0001171843-15-000148.txt : 20150108 0001171843-15-000148.hdr.sgml : 20150108 20150108170812 ACCESSION NUMBER: 0001171843-15-000148 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20141129 FILED AS OF DATE: 20150108 DATE AS OF CHANGE: 20150108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BED BATH & BEYOND INC CENTRAL INDEX KEY: 0000886158 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES [5700] IRS NUMBER: 112250488 STATE OF INCORPORATION: NY FISCAL YEAR END: 0227 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-20214 FILM NUMBER: 15517025 BUSINESS ADDRESS: STREET 1: 650 LIBERTY AVENUE CITY: UNION STATE: NJ ZIP: 07083 BUSINESS PHONE: 2013791520 MAIL ADDRESS: STREET 1: 715 MORRIS AVENUE CITY: SPRINGFIELD STATE: NJ ZIP: 07081 10-Q 1 gff10q_010815.htm FORM 10-Q

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


FORM 10-Q

 

Quarterly Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

For the quarterly period ended November 29, 2014

 

Commission File Number 0-20214

 

BED BATH & BEYOND INC.

(Exact name of registrant as specified in its charter)

 

New York   11-2250488
(State of incorporation)   (IRS Employer Identification No.)
     
650 Liberty Avenue, Union, New Jersey    07083
(Address of principal executive offices)    (Zip Code)

 

Registrant’s telephone number, including area code: 908/688-0888

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

  Yes  x      No  o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

 

  Yes  x      No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer  x   Accelerated filer  o
Non-accelerated filer  o (Do not check if a smaller reporting company)   Smaller reporting company  o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

  Yes  o      No  x

Number of shares outstanding of the issuer’s Common Stock:

 

Class   Outstanding at November 29, 2014
Common Stock - $0.01 par value   185,601,410

 

 
 

BED BATH & BEYOND INC. AND SUBSIDIARIES

 

INDEX

 

       
PART I - FINANCIAL INFORMATION  
       
  Item 1. Financial Statements (unaudited)  
       
  Consolidated Balance Sheets
November 29, 2014 and March 1, 2014
 
       
  Consolidated Statements of Earnings
Three and Nine Months Ended November 29, 2014 and November 30, 2013
 
       
  Consolidated Statements of Comprehensive Income
Three and Nine Months Ended November 29, 2014 and November 30, 2013
 
       
  Consolidated Statements of Cash Flows
Nine Months Ended November 29, 2014 and November 30, 2013
 
       
  Notes to Consolidated Financial Statements  
       
  Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations  
       
  Item 3. Quantitative and Qualitative Disclosures about Market Risk  
       
  Item 4. Controls and Procedures  
       
PART II - OTHER INFORMATION  
       
  Item 1. Legal Proceedings  
       
  Item 1A. Risk Factors  
       
  Item 2. Unregistered Sales of Equity Securities and Use of Proceeds  
       
  Item 6. Exhibits  
       
  Signatures  
       
  Exhibit Index  
       
  Certifications  

 

-2-
 

BED BATH & BEYOND INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(in thousands, except per share data)

(unaudited)

 

   November 29, 
 2014
  March 1, 
 2014
Assets          
Current assets:          
 Cash and cash equivalents  $1,043,838   $366,516 
 Short term investment securities   134,993    489,331 
 Merchandise inventories   3,065,774    2,578,956 
 Other current assets   511,228    379,807 
           
       Total current assets   4,755,833    3,814,610 
           
Long term investment securities   94,876    87,393 
Property and equipment, net   1,601,208    1,579,804 
Goodwill   486,279    486,279 
Other assets   397,639    387,947 
           
       Total assets  $7,335,835   $6,356,033 
           
Liabilities and Shareholders' Equity          
Current liabilities:          
Accounts payable  $1,309,002   $1,104,668 
Accrued expenses and other current liabilities   458,278    385,954 
Merchandise credit and gift card liabilities   296,776    284,216 
Current income taxes payable   14,559    60,298 
           
       Total current liabilities   2,078,615    1,835,136 
           
Deferred rent and other liabilities   487,998    486,996 
Income taxes payable   79,915    92,614 
Long term debt   1,500,000    - 
           
       Total liabilities   4,146,528    2,414,746 
           
Shareholders' equity:          
Preferred stock - $0.01 par value; authorized - 1,000 shares; no shares issued or outstanding  
 
 
 
 
-
 
 
 
 
 
 
 
-
 
 
Common stock - $0.01 par value; authorized - 900,000 shares; issued 336,276 and 334,941 shares, respectively; outstanding 185,601 and 205,405 shares, respectively  
 
 
 
 
 
 
 
3,363
 
 
 
 
 
 
 
 
 
 
 
3,350
 
 
 
Additional paid-in capital   1,594,066    1,673,217 
Retained earnings   9,232,315    8,595,902 
Treasury stock, at cost; 150,675 and 129,536 shares, respectively   (7,621,286)   (6,317,335)
Accumulated other comprehensive loss   (19,151)   (13,847)
           
       Total shareholders' equity   3,189,307    3,941,287 
           
       Total liabilities and shareholders' equity  $7,335,835   $6,356,033 

 

See accompanying Notes to Consolidated Financial Statements.

 

-3-
 

BED BATH & BEYOND INC. AND SUBSIDIARIES

Consolidated Statements of Earnings

(in thousands, except per share data)

(unaudited)

 

   Three Months Ended  Nine Months Ended
   November 29,
2014
  November 30,
2013
  November 29,
2014
  November 30,
2013
             
Net sales  $2,942,980   $2,864,837   $8,544,583   $8,300,649 
                     
Cost of sales   1,814,006    1,743,147    5,250,679    5,032,504 
                     
Gross profit   1,128,974    1,121,690    3,293,904    3,268,145 
                     
Selling, general and administrative expenses   776,291    747,043    2,271,779    2,180,631 
                     
Operating profit   352,683    374,647    1,022,125    1,087,514 
                     
Interest (expense) income, net   (19,569)   1,314    (31,191)   (586)
                     
Earnings before provision for income taxes   333,114    375,961    990,934    1,086,928 
                     
Provision for income taxes   107,706    138,764    354,521    397,937 
                     
Net earnings  $225,408   $237,197   $636,413   $688,991 
                     
Net earnings per share - Basic  $1.24   $1.13   $3.34   $3.24 
Net earnings per share - Diluted  $1.23   $1.12   $3.31   $3.20 
                     
Weighted average shares outstanding - Basic   181,629    209,704    190,292    212,430 
Weighted average shares outstanding - Diluted   183,794    212,315    192,463    215,116 

 

See accompanying Notes to Consolidated Financial Statements.

 

-4-
 

BED BATH & BEYOND INC. AND SUBSIDIARIES

 Consolidated Statements of Comprehensive Income

(in thousands, unaudited) 

 

   Three Months Ended  Nine Months Ended
   November 29,
2014
  November 30,
2013
  November 29,
2014
  November 30,
2013
                     
Net earnings  $225,408   $237,197   $636,413   $688,991 
                     
Other comprehensive income (loss):                    
                     
Change in temporary impairment of auction rate securities, net of taxes   205    280    74    (608)
Pension adjustment, net of taxes   252    1,208    700    1,571 
Currency translation adjustment   (8,990)   (1,197)   (6,078)   (5,270)
                     
Other comprehensive income (loss)   (8,533)   291    (5,304)   (4,307)
                     
Comprehensive income  $216,875   $237,488   $631,109   $684,684 

 

See accompanying Notes to Consolidated Financial Statements.

 

-5-
 

BED BATH & BEYOND INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(in thousands, unaudited)

 

   Nine Months Ended
   November 29,
2014
  November 30,
2013
Cash Flows from Operating Activities:          
Net earnings  $636,413   $688,991 
Adjustments to reconcile net earnings to net cash provided by operating activities:          
Depreciation and amortization   178,742    160,672 
Stock-based compensation   49,284    42,078 
Tax benefit from stock-based compensation   6,540    12,676 
Deferred income taxes   (27,190)   6,275 
Other   (1,399)   (1,007)
Increase in assets, net of effect of acquisitions:          
     Merchandise inventories   (486,818)   (415,347)
     Trading investment securities   (7,364)   (10,702)
     Other current assets   (105,446)   (101,907)
     Other assets   (1,058)   (5,478)
Increase (decrease) in liabilities, net of effect of acquisitions:          
     Accounts payable   235,982    244,761 
     Accrued expenses and other current liabilities   66,246    24,301 
     Merchandise credit and gift card liabilities   12,560    15,851 
     Income taxes payable   (58,438)   (66,284)
     Deferred rent and other liabilities   6,143    7,056 
Net cash provided by operating activities   504,197    601,936 
           
Cash Flows from Investing Activities:          
Purchase of held-to-maturity investment securities   (219,353)   (682,339)
Redemption of held-to-maturity investment securities   573,750    909,375 
Capital expenditures   (230,993)   (228,928)
Investment in unconsolidated joint venture   -    (3,436)
Net cash provided by (used in) investing activities   123,404    (5,328)
           
Cash Flows from Financing Activities:          
Proceeds from exercise of stock options   24,790    54,431 
Proceeds from issuance of senior unsecured notes   1,500,000    - 
Payment of deferred financing costs   (10,092)   - 
Prepayment under share repurchase agreement   (165,000)   - 
Excess tax benefit from stock-based compensation   3,974    7,293 
Repurchase of common stock, including fees   (1,303,951)   (752,239)
Net cash provided by (used in) financing activities   49,721    (690,515)
Net increase (decrease) in cash and cash equivalents   677,322    (93,907)
           
Cash and cash equivalents:          
Beginning of period   366,516    564,971 
End of period  $1,043,838   $471,064 

 

See accompanying Notes to Consolidated Financial Statements.

 

-6-
 

BED BATH & BEYOND INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(unaudited)

 

1) Basis of Presentation

 

The accompanying consolidated financial statements have been prepared without audit. In the opinion of management, the accompanying consolidated financial statements contain all adjustments (consisting of only normal recurring accruals and elimination of intercompany balances and transactions) necessary to present fairly the financial position of Bed Bath & Beyond Inc. and subsidiaries (the "Company") as of November 29, 2014 and March 1, 2014 and the results of its operations and comprehensive income for the three and nine months ended November 29, 2014 and November 30, 2013, respectively, and its cash flows for the nine months ended November 29, 2014 and November 30, 2013, respectively.

