Bed, Bath and Beyond 2015 Annual Report Download - page 72

primarily due to $328.4 million of capital expenditures, partially offset by $52.8 million of redemptions of
investment securities, net of purchases. In fiscal 2014, net cash provided by investing activities was primarily due
to $379.4 million of redemptions of investment securities, net of purchases, partially offset by $330.6 million of
capital expenditures.
Net cash used in financing activities for fiscal 2015 was $1.089 billion, compared with $704.9 million in fiscal
2014. In fiscal 2015, the net cash used in financing activities was primarily due to $1.101 billion of common
stock repurchases. For fiscal 2014, net cash used in financing activities was primarily due to $2.251 billion of
common stock repurchases, partially offset by $1.5 billion of proceeds from the issuance of senior unsecured
notes.
Fiscal 2014 compared to Fiscal 2013
Net cash provided by operating activities in fiscal 2014 was $1.178 billion, compared with $1.382 billion in
fiscal 2013. Year over year, the Company experienced an increase in cash used by the net components of
working capital (primarily accounts payable and merchandise inventories, partially offset by other current assets
and accrued expenses and other current liabilities) and a decrease in net earnings, as adjusted for non-cash
expenses (primarily deferred income taxes and depreciation).
Retail inventory at cost per square foot was $62.58 as of February 28, 2015, as compared to $59.68 as of
March 1, 2014.
Net cash provided by investing activities in fiscal 2014 was $48.8 million, compared with net cash used in
investing activities of $363.4 million in fiscal 2013. In fiscal 2014, net cash provided by investing activities was
primarily due to $379.4 million of redemptions of investment securities, net of purchases, partially offset by
$330.6 million of capital expenditures. In fiscal 2013, net cash used in investing activities was primarily due to
$320.8 million of capital expenditures and $39.1 million of purchases of investment securities, net of
redemptions.
Net cash used in financing activities for fiscal 2014 was $704.9 million, compared with $1.210 billion in fiscal
2013. The decrease in net cash used was primarily due to proceeds from the issuance of the senior unsecured
notes of $1.5 billion, partially offset by an increase in common stock repurchases of $966.6 million, which
includes the shares repurchased under an accelerated share repurchase agreement.
Other Fiscal 2015 Information
At February 27, 2016, the Company maintained two uncommitted lines of credit of $100 million each, with
expiration dates of August 31, 2016 and February 26, 2017, respectively. These uncommitted lines of credit are
currently and are expected to be used for letters of credit in the ordinary course of business. During fiscal 2015,
the Company did not have any direct borrowings under the uncommitted lines of credit. As of February 27, 2016,
there was approximately $9.5 million of outstanding letters of credit. Although no assurances can be provided,
the Company intends to renew both uncommitted lines of credit before the respective expiration dates. In
addition, as of February 27, 2016, the Company maintained unsecured standby letters of credit of $51.2 million,
primarily for certain insurance programs.
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.
Between December 2004 and September 2015, the Company’s Board of Directors authorized, through several
share repurchase programs, the repurchase of $11.950 billion of the Company’s common stock. Since 2004
through the end of fiscal 2015, the Company has repurchased approximately $9.7 billion of its common stock
through share repurchase programs. The Company has approximately $2.3 billion remaining of authorized share
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