Best Buy 2002 Annual Report Download - page 54

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52 Notes to Consolidated Financial Statements
Deferred taxes are the result of differences between the basis of assets and liabilities for financial reporting and income
tax purposes. Significant deferred tax assets and liabilities consist of the following:
March 2, March 3,
2002 2001
Accrued expenses $78 $46
Deferred revenues 12 13
Compensation and benefits 47 31
Inventory 48
Other 34 20
Total deferred tax assets 175 118
Property and equipment 145 93
Convertible debt 5—
Other 15 5
Total deferred tax liabilities 165 98
Net deferred tax assets $10 $20
8. Segments
We have identified three reportable segments: Best Buy,
Musicland and International. The Best Buy segment
aggregates all of our operations exclusive of Musicland
and International. The Best Buy segment is primarily a
specialty retailer of consumer electronics, home office
equipment, entertainment software and appliances. The
Musicland segment is primarily a mall-based retailer of
prerecorded music, movies and other entertainment -related
products. Musicland was acquired in the fourth quarter of
fiscal 2001. The International segment was established in
connection with the acquisition of Future Shop, a specialty
retailer of consumer electronics, home office equipment,
entertainment software and appliances with operations in
Canada. Future Shop was acquired at the beginning of
November in fiscal 2002. Musicland and International
financial data is included from their respective dates
of acquisition.
$ in millions, except per share amounts