 

The accompanying unaudited consolidated financial statements are presented in accordance with the requirements for Form 10-Q and consequently do not include all the disclosures normally required by U.S. generally accepted accounting principles (“GAAP”). Reference should be made to Bed Bath & Beyond Inc.'s Annual Report on Form 10-K for the fiscal year ended March 1, 2014 for additional disclosures, including a summary of the Company's significant accounting policies, and to subsequently filed Forms 8-K.

 

Certain reclassifications have been made to the fiscal 2013 consolidated balance sheet to conform to the fiscal 2014 consolidated balance sheet presentation.

 

The Company accounts for its operations as two operating segments: North American Retail and Institutional Sales. The Institutional Sales operating segment, which is comprised of Linen Holdings, does not meet the quantitative thresholds under GAAP and therefore is not a reportable segment.

 

2) Fair Value Measurements

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., “the exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches, including quoted market prices and discounted cash flows. The hierarchy for inputs used in measuring fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect a company’s judgment concerning the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset or liability must be classified in its entirety based on the lowest level of input that is significant to the measurement of fair value. The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows:

 

• Level 1 – Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment.

 

• Level 2 – Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

 

• Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

 

As of November 29, 2014, the Company’s financial assets utilizing Level 1 inputs include long term trading investment securities traded on active securities exchanges. The Company did not have any financial assets utilizing Level 2 inputs. Financial assets utilizing Level 3 inputs included long term investments in auction rate securities consisting of preferred shares of closed end municipal bond funds (See “Investment Securities,” Note 4). 

 

-7-
 

Fair Value of Financial Instruments

 

The Company’s financial instruments include cash and cash equivalents, investment securities, accounts payable, long term debt and certain other liabilities. The Company’s investment securities consist primarily of U.S. Treasury securities, which are stated at amortized cost, and auction rate securities, which are stated at their approximate fair value. The book value of the financial instruments, excluding the Company’s long term debt, is representative of their fair values. The fair value of the Company’s long term debt is approximately $1.525 billion, which is based on quoted prices in active markets for identical instruments (i.e., Level 1 valuation), compared to the carrying value of approximately $1.500 billion.

 

3) Cash and Cash Equivalents

 

Included in cash and cash equivalents are credit and debit card receivables from banks, which typically settle within five business days, of $199.0 million and $87.4 million as of November 29, 2014 and March 1, 2014, respectively.

 

4) Investment Securities

 

The Company’s investment securities as of November 29, 2014 and March 1, 2014 are as follows:

 

(in millions)  November 29,
2014
  March 1,
2014
Available-for-sale securities:          
   Long term  $47.8   $47.7 
           
Trading securities:          
   Long term   47.0    39.7 
           
Held-to-maturity securities:          
   Short term   135.0    489.3 
Total investment securities  $229.8   $576.7 

 

Auction Rate Securities

 

As of November 29, 2014 and March 1, 2014, the Company’s available-for-sale investment securities represented approximately $51.0 million par value of auction rate securities, consisting of preferred shares of closed end municipal bond funds, less temporary valuation adjustments of approximately $3.2 million and $3.3 million, respectively. Since these valuation adjustments are deemed to be temporary, they are recorded in accumulated other comprehensive loss, net of a related tax benefit, and did not affect the Company’s net earnings.

 

U.S. Treasury Securities

 

As of November 29, 2014 and March 1, 2014, the Company’s short term held-to-maturity securities included approximately $135.0 million and approximately $489.3 million, respectively, of U.S. Treasury Bills with remaining maturities of less than one year. These securities are stated at their amortized cost which approximates fair value, which is based on quoted prices in active markets for identical instruments (i.e., Level 1 valuation).

 

Long Term Trading Investment Securities

 

The Company’s long term trading investment securities, which are provided as investment options to the participants of the nonqualified deferred compensation plan, are stated at fair market value. The values of these trading investment securities included in the table above are approximately $47.0 million and $39.7 million as of November 29, 2014 and March 1, 2014, respectively.

 

5) Property and Equipment

 

As of November 29, 2014 and March 1, 2014, included in property and equipment, net is accumulated depreciation of approximately $2.2 billion and $2.0 billion, respectively.

 

-8-
 

6) Long Term Debt

 

Senior Unsecured Notes

 

On July 17, 2014, the Company issued $300 million aggregate principal amount of 3.749% senior unsecured notes due August 1, 2024 (the “2024 Notes”), $300 million aggregate principal amount of 4.915% senior unsecured notes due August 1, 2034 (the “2034 Notes”) and $900 million aggregate principal amount of 5.165% senior unsecured notes due August 1, 2044 (the “2044 Notes” and, together with the 2024 Notes and the 2034 Notes, the “Notes”). The aggregate net proceeds from the Notes were approximately $1.5 billion, which was used for share repurchases of the Company’s common stock and for general corporate purposes. Interest on the Notes is payable semi-annually on February 1 and August 1 of each year, beginning on February 1, 2015.

 

The Notes were issued under an indenture (the “Base Indenture”), as supplemented by a first supplemental indenture (together, with the Base Indenture, the “Indenture”), which contains various restrictive covenants, which are subject to important limitations and exceptions that are described in the Indenture.

 

The Notes are unsecured, senior obligations and rank equal in right of payment to any of the Company’s existing and future senior unsecured indebtedness. The Company may redeem the Notes at any time, in whole or in part, at the redemption prices described in the Indenture plus accrued and unpaid interest to the redemption date. If a change in control triggering event, as defined by the Indenture governing the Notes, occurs unless the Company has exercised its right to redeem the Notes, the Company will be required to make an offer to the holders of the Notes to purchase the Notes at 101% of their principal amount, plus accrued and unpaid interest.

 

Revolving Credit Agreement

 

On August 6, 2014, the Company entered into a $250 million five year senior unsecured revolving credit facility agreement (“Revolver”) with various lenders. During the period from August 6, 2014 through November 29, 2014, the Company did not have any borrowings under the Revolver.

 

Borrowings under the Revolver accrue interest at either (1) a fluctuating rate equal to the greater of the prime rate, as defined in the Revolver, the Federal Funds Rate plus 0.50%, or one-month LIBOR plus 1.0% and, in each case, plus an applicable margin based upon the Company’s leverage ratio which is calculated quarterly, (2) a periodic fixed rate equal to LIBOR plus an applicable margin based upon the Company’s leverage ratio which is calculated quarterly or (3) an agreed upon fixed rate. In addition, a commitment fee is assessed, which is included in interest (expense) income, net in the Consolidated Statement of Earnings. The Revolver contains customary affirmative and negative covenants and also requires the Company to maintain a minimum leverage ratio. The Company was in compliance with all covenants related to the Revolver as of November 29, 2014.

 

Deferred financing costs associated with the Notes and the Revolver of approximately $10.1 million were capitalized and are included in other assets in the accompanying Consolidated Balance Sheet. These deferred financing costs are being amortized over the term of each of the Notes and the term of the Revolver and such amortization is included in interest (expense) income, net in the Consolidated Statement of Earnings. Interest expense related to the Notes and the Revolver, including the commitment fee and the amortization of the deferred financing costs, was approximately $18.1 million for the three months ended November 29, 2014 and $26.8 million for the period from July 17, 2014 through November 29, 2014.

 

Lines of Credit

 

At November 29, 2014, the Company maintained two uncommitted lines of credit of $100 million each, with expiration dates of February 28, 2015 and September 1, 2015, 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 the first nine months of fiscal 2014, the Company did not have any direct borrowings under the uncommitted lines of credit. Although no assurances can be provided, the Company intends to renew both uncommitted lines of credit before the respective expiration dates.

 

-9-
 

7) Shareholders’ Equity

 

Between December 2004 and July 2014, the Company’s Board of Directors authorized, through several share repurchase programs, the repurchase of $9.450 billion of its shares of common stock. On July 17, 2014, the Company entered into an accelerated share repurchase agreement (“ASR”) with an investment bank to repurchase an aggregate $1.1 billion of the Company’s common stock. As part of the ASR, the Company received an initial delivery of approximately 15.4 million shares of the Company’s common stock with a fair market value of approximately $935 million, which is included in treasury stock in the accompanying Consolidated Balance Sheet as of November 29, 2014. The initial delivery of 15.4 million shares reduced the outstanding shares used to determine the Company’s weighted average shares outstanding for purposes of calculating basic and diluted earnings per share. The remaining $165 million of the aggregate repurchase amount was accounted for as a reduction in additional paid-in capital in the accompanying Consolidated Balance Sheet as of November 29, 2014. In December 2014, subsequent to the end of the fiscal third quarter, the ASR was completed and the final number of shares repurchased under the ASR was based on the Company’s volume weighted average price per its common share over the ASR period less a discount.

 

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 also purchases shares of its common stock to cover employee related taxes withheld on vested restricted stock awards. In the first nine months of fiscal 2014, including the initial delivery of approximately 15.4 million shares under the ASR, the Company repurchased approximately 21.1 million shares of its common stock for a total cost of approximately $1.3 billion, bringing the aggregate total of common stock repurchased to approximately 150.7 million shares for a total cost of approximately $7.6 billion since the initial authorization in December 2004. The Company has approximately $1.8 billion remaining of authorized share repurchases as of November 29, 2014.

 

8) Stock-Based Compensation

 

The Company measures all employee stock-based compensation awards using a fair value method and records such expense, net of estimated forfeitures, in its consolidated financial statements. Currently, the Company’s stock-based compensation relates to restricted stock awards, stock options and performance share units. The Company’s restricted stock awards are considered nonvested share awards.

 

Stock-based compensation expense for the three and nine months ended November 29, 2014 was approximately $15.5 million ($10.5 million after tax or $0.06 per diluted share) and approximately $49.3 million ($31.7 million after tax or $0.16 per diluted share), respectively. Stock-based compensation expense for the three and nine months ended November 30, 2013 was approximately $13.6 million ($8.6 million after tax or $0.04 per diluted share) and approximately $42.1 million ($26.7 million after tax or $0.12 per diluted share), respectively. In addition, the amount of stock-based compensation cost capitalized for the nine months ended November 29, 2014 and November 30, 2013 was approximately $1.3 million and $1.2 million, respectively.

