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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Best Buy Company | NYSE:BBY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.2005 | 0.27% | 75.4405 | 76.15 | 75.01 | 75.20 | 2,125,025 | 00:47:31 |
x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Minnesota
|
|
41-0907483
|
State or other jurisdiction of
incorporation or organization
|
|
(I.R.S. Employer
Identification No.)
|
7601 Penn Avenue South
Richfield, Minnesota
|
|
55423
(Zip Code)
|
(Address of principal executive offices)
|
|
|
Title of each class
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|
Name of each exchange on which registered
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Common Stock, par value $.10 per share
|
|
New York Stock Exchange
|
Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
|
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||
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||
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|
•
|
Consumer Electronics
- home theater, home automation, digital imaging, health and fitness and portable audio;
|
•
|
Computing and Mobile Phones
- computing and peripherals, networking, tablets, mobile phones (including related mobile network carrier commissions), wearables (including smart watches) and e-readers;
|
•
|
Entertainment
- gaming hardware and software, movies, music, technology toys and other software;
|
•
|
Appliances
- major appliances (for example, refrigeration, dishwashers, ovens, laundry, etc.) and small appliances (for example, coffee makers, blenders, etc.);
|
•
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Services
- consultation, design, delivery, installation, set-up, protection plans, repair, technical support and educational classes; and
|
•
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Other
- snacks, beverages and other sundry items.
|
•
|
the emergence of new products and categories (for example, virtual reality);
|
•
|
the rapid maturity and decline of relatively new categories (for example, tablets);
|
•
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cannibalization of categories (for example, the effect of smart phones on demand for GPS, mobile audio, digital imaging devices, etc.);
|
•
|
intense consumer interest in high-profile product updates (for example, smartphone model updates) which concentrates purchasing activity around new launch dates and can often lead to shortages of merchandise;
|
•
|
unpredictable consumer adoption rates (for example, contrasting adoption rates of 3D and Ultra-HD televisions);
|
•
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rapidly declining price-points in many categories (for example, digital imaging, Ultra-HD televisions, etc.); and
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•
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availability of content (for example, Ultra-HD programming, online streaming services, sporting events or other broadcast programming).
|
•
|
not offering the products and services that our customers want;
|
•
|
having excess inventory, which may require heavy discounting or liquidation;
|
•
|
not securing adequate access to brands or products for which consumer demand exceeds supply;
|
•
|
delays in adapting our merchandising, marketing or supply chain capabilities to accommodate changes in product trends; and
|
•
|
damage to our brand and reputation.
|
•
|
increased labor expense to fulfill our customer promises, which may be higher than the related revenue;
|
•
|
unpredictable warranty failure rates and related expenses;
|
•
|
employees in transit using company vehicles to visit customer locations and employees being present in customer homes, which may increase our scope of liability;
|
•
|
the potential for increased scope of liability relating to managed services offerings;
|
•
|
employees having access to customer devices, including the information held on those devices, which may increase our responsibility for the security of those devices and the data they hold; and
|
•
|
the engagement of third parties to assist with some aspects of construction and installation and the potential responsibility for the actions they take and for compliance with building codes and related regulations.
|
•
|
whether or not they make a purchase;
|
•
|
their choice of brand, model or price-point;
|
•
|
how frequently they upgrade or replace their devices; and
|
•
|
their appetite for complementary services (for example, protection plans).
|
•
|
interruptions to our delivery capabilities;
|
•
|
failure of third parties to meet our standards or commitments;
|
•
|
disruptions to our systems and implementation of new systems;
|
•
|
limitations in capacity;
|
•
|
consolidation or business failures in the transportation and distribution sectors;
|
•
|
labor strikes or slow-downs impacting ports or any other aspect of our supply chain;
|
•
|
damages or other loss to products; and
|
•
|
costs that are excessive.
|
•
|
changing patterns of customer consumption and behavior, particularly in light of an evolving omni-channel environment;
|
•
|
the appropriate number of stores in our portfolio;
|
•
|
the formats and sizes of our stores;
|
•
|
the locations of our stores;
|
•
|
the interior layouts of our stores;
|
•
|
the trade area demographics and economic data of each of our stores;
|
•
|
the local competitive positioning in and around our stores;
|
•
|
the primary term lease commitment for each store;
|
•
|
the long-term lease option coverage for each store;
|
•
|
the occupancy cost of our stores relative to market rents;
|
•
|
our supply chain network strategy; and
|
•
|
our ongoing network of service locations.
|
•
|
having to close stores and abandon the related assets, while retaining the financial commitments of the leases;
|
•
|
incurring significant costs to remodel or transform our stores;
|
•
|
having stores, supply chain or service locations that no longer meet the needs of our business; and
|
•
|
bearing excessive lease expenses.
|
Rating Agency
|
|
Rating
|
|
Outlook
|
Standard & Poor's
|
|
BBB-
|
|
Stable
|
Moody's
|
|
Baa1
|
|
Stable
|
Fitch
|
|
BBB-
|
|
Stable
|
•
|
different and incremental business risks of the new venture;
|
•
|
failure to motivate and retain key employees of the new venture;
|
•
|
uncertainty of forecasting financial performance;
|
•
|
failure to integrate aspects of the new venture into our existing business, such as new product or service offerings or information technology systems;
|
•
|
failure to maintain appropriate internal control over financial reporting;
|
•
|
failure to generate expected synergies such as cost reductions;
|
•
|
unforeseen changes in the business environment of the new venture;
|
•
|
disputes or strategic differences with other third party participants in the new venture; and
|
•
|
adverse impacts on relationships with vendors and other key partners of our existing business or the new venture.
|
•
|
natural disasters or extreme weather events;
|
•
|
diseases or epidemics that may affect our employees, customers or partners;
|
•
|
floods, fire or other catastrophes affecting our properties; or
|
•
|
terrorism, civil unrest or other conflicts.
|
•
|
we have greater exposure and responsibility to consumers for warranty replacements and repairs as a result of exclusive brand product defects, and our recourse to contract manufacturers for such warranty liabilities may be limited in foreign jurisdictions;
|
•
|
we may be subject to regulatory compliance and/or product liability claims relating to personal injury, death or property damage caused by exclusive brand products, some of which may require us to take significant actions such as product recalls;
|
•
|
we may experience disruptions in manufacturing or logistics due to inconsistent and unanticipated order patterns, our inability to develop long-term relationships with key manufacturers or unforeseen natural disasters;
|
•
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we may not be able to locate manufacturers that meet our internal standards, whether for new exclusive brand products or for migration of the manufacturing of products from an existing manufacturer;
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•
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we are subject to developing and often-changing labor and environmental laws for the manufacture of products in foreign countries, and we may be unable to conform to new rules or interpretations in a timely manner;
|
•
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we may be subject to claims by technology or other intellectual property owners if we inadvertently infringe upon their patents or other intellectual property rights, or if we fail to pay royalties owed on our exclusive brand products;
|
•
|
we may be unable to obtain or adequately protect patents and other intellectual property rights on our exclusive brand products or manufacturing processes; and
|
•
|
regulations regarding disclosure of efforts to identify the country of origin of “conflict minerals” in certain portions of our supply chain could increase the cost of doing business and, depending on the findings of our country of origin inquiry, could have an adverse effect on our reputation.
|
•
|
the difficulty of complying with sometimes conflicting statutes and regulations in local, national or international jurisdictions;
|
•
|
the potential for unexpected costs related to compliance with new or existing environmental legislation or international agreements affecting energy, carbon emissions, electronics recycling and water or product materials;
|
•
|
ensuring compliance with applicable product compliance laws and regulations with respect to both the products we sell and contract to manufacture, including laws and regulation related to product safety and product transport;
|
•
|
the impact of new regulations governing data privacy and security, whether imposed as a result of increased cyber-security risks or otherwise;
|
•
|
the impact of other new or changing statutes and regulations including, but not limited to, financial reform, National Labor Relations Board rule changes, health care reform, corporate governance matters, escheatment rules and/or other as yet unknown legislation, that could affect how we operate and execute our strategies as well as alter our expense structure;
|
•
|
the impact of the potential implementation of more restrictive trade policies or the renegotiation of existing trade agreements in the U.S. or countries where we sell our products and services or procure products;
|
•
|
the impact of potential changes in U.S. or other countries tax laws and regulations, including the imposition of the border adjustment tax on imported products as is currently being discussed by U.S. Congress that could increase the cost of the products we sell because a significant portion of the products we sell in the U.S. are sourced from outside of the country; and
|
•
|
the impact of litigation trends, including class action lawsuits involving consumers and shareholders, and labor and employment matters.
|
•
|
unionization and related regulations that affect the nature of labor relations, the organization of unions and union elections; in the U.S. the National Labor Relations Board continually considers changes to such regulations; as of January 28, 2017, none of our U.S. operations had employees represented by labor unions or working under collective bargaining agreements;
|
•
|
laws that impact the relationship between the company and independent contractors; and
|
•
|
laws that impact minimum wage, sick time, paid leave and scheduling requirements, that could directly or indirectly increase our payroll costs and/or impact the level of service we are able to provide.
|
•
|
political conditions;
|
•
|
economic conditions, including monetary and fiscal policies and tax rules;
|
•
|
legal and regulatory environments;
|
•
|
rules governing international trade and potential changes to trade policies or trade agreements and ownership of foreign entities;
|
•
|
risks associated with foreign currency exchange rates;
|
•
|
cultural differences that we may be unable to anticipate or respond to appropriately;
|
•
|
difficulties in enforcing intellectual property rights; and
|
•
|
difficulties encountered in exerting appropriate management oversight to operations in remote locations.
|
|
|
U.S.
Best Buy Stores |
|
U.S. Best Buy
Mobile Stand-Alone Stores |
|
Pacific Sales
Stores |
|||
Alabama
|
|
15
|
|
|
3
|
|
|
—
|
|
Alaska
|
|
2
|
|
|
—
|
|
|
—
|
|
Arizona
|
|
23
|
|
|
2
|
|
|
—
|
|
Arkansas
|
|
9
|
|
|
4
|
|
|
—
|
|
California
|
|
118
|
|
|
18
|
|
|
28
|
|
Colorado
|
|
21
|
|
|
4
|
|
|
—
|
|
Connecticut
|
|
12
|
|
|
5
|
|
|
—
|
|
Delaware
|
|
3
|
|
|
1
|
|
|
—
|
|
District of Columbia
|
|
2
|
|
|
—
|
|
|
—
|
|
Florida
|
|
64
|
|
|
31
|
|
|
—
|
|
Georgia
|
|
28
|
|
|
10
|
|
|
—
|
|
Hawaii
|
|
2
|
|
|
—
|
|
|
—
|
|
Idaho
|
|
5
|
|
|
2
|
|
|
—
|
|
Illinois
|
|
49
|
|
|
11
|
|
|
—
|
|
Indiana
|
|
23
|
|
|
10
|
|
|
—
|
|
Iowa
|
|
11
|
|
|
1
|
|
|
—
|
|
Kansas
|
|
9
|
|
|
3
|
|
|
—
|
|
Kentucky
|
|
9
|
|
|
7
|
|
|
—
|
|
Louisiana
|
|
16
|
|
|
4
|
|
|
—
|
|
Maine
|
|
4
|
|
|
—
|
|
|
—
|
|
Maryland
|
|
21
|
|
|
10
|
|
|
—
|
|
Massachusetts
|
|
24
|
|
|
10
|
|
|
—
|
|
Michigan
|
|
32
|
|
|
9
|
|
|
—
|
|
Minnesota
|
|
22
|
|
|
11
|
|
|
—
|
|
Mississippi
|
|
8
|
|
|
1
|
|
|
—
|
|
Missouri
|
|
19
|
|
|
9
|
|
|
—
|
|
Montana
|
|
3
|
|
|
—
|
|
|
—
|
|
Nebraska
|
|
5
|
|
|
3
|
|
|
—
|
|
Nevada
|
|
10
|
|
|
4
|
|
|
—
|
|
New Hampshire
|
|
6
|
|
|
3
|
|
|
—
|
|
New Jersey
|
|
27
|
|
|
8
|
|
|
—
|
|
New Mexico
|
|
5
|
|
|
3
|
|
|
—
|
|
New York
|
|
53
|
|
|
13
|
|
|
—
|
|
North Carolina
|
|
32
|
|
|
9
|
|
|
—
|
|
North Dakota
|
|
4
|
|
|
1
|
|
|
—
|
|
Ohio
|
|
37
|
|
|
10
|
|
|
—
|
|
Oklahoma
|
|
13
|
|
|
4
|
|
|
—
|
|
Oregon
|
|
12
|
|
|
2
|
|
|
—
|
|
Pennsylvania
|
|
37
|
|
|
12
|
|
|
—
|
|
Puerto Rico
|
|
3
|
|
|
—
|
|
|
—
|
|
Rhode Island
|
|
1
|
|
|
—
|
|
|
—
|
|
South Carolina
|
|
14
|
|
|
4
|
|
|
—
|
|
South Dakota
|
|
2
|
|
|
1
|
|
|
—
|
|
Tennessee
|
|
16
|
|
|
8
|
|
|
—
|
|
Texas
|
|
103
|
|
|
30
|
|
|
—
|
|
Utah
|
|
10
|
|
|
—
|
|
|
—
|
|
Vermont
|
|
1
|
|
|
—
|
|
|
—
|
|
Virginia
|
|
34
|
|
|
8
|
|
|
—
|
|
Washington
|
|
19
|
|
|
8
|
|
|
—
|
|
West Virginia
|
|
5
|
|
|
—
|
|
|
—
|
|
Wisconsin
|
|
22
|
|
|
11
|
|
|
—
|
|
Wyoming
|
|
1
|
|
|
1
|
|
|
—
|
|
Total
|
|
1,026
|
|
|
309
|
|
|
28
|
|
|
|
|
|
|
|
|
|||
Square footage (in thousands)
|
|
39,662
|
|
|
429
|
|
|
737
|
|
Average square feet per store (in thousands)
|
|
39
|
|
|
1
|
|
|
26
|
|
|
|
|
|
Square Footage (in thousands)
|
||||
|
|
Location
|
|
Leased
|
|
Owned
|
||
Distribution centers
|
|
24 locations in 18 U.S. states
|
|
7,844
|
|
|
3,168
|
|
Geek Squad service centers
(1)
|
|
Louisville, Kentucky
|
|
237
|
|
|
—
|
|
Principal corporate headquarters
(2)
|
|
Richfield, Minnesota
|
|
—
|
|
|
1,452
|
|
Territory field offices
|
|
12 locations throughout the U.S.
|
|
109
|
|
|
—
|
|
Pacific Sales corporate office space
|
|
Torrance, California
|
|
12
|
|
|
—
|
|
(1)
|
The leased space utilized by our Geek Squad operations is used primarily to service notebook and desktop computers.
|
(2)
|
Our principal corporate headquarters consists of four interconnected buildings. Certain vendors who provide us with a variety of corporate services occupy a portion of our principal corporate headquarters. We also sublease a portion of our principal corporate headquarters to unaffiliated third parties.
