Best Buy 2002 Annual Report Download - page 52

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50 Notes to Consolidated Financial Statements
Future minimum lease obligations by year (not including
percentage rentals) for all operating leases at March 2,
2002, were as follows:
Fiscal Year
2003 $ 472
2004 459
2005 417
2006 376
2007 361
Thereafter 2,698
6. Benefit Plans
We sponsor retirement savings plans for employees
meeting certain age and service requirements. The plans
provide for Company-matching contributions, which are
subject to annual approval by our Board of Directors. The
total matching contributions were $11, $7 and $5 in
fiscal 2002, 2001 and 2000, respectively.
We have a deferred compensation plan for certain
management employees and directors. The liability for
compensation deferred under this plan was $33 and $28
at March 2, 2002, and March 3, 2001, respectively,
and is included in long-term liabilities. We have elected
to match our liability under the plan through the purchase
of life insurance. The cash value of the insurance, which
includes funding for future deferrals, was $36 and $34 in
fiscal 2002 and 2001, respectively, and is included in
other assets. Both the asset and the liability are carried
at fair value.
The composition of total rental expenses for all operating leases during the past three fiscal years, including leases of
buildings and equipment, was as follows:
2002 2001 2000
Minimum rentals $ 518 $299 $227
Percentage rentals 211
$ 520 $300 $228
$ in millions, except per share amounts