 

Incentive Compensation Plans

 

The Company currently grants awards under the Bed Bath & Beyond 2012 Incentive Compensation Plan (the “2012 Plan”), which amended and restated the Bed Bath & Beyond 2004 Incentive Compensation Plan (the “2004 Plan”). The 2012 Plan includes an aggregate of 43.2 million common shares authorized for issuance and the ability to grant incentive stock options. Outstanding awards that were covered by the 2004 Plan continue to be in effect under the 2012 Plan.

 

The 2012 Plan is a flexible compensation plan that enables the Company to offer incentive compensation through stock options (whether nonqualified stock options or incentive stock options), restricted stock awards, stock appreciation rights, performance awards and other stock based awards, including cash awards. Under the 2012 Plan, grants are determined by the Compensation Committee for those awards granted to executive officers and by an appropriate committee for all other awards granted. Awards of stock options and restricted stock generally vest in five equal annual installments beginning one to three years from the date of grant. Awards of performance share units generally vest over a period of four years from the date of grant dependent on the Company’s achievement of performance-based tests and subject, in general, to the executive remaining in the Company’s service on specified vesting dates.

 

The Company generally issues new shares for stock option exercises, restricted stock awards and vesting of performance share units. As of November 29, 2014, unrecognized compensation expense related to the unvested portion of the Company’s stock options, restricted stock awards and performance share units was $27.7 million, $138.6 million and $17.4 million, respectively, which is expected to be recognized over a weighted average period of 2.9 years, 3.7 years and 2.7 years, respectively.

 

-10-
 

Stock Options

 

Stock option grants are issued at fair market value on the date of grant and generally become exercisable in either three or five equal annual installments beginning one year from the date of grant for options issued since May 10, 2010, and beginning one to three years from the date of grant for options issued prior to May 10, 2010, in each case, subject, in general to the recipient remaining in the Company’s service on specified vesting dates. Option grants expire eight years after the date of grant for stock options issued since May 10, 2004, and expire ten years after the date of grant for stock options issued prior to May 10, 2004. All option grants are nonqualified.

 

The fair value of the stock options granted is estimated on the date of the grant using a Black-Scholes option-pricing model that uses the assumptions noted in the following table.

 

   Nine Months Ended
Black-Scholes Valuation Assumptions  (1)  November 29,
2014
  November 30,
2013
       
Weighted Average Expected Life (in years)  (2)   6.6    6.6 
Weighted Average Expected Volatility  (3)   28.31%   29.27%
Weighted Average Risk Free Interest Rates  (4)   2.11%   1.11%
Expected Dividend Yield   -    - 

 

(1) Forfeitures are estimated based on historical experience.

(2) The expected life of stock options is estimated based on historical experience.

(3) Expected volatility is based on the average of historical and implied volatility. The historical volatility is determined by observing actual prices of the Company’s stock over a period commensurate with the expected life of the awards. The implied volatility represents the implied volatility of the Company’s call options, which are actively traded on multiple exchanges, had remaining maturities in excess of twelve months, had market prices close to the exercise prices of the employee stock options and were measured on the stock option grant date. 

(4) Based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected life of the stock options.

 

Changes in the Company’s stock options for the nine months ended November 29, 2014 were as follows:

 

(Shares in thousands)  Number of Stock Options  Weighted Average Exercise Price
Options outstanding, beginning of period   4,192   $46.85 
Granted   523    62.34 
Exercised   (644)   38.48 
Forfeited or expired   -    - 
Options outstanding, end of period   4,071   $50.16 
Options exercisable, end of period   2,378   $42.54 

 

The weighted average fair value for the stock options granted during the first nine months of fiscal 2014 and 2013 was $20.96 and $22.28, respectively. The weighted average remaining contractual term and the aggregate intrinsic value for options outstanding as of November 29, 2014 was 4.1 years and $94.7 million, respectively. The weighted average remaining contractual term and the aggregate intrinsic value for options exercisable as of November 29, 2014 was 2.9 years and $73.3 million, respectively. The total intrinsic value for stock options exercised during the first nine months of fiscal 2014 and 2013 was $19.4 million and $44.4 million, respectively.

 

Net cash proceeds from the exercise of stock options for the first nine months of fiscal 2014 were $24.8 million and the net associated income tax benefit was $10.5 million.

 

Restricted Stock

 

Restricted stock awards are issued and measured at fair market value on the date of grant and generally become vested in five equal annual installments beginning one to three years from the date of grant, subject, in general, to the recipient remaining in the Company’s service on specified vesting dates. Vesting of restricted stock awarded to certain of the Company’s executives is dependent on the Company’s achievement of a performance-based test for the fiscal year of grant and, assuming achievement of the performance-based test, time vesting, subject, in general, to the executive remaining in the Company’s service on specified vesting dates. The Company recognizes compensation expense related to these awards based on the assumption that the performance-based test will be achieved. Vesting of restricted stock awarded to the Company’s other employees is based solely on time vesting.

 

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Changes in the Company’s restricted stock for the nine months ended November 29, 2014 were as follows:

 

(Shares in thousands)  Number of Restricted Shares  Weighted Average Grant-Date Fair Value
Unvested restricted stock, beginning of period   3,943   $53.66 
Granted   823    62.33 
Vested   (1,010)   45.00 
Forfeited   (131)   59.91 
Unvested restricted stock, end of period   3,625   $57.82 

 

Performance Share Units

 

Performance share units (“PSUs”) are issued and measured at fair market value on the date of grant. Vesting of PSUs awarded to certain of the Company’s executives is dependent on the Company’s achievement of a performance-based test during a one-year period from the date of grant and during a three-year period from the date of grant and, assuming achievement of the performance-based test, time vesting, subject, in general, to the executive remaining in the Company’s service on specified vesting dates. Performance during the one-year period will be based on Earnings Before Income Tax (“EBIT”) margin relative to a peer group of the Company comprising 50 companies selected within the first 90 days of the performance period. Upon achievement of the one-year performance-based test, the corresponding PSUs will vest annually in substantially equal installments over a three year period starting one year from the date of grant. Performance during the three-year period will be based on Return on Invested Capital (“ROIC”) relative to such peer group. Upon achievement of the three-year performance-based test, the corresponding PSUs will vest on the fourth anniversary date of grant. The awards based on EBIT margin and ROIC are capped at 150% of target achievement, with a floor of zero. PSUs are converted into shares of common stock upon payment following vesting. Upon grant of the PSUs, the Company recognizes compensation expense related to these awards based on the assumption that 100% of the target award will be achieved. The Company evaluates the target assumption on a quarterly basis and adjusts compensation expense related to these awards, as appropriate. Prior to the first quarter of fiscal 2014, the Company had not granted any PSUs. For the nine months ended November 29, 2014, the Company granted 390,803 PSUs with a weighted average grant date fair value of $62.34.

 

9) Earnings Per Share

 

The Company presents earnings per share on a basic and diluted basis. Basic earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding. Diluted earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding, including the dilutive effect of stock-based awards as calculated under the treasury stock method.

 

Stock-based awards for the three and nine months ended November 29, 2014 of approximately 1.6 million and 1.9 million, respectively, and for the three and nine months ended November 30, 2013 of approximately 1.0 million and 1.2 million, respectively, were excluded from the computation of diluted earnings per share as the effect would be anti-dilutive.

 

10) Supplemental Cash Flow Information

 

The Company paid income taxes of $432.2 million and $435.9 million in the first nine months of fiscal 2014 and 2013, respectively. In addition, the Company had interest payments of approximately $6.8 million and $6.9 million in the first nine months of fiscal 2014 and 2013, respectively.

 

The Company recorded an accrual for capital expenditures of $18.5 million and $24.1 million as of November 29, 2014 and November 30, 2013, respectively.

 

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Overview

 

Bed Bath & Beyond Inc. and subsidiaries (the “Company”) is a retailer which operates under the names Bed Bath & Beyond (“BBB”), Christmas Tree Shops, Christmas Tree Shops andThat! or andThat! (collectively, “CTS”), Harmon or Harmon Face Values (collectively, “Harmon”), buybuy BABY (“Baby”) and World Market, Cost Plus World Market or Cost Plus (collectively, “Cost Plus World Market”). Customers can purchase products from the Company either in store, online or through a mobile device. The Company has the developing ability to have customer purchases picked up in store or shipped direct to the customer from the Company’s distribution facilities, stores or vendors. The Company also operates Linen Holdings, a provider of a variety of textile products, amenities and other goods to institutional customers in the hospitality, cruise line, food service, healthcare and other industries. Additionally, the Company is a partner in a joint venture which operates five retail stores in Mexico under the name Bed Bath & Beyond.

 

The Company accounts for its operations as two operating segments: North American Retail and Institutional Sales. The Institutional Sales operating segment, which is comprised of Linen Holdings, does not meet the quantitative thresholds under U.S. generally accepted accounting principles and therefore is not a reportable segment.

 

The Company sells a wide assortment of domestics merchandise and home furnishings. Domestics merchandise includes categories such as bed linens and related items, bath items and kitchen textiles. Home furnishings include categories such as kitchen and tabletop items, fine tabletop, basic housewares, general home furnishings, consumables and certain juvenile products.

 

The Company’s objective is to be a customer’s first choice for products and services in the categories offered, in the markets, channels and countries in which the Company operates. This objective includes servicing customers, as they express their lifestyles and throughout their various life stages, wherever and whenever a customer wants to interact with the Company whether in-store, online, through a mobile device, or any combination of these channels to provide a seamless customer experience. The Company’s strategy is to achieve this objective through excellent customer service, an extensive breadth, depth and differentiated assortment in an omnichannel retail environment and the introduction of new merchandising offerings, supported by the continuous development and improvement of its infrastructure.

 

Operating in the highly competitive retail industry, the Company, along with other retail companies, is influenced by a number of factors including, but not limited to, general economic conditions including the housing market, unemployment levels and commodity prices; the overall macroeconomic environment and related changes in the retailing environment; consumer preferences and spending habits; unusual weather patterns and natural disasters; competition from existing and potential competitors; evolving technology; and the ability to find suitable locations at acceptable occupancy costs and other terms to support the Company’s expansion program. The Company cannot predict whether, when or the manner in which these factors could affect the Company’s operating results.

