Discontinued Operations

3 Months Ended

May 02, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

Discontinued operations are primarily comprised of Jiangsu Five Star Appliance Co., Limited ("Five Star") within our International segment. The presentation of discontinued operations has been retrospectively applied to all prior periods presented.

During the fourth quarter of fiscal 2015, we entered into a definitive agreement to sell Five Star to Yingtan City Xiangyuan Investment Limited Partnership and Zhejiang Real Estate Group Co. On February 13, 2015, we completed the sale of Five Star and recognized a gain on sale of $99 million. Following the sale of Five Star, we continue to hold one retail property in Shanghai, China, which remains held for sale at May 2, 2015, as we continue to actively market the property.

The composition of assets and liabilities disposed of as a result of the sale of Five Star was as follows ($ in millions):

	February 13, 2015
Cash and cash equivalents	$	125
Receivables	113
Merchandise inventories	252
All other assets	461
Total assets	$	951
Accounts payable	$	478
All other liabilities	128
Total liabilities	$	606

The aggregate financial results of discontinued operations for the three months ended May 2, 2015 and May 3, 2014, respectively, were as follows ($ in millions):

	Three Months Ended
	May 2, 2015			May 3, 2014
Revenue	$	212		$	396
Restructuring charges(1)	—			1
Loss from discontinued operations before income tax benefit	(10		)	(10		)
Income tax benefit	3			2
Gain on sale of discontinued operations	99			—
Net gain (loss) from discontinued operations, including noncontrolling interests	92			(8		)
Net loss from discontinued operations attributable to noncontrolling interests	—			—
Net gain (loss) from discontinued operations attributable to Best Buy Co., Inc. shareholders	$	92		$	(8	)

(1) See Note 5, Restructuring Charges, for further discussion of the restructuring charges associated with discontinued operations.