||||||||||
Balances at May 4, 2013 | $ | 5 | ||||||||||||||||||||||||||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||||||
3-May-14 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Schedule of Long-term Debt | ' | |||||||||||
Long-term debt consisted of the following ($ in millions): | ||||||||||||
May 3, 2014 | February 1, 2014 | May 4, 2013 | ||||||||||
2013 Notes | $ | — | $ | — | $ | 500 | ||||||
2016 Notes | 349 | 349 | 349 | |||||||||
2018 Notes | 500 | 500 | — | |||||||||
2021 Notes | 649 | 649 | 648 | |||||||||
Financing lease obligations | 90 | 95 | 116 | |||||||||
Capital lease obligations | 59 | 63 | 72 | |||||||||
Other debt | 1 | 1 | 1 | |||||||||
Total long-term debt | 1,648 | 1,657 | 1,686 | |||||||||
Less: current portion(1) | (44 | ) | (45 | ) | (544 | ) | ||||||
Total long-term debt, less current portion | $ | 1,604 | $ | 1,612 | $ | 1,142 | ||||||
-1 | Our 2013 Notes due July 15, 2013, which were retired on July 15, 2013, are classified in the current portion of long-term debt as of May 4, 2013. |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 3 Months Ended | |||||||
3-May-14 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | ' | |||||||
The following table presents a reconciliation of the numerators and denominators of basic and diluted earnings per share from continuing operations attributable to Best Buy Co., Inc. ($ and shares in millions): | ||||||||
Three Months Ended | ||||||||
May 3, 2014 | May 4, 2013 | |||||||
Numerator | ||||||||
Net earnings from continuing operations attributable to Best Buy Co., Inc. | $ | 461 | $ | 97 | ||||
Denominator | ||||||||
Weighted-average common shares outstanding | 347.4 | 339 | ||||||
Effect of potentially dilutive securities: | ||||||||
Nonvested share awards | 3 | 2 | ||||||
Weighted-average common shares outstanding, assuming dilution | 350.4 | 341 | ||||||
Net earnings per share from continuing operations attributable to Best Buy Co., Inc. | ||||||||
Basic | $ | 1.33 | $ | 0.29 | ||||
Diluted | $ | 1.31 | $ | 0.29 | ||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 3 Months Ended | |||||||||||
3-May-14 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||
The following tables provide a reconciliation of the components of accumulated other comprehensive income, net of tax, attributable to Best Buy Co., Inc. for the three months ended May 3, 2014, and May 4, 2013, respectively ($ in millions): | ||||||||||||
Foreign Currency Translation | Available-For-Sale Investments | Total | ||||||||||
Balances at February 1, 2014 | $ | 485 | $ | 7 | $ | 492 | ||||||
Foreign currency translation adjustments | 3 | — | 3 | |||||||||
Unrealized losses on available-for-sale investments | — | (1 | ) | (1 | ) | |||||||
Balances at May 3, 2014 | $ | 488 | $ | 6 | $ | 494 | ||||||
Foreign Currency Translation | Available-For-Sale Investments | Total | ||||||||||
Balances at February 2, 2013 | $ | 113 | $ | (1 | ) | $ | 112 | |||||
Foreign currency translation adjustments | (33 | ) | — | (33 | ) | |||||||
Unrealized gains on available-for-sale investments | — | 3 | 3 | |||||||||
Balances at May 4, 2013 | $ | 80 | $ | 2 | $ | 82 | ||||||
Segments_Tables
Segments (Tables) | 3 Months Ended | |||||||||||
3-May-14 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Business Segment Information | ' | |||||||||||
Revenue by reportable segment was as follows ($ in millions): | ||||||||||||
Three Months Ended | ||||||||||||
May 3, 2014 | May 4, 2013 | |||||||||||
Domestic | $ | 7,781 | $ | 7,946 | ||||||||
International | 1,254 | 1,401 | ||||||||||
Total revenue | $ | 9,035 | $ | 9,347 | ||||||||
Operating income (loss) by reportable segment and the reconciliation to earnings from continuing operations before income tax (benefit) expense were as follows ($ in millions): | ||||||||||||
Three Months Ended | ||||||||||||
May 3, 2014 | May 4, 2013 | |||||||||||
Domestic | $ | 226 | $ | 222 | ||||||||
International | (29 | ) | (54 | ) | ||||||||
Total operating income | 197 | 168 | ||||||||||
Other income (expense) | ||||||||||||
Investment income and other | 6 | 5 | ||||||||||
Interest expense | (23 | ) | (27 | ) | ||||||||
Earnings from continuing operations before income tax (benefit) expense | $ | 180 | $ | 146 | ||||||||
Assets by reportable segment were as follows ($ in millions): | ||||||||||||
May 3, 2014 | February 1, 2014 | May 4, 2013 | ||||||||||
Domestic | $ | 11,514 | $ | 11,146 | $ | 9,363 | ||||||
International | 2,397 | 2,867 | 4,968 | |||||||||