 

The following represents an overview of the Company’s financial performance for the periods indicated:

 

·For the three and nine months ended November 29, 2014, the Company’s net sales were $2.943 billion and $8.545 billion, respectively, an increase of approximately 2.7% and 2.9%, respectively, as compared with the three and nine months ended November 30, 2013.

 

·Comparable sales for the three and nine months ended November 29, 2014 increased by approximately 1.7% and 1.9%, respectively, as compared with increases of approximately 1.3% and 2.7%, respectively, for the three and nine months ended November 30, 2013. Comparable sales consummated through customer facing online websites and mobile applications increased in excess of 40% and 50%, respectively, over the corresponding three and nine month periods last year, while comparable sales consummated in-store were relatively flat over the corresponding three and nine month periods last year.

 

Comparable sales include sales consummated through all retail channels which have been operating for twelve full months following the opening period (typically four to six weeks). The Company is an omnichannel retailer with capabilities that allow a customer to use more than one channel when making a purchase, including in-store, online and mobile channels, and have it fulfilled, in most cases, either through in-store customer pickup or by direct shipment to the customer from one of the Company’s distribution facilities, stores or vendors.

 

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Sales consummated on a mobile device while physically in a store location are recorded as customer facing online websites and mobile applications sales. Customer orders reserved online and picked up in a store are recorded as an in-store sale. In-store sales are reduced by sales originally consummated from customer facing online websites and mobile applications and subsequently returned in-store.

 

Stores relocated or expanded are excluded from comparable sales if the change in square footage would cause meaningful disparity in sales over the prior period. In the case of a store to be closed, such store’s sales are not considered comparable once the store closing process has commenced. Linen Holdings is excluded from the comparable sales calculations and will continue to be excluded on an ongoing basis as it represents non-retail activity. Cost Plus World Market was excluded from the comparable sales calculations through the end of the fiscal first half of 2013, and is included beginning with the fiscal third quarter of 2013.

 

·Gross profit for the three months ended November 29, 2014 was $1.129 billion, or 38.4% of net sales, compared with $1.122 billion, or 39.2% of net sales, for the three months ended November 30, 2013. Gross profit for the nine months ended November 29, 2014 was $3.294 billion, or 38.5% of net sales, compared with $3.268 billion, or 39.4% of net sales, for the nine months ended November 30, 2013.

 

·Selling, general and administrative expenses (“SG&A”) for the three months ended November 29, 2014 were $776.3 million, or 26.4% of net sales, compared with $747.0 million, or 26.1% of net sales, for the three months ended November 30, 2013. SG&A for the nine months ended November 29, 2014 were $2.272 billion, or 26.6% of net sales, compared with $2.181 billion, or 26.3% of net sales, for the nine months ended November 30, 2013.

 

·The effective tax rate for the three months ended November 29, 2014 was 32.3% compared with 36.9% for the three months ended November 30, 2013. The effective tax rate for the nine months ended November 29, 2014 was 35.8% compared with 36.6% for the nine months ended November 30, 2013. The tax rates included discrete tax items resulting in net benefits of approximately $16.7 million and $4.9 million, respectively, for the three months ended November 29, 2014 and November 30, 2013, and net benefits of approximately $19.3 million and $17.2 million, respectively, for the nine months ended November 29, 2014 and November 30, 2013.

 

·For the three months ended November 29, 2014, net earnings per diluted share were $1.23 ($225.4 million) as compared with net earnings per diluted share of $1.12 ($237.2 million) for the three months ended November 30, 2013. For the nine months ended November 29, 2014, net earnings per diluted share were $3.31 ($636.4 million) as compared with net earnings per diluted share of $3.20 ($689.0 million) for the nine months ended November 30, 2013. The increase in net earnings per diluted share for the three and nine months ended November 29, 2014 is the result of the impact of the Company’s repurchases of its common stock, as well as the items described above, which includes a net benefit of approximately $0.04 for certain non-recurring items, including credit card fee litigation.

 

Capital expenditures for the nine months ended November 29, 2014 and November 30, 2013 were $231.0 million and $228.9 million, respectively. Slightly more than half of the current year capital expenditures were for technology enhancements with the remaining balance being used primarily for new stores, existing store improvements and other projects important to the Company’s future. The Company remains committed to making the required investments in its infrastructure to help position the Company for continued growth and success. The Company continues to review and prioritize its capital needs while continuing to make investments, principally for information technology enhancements, new stores, existing store improvements, and other projects whose impact is considered important to its future.

 

Several of the Company’s key initiatives include: continuing to add new functionality and assortment to its selling websites, mobile sites and applications; continuing the deployment of systems, equipment and increased bandwidth in the Company’s stores, which enable store associates to optimize the Company’s shipping costs for home deliveries as well as improve inventory ordering and work force management and will enable customer Wi-Fi and new multi-function devices for store associates; improving customer data integration and customer relations management capabilities; continuing to strengthen and deepen its information technology, analytics, marketing and e-commerce groups; furthering the development work necessary for a new and more robust point of sale system; and opening an additional distribution facility to support the growing direct to customer shipments and store fulfillment for health and beauty care offerings. These investments are expected to, among others, provide a seamless and compelling customer experience across the Company’s in-store, online and mobile shopping environments.

 

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During the nine months ended November 29, 2014, the Company opened a total of 17 new stores and closed three stores. During fiscal 2014, including the stores opened through November 29, 2014, the Company expects to open approximately 22 new stores company-wide. In addition, the Company plans to continue to optimize its store operations and market coverage by expanding, downsizing, renovating, opening, closing and relocating stores. During fiscal 2014, the Company expects to continue to enhance its omnichannel capabilities, through, among other things, continuing to add new functionality and assortment to its selling websites, mobile sites and applications and continuing its deployment of systems, equipment and increased bandwidth to the Company’s stores.

 

On July 17, 2014, the Company issued $300 million aggregate principal amount of 3.749% senior unsecured notes due August 1, 2024 (the “2024 Notes”), $300 million aggregate principal amount of 4.915% senior unsecured notes due August 1, 2034 (the “2034 Notes”) and $900 million aggregate principal amount of 5.165% senior unsecured notes due August 1, 2044 (the “2044 Notes” and, together with the 2024 Notes and the 2034 Notes, the “Notes”). The aggregate net proceeds from the Notes were approximately $1.5 billion, which was used for share repurchases of the Company’s common stock and for general corporate purposes. Interest on the Notes is payable semi-annually on February 1 and August 1 of each year, beginning on February 1, 2015.

 

On August 6, 2014, the Company entered into a $250 million five year senior unsecured revolving credit facility agreement (“Revolver”) with various lenders. During the period from August 6, 2014 through November 29, 2014, the Company did not have any borrowings under the Revolver.

 

On July 17, 2014, the Company entered into an accelerated share repurchase agreement (“ASR”) with an investment bank to repurchase an aggregate $1.1 billion of the Company’s common stock. As part of the ASR, the Company received an initial delivery of approximately 15.4 million shares of the Company’s common stock with a fair market value of approximately $935 million. The initial delivery of 15.4 million shares reduced the outstanding shares used to determine the Company’s weighted average shares outstanding for purposes of calculating basic and diluted earnings per share. In December 2014, subsequent to the end of the fiscal third quarter, the ASR was completed and the final number of shares repurchased under the ASR was based on the Company’s volume weighted average price per its common share over the ASR period less a discount.

 

During the three months ended November 29, 2014 and November 30, 2013, the Company repurchased approximately 10,000 and 2.3 million shares, respectively, of its common stock at a total cost of approximately $0.7 million and $171.0 million, respectively. During the nine months ended November 29, 2014, including the initial delivery of approximately 15.4 million shares under the ASR, the Company repurchased approximately 21.1 million shares of its common stock at a total cost of approximately $1.3 billion. During the nine months ended November 30, 2013, the Company repurchased approximately 10.8 million shares of its common stock at a total cost of approximately $752.2 million. The Company’s share repurchase program could change, and would be influenced by several factors, including business and market conditions. In addition, the Company reviews its alternatives with respect to its capital structure on an ongoing basis.

 

Results of Operations

 

Net Sales

 

Net sales for the three months ended November 29, 2014 were $2.943 billion, an increase of $78.1 million or approximately 2.7% over net sales of $2.865 billion for the corresponding quarter last year. For the three months ended November 29, 2014, approximately 60% of the increase was attributable to an increase in comparable sales and the remainder was primarily attributable to an increase in the Company’s new store sales. For the nine months ended November 29, 2014, net sales were $8.545 billion, an increase of $243.9 million or approximately 2.9% over net sales of $8.301 billion for the corresponding nine months last year. For the nine months ended November 29, 2014, approximately 62% of the increase was attributable to an increase in comparable sales and the remainder was primarily attributable to an increase in the Company’s new store sales.

 

The increase in comparable sales for the three and nine months ended November 29, 2014 was approximately 1.7% and 1.9%, respectively, as compared with an increase of approximately 1.3% and 2.7% for the three and nine months ended November 30, 2013, respectively. The increases in comparable sales for the three and nine months ended November 29, 2014 were due to increases in both the average transaction amount and the number of transactions.

 

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The Company’s comparable sales metric considers sales consummated through all retail channels – in-store, online and through a mobile device. Customers today may take advantage of the Company’s omnichannel environment by using more than one channel when making a purchase. The Company believes an integrated experience must exist among these channels to provide a seamless customer experience. A few examples are: a customer may be assisted by an in-store associate to create a wedding or baby registry, while the guests may ultimately purchase a gift from the Company’s websites; or, a customer may research a particular item, and read other customer reviews on the Company’s websites before visiting a store to consummate the actual purchase; or a customer may reserve an item online for in store pick up; or while in a store, a customer may make the purchase on a mobile device for in home delivery from either a distribution facility, a store or directly from a vendor. In addition, the Company accepts returns in store without regard to the channel in which the purchase was consummated, therefore resulting in reducing store sales by sales originally consummated through customer facing online websites and mobile applications. As the Company’s retail operations are integrated and it cannot reasonably track the channel in which the ultimate sale is initiated, the Company can however provide directional information on where the sale was consummated.

 

For the three and nine months ended November 29, 2014, comparable sales consummated through customer facing online websites and mobile applications increased in excess of 40% and 50%, respectively, over the corresponding three and nine month periods last year, while comparable sales consummated in-store were relatively flat over the corresponding three and nine month periods last year.