|
|
Best Buy
Stores |
|
Best Buy
Mobile Stores |
|
Best Buy
Express Stores |
|||
Canada
|
|
|
|
|
|
|||
Alberta
|
19
|
|
|
9
|
|
|
—
|
|
British Columbia
|
22
|
|
|
9
|
|
|
—
|
|
Manitoba
|
4
|
|
|
—
|
|
|
—
|
|
New Brunswick
|
3
|
|
|
—
|
|
|
—
|
|
Newfoundland
|
1
|
|
|
—
|
|
|
—
|
|
Nova Scotia
|
3
|
|
|
1
|
|
|
—
|
|
Ontario
|
54
|
|
|
29
|
|
|
—
|
|
Prince Edward Island
|
1
|
|
|
—
|
|
|
—
|
|
Quebec
|
23
|
|
|
5
|
|
|
—
|
|
Saskatchewan
|
4
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|||
Square footage (in thousands)
|
3,783
|
|
|
50
|
|
|
—
|
|
Average square feet per store (in thousands)
|
28
|
|
|
1
|
|
|
—
|
|
|
|
|
|
|
|
|||
Mexico
|
|
|
|
|
|
|||
Coahuila
|
—
|
|
|
—
|
|
|
1
|
|
Estado de Mexico
|
3
|
|
|
—
|
|
|
—
|
|
Distrito Federal
|
7
|
|
|
—
|
|
|
3
|
|
Guanajuato
|
1
|
|
|
—
|
|
|
—
|
|
Jalisco
|
4
|
|
|
—
|
|
|
—
|
|
Nuevo Leon
|
2
|
|
|
—
|
|
|
1
|
|
Michoacan
|
1
|
|
|
—
|
|
|
—
|
|
Veracruz
|
1
|
|
|
—
|
|
|
—
|
|
San Luis Potosi
|
1
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|||
Square footage (in thousands)
|
670
|
|
|
—
|
|
|
8
|
|
Average square feet per store (in thousands)
|
34
|
|
|
—
|
|
|
2
|
|
|
|
|
|
|
|
|||
Total store count
|
154
|
|
|
53
|
|
|
5
|
|
|
Canada
|
|
Mexico
|
||||||||
|
Best Buy
Stores |
|
Best Buy
Mobile Stores |
|
Best Buy
Stores |
|
Best Buy Express Stores
|
||||
Owned store locations
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Leased store locations
|
131
|
|
|
53
|
|
|
20
|
|
|
5
|
|
|
|
|
Square Footage (in thousands)
|
|
|
|
Square Footage (in thousands)
|
||||||||
|
Distribution Centers
|
|
Leased
|
|
Owned
|
|
Principal Corporate Offices
|
|
Leased
|
|
Owned
|
||||
Canada
|
Brampton, Ontario
|
|
1,057
|
|
|
—
|
|
|
Burnaby, British Columbia
|
|
141
|
|
|
—
|
|
|
Vancouver, British Columbia
|
|
439
|
|
|
—
|
|
|
|
|
|
|
|
||
Mexico
|
Estado de Mexico, Mexico
|
|
89
|
|
|
—
|
|
|
Distrito Federal, Mexico
|
|
32
|
|
|
—
|
|
Name
|
|
Age
|
|
Position With the Company
|
|
Years
With the
Company
|
Hubert Joly
|
|
57
|
|
Chairman and Chief Executive Officer
|
|
4
|
Corie Barry
|
|
42
|
|
Chief Financial Officer
|
|
17
|
Paula F. Baker
|
|
49
|
|
Chief Human Resources Officer
|
|
13
|
Shari L. Ballard
|
|
50
|
|
President, Multi-channel Retail and Operations
|
|
24
|
R. Michael (Mike) Mohan
|
|
49
|
|
Chief Merchandising and Marketing Officer
|
|
13
|
Keith J. Nelsen
|
|
53
|
|
General Counsel and Secretary
|
|
11
|
Asheesh Saksena
|
|
52
|
|
Chief Strategic Growth Officer
|
|
1
|
Trish Walker
|
|
50
|
|
President, Services
|
|
1
|
Mathew R. Watson
|
|
46
|
|
Chief Accounting Officer
|
|
11
|
|
Sales Price
|
|
Dividends Declared and Paid
|
||||||||||||||||||||
|
Fiscal 2017
|
|
Fiscal 2016
|
|
Fiscal Year
|
||||||||||||||||||
|
High
|
|
Low
|
|
High
|
|
Low
|
|
2017
|
|
2016
|
||||||||||||
First Quarter
|
$
|
34.95
|
|
|
$
|
26.10
|
|
|
$
|
42.00
|
|
|
$
|
34.13
|
|
|
$
|
0.73
|
|
|
$
|
0.74
|
|
Second Quarter
|
33.63
|
|
|
28.76
|
|
|
37.18
|
|
|
31.68
|
|
|
0.28
|
|
|
0.23
|
|
||||||
Third Quarter
|
40.58
|
|
|
32.02
|
|
|
39.10
|
|
|
28.32
|
|
|
0.28
|
|
|
0.23
|
|
||||||
Fourth Quarter
|
49.40
|
|
|
37.10
|
|
|
36.51
|
|
|
25.31
|
|
|
0.28
|
|
|
0.23
|
|
Fiscal Period
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Program
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
(1)
|
||||||
Oct. 30, 2016 through Nov. 26, 2016
|
1,534,476
|
|
|
$
|
40.09
|
|
|
1,534,476
|
|
|
$
|
2,399,000,000
|
|
Nov. 27, 2016 through Dec. 31, 2016
|
1,705,027
|
|
|
$
|
46.13
|
|
|
1,705,027
|
|
|
$
|
2,321,000,000
|
|
Jan. 1, 2017 through Jan. 28, 2017
|
1,900,057
|
|
|
$
|
43.50
|
|
|
1,900,057
|
|
|
$
|
2,238,000,000
|
|
Total Fiscal 2017 Fourth Quarter
|
5,139,560
|
|
|
$
|
43.35
|
|
|
5,139,560
|
|
|
$
|
2,238,000,000
|
|
(1)
|
At the beginning of the fourth quarter of fiscal 2017, there was $2.5 billion available for share repurchases under our June 2011 $5.0 billion share repurchase program. The "Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program" reflects the $223 million we purchased in the fourth quarter of fiscal 2017 pursuant to such program. For additional information, see Note 7,
Shareholders' Equity
, of the Notes to the Consolidated Financial Statements included in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K.
|
Fiscal Year
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
||||||||||||
Best Buy Co., Inc.
|
$
|
100.00
|
|
|
$
|
68.66
|
|
|
$
|
102.94
|
|
|
$
|
157.58
|
|
|
$
|
129.90
|
|
|
$
|
211.63
|
|
S&P 500
|
100.00
|
|
|
111.94
|
|
|
136.02
|
|
|
155.37
|
|
|
154.34
|
|
|
185.27
|
|
||||||
S&P Retailing Group
|
100.00
|
|
|
123.88
|
|
|
156.39
|
|
|
188.05
|
|
|
221.02
|
|
|
261.85
|
|
|
|
12-Month
|
|
11-Month
|
||||||||||||||||
Fiscal Year
|
|
2017
(1)
|
|
2016
(2)
|
|
2015
(3)
|
|
2014
(4)
|
|
2013
(5)(6)
|
||||||||||
Consolidated Statements of Earnings Data
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue
|
|
$
|
39,403
|
|
|
$
|
39,528
|
|
|
$
|
40,339
|
|
|
$
|
40,611
|
|
|
$
|
38,252
|
|
Operating income
|
|
1,854
|
|
|
1,375
|
|
|
1,450
|
|
|
1,144
|
|
|
90
|
|
|||||
Net earnings (loss) from continuing operations
|
|
1,207
|
|
|
807
|
|
|
1,246
|
|
|
695
|
|
|
(259
|
)
|
|||||
Gain (loss) from discontinued operations
|
|
21
|
|
|
90
|
|
|
(11
|
)
|
|
(172
|
)
|
|
(161
|
)
|
|||||
Net earnings (loss) including noncontrolling interests
|
|
1,228
|
|
|
897
|
|
|
1,235
|
|
|
523
|
|
|
(420
|
)
|
|||||
Net earnings (loss) attributable to Best Buy Co., Inc. shareholders
|
|
1,228
|
|
|
897
|
|
|
1,233
|
|
|
532
|
|
|
(441
|
)
|
|||||
Per Share Data
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings (loss) from continuing operations
|
|
$
|
3.74
|
|
|
$
|
2.30
|
|
|
$
|
3.53
|
|
|
$
|
2.00
|
|
|
$
|
(0.76
|
)
|
Net gain (loss) from discontinued operations
|
|
0.07
|
|
|
0.26
|
|
|
(0.04
|
)
|
|
(0.47
|
)
|
|
(0.54
|
)
|
|||||
Net earnings (loss)
|
|
3.81
|
|
|
2.56
|
|
|
3.49
|
|
|
1.53
|
|
|
(1.30
|
)
|
|||||
Cash dividends declared and paid
|
|
1.57
|
|
|
1.43
|
|
|
0.72
|
|
|
0.68
|
|
|
0.66
|
|
|||||
Common stock price:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
High
|
|
49.40
|
|
|
42.00
|
|
|
40.03
|
|
|
44.66
|
|
|
27.95
|
|
|||||
Low
|
|
26.10
|
|
|
25.31
|
|
|
22.30
|
|
|
13.83
|
|
|
11.20
|
|
|||||
Operating Statistics
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Comparable sales gain (decline)
(7)
|
|
0.3
|
%
|
|
0.5
|
%
|
|
0.5
|
%
|
|
(1.0
|
)%
|
|
(2.7
|
)%
|
|||||
Gross profit rate
|
|
24.0
|
%
|
|
23.3
|
%
|
|
22.4
|
%
|
|
23.1
|
%
|
|
23.6
|
%
|
|||||
Selling, general and administrative expenses rate
|
|
19.2
|
%
|
|
19.3
|
%
|
|
18.8
|
%
|
|
20.0
|
%
|
|
20.7
|
%
|
|||||
Operating income rate
|
|
4.7
|
%
|
|
3.5
|
%
|
|
3.6
|
%
|
|
2.8
|
%
|
|
0.2
|
%
|
|||||
Year-End Data
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current ratio
(8)
|
|
1.5
|
|
|
1.4
|
|
|
1.5
|
|
|
1.4
|
|
|
1.1
|
|
|||||
Total assets
|
|
$
|
13,856
|
|
|
$
|
13,519
|
|
|
$
|
15,245
|
|
|
$
|
13,990
|
|
|
$
|
16,774
|
|
Debt, including current portion
|
|
1,365
|
|
|
1,734
|
|
|
1,613
|
|
|
1,647
|
|
|
2,290
|
|
|||||
Total equity
|
|
4,709
|
|
|
4,378
|
|
|
5,000
|
|
|
3,989
|
|
|
3,715
|
|
|||||
Number of stores
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic
|
|
1,363
|
|
|
1,415
|
|
|
1,448
|
|
|
1,495
|
|
|
1,503
|
|
|||||
International
|
|
212
|
|
|
216
|
|
|
283
|
|
|
284
|
|
|
276
|
|
|||||
Total
|
|
1,575
|
|
|
1,631
|
|
|
1,731
|
|
|
1,779
|
|
|
1,779
|
|
|||||
Retail square footage (000s)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic
|
|
40,828
|
|
|
41,216
|
|
|
41,716
|
|
|
42,051
|
|
|
42,232
|
|
|||||
International
|
|
4,511
|
|
|
4,543
|
|
|
6,470
|
|
|
6,636
|
|
|
6,613
|
|
|||||
Total
|
|
45,339
|
|
|
45,759
|
|
|
48,186
|
|
|
48,687
|
|
|
48,845
|
|
(1)
|
Included within net earnings (loss) from continuing operations and net earnings (loss) attributable to Best Buy Co., Inc. shareholders for fiscal 2017 includes $161 million ($100 million net of taxes) due to cathode ray tube (CRT) and LCD litigation settlements reached, net of related legal fees and costs. Settlements relate to products purchased and sold in prior fiscal years. Refer to Note 12,
Contingencies and Commitments
, in the Notes to the Consolidated Financial Statements included in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K.
|
(2)
|
Included within operating income and net earnings (loss) from continuing operations for fiscal 2016 is $201 million ($159 million net of taxes) of restructuring charges from continuing operations recorded in fiscal 2016 related to measures we took to restructure our business. Net earnings (loss) attributable to Best Buy Co., Inc. shareholders for fiscal 2016 includes restructuring charges (net of tax and noncontrolling interest) from continuing operations. Refer to Note 4,
Restructuring Charges
, in the Notes to the Consolidated Financial Statements included in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K.
|
(3)
|
Included within net earnings (loss) from continuing operations and net earnings (loss) attributable to Best Buy Co., Inc. shareholders for fiscal 2015 includes $353 million due to a discrete benefit related to reorganizing certain European legal entities.
|
(4)
|
Included within operating income and net earnings (loss) from continuing operations for fiscal 2014 is $149 million ($95 million net of taxes) of restructuring charges from continuing operations recorded in fiscal 2014 related to measures we took to restructure our business. Net earnings (loss) attributable to Best Buy Co., Inc. shareholders for fiscal 2014 includes restructuring charges (net of tax and noncontrolling interest) from continuing operations.
|
(5)
|
Fiscal 2013 (11-month) included 48 weeks. All other periods presented included 52 weeks.
|
(6)
|
Included within our operating income and net earnings (loss) from continuing operations for fiscal 2013 (11-month) is $415 million ($268 million net of taxes) of restructuring charges from continuing operations recorded in fiscal 2013 (11-month) related to measures we took to restructure our business. Also included in net earnings (loss) from continuing operations for fiscal 2013 (11-month) is $614 million (net of taxes) of goodwill impairment charges primarily related to Best Buy Canada. Included in gain (loss) from discontinued operations is $23 million (net of taxes) of restructuring charges primarily related to Best Buy Europe and $207 million (net of taxes) of goodwill impairment charges related to Five Star. Net earnings (loss) attributable to Best Buy Co., Inc. shareholders for fiscal 2013 (11-month) includes restructuring charges (net of tax and noncontrolling interest) from continuing operations and the net of tax goodwill impairment.
|
(7)
|
Our comparable sales calculation compares revenue from stores, websites and call centers operating for at least 14 full months, as well as revenue related to certain other comparable sales channels for a particular period to the corresponding period in the prior year. Relocated stores, as well as remodeled, expanded and downsized stores closed more than 14 days, are excluded from the comparable sales calculation until at least 14 full months after reopening. Acquisitions are included in the comparable sales calculation beginning with the first full quarter following the first anniversary of the date of the acquisition. The Canadian brand consolidation, which included the permanent closure of 66 Future Shop stores, the conversion of 65 Future Shop stores to Best Buy stores and the elimination of the Future Shop website, had a material impact on a year-over-year basis on the remaining Canadian retail stores and the website. As such, from the first quarter of fiscal 2016 through the third quarter of fiscal 2017, all Canadian store and website revenue was removed from the comparable sales base and the International segment no longer had a comparable metric. Therefore, Consolidated comparable sales equaled the Domestic segment comparable sales. Beginning in the fourth quarter of fiscal 2017, we resumed reporting International comparable sales as revenue in the International segment was once again deemed to be comparable and, as such, Consolidated comparable sales are once again equal to the aggregation of Domestic and International comparable sales.
|
(8)
|
The current ratio is calculated by dividing total current assets by total current liabilities.
|
•
|
Overview
|
•
|
Business Strategy
|
•
|
Best Buy 2020: Building the New Blue
|
•
|
Results of Operations
|
•
|
Liquidity and Capital Resources
|
•
|
Critical Accounting Estimates
|
•
|
New Accounting Pronouncements
|
1.
|
Build on our strong industry position and multi-channel capabilities to drive the existing business;
|
2.
|
Drive cost reduction and efficiencies; and
|
3.
|
Advance key initiatives to drive future growth and differentiation.
|
•
|
We believe we continued to gain market share in most of our product categories. We believe the total market for our product categories was down low-single digits in calendar 2016 and that our market share gains helped us offset the market decline;
|
•
|
We increased our Net Promoter Score by over 350 basis points;
|
•
|
We grew the Domestic segment online revenue with comparable sales of 20.8% in fiscal 2017;
|
•
|
The successful Canadian brand consolidation was the primary driver of operating income of $90 million in our International segment for fiscal 2017 compared to a loss of $210 million in fiscal 2016;
|
•
|
We continued to progress against our three-year target to reduce cost and optimize gross profit by $400 million and achieved $350 million cumulative savings by the end of fiscal 2017; these savings enable us to invest in customer experience improvements while maintaining near flat SG&A;
|
•
|
As for the third priority, fiscal 2017 was a year of exploration and experimentation, and we are continuing to test several concepts around the country that we believe have the potential to be compelling customer experiences; we expect to launch some of these concepts in fiscal 2018.
|
1.
|
Maximize the multi-channel retail business by continuing to enhance the customer experience, investing in growth of certain key product categories and developing broader and stickier customer relationships;
|
2.
|
Provide services and solutions that solve real customer needs and help us build deeper customer relationships - for example, by meeting the significant technical support needs of our customers and providing more complete solutions such as security monitoring and home automation services as well as the associated products; and
|
3.
|
Accelerate growth in our International segment, which consists of Canada and Mexico.
|
1.
|
Driving growth from the pillars described above; for example:
|
•
|
We will continue to innovate our digital capabilities to effectively help our customers in their shopping journey;
|
•
|
We will pursue growth around key product categories, including emerging product categories like connected home, appliances where we believe we can continue to grow revenue and mobile where we have the opportunity to return to growth by providing a more compelling experience to our customers;
|
•
|
We plan to expand our in-home advisor program ("IHA") to more markets. With our IHA program, customers receive a free in-home consultation with an experienced technology advisor who can identify their needs, design personalized solutions and become a personal resource over time;
|
•
|
We will continue to test new concepts around the country that have the potential to be compelling customer experiences. We have a pipeline of opportunities, some of which we will expect to expand later in fiscal 2018; and
|
•
|
We will pursue growth in our International segment by continuing to drive our online channel and by expanding the launch of the successful store remodels in Canada and opening nine new stores in Mexico over the next two years.
|
2.
|
The second priority is to improve our execution in key areas. We believe we continue to have significant opportunities from improving our sales effectiveness and proficiency, our supply chain for large product fulfillment and small package delivery and our services fulfillment capabilities.
|
3.
|
The third priority is to continue to reduce costs and drive efficiencies through the business. As stated previously, we have achieved $350 million of our current $400 million cost reduction target. We are working on the next phase of cost savings and will provide updates on the next goal once we complete our current program.
|
4.
|
The fourth priority is to build the capabilities necessary to deliver on the first three priorities, which will involve making investments in people and systems to drive growth, execution and efficiencies.