Total assets | $ | 13,911 | $ | 14,013 | $ | 14,331 | ||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) | 3 Months Ended | |
3-May-14 | 4-May-13 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Number of weeks in fiscal period | 'P13W | 'P13W |
Reporting period lag for consolidation of financial results | '1 month | ' |
Assets_and_Liabilities_Held_fo2
Assets and Liabilities Held for Sale and Discontinued Operations Assets and Liabilities Held for Sale (Details) | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||
In Millions, unless otherwise specified | Jul. 03, 2013 | Jun. 26, 2013 | Jun. 26, 2013 | 3-May-14 | 4-May-13 | Feb. 01, 2014 | Feb. 02, 2013 | 4-May-13 | Feb. 28, 2009 | Jun. 26, 2013 | Jun. 26, 2013 |
USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | Best Buy Europe [Member] | Best Buy Europe [Member] | June 26, 2014 [Member] | June 26, 2015 [Member] | |
USD ($) | |||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' |
Dollar Amount of Shares Sold from Divestiture of Business | 123 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Assets and Liabilities Disposed of by Sale, in Period of Disposition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate on Future Cash Consideration from Divestiture of Business | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 2.50% |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Impairment of assets held for sale | ' | ' | ' | 0 | 175 | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | 2,569 | 908 | 2,678 | 1,826 | 163 | ' | ' | ' |
Receivables, net | ' | ' | ' | 871 | 937 | 1,308 | ' | 1,211 | ' | ' | ' |
Merchandise inventories | ' | ' | ' | 5,255 | 5,461 | 5,376 | ' | 385 | ' | ' | ' |
Other current assets | ' | ' | ' | 926 | 821 | 900 | ' | 120 | ' | ' | ' |
Current assets held for sale | ' | ' | ' | 0 | 1,879 | 0 | ' | ' | ' | ' | ' |
Property and equipment, net | ' | ' | ' | 2,525 | 2,830 | 2,598 | ' | 147 | ' | ' | ' |
Other assets | ' | ' | ' | 743 | 316 | 404 | ' | 324 | ' | ' | ' |
Long-term assets held for sale | ' | ' | ' | 13,911 | 14,331 | 14,013 | ' | 471 | ' | ' | ' |
Accounts payable | ' | ' | ' | 4,952 | 4,776 | 5,122 | ' | 965 | ' | ' | ' |
Other current liabilities | ' | ' | ' | ' | ' | ' | ' | 420 | ' | ' | ' |
Current liabilities held for sale | ' | ' | ' | 0 | 1,385 | 0 | ' | ' | ' | ' | ' |
Long-term liabilities held for sale | ' | ' | ' | $0 | $79 | $0 | ' | ' | ' | ' | ' |
Assets_and_Liabilities_Held_fo3
Assets and Liabilities Held for Sale and Discontinued Operations Discontinued Operations (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | $28 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | |
Revenue | ' | 1,463 | |
Restructuring charges | ' | 53 | [1] |
Loss from discontinued operations before income tax expense | ' | -185 | |
Income tax benefit (expense) | 0 | -13 | [2] |
Gain on sale of discontinued operations | ' | 28 | |
Net gain (loss) from discontinued operations, including noncontrolling interests | 0 | -170 | |
Net earnings from discontinued operations attributable to noncontrolling interests | 0 | -8 | |
Net gain (loss) from discontinued operations attributable to Best Buy Co., Inc. shareholders | ' | ($178) | |
[1] | See Note 5, Restructuring Charges, for further discussion of the restructuring charges associated with discontinued operations. | ||
[2] | The fiscal 2014 effective tax rate for discontinued operations differs from the statutory tax rate primarily due to the $53 million of restructuring charges and $175 million impairment of our investment in Best Buy Europe, which generally included no related tax benefit. The deferred tax assets related to the restructuring charges generally resulted in an increase in the valuation allowance in an equal amount, while the investment impairment is not tax deductible. |
Fair_Value_Measurements_Recurr
Fair Value Measurements - Recurring (Details) (Fair Value, Measurements, Recurring [Member], USD $) | 3-May-14 | Feb. 01, 2014 | 4-May-13 |
In Millions, unless otherwise specified | |||
Fair Value [Member] | Cash and Cash Equivalents [Member] | Money Market Funds [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Cash and cash equivalents | $16 | $53 | $40 |
Fair Value [Member] | Cash and Cash Equivalents [Member] | Commercial Paper [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Cash and cash equivalents | 149 | 80 | ' |
Fair Value [Member] | Cash and Cash Equivalents [Member] | Treasury Securities [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Cash and cash equivalents | 100 | 263 | ' |
