Best Buy 2011 Annual Report Download - page 100
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$ in millions, except per share amounts or as otherwise noted
2009, as well as the cumulative amount incurred through the end of fiscal 2011, for our fiscal 2010 and 2009
restructuring activities for both the Domestic and International segments, were as follows:
Domestic International Total
Fiscal Fiscal Fiscal Cumulative Fiscal Fiscal Fiscal Cumulative Fiscal Fiscal Fiscal Cumulative
2011 2010 2009 Amount 2011 2010 2009 Amount 2011 2010 2009 Amount
Termination benefits $— $25 $69 $94 $— $26 $ 6 $32 $— $51 $75 $126
Facility closure costs — — 1 1 — 1 — 1 — 1 1 2
Property and
equipment write-
downs — — 2 2 — — — — — — 2 2
Total $— $25 $72 $97 $— $27 $ 6 $33 $— $52 $78 $130
The following table summarizes our restructuring accrual activity during fiscal 2011 and 2010, related to termination
benefits and facility closure costs associated with our fiscal 2010 and 2009 restructuring activities:
Termination Facility
Benefits Closure Costs Total
Balance at February 28, 2009 $ 73 $ 1 $ 74
Charges 51 1 52
Cash payments (119) (1) (120)
Changes in foreign currency exchange rates 3 — 3
Balance at February 27, 2010 8 1 9
Charges ———
Cash payments 8 1 9
Changes in foreign currency exchange rates — — —
Balance at February 26, 2011 $ — $— $ —
6. Debt
Short-Term Debt
Short-term debt consisted of the following:
February 26, 2011 February 27, 2010
Principal Interest Principal Interest
Balance Rate Balance Rate
JPMorgan revolving credit facility $ — — $ — —
ARS revolving credit line — — — —
Europe receivables financing facility 455 3.7% 442 3.6%
Europe revolving credit facility 98 3.6% 206 1.4%
Canada revolving demand facility — — — —
China revolving demand facilities 4 4.8% 15 4.4%
Total short-term debt $557 $663
Fiscal Year 2011 2010
Maximum month-end outstanding during the year $ 690 $1,262
Average amount outstanding during the year $ 383 $ 881
Weighted-average interest rate at year-end 3.7% 2.1%
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