Best Buy 2014 Annual Report Download - page 46

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41
Non-GAAP Financial Measures
The periods used for analysis of non-GAAP financial performance represent the periods that management used internally to
assess performance in fiscal 2014 and fiscal 2013. As a result of the change in our fiscal year in fiscal 2013, some of the
periods included in this section of our MD&A differ from the audited periods included in our Consolidated Statements of
Earnings, and as such, these periods are also different than those analyzed within the Results of Operations section of the
MD&A.
The following table reconciles operating income, net earnings, and diluted earnings per share for the periods presented from
continuing operations (GAAP financial measures) to adjusted operating income, adjusted net earnings, and adjusted diluted
earnings per share from continuing operations (non-GAAP financial measures) for the periods presented ($ in millions, except
per share amounts).
12-Month(1)
2014 2013 2012
(recast) (recast)
Operating income $ 1,140 $ 169 $ 2,095
Restructuring charges – cost of goods sold — 1 19
Net LCD settlements(2) (229) — —
Best Buy Europe transaction costs — — 12
Non-restructuring asset impairments 101 60 11
Restructuring charges 159 420 27
Goodwill impairments — 822 —
Adjusted operating income $ 1,171 $ 1,472 $ 2,164
Net earnings (loss) from continuing operations $ 687 $ (271) $ 1,344
After-tax impact of restructuring charges – cost of goods sold — 1 12
After-tax impact of net LCD settlements(2) (142) — —
After-tax impact of Best Buy Europe transaction costs — — 8
After-tax impact of non-restructuring asset impairments 67 41 8
After-tax impact of restructuring charges 104 271 16
After-tax impact of goodwill impairments — 821 —
After-tax impact of gain on sale of investments (12) — (48)
Income tax impact of Best Buy Europe sale(3) 18 — —
Adjusted net earnings from continuing operations $ 722 $ 863 $ 1,340
Diluted earnings (loss) per share from continuing operations $ 1.98 $ (0.80) $ 3.55
Per share impact of restructuring charges – cost of goods sold — — 0.03
Per share impact of net LCD settlements(2) (0.41) — —
Per share impact of Best Buy Europe transaction costs — — 0.02
Per share impact of non-restructuring asset impairments 0.19 0.12 0.02
Per share impact of restructuring charges 0.30 0.80 0.05
Per share impact of goodwill impairments — 2.42 —
Per share impact of gain on sale of investments (0.04) — (0.13)
Per share impact of income tax impact of Best Buy Europe sale(3) 0.05 — —
Adjusted diluted earnings per share from continuing operations $ 2.07 $ 2.54 $ 3.54
(1) The 12-month periods represent: the 12-months ended February 1, 2014 ("2014"); the recast 12-months ended February 2, 2013 ("2013"); and the recast
12-months ended January 28, 2012 ("2012"). 2014 and 2012 included 52 weeks, while 2013 included 53 weeks.