 

For the three and nine months ended November 29, 2014, comparable sales represented $2.868 billion and $8.290 billion, respectively, of net sales and for the three and nine months ended November 30, 2013, comparable sales represented $2.785 billion and $7.578 billion, respectively, of net sales.

 

Sales of domestics merchandise and home furnishings for the Company accounted for approximately 36% and 64% of net sales, respectively, for the three months ended November 29, 2014 and November 30, 2013. Sales of domestics merchandise and home furnishings for the Company accounted for approximately 37% and 63% of net sales, respectively, for the nine months ended November 29, 2014 and approximately 38% and 62% of net sales, respectively, for the nine months ended November 30, 2013.

 

Gross Profit

 

Gross profit for the three months ended November 29, 2014 was $1.129 billion, or 38.4% of net sales, compared with $1.122 billion, or 39.2% of net sales, for the three months ended November 30, 2013. The decrease in the gross profit margin as a percentage of net sales for the three months ended November 29, 2014 was primarily attributed to, in order of magnitude, first, an increase in coupon expense resulting from an increase in redemptions, partially offset by a slight decrease in the average coupon amount, and second, an increase in net direct to customer shipping expense, which was impacted by a reduction in the bedbathandbeyond.com free shipping threshold, which will anniversary in February 2015.

 

Gross profit for the nine months ended November 29, 2014 was $3.294 billion, or 38.5% of net sales, compared with $3.268 billion, or 39.4% of net sales, for the nine months ended November 30, 2013. The decrease in the gross profit margin as a percentage of net sales for the nine months ended November 29, 2014 was primarily attributed to, in order of magnitude, first, an increase in coupon expense resulting from an increase in redemptions and a slight increase in the average coupon amount, and second, an increase in net direct to customer shipping expense, which was impacted by a reduction in the bedbathandbeyond.com free shipping threshold, which will anniversary in February 2015. Additionally, a shift in the mix of merchandise sold to lower margin categories also contributed to the decrease in gross profit as a percentage of net sales.

 

Selling, General and Administrative Expenses

 

SG&A for the three months ended November 29, 2014 was $776.3 million, or 26.4% of net sales, compared with $747.0 million, or 26.1% of net sales, for the three months ended November 30, 2013. SG&A for the nine months ended November 29, 2014 was $2.272 billion, or 26.6% of net sales, compared with $2.181 billion, or 26.3% of net sales, for the nine months ended November 30, 2013. The percentage of net sales increases in SG&A for the three and nine months ended November 29, 2014 were primarily due to increased technology expenses and related depreciation and increased advertising expenses, partially offset by the year over year net benefits of certain non-recurring items, primarily relating to credit card fee litigation in the fiscal third quarter of 2014. The increase in technology expenses and related depreciation, as a percentage of net sales, represented approximately 40 basis points for both the fiscal third quarter and nine months ended November 29, 2014 as compared to the same periods in the prior year. The year over year favorable net benefits of certain non-recurring items, as a percentage of net sales, represented approximately 30 basis points and 10 basis points for the fiscal third quarter and nine months ended November 29, 2014, respectively, over the same periods in the prior year.

 

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Operating Profit

 

Operating profit for the three months ended November 29, 2014 was $352.7 million, or 12.0% of net sales, compared with $374.6 million, or 13.1% of net sales, during the comparable period last year. For the nine months ended November 29, 2014, operating profit was $1.022 billion, or 12.0% of net sales, compared with $1.088 billion, or 13.1% of net sales, during the comparable period last year. The changes in operating profit as a percentage of net sales were the result of the changes in gross profit margin and SG&A as a percentage of net sales as described above.

 

The Company believes operating margin compression is likely to continue in the fiscal fourth quarter of 2014 including increases in, as a percentage of net sales, coupon expense, net direct to customer shipping expense and technology expense and depreciation related to the Company’s ongoing investments.

 

Interest (Expense) Income, net

 

Interest expense for the three and nine months ended November 29, 2014 was $19.6 million and $31.2 million, respectively, compared to interest income of $1.3 million and interest expense of $0.6 million, respectively, for the three and nine months ended November 30, 2013. The increases in interest expense, net for the three and nine months ended November 29, 2014 were primarily a result of the interest related to the Notes issued in July 2014.

 

Income Taxes

 

The effective tax rate for the three months ended November 29, 2014 was 32.3% compared with 36.9% for the three months ended November 30, 2013. The tax rate for the three months ended November 29, 2014 included net benefits of approximately $16.7 million, primarily due to the recognition of favorable discrete state tax items and the favorable resolution in the quarter of certain discrete tax items from ongoing income tax examinations. The tax rate for the three months ended November 30, 2013 included net benefits of approximately $4.9 million, primarily due to the recognition of favorable discrete tax items.

 

The effective tax rate for the nine months ended November 29, 2014 was 35.8% compared with 36.6% for the nine months ended November 30, 2013. The tax rate for the nine months ended November 29, 2014 included net benefits of approximately $19.3 million, primarily due to the recognition of favorable discrete federal and state tax items and the favorable resolution in the quarter of certain discrete tax items from ongoing income tax examinations. The tax rate for the nine months ended November 2013 included net benefits of approximately $17.2 million primarily due to the recognition of favorable discrete tax items.

 

The Company expects continued volatility in the effective tax rate from quarter to quarter because the Company is required each quarter to determine whether new information changes the assessment of both the probability that a tax position will effectively be sustained and the appropriateness of the amount of recognized benefit.

 

Net Earnings

 

As a result of the factors described above, net earnings for the three and nine months ended November 29, 2014 were $225.4 million and $636.4 million, respectively, compared with $237.2 million and $689.0 million for the corresponding period in fiscal 2013.

 

Expansion Program

 

The Company is engaged in an ongoing expansion program involving the evolution of its omnichannel shopping environment, the optimization of its store operations and market coverage by expanding, downsizing, renovating, opening, closing and relocating stores and the continuous review of strategic acquisitions.

 

As of November 29, 2014, the Company operated 1,510 stores plus its various websites, other interactive platforms and distribution facilities. The Company’s 1,510 stores operate in all 50 states, the District of Columbia, Puerto Rico and Canada, including: 1,019 BBB stores, 270 Cost Plus World Market stores, 93 Baby stores, 78 CTS stores and 50 Harmon stores. During the nine months ended November 29, 2014, the Company opened a total of 17 new stores and closed three stores. At the end of the third quarter of 2014, Company-wide total store square footage, net of openings and closings for all of its concepts, was approximately 43.0 million square feet. The Company also operates websites at bedbathandbeyond.com, christmastreeshops.com, harmondiscount.com, buybuybaby.com and worldmarket.com. Additionally, the Company is a partner in a joint venture which opened one store in the first nine months of fiscal 2014 and as of November 29, 2014, operated a total of five retail stores in Mexico under the name Bed Bath & Beyond.

 

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The Company plans to continue to expand its operations and invest in its infrastructure to reach its long term objectives. During fiscal 2014, including the stores opened through November 29, 2014, the Company expects to open approximately 22 new stores company-wide. Additionally, in connection with leveraging its merchandise offerings and optimizing its operations, the Company continues to expand, across selected stores, the number of specialty departments such as, health and beauty care, baby, specialty food and beverage. The continued growth of the Company is dependent, in part, upon the Company’s ability to execute its expansion program successfully. Additionally, during fiscal 2014, the Company plans to continue to add new functionality and assortment to its selling websites, mobile sites and applications; continue the deployment of systems, equipment and increased bandwidth in the Company’s stores, which enable store associates to optimize the Company’s shipping costs for home deliveries, improve inventory ordering and work force management and will enable customer Wi-Fi and new multi-function devices for store associates; improve customer data integration and customer relations management capabilities; continue to strengthen and deepen its information technology, analytics, marketing and e-commerce groups; further the development work necessary for a new and more robust point of sale system; and open an additional distribution facility to support the growing direct to customer shipments and store fulfillment for health and beauty care offerings.

 

Liquidity and Capital Resources

 

The Company has been able to finance its operations, including its expansion program, through internally generated funds and supplemented by borrowings through the Notes. For fiscal 2014, the Company believes that it can continue to finance its operations, including its expansion program, share repurchases, planned capital expenditures and debt service obligations, through existing and internally generated funds, the Notes and potential borrowings under the Revolver. Capital expenditures for fiscal 2014 are planned to be approximately $330 million, with slightly more than half for information technology enhancements, including omnichannel capabilities, and the remainder for new stores, existing store improvements, and other projects. These planned capital expenditures are subject to the timing and composition of the projects. In addition, the Company reviews its alternatives with respect to its capital structure on an ongoing basis.

 

On July 17, 2014, the Company issued the Notes. The aggregate net proceeds from the Notes were approximately $1.5 billion, which was used for share repurchases of the Company’s common stock and for general corporate purposes. Interest on the Notes is payable semi-annually on February 1 and August 1 of each year, beginning on February 1, 2015.

 

On August 6, 2014, the Company entered into the Revolver with various lenders. During the period from August 6, 2014 through November 29, 2014, the Company did not have any borrowings under the Revolver.

 

On July 17, 2014, the Company entered into an ASR with an investment bank to repurchase an aggregate $1.1 billion of the Company’s common stock. As part of the ASR, the Company received an initial delivery of approximately 15.4 million shares of the Company’s common stock with a fair market value of approximately $935 million. In December 2014, subsequent to the end of the fiscal third quarter, the ASR was completed and the final number of shares repurchased under the ASR was based on the Company’s volume weighted average price per its common share over the ASR period less a discount.

 

Fiscal 2014 compared to Fiscal 2013

 

Net cash provided by operating activities for the nine months ended November 29, 2014 was $504.2 million, compared with $601.9 million in the corresponding period in fiscal 2013. Year over year, the Company experienced a decrease in net earnings and an increase in cash used by the net components of working capital (primarily merchandise inventories, partially offset by accrued expenses and other current liabilities).

 

Retail inventory at cost per square foot was $70.43 as of November 29, 2014, compared to $66.89 as of November 30, 2013.

