Best Buy 2011 Annual Report Download - page 99

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$ in millions, except per share amounts or as otherwise noted
restructuring charges we incurred in fiscal 2011 for fiscal 2011 restructuring activities, for both the Domestic and
International segments, were as follows:
Domestic International Total
Inventory write-downs $10 $ 14 $ 24
Property and equipment impairments 15 132 147
Termination benefits 16 12 28
Intangible asset impairments 10 — 10
Facility closure and other costs — 13 13
Total $51 $171 $222
The following table summarizes our restructuring accrual activity during fiscal 2011, related to termination benefits and
facility closure and other costs:
Facility
Termination Closure and
Benefits Other Costs Total
Balance at February 27, 2010 $ — $ — $ —
Charges 28 13 41
Cash payments — — —
Changes in foreign currency exchange rates — — —
Balance at February 26, 2011 $28 $13 $41
Fiscal 2010 and 2009 Restructurings
In April 2009, we notified our U.S. Best Buy store employees of our intention to update our store operating model, which
included eliminating certain positions. In addition, in the first quarter of fiscal 2010, we incurred restructuring charges
related to employee termination benefits and business reorganization costs at Best Buy Europe within our International
segment. As a result of our restructuring efforts, we recorded charges of $52 in the first quarter of fiscal 2010. We believe
we are substantially complete with our announced restructuring activities related to these specific restructurings.
In the fourth quarter of fiscal 2009, we implemented a restructuring plan for our domestic and international businesses to
support our fiscal 2010 strategy and long-term growth plans. We believe these changes provided an operating structure
that supports a more effective and efficient use of our resources and provides a platform from which key strategic
initiatives can progress despite changing economic conditions. In the fourth quarter of fiscal 2009, we recorded charges
of $78, related primarily to voluntary and involuntary separation plans at our corporate headquarters.
All charges related to our fiscal 2010 and 2009 restructuring activities were presented as restructuring charges in our
consolidated statements of earnings. The composition of the restructuring charges we incurred in fiscal 2011, 2010 and
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