Bed, Bath and Beyond 2012 Annual Report Download - page 21

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FISCAL YEAR ENDED
(in thousands)
March 2,
2013
February 25,
2012
February 26,
2011
Cash Flows from Operating Activities:
Net earnings $ 1,037,788 $ 989,537 $ 791,333
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation 194,728 183,873 183,820
Stock-based compensation 47,163 45,223 44,276
Tax benefit from stock-based compensation 13,217 63 (3,453)
Deferred income taxes 17,600 30,238 (15,988)
Other 702 (1,622) (1,757)
(Increase) decrease in assets, net of effect of
acquisitions:
Merchandise inventories (198,407) (102,983) (209,204)
Trading investment securities (6,206) (4,538) (5,469)
Other current assets (43,585) 24,948 (17,736)
Other assets (9,685) 900 (2,899)
Increase (decrease) in liabilities, net of effect of
acquisitions:
Accounts payable 105,251 31,582 102,307
Accrued expenses and other current liabilities (26,412) 19,822 29,809
Merchandise credit and gift card liabilities 36,888 16,585 20,257
Income taxes payable 6,598 (37,392) 25,456
Deferred rent and other liabilities 17,350 29,048 46,655
Net cash provided by operating activities 1,192,990 1,225,284 987,407
Cash Flows from Investing Activities:
Purchase of held-to-maturity investment securities (730,976) (1,605,851) (1,511,555)
Redemption of held-to-maturity investment securities 1,031,249 1,456,250 1,286,270
Redemption of available-for-sale investment securities 31,715 28,975 24,975
Redemption of trading investment securities —— 42,825
Capital expenditures (314,682) (243,374) (183,474)
Payment for acquisitions, net of cash acquired (643,098) ——
Payment for acquisition of trademarks (40,000) ——
Net cash used in investing activities (665,792) (364,000) (340,959)
Cash Flows from Financing Activities:
Proceeds from exercise of stock options 56,377 171,088 125,700
Excess tax benefit from stock-based compensation 5,021 5,163 2,944
Payment for credit facility assumed in acquisition (25,511) ——
Repurchase of common stock, including fees (1,001,280) (1,217,956) (687,605)
Net cash used in financing activities (965,393) (1,041,705) (558,961)
Net (decrease) increase in cash and cash equivalents (438,195) (180,421) 87,487
Cash and cash equivalents:
Beginning of period 1,003,166 1,183,587 1,096,100
End of period $ 564,971 $ 1,003,166 $ 1,183,587
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Bed Bath & Beyond Inc. and Subsidiaries
BED BATH & BEYOND 2012 ANNUAL REPORT
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