 

Net cash provided by investing activities for the nine months ended November 29, 2014 was $123.4 million, compared with net cash used in investing activities of $5.3 million in the corresponding period of fiscal 2013. For the nine months ended November 29, 2014, net cash provided by investing activities was primarily due to $354.4 million of redemptions of investment securities, net of purchases, partially offset by $231.0 million of capital expenditures. For the nine months ended November 30, 2013, net cash used in investing activities was primarily due to $228.9 million of capital expenditures, partially offset by $227.0 million of redemptions of investment securities, net of purchases.

 

Net cash provided by financing activities for the nine months ended November 29, 2014 was $49.7 million, compared with net cash used in financing activities of $690.5 million in the corresponding period of fiscal 2013. The increase in net cash provided was primarily due to proceeds from the issuance of the Notes of $1.5 billion, partially offset by an increase in common stock repurchases of $551.7 million, which includes the initial delivery of shares under the ASR, a $165.0 million prepayment under the ASR and a $29.6 million decrease in cash proceeds from the exercise of stock options.

 

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Seasonality

 

The Company’s sales exhibit seasonality with sales levels generally higher in the calendar months of August, November and December, and generally lower in February.

 

Critical Accounting Policies

 

See “Critical Accounting Policies” under Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended March 1, 2014 (“2013 Form 10-K”), filed with the Securities and Exchange Commission (“SEC”) and incorporated by reference herein. There were no changes to the Company’s critical accounting policies during the first nine months of fiscal 2014.

 

Forward-Looking Statements

 

This Form 10-Q may contain forward-looking statements. Many of these forward-looking statements can be identified by use of words such as may, will, expect, anticipate, approximate, estimate, assume, continue, model, project, plan, and similar words and phrases. The Company’s actual results and future financial condition may differ materially from those expressed in any such forward-looking statements as a result of many factors. Such factors include, without limitation: general economic conditions including the housing market, a challenging overall macroeconomic environment and related changes in the retailing environment; consumer preferences and spending habits; demographics and other macroeconomic factors that may impact the level of spending for the types of merchandise sold by the Company; civil disturbances and terrorist acts; unusual weather patterns and natural disasters; competition from existing and potential competitors; competition from other channels of distribution; pricing pressures; liquidity; the ability to attract and retain qualified employees in all areas of the organization; the cost of labor, merchandise and other costs and expenses; the ability to find suitable locations at acceptable occupancy costs and other terms to support the Company’s expansion program; the ability to assess and implement technologies in support of the Company’s development of its omnichannel capabilities; uncertainty in financial markets; disruptions to the Company’s information technology systems including but not limited to security breaches of systems protecting consumer and employee information; reputational risk arising from challenges to the Company’s or a third party supplier’s compliance with various laws, regulations or standards, including those related to labor, health, safety, privacy or the environment; changes to statutory, regulatory and legal requirements; new, or developments in existing, litigation, claims or assessments; changes to, or new, tax laws or interpretation of existing tax laws; changes to, or new, accounting standards including, without limitation, changes to lease accounting standards; and the integration of acquired businesses. The Company does not undertake any obligation to update its forward-looking statements.

 

Available Information

 

The Company makes available as soon as reasonably practicable after filing with the SEC, free of charge, through its website, www.bedbathandbeyond.com, the Company’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, electronically filed or furnished pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

 

The Company’s exposure to market risk for changes in interest rates relates primarily to the Company’s investment securities. The Company’s market risks at November 29, 2014 are similar to those disclosed in Item 7A of the Company’s 2013 Form 10-K.

 

Item 4. Controls and Procedures

 

(a)Disclosure Controls and Procedures

 

The Company’s Principal Executive Officer and Principal Financial Officer have reviewed and evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Exchange Act Rules 240.13a-15(e) and 15d-15(e)) as of November 29, 2014 (the end of the period covered by this quarterly report on Form 10-Q). Based on that evaluation, the Principal Executive Officer and the Principal Financial Officer have concluded that the Company’s current disclosure controls and procedures are effective to ensure that information required to be disclosed by our management in the reports that it files or submits under the Securities Exchange Act of 1934 is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, to allow timely decisions regarding required disclosure.

 

-19-
 
(b)Changes in Internal Control over Financial Reporting

 

There were no changes in the Company’s internal controls over financial reporting that occurred during the Company’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

 

 

 

 

 

 

 

-20-
 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

 

The Company is party to various legal proceedings arising in the ordinary course of business, which the Company does not believe to be material to the Company’s business or financial condition.

 

Item 1A. Risk Factors

 

In addition to the other information set forth in this Form 10-Q, carefully consider the factors discussed under “Risk Factors” in the Company’s 2013 Form 10-K as filed with the Securities and Exchange Commission. These risks could materially adversely affect the Company’s business, financial condition and results of operations. These risks are not the only risks the Company faces. The Company’s operations could also be affected by additional factors that are not presently known to the Company or by factors that the Company currently considers immaterial to its business.

 

The following risk factor has been added to address the Company’s incurrence of indebtedness under senior unsecured notes and its entering into a senior unsecured revolving credit facility, and is a supplement to the risk factors previously disclosed  under “Risk Factors” in the Company’s 2013 Form 10-K as filed with the Securities and Exchange Commission.

 

The Company’s business would be adversely affected if the Company is unable to service its debt obligations.

 

The Company has incurred indebtedness under senior unsecured notes and has entered into a senior unsecured revolving credit facility. The Company’s ability to pay interest and principal when due, comply with debt covenants or repurchase the senior unsecured notes if a change of control occurs, will depend upon, among other things, sales and cash flow levels and other factors that affect its future financial and operating performance, including prevailing economic conditions and financial and business factors, many of which are beyond the Company’s control.

 

If the Company becomes unable in the future to generate sufficient cash flow to meet its debt service requirements, it may be forced to take remedial actions such as restructuring or refinancing its debt; seeking additional debt or equity capital; reducing or delaying its business activities, or selling assets. There can be no assurance that any such measures would be successful.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

The Company’s purchases of its common stock during the third quarter of fiscal 2014 were as follows:

 

Period  Total Number of 
 Shares Purchased (1)
  Average Price  
 Paid per Share (2)
  Total Number of 
Shares Purchased as 
 Part of Publicly 
 Announced Plans  
 or Programs (1)
  Approximate Dollar
Value of Shares
 that May Yet Be
Purchased Under 
 the Plans or 
 Programs (1) (2) (3)
August 31, 2014 - September 27, 2014   3,430   $65.25    3,430   $1,830,888,416 
September 28, 2014 - October 25, 2014   3,180   $66.09    3,180   $1,830,678,263 
October 26, 2014 - November 29, 2014   3,685   $69.84    3,685   $1,830,420,887 
Total   10,295   $67.15    10,295   $1,830,420,887 

 

(1) Between December 2004 and July 2014, the Company's Board of Directors authorized, through several share repurchase programs, the repurchase of $9.450 billion of its shares of common stock. 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. Shares purchased indicated in this table also include the withholding of a portion of restricted shares to cover taxes on vested restricted shares.

 

(2) Excludes brokerage commissions paid by the Company.

 

(3) In the second quarter of fiscal 2014, the Company paid $1.1 billion under an accelerated share repurchase agreement ("ASR") and received an initial delivery of approximately 15.4 million shares.  The initial delivery of shares was reflected in the activity shown in the second quarter of fiscal 2014.  In December 2014, subsequent to the end of the fiscal third quarter, the ASR was completed and the remaining shares received will be reflected in the activity for the fourth quarter of fiscal 2014.

 

Item 6. Exhibits

 

The exhibits to this Report are listed in the Exhibit Index included elsewhere herein.

-21-
 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  BED BATH & BEYOND INC.
  (Registrant)
   
   
Date:  January 8, 2015 By:  /s/ Susan E. Lattmann                                
    Susan E. Lattmann
    Chief Financial Officer and Treasurer
    (Principal Financial and Accounting Officer)

 

-22-
 

EXHIBIT INDEX

 

 

Exhibit No.   Exhibit
     
     
31.1   Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
31.2   Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     

32

 

  Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
101.INS   XBRL Instance Document
     
101.SCH   XBRL Taxonomy Extension Schema Document
     
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document
     
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document

 

 

 

 

 

 

 

-23-

 

EX-31.1 2 exh_311.htm EXHIBIT 31.1

Exhibit 31.1

 

CERTIFICATION

 

I, Steven H. Temares, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Bed Bath & Beyond Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:  January 8, 2015 /s/ Steven H. Temares  
  Steven H. Temares
  Chief Executive Officer

EX-31.2 3 exh_312.htm EXHIBIT 31.2

Exhibit 31.2

 

CERTIFICATION

 

I, Susan E. Lattmann, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Bed Bath & Beyond Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:  January 8, 2015 /s/ Susan E. Lattmann  
  Susan E. Lattmann
  Chief Financial Officer and Treasurer
  (Principal Financial and Accounting Officer)

EX-32 4 exh_32.htm EXHIBIT 32

Exhibit 32

 

CERTIFICATION

 

The undersigned, the Principal Executive Officer and Principal Financial Officer of Bed Bath & Beyond Inc. (the “Company”), hereby certify, to the best of their knowledge and belief, that the Form 10-Q of the Company for the quarterly period ended November 29, 2014, (the “Periodic Report”) accompanying this certification fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) and that the information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company. The foregoing certification is provided solely for purposes of complying with the provisions of Section 906 of the Sarbanes - Oxley Act of 2002 and is not intended to be used for any other purposes.

