Best Buy 2011 Annual Report Download - page 112

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$ in millions, except per share amounts or as otherwise noted
The future minimum lease payments under our capital, financing and operating leases by fiscal year (not including
contingent rentals) at February 26, 2011, were as follows:
Capital Financing Operating
Fiscal Year Leases Leases Leases
2012 $ 18 $ 34 $1,208
2013 16 32 1,166
2014 16 30 1,079
2015 14 29 992
2016 8 25 872
Thereafter 25 60 2,930
Subtotal 97 210 $8,247
Less: imputed interest (18) (40)
Present value $ 79 $170
Total minimum lease payments have not been reduced by minimum sublease rent income of approximately $124 due
under future noncancelable subleases.
During fiscal 2011 and 2010, we entered into agreements totaling $52 and $9, respectively, related to various IT
equipment leases.
10. Benefit Plans
We sponsor retirement savings plans for employees meeting certain eligibility requirements. Participants may choose from
various investment options including a fund comprised of our company stock. Participants can contribute up to 50% of
their eligible compensation annually as defined by the plan document, subject to Internal Revenue Service (‘‘IRS’’)
limitations. We match 100% of the first 3% of participating employees’ contributions and 50% of the next 2%. Employer
contributions vest immediately. The total employer contributions were $69, $62 and $58 in fiscal 2011, 2010 and 2009,
respectively.
We have a non-qualified, unfunded deferred compensation plan for highly compensated employees and members of our
Board of Directors. Amounts contributed and deferred under our deferred compensation plan are credited or charged with
the performance of investment options offered under the plan and elected by the participants. In the event of bankruptcy,
the assets of the plan are available to satisfy the claims of general creditors. The liability for compensation deferred under
the plan was $64 and $61 at February 26, 2011, and February 27, 2010, respectively, and is included in long-term
liabilities. We manage the risk of changes in the fair value of the liability for deferred compensation by electing to match
our liability under the plan with investment vehicles that offset a substantial portion of our exposure. The cash value of the
investment vehicles, which includes funding for future deferrals, was $83 and $75 at February 26, 2011, and
February 27, 2010, respectively, and is included in other assets. Both the asset and the liability are carried at fair value.
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