Fair Value [Member] | Short-term Investments [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Marketable equity securities - held for sale | ' | ' | 9 |
Fair Value [Member] | Short-term Investments [Member] | Commercial Paper [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Short-term investments | 234 | 100 | ' |
Fair Value [Member] | Short-term Investments [Member] | Treasury Securities [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Short-term investments | 100 | ' | ' |
Fair Value [Member] | Other Current Assets [Member] | Money Market Funds [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Restricted cash - held for sale | ' | ' | 34 |
Fair Value [Member] | Other Assets [Member] | Auction Rate Securities [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Other Assets, Fair Value Disclosure | 9 | 9 | 21 |
Fair Value [Member] | Other Assets [Member] | Available-for-sale Securities [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Other Assets, Fair Value Disclosure | ' | ' | 3 |
Fair Value [Member] | Other Assets [Member] | Marketable securities that fund deferred compensation [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Other Assets, Fair Value Disclosure | 96 | 96 | 90 |
Fair Value [Member] | Accrued Liabilities [Member] | Foreign Exchange Contract [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Other Current Assets, Fair Value Disclosure | ' | 2 | ' |
Liabilities | ' | ' | ' |
Foreign currency derivative instruments | 8 | 5 | 5 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and Cash Equivalents [Member] | Money Market Funds [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Cash and cash equivalents | 16 | 53 | 40 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and Cash Equivalents [Member] | Commercial Paper [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and Cash Equivalents [Member] | Treasury Securities [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Cash and cash equivalents | 100 | 263 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Short-term Investments [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Marketable equity securities - held for sale | ' | ' | 9 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Short-term Investments [Member] | Commercial Paper [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Short-term investments | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Short-term Investments [Member] | Treasury Securities [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Short-term investments | 100 | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Current Assets [Member] | Money Market Funds [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Restricted cash - held for sale | ' | ' | 34 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Assets [Member] | Auction Rate Securities [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Other Assets, Fair Value Disclosure | 0 | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Assets [Member] | Available-for-sale Securities [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Other Assets, Fair Value Disclosure | ' | ' | 3 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Assets [Member] | Marketable securities that fund deferred compensation [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Other Assets, Fair Value Disclosure | 96 | 96 | 90 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Accrued Liabilities [Member] | Foreign Exchange Contract [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Other Current Assets, Fair Value Disclosure | ' | 0 | ' |
Liabilities | ' | ' | ' |
Foreign currency derivative instruments | 0 | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash Equivalents [Member] | Money Market Funds [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash Equivalents [Member] | Commercial Paper [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Cash and cash equivalents | 149 | 80 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash Equivalents [Member] | Treasury Securities [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Short-term Investments [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Marketable equity securities - held for sale | ' | ' | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Short-term Investments [Member] | Commercial Paper [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Short-term investments | 234 | 100 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Short-term Investments [Member] | Treasury Securities [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Short-term