Best Buy 2011 Annual Report Download - page 114
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$ in millions, except per share amounts or as otherwise noted
Deferred taxes are the result of differences between the bases of assets and liabilities for financial reporting and income
tax purposes. Deferred tax assets and liabilities were comprised of the following:
February 26, February 27,
2011 2010
Accrued property expenses $ 154 $ 149
Other accrued expenses 122 126
Deferred revenue 141 150
Compensation and benefits 86 64
Stock-based compensation 137 125
Net operating loss carryforwards 247 211
Other 181 60
Total deferred tax assets 1,068 885
Valuation allowance (212) (151)
Total deferred tax assets after valuation allowance 856 734
Property and equipment (316) (381)
Convertible debt (79) (71)
Goodwill and intangibles (123) (125)
Other (47) (31)
Total deferred tax liabilities (565) (608)
Net deferred tax assets $ 291 $ 126
Deferred tax assets and liabilities included in our consolidated balance sheets were as follows:
February 26, February 27,
2011 2010
Other current assets $261 $ 244
Other assets 98 19
Other long-term liabilities (68) (137)
Net deferred tax assets $291 $ 126
At February 26, 2011, we had total net operating loss carryforwards from international operations of $218, of which $93
will expire in various years through 2021 and the remaining amounts have no expiration. Additionally, we had acquired
U.S. federal net operating loss carryforwards of $29 which expire between 2025 and 2028, and U.S. federal foreign tax
credits of $58 which expire between 2015 and 2021.
At February 26, 2011, a valuation allowance of $212 had been established against certain international net operating
loss carryforwards and other international deferred tax assets. The $61 increase from February 27, 2010, is primarily due
to valuation allowances that arose in fiscal 2011.
We have not provided deferred taxes on unremitted earnings attributable to foreign operations that have been considered
to be reinvested indefinitely. These earnings relate to ongoing operations and were $1,764 at February 26, 2011. It is not
practicable to determine the income tax liability that would be payable if such earnings were not indefinitely reinvested.
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