Best Buy 2015 Annual Report Download - page 98

Table of Contents
91
Geographic Information
The following table presents our geographic information in fiscal 2015, 2014 and 2013 (11-month) ($ in millions):
12-Month 12-Month 11-Month
2015 2014 2013
Net sales to customers
United States $ 36,055 $ 35,831 $ 33,222
Canada 4,047 4,522 4,818
Other 237 258 212
Total revenue $ 40,339 $ 40,611 $ 38,252
Long-lived assets
United States $ 2,100 $ 2,190 $ 2,404
Europe — — 352
Canada 174 244 341
China — 139 142
Other 21 25 31
Total long-lived assets $ 2,295 $ 2,598 $ 3,270
12. Contingencies and Commitments
Contingencies
We are involved in a number of legal proceedings. Where appropriate, we have made accruals with respect to these matters,
which are reflected in our consolidated financial statements. However, there are cases where liability is not probable or the
amount cannot be reasonably estimated and therefore accruals have not been made. We provide disclosure of matters where we
believe it is reasonably possible the impact may be material to our consolidated financial statements.
Securities Actions
In February 2011, a purported class action lawsuit captioned, IBEW Local 98 Pension Fund, individually and on behalf of all
others similarly situated v. Best Buy Co., Inc., et al., was filed against us and certain of our executive officers in the U.S.
District Court for the District of Minnesota. This federal court action alleges, among other things, that we and the officers
named in the complaint violated Sections 10(b) and 20A of the Exchange Act and Rule 10b-5 under the Exchange Act in
connection with press releases and other statements relating to our fiscal 2011 earnings guidance that had been made available
to the public. Additionally, in March 2011, a similar purported class action was filed by a single shareholder, Rene LeBlanc,
against us and certain of our executive officers in the same court. In July 2011, after consolidation of the IBEW Local 98
Pension Fund and Rene LeBlanc actions, a consolidated complaint captioned, IBEW Local 98 Pension Fund v. Best Buy Co.,
Inc., et al., was filed and served. We filed a motion to dismiss the consolidated complaint in September 2011, and in March
2012, subsequent to the end of fiscal 2012, the court issued a decision dismissing the action with prejudice. In April 2012, the
plaintiffs filed a motion to alter or amend the court's decision on our motion to dismiss. In October 2012, the court granted
plaintiff's motion to alter or amend the court's decision on our motion to dismiss in part by vacating such decision and giving
plaintiff leave to file an amended complaint, which plaintiff did in October 2012. We filed a motion to dismiss the amended
complaint in November 2012 and all responsive pleadings were filed in December 2012. A hearing was held on April 26, 2013.
On August 5, 2013, the court issued an order granting our motion to dismiss in part and, contrary to its March 2012 order,
denying the motion to dismiss in part, holding that certain of the statements alleged to have been made were not forward-
looking statements and therefore were not subject to the “safe-harbor” provisions of the Private Securities Litigation Reform
Act (PSLRA). Plaintiffs moved to certify the purported class. By Order filed August 6, 2014, the court certified a class of
persons or entities who acquired Best Buy common stock between 10:00 a.m. EDT on September 14, 2010, and December 13,
2010, and who were damaged by the alleged violations of law. The 8th Circuit Court of Appeals granted our request for
interlocutory appeal. Briefing is complete. Oral argument is expected to be scheduled later in 2015. The trial court has stayed
proceedings while the appeal is pending. We continue to believe that these allegations are without merit and intend to
vigorously defend our company in this matter.