Best Buy 2016 Annual Report Download - page 92

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84
There is generally no tax impact related to foreign currency translation adjustments, as the earnings are considered permanently
reinvested. In addition, there were no material tax impacts related to gains or losses on available-for-sale investments in the
periods presented.
8. Leases
The composition of net rent expense for all operating leases, including leases of property and equipment, was as follows in
fiscal 2016, 2015 and 2014 ($ in millions):
2016 2015 2014
Minimum rentals $ 797 $ 848 $ 864
Contingent rentals 1 2 2
Total rent expense 798 850 866
Less: sublease income (15)(18)(18)
Net rent expense $ 783 $ 832 $ 848
The future minimum lease payments under our capital, financing and operating leases by fiscal year (not including contingent
rentals) at January 30, 2016, were as follows ($ in millions):
Fiscal Year
Capital
Leases
Financing
Leases
Operating
Leases(1)
2017 $ 14 $ 42 $ 813
2018 9 35 708
2019 6 29 572
2020 3 23 439
2021 2 17 310
Thereafter 12 66 521
Total minimum lease payments 46 212 $ 3,363
Less amount representing interest (8)(34)
Present value of minimum lease payments 38 178
Less current maturities (12)(33)
Present value of minimum lease maturities, less current maturities $ 26 $ 145
(1) Operating lease obligations do not include payments to landlords covering real estate taxes and common area maintenance. These charges, if included,
would increase total operating lease obligations by $1.1 billion at January 30, 2016.
Total minimum lease payments have not been reduced by minimum sublease rent income of approximately $72 million due
under future noncancelable subleases.
9. 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 $53 million, $60 million and $65 million in fiscal 2016, 2015 and 2014,
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
$34 million and $44 million at January 30, 2016, and January 31, 2015, 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