Best Buy 2011 Annual Report Download - page 75

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$ in millions, except per share amounts or as otherwise noted
Other than the issuance of $1,000 of long-term debt in March 2011, as described in Note 16, Subsequent Event, no
such events were identified for this period.
Reclassifications
To maintain consistency and comparability, during fiscal 2010 certain amounts from previously reported consolidated
financial statements were reclassified to conform to the fiscal 2010 presentation. As a result of our adoption of accounting
guidance in fiscal 2010 related to the treatment of noncontrolling interests in consolidated financial statements, we:
• reported as separate captions within our consolidated statements of earnings, net earnings including noncontrolling
interests, net earnings attributable to noncontrolling interests, and net earnings attributable to Best Buy Co., Inc. of
$1,033, $(30) and $1,003, respectively, for the fiscal year ended February 28, 2009;
• utilized net earnings including noncontrolling interests of $1,033 for the fiscal year ended February 28, 2009, as
the starting point on our consolidated statements of cash flows in order to reconcile net earnings to cash flows
from operating activities, rather than beginning with net earnings, which was previously exclusive of noncontrolling
interests; and
• reclassified $(146) from acquisition of businesses, net of cash acquired within the investing activities section of our
consolidated statements of cash flows to acquisition of noncontrolling interests within the financing activities section
for the fiscal year ended February 28, 2009.
These reclassifications had no effect on previously reported consolidated operating income, net earnings attributable to
Best Buy Co., Inc., or net cash flows from operating activities. Also, earnings per share continues to be based on net
earnings attributable to Best Buy Co., Inc.
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (‘‘GAAP’’)
requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts in the
consolidated balance sheets and statements of earnings, as well as the disclosure of contingent liabilities. Future results
could be materially affected if actual results were to differ from these estimates and assumptions.
Fiscal Year
Our fiscal year ends on the Saturday nearest the end of February. Fiscal 2011, 2010 and 2009 each included 52 weeks.
Cash and Cash Equivalents
Cash primarily consists of cash on hand and bank deposits. Cash equivalents consist of money market funds, U.S.
Treasury bills, commercial paper and time deposits such as certificates of deposit with an original maturity of three months
or less when purchased. The amounts of cash equivalents at February 26, 2011, and February 27, 2010, were $120 and
$1,108, respectively, and the weighted-average interest rates were 0.3% and 0.1%, respectively.
Outstanding checks in excess of funds on deposit (book overdrafts) totaled $57 and $108 at February 26, 2011, and
February 27, 2010, respectively, and are reflected as accounts payable in our consolidated balance sheets.
Receivables
Receivables consist principally of amounts due from mobile phone network operators for commissions earned; banks for
customer credit card, certain debit card and electronic benefits transfer (EBT) transactions; and vendors for various vendor
funding programs.
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