Best Buy 2016 Annual Report Download - page 94
Download and view the complete annual report
Please find page 94 of the 2016 Best Buy annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84 -
85 -
86 -
87 -
88 -
89 -
90 -
91 -
92 -
93 -
94 -
95 -
96 -
97 -
98 -
99 -
100 -
101 -
102 -
103 -
104 -
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
 |
 |
86
Income tax expense was comprised of the following in fiscal 2016, 2015 and 2014 ($ in millions):
2016 2015 2014
Current:
Federal $ 347 $ 354 $ 305
State 48 51 46
Foreign 60 33 55
455 438 406
Deferred:
Federal 65 (275)(22)
State 10 (26)1
Foreign (27)4 3
48 (297)(18)
Income tax expense $ 503 $ 141 $ 388
Deferred taxes are the result of differences between the bases of assets and liabilities for financial reporting and income tax
purposes. Deferred tax assets and liabilities were comprised of the following ($ in millions):
January 30, 2016 January 31, 2015
Accrued property expenses $ 175 $ 129
Other accrued expenses 78 91
Deferred revenue 99 93
Compensation and benefits 99 103
Stock-based compensation 86 94
Goodwill and intangibles 253 287
Loss and credit carryforwards 133 156
Other 86 88
Total deferred tax assets 1,009 1,041
Valuation allowance (108)(143)
Total deferred tax assets after valuation allowance 901 898
Property and equipment (296)(251)
Inventory (69)(54)
Other (26)(27)
Total deferred tax liabilities (391)(332)
Net deferred tax assets $ 510 $ 566
Deferred tax assets and liabilities included in our Consolidated Balance Sheets were as follows ($ in millions):
January 30, 2016 January 31, 2015
Other assets $ 510 $ 574
Long-term liabilities held for sale — (8)
Net deferred tax assets $ 510 $ 566
During the fourth quarter of fiscal 2016, we early adopted ASU 2015-17, which requires that all deferred taxes be presented as
non-current on the Consolidated Balance Sheet. Refer to Note 1, Summary of Significant Accounting Policies, for further
information regarding this balance sheet reclassification.
At January 30, 2016, we had total net operating loss carryforwards from international operations of $96 million, of which $89
million will expire in various years through 2036 and the remaining amounts have no expiration. Additionally, we had acquired