Bed, Bath and Beyond 2010 Annual Report Download - page 18

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BED BATH & BEYOND 2010 ANNUAL REPORT
16
FISCAL YEAR ENDED
February 26, February 27, February 28,
(in thousands) 2011 2010 2009
Cash Flows from Operating Activities:
Net earnings $ 791,333 $ 600,033 $ 425,123
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation 183,820 184,232 175,601
Stock-based compensation 44,276 44,235 43,708
Tax benefit from stock-based compensation (3,453) (5,986) (1,183)
Deferred income taxes (15,988) (22,811) (22,325)
Other (1,757) (405) 476
(Increase) decrease in assets:
Merchandise inventories (209,204) (117,364) (25,358)
Trading investment securities (5,469) (5,610) (17)
Other current assets (17,736) (4,397) (3,065)
Other assets (2,899) 526 (954)
Increase (decrease) in liabilities:
Accounts payable 102,307 96,279 (40,863)
Accrued expenses and other current liabilities 29,809 37,905 (13,301)
Merchandise credit and gift card liabilities 20,257 7,183 (5,631)
Income taxes payable 25,456 70,487 24,676
Deferred rent and other liabilities 46,655 21,100 27,083
Net cash provided by operating activities 987,407 905,407 583,970
Cash Flows from Investing Activities:
Purchase of held-to-maturity investment securities (1,511,555) (403,582) —
Redemption of held-to-maturity investment securities 1,286,270 30,025 —
Redemption of available-for-sale investment securities 24,975 38,545 107,550
Redemption of trading investment securities 42,825 — —
Capital expenditures (183,474) (153,680) (215,859)
Investment in unconsolidated joint venture, including fees — — (4,786)
Net cash used in investing activities (340,959) (488,692) (113,095)
Cash Flows from Financing Activities:
Proceeds from exercise of stock options 125,700 99,727 17,650
Excess tax benefit from stock-based compensation 2,944 6,306 3,652
Repurchase of common stock, including fees (687,605) (94,857) (48,052)
Net cash (used in) provided by financing activities (558,961) 11,176 (26,750)
Net increase in cash and cash equivalents 87,487 427,891 444,125
Cash and cash equivalents:
Beginning of period 1,096,100 668,209 224,084
End of period $ 1,183,587 $ 1,096,100 $ 668,209
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Bed Bath & Beyond Inc. and Subsidiaries