|
Consolidated Performance Summary
|
|
2017
|
|
2016
|
|
2015
|
||||||
Revenue
|
|
$
|
39,403
|
|
|
$
|
39,528
|
|
|
$
|
40,339
|
|
Revenue % decline
|
|
(0.3
|
)%
|
|
(2.0
|
)%
|
|
(0.7
|
)%
|
|||
Comparable sales % gain
(1)
|
|
0.3
|
%
|
|
0.5
|
%
|
|
0.5
|
%
|
|||
Comparable sales % gain (decline), excluding estimated impact of installment billing
(1)(2)
|
|
n/a
|
|
|
(0.1
|
)%
|
|
—
|
%
|
|||
Restructuring charges - cost of goods sold
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
—
|
|
Gross profit
|
|
$
|
9,440
|
|
|
$
|
9,191
|
|
|
$
|
9,047
|
|
Gross profit as a % of revenue
(3)
|
|
24.0
|
%
|
|
23.3
|
%
|
|
22.4
|
%
|
|||
SG&A
|
|
$
|
7,547
|
|
|
$
|
7,618
|
|
|
$
|
7,592
|
|
SG&A as a % of revenue
|
|
19.2
|
%
|
|
19.3
|
%
|
|
18.8
|
%
|
|||
Restructuring charges
|
|
$
|
39
|
|
|
$
|
198
|
|
|
$
|
5
|
|
Operating income
|
|
$
|
1,854
|
|
|
$
|
1,375
|
|
|
$
|
1,450
|
|
Operating income as a % of revenue
|
|
4.7
|
%
|
|
3.5
|
%
|
|
3.6
|
%
|
|||
Net earnings from continuing operations
|
|
$
|
1,207
|
|
|
$
|
807
|
|
|
$
|
1,246
|
|
Gain (loss) from discontinued operations
(4)
|
|
$
|
21
|
|
|
$
|
90
|
|
|
$
|
(13
|
)
|
Net earnings attributable to Best Buy Co., Inc. shareholders
|
|
$
|
1,228
|
|
|
$
|
897
|
|
|
$
|
1,233
|
|
Diluted earnings per share from continuing operations
|
|
$
|
3.74
|
|
|
$
|
2.30
|
|
|
$
|
3.53
|
|
Diluted earnings per share
|
|
$
|
3.81
|
|
|
$
|
2.56
|
|
|
$
|
3.49
|
|
(1)
|
The Canadian brand consolidation that was initiated in the first quarter of fiscal 2016 had a material impact on a year-over-year basis on the Canadian retail stores and website. As such, beginning in the first quarter of fiscal 2016 through the third quarter of fiscal 2017, all store and website revenue was removed from the comparable sales base, and an International segment (comprised of Canada and Mexico) comparable sales metric has not been provided. Therefore, Consolidated comparable sales for fiscal 2017 include revenue from continuing operations in the Domestic segment for the full year and the International segment for the fourth quarter only, and Consolidated comparable sales for fiscal 2016 equal the Domestic segment comparable sales.
|
(2)
|
Represents comparable sales, excluding the estimated revenue benefit from installment billing. In fiscal 2015, we began selling installment billing plans offered by mobile carriers to our customers to complement the more traditional two-year plans. While the two types of contracts have broadly similar overall economics, installment billing plans typically generate higher revenues due to higher proceeds for devices and higher cost of sales due to lower device subsidies. As we increased our mix of installment billing plans, we had an associated increase in revenue and cost of goods sold and a decrease in gross profit rate, with gross profit dollars relatively unaffected. This change in plan offer did not impact our International segment. Beginning in fiscal 2017, we no longer reported comparable sales, excluding the estimated revenue benefit from installment billing, as the mix of installment billing plans became comparable on a year-over-year basis.
|
(3)
|
Because retailers vary in how they record costs of operating their supply chain between cost of goods sold and SG&A, our gross profit rate and SG&A rate may not be comparable to other retailers' corresponding rates. For additional information regarding costs classified in cost of goods sold and SG&A, refer to Note 1,
Summary of Significant Accounting Policies
, of the Notes to Consolidated Financial Statements, included in Item 8,
Financial Statements and Supplementary Data
, of this Annual Report on Form 10-K.
|
(4)
|
Includes both gain (loss) from discontinued operations and net earnings from discontinued operations attributable to noncontrolling interests.
|
Impact of foreign currency exchange rate fluctuations
|
(0.2
|
)%
|
Non-comparable sales
(1)
|
(0.3
|
)%
|
Comparable sales impact
|
0.2
|
%
|
Total revenue decrease
|
(0.3
|
)%
|
(1)
|
Non-comparable sales reflects the impact of revenue in our International segment for the first through third quarters of fiscal 2017, net store opening and closing activity, as well as, the impact of revenue streams not included within our comparable sales calculation, such as profit share revenue, certain credit card revenue, gift card breakage and sales of merchandise to wholesalers and dealers, as applicable.
|
Impact of foreign currency exchange rate fluctuations
|
(1.3
|
)%
|
Non-comparable sales
(1)
|
(1.1
|
)%
|
Comparable sales impact
|
0.4
|
%
|
Total revenue decrease
|
(2.0
|
)%
|
(1)
|
Non-comparable sales reflects the impact of revenue in our International segment, net store opening and closing activity, as well as, the impact of revenue streams not included within our comparable sales calculation, such as profit share revenue, certain credit card revenue, gift card breakage and sales of merchandise to wholesalers and dealers, as applicable.
|
Domestic Segment Performance Summary
|
|
2017
|
|
2016
|
|
2015
|
||||||
Revenue
|
|
$
|
36,248
|
|
|
$
|
36,365
|
|
|
$
|
36,055
|
|
Revenue % gain (decline)
|
|
(0.3
|
)%
|
|
0.9
|
%
|
|
0.6
|
%
|
|||
Comparable sales % gain
(1)
|
|
0.2
|
%
|
|
0.5
|
%
|
|
1.0
|
%
|
|||
Comparable sales % gain (decline), excluding the estimated impact of installment billing
(1)(2)
|
|
n/a
|
|
|
(0.1
|
)%
|
|
0.5
|
%
|
|||
Gross profit
|
|
$
|
8,650
|
|
|
$
|
8,484
|
|
|
$
|
8,080
|
|
Gross profit as % of revenue
|
|
23.9
|
%
|
|
23.3
|
%
|
|
22.4
|
%
|
|||
SG&A
|
|
$
|
6,855
|
|
|
$
|
6,897
|
|
|
$
|
6,639
|
|
SG&A as % of revenue
|
|
18.9
|
%
|
|
19.0
|
%
|
|
18.4
|
%
|
|||
Restructuring charges
|
|
$
|
31
|
|
|
$
|
2
|
|
|
$
|
4
|
|
Operating income
|
|
$
|
1,764
|
|
|
$
|
1,585
|
|
|
$
|
1,437
|
|
Operating income as % of revenue
|
|
4.9
|
%
|
|
4.4
|
%
|
|
4.0
|
%
|
|||
|
|
|
|
|
|
|
||||||
Selected Online Revenue Data:
|
|
|
|
|
|
|
||||||
Online revenue as a % of total segment revenue
|
|
13.4
|
%
|
|
11.0
|
%
|
|
9.8
|
%
|
|||
Comparable online sales % gain
(1)
|
|
20.8
|
%
|
|
13.5
|
%
|
|
16.7
|
%
|
(1)
|
Comparable online sales gain is included in the total comparable sales gain (decline).
|
(2)
|
Represents comparable sales, excluding the estimated revenue benefit from installment billing. In fiscal 2015, we began selling installment billing plans offered by mobile carriers to our customers to complement the more traditional two-year plans. While the two types of contracts have broadly similar overall economics, installment billing plans typically generate higher revenues due to higher proceeds for devices and higher cost of sales due to lower device subsidies. As we increased our mix of installment billing plans, we had an associated increase in revenue and cost of goods sold and a decrease in gross profit rate, with gross profit dollars relatively unaffected. Beginning in fiscal 2017, we no longer reported comparable sales, excluding the estimated revenue benefit from installment billing, as the mix of installment billing plans became comparable on a year-over-year basis.
|
|
Fiscal 2015
|
|
Fiscal 2016
|
|
Fiscal 2017
|
|||||||||||||||
|
Total Stores
at End of
Fiscal Year
|
|
Stores
Opened
|
|
Stores
Closed
|
|
Total Stores
at End of
Fiscal Year
|
|
Stores
Opened
|
|
Stores
Closed
|
|
Total Stores
at End of
Fiscal Year
|
|||||||
Best Buy
|
1,050
|
|
|
—
|
|
|
(13
|
)
|
|
1,037
|
|
|
—
|
|
|
(11
|
)
|
|
1,026
|
|
Best Buy Mobile stand-alone
|
367
|
|
|
—
|
|
|
(17
|
)
|
|
350
|
|
|
—
|
|
|
(41
|
)
|
|
309
|
|
Pacific Sales
|
29
|
|
|
—
|
|
|
(1
|
)
|
|
28
|
|
|
—
|
|
|
—
|
|
|
28
|
|
Magnolia Audio Video
|
2
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total Domestic segment stores
|
1,448
|
|
|
—
|
|
|
(33
|
)
|
|
1,415
|
|
|
—
|
|
|
(52
|
)
|
|
1,363
|
|
Comparable sales impact
|
0.2
|
%
|
Non-comparable sales
(1)
|
(0.5
|
)%
|
Total revenue decrease
|
(0.3
|
)%
|
(1)
|
Non-comparable sales reflects the impact of net store opening and closing activity, as well as the impact of revenue streams not included within our comparable sales calculation, such as profit share revenue, credit card revenue, gift card breakage, commercial sales and sales of merchandise to wholesalers and dealers.
|
|
Revenue Mix Summary
|
|
Comparable Sales Summary
|
||||||||
|
Year Ended
|
|
Year Ended
|
||||||||
|
January 28, 2017
|
|
January 30, 2016
|
|
January 28, 2017
|
|
January 30, 2016
|
||||
Consumer Electronics
|
34
|
%
|
|
32
|
%
|
|
5.0
|
%
|
|
4.7
|
%
|
Computing and Mobile Phones
|
45
|
%
|
|
46
|
%
|
|
(1.8
|
)%
|
|
(2.6
|
)%
|
Entertainment
|
7
|
%
|
|
8
|
%
|
|
(13.8
|
)%
|
|
(3.6
|
)%
|
Appliances
|
9
|
%
|
|
8
|
%
|
|
7.8
|
%
|
|
15.4
|
%
|
Services
|
5
|
%
|
|
5
|
%
|
|
(3.3
|
)%
|
|
(11.6
|
)%
|
Other
|
—
|
%
|
|
1
|
%
|
|
n/a
|
|
|
n/a
|
|
Total
|
100
|
%
|
|
100
|
%
|
|
0.2
|
%
|
|
0.5
|
%
|
•
|
Consumer Electronics:
The
5.0%
comparable sales increase was primarily due to an increase in the sales of connected home products, streaming devices and large screen televisions.
|
•
|
Computing and Mobile Phones:
The
1.8%
comparable sales decline was primarily due to continued industry declines in tablets and product constraints in, and to a lesser effect, lower sales of mobile phones. This decline was partially offset by an increase in the sale of computers.
|
•
|
Entertainment:
The
13.8%
comparable sales decrease was driven by declines in gaming, music and movies due to continued industry declines.
|
•
|
Appliances:
The
7.8%
comparable sales gain was a result of continued growth in both large and small appliance sales.
|
•
|
Services:
The
3.3%
comparable sales decline was primarily due to lower reimbursement revenue from our third party underwriter on extended protection plan claims. This trend, which primarily related to mobile phones, was a reflection of changes to the design of our extended protection plans in fiscal 2016, improvements to our repair and fulfillment operations and industry trends.
|
Comparable sales impact
|
0.5
|
%
|
Non-comparable sales
(1)
|
0.4
|
%
|
Total revenue increase
|
0.9
|
%
|
(1)
|
Non-comparable sales reflects the impact of revenue streams not included within our comparable sales calculation, such as credit card revenue, gift card breakage, commercial sales and sales of merchandise to wholesalers and dealers.
|
|
Revenue Mix Summary
|
|
Comparable Sales Summary
|
||||||||
|
Year Ended
|
|
Year Ended
|
||||||||
|
January 30, 2016
|
|
January 31, 2015
|
|
January 30, 2016
|
|
January 31, 2015
|
||||
Consumer Electronics
|
32
|
%
|
|
31
|
%
|
|
4.7
|
%
|
|
3.7
|
%
|
Computing and Mobile Phones
|
46
|
%
|
|
47
|
%
|
|
(2.6
|
)%
|
|
(0.6
|
)%
|
Entertainment
|
8
|
%
|
|
9
|
%
|
|
(3.6
|
)%
|
|
4.5
|
%
|
Appliances
|
8
|
%
|
|
7
|
%
|
|
15.4
|
%
|
|
7.5
|
%
|
Services
|
5
|
%
|
|
5
|
%
|
|
(11.6
|
)%
|
|
(11.1
|
)%
|
Other
|
1
|
%
|
|
1
|
%
|
|
n/a
|
|
|
n/a
|
|
Total
|
100
|
%
|
|
100
|
%
|
|
0.5
|
%
|
|
1.0
|
%
|
•
|
Consumer Electronics:
The
4.7%
comparable sales increase was primarily due to an increase in the sales of large screen televisions, the expansion of Magnolia Design Center stores-within-a-store, and expanded assortment of streaming devices. This increase was partially offset by industry declines in point and shoot cameras and lower sales in small and mid-size televisions.
|
•
|
Computing and Mobile Phones:
The
2.6%
comparable sales decline was primarily due to continued industry declines in tablets and to a lesser extent lower demand for mobile phones.
|
•
|
Entertainment:
The
3.6%
comparable sales decrease was driven by declines in music and movies due to continued industry declines as well as declines in gaming hardware.
|
•
|
Appliances:
The
15.4%
comparable sales gain was a result of continued growth in major appliances sales as well as the expansion of Pacific Kitchen & Home stores-within-a-store.
|
•
|
Services:
The
11.6%
comparable sales decline was primarily due to lower repair revenue from extended protection plan claims. This trend, which primarily related to mobile phones, was a reflection of changes to the design of our extended protection plans, improvements to our repair and fulfillment operations and industry trends.
|
International Segment Performance Summary
|
|
2017
|
|
2016
|
|
2015
|
||||||
Revenue
|
|
$
|
3,155
|
|
|
$
|
3,163
|
|
|
$
|
4,284
|
|
Revenue decline %
|
|
(0.3
|
)%
|
|
(26.2
|
)%
|
|
(10.4
|
)%
|
|||
Comparable sales % decline
(1)
|
|
n/a
|
|
|
n/a
|
|
|
(3.5
|
)%
|
|||
Restructuring charges - cost of goods sold
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
—
|
|
Gross profit
|
|
$
|
790
|
|
|
$
|
707
|
|
|
$
|
967
|
|
Gross profit as % of revenue
|
|
25.0
|
%
|
|
22.4
|
%
|
|
22.6
|
%
|
|||
SG&A
|
|
$
|
692
|
|
|
$
|
721
|
|
|
$
|
953
|
|
SG&A as % of revenue
|
|
21.9
|
%
|
|
22.8
|
%
|
|
22.2
|
%
|
|||
Restructuring charges
|
|
$
|
8
|
|
|
$
|
196
|
|
|
$
|
1
|
|
Operating income (loss)
|
|
$
|
90
|
|
|
$
|
(210
|
)
|
|
$
|
13
|
|
Operating income (loss) as % of revenue
|
|
2.9
|
%
|
|
(6.6
|
)%
|
|
0.3
|
%
|
(1)
|
The Canadian brand consolidation has a material impact on a year-over-year basis on the Canadian retail stores and the website. As such, beginning in the first quarter of fiscal 2016 through the third quarter of fiscal 2017, all store and website revenue was removed from the comparable sales base, and an International segment (comprised of Canada and Mexico) comparable sales metric for the full year has not been provided. International comparable sales for the fourth quarter of fiscal 2017 was 0.9%.
|
|
Fiscal 2015
|
|
Fiscal 2016
|
|
Fiscal 2017
|
||||||||||||||||||
|
Total Stores
at End of Fiscal Year |
|
Stores
Opened |
|
Stores
Closed |
|
Stores Converted
|
|
Total Stores
at End of Fiscal Year |
|
Stores
Opened |
|
Stores
Closed |
|
Total Stores
at End of Fiscal Year |
||||||||
Canada
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Future Shop
|
133
|
|
|
—
|
|
|
(68
|
)
|
|
(65
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Best Buy
|
71
|
|
|
3
|
|
|
(3
|
)
|
|
65
|
|
|
136
|
|
|
—
|
|
|
(2
|
)
|
|
134
|
|
Best Buy Mobile
|
56
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56
|
|
|
1
|
|
|
(4
|
)
|
|
53
|
|
Mexico
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Best Buy
|
18
|
|
|
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
2
|
|
|
—
|
|
|
20
|
|
Express
|
5
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
(1
|
)
|
|
5
|
|
Total International segment stores
|
283
|
|
|
4
|
|
|
(71
|
)
|
|
—
|
|
|
216
|
|
|
3
|
|
|
(7
|
)
|
|
212
|
|
Non-comparable sales
(1)
|
1.8
|
%
|
Comparable sales impact
|
0.3
|
%
|
Impact of foreign currency exchange rate fluctuations
|
(2.4
|
)%
|
Total revenue decrease
|
(0.3
|
)%
|
(1)
|
Non-comparable sales reflects the impact of net store opening and closing activity, including the Canadian brand consolidation activity in the first three quarters of fiscal 2017, as well as the impact of revenue streams not included within our comparable sales calculation, such as certain credit card revenue, gift card breakage and sales of merchandise to wholesalers and dealers, as applicable.
|
|
Revenue Mix Summary
|
||||
|
Year Ended
|
||||
|
January 28, 2017
|
|
January 30, 2016
|
||
Consumer Electronics
|
31
|
%
|
|
31
|
%
|
Computing and Mobile Phones
|
48
|
%
|
|
48
|
%
|
Entertainment
|
7
|
%
|
|
9
|
%
|
Appliances
|
6
|
%
|
|
5
|
%
|
Services
|
7
|
%
|
|
6
|
%
|
Other
|
1
|
%
|
|
1
|
%
|
Total
|
100
|
%
|
|
100
|
%
|
Impact of foreign currency exchange rate fluctuations
|
(12.5
|
)%
|
Non-comparable sales
(1)
|
(13.7
|
)%
|
Total revenue decrease
|
(26.2
|
)%
|
(1)
|
Non-comparable sales reflects the impact of net store opening and closing activity, including the Canadian brand consolidation activity, as well as the impact of revenue streams not included within our comparable sales calculation, such as certain credit card revenue, gift card breakage and sales of merchandise to wholesalers and dealers, as applicable.
