Best Buy 2012 Annual Report Download - page 91

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$ in millions, except per share amounts or as otherwise noted
91
All charges related to our fiscal 2010 restructuring activities are related to continuing operations and are presented in
Restructuring charges in our Consolidated Statements of Earnings. The composition of the restructuring charges we incurred in
fiscal 2010 for our fiscal 2010 restructuring activities was as follows:
Domestic International Total
Termination benefits $ 25 $ 26 $ 51
Facility closure costs — 1 1
Total $ 25 $ 27 $ 52
The following table summarizes our restructuring accrual activity during fiscal 2011 related to termination benefits and facility
closure costs associated with our fiscal 2010 restructuring activities:
Termination
Benefits Facility
Closure Costs Total
Balance at February 27, 2010 $ 8 $ 1 $ 9
Charges — — —
Cash payments (8)(1)(9)
Balance at February 26, 2011 $ — $ — $ —
8. Debt
Short-Term Debt
Short-term debt consisted of the following:
March 3, 2012 February 26, 2011
Principal
Balance Interest
Rate Principal
Balance Interest
Rate
U.S. revolving credit facility – 364-day $ — —% $ — —%
U.S. revolving credit facility – five-year — —% — —%
Europe revolving credit facility 480 2.4% — —%
Europe receivables financing facility — —% 455 3.7%
Old Europe revolving credit facility — —% 98 3.6%
Canada revolving demand facility — —% — —%
China revolving demand facilities — —% 4 4.8%
Total short-term debt $ 480 $ 557
Fiscal Year 2012 2011
Maximum month-end outstanding during the year $ 480 $ 690
Average amount outstanding during the year $ 337 $ 383
Weighted-average interest rate at year-end 2.4% 3.7%
U.S. Revolving Credit Facilities
In October 2011, Best Buy Co., Inc. entered into a $1,000 364-day senior unsecured revolving credit facility agreement (the
“364-Day Facility Agreement”) and a $1,500 five-year senior unsecured revolving credit facility agreement (the “Five-Year
Facility Agreement” and, collectively the “Agreements”) with JPMorgan Chase Bank, N.A. (“JPMorgan”), as administrative
agent, and a syndicate of banks. The Agreements replaced the $2,300 senior unsecured revolving credit facility, as amended
(the “Credit Facility”), with a syndicate of banks, including JPMorgan acting as administrative agent. The Credit Facility was
originally scheduled to expire in September 2012. At March 3, 2012, there were no borrowings outstanding and $2,453 was
available under the Agreements.