investments | 0 | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | Other Current Assets [Member] | Money Market Funds [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Restricted cash - held for sale | ' | ' | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Other Assets [Member] | Auction Rate Securities [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Other Assets, Fair Value Disclosure | 0 | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Other Assets [Member] | Available-for-sale Securities [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Other Assets, Fair Value Disclosure | ' | ' | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Other Assets [Member] | Marketable securities that fund deferred compensation [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Other Assets, Fair Value Disclosure | 0 | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Accrued Liabilities [Member] | Foreign Exchange Contract [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Other Current Assets, Fair Value Disclosure | ' | 2 | ' |
Liabilities | ' | ' | ' |
Foreign currency derivative instruments | 8 | 5 | 5 |
Significant Unobservable Inputs (Level 3) [Member] | Cash and Cash Equivalents [Member] | Money Market Funds [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Cash and Cash Equivalents [Member] | Commercial Paper [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Cash and Cash Equivalents [Member] | Treasury Securities [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Short-term Investments [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Marketable equity securities - held for sale | ' | ' | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Short-term Investments [Member] | Commercial Paper [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Short-term investments | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Short-term Investments [Member] | Treasury Securities [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Short-term investments | 0 | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Other Current Assets [Member] | Money Market Funds [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Restricted cash - held for sale | ' | ' | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Other Assets [Member] | Auction Rate Securities [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Other Assets, Fair Value Disclosure | 9 | 9 | 21 |
Significant Unobservable Inputs (Level 3) [Member] | Other Assets [Member] | Available-for-sale Securities [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Other Assets, Fair Value Disclosure | ' | ' | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Other Assets [Member] | Marketable securities that fund deferred compensation [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Other Assets, Fair Value Disclosure | 0 | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Accrued Liabilities [Member] | Foreign Exchange Contract [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Other Current Assets, Fair Value Disclosure | ' | 0 | ' |
Liabilities | ' | ' | ' |
Foreign currency derivative instruments | $0 | $0 | $0 |
Fair_Value_Measurements_Nonrec
Fair Value Measurements - Nonrecurring (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Tradename, impairments | ' | $4 | ||
Impairment of assets held for sale | 0 | 175 | ||
Continuing Operations [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Property and equipment impairment charges | 9 | 13 | ||
Property and equipment, remaining net carrying value | 0 | [1] | 0 | [1] |
Total impairments | 10 | 14 | ||
Total remaining net carrying value | 0 | [1] | 0 | [1] |
Discontinued Operations [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Property and equipment impairment charges | 0 | [2],[3] | 220 | [2],[3] |
Property and equipment, remaining net carrying value | 0 | [1] | 147 | [1] |
Total impairments | 0 | 224 | ||
Total remaining net carrying value | 0 | [1] | 169 | [1] |
Tradename [Member] | Discontinued Operations [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Tradename, impairments | 0 | [2] | 4 | [2] |
Tradename, remaining net carrying value | 0 | [1] | 22 | [1] |
Property and equipment write-downs [Member] | Continuing Operations [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Property and equipment impairment charges | 1 | [4] | 1 | [4] |
Property and equipment, remaining net carrying value | $0 | [1],[4] | $0 | [1],[4] |
[1] | Remaining net carrying value approximates fair value. | |||
