Company: BBY
Filing Date: 2025-09-05
Form Type: 10-Q
Source: 0000764478-25-000040
Chunk: 15

Company: BEST BUY CO INC
Filing Date: 2025-09-05
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 equivalents and restricted cash reported on our Condensed Consolidated Balance Sheets are reconciled to the totals shown on our Condensed Consolidated Statements of Cash Flows as follows ($ in millions):August 2, 2025February 1, 2025August 3, 2024Cash and cash equivalents$1,456$1,578$1,387Restricted cash included in Other current assets257290311Total cash, cash equivalents and restricted cash$1,713$1,868$1,698

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Amounts included in restricted cash are primarily restricted to cover product protection plans provided under our membership offerings and self-insurance liabilities.Reclassification Certain reclassifications of immaterial amounts previously reported have been made to the accompanying Condensed Consolidated Statements of Cash Flows to maintain consistency and comparability between periods presented.

2.     Restructuring

Restructuring charges were as follows ($ in millions):Three Months EndedSix Months EndedAugust 2, 2025August 3, 2024August 2, 2025August 3, 2024Fiscal 2026 Labor and Store Optimization Initiative$122$-$122$-Best Buy Health Optimization and China Sourcing Initiative(6)-105-Fiscal 2024 Restructuring Initiative(2)(6)(4)10Fiscal 2023 Resource Optimization Initiative-(1)-(2)Total$114$(7)$223$8Fiscal 2026 Labor and Store Optimization InitiativeIn the second quarter of fiscal 2026, we commenced a restructuring initiative intended to align field resources with changing customer behaviors, close select non-traditional store locations and redirect corporate resources for better alignment with our strategy. We currently do not expect to incur material future restructuring charges related to this initiative.All charges incurred related to this initiative were from continuing operations and presented within Restructuring charges on our Condensed Consolidated Statements of Earnings. The composition of restructuring charges incurred related to this initiative were as follows ($ in millions):Three Months EndedDomesticInternationalTotalTermination benefits$78$3$81Asset impairments(1)41-41Total$119$3$122(1)Represents asset impairments primarily related to planned store closures, including an impairment related to an indefinite-lived tradename. See Note 3, Goodwill and Intangible Assets, for additional information. The remaining carrying value of net assets approximates fair value and was immaterial as of August 2, 2025. There were no cash