Best Buy 2003 Annual Report Download - page 157

Liabilities and Shareholders’ Equity March 1, 2003 March 2, 2002
Current Liabilities
Accounts payable $ 2,195 $ 2,202
Accrued compensation and related expenses 174 174
Accrued liabilities 729 613
Accrued income taxes 374 291
Current portion of long−term debt 1 7
Current liabilities of discontinued operations 320 418
Total current liabilities 3,793 3,705
Long−Term Liabilities 287 312
Long−Term Debt 828 808
Noncurrent Liabilities of Discontinued Operations 25 21
Shareholders’ Equity
Preferred stock, $1.00 par value: Authorized—400,000 shares; Issued and
outstanding—none — —
Common stock, $.10 par value: Authorized—1 billion shares; Issued and
outstanding—321,966,000 and 319,128,000 shares, respectively 32 31
Additional paid−in capital 778 702
Retained earnings 1,893 1,794
Accumulated other comprehensive income (loss) 27 (6)
Total shareholders’ equity 2,730 2,521
Total Liabilities and Shareholders’ Equity $ 7,663 $ 7,367
See Notes to Consolidated Financial Statements.
43
Consolidated Statements of Earnings
$ in millions, except per share amounts
For the Fiscal Years Ended March 1, 2003 March 2, 2002 March 3, 2001
Revenue $ 20,946 $ 17,711 $ 15,189
Cost of goods sold 15,710 13,941 12,177
Gross profit 5,236 3,770 3,012
Selling, general and administrative expenses 4,226 2,862 2,401
Operating income 1,010 908 611
Net interest income 4 18 38
Earnings from continuing operations before income tax expense 1,014 926 649
Income tax expense 392 356 248
Earnings from continuing operations 622 570 401
Loss from discontinued operations (note 2), net of tax (441) — (5)
Cumulative effect of change in accounting principle for goodwill (note 1),
net of $24 tax (40) — —
Cumulative effect of change in accounting principle for vendor allowances
(note 1), net of $26 tax (42) — —
Net earnings $ 99 $ 570 $ 396