Bed, Bath and Beyond 2009 Annual Report Download - page 18

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BED BATH & BEYOND 2009 ANNUAL REPORT
16
FISCAL YEAR ENDED
February 27, February 28, March 1,
(in thousands) 2010 2009 2008
Cash Flows from Operating Activities:
Net earnings $ 600,033 $ 425,123 $ 562,808
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation 184,232 175,601 157,770
Amortization of bond premium — — 1,538
Stock-based compensation 44,235 43,708 43,755
Tax benefit from stock-based compensation (5,986) (1,183) 2,719
Deferred income taxes (22,811) (22,325) 2,315
Other (405) 476 —
(Increase) decrease in assets, net of effect of acquisition:
Merchandise inventories (117,364) (25,358) (96,673)
Trading investment securities (5,610) (17) (3,020)
Other current assets (4,397) (3,065) (16,217)
Other assets 526 (954) 529
Increase (decrease) in liabilities, net of effect of acquisition:
Accounts payable 96,279 (40,863) (31,764)
Accrued expenses and other current liabilities 37,905 (13,301) 15,774
Merchandise credit and gift card liabilities 7,183 (5,631) 24,430
Income taxes payable 70,487 24,676 (74,530)
Deferred rent and other liabilities 21,100 27,083 25,102
Net cash provided by operating activities 905,407 583,970 614,536
Cash Flows from Investing Activities:
Purchase of held-to-maturity investment securities (403,582) — —
Redemption of held-to-maturity investment securities 30,025 — 494,526
Purchase of available-for-sale investment securities — — (1,495,155)
Redemption of available-for-sale investment securities 38,545 107,550 1,546,430
Capital expenditures (153,680) (215,859) (358,210)
Investment in unconsolidated joint venture, including fees — (4,786) —
Payment for acquisition, net of cash acquired — — (85,893)
Net cash (used in) provided by investing activities (488,692) (113,095) 101,698
Cash Flows from Financing Activities:
Proceeds from exercise of stock options 99,727 17,650 22,672
Excess tax benefit from stock-based compensation 6,306 3,652 5,990
Repurchase of common stock, including fees (94,857) (48,052) (734,193)
Net cash provided by (used in) financing activities 11,176 (26,750) (705,531)
Net increase in cash and cash equivalents 427,891 444,125 10,703
Cash and cash equivalents:
Beginning of period 668,209 224,084 213,381
End of period $ 1,096,100 $ 668,209 $ 224,084
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Bed Bath & Beyond Inc. and Subsidiaries