|
|
Revenue Mix Summary
|
||||
|
Year Ended
|
||||
|
January 30, 2016
|
|
January 31, 2015
|
||
Consumer Electronics
|
31
|
%
|
|
30
|
%
|
Computing and Mobile Phones
|
48
|
%
|
|
49
|
%
|
Entertainment
|
9
|
%
|
|
9
|
%
|
Appliances
|
5
|
%
|
|
5
|
%
|
Services
|
6
|
%
|
|
6
|
%
|
Other
|
1
|
%
|
|
1
|
%
|
Total
|
100
|
%
|
|
100
|
%
|
|
Fiscal Year
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Operating income
|
$
|
1,854
|
|
|
$
|
1,375
|
|
|
$
|
1,450
|
|
Net CRT/LCD settlements
(1)
|
(161
|
)
|
|
(77
|
)
|
|
—
|
|
|||
Restructuring charges - COGS
(2)
|
—
|
|
|
3
|
|
|
—
|
|
|||
Other Canada brand consolidation charges - SG&A
(3)
|
1
|
|
|
6
|
|
|
—
|
|
|||
Non-restructuring asset impairments - SG&A
(4)
|
26
|
|
|
61
|
|
|
42
|
|
|||
Restructuring charges
(2)
|
39
|
|
|
198
|
|
|
5
|
|
|||
Non-GAAP operating income
|
$
|
1,759
|
|
|
$
|
1,566
|
|
|
$
|
1,497
|
|
|
|
|
|
|
|
||||||
Income tax expense
|
$
|
609
|
|
|
$
|
503
|
|
|
$
|
141
|
|
Effective tax rate
|
33.5
|
%
|
|
38.4
|
%
|
|
10.1
|
%
|
|||
Income tax impact of Europe legal entity reorganization
(5)
|
—
|
|
|
—
|
|
|
353
|
|
|||
Income tax impact of Non-GAAP adjustments
(6)
|
(38
|
)
|
|
30
|
|
|
11
|
|
|||
Non-GAAP income tax expense
|
$
|
571
|
|
|
$
|
533
|
|
|
$
|
505
|
|
Non-GAAP effective tax rate
|
33.2
|
%
|
|
35.4
|
%
|
|
35.5
|
%
|
|||
|
|
|
|
|
|
||||||
Net earnings from continuing operations
|
$
|
1,207
|
|
|
$
|
807
|
|
|
$
|
1,246
|
|
Net CRT/LCD settlements
(1)
|
(161
|
)
|
|
(77
|
)
|
|
—
|
|
|||
Restructuring charges - COGS
(2)
|
—
|
|
|
3
|
|
|
—
|
|
|||
Other Canada brand consolidation charges - SG&A
(3)
|
1
|
|
|
6
|
|
|
—
|
|
|||
Non-restructuring asset impairments - SG&A
(4)
|
26
|
|
|
61
|
|
|
42
|
|
|||
Restructuring charges
(2)
|
39
|
|
|
198
|
|
|
5
|
|
|||
(Gain) loss on sale of investments
|
(2
|
)
|
|
5
|
|
|
(11
|
)
|
|||
Income tax impact of Europe legal entity reorganization
(5)
|
—
|
|
|
—
|
|
|
(353
|
)
|
|||
Income tax impact of Non-GAAP adjustments
(6)
|
38
|
|
|
(30
|
)
|
|
(11
|
)
|
|||
Non-GAAP net earnings from continuing operations
|
$
|
1,148
|
|
|
$
|
973
|
|
|
$
|
918
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share from continuing operations
|
$
|
3.74
|
|
|
$
|
2.30
|
|
|
$
|
3.53
|
|
Per share impact of net CRT/LCD settlements
(1)
|
(0.50
|
)
|
|
(0.22
|
)
|
|
—
|
|
|||
Per share impact of restructuring charges - COGS
(2)
|
—
|
|
|
0.01
|
|
|
—
|
|
|||
Per share impact of other Canada brand consolidation charges - SG&A
(3)
|
0.01
|
|
|
0.02
|
|
|
—
|
|
|||
Per share impact of non-restructuring asset impairments - SG&A
(4)
|
0.08
|
|
|
0.17
|
|
|
0.12
|
|
|||
Per share impact of restructuring charges
(2)
|
0.12
|
|
|
0.58
|
|
|
0.01
|
|
|||
Per share impact of (gain) loss on sale of investments
|
(0.01
|
)
|
|
0.01
|
|
|
(0.03
|
)
|
|||
Per share income tax effect of Europe legal entity reorganization
(5)
|
—
|
|
|
—
|
|
|
(1.00
|
)
|
|||
Per share income tax impact of Non-GAAP adjustments
(6)
|
0.12
|
|
|
(0.09
|
)
|
|
(0.03
|
)
|
|||
Non-GAAP diluted earnings per share from continuing operations
|
$
|
3.56
|
|
|
$
|
2.78
|
|
|
$
|
2.60
|
|
(1)
|
Represents cathode ray tube ("CRT") and LCD litigation settlements reached, net of related legal fees and costs. Settlements related to products purchased and sold in prior fiscal years. For the fiscal year ended January 28, 2017, the full balance related to the United States. For the fiscal year ended January 30, 2016, $75 million related to the United States and $2 million related to Canada. Refer to Note 12,
Contingencies and Commitments
, in the Notes to Consolidated Financial Statements, included in Item 8,
Financial Statements and Supplementary Data
, of this Annual Report on Form 10-K for further information.
|
(2)
|
Refer to Note 4,
Restructuring Charges
, in the Notes to Consolidated Financial Statements, included in Item 8,
Financial Statements and Supplementary Data
, of this Annual Report on Form 10-K for additional information regarding the nature of these charges. For the fiscal year ended January 28, 2017, $31 million related to the United States and $8 million related to Canada. For the fiscal year ended January 30, 2016, $2 million related to the United States and $199 million related to Canada. For the fiscal year ended January 31, 2015, $4 million related to the United States and $1 million related to Canada.
|
(3)
|
Represents charges related to the Canadian brand consolidation initiated in the first quarter of fiscal 2016, primarily due to retention bonuses and other store-related costs that were a direct result of the consolidation but did not qualify as restructuring charges.
|
(4)
|
Refer to Note 3,
Fair Value Measurements
, in the Notes to Consolidated Financial Statements, included in Item 8,
Financial Statements and Supplementary Data
, of this Annual Report on Form 10-K for additional information regarding the nature of these charges. For the fiscal year ended January 28, 2017, $24 million related to the United States and $2 million related to Canada. For the fiscal year ended January 30, 2016, $58 related to the United States and $3 million related to Canada. For the fiscal year ended January 31, 2015, $31 million related to the United States and $11 million related to Canada.
|
(5)
|
Represents the acceleration of a non-cash tax benefit of $353 million as a result of reorganizing certain European legal entities to simplify our overall structure in the first quarter of fiscal 2015.
|
(6)
|
Income tax impact of non-GAAP adjustments is the summation of the calculated income tax charge related to each non-GAAP non-income tax adjustment. The non-GAAP adjustments relate primarily to adjustments in the United States and Canada. As such, the income tax charge is calculated using the statutory rates of 38.0% for the United States and 26.4% for Canada, applied to the Non-GAAP adjustments of each country.
|
|
January 28, 2017
|
|
|
January 30, 2016
|
|
||
Cash and cash equivalents
|
$
|
2,240
|
|
|
$
|
1,976
|
|
Short-term investments
|
1,681
|
|
|
1,305
|
|
||
Total cash and cash equivalents and short-term investments
|
$
|
3,921
|
|
|
$
|
3,281
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Total cash provided by (used in):
|
|
|
|
|
|
||||||
Operating activities
|
$
|
2,545
|
|
|
$
|
1,322
|
|
|
$
|
1,935
|
|
Investing activities
|
(887
|
)
|
|
(419
|
)
|
|
(1,712
|
)
|
|||
Financing activities
|
(1,404
|
)
|
|
(1,515
|
)
|
|
(223
|
)
|
|||
Effect of exchange rate changes on cash
|
10
|
|
|
(38
|
)
|
|
(52
|
)
|
|||
Increase (decrease) in cash and cash equivalents
|
$
|
264
|
|
|
$
|
(650
|
)
|
|
$
|
(52
|
)
|
Rating Agency
|
|
Rating
|
|
Outlook
|
Standard & Poor's
|
|
BBB-
|
|
Stable
|
Moody's
|
|
Baa1
|
|
Stable
|
Fitch
|
|
BBB-
|
|
Stable
|
|
2017
|
|
2016
|
|
2015
|
||||||
New stores
|
$
|
3
|
|
|
$
|
5
|
|
|
$
|
3
|
|
Store-related projects
(1)
|
208
|
|
|
241
|
|
|
177
|
|
|||
E-commerce and information technology
|
371
|
|
|
390
|
|
|
355
|
|
|||
Other
|
—
|
|
|
13
|
|
|
16
|
|
|||
Total capital expenditures
(2)(3)
|
$
|
582
|
|
|
$
|
649
|
|
|
$
|
551
|
|
(1)
|
Includes store remodels and various merchandising projects.
|
(2)
|
Excludes
$10 million
for fiscal 2015 related to Five Star.
|
(3)
|
Total capital expenditures exclude non-cash capital expenditures of
$48 million
,
$92 million
and
$14 million
for fiscal
2017
, fiscal
2016
and
2015
, respectively. Non-cash capital expenditures are comprised of capitalized leases, as well as additions to property and equipment included in accounts payable.
|
|
2017
|
|
2016
(1)
|
|
2015
|
||||||
Total cost of shares repurchased
|
$
|
751
|
|
|
$
|
1,000
|
|
|
$
|
—
|
|
Average price per share
|
$
|
35.54
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Number of shares repurchased
|
21.1
|
|
|
32.8
|
|
—
|
|
(1)
|
Share repurchases included the use of an accelerated share repurchase contract. Refer to Note 7,
Shareholders' Equity
, of the Notes to Consolidated Financial Statements, included in Item 8,
Financial Statements and Supplementary Data
, of this Annual Report on Form 10-K for further information.
|
|
2017
|
|
2016
|
|
2015
|
||||||
Regular quarterly cash dividends per share
|
$
|
1.12
|
|
|
$
|
0.92
|
|
|
$
|
0.72
|
|
Special cash dividends per share
(1)
|
0.45
|
|
|
0.51
|
|
|
—
|
|
|||
Total cash dividends per share
|
$
|
1.57
|
|
|
$
|
1.43
|
|
|
$
|
0.72
|
|
|
|
|
|
|
|
||||||
Cash dividends declared and paid
|
$
|
505
|
|
|
$
|
499
|
|
|
$
|
251
|
|
(1)
|
Special cash dividends are authorized by our Board of Directors and issued upon their discretion. Dividend paid in fiscal 2017 related to the net after-tax proceeds from certain legal settlements and asset disposals, while the dividends paid in fiscal 2016 related to the net after-tax proceeds from LCD-related legal settlements.
|
Non-GAAP debt to EBITDAR =
|
Non-GAAP debt
|
|
Non-GAAP EBITDAR
|
|
|
2017
(1)
|
|
2016
(1)
|
||||
Debt (including current portion)
|
$
|
1,365
|
|
|
$
|
1,734
|
|
Capitalized operating lease obligations (5 times rental expense)
(2)
|
3,872
|
|
|
3,916
|
|
||
Non-GAAP debt
|
$
|
5,237
|
|
|
$
|
5,650
|
|
|
|
|
|
||||
Net earnings from continuing operations
|
$
|
1,207
|
|
|
$
|
807
|
|
Other income (expense) (including interest expense, net)
|
38
|
|
|
65
|
|
||
Income tax expense
|
609
|
|
|
503
|
|
||
Depreciation and amortization expense
|
654
|
|
|
656
|
|
||
Rental expense
|
774
|
|
|
783
|
|
||
Restructuring charges and other
(3)
|
65
|
|
|
263
|
|
||
Non-GAAP EBITDAR
|
$
|
3,347
|
|
|
$
|
3,077
|
|
|
|
|
|
||||
Debt to net earnings ratio
|
1.1
|
|
|
2.1
|
|
||
Non-GAAP debt to EBITDAR ratio
|
1.6
|
|
|
1.8
|
|
(1)
|
Debt is reflected as of the balance sheet dates for each of the respective fiscal periods, while rental expense and the other components of non-GAAP EBITDAR represent activity for the 12 months ended
January 28, 2017
and
January 30, 2016
.
|
(2)
|
The multiple of five times annual rental expense in the calculation of our capitalized operating lease obligations is the multiple used for the retail sector by one of the nationally recognized credit rating agencies that rate our creditworthiness, and we consider it to be an appropriate multiple for our lease portfolio. Historically, we used a capitalized lease multiple of eight times annual rent expense; however, due to changes in the average remaining lease life of our operating leases, we have lowered the multiple to five. The prior period calculation has been updated to reflect the use of the changes.
|
(3)
|
Includes the impact of restructuring charges and non-restructuring asset impairments. Refer to Note 3,
Fair Value Measurements
, and Note 4,
Restructuring Charges
, in the Notes to Consolidated Financial Statements, included in Item 8,
Financial Statements and Supplementary Data
, of this Annual Report on Form 10-K for additional information regarding the nature of these charges.
|
|
|
|
|
Payments Due by Period
|
||||||||||||||||
Contractual Obligations
|
|
Total
|
|
Less Than
1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
More Than
5 Years
|
||||||||||
Long-term debt obligations
(1)
|
|
$
|
1,150
|
|
|
$
|
—
|
|
|
$
|
500
|
|
|
$
|
650
|
|
|
$
|
—
|
|
Capital lease obligations
|
|
36
|
|
|
9
|
|
|
11
|
|
|
5
|
|
|
11
|
|
|||||
Financing lease obligations
|
|
226
|
|
|
46
|
|
|
76
|
|
|
48
|
|
|
56
|
|
|||||
Interest payments
(2)
|
|
192
|
|
|
60
|
|
|
87
|
|
|
45
|
|
|
—
|
|
|||||
Operating lease obligations
(3)
|
|
3,125
|
|
|
803
|
|
|
1,222
|
|
|
696
|
|
|
404
|
|
|||||
Purchase obligations
(4)
|
|
1,797
|
|
|
1,752
|
|
|
43
|
|
|
2
|
|
|
—
|
|
|||||
Unrecognized tax benefits
(5)
|
|
374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deferred compensation
(6)
|
|
31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total
|
|
$
|
6,931
|
|
|
$
|
2,670
|
|
|
$
|
1,939
|
|
|
$
|
1,446
|
|
|
$
|
471
|
|
(1)
|
Represents principal amounts only and excludes interest rate swap valuation adjustments.
|
(2)
|
Interest payments related to our 2018 Notes and 2021 Notes include the fixed interest rate payments for the balances not impacted by our interest rate swap and the variable interest rate payments for the balances included in our interest rate swap. For additional information refer to Note 6,
Derivative Instruments
, of the Notes to Consolidated Financial Statements, included in Item 8,
Financial Statements and Supplementary Data
, of this Annual Report on Form 10-K.
|
(3)
|
Operating lease obligations do not include payments to landlords covering real estate taxes and common area maintenance. These charges, if included, would increase total operating lease obligations by $1.0 billion at
January 28, 2017
.
|
(4)
|
Purchase obligations include agreements to purchase goods or services that are enforceable, are legally binding and specify all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. Purchase obligations do not include agreements that are cancelable without penalty. Additionally, although they are not legally binding agreements, we included open purchase orders in the table above. Substantially all open purchase orders are fulfilled within 30 days.
|
(5)
|
Unrecognized tax benefits relate to uncertain tax positions. As we are not able to reasonably estimate the timing of the payments or the amount by which the liability will increase or decrease over time, the related balances have not been reflected in the "Payments Due by Period" section of the table.
|
(6)
|
Included in long-term liabilities on our Consolidated Balance Sheet at
January 28, 2017
, was a $
31 million
obligation for deferred compensation. As the specific payment dates for the deferred compensation are unknown, the related balances have not been reflected in the "Payments Due by Period" section of the table.
|
(1)
|
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect our transactions and the dispositions of our assets;
|
(2)
|
Provide reasonable assurance that our transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP and that our receipts and expenditures are being made only in accordance with authorizations of our management and Board; and
|
(3)
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.
