Best Buy 2016 Annual Report Download - page 98

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90
Geographic Information
The following table presents our geographic information in fiscal 2016, 2015 and 2014 ($ in millions):
2016 2015 2014
Net sales to customers
United States $ 36,365 $ 36,055 $ 35,831
Canada 2,917 4,047 4,522
Other 246 237 258
Total revenue $ 39,528 $ 40,339 $ 40,611
Long-lived assets
United States $ 2,189 $ 2,100 $ 2,190
Canada 140 174 244
China — — 139
Other 17 21 25
Total long-lived assets $ 2,346 $ 2,295 $ 2,598
12. Contingencies and Commitments
Contingencies
We are involved in a number of legal proceedings. Where appropriate, we have made accruals with respect to these matters,
which are reflected in our consolidated financial statements. However, there are cases where liability is not probable or the
amount cannot be reasonably estimated and therefore accruals have not been made. We provide disclosure of matters where we
believe it is reasonably possible the impact may be material to our consolidated financial statements.
Securities Actions
In February 2011, a purported class action lawsuit captioned, IBEW Local 98 Pension Fund, individually and on behalf of all
others similarly situated v. Best Buy Co., Inc., et al., was filed against us and certain of our executive officers in the U.S.
District Court for the District of Minnesota. This federal court action alleges, among other things, that we and the officers
named in the complaint violated Sections 10(b) and 20A of the Exchange Act and Rule 10b-5 under the Exchange Act in
connection with press releases and other statements relating to our fiscal 2011 earnings guidance that had been made available
to the public. Additionally, in March 2011, a similar purported class action was filed by a single shareholder, Rene LeBlanc,
against us and certain of our executive officers in the same court. In July 2011, after consolidation of the IBEW Local 98
Pension Fund and Rene LeBlanc actions, a consolidated complaint captioned, IBEW Local 98 Pension Fund v. Best Buy Co.,
Inc., et al., was filed and served. We filed a motion to dismiss the consolidated complaint in September 2011, and in March
2012, subsequent to the end of fiscal 2012, the court issued a decision dismissing the action with prejudice. In April 2012, the
plaintiffs filed a motion to alter or amend the court's decision on our motion to dismiss. In October 2012, the court granted
plaintiff's motion to alter or amend the court's decision on our motion to dismiss in part by vacating such decision and giving
plaintiff leave to file an amended complaint, which plaintiff did in October 2012. We filed a motion to dismiss the amended
complaint in November 2012 and all responsive pleadings were filed in December 2012. A hearing was held on April 26, 2013.
On August 5, 2013, the court issued an order granting our motion to dismiss in part and, contrary to its March 2012 order,
denying the motion to dismiss in part, holding that certain of the statements alleged to have been made were not forward-
looking statements and therefore were not subject to the “safe-harbor” provisions of the Private Securities Litigation Reform
Act (PSLRA). Plaintiffs moved to certify the purported class. By Order filed August 6, 2014, the court certified a class of
persons or entities who acquired Best Buy common stock between 10:00 a.m. EDT on September 14, 2010, and December 13,
2010, and who were damaged by the alleged violations of law. The 8th Circuit Court of Appeals granted our request for
interlocutory appeal. Oral argument was held in October 2015, and we await a decision. The trial court has stayed proceedings
while the appeal is pending. We continue to believe that these allegations are without merit and intend to vigorously defend our
company in this matter.
In June 2011, a purported shareholder derivative action captioned, Salvatore M. Talluto, Derivatively and on Behalf of Best Buy
Co., Inc. v. Richard M. Schulze, et al., as Defendants and Best Buy Co., Inc. as Nominal Defendant, was filed against both
present and former members of our Board of Directors serving during the relevant periods in fiscal 2011 and us as a nominal