[2] | Property and equipment and tradename impairments associated with discontinued operations are recorded within loss from discontinued operations in our Consolidated Statements of Earnings. | |||
[3] | Includes the $175 million impairment to write down the book value of our investment in Best Buy Europe to fair value based on expected net proceeds as described in Note 2, Assets and Liabilities Held for Sale and Discontinued Operations. The impairment was calculated based on the fair value and foreign currency translation adjustment associated with the business and was applied to the fixed assets. | |||
[4] | See Note 5, Restructuring Charges, for additional information. |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 | Feb. 01, 2014 | ||
Goodwill [Roll Forward] | ' | ' | ' | ||
Goodwill, Balance at the beginning of the period | $425 | $528 | ' | ||
Goodwill, Changes in foreign currency exchange rates | 0 | ' | ' | ||
Goodwill, Impairments | ' | 0 | ' | ||
Goodwill, Balance at the end of the period | 425 | 528 | ' | ||
Indefinite-lived Tradenames [Roll Forward] | ' | ' | ' | ||
Indefinite-lived Tradenames, Beginning balance | 101 | 131 | ' | ||
Indefinite-lived Tradenames, Changes in foreign currency exchange rates, Tradenames | -1 | ' | ' | ||
Indefinite-lived Intangible Assets Held For Sale | ' | -22 | ' | ||
Indefinite-lived Tradenames, Impairments | ' | -4 | ' | ||
Indefinite-lived Tradenames, Ending balance | 100 | 105 | ' | ||
Gross amount of goodwill and the accumulated goodwill impairment losses | ' | ' | ' | ||
Gross Carrying Amount | 1,308 | 1,412 | [1] | 1,308 | [2] |
Cumulative Impairment | -883 | -884 | [1] | -883 | [2] |
Domestic [Member] | ' | ' | ' | ||
Goodwill [Roll Forward] | ' | ' | ' | ||
Goodwill, Balance at the beginning of the period | 425 | 528 | ' | ||
Goodwill, Changes in foreign currency exchange rates | 0 | ' | ' | ||
Goodwill, Impairments | ' | 0 | ' | ||
Goodwill, Balance at the end of the period | 425 | 528 | ' | ||
Indefinite-lived Tradenames [Roll Forward] | ' | ' | ' | ||
Indefinite-lived Tradenames, Beginning balance | 19 | 19 | ' | ||
Indefinite-lived Tradenames, Changes in foreign currency exchange rates, Tradenames | 0 | ' | ' | ||
Indefinite-lived Intangible Assets Held For Sale | ' | 0 | ' | ||
Indefinite-lived Tradenames, Impairments | ' | 0 | ' | ||
Indefinite-lived Tradenames, Ending balance | 19 | 19 | ' | ||
International [Member] | ' | ' | ' | ||
Goodwill [Roll Forward] | ' | ' | ' | ||
Goodwill, Balance at the beginning of the period | 0 | 0 | ' | ||
Goodwill, Changes in foreign currency exchange rates | 0 | ' | ' | ||
Goodwill, Impairments | ' | 0 | ' | ||
Goodwill, Balance at the end of the period | 0 | 0 | ' | ||
Indefinite-lived Tradenames [Roll Forward] | ' | ' | ' | ||
Indefinite-lived Tradenames, Beginning balance | 82 | 112 | ' | ||
Indefinite-lived Tradenames, Changes in foreign currency exchange rates, Tradenames | -1 | ' | ' | ||
Indefinite-lived Intangible Assets Held For Sale | ' | -22 | ' | ||
Indefinite-lived Tradenames, Impairments | ' | -4 | ' | ||
Indefinite-lived Tradenames, Ending balance | $81 | $86 | ' | ||
[1] | Excludes the gross carrying amount and cumulative impairment related to Best Buy Europe goodwill classified as held for sale. | ||||
[2] | Excludes the gross carrying amount and cumulative impairment related to Best Buy Europe and mindSHIFT goodwill, which were sold during fiscal 2014. |
Restructuring_Charges_Renew_Bl
Restructuring Charges - Renew Blue (Details) (USD $) | 3 Months Ended | 18 Months Ended | ||
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 | 3-May-14 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | $3 | $59 | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | ' | |
Charges | 3 | 6 | ' | |
Restructuring Program 2013 Renew Blue [Member] | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | 7 | 6 | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | ' | |
Restructuring reserve, balance at the beginning of the period | 162 | 108 | ' | |
Charges | 24 | 8 | ' | |
Cash payments | -32 | -38 | ' | |
Adjustments | -19 | [1] | 6 | ' |
Changes in foreign currency exchange rates | -5 | -1 | ' | |
Restructuring reserve, balance at the end of the period | 130 | 83 | 130 | |
Restructuring Program 2013 Renew Blue [Member] | Termination benefits [Member] | ' | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | ' | |
Restructuring reserve, balance at the beginning of the period | 111 | 54 | ' | |
Charges | 22 | 4 | ' | |
Cash payments | -26 | -35 | ' | |