|
|
|
|
Hubert Joly
Chairman and Chief Executive Officer
(duly authorized and principal executive officer)
|
|
Corie Barry
Chief Financial Officer
(duly authorized and principal financial officer)
|
|
|
January 28, 2017
|
|
January 30, 2016
|
||||
Assets
|
|
|
|
|
||||
Current Assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
2,240
|
|
|
$
|
1,976
|
|
Short-term investments
|
|
1,681
|
|
|
1,305
|
|
||
Receivables, net
|
|
1,347
|
|
|
1,162
|
|
||
Merchandise inventories
|
|
4,864
|
|
|
5,051
|
|
||
Other current assets
|
|
384
|
|
|
392
|
|
||
Total current assets
|
|
10,516
|
|
|
9,886
|
|
||
Property and Equipment
|
|
|
|
|
||||
Land and buildings
|
|
618
|
|
|
613
|
|
||
Leasehold improvements
|
|
2,227
|
|
|
2,220
|
|
||
Fixtures and equipment
|
|
4,998
|
|
|
5,002
|
|
||
Property under capital and financing leases
|
|
300
|
|
|
272
|
|
||
|
|
8,143
|
|
|
8,107
|
|
||
Less accumulated depreciation
|
|
5,850
|
|
|
5,761
|
|
||
Net property and equipment
|
|
2,293
|
|
|
2,346
|
|
||
Goodwill
|
|
425
|
|
|
425
|
|
||
Other Assets
|
|
622
|
|
|
831
|
|
||
Non-current assets held for sale
|
|
—
|
|
|
31
|
|
||
Total Assets
|
|
$
|
13,856
|
|
|
$
|
13,519
|
|
|
|
|
|
|
||||
Liabilities and Equity
|
|
|
|
|
||||
Current Liabilities
|
|
|
|
|
||||
Accounts payable
|
|
$
|
4,984
|
|
|
$
|
4,450
|
|
Unredeemed gift card liabilities
|
|
427
|
|
|
409
|
|
||
Deferred revenue
|
|
418
|
|
|
357
|
|
||
Accrued compensation and related expenses
|
|
358
|
|
|
384
|
|
||
Accrued liabilities
|
|
865
|
|
|
802
|
|
||
Accrued income taxes
|
|
26
|
|
|
128
|
|
||
Current portion of long-term debt
|
|
44
|
|
|
395
|
|
||
Total current liabilities
|
|
7,122
|
|
|
6,925
|
|
||
Long-Term Liabilities
|
|
704
|
|
|
877
|
|
||
Long-Term Debt
|
|
1,321
|
|
|
1,339
|
|
||
Contingencies and Commitments (Note 12)
|
|
|
|
|
||||
Equity
|
|
|
|
|
||||
Best Buy Co., Inc. Shareholders' Equity
|
|
|
|
|
||||
Preferred stock, $1.00 par value: Authorized — 400,000 shares; Issued and outstanding — none
|
|
—
|
|
|
—
|
|
||
Common stock, $0.10 par value: Authorized — 1.0 billion shares; Issued and outstanding — 311,108,000 and 323,779,000 shares, respectively
|
|
31
|
|
|
32
|
|
||
Prepaid share repurchase
|
|
—
|
|
|
(55
|
)
|
||
Additional paid-in capital
|
|
—
|
|
|
—
|
|
||
Retained earnings
|
|
4,399
|
|
|
4,130
|
|
||
Accumulated other comprehensive income
|
|
279
|
|
|
271
|
|
||
Total equity
|
|
4,709
|
|
|
4,378
|
|
||
Total Liabilities and Equity
|
|
$
|
13,856
|
|
|
$
|
13,519
|
|
Fiscal Years Ended
|
|
January 28, 2017
|
|
January 30, 2016
|
|
January 31, 2015
|
||||||
Revenue
|
|
$
|
39,403
|
|
|
$
|
39,528
|
|
|
$
|
40,339
|
|
Cost of goods sold
|
|
29,963
|
|
|
30,334
|
|
|
31,292
|
|
|||
Restructuring charges — cost of goods sold
|
|
—
|
|
|
3
|
|
|
—
|
|
|||
Gross profit
|
|
9,440
|
|
|
9,191
|
|
|
9,047
|
|
|||
Selling, general and administrative expenses
|
|
7,547
|
|
|
7,618
|
|
|
7,592
|
|
|||
Restructuring charges
|
|
39
|
|
|
198
|
|
|
5
|
|
|||
Operating income
|
|
1,854
|
|
|
1,375
|
|
|
1,450
|
|
|||
Other income (expense)
|
|
|
|
|
|
|
||||||
Gain on sale of investments
|
|
3
|
|
|
2
|
|
|
13
|
|
|||
Investment income and other
|
|
31
|
|
|
13
|
|
|
14
|
|
|||
Interest expense
|
|
(72
|
)
|
|
(80
|
)
|
|
(90
|
)
|
|||
Earnings from continuing operations before income tax expense
|
|
1,816
|
|
|
1,310
|
|
|
1,387
|
|
|||
Income tax expense
|
|
609
|
|
|
503
|
|
|
141
|
|
|||
Net earnings from continuing operations
|
|
1,207
|
|
|
807
|
|
|
1,246
|
|
|||
Gain (loss) from discontinued operations (Note 2), net of tax expense of $7, $1 and $0
|
|
21
|
|
|
90
|
|
|
(11
|
)
|
|||
Net earnings including noncontrolling interests
|
|
1,228
|
|
|
897
|
|
|
1,235
|
|
|||
Net earnings from discontinued operations attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|||
Net earnings attributable to Best Buy Co., Inc. shareholders
|
|
$
|
1,228
|
|
|
$
|
897
|
|
|
$
|
1,233
|
|
|
|
|
|
|
|
|
||||||
Basic earnings (loss) per share attributable to Best Buy Co., Inc. shareholders
|
|
|
|
|
|
|
||||||
Continuing operations
|
|
$
|
3.79
|
|
|
$
|
2.33
|
|
|
$
|
3.57
|
|
Discontinued operations
|
|
0.07
|
|
|
0.26
|
|
|
(0.04
|
)
|
|||
Basic earnings per share
|
|
$
|
3.86
|
|
|
$
|
2.59
|
|
|
$
|
3.53
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings (loss) per share attributable to Best Buy Co., Inc. shareholders
|
|
|
|
|
|
|
||||||
Continuing operations
|
|
$
|
3.74
|
|
|
$
|
2.30
|
|
|
$
|
3.53
|
|
Discontinued operations
|
|
0.07
|
|
|
0.26
|
|
|
(0.04
|
)
|
|||
Diluted earnings per share
|
|
$
|
3.81
|
|
|
$
|
2.56
|
|
|
$
|
3.49
|
|
|
|
|
|
|
|
|
||||||
Weighted-average common shares outstanding
|
|
|
|
|
|
|
||||||
Basic
|
|
318.5
|
|
|
346.5
|
|
|
349.5
|
|
|||
Diluted
|
|
322.6
|
|
|
350.7
|
|
|
353.6
|
|
Fiscal Years Ended
|
|
January 28, 2017
|
|
January 30, 2016
|
|
January 31, 2015
|
||||||
Net earnings including noncontrolling interests
|
|
$
|
1,228
|
|
|
$
|
897
|
|
|
$
|
1,235
|
|
Foreign currency translation adjustments
|
|
10
|
|
|
(44
|
)
|
|
(103
|
)
|
|||
Unrealized loss on available-for-sale investments
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|||
Reclassification of foreign currency translations adjustments into earnings due to sale of business
|
|
(2
|
)
|
|
(67
|
)
|
|
—
|
|
|||
Reclassification of gains on available-for-sale investments into earnings
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|||
Comprehensive income including noncontrolling interests
|
|
1,236
|
|
|
786
|
|
|
1,125
|
|
|||
Comprehensive income attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|||
Comprehensive income attributable to Best Buy Co., Inc. shareholders
|
|
$
|
1,236
|
|
|
$
|
786
|
|
|
$
|
1,123
|
|
Fiscal Years Ended
|
|
January 28, 2017
|
|
January 30, 2016
|
|
January 31, 2015
|
||||||
Operating Activities
|
|
|
|
|
|
|
|
|||||
Net earnings including noncontrolling interests
|
|
$
|
1,228
|
|
|
$
|
897
|
|
|
$
|
1,235
|
|
Adjustments to reconcile net earnings to total cash provided by operating activities:
|
|
|
|
|
|
|
||||||
Depreciation
|
|
654
|
|
|
657
|
|
|
656
|
|
|||
Restructuring charges
|
|
39
|
|
|
201
|
|
|
23
|
|
|||
Gain on sale of business
|
|
—
|
|
|
(99
|
)
|
|
(1
|
)
|
|||
Stock-based compensation
|
|
108
|
|
|
104
|
|
|
87
|
|
|||
Deferred income taxes
|
|
201
|
|
|
49
|
|
|
(297
|
)
|
|||
Other, net
|
|
(31
|
)
|
|
38
|
|
|
8
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
||||||
Receivables
|
|
(185
|
)
|
|
123
|
|
|
(19
|
)
|
|||
Merchandise inventories
|
|
193
|
|
|
86
|
|
|
(141
|
)
|
|||
Other assets
|
|
10
|
|
|
36
|
|
|
29
|
|
|||
Accounts payable
|
|
518
|
|
|
(536
|
)
|
|
434
|
|
|||
Other liabilities
|
|
23
|
|
|
(140
|
)
|
|
(164
|
)
|
|||
Income taxes
|
|
(213
|
)
|
|
(94
|
)
|
|
85
|
|
|||
Total cash provided by operating activities
|
|
2,545
|
|
|
1,322
|
|
|
1,935
|
|
|||
Investing Activities
|
|
|
|
|
|
|
||||||
Additions to property and equipment, net of $48, $92 and $14 of non-cash capital expenditures
|
|
(582
|
)
|
|
(649
|
)
|
|
(561
|
)
|
|||
Purchases of investments
|
|
(3,045
|
)
|
|
(2,281
|
)
|
|
(2,804
|
)
|
|||
Sales of investments
|
|
2,689
|
|
|
2,427
|
|
|
1,580
|
|
|||
Proceeds from sale of business, net of cash transferred
|
|
—
|
|
|
103
|
|
|
39
|
|
|||
Proceeds from property disposition
|
|
56
|
|
|
—
|
|
|
—
|
|
|||
Change in restricted assets
|
|
(8
|
)
|
|
(47
|
)
|
|
29
|
|
|||
Other, net
|
|
3
|
|
|
28
|
|
|
5
|
|
|||
Total cash used in investing activities
|
|
(887
|
)
|
|
(419
|
)
|
|
(1,712
|
)
|
|||
Financing Activities
|
|
|
|
|
|
|
||||||
Repurchase of common stock
|
|
(698
|
)
|
|
(1,000
|
)
|
|
—
|
|
|||
Prepayment of accelerated share repurchase
|
|
—
|
|
|
(55
|
)
|
|
—
|
|
|||
Issuance of common stock
|
|
171
|
|
|
47
|
|
|
50
|
|
|||
Dividends paid
|
|
(505
|
)
|
|
(499
|
)
|
|
(251
|
)
|
|||
Repayments of debt
|
|
(394
|
)
|
|
(28
|
)
|
|
(24
|
)
|
|||
Other, net
|
|
22
|
|
|
20
|
|
|
2
|
|
|||
Total cash used in financing activities
|
|
(1,404
|
)
|
|
(1,515
|
)
|
|
(223
|
)
|
|||
Effect of Exchange Rate Changes on Cash
|
|
10
|
|
|
(38
|
)
|
|
(52
|
)
|
|||
Increase (Decrease) in Cash and Cash Equivalents
|
|
264
|
|
|
(650
|
)
|
|
(52
|
)
|
|||
Cash and Cash Equivalents at Beginning of Period, excluding held for sale
|
|
1,976
|
|
|
2,432
|
|
|
2,678
|
|
|||
Cash and Cash Equivalents at Beginning of Period - held for sale
|
|
—
|
|
|
194
|
|
|
—
|
|
|||
Cash and Cash Equivalents at End of Period
|
|
2,240
|
|
|
1,976
|
|
|
2,626
|
|
|||
Cash and Cash Equivalents at End of Period - held for sale
|
|
—
|
|
|
—
|
|
|
(194
|
)
|
|||
Cash and Cash Equivalents at End of Period, excluding held for sale
|
|
$
|
2,240
|
|
|
$
|
1,976
|
|
|
$
|
2,432
|
|
|
|
|
|
|
|
|
||||||
Supplemental Disclosure of Cash Flow Information
|
|
|
|
|
|
|
||||||
Income taxes paid
|
|
$
|
628
|
|
|
$
|
550
|
|
|
$
|
355
|
|
Interest paid
|
|
76
|
|
|
77
|
|
|
81
|
|
|
Common
Shares
|
|
|
Common
Stock
|
|
|
Prepaid Share Repurchase
|
|
|
Additional
Paid-In
Capital
|
|
|
Retained
Earnings
|
|
|
Accumulated Other
Comprehensive
Income (Loss)
|
|
|
Total Best
Buy Co., Inc.
Shareholders'
Equity
|
|
|
Non
controlling
Interests
|
|
|
Total
Equity
|
|
||||||||
Balances at February 1, 2014
|
347
|
|
|
35
|
|
|
—
|
|
|
300
|
|
|
3,159
|
|
|
492
|
|
|
3,986
|
|
|
3
|
|
|
3,989
|
|
||||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,233
|
|
|
—
|
|
|
1,233
|
|
|
2
|
|
|
1,235
|
|
||||||||
Other comprehensive loss, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(103
|
)
|
|
(103
|
)
|
|
—
|
|
|
(103
|
)
|
||||||||
Unrealized losses on available-for-sale investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
||||||||
Reclassification of gains on available-for-sale investments into earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
||||||||
Issuance of common stock under employee stock purchase plan
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
87
|
|
|
—
|
|
|
—
|
|
|
87
|
|
|
—
|
|
|
87
|
|
||||||||
Restricted stock vested and stock options exercised
|
5
|
|
|
—
|
|
|
—
|
|
|
42
|
|
|
—
|
|
|
—
|
|
|
42
|
|
|
—
|
|
|
42
|
|
||||||||
Common stock dividends, $0.72 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(251
|
)
|
|
—
|
|
|
(251
|
)
|
|
—
|
|
|
(251
|
)
|
||||||||
Balances at January 31, 2015
|
352
|
|
|
35
|
|
|
—
|
|
|
437
|
|
|
4,141
|
|
|
382
|
|
|
4,995
|
|
|
5
|
|
|
5,000
|
|
||||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
897
|
|
|
—
|
|
|
897
|
|
|
—
|
|
|
897
|
|
||||||||
Other comprehensive loss, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(44
|
)
|
|
(44
|
)
|
|
—
|
|
|
(44
|
)
|
||||||||
Reclassification of foreign currency translation adjustments into earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(67
|
)
|
|
(67
|
)
|
|
—
|
|
|
(67
|
)
|
||||||||
Sale of noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
||||||||
Prepaid repurchase of common stock
|
—
|
|
|
—
|
|
|
(55
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(55
|
)
|
|
—
|
|
|
(55
|
)
|
||||||||
Issuance of common stock under employee stock purchase plan
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
104
|
|
|
—
|
|
|
—
|
|
|
104
|
|
|
—
|
|
|
104
|
|
||||||||
Restricted stock vested and stock options exercised
|
5
|
|
|
—
|
|
|
—
|
|
|
40
|
|
|
—
|
|
|
—
|
|
|
40
|
|
|
—
|
|
|
40
|
|
||||||||
Tax benefits from stock options exercised, restricted stock vesting and employee stock purchase plan
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||||
Common stock dividends, $1.43 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
(504
|
)
|
|
—
|
|
|
(501
|
)
|
|
—
|
|
|
(501
|
)
|
||||||||
Repurchase of common stock
|
(33
|
)
|
|
(3
|
)
|
|
—
|
|
|
(593
|
)
|
|
(404
|
)
|
|
—
|
|
|
(1,000
|
)
|
|
—
|
|
|
(1,000
|
)
|
||||||||
Balances at January 30, 2016
|
324
|
|
|
32
|
|
|
(55
|
)
|
|
—
|
|
|
4,130
|
|
|
271
|
|
|
4,378
|
|
|
—
|
|
|
4,378
|
|
||||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,228
|
|
|
—
|
|
|
1,228
|
|
|
—
|
|
|
1,228
|
|
||||||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
10
|
|
|
—
|
|
|
10
|
|
||||||||
Reclassification of foreign currency translation adjustments into earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
||||||||
Settlement of accelerated share repurchase
|
—
|
|
|
—
|
|
|
55
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55
|
|
|
—
|
|
|
55
|
|
||||||||
Issuance of common stock under employee stock purchase plan
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
108
|
|
|
—
|
|
|
—
|
|
|
108
|
|
|
—
|
|
|
108
|
|
||||||||
Restricted stock vested and stock options exercised
|
8
|
|
|
1
|
|
|
—
|
|
|
163
|
|
|
—
|
|
|
—
|
|
|
164
|
|
|
—
|
|
|
164
|
|
||||||||
Tax benefits from stock options exercised, restricted stock vesting and employee stock purchase plan
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
17
|
|
||||||||
Common stock dividends, $1.57 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(505
|
)
|
|
—
|
|
|
(505
|
)
|
|
—
|
|
|
(505
|
)
|
||||||||
Repurchase of common stock
|
(21
|
)
|
|
(2
|
)
|
|
—
|
|
|
(295
|
)
|
|
(454
|
)
|
|
—
|
|
|
(751
|
)
|
|
—
|
|
|
(751
|
)
|
||||||||
Balances at January 28, 2017
|
311
|
|
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,399
|
|
|
$
|
279
|
|
|
$
|
4,709
|
|
|
$
|
—
|
|
|
$
|
4,709
|
|
Asset
|
|
Life
(in years)
|
Buildings
|
|
5-35
|
Leasehold improvements
|
|
3-15
|
Fixtures and equipment
|
|
2-15
|
Property under capital and financing leases
|
|
4-5
|
|
Goodwill
|
|
Indefinite-Lived Tradenames
|
||||||||||||
|
Domestic
|
|
Domestic
|
|
International
|
|
Total
|
||||||||
Balances at February 1, 2014
|
$
|
425
|
|
|
$
|
19
|
|
|
$
|
82
|
|
|
$
|
101
|
|
Sale of business
(1)
|
—
|
|
|
—
|
|
|
(37
|
)
|
|
(37
|
)
|
||||
Impairments
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Changes in foreign currency exchange rates
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
||||
Balances at January 31, 2015
|
425
|
|
|
18
|
|
|
39
|
|
|
57
|
|
||||
Canada brand restructuring
(2)
|
—
|
|
|
—
|
|
|
(40
|
)
|
|
(40
|
)
|
||||
Changes in foreign currency exchange rates
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||
Balances at January 30, 2016
|
425
|
|
|
18
|
|
|
—
|
|
|
18
|
|
||||
Balances at January 28, 2017
|
$
|
425
|
|
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
18
|
|
(1)
|
Primarily represents the Five Star indefinite-lived tradenames classified as held for sale at January 31, 2015.
