Bed, Bath and Beyond 2011 Annual Report Download - page 12
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BED BATH & BEYOND 2011 ANNUAL REPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(continued)
The Company does not anticipate that any potential lack of liquidity in its auction rate securities, even for an extended period
of time, will affect its ability to finance its operations, including its expansion program, share repurchase program, and planned
capital expenditures. The Company continues to monitor efforts by the financial markets to find alternative means for restoring
the liquidity of these investments. These investments will remain primarily classified as non-current assets until the Company has
better visibility as to when their liquidity will be restored. The classification and valuation of these securities will continue to be
reviewed quarterly.
Other Fiscal 2011 Information
conditions.
The Company has authorization to make repurchases from time to time in the open market or through other parameters
approved by the Board of Directors pursuant to existing rules and regulations.
The Company has contractual obligations consisting mainly of operating leases for stores, offices, warehouse facilities and
follows:
(in thousands)
Operating lease obligations
Purchase obligations
Other long-term liabilities
(1) The amounts presented represent the future minimum lease payments under non-cancelable operating leases. In addition to minimum
rent, certain of the Company’s leases require the payment of additional costs for insurance, maintenance and other costs. These additional
amounts are not included in the table of contractual commitments as the timing and/or amounts of such payments are not known. As of
February 25, 2012, the Company has leased sites for 26 locations planned for opening in fiscal 2012 or 2013, for which aggregate minimum
rental payments over the term of the leases are approximately $106.3 million and are included in the table above.
(2) Purchase obligations primarily consist of purchase orders for merchandise.
(3) Amounts recorded as deferred rent and other liabilities and income taxes payable in the Consolidated Balance Sheet as of February 25, 2012
have been reflected only in the Total column in the table above as the timing and/or amount of any cash payment is uncertain.
Deferred rent and other liabilities are primarily comprised of deferred rent, workers’ compensation and general liability reserves and
various other accruals.