Company: BBY
Filing Date: 2025-06-24
Form Type: 11-K
Source: 0000764478-25-000029
Chunk: 5

Company: BEST BUY CO INC
Filing Date: 2025-06-24
Form: 11-K
Chunk 5
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 4 , or December 31, 202 3 . Benefit Payments - Benefits are recorded when paid. A s of December 31, 202 4 , and December 31, 202 3 , there were no amounts allocated to accounts of participants who had elected to withdraw from the Plan but had not been paid. Administrative Expenses - Certain expenses of maintaining the Plan are paid by the Plan, unless otherwise paid by the Company. Expenses that are paid by the Company are excluded from these financial statements. Fees related to the administration of notes receivable from participants are charged directly to the participant’s account and are included in administrative expenses. Investment - related expenses are included in net appreciation (depreciation) of fair value of investments. Plan participants were charged $3. 60 per month during the years ended December 31, 2024 and December 31, 2023 . Subsequent Events - Plan management evaluated the period from December 31, 202 4 , through the date the financial statements were issued for material subsequent events requiring recognition or disclosure. No such events were identified. 3. Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. To measure fair value, we use a three-tier valuation hierarchy based upon observable and non-observable inputs: Level 1 — Unadjusted quoted prices that are available in active markets for identical assets or liabilities at the measurement date. Level 2 — Significant other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including:

| · |     | Quoted prices for similar assets or liabilities in active markets; |

| · |     | Quoted prices for identical or similar assets or liabilities in non-active markets; |

| · |     | Inputs other than quoted prices that are observable for the asset or liability; and |

| · |     | Inputs that are derived principally from or corroborated by other observable market data. |

7 Level 3 — Significant unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair