Best Buy 2007 Annual Report Download - page 95

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$ in millions, except per share amounts
80
Repurchase of Common Stock
Our Board authorized a $1,500 share repurchase program
in June 2006. The program terminated and replaced a
$1,500 share repurchase program authorized by the Board
in April 2005. The April 2005 share repurchase program
terminated and replaced a $500 share repurchase program
authorized by the Board in June 2004. There is no
expiration date governing the period over which we can
make our share repurchases under the June 2006 share
repurchase program.
During fiscal 2007, we purchased and retired 5.6 million
shares at a cost of $267 under the June 2006 share
repurchase program, and 6.2 million shares at a cost of
$332 under the April 2005 share repurchase program. At
March 3, 2007, $1,233 remains available for future
purchases under the June 2006 share repurchase program.
Comprehensive Income
Comprehensive income is computed as net earnings plus
certain other items that are recorded directly to
shareholders’ equity. In addition to net earnings, the
significant components of comprehensive income include
foreign currency translation adjustments and unrealized
gains and losses, net of tax, on available-for-sale
marketable equity securities. Foreign currency translation
adjustments do not include a provision for income tax
expense when earnings from foreign operations are
considered to be indefinitely reinvested outside the United
States. Comprehensive income was $1,332, $1,252 and
$1,047 in fiscal 2007, 2006 and 2005, respectively.
7.Net Interest Income
Net interest income was comprised of the following in fiscal 2007, 2006 and 2005:
2007 2006 2005
Interest income $142 $103 $ 45
Interest expense(1) (31) (30) (44)
Dividend income —4—
Net interest income $111 $ 77 $ 1
(1) Fiscal 2007 and 2006 interest expense includes $11 and $8, respectively, of interest expense related to financing leases. Fiscal 2005
interest expense includes $21 of expense related to financing leases in connection with our lease accounting corrections. See Note 8,
Leases, for additional information.
8.Leases
The composition of net rent expense for all operating leases, including leases of property and equipment, was as follows in
fiscal 2007, 2006 and 2005:
2007 2006 2005
Minimum rentals $679 $569 $516
Contingent rentals 111
Total rent expense 680 570 517
Less: sublease income (20) (18) (16)
Net rent expense $660 $552 $ 501