Adjustments | -14 | [1] | -2 | ' |
Changes in foreign currency exchange rates | 0 | 0 | ' | |
Restructuring reserve, balance at the end of the period | 93 | 21 | 93 | |
Restructuring Program 2013 Renew Blue [Member] | Facility closure and other costs [Member] | ' | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | ' | |
Restructuring reserve, balance at the beginning of the period | 51 | 54 | ' | |
Charges | 2 | 4 | ' | |
Cash payments | -6 | -3 | ' | |
Adjustments | -5 | [1] | 8 | ' |
Changes in foreign currency exchange rates | -5 | -1 | ' | |
Restructuring reserve, balance at the end of the period | 37 | 62 | 37 | |
Continuing Operations [Member] | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | 3 | 6 | ' | |
Continuing Operations [Member] | Restructuring Program 2013 Renew Blue [Member] | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | 7 | 6 | 343 | |
Continuing Operations [Member] | Restructuring Program 2013 Renew Blue [Member] | Inventory write-downs [Member] | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | 0 | 0 | 1 | |
Continuing Operations [Member] | Restructuring Program 2013 Renew Blue [Member] | Property and equipment impairments [Member] | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | 1 | 1 | 40 | |
Continuing Operations [Member] | Restructuring Program 2013 Renew Blue [Member] | Termination benefits [Member] | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | 8 | 4 | 197 | |
Continuing Operations [Member] | Restructuring Program 2013 Renew Blue [Member] | Investment impairments [Member] | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | 0 | 0 | 43 | |
Continuing Operations [Member] | Restructuring Program 2013 Renew Blue [Member] | Facility closure and other costs [Member] | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | -2 | 1 | 62 | |
Continuing Operations [Member] | Restructuring Program 2013 Renew Blue [Member] | Domestic [Member] | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | 6 | 1 | 219 | |
Continuing Operations [Member] | Restructuring Program 2013 Renew Blue [Member] | Domestic [Member] | Inventory write-downs [Member] | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | 0 | 0 | 1 | |
Continuing Operations [Member] | Restructuring Program 2013 Renew Blue [Member] | Domestic [Member] | Property and equipment impairments [Member] | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | 0 | 1 | 14 | |
Continuing Operations [Member] | Restructuring Program 2013 Renew Blue [Member] | Domestic [Member] | Termination benefits [Member] | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | 6 | 0 | 158 | |
Continuing Operations [Member] | Restructuring Program 2013 Renew Blue [Member] | Domestic [Member] | Investment impairments [Member] | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | 0 | 0 | 43 | |
Continuing Operations [Member] | Restructuring Program 2013 Renew Blue [Member] | Domestic [Member] | Facility closure and other costs [Member] | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | 0 | 0 | 3 | |
Continuing Operations [Member] | Restructuring Program 2013 Renew Blue [Member] | International [Member] | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | 1 | 5 | 124 | |
Continuing Operations [Member] | Restructuring Program 2013 Renew Blue [Member] | International [Member] | Inventory write-downs [Member] | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | 0 | 0 | 0 | |
Continuing Operations [Member] | Restructuring Program 2013 Renew Blue [Member] | International [Member] | Property and equipment impairments [Member] | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | 1 | 0 | 26 | |
Continuing Operations [Member] | Restructuring Program 2013 Renew Blue [Member] | International [Member] | Termination benefits [Member] | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | 2 | 4 | 39 | |
Continuing Operations [Member] | Restructuring Program 2013 Renew Blue [Member] | International [Member] | Investment impairments [Member] | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | 0 | 0 | 0 | |
Continuing Operations [Member] | Restructuring Program 2013 Renew Blue [Member] | International [Member] | Facility closure and other costs [Member] | ' | ' | ' | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | |
Restructuring charges | ($2) | $1 | $59 | |
[1] | Adjustments to termination benefits were due to higher-than-expected employee retention. Adjustments to facility closure and other costs represent changes in sublease assumptions. |
Restructuring_Charges_Fiscal_2
