Bed, Bath and Beyond 2013 Annual Report Download - page 21

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FISCAL YEAR ENDED
(in thousands)
March 1,
2014
March 2,
2013
February 25,
2012
Cash Flows from Operating Activities:
Net earnings $ 1,022,290 $ 1,037,788 $ 989,537
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation 218,809 194,728 183,873
Stock-based compensation 56,244 47,163 45,223
Tax benefit from stock-based compensation 12,846 13,217 63
Deferred income taxes 11,841 17,600 30,238
Other (1,784) 702 (1,622)
(Increase) decrease in assets, net of effect of acquisitions:
Merchandise inventories (112,742) (198,407) (102,983)
Trading investment securities (11,382) (6,206) (4,538)
Other current assets (4,923) (43,585) 24,948
Other assets (3,829) (9,685) 900
Increase (decrease) in liabilities, net of effect of acquisitions:
Accounts payable 178,132 105,251 31,582
Accrued expenses and other current liabilities (13,532) (26,412) 19,822
Merchandise credit and gift card liabilities 32,735 36,888 16,585
Income taxes payable (4,502) 6,598 (37,392)
Deferred rent and other liabilities 2,983 17,350 29,048
Net cash provided by operating activities 1,383,186 1,192,990 1,225,284
Cash Flows from Investing Activities:
Purchase of held-to-maturity investment securities (1,156,634) (730,976) (1,605,851)
Redemption of held-to-maturity investment securities 1,117,500 1,031,249 1,456,250
Redemption of available-for-sale investment securities —31,715 28,975
Capital expenditures (317,180) (314,682) (243,374)
Investment in unconsolidated joint venture (3,436) ——
Payment for acquisitions, net of cash acquired —(643,098) —
Payment for acquisition of trademarks —(40,000) —
Net cash used in investing activities (359,750) (665,792) (364,000)
Cash Flows from Financing Activities:
Proceeds from exercise of stock options 54,815 56,377 171,088
Excess tax benefit from stock-based compensation 7,289 5,021 5,163
Payment for credit facility assumed in acquisition —(25,511) —
Repurchase of common stock, including fees (1,283,995) (1,001,280) (1,217,956)
Net cash used in financing activities (1,221,891) (965,393) (1,041,705)
Net decrease in cash and cash equivalents (198,455) (438,195) (180,421)
Cash and cash equivalents:
Beginning of period 564,971 1,003,166 1,183,587
End of period $ 366,516 $ 564,971 $ 1,003,166
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Bed Bath & Beyond Inc. and Subsidiaries
BED BATH & BEYOND 2013 ANNUAL REPORT
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