Bed, Bath and Beyond 2004 Annual Report Download - page 22

BED BATH & BEYOND ANNUAL REPORT 2004
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3. PROPERTY AND EQUIPMENT
Property and equipment consist of the following:
February 26, February 28,
(in thousands) 2005 2004
Land and buildings $ 43,165)$ 28,189)
Furniture, fixtures and equipment 452,919)387,517)
Leasehold improvements 405,928)333,502)
Computer equipment and software 184,626)146,999)
1,086,638)896,207)
Less: Accumulated depreciation and amortization (477,007) (380,043)
$ 609,631)$ 516,164)
4. LINES OF CREDIT
At February 26, 2005, the Company maintained two uncommitted lines of credit of $100 million and $50 million, with
expiration dates of September 3, 2005 and February 28, 2005, respectively. Subsequent to the end of fiscal 2004, the
Company increased the amount of the $50 million uncommitted line of credit to $75 million and extended the expi-
ration to February 28, 2006. These uncommitted lines of credit are currently used for letters of credit in the ordinary
course of business. It is the Company’s intent to maintain an uncommitted line of credit for this purpose. During fiscal
2004, the Company did not have any direct borrowings under the uncommitted lines of credit. As of February 26,
2005, there was approximately $13.4 million of outstanding letters of credit. In addition, under the above uncommit-
ted lines of credit, the Company can obtain unsecured standby letters of credit. As of February 26, 2005, there was
approximately $38.1 million of outstanding unsecured standby letters of credit, primarily for certain insurance pro-
grams.
The Company maintained two uncommitted lines of credit of $75 million and $50 million at February 28, 2004. These
uncommitted lines of credit were utilized for letters of credit in the ordinary course of business. During fiscal 2003,
the Company did not have any direct borrowings under the uncommitted lines of credits. As of February 28, 2004,
there was approximately $15.0 million of outstanding letters of credit. In addition, the Company maintained unse-
cured standby letters of credit of $40 million, primarily for certain insurance programs, of which approximately
$35.8 million was outstanding.
5. INVESTMENT SECURITIES
The Company’s investment securities consist of available-for-sale auction rate securities, which are stated at cost or
par value which approximates fair value, and held-to-maturity U.S. Government Agency debt securities and municipal
debt securities, which are stated at amortized cost. The amortized cost and fair value of the Company’s available-for-
sale and held-to-maturity securities are as follows:
February 26, February 28,
2005 2004
Amortized Fair Amortized Fair
(in millions) Cost Value Cost Value
Available-for-sale securities:
Short term $360.8 $360.8 $553.5 $553.5
Long term 14.9 14.9 12.4 12.4
375.7 375.7 565.9 565.9
Held-to-maturity securities:
Short term 268.5 266.9 18.6 18.6
Long term 309.3 307.1 198.4 199.1
577.8 574.0 217.0 217.7
Total investment securities $953.5 $949.7 $782.9 $783.6
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(continued)