Restructuring Charges - Fiscal 2013 U.S. (Details) (USD $) | 3 Months Ended | 27 Months Ended | |||||||||||||
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 | 4-May-13 | 4-May-13 | 3-May-14 | 4-May-13 | 5-May-12 | 3-May-14 | 4-May-13 | 3-May-14 | 4-May-13 | 3-May-14 | 3-May-14 | 3-May-14 | 3-May-14 |
Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | |||
Termination benefits [Member] | Facility closure and other costs [Member] | Facility closure and other costs [Member] | Domestic [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | Restructuring Program 2013 U.S. [Member] | ||||||
store | Domestic [Member] | Domestic [Member] | Domestic [Member] | Domestic [Member] | |||||||||||
Property and equipment impairments [Member] | Termination benefits [Member] | Facility closure and other costs [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stores to be closed | ' | ' | ' | ' | ' | ' | 49 | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges | $3 | $59 | ' | ' | ' | ' | ' | $3 | $6 | ($4) | $0 | $247 | $29 | $77 | $141 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring reserve, balance at the beginning of the period | ' | ' | 117 | 4 | 58 | 113 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges | 3 | 6 | 2 | 0 | 1 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payments | ' | ' | -11 | -2 | -6 | -9 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments | ' | ' | -6 | -2 | -4 | -4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring reserve, balance at the end of the period | ' | ' | $102 | $0 | $49 | $102 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring_Charges_Fiscal_21
Restructuring Charges - Fiscal 2013 Europe (Details) (USD $) | 3 Months Ended | 21 Months Ended | |||||||
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 | 4-May-13 | 4-May-13 | 4-May-13 | 3-May-14 | 4-May-13 | 3-May-14 | Feb. 28, 2009 |
Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Best Buy Europe [Member] | |||
Termination benefits [Member] | Facility closure and other costs [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | Restructuring Program 2013 Europe [Member] | |||||
International [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Restructuring charges | $3 | $59 | $53 | ' | ' | $0 | $53 | $131 | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring reserve, balance at the beginning of the period | ' | ' | 5 | 0 | 5 | ' | ' | ' | ' |
Charges | 3 | 6 | 4 | 2 | 2 | ' | ' | ' | ' |
Cash payments | ' | ' | -5 | -1 | -4 | ' | ' | ' | ' |
Restructuring reserve, balance at the end of the period | ' | ' | $4 | $1 | $3 | ' | ' | ' | ' |
Restructuring_Charges_Fiscal_22
Restructuring Charges - Fiscal 2012 (Details) (Restructuring Program 2012 [Member], USD $) | 26 Months Ended | 3 Months Ended | 26 Months Ended | |
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 | 3-May-14 | 3-May-14 |
Facility closure and other costs [Member] | Domestic [Member] | International [Member] | ||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and Related Cost, Cost Incurred to Date | $246 | ' | $22 | $224 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Restructuring reserve, balance at the beginning of the period | ' | 36 | ' | ' |
Cash payments | ' | -29 | ' | ' |
Changes in foreign currency exchange rates | ' | -2 | ' | ' |
Restructuring reserve, balance at the end of the period | ' | $5 | ' | ' |
Long_Term_Debt_Details
Long Term Debt (Details) (USD $) | 3-May-14 | Feb. 01, 2014 | 4-May-13 | |
In Millions, unless otherwise specified | ||||
Long-term Debt | ' | ' | ' | |
Total long-term debt | $1,648 | $1,657 | $1,686 | |
Less: current portion | -44 | -45 | -544 | [1] |
Total long-term debt, less current portion | 1,604 | 1,612 | 1,142 | |
Long-term Debt, Fair Value | 1,705 | 1,690 | 1,729 | |
2013 Notes [Member] | ' | ' | ' | |
Long-term Debt | ' | ' | ' | |
Total long-term debt | 0 | 0 | 500 | |
2016 Notes [Member] | ' | ' | ' | |
Long-term Debt | ' | ' | ' | |
Total long-term debt | 349 | 349 | 349 | |
2018 Notes [Member] | ' | ' | ' | |
Long-term Debt | ' | ' | ' | |
Total long-term debt | 500 | 500 | 0 | |
2021 Notes [Member] | ' | ' | ' | |
Long-term Debt | ' | ' | ' | |
Total long-term debt | 649 | 649 | 648 | |
Financing Lease Obligations [Member] | ' | ' | ' | |
Long-term Debt | ' | ' | ' | |
Total long-term debt | 90 | 95 | 116 | |
Capital Lease Obligations [Member] | ' | ' | ' | |
Long-term Debt | ' | ' | ' | |
Total long-term debt | 59 | 63 | 72 | |
Other Debt [Member] | ' | ' | ' | |
Long-term Debt | ' | ' | ' | |