 

Date:  January 8, 2015 /s/ Steven H. Temares  
  Steven H. Temares
  Chief Executive Officer
   
   
  /s/ Susan E. Lattmann  
  Susan E. Lattmann
  Chief Financial Officer and Treasurer
  (Principal Financial and Accounting Officer)

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In the opinion of management, the accompanying consolidated financial statements contain all adjustments (consisting of only normal recurring accruals and elimination of intercompany balances and transactions) necessary to present fairly the financial position of Bed Bath &amp; Beyond Inc. and subsidiaries (the "Company") as of November 29, 2014 and March 1, 2014 and the results of its operations and comprehensive income for the three and nine months ended November 29, 2014 and November 30, 2013, respectively, and its cash flows for the nine months ended November 29, 2014 and November 30, 2013, respectively. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The accompanying unaudited consolidated financial statements are presented in accordance with the requirements for Form 10-Q and consequently do not include all the disclosures normally required by U.S. generally accepted accounting principles (&#8220;GAAP&#8221;). Reference should be made to Bed Bath &amp; Beyond Inc.'s Annual Report on Form 10-K for the fiscal year ended March 1, 2014 for additional disclosures, including a summary of the Company's significant accounting policies, and to subsequently filed Forms 8-K. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Certain reclassifications have been made to the fiscal 2013 consolidated balance sheet to conform to the fiscal 2014 consolidated balance sheet presentation. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company accounts for its operations as two operating segments: North American Retail and Institutional Sales. The Institutional Sales operating segment, which is comprised of Linen Holdings, does not meet the quantitative thresholds under GAAP and therefore is not a reportable segment. </p><br/> 2 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i>2) Fair Value Measurements</i></b> </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., &#8220;the exit price&#8221;) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches, including quoted market prices and discounted cash flows. The hierarchy for inputs used in measuring fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect a company&#8217;s judgment concerning the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset or liability must be classified in its entirety based on the lowest level of input that is significant to the measurement of fair value.&#160;The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &#8226; Level 1 &#8211; Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. 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The book value of the financial instruments, excluding the Company&#8217;s long term debt, is representative of their fair values. The fair value of the Company&#8217;s long term debt is approximately $1.525 billion, which is based on quoted prices in active markets for identical instruments (i.e., Level 1 valuation), compared to the carrying value of approximately $1.500 billion. </p><br/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2) Fair Value Measurements</i></b> </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., &#8220;the exit price&#8221;) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches, including quoted market prices and discounted cash flows. The hierarchy for inputs used in measuring fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect a company&#8217;s judgment concerning the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset or liability must be classified in its entirety based on the lowest level of input that is significant to the measurement of fair value.&#160;The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &#8226; Level 1 &#8211; Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &#8226; Level 2 &#8211; Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &#8226; Level 3 &#8211; Valuations based on inputs that are unobservable and significant to the overall fair value measurement. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As of November 29, 2014, the Company&#8217;s financial assets utilizing Level 1 inputs include long term trading investment securities traded on active securities exchanges. The Company did not have any financial assets utilizing Level 2 inputs. Financial assets utilizing Level 3 inputs included long term investments in auction rate securities consisting of preferred shares of closed end municipal bond funds (See &#8220;Investment Securities,&#8221; Note 4).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fair Value of Financial Instruments</i> </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company&#8217;s financial instruments include cash and cash equivalents, investment securities, accounts payable, long term debt and certain other liabilities. The Company&#8217;s investment securities consist primarily of U.S. Treasury securities, which are stated at amortized cost, and auction rate securities, which are stated at their approximate fair value. The book value of the financial instruments, excluding the Company&#8217;s long term debt, is representative of their fair values. The fair value of the Company&#8217;s long term debt is approximately $1.525 billion, which is based on quoted prices in active markets for identical instruments (i.e., Level 1 valuation), compared to the carrying value of approximately $1.500 billion.</p> 1525000000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i>3) Cash and Cash Equivalents</i></b> </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Included in cash and cash equivalents are credit and debit card receivables from banks, which typically settle within five business days, of $199.0 million and $87.4 million as of November 29, 2014 and March 1, 2014, respectively. </p><br/> P5D 199000000 87400000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i>4) Investment Securities</i></b> </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> The Company&#8217;s investment securities as of November 29, 2014 and March 1, 2014 are as follows: </p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.1pt solid"> (in millions) </td> <td style="font-weight: bold; padding-bottom: 1.1pt"> &#160; </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid"> November 29,<br /> 2014 </td> <td style="font-weight: bold; padding-bottom: 1.1pt"> &#160; </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid"> March 1,<br /> 2014 </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> Available-for-sale securities: </td> <td style="font-weight: bold"> &#160; </td> <td style="font-weight: bold; text-align: left"> &#160; </td> <td style="font-weight: bold; text-align: right"> &#160; </td> <td style="font-weight: bold; text-align: left"> &#160; </td> <td style="font-weight: bold"> &#160; </td> <td style="font-weight: bold; text-align: left"> &#160; </td> <td style="font-weight: bold; text-align: right"> &#160; </td> <td style="font-weight: bold; text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 66%; text-align: left"> &#160;&#160;&#160;Long term </td> <td style="width: 1%"> &#160; </td> <td style="width: 1%; text-align: left"> $ </td> <td style="width: 14%; text-align: right"> 47.8 </td> <td style="width: 1%; text-align: left"> &#160; </td> <td style="width: 1%"> &#160; </td> <td style="width: 1%; text-align: left"> $ </td> <td style="width: 14%; text-align: right"> 47.7 </td> <td style="width: 1%; text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> &#160; </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> &#160; </td> <td style="text-align: left"> &#160; </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> &#160; </td> <td style="text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> Trading securities: </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> &#160; </td> <td style="text-align: left"> &#160; </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> &#160; </td> <td style="text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> &#160;&#160;&#160;Long term </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> 47.0 </td> <td style="text-align: left"> &#160; </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> 39.7 </td> <td style="text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> &#160; </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> &#160; </td> <td style="text-align: left"> &#160; </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> &#160; </td> <td style="text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> Held-to-maturity securities: </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> &#160; </td> <td style="text-align: left"> &#160; </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> &#160; </td> <td style="text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.1pt"> &#160;&#160;&#160;Short term </td> <td style="padding-bottom: 1.1pt"> &#160; </td> <td style="border-bottom: Black 1.1pt solid; text-align: left"> &#160; </td> <td style="border-bottom: Black 1.1pt solid; text-align: right"> 135.0 </td> <td style="border-bottom: Black 1.1pt solid; text-align: left"> &#160; </td> <td style="padding-bottom: 1.1pt"> &#160; </td> <td style="border-bottom: Black 1.1pt solid; text-align: left"> &#160; </td> <td style="border-bottom: Black 1.1pt solid; text-align: right"> 489.3 </td> <td style="border-bottom: Black 1.1pt solid; text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.75pt"> Total investment securities </td> <td style="padding-bottom: 2.75pt"> &#160; </td> <td style="border-bottom: Black 2.75pt double; text-align: left"> $ </td> <td style="border-bottom: Black 2.75pt double; text-align: right"> 229.8 </td> <td style="border-bottom: Black 2.75pt double; text-align: left"> &#160; </td> <td style="padding-bottom: 2.75pt"> &#160; </td> <td style="border-bottom: Black 2.75pt double; text-align: left"> $ </td> <td style="border-bottom: Black 2.75pt double; text-align: right"> 576.7 </td> <td style="border-bottom: Black 2.75pt double; text-align: left"> &#160; </td> </tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>Auction Rate Securities</i> </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As of November 29, 2014 and March 1, 2014, the Company&#8217;s available-for-sale investment securities represented approximately $51.0 million par value of auction rate securities, consisting of preferred shares of closed end municipal bond funds, less temporary valuation adjustments of approximately $3.2 million and $3.3 million, respectively. 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These securities are stated at their amortized cost which approximates fair value, which is based on quoted prices in active markets for identical instruments (i.e., Level 1 valuation). </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>Long Term Trading Investment Securities</i> </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company&#8217;s long term trading investment securities, which are provided as investment options to the participants of the nonqualified deferred compensation plan, are stated at fair market value. The values of these trading investment securities included in the table above are approximately $47.0 million and $39.7 million as of November 29, 2014 and March 1, 2014, respectively. </p><br/> 51000000 51000000 3200000 3300000 135000000 489300000 47000000 39700000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.1pt solid"> (in millions) </td> <td style="font-weight: bold; padding-bottom: 1.1pt"> &#160; </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid"> November 29,<br /> 2014 </td> <td style="font-weight: bold; padding-bottom: 1.1pt"> &#160; </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid"> March 1,<br /> 2014 </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> Available-for-sale securities: </td> <td style="font-weight: bold"> &#160; </td> <td style="font-weight: bold; text-align: left"> &#160; </td> <td style="font-weight: bold; text-align: right"> &#160; </td> <td style="font-weight: bold; text-align: left"> &#160; </td> <td style="font-weight: bold"> &#160; </td> <td style="font-weight: bold; text-align: left"> &#160; </td> <td style="font-weight: bold; text-align: right"> &#160; </td> <td style="font-weight: bold; text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 66%; text-align: left"> &#160;&#160;&#160;Long term </td> <td style="width: 1%"> &#160; </td> <td style="width: 1%; text-align: left"> $ </td> <td style="width: 14%; text-align: right"> 47.8 </td> <td style="width: 1%; text-align: left"> &#160; </td> <td style="width: 1%"> &#160; </td> <td style="width: 1%; text-align: left"> $ </td> <td style="width: 14%; text-align: right"> 47.7 </td> <td style="width: 1%; text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> &#160; </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> &#160; </td> <td style="text-align: left"> &#160; </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> &#160; </td> <td style="text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> Trading securities: </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> &#160; </td> <td style="text-align: left"> &#160; </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> &#160; </td> <td style="text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> &#160;&#160;&#160;Long term </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> 47.0 </td> <td style="text-align: left"> &#160; </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> 39.7 </td> <td style="text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> &#160; </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> &#160; </td> <td style="text-align: left"> &#160; </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> &#160; </td> <td style="text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> Held-to-maturity securities: </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> &#160; </td> <td style="text-align: left"> &#160; </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> &#160; </td> <td style="text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.1pt"> &#160;&#160;&#160;Short term </td> <td