Best Buy 2003 Annual Report Download - page 27

Condensed Consolidating Financial Information
Our convertible debentures are guaranteed by Best Buy Stores, L.P., our wholly−owned indirect subsidiary. The aggregate principal
amount at maturity of these convertible debentures is $894 million. The carrying value of the convertible debentures at March 1,
2003, was approximately $749 million.
Additional information regarding the convertible debentures is included in note 4 of the Notes to Consolidated Financial Statements
beginning on page 54 of the Annual Report, incorporated herein by reference.
During the fourth quarter of fiscal 2003, we committed to a plan to sell our interest in Musicland, which is included in Non−Guarantor
Subsidiaries. At March 1, 2003, Best Buy Co., Inc. had an intercompany receivable from Musicland totaling $350 million, included in
current assets. Additional information regarding Musicland is included in note 2 of the Notes to Consolidated Financial Statements
beginning on page 52 of the Annual Report, incorporated herein by reference.
The following tables present condensed consolidating balance sheets for the fiscal years ended March 1, 2003, and March 2, 2002, and
condensed consolidating statements of earnings and cash flows for the fiscal years ended March 1, 2003; March 2, 2002; and March 3,
2001:
Condensed Consolidating Balance Sheets
As of March 1, 2003
$ in millions
Best Buy
Co., Inc. Guarantor Subsidiary Non−Guarantor Subsidiaries Eliminations Consolidated
Assets
Current Assets
Cash and cash equivalents $ 1,863 $ 37 $ 14 $ — $ 1,914
Receivables 216 50 46 — 312
Recoverable costs from developed properties 10 — — — 10
Merchandise inventories — 1,828 221 (3) 2,046
Other current assets 182 48 39 (81) 188
Current assets of discontinued operations — — 397 — 397
Intercompany receivable 1,617 — — (1,617) —
Intercompany note receivable 500 — — (500) —
Total current assets 4,388 1,963 717 (2,201) 4,867
Net Property and Equipment 498 1,390 174 — 2,062
Goodwill, Net — 3 426 — 429
Intangible Assets — — 33 — 33
Other Assets 71 78 48 (82) 115
Noncurrent Assets of Discontinued Operations — — 157 — 157
Investments in Subsidiaries 1,055 — — (1,055) —
Total Assets $ 6,012 $ 3,434 $ 1,555 $ (3,338) $ 7,663
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable $ 1,997 $ — $ 198 $ — $ 2,195
Accrued compensation and related expenses 80 75 19 — 174
Accrued liabilities 180 469 80 — 729
Accrued income taxes — 274 181 (81) 374
Current portion of long−term debt — — 1 — 1
Current liabilities of discontinued operations — — 320 — 320
Intercompany payable — 780 837 (1,617) —
Intercompany note payable — 500 — (500) —
Total current liabilities 2,257 2,098 1,636 (2,198) 3,793
Long−Term Liabilities 264 79 26 (82) 287
Long−Term Debt 758 59 11 — 828