|
(2)
|
Represents the Future Shop tradename impaired as a result of the Canada brand restructuring in the first quarter of fiscal 2016. See Note 4,
Restructuring Charges
, for further discussion.
|
|
January 28, 2017
|
|
January 30, 2016
|
||||||||||||
|
Gross Carrying
Amount
|
|
Cumulative
Impairment
|
|
Gross Carrying
Amount
|
|
Cumulative
Impairment
|
||||||||
Goodwill
|
$
|
1,100
|
|
|
$
|
(675
|
)
|
|
$
|
1,100
|
|
|
$
|
(675
|
)
|
|
January 28, 2017
|
|
January 30, 2016
|
||||
Accrued liabilities
|
$
|
65
|
|
|
$
|
62
|
|
Long-term liabilities
|
63
|
|
|
54
|
|
||
Total
|
$
|
128
|
|
|
$
|
116
|
|
Cost of Goods Sold
|
||||
•
|
|
Total cost of products sold including:
|
||
|
|
—
|
|
Freight expenses associated with moving merchandise inventories from our vendors to our distribution centers;
|
|
|
—
|
|
Vendor allowances that are not a reimbursement of specific, incremental and identifiable costs; and
|
|
|
—
|
|
Cash discounts on payments to merchandise vendors;
|
•
|
|
Cost of services provided including:
|
||
|
|
—
|
|
Payroll and benefits costs for services employees; and
|
|
|
—
|
|
Cost of replacement parts and related freight expenses;
|
•
|
|
Physical inventory losses;
|
||
•
|
|
Markdowns;
|
||
•
|
|
Customer shipping and handling expenses;
|
||
•
|
|
Costs associated with operating our distribution network, including payroll and benefit costs, occupancy costs and depreciation; and
|
||
•
|
|
Freight expenses associated with moving merchandise inventories from our distribution centers to our retail stores.
|
SG&A
|
||||
•
|
|
Payroll and benefit costs for retail and corporate employees;
|
||
•
|
|
Occupancy and maintenance costs of retail, services and corporate facilities;
|
||
•
|
|
Depreciation and amortization related to retail, services and corporate assets;
|
||
•
|
|
Advertising costs;
|
||
•
|
|
Vendor allowances that are a reimbursement of specific, incremental and identifiable costs to promote a vendor's products;
|
||
•
|
|
Tender costs, including bank charges and costs associated with credit and debit card interchange fees;
|
||
•
|
|
Charitable contributions;
|
||
•
|
|
Outside and outsourced service fees;
|
||
•
|
|
Long-lived asset impairment charges; and
|
||
•
|
|
Other administrative costs, such as supplies, travel and lodging.
|
|
2017
|
|
2016
|
|
2015
|
||||||
Revenue
|
$
|
—
|
|
|
$
|
217
|
|
|
$
|
1,564
|
|
Restructuring charges
(1)
|
—
|
|
|
1
|
|
|
18
|
|
|||
Gain (loss) from discontinued operations before income tax expense
|
28
|
|
|
(8
|
)
|
|
(12
|
)
|
|||
Income tax expense
|
(7
|
)
|
|
(1
|
)
|
|
—
|
|
|||
Gain on sale of discontinued operations
|
—
|
|
|
99
|
|
|
1
|
|
|||
Net earnings (loss) from discontinued operations including noncontrolling interests
|
21
|
|
|
90
|
|
|
(11
|
)
|
|||
Net earnings from discontinued operations attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(2
|
)
|
|||
Net earnings (loss) from discontinued operations attributable to Best Buy Co., Inc. shareholders
|
$
|
21
|
|
|
$
|
90
|
|
|
$
|
(13
|
)
|
(1)
|
See Note 4,
Restructuring Charges
, for further discussion of the restructuring charges associated with discontinued operations.
|
•
|
Quoted prices for similar assets or liabilities in active markets;
|
•
|
Quoted prices for identical or similar assets in non-active markets;
|
•
|
Inputs other than quoted prices that are observable for the asset or liability; and
|
•
|
Inputs that are derived principally from or corroborated by other observable market data.
|
|
|
|
Fair Value at
|
||||||
|
Fair Value Hierarchy
|
|
January 28, 2017
|
|
January 30, 2016
|
||||
Assets
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
|
|
|
|
||||
Money market funds
|
Level 1
|
|
$
|
290
|
|
|
$
|
51
|
|
Commercial paper
|
Level 2
|
|
—
|
|
|
265
|
|
||
Time deposits
|
Level 2
|
|
15
|
|
|
306
|
|
||
Short-term investments
|
|
|
|
|
|
||||
Corporate bonds
|
Level 2
|
|
—
|
|
|
193
|
|
||
Commercial paper
|
Level 2
|
|
349
|
|
|
122
|
|
||
Time deposits
|
Level 2
|
|
1,332
|
|
|
990
|
|
||
Other current assets
|
|
|
|
|
|
||||
Money market funds
|
Level 1
|
|
7
|
|
|
—
|
|
||
Commercial paper
|
Level 2
|
|
60
|
|
|
—
|
|
||
Foreign currency derivative instruments
|
Level 2
|
|
2
|
|
|
18
|
|
||
Time deposits
|
Level 2
|
|
100
|
|
|
79
|
|
||
Other assets
|
|
|
|
|
|
||||
Interest rate swap derivative instruments
|
Level 2
|
|
13
|
|
|
25
|
|
||
Auction rate securities
|
Level 3
|
|
—
|
|
|
2
|
|
||
Marketable securities that fund deferred compensation
|
Level 1
|
|
96
|
|
|
96
|
|
||
Liabilities
|
|
|
|
|
|
||||
Accrued Liabilities
|
|
|
|
|
|
||||
Foreign currency derivative instruments
|
Level 2
|
|
3
|
|
|
1
|
|
|
2017
|
|
2016
|
||||||||||||
|
Impairments
|
|
Remaining Net
Carrying Value
(1)
|
|
Impairments
|
|
Remaining Net
Carrying Value
(1)
|
||||||||
Property and equipment (non-restructuring)
|
$
|
28
|
|
|
$
|
—
|
|
|
$
|
61
|
|
|
$
|
15
|
|
Restructuring activities
(2)
|
|
|
|
|
|
|
|
||||||||
Property and equipment
|
8
|
|
|
—
|
|
|
30
|
|
|
—
|
|
||||
Tradename
|
—
|
|
|
—
|
|
|
40
|
|
|
—
|
|
||||
Total
|
$
|
36
|
|
|
$
|
—
|
|
|
$
|
131
|
|
|
$
|
15
|
|
(1)
|
Remaining net carrying value approximates fair value. Because assets subject to long-lived asset impairment are not measured at fair value on a recurring basis, certain fair value measurements presented in the table may reflect values at earlier measurement dates and may no longer represent the fair values at January 28, 2017, and January 30, 2016.
|
(2)
|
See Note 4,
Restructuring Charges
, for additional information.
|
|
2017
|
|
2016
|
|
2015
|
||||||
Continuing operations
|
|
|
|
|
|
||||||
Renew Blue Phase 2
|
$
|
26
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Canadian brand consolidation
|
3
|
|
|
200
|
|
|
—
|
|
|||
Renew Blue
(1)
|
5
|
|
|
(2
|
)
|
|
11
|
|
|||
Other restructuring activities
(2)
|
5
|
|
|
3
|
|
|
(6
|
)
|
|||
Total continuing operations
|
39
|
|
|
201
|
|
|
5
|
|
|||
Discontinued operations
|
|
|
|
|
|
||||||
Renew Blue
(1)
|
—
|
|
|
—
|
|
|
18
|
|
|||
Total
|
$
|
39
|
|
|
$
|
201
|
|
|
$
|
23
|
|
|
Domestic
|
||
|
2017
|
||
Property and equipment impairments
|
$
|
8
|
|
Termination benefits
|
18
|
|
|
Total Renew Blue Phase 2 restructuring charges
|
$
|
26
|
|
|
Termination
Benefits
|
||
Balances at January 30, 2016
|
$
|
—
|
|
Charges
|
19
|
|
|
Cash payments
|
(17
|
)
|
|
Adjustments
|
(2
|
)
|
|
Balances at January 28, 2017
|
$
|
—
|
|
|
International
|
||||||||||
|
2017
|
|
2016
|
|
Cumulative Amount
|
||||||
Continuing operations
|
|
|
|
|
|
||||||
Inventory write-downs
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
3
|
|
Property and equipment impairments
|
—
|
|
|
30
|
|
|
30
|
|
|||
Tradename impairment
|
—
|
|
|
40
|
|
|
40
|
|
|||
Termination benefits
|
—
|
|
|
25
|
|
|
25
|
|
|||
Facility closure and other costs
|
3
|
|
|
102
|
|
|
105
|
|
|||
Total continuing operations
|
$
|
3
|
|
|
$
|
200
|
|
|
$
|
203
|
|
|
Termination
Benefits
|
|
Facility
Closure and
Other Costs
|
|
Total
|
||||||
Balances at January 31, 2015
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Charges
|
28
|
|
|
113
|
|
|
141
|
|
|||
Cash payments
|
(24
|
)
|
|
(47
|
)
|
|
(71
|
)
|
|||
Adjustments
(1)
|
(2
|
)
|
|
5
|
|
|
3
|
|
|||
Changes in foreign currency exchange rates
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|||
Balances at January 30, 2016
|
$
|
2
|
|
|
$
|
64
|
|
|
$
|
66
|
|
Charges
|
—
|
|
|
1
|
|
|
1
|
|
|||
Cash payments
|
(2
|
)
|
|
(37
|
)
|
|
(39
|
)
|
|||
Adjustments
(1)
|
—
|
|
|
2
|
|
|
2
|
|
|||
Changes in foreign currency exchange rates
|
—
|
|
|
4
|
|
|
4
|
|
|||
Balances at January 28, 2017
|
$
|
—
|
|
|
$
|
34
|
|
|
$
|
34
|
|
|
January 28, 2017
|
|
January 30, 2016
|
||||
2016 Notes
|
$
|
—
|
|
|
$
|
350
|
|
2018 Notes
|
500
|
|
|
500
|
|
||
2021 Notes
|
650
|
|
|
650
|
|
||
Interest rate swap valuation adjustments
|
13
|
|
|
25
|
|
||
Subtotal
|
1,163
|
|
|
1,525
|
|
||
Debt discounts and issuance costs
|
(5
|
)
|
|
(7
|
)
|
||
Financing lease obligations
|
177
|
|
|
178
|
|
||
Capital lease obligations
|
30
|
|
|
38
|
|
||
Total long-term debt
|
1,365
|
|
|
1,734
|
|
||
Less: current portion
|
(44
|
)
|
|
(395
|
)
|
||
Total long-term debt, less current portion
|
$
|
1,321
|
|
|
$
|
1,339
|
|
Fiscal Year
|
|
||
2018
|
$
|
—
|
|
2019
|
511
|
|
|
2020
|
—
|
|
|
2021
|
—
|
|
|
2022
|
652
|
|
|
Thereafter
|
—
|
|
|
Total long-term debt
|
$
|
1,163
|
|
|
January 28, 2017
|
|
January 30, 2016
|
||||||||||
Contract Type
|
Assets
|
Liabilities
|
|
Assets
|
Liabilities
|
||||||||
Derivatives designated as net investment hedges
(1)
|
$
|
2
|
|
$
|
2
|
|
|
$
|
15
|
|
$
|
1
|
|
Derivatives designated as interest rate swaps
(2)
|
13
|
|
—
|
|
|
25
|
|
—
|
|
||||
No hedge designation (foreign exchange forward contracts)
(1)
|
—
|
|
1
|
|
|
3
|
|
—
|
|
||||
Total
|
$
|
15
|
|
$
|
3
|
|
|
$
|
43
|
|
$
|
1
|
|
(1)
|
The fair value is recorded in other current assets or accrued liabilities.
|
(2)
|
The fair value is recorded in other assets or long-term liabilities.
|
|
2017
|
|
2016
|
||||||||||||
Contract Type
|
Pre-tax Gain (Loss) Recognized in OCI
|
|
Gain(Loss) Reclassified from Accumulated OCI to Earnings
(Effective Portion)
|
|
Pre-tax Gain (Loss) Recognized in OCI
|
|
Gain(Loss) Reclassified from Accumulated OCI to Earnings
(Effective Portion)
|
||||||||
Derivatives designated as net investment hedges
|
$
|
(14
|
)
|
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
Gain (Loss) Recognized within SG&A
|
||||||
Contract Type
|
2017
|
|
2016
|
||||
No hedge designation (foreign exchange forward contracts)
|
$
|
(3
|
)
|
|
$
|
4
|
|
|
Gain (Loss) Recognized within Interest Expense
|
||||||
Contract Type
|
2017
|
|
2016
|
||||
Interest rate swap gain (loss)
|
$
|
(12
|
)
|
|
$
|
23
|
|
Adjustments to carrying value of long-term debt
|
12
|
|
|
(23
|
)
|
||
Net impact on consolidated statement of earnings
|
$
|
—
|
|
|
$
|
—
|
|
|
Notional Amount
|
||||||
Contract Type
|
January 28, 2017
|
|
January 30, 2016
|
||||
Derivatives designated as net investment hedges
|
$
|
205
|
|
|
$
|
208
|
|
Derivatives designated as interest rate swaps
|
750
|
|
|
750
|
|
||
No hedge designation (foreign exchange forward contracts)
|
43
|
|
|
94
|
|
||
Total
|
$
|
998
|
|
|
$
|
1,052
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Stock options
|
$
|
9
|
|
|
$
|
15
|
|
|
$
|
17
|
|
Share awards
|
|
|
|
|
|
||||||
Market-based
|
15
|
|
|
16
|
|
|
10
|
|
|||
Performance-based
|
6
|
|
|
—
|
|
|
—
|
|
|||
Time-based
|
78
|
|
|
73
|
|
|
60
|
|
|||
Total
|
$
|
108
|
|
|
$
|
104
|
|
|
$
|
87
|
|
|
Stock
Options
|
|
Weighted-Average Exercise Price per Share
|
|
Weighted-Average Remaining Contractual Term
(in years)
|
|
Aggregate
Intrinsic Value
(in millions)
|
|||||
Outstanding at January 30, 2016
|
14,242,000
|
|
|
$
|
36.51
|
|
|
|
|
|
|
|
Granted
|
224,000
|
|
|
$
|
31.79
|
|
|
|
|
|
|
|
Exercised
|
(5,273,000
|
)
|
|
$
|
31.29
|
|
|
|
|
|
|
|
Forfeited/Canceled
|
(2,206,000
|
)
|
|
$
|
48.13
|
|
|
|
|
|
|
|
Outstanding at January 28, 2017
|
6,987,000
|
|
|
$
|
36.61
|
|
|
4.3
|
|
$
|
54
|
|
Vested or expected to vest at January 28, 2017
|
6,987,000
|
|
|
$
|
36.61
|
|
|
4.3
|
|
$
|
54
|
|
Exercisable at January 28, 2017
|
5,858,000
|
|
|
$
|
36.63
|
|
|
3.5
|
|
$
|
46
|
|
Valuation Assumptions
(1)
|
|
2017
|
|
2016
|
|
2015
|
|||
Risk-free interest rate
(2)
|
|
0.5% – 2.0%
|
|
|
0.1% – 2.1%
|
|
|
0.1% – 2.4%
|
|
Expected dividend yield
|
|
3.5
|
%
|
|
2.3
|
%
|
|
2.5
|
%
|
Expected stock price volatility
(3)
|
|
37
|
%
|
|
37
|
%
|
|
40
|
%
|
Expected life of stock options (in years)
(4)
|
|
6.0
|
|
|
6.0
|
|
|
6.0
|
|
(1)
|
Forfeitures are estimated using historical experience and projected employee turnover.
|
(2)
|
Based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected life of our stock options.
|
(3)
|
In projecting expected stock price volatility, we consider both the historical volatility of our stock price as well as implied volatilities from exchange-traded options on our stock.
|
(4)
|
We estimate the expected life of stock options based upon historical experience.