Total long-term debt | $1 | $1 | $1 | |
[1] | Our 2013 Notes due July 15, 2013, which were retired on July 15, 2013, are classified in the current portion of long-term debt as of May 4, 2013. |
Derivative_Instruments_Details
Derivative Instruments (Details) | 3 Months Ended | |||||||||
In Millions, unless otherwise specified | 4-May-13 | 3-May-14 | 4-May-13 | 4-May-13 | 3-May-14 | Feb. 01, 2014 | 4-May-13 | 4-May-13 | 4-May-13 | Feb. 28, 2009 |
GBP (£) | Operating Expense [Member] | Operating Expense [Member] | Operating Expense [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Best Buy Europe [Member] | |
Segment, Continuing Operations [Member] | Segment, Continuing Operations [Member] | Discontinued Operations [Member] | Segment, Continuing Operations [Member] | Segment, Continuing Operations [Member] | Segment, Continuing Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract term | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | ' | ' | ' | ' | $140 | $157 | $51 | $708 | £ 455 | ' |
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | ' | -3 | 1 | -4 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Proceeds from divestiture of businesses | £ 471 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | 3-May-14 | 4-May-13 |
Numerator | ' | ' |
Net earnings from continuing operations attributable to Best Buy Co., Inc. | $461 | $97 |
Denominator | ' | ' |
Weighted-average common shares outstanding (in shares) | 347.4 | 339 |
Effect of potentially dilutive securities: | ' | ' |
Nonvested share awards (in shares) | 3 | 2 |
Weighted-average common shares outstanding, assuming dilution (in shares) | 350.4 | 341 |
Net earnings per share from continuing operations attributable to Best Buy Co., Inc. | ' | ' |
Basic (in dollars per share) | $1.33 | $0.29 |
Diluted (in dollars per share) | $1.31 | $0.29 |
Antidilutive securities excluded from computation of earnings per share | 16.2 | 25.1 |
Comprehensive_Income_Details
Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ' | ' |
Foreign Currency Translation, Beginning Balance | $485 | $113 |
Available-For-Sale Investments, Beginning Balance | 7 | -1 |
Total, Beginning Balance | 492 | 112 |
Unrealized gains (losses) on available-for-sale investments | -1 | 3 |
Foreign Currency Translation, Ending Balance | 488 | 80 |
Available-For-Sale Investments, Ending Balance | 6 | 2 |
Total, Ending Balance | 494 | 82 |
Best Buy Co., Inc. [Member] | ' | ' |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ' | ' |
Foreign currency translation adjustments | 3 | -33 |
Unrealized gains (losses) on available-for-sale investments | ($1) | $3 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
3-May-14 | 4-May-13 | Mar. 03, 2012 | |
Best Buy Europe [Member] | |||
Effective Income Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Profit Share Buy-Out Purchase Price | ' | ' | $1,300,000,000 |
Effective Income Tax Rate Reconciliation, Percent | -155.60% | 33.40% | ' |
Income Tax Expense (Benefit), Tax Election | $353,000,000 | ' | ' |
Effective Income Tax Rate Reconciliation, Percent, without Tax Election | 40.10% | ' | ' |
Segments_Details
Segments (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | 3-May-14 | 4-May-13 | Feb. 01, 2014 |
segments | |||
Segment Reporting [Abstract] | ' | ' | ' |
Number of reportable segments | 2 | ' | ' |
Business segment information | ' | ' | ' |
Total revenue | $9,035 | $9,347 | ' |
Operating income (loss) | 197 | 168 | ' |
Other income (expense) | ' | ' | ' |
Investment income and other | 6 | 5 | ' |
Interest expense | -23 | -27 | ' |
Earnings from continuing operations before income tax (benefit) expense | 180 | 146 | ' |
Total assets | 13,911 | 14,331 | 14,013 |
Domestic [Member] | ' | ' | ' |
Business segment information | ' | ' | ' |
Total revenue | 7,781 | 7,946 | ' |
Operating income (loss) | 226 | 222 | ' |
Other income (expense) | ' | ' | ' |
Total assets | 11,514 | 9,363 | 11,146 |
International [Member] | ' | ' | ' |
Business segment information | ' | ' | ' |
Total revenue | 1,254 | 1,401 | ' |
Operating income (loss) | -29 | -54 | ' |
Other income (expense) | ' | ' | ' |
Total assets | $2,397 | $4,968 | $2,867 |
Contingencies_Details
Contingencies (Details) (Pending Litigation [Member], USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Nov. 30, 2012 |
Pending Litigation [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Loss contingency, settlement agreement consideration, plaintiff amount | $5 | $22 |
Loss contingency, settlement agreement consideration, attorneys amount | $6 | ' |