Best Buy 2016 Annual Report Download - page 83
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75
The composition of the restructuring charges we incurred for this program in fiscal 2016, 2015 and 2014, as well as the
cumulative amount incurred through the end of fiscal 2016, was as follows ($ in millions):
Domestic International Total
2016 2015 2014
Cumulative
Amount 2016 2015 2014
Cumulative
Amount 2016 2015 2014
Cumulative
Amount
Continuing operations
Inventory write-downs $— $— $— $ 1 $— $— $— $ — $— $— $— $ 1
Property and equipment
impairments ——714—1125—1839
Termination benefits (2) 9 106 159 — 5 24 38 (2) 14 130 197
Investment impairments ——16 43——— ———16 43
Facility closure and
other costs 11— 5
(1)(5) 1 50 — (4)1 55
Total continuing
operations (1) 10 129 222 (1) 1 26 113 (2) 11 155 335
Discontinued Operations
Property and equipment
impairments ——— ——— 1 1—— 1 1
Termination benefits — — — — — 12 4 16 — 12 4 16
Facility closure and
other costs ——— —— 6 5 11— 6 5 11
Total discontinued
operations ——— ——1810 28—1810 28
Total $ (1) $ 10 $129 $ 222 $ (1) $ 19 $ 36 $ 141 $ (2) $ 29 $165 $ 363
The following table summarizes our restructuring accrual activity during fiscal 2016 and 2015 related to termination benefits
and facility closure and other costs associated with this program ($ in millions):
Termination
Benefits
Facility
Closure and
Other Costs Total
Balance at February 1, 2014 $ 111 $ 51 $ 162
Charges 47 16 63
Cash payments (121)(22)(143)
Adjustments(1) (21)(14)(35)
Changes in foreign currency exchange rates — (8)(8)
Balance at January 31, 2015 16 23 39
Charges — — —
Cash payments (7)(9)(16)
Adjustments(1) (7)(5)(12)
Changes in foreign currency exchange rates — 1 1
Balance at January 30, 2016 $ 2 $ 10 $ 12
(1) Adjustments to termination benefits were due to higher-than-expected employee retention. Adjustments to facility closure and other costs represent
changes in sublease assumptions and reductions in our remaining lease obligations.
5. Debt
Short-Term Debt
U.S. Revolving Credit Facilities
On June 30, 2014, we entered into a $1.25 billion five-year senior unsecured revolving credit facility agreement (the "Five-Year
Facility Agreement") with a syndicate of banks. The Five-Year Facility Agreement replaced the previous $1.5 billion senior