Company: BBY
Filing Date: 2025-12-05
Form Type: 10-Q
Source: 0000764478-25-000057
Chunk: 51

Company: BEST BUY CO INC
Filing Date: 2025-12-05
Form: 10-Q
Item: Part I, Item 8
Chunk 51
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 AssetsWe have definite-lived intangible assets recorded within Other assets on our Condensed Consolidated Balance Sheets as follows ($ in millions):November 1, 2025February 1, 2025November 2, 2024Weighted-Average Useful Life Remainingas of November 1, 2025(in years)Gross Carrying Amount(1)Accumulated Amortization(1)Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated AmortizationCustomer relationships(2)$339$339$360$285$360$283-Tradenames8780927992770.9Developed technology565664616460-Total$482$475$516$425$516$4200.9(1)Gross carrying amount and accumulated amortization as of November 1, 2025, excludes $34 million and $16 million, respectively, of definite-lived intangible assets related to the exit of a component of our Best Buy Health business in the second quarter of fiscal 2026. See Note 2, Restructuring, for additional information. (2)Accumulated amortization as of November 1, 2025, includes $53 million of impairments related to Best Buy Health included in Goodwill and intangible asset impairments on our Condensed Consolidated Statements of Earnings.

11

Amortization expense, included in Selling, general and administrative expenses ("SG&A") on our Condensed Consolidated Statements of Earnings, was as follows ($ in millions):Three Months EndedNine Months EndedNovember 1, 2025November 2, 2024November 1, 2025November 2, 2024Amortization expense$3 $5 $12$16Amortization expense expected to be recognized in future periods is as follows ($ in millions):Amortization ExpenseRemainder of fiscal 2026$2Fiscal 20275

4.     Fair Value Measurements

Fair value measurements are reported in one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data).Recurring Fair Value MeasurementsFinancial assets and liabilities accounted for at fair value were as follows ($ in millions):Fair Value as ofBalance Sheet Location(1)