Bed, Bath and Beyond 2011 Annual Report Download - page 19

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BED BATH & BEYOND 2011 ANNUAL REPORT
17
FISCAL YEAR ENDED
February 25, February 26, February 27,
(in thousands) 2012 2011 2010
Cash Flows from Operating Activities:
Net earnings $ 989,537 $ 791,333 $ 600,033
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation 183,873 183,820 184,232
Stock-based compensation 45,223 44,276 44,235
Tax benefit from stock-based compensation 63 (3,453) (5,986)
Deferred income taxes 30,238 (15,988) (22,811)
Other (1,622) (1,757) (405)
(Increase) decrease in assets:
Merchandise inventories (102,983) (209,204) (117,364)
Trading investment securities (4,538) (5,469) (5,610)
Other current assets 24,948 (17,736) (4,397)
Other assets 900 (2,899) 526
Increase (decrease) in liabilities:
Accounts payable 31,582 102,307 96,279
Accrued expenses and other current liabilities 19,822 29,809 37,905
Merchandise credit and gift card liabilities 16,585 20,257 7,183
Income taxes payable (37,392) 25,456 70,487
Deferred rent and other liabilities 29,048 46,655 21,100
Net cash provided by operating activities 1,225,284 987,407 905,407
Cash Flows from Investing Activities:
Purchase of held-to-maturity investment securities (1,605,851) (1,511,555) (403,582)
Redemption of held-to-maturity investment securities 1,456,250 1,286,270 30,025
Redemption of available-for-sale investment securities 28,975 24,975 38,545
Redemption of trading investment securities — 42,825 —
Capital expenditures (243,374) (183,474) (153,680)
Net cash used in investing activities (364,000) (340,959) (488,692)
Cash Flows from Financing Activities:
Proceeds from exercise of stock options 171,088 125,700 99,727
Excess tax benefit from stock-based compensation 5,163 2,944 6,306
Repurchase of common stock, including fees (1,217,956) (687,605) (94,857)
Net cash (used in) provided by financing activities (1,041,705) (558,961) 11,176
Net (decrease) increase in cash and cash equivalents (180,421) 87,487 427,891
Cash and cash equivalents:
Beginning of period 1,183,587 1,096,100 668,209
End of period $ 1,003,166 $ 1,183,587 $ 1,096,100
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Bed Bath & Beyond Inc. and Subsidiaries