|
Market-Based Share Awards
|
|
Shares
|
|
Weighted-Average Fair Value per Share
|
|||
Outstanding at January 30, 2016
|
|
1,462,000
|
|
|
$
|
32.33
|
|
Granted
|
|
1,088,000
|
|
|
$
|
29.52
|
|
Vested
|
|
(781,000
|
)
|
|
$
|
26.84
|
|
Forfeited/Canceled
|
|
(217,000
|
)
|
|
$
|
33.27
|
|
Outstanding at January 28, 2017
|
|
1,552,000
|
|
|
$
|
32.99
|
|
Time-Based Share Awards
|
|
Shares
|
|
Weighted-Average Fair Value per Share
|
|||
Outstanding at January 30, 2016
|
|
5,103,000
|
|
|
$
|
31.89
|
|
Granted
|
|
2,979,000
|
|
|
$
|
30.68
|
|
Vested
|
|
(2,202,000
|
)
|
|
$
|
30.83
|
|
Forfeited/Canceled
|
|
(515,000
|
)
|
|
$
|
32.76
|
|
Outstanding at January 28, 2017
|
|
5,365,000
|
|
|
$
|
31.57
|
|
Performance-Based Share Awards
|
|
Shares
|
|
Weighted-Average Fair Value per Share
|
|||
Outstanding at January 30, 2016
|
|
—
|
|
|
$
|
—
|
|
Granted
|
|
513,000
|
|
|
$
|
29.08
|
|
Forfeited/Canceled
|
|
(75,000
|
)
|
|
$
|
29.66
|
|
Outstanding at January 28, 2017
|
|
438,000
|
|
|
$
|
28.98
|
|
|
Exercisable
|
|
Unexercisable
|
|
Total
|
||||||||||||||||||||||||
|
Shares
|
|
%
|
|
Weighted-
Average Price
per Share
|
|
Shares
|
|
%
|
|
Weighted-
Average Price
per Share
|
|
Shares
|
|
%
|
|
Weighted-
Average Price
per Share
|
||||||||||||
In-the-money
|
2.3
|
|
|
39
|
%
|
|
$
|
26.38
|
|
|
0.5
|
|
|
45
|
%
|
|
$
|
30.84
|
|
|
2.8
|
|
|
40
|
%
|
|
$
|
27.13
|
|
Out-of-the-money
|
3.6
|
|
|
61
|
%
|
|
$
|
43.45
|
|
|
0.6
|
|
|
55
|
%
|
|
$
|
40.66
|
|
|
4.2
|
|
|
60
|
%
|
|
$
|
43.01
|
|
Total
|
5.9
|
|
|
100
|
%
|
|
$
|
36.64
|
|
|
1.1
|
|
|
100
|
%
|
|
$
|
36.54
|
|
|
7.0
|
|
|
100
|
%
|
|
$
|
36.61
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Numerator (in millions):
|
|
|
|
|
|
||||||
Net earnings from continuing operations attributable to Best Buy Co., Inc., shareholders
|
$
|
1,207
|
|
|
$
|
807
|
|
|
$
|
1,246
|
|
Denominator (in millions):
|
|
|
|
|
|
||||||
Weighted-average common shares outstanding
|
318.5
|
|
|
346.5
|
|
|
349.5
|
|
|||
Effect of potentially dilutive securities:
|
|
|
|
|
|
||||||
Stock options and other
|
4.1
|
|
|
4.2
|
|
|
4.1
|
|
|||
Weighted-average common shares outstanding, assuming dilution
|
322.6
|
|
|
350.7
|
|
|
353.6
|
|
|||
Net earnings per share from continuing operations attributable to Best Buy Co., Inc. shareholders
|
|
|
|
|
|
||||||
Basic
|
$
|
3.79
|
|
|
$
|
2.33
|
|
|
$
|
3.57
|
|
Diluted
|
$
|
3.74
|
|
|
$
|
2.30
|
|
|
$
|
3.53
|
|
|
2017
|
|
2016
|
||||
Total cost of shares repurchased
|
|
|
|
||||
Open market
(1)
|
$
|
706
|
|
|
$
|
880
|
|
January 2016 ASR
|
45
|
|
|
120
|
|
||
Total
|
$
|
751
|
|
|
$
|
1,000
|
|
|
|
|
|
||||
Average price per share
|
|
|
|
||||
Open market
|
$
|
36.11
|
|
|
$
|
31.03
|
|
January 2016 ASR
|
$
|
28.55
|
|
|
$
|
27.28
|
|
Average
|
$
|
35.54
|
|
|
$
|
30.53
|
|
|
|
|
|
||||
Number of shares repurchased and retired
|
|
|
|
||||
Open market
(1)
|
19.5
|
|
|
28.4
|
|||
January 2016 ASR
|
1.6
|
|
|
4.4
|
|||
Total
|
21.1
|
|
|
32.8
|
(1)
|
As of
January 28, 2017
,
$8 million
, or
0.1 million
shares, in trades remained unsettled. The liability for unsettled trades is included in accrued liabilities in the Consolidated Balance Sheets.
|
|
Foreign Currency Translation
|
|
Available-For-Sale Investments
(1)
|
|
Total
|
||||||
Balances at February 1, 2014
|
$
|
485
|
|
|
$
|
7
|
|
|
$
|
492
|
|
Foreign currency translation adjustments
|
(103
|
)
|
|
—
|
|
|
(103
|
)
|
|||
Unrealized gains on available-for-sale investments
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|||
Reclassification of losses on available-for-sale investments into earnings
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
|||
Balances at January 31, 2015
|
382
|
|
|
—
|
|
|
382
|
|
|||
Foreign currency translation adjustments
|
(44
|
)
|
|
—
|
|
|
(44
|
)
|
|||
Reclassification of foreign currency translation adjustments into earnings due to sale of business
|
(67
|
)
|
|
—
|
|
|
(67
|
)
|
|||
Balances at January 30, 2016
|
271
|
|
|
—
|
|
|
271
|
|
|||
Foreign currency translation adjustments
|
10
|
|
|
—
|
|
|
10
|
|
|||
Reclassification of foreign currency translation adjustments into earnings
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|||
Balances at January 28, 2017
|
$
|
279
|
|
|
$
|
—
|
|
|
$
|
279
|
|
(1)
|
There were no material tax impacts to gains or losses on available-for-sale investments in the periods presented.
|
|
2017
|
|
2016
|
|
2015
|
||||||
Minimum rentals
|
$
|
789
|
|
|
$
|
797
|
|
|
$
|
848
|
|
Contingent rentals
|
1
|
|
|
1
|
|
|
2
|
|
|||
Total rent expense
|
790
|
|
|
798
|
|
|
850
|
|
|||
Less: sublease income
|
(16
|
)
|
|
(15
|
)
|
|
(18
|
)
|
|||
Net rent expense
|
$
|
774
|
|
|
$
|
783
|
|
|
$
|
832
|
|
Fiscal Year
|
|
Capital
Leases
|
|
Financing
Leases
|
|
Operating
Leases
(1)
|
||||||
2018
|
|
$
|
9
|
|
|
$
|
46
|
|
|
$
|
803
|
|
2019
|
|
7
|
|
|
41
|
|
|
676
|
|
|||
2020
|
|
4
|
|
|
35
|
|
|
546
|
|
|||
2021
|
|
3
|
|
|
28
|
|
|
411
|
|
|||
2022
|
|
2
|
|
|
20
|
|
|
285
|
|
|||
Thereafter
|
|
11
|
|
|
56
|
|
|
404
|
|
|||
Total minimum lease payments
|
|
36
|
|
|
226
|
|
|
$
|
3,125
|
|
||
Less amount representing interest
|
|
(6
|
)
|
|
(49
|
)
|
|
|
||||
Present value of minimum lease payments
|
|
30
|
|
|
177
|
|
|
|
||||
Less current maturities
|
|
(8
|
)
|
|
(36
|
)
|
|
|
|
|||
Present value of minimum lease payments, less current maturities
|
|
$
|
22
|
|
|
$
|
141
|
|
|
|
|
(1)
|
Operating lease obligations do not include payments to landlords covering real estate taxes and common area maintenance. These charges, if included, would increase total operating lease obligations by
$1.0 billion
at
January 28, 2017
.
|
|
2017
|
|
2016
|
|
2015
|
||||||
Federal income tax at the statutory rate
|
$
|
635
|
|
|
$
|
458
|
|
|
$
|
485
|
|
State income taxes, net of federal benefit
|
38
|
|
|
38
|
|
|
43
|
|
|||
(Benefit) expense from foreign operations
|
(46
|
)
|
|
5
|
|
|
(23
|
)
|
|||
Other
|
(18
|
)
|
|
2
|
|
|
(11
|
)
|
|||
Legal entity reorganization
|
—
|
|
|
—
|
|
|
(353
|
)
|
|||
Income tax expense
|
$
|
609
|
|
|
$
|
503
|
|
|
$
|
141
|
|
Effective income tax rate
|
33.5
|
%
|
|
38.4
|
%
|
|
10.1
|
%
|
|
2017
|
|
2016
|
|
2015
|
||||||
United States
|
$
|
1,507
|
|
|
$
|
1,310
|
|
|
$
|
1,201
|
|
Outside the United States
|
309
|
|
|
—
|
|
|
186
|
|
|||
Earnings from continuing operations before income tax expense
|
$
|
1,816
|
|
|
$
|
1,310
|
|
|
$
|
1,387
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
317
|
|
|
$
|
347
|
|
|
$
|
354
|
|
State
|
37
|
|
|
48
|
|
|
51
|
|
|||
Foreign
|
54
|
|
|
60
|
|
|
33
|
|
|||
|
408
|
|
|
455
|
|
|
438
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
163
|
|
|
65
|
|
|
(275
|
)
|
|||
State
|
21
|
|
|
10
|
|
|
(26
|
)
|
|||
Foreign
|
17
|
|
|
(27
|
)
|
|
4
|
|
|||
|
201
|
|
|
48
|
|
|
(297
|
)
|
|||
Income tax expense
|
$
|
609
|
|
|
$
|
503
|
|
|
$
|
141
|
|
|
January 28, 2017
|
|
January 30, 2016
|
||||
Accrued property expenses
|
$
|
91
|
|
|
$
|
175
|
|
Other accrued expenses
|
76
|
|
|
78
|
|
||
Deferred revenue
|
104
|
|
|
99
|
|
||
Compensation and benefits
|
43
|
|
|
99
|
|
||
Stock-based compensation
|
64
|
|
|
86
|
|
||
Goodwill and intangibles
|
210
|
|
|
253
|
|
||
Loss and credit carryforwards
|
123
|
|
|
133
|
|
||
Other
|
59
|
|
|
86
|
|
||
Total deferred tax assets
|
770
|
|
|
1,009
|
|
||
Valuation allowance
|
(94
|
)
|
|
(108
|
)
|
||
Total deferred tax assets after valuation allowance
|
676
|
|
|
901
|
|
||
Property and equipment
|
(240
|
)
|
|
(296
|
)
|
||
Inventory
|
(97
|
)
|
|
(69
|
)
|
||
Other
|
(22
|
)
|
|
(26
|
)
|
||
Total deferred tax liabilities
|
(359
|
)
|
|
(391
|
)
|
||
Net deferred tax assets
|
$
|
317
|
|
|
$
|
510
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Balance at beginning of period
|
$
|
469
|
|
|
$
|
410
|
|
|
$
|
370
|
|
Gross increases related to prior period tax positions
|
11
|
|
|
30
|
|
|
33
|
|
|||
Gross decreases related to prior period tax positions
|
(144
|
)
|
|
(13
|
)
|
|
(88
|
)
|
|||
Gross increases related to current period tax positions
|
55
|
|
|
59
|
|
|
114
|
|
|||
Settlements with taxing authorities
|
(12
|
)
|
|
(9
|
)
|
|
(9
|
)
|
|||
Lapse of statute of limitations
|
(5
|
)
|
|
(8
|
)
|
|
(10
|
)
|
|||
Balance at end of period
|
$
|
374
|
|
|
$
|
469
|
|
|
$
|
410
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Revenue
|
|
|
|
|
|
||||||
Domestic
|
$
|
36,248
|
|
|
$
|
36,365
|
|
|
$
|
36,055
|
|
International
|
3,155
|
|
|
3,163
|
|
|
4,284
|
|
|||
Total revenue
|
$
|
39,403
|
|
|
$
|
39,528
|
|
|
$
|
40,339
|
|
Percentage of revenue, by revenue category
|
|
|
|
|
|
||||||
Domestic
|
|
|
|
|
|
||||||
Consumer Electronics
|
34
|
%
|
|
32
|
%
|
|
31
|
%
|
|||
Computing and Mobile Phones
|
45
|
%
|
|
46
|
%
|
|
47
|
%
|
|||
Entertainment
|
7
|
%
|
|
8
|
%
|
|
9
|
%
|
|||
Appliances
|
9
|
%
|
|
8
|
%
|
|
7
|
%
|
|||
Services
|
5
|
%
|
|
5
|
%
|
|
5
|
%
|
|||
Other
|
—
|
%
|
|
1
|
%
|
|
1
|
%
|
|||
Total
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|||
International
|
|
|
|
|
|
||||||
Consumer Electronics
|
31
|
%
|
|
31
|
%
|
|
30
|
%
|
|||
Computing and Mobile Phones
|
48
|
%
|
|
48
|
%
|
|
49
|
%
|
|||
Entertainment
|
7
|
%
|
|
9
|
%
|
|
9
|
%
|
|||
Appliances
|
6
|
%
|
|
5
|
%
|
|
5
|
%
|
|||
Services
|
7
|
%
|
|
6
|
%
|
|
6
|
%
|
|||
Other
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|||
Total
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|||
Operating income (loss)
|
|
|
|
|
|
||||||
Domestic
(1)
|
$
|
1,764
|
|
|
$
|
1,585
|
|
|
$
|
1,437
|
|
International
|
90
|
|
|
(210
|
)
|
|
13
|
|
|||
Total operating income
|
1,854
|
|
|
1,375
|
|
|
1,450
|
|
|||
Other income (expense)
|
|
|
|
|
|
||||||
Gain on sale of investments
|
3
|
|
|
2
|
|
|
13
|
|
|||
Investment income and other
|
31
|
|
|
13
|
|
|
14
|
|
|||
Interest expense
|
(72
|
)
|
|
(80
|
)
|
|
(90
|
)
|
|||
Earnings from continuing operations before income tax expense
|
$
|
1,816
|
|
|
$
|
1,310
|
|
|
$
|
1,387
|
|
Assets
(2)
|
|
|
|
|
|
||||||
Domestic
|
$
|
12,496
|
|
|
$
|
12,318
|
|
|
$
|
12,987
|
|
International
|
1,360
|
|
|
1,201
|
|
|
2,258
|
|
|||
Total assets
|
$
|
13,856
|
|
|
$
|
13,519
|
|
|
$
|
15,245
|
|
Capital expenditures
(2)
|
|
|
|
|
|
||||||
Domestic
|
$
|
526
|
|
|
$
|
602
|
|
|
$
|
519
|
|
International
|
56
|
|
|
47
|
|
|
42
|
|
|||
Total capital expenditures
|
$
|
582
|
|
|
$
|
649
|
|
|
$
|
561
|
|
Depreciation
(2)
|
|
|
|
|
|
||||||
Domestic
|
$
|
613
|
|
|
$
|
613
|
|
|
$
|
575
|
|
International
|
41
|
|
|
44
|
|
|
81
|
|
|||
Total depreciation
|
$
|
654
|
|
|
$
|
657
|
|
|
$
|
656
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net sales to customers
|
|
|
|
|
|
||||||
United States
|
$
|
36,248
|
|
|
$
|
36,365
|
|
|
$
|
36,055
|
|
Canada
|
2,899
|
|
|
2,917
|
|
|
4,047
|
|
|||
Other
|
256
|
|
|
246
|
|
|
237
|
|
|||
Total revenue
|
$
|
39,403
|
|
|
$
|
39,528
|
|
|
$
|
40,339
|
|
Long-lived assets
|
|
|
|
|
|
||||||
United States
|
$
|
2,120
|
|
|
$
|
2,189
|
|
|
$
|
2,100
|
|
Canada
|
156
|
|
|
140
|
|
|
174
|
|
|||
Other
|
17
|
|
|
17
|
|
|
21
|
|
|||
Total long-lived assets
|
$
|
2,293
|
|
|
$
|
2,346
|
|
|
$
|
2,295
|
|
|
Quarter
|
|
12-Month
|
||||||||||||||||
|
1st
|
|
2nd
|
|
3rd
|
|
4th
|
|
2017
|
||||||||||
Revenue
|
$
|
8,443
|
|
|
$
|
8,533
|
|
|
$
|
8,945
|
|
|
$
|
13,482
|
|
|
$
|
39,403
|
|
Comparable sales % change
(1)
|
(0.1
|
)%
|
|
0.8
|
%
|
|
1.8
|
%
|
|
(0.7
|
)%
|
|
0.3
|
%
|
|||||
Gross profit
(2)
|
$
|
2,145
|
|
|
$
|
2,062
|
|
|
$
|
2,203
|
|
|
$
|
3,030
|
|
|
$
|
9,440
|
|
Operating income
(3)
|
372
|
|
|
289
|
|
|
312
|
|
|
881
|
|
|
1,854
|
|
|||||
Net earnings from continuing operations
|
226
|
|
|
182
|
|
|
192
|
|
|
607
|
|
|
1,207
|
|
|||||
Gain from discontinued operations, net of tax
|
3
|
|
|
16
|
|
|
2
|
|
|
—
|
|
|
21
|
|
|||||
Net earnings attributable to Best Buy Co., Inc. shareholders
|
229
|
|
|
198
|
|
|
194
|
|
|
607
|
|
|
1,228
|
|
|||||
Diluted earnings per share
(4)
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
0.69
|
|
|
$
|
0.56
|
|
|
$
|
0.60
|
|
|
$
|
1.91
|
|
|
$
|
3.74
|
|
Discontinued operations
|
0.01
|
|
|
0.05
|
|
|
0.01
|
|
|
—
|
|
|
0.07
|
|
|||||
Diluted earnings per share
|
$
|
0.70
|
|
|
$
|
0.61
|
|
|
$
|
0.61
|
|
|
$
|
1.91
|
|
|
$
|
3.81
|
|
|
Quarter
|
|
12-Month
|
||||||||||||||||
|
1st
|
|
2nd
|
|
3rd
|
|
4th
|
|
2016
|
||||||||||
Revenue
|
$
|
8,558
|
|
|
$
|
8,528
|
|
|
$
|
8,819
|
|
|
$
|
13,623
|
|
|
$
|
39,528
|
|
Comparable sales % change
(1)
|
0.6
|
%
|
|
3.8
|
%
|
|
0.8
|
%
|
|
(1.7
|
)%
|
|
0.5
|
%
|
|||||
Gross profit
(5)
|
$
|
2,030
|
|
|
$
|
2,098
|
|
|
$
|
2,112
|
|
|
$
|
2,951
|
|
|
$
|
9,191
|
|
Operating income
(6)
|
86
|
|
|
288
|
|
|
230
|
|
|
771
|
|
|
1,375
|
|
|||||
Net earnings from continuing operations
|
37
|
|
|
164
|
|
|
129
|
|
|
477
|
|
|
807
|
|
|||||
Gain (loss) from discontinued operations, net of tax
|
92
|
|
|
—
|
|
|
(4
|
)
|
|
2
|
|
|
90
|
|
|||||
Net earnings attributable to Best Buy Co., Inc. shareholders
|
129
|
|
|
164
|
|
|
125
|
|
|
479
|
|
|
897
|
|
|||||
Diluted earnings (loss) per share
(4)
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
0.10
|
|
|
$
|
0.46
|
|
|
$
|
0.37
|
|
|
$
|
1.39
|
|
|
$
|
2.30
|
|
Discontinued operations
|
0.26
|
|
|
—
|
|
|
(0.01
|
)
|
|
0.01
|
|
|
0.26
|
|
|||||
Diluted earnings per share
|
$
|
0.36
|
|
|
$
|
0.46
|
|
|
$
|
0.36
|
|
|
$
|
1.40
|
|
|
$
|
2.56
|
|
(1)
|
Our comparable sales calculation compares revenue from stores, websites and call centers operating for at least
14
full months, as well as revenue related to certain other comparable sales channels for a particular period to the corresponding period in the prior year. Relocated stores, as well as remodeled, expanded and downsized stores closed more than
14
days, are excluded from our comparable sales calculation until at least
14
full months after reopening. Acquisitions are included in the comparable sales calculation beginning with the first full quarter following the first anniversary of the date of the acquisition. The Canadian brand consolidation, which included the permanent closure of 66 Future Shop stores, the conversion of 65 Future Shop stores to Best Buy stores and the elimination of the Future Shop website, had a material impact on a year-over-year basis on the remaining Canadian retail stores and the website. As such, from the first quarter of fiscal 2016 through the third quarter of fiscal 2017, all Canadian store and website revenue was removed from the comparable sales base and the International segment no longer had a comparable metric. Therefore, Consolidated comparable sales equaled the Domestic segment comparable sales. Beginning in the fourth quarter of fiscal 2017, we resumed reporting International comparable sales as revenue in the International segment was once again deemed to be comparable and, as such, Consolidated comparable sales are once again equal to the aggregation of Domestic and International comparable sales.
|
(2)
|
Includes
$183 million
of cathode ray tube ("CRT") litigation settlements reached and recorded in the fiscal first quarter and
$183 million
for the 12 months ended January 28, 2017, related to products purchased and sold in prior fiscal years.
|
(3)
|
Includes
$29 million
,
$0 million
,
$1 million
and
$9 million
of restructuring charges recorded in the fiscal first, second, third and fourth quarters, respectively, and
$39 million
for the 12 months ended January 28, 2017, related to measures we took to restructure our businesses. Also, includes
$161 million
of cathode ray tube litigation settlements, net of related legal fees and costs, recorded in the fiscal first quarter and in the 12 months ended January 28, 2017, related to products purchased and sold in prior fiscal years.
|
(4)
|
The sum of our quarterly diluted earnings per share does not equal our annual diluted earnings per share due to differences in quarterly and annual weighted-average shares outstanding.
|
(5)
|
Includes
$78 million
,
$10 million
,
$0 million
and
$2 million
of CRT and LCD litigation settlements reached and recorded in the fiscal first, second, third and fourth quarters respectively, and
$90 million
for the 12 months ended January 30, 2016, related to products purchased and sold in prior fiscal years.
|
(6)
|
Includes
$186 million
,
$(4) million
,
$7 million
and
$12 million
of restructuring charges recorded in the fiscal first, second, third and fourth quarters, respectively, and
$201 million
for the 12 months ended January 30, 2016, related to measures we took to restructure our businesses. Also, includes
$67 million
,
$8 million
,
$0 million
and
$2 million
of CRT and LCD litigation settlements, net of related legal fees and costs, recorded in the fiscal first, second, third and fourth quarters respectively, and
$77 million
for the 12 months ended January 30, 2016, related to products purchased and sold in prior fiscal years.
|
Plan Category
|
|
Securities to Be Issued Upon Exercise of Outstanding Options and Rights
(1)
(a)
|
|
Weighted Average Exercise Price per Share of Outstanding Options and Rights
(2)
(b) |
|
Securities Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))
(3)
(c) |
|||
Equity compensation plans approved by security holders
|
|
10,109,395
|
|
$
|
36.61
|
|
|
18,722,125
|
|
(1)
|
Includes grants of stock options and restricted stock units (which may be market-based, performance-based, or time-based) awarded under our 2004 Omnibus Stock and Incentive Plan, as amended, and our 2014 Omnibus Incentive Plan.
|
(2)
|
Includes weighted-average exercise price of outstanding stock options only.
|
(3)
|
Includes
4,142,376
shares of our common stock which have been reserved for issuance under our 2008 and 2003 Employee Stock Purchase Plans.
|
(a)
|
The following documents are filed as part of this report:
|
1.
|
Financial Statements:
|
2.
|
Supplementary Financial Statement Schedules:
|
3.
|
Exhibits:
|
Exhibit
|
|
|
|
Incorporated by Reference
|
|
Filed
|
||||||
No.
|
|
Exhibit Description
|
|
Form
|
|
Exhibit
|
|
Filing Date
|
|
Herewith
|
||
2.1
|
|
|
Implementation Agreement, dated April 29, 2013, by and among Best Buy Co., Inc. , Best Buy UK Holdings LP, Best Buy Distributions Limited, New BBED Limited and Carphone Warehouse Group, plc
|
|
8-K
|
|
2.1
|
|
|
4/30/2013
|
|
|
3.1
|
|
|
Amended and Restated Articles of Incorporation
|
|
DEF 14A
|
|
n/a
|
|
|
5/12/2009
|
|
|
3.2
|
|
|
Amended and Restated By-Laws
|
|
8-K
|
|
3.1
|
|
|
9/26/2013
|
|
|
4.1
|
|
|
Form of Indenture, to be dated as of March 11, 2011, between Best Buy Co., Inc. and U.S. Bank National Association, as successor trustee
|
|
S-3ASR
|
|
4.1
|
|
|
3/8/2011
|
|
|
4.2
|
|
|
Form of First Supplemental Indenture, to be dated as of March 11, 2011, between Best Buy Co., Inc. and U.S. Bank National Association, as successor trustee
|
|
8-K
|
|
4.2
|
|
|
3/11/2011
|
|
|
4.3
|
|
|
Second Supplement Indenture, dated as of July 16, 2013, to the Indenture dated as of March 11, 2011, between Best Buy Co., Inc. and U.S. Bank National Association, as successor trustee
|
|
8-K
|
|
4.1
|
|
|
7/16/2013
|
|
|
10.1
|
|
|
Five-Year Credit Agreement dated as of June 27, 2016, among Best Buy Co., Inc., the Subsidiary Guarantors, the Lenders and JPMorgan Chase Bank, N.A., as administrative agent
|
|
8-K
|
|
10.1
|
|
|
6/30/2016
|
|
|
*10.2
|
|
|
Best Buy Co., Inc. 2004 Omnibus Stock and Incentive Plan, as amended
|
|
S-8
|
|
99
|
|
|
7/15/2011
|
|
|
*10.3
|
|
|
Best Buy Co., Inc. Short Term Incentive Plan, as approved by the Board of Directors
|
|
DEF 14A
|
|
n/a
|
|
|
5/26/2011
|
|
|
*10.4
|
|
|
2010 Long-Term Incentive Program Award Agreement, as approved by the Board of Directors
|
|
10-K
|
|
10.7
|
|
|
4/28/2010
|
|
|
*10.5
|
|
|
Form of Long-Term Incentive Program Buy-Out Award Agreement dated September 4, 2012, between Hubert Joly and Best Buy Co., Inc.
|
|
10-Q
|
|
10.3
|
|
|
9/6/2012
|
|
|
*10.6
|
|
|
Employment Agreement, dated November 9, 2012, between Sharon McCollam and Best Buy Co., Inc.
|
|
8-K
|
|
10.1
|
|
|
11/15/2012
|
|
|
*10.7
|
|
|
Employment Agreement, dated August 19, 2012, between Hubert Joly and Best Buy Co., Inc.
|
|
8-K
|
|
10.1
|
|
|
8/21/2012
|
|
|
*10.8
|
|
|
Letter Agreement, dated March 25, 2013, between Best Buy Co., Inc. and Richard M. Schulze
|
|
8-K
|
|
99.2
|
|
|
3/25/2013
|
|
|
Exhibit
|
|
|
|
Incorporated by Reference
|
|
Filed
|
||||||
No.
|
|
Exhibit Description
|
|
Form
|
|
Exhibit
|
|
Filing Date
|
|
Herewith
|
||
*10.9
|
|
|
Best Buy Mobile Performance Award Termination Agreement
|
|
10-K
|
|
10.18
|
|
|
3/28/2014
|
|
|
*10.10
|
|
|
Form of Best Buy Co., Inc. Long-Term Incentive Program Award
|
|
10-K
|
|
10.19
|
|
|
3/28/2014
|
|
|
*10.11
|
|
|
Form of Best Buy Co., Inc. Director Restricted Stock Unit Award Agreement
|
|
10-K
|
|
10.20
|
|
|
3/28/2014
|
|
|
*10.12
|
|
|
Form of Director Restricted Stock Unit Award Agreement for Non-U.S. Directors
|
|
10-K
|
|
10.21
|
|
|
3/28/2014
|
|
|
*10.13
|
|
|
Form of Best Buy Co., Inc. Long Term Incentive Program Award Agreement (2014)
|
|
10-Q
|
|
10.1
|
|
|
12/5/2014
|
|
|
*10.14
|
|
|
Best Buy Co., Inc. 2014 Omnibus Incentive Plan
|
|
S-8
|
|
99
|
|
|
6/27/2014
|
|
|
*10.15
|
|
|
Form of Best Buy Co., Inc. Director Restricted Stock Unit Award Agreement (2014)
|
|
10-Q
|
|
10.1
|
|
|
9/10/2014
|
|
|
*10.16
|
|
|
Form of Director Restricted Stock Unit Award Agreement for Non-U.S. Directors (2014)
|
|
10-Q
|
|
10.2
|
|
|
9/10/2014
|
|
|
*10.17
|
|
|
Best Buy Sixth Amended and Restated Deferred Compensation Plan
|
|
10-K
|
|
10.19
|
|
|
3/31/2015
|
|
|
*10.18
|
|
|
Form of Best Buy Co., Inc. Long-Term Incentive Program Award Agreement for Directors (2015)
|
|
10-Q
|
|
10.1
|
|
|
9/4/2015
|
|
|
*10.19
|
|
|
Form of Best Buy Co., Inc. Long-Term Incentive Program Award Agreement for Non-U.S. Directors (2015)
|
|
10-Q
|
|
10.2
|
|
|
9/4/2015
|
|
|
*10.20
|
|
|
Form of Best Buy Co., Inc. Long-Term Incentive Program Award Agreement (2016)
|
|
10-Q
|
|
10.1
|
|
|
6/9/2016
|
|
|
*10.21
|
|
|
Form of Best Buy Co., Inc. Long-Term Incentive Program Award Agreement for Directors (2016)
|
|
10-Q
|
|
10.2
|
|
|
6/9/2016
|
|
|
*10.22
|
|
|
Form of Best Buy Co., Inc. Long-Term Incentive Program Award Agreement for Non-U.S. Directors (2016)
|
|
10-Q
|
|
10.1
|
|
|
9/30/2016
|
|
|
12.1
|
|
|
Statements re: Computation of Ratios
|
|
|
|
|
|
|
|
|
X
|
21.1
|
|
|
Subsidiaries of the Registrant
|
|
|
|
|
|
|
|
|
X
|
23.1
|
|
|
Consent of Deloitte & Touche LLP
|
|
|
|
|
|
|
|
|
X
|
31.1
|
|
|
Certification of the Chief Executive Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
|
|
|
X
|
31.2
|
|
|
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
|
|
|
X
|
32.1
|
|
|
Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
|
|
|
X
|
32.2
|
|
|
Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
|
|
|
X
|
101
|
|
|
The following financial information from our Annual Report on Form 10-K for fiscal 2017, filed with the SEC on March 24, 2017, formatted in Extensible Business Reporting Language (XBRL): (i) the consolidated balance sheets at January 28, 2017, and January 30, 2016, (ii) the consolidated statements of earnings for the years ended January 28, 2017, January 30, 2016, and January 31, 2015, (iii) the consolidated statements of comprehensive income for the years ended January 28, 2017, January 30, 2016, and January 31, 2015, (iv) the consolidated statements of cash flows for the years ended January 28, 2017, January 30, 2016, and January 31, 2015, (v) the consolidated statements of changes in shareholders' equity for the years ended January 28, 2017, January 30, 2016, and January 31, 2015, and (vi) the Notes to Consolidated Financial Statements.
|
|
|
|
|
|
|
|
|
Best Buy Co., Inc.
(Registrant)
|
||
By:
|
|
/s/ Hubert Joly
|
|
|
Hubert Joly
Chairman and Chief Executive Officer
|
|
|
March 24, 2017
|
Signature
|
|
Title
|
|
Date
|
/s/ Hubert Joly
|
|
Chairman and Chief Executive Officer
|
|
March 24, 2017
|
Hubert Joly
|
|
(principal executive officer)
|
|
|
|
|
|
|
|
/s/ Corie Barry
|
|
Chief Financial Officer
|
|
March 24, 2017
|
Corie Barry
|
|
(principal financial officer)
|
|
|
|
|
|
|
|
/s/ Mathew R. Watson
|
|
Vice President, Finance - Controller and Chief Accounting Officer
|
|
March 24, 2017
|
Mathew R. Watson
|
|
(principal accounting officer)
|
|
|
|
|
|
|
|
/s/ Lisa M. Caputo
|
|
Director
|
|
March 24, 2017
|
Lisa M. Caputo
|
|
|
|
|
|
|
|
|
|
/s/ J. Patrick Doyle
|
|
Director
|
|
March 24, 2017
|
J. Patrick Doyle
|
|
|
|
|
|
|
|
|
|
/s/ Russell P. Fradin
|
|
Director
|
|
March 24, 2017
|
Russell P. Fradin
|
|
|
|
|
|
|
|
|
|
/s/ Kathy J. Higgins Victor
|
|
Director
|
|
March 24, 2017
|
Kathy J. Higgins Victor
|
|
|
|
|
|
|
|
|
|
/s/ David W. Kenny
|
|
Director
|
|
March 24, 2017
|
David W. Kenny
|
|
|
|
|
|
|
|
|
|
/s/ Karen McLoughlin
|
|
Director
|
|
March 24, 2017
|
Karen McLoughlin
|
|
|
|
|
|
|
|
|
|
/s/ Thomas L. Millner
|
|
Director
|
|
March 24, 2017
|
Thomas L. Millner
|
|
|
|
|
|
|
|
|
|
/s/ Claudia F. Munce
|
|
Director
|
|
March 24, 2017
|
Claudia F. Munce
|
|
|
|
|
|
|
|
|
|
/s/ Gérard Vittecoq
|
|
Director
|
|
March 24, 2017
|
Gérard Vittecoq
|
|
|
|
|
|
Balance at
Beginning
of Period
|
|
Charged to
Expenses or
Other Accounts
|
|
Other
(1)
|
|
Balance at
End of
Period
|
||||||||
Year ended January 28, 2017
|
|
|
|
|
|
|
|
||||||||
Allowance for doubtful accounts
|
$
|
49
|
|
|
$
|
44
|
|
|
$
|
(41
|
)
|
|
$
|
52
|
|
Year ended January 30, 2016
|
|
|
|
|
|
|
|
||||||||
Allowance for doubtful accounts
|
$
|
59
|
|
|
$
|
30
|
|
|
$
|
(40
|
)
|
|
$
|
49
|
|
Year ended January 31, 2015
|
|
|
|
|
|
|
|
||||||||
Allowance for doubtful accounts
|
$
|
104
|
|
|
$
|
1
|
|
|
$
|
(46
|
)
|
|
$
|
59
|
|
(1)
|
Includes bad debt write-offs and recoveries, acquisitions and the effect of foreign currency fluctuations.
|
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