style="padding-bottom: 1.1pt"> &#160; </td> <td style="border-bottom: Black 1.1pt solid; text-align: left"> &#160; </td> <td style="border-bottom: Black 1.1pt solid; text-align: right"> 135.0 </td> <td style="border-bottom: Black 1.1pt solid; text-align: left"> &#160; </td> <td style="padding-bottom: 1.1pt"> &#160; </td> <td style="border-bottom: Black 1.1pt solid; text-align: left"> &#160; </td> <td style="border-bottom: Black 1.1pt solid; text-align: right"> 489.3 </td> <td style="border-bottom: Black 1.1pt solid; text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.75pt"> Total investment securities </td> <td style="padding-bottom: 2.75pt"> &#160; </td> <td style="border-bottom: Black 2.75pt double; text-align: left"> $ </td> <td style="border-bottom: Black 2.75pt double; text-align: right"> 229.8 </td> <td style="border-bottom: Black 2.75pt double; text-align: left"> &#160; </td> <td style="padding-bottom: 2.75pt"> &#160; </td> <td style="border-bottom: Black 2.75pt double; text-align: left"> $ </td> <td style="border-bottom: Black 2.75pt double; text-align: right"> 576.7 </td> <td style="border-bottom: Black 2.75pt double; text-align: left"> &#160; </td> </tr> </table> 47800000 47700000 47000000 39700000 135000000 489300000 229800000 576700000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i>5) Property and Equipment</i></b> </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As of November 29, 2014 and March 1, 2014, included in property and equipment, net is accumulated depreciation of approximately $2.2 billion and $2.0 billion, respectively. </p><br/> 2200000000 2000000000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>6) Long Term Debt</i></b> </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <i>Senior Unsecured Notes</i> </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On July 17, 2014, the Company issued $300 million aggregate principal amount of 3.749% senior unsecured notes due August 1, 2024 (the &#8220;2024 Notes&#8221;), $300 million aggregate principal amount of 4.915% senior unsecured notes due August 1, 2034 (the &#8220;2034 Notes&#8221;) and $900 million aggregate principal amount of 5.165% senior unsecured notes due August 1, 2044 (the &#8220;2044 Notes&#8221; and, together with the 2024 Notes and the 2034 Notes, the &#8220;Notes&#8221;). The aggregate net proceeds from the Notes were approximately $1.5 billion, which was used for share repurchases of the Company&#8217;s common stock and for general corporate purposes. Interest on the Notes is payable semi-annually on February 1 and August 1 of each year, beginning on February 1, 2015. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Notes were issued under an indenture (the &#8220;Base Indenture&#8221;), as supplemented by a first supplemental indenture (together, with the Base Indenture, the &#8220;Indenture&#8221;), which contains various restrictive covenants, which are subject to important limitations and exceptions that are described in the Indenture. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Notes are unsecured, senior obligations and rank equal in right of payment to any of the Company&#8217;s existing and future senior unsecured indebtedness. The Company may redeem the Notes at any time, in whole or in part, at the redemption prices described in the Indenture plus accrued and unpaid interest to the redemption date. If a change in control triggering event, as defined by the Indenture governing the Notes, occurs unless the Company has exercised its right to redeem the Notes, the Company will be required to make an offer to the holders of the Notes to purchase the Notes at 101% of their principal amount, plus accrued and unpaid interest. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <i>Revolving Credit Agreement</i> </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On August 6, 2014, the Company entered into a $250 million five year senior unsecured revolving credit facility agreement (&#8220;Revolver&#8221;) with various lenders. During the period from August 6, 2014 through November 29, 2014, the Company did not have any borrowings under the Revolver. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Borrowings under the Revolver accrue interest at either (1) a fluctuating rate equal to the greater of the prime rate, as defined in the Revolver, the Federal Funds Rate plus 0.50%, or one-month LIBOR plus 1.0% and, in each case, plus an applicable margin based upon the Company&#8217;s leverage ratio which is calculated quarterly, (2) a periodic fixed rate equal to LIBOR plus an applicable margin based upon the Company&#8217;s leverage ratio which is calculated quarterly or (3) an agreed upon fixed rate. In addition, a commitment fee is assessed, which is included in interest (expense) income, net in the Consolidated Statement of Earnings. The Revolver contains customary affirmative and negative covenants and also requires the Company to maintain a minimum leverage ratio. The Company was in compliance with all covenants related to the Revolver as of November 29, 2014. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Deferred financing costs associated with the Notes and the Revolver of approximately $10.1 million were capitalized and are included in other assets in the accompanying Consolidated Balance Sheet. These deferred financing costs are being amortized over the term of each of the Notes and the term of the Revolver and such amortization is included in interest (expense) income, net in the Consolidated Statement of Earnings. Interest expense related to the Notes and the Revolver, including the commitment fee and the amortization of the deferred financing costs, was approximately $18.1 million for the three months ended November 29, 2014 and $26.8 million for the period from July 17, 2014 through November 29, 2014. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>Lines of Credit</i> </p><br/><p style="font: 10pt Courier; margin: 0pt 0; text-align: justify"> <font style="font: 10pt Times New Roman, Times, Serif">At November 29, 2014, the Company maintained two uncommitted lines of credit of $100 million each, with expiration dates of February 28, 2015 and September 1, 2015, respectively. These uncommitted lines of credit are currently and are expected to be used for letters of credit in the ordinary course of business.</font> <font style="font: 10pt Times New Roman, Times, Serif">During the first nine months of fiscal 2014, the Company did not have any direct borrowings under the uncommitted lines of credit. Although no assurances can be provided, the Company intends to renew both uncommitted lines of credit before the respective expiration dates.</font> </p><br/> 300000000 0.03749 2024-08-01 300000000 0.04915 2034-08-01 900000000 0.05165 2044-08-01 1500000000 1.01 250000000 P5Y 0.0050 0.010 10100000 18100000 26800000 2 100000000 100000000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>7) Shareholders&#8217; Equity</i></b> </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Between December&#160;2004 and July&#160;2014, the Company&#8217;s Board of Directors authorized, through several share repurchase programs, the repurchase of $9.450 billion of its shares of common stock. On July 17, 2014, the Company entered into an accelerated share repurchase agreement (&#8220;ASR&#8221;) with an investment bank to repurchase an aggregate $1.1 billion of the Company&#8217;s common stock. As part of the ASR, the Company received an initial delivery of approximately 15.4 million shares of the Company&#8217;s common stock with a fair market value of approximately $935 million, which is included in treasury stock in the accompanying Consolidated Balance Sheet as of November 29, 2014. The initial delivery of 15.4 million shares reduced the outstanding shares used to determine the Company&#8217;s weighted average shares outstanding for purposes of calculating basic and diluted earnings per share. The remaining $165 million of the aggregate repurchase amount was accounted for as a reduction in additional paid-in capital in the accompanying Consolidated Balance Sheet as of November 29, 2014. In December 2014, subsequent to the end of the fiscal third quarter, the ASR was completed and the final number of shares repurchased under the ASR was based on the Company&#8217;s volume weighted average price per its common share over the ASR period less a discount. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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&#160;and regulations. The Company also purchases shares of its common stock to cover employee related taxes withheld on vested restricted stock awards. In the first nine months of fiscal 2014, including the initial delivery of approximately 15.4 million shares under the ASR, the Company repurchased approximately 21.1 million shares of its common stock for a total cost of approximately $1.3 billion, bringing the aggregate total of common stock repurchased to approximately 150.7 million shares for a total cost of approximately $7.6 billion since the initial authorization in December&#160;2004. The Company has approximately $1.8 billion remaining of authorized share repurchases as of November 29, 2014. </p><br/> 9450000000 1100000000 15400000 935000000 165000000 21100000 150700000 7600000000 1800000000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><i>8) Stock-Based Compensation</i></b> </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company measures all employee stock-based compensation awards using a fair value method and records such expense, net of estimated forfeitures, in its consolidated financial statements. Currently, the Company&#8217;s stock-based compensation relates to restricted stock awards, stock options and performance share units. The Company&#8217;s restricted stock awards are considered nonvested share awards. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Stock-based compensation expense for the three and nine months ended November 29, 2014 was approximately $15.5 million ($10.5 million after tax or $0.06 per diluted share) and approximately $49.3 million ($31.7 million after tax or $0.16 per diluted share), respectively. Stock-based compensation expense for the three and nine months ended November 30, 2013 was approximately $13.6 million ($8.6 million after tax or $0.04 per diluted share) and approximately $42.1 million ($26.7 million after tax or $0.12 per diluted share), respectively. In addition, the amount of stock-based compensation cost capitalized for the nine months ended November 29, 2014 and November 30, 2013 was approximately $1.3 million and $1.2 million, respectively. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>Incentive Compensation Plans</i> </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company currently grants awards under the Bed Bath &amp; Beyond 2012 Incentive Compensation Plan (the &#8220;2012 Plan&#8221;), which amended and restated the Bed Bath &amp; Beyond 2004 Incentive Compensation Plan (the &#8220;2004 Plan&#8221;). The 2012 Plan includes an aggregate of 43.2 million common shares authorized for issuance and the ability to grant incentive stock options. Outstanding awards that were covered by the 2004 Plan continue to be in effect under the 2012 Plan. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The 2012 Plan is a flexible compensation plan that enables the Company to offer incentive compensation through stock options (whether nonqualified stock options or incentive stock options), restricted stock awards, stock appreciation rights, performance awards and other stock based awards, including cash awards. Under the 2012 Plan, grants are determined by the Compensation Committee for those awards granted to executive officers and by an appropriate committee for all other awards granted. Awards of stock options and restricted stock generally vest in five equal annual installments beginning one to three years from the date of grant. Awards of performance share units generally vest over a period of four years from the date of grant dependent on the Company&#8217;s achievement of performance-based tests and subject, in general, to the executive remaining in the Company&#8217;s service on specified vesting dates. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company generally issues new shares for stock option exercises, restricted stock awards and vesting of performance share units. As of November 29, 2014, unrecognized compensation expense related to the unvested portion of the Company&#8217;s stock options, restricted stock awards and performance share units was $27.7 million, $138.6 million and $17.4 million, respectively, which is expected to be recognized over a weighted average period of 2.9 years, 3.7 years and 2.7 years, respectively. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>Stock Options</i> </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Stock option grants are issued at fair market value on the date of grant and generally become exercisable in either three or five equal annual installments beginning one year from the date of grant for options issued since May 10, 2010, and beginning one to three years from the date of grant for options issued prior to May 10, 2010, in each case, subject, in general to the recipient remaining in the Company&#8217;s service on specified vesting dates. Option grants expire eight years after the date of grant for stock options issued since May 10, 2004, and expire ten years after the date of grant for stock options issued prior to May 10, 2004. All option grants are nonqualified. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The fair value of the stock options granted is estimated on the date of the grant using a Black-Scholes option-pricing model that uses the assumptions noted in the following table. </p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> &#160; </td> <td style="font-weight: bold; padding-bottom: 1.1pt"> &#160; </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid"> Nine Months Ended </td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.1pt solid"> Black-Scholes Valuation Assumptions&#160;&#160;(1) </td> <td style="font-weight: bold; padding-bottom: 1.1pt"> &#160; </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid"> November 29,<br /> 2014 </td> <td style="font-weight: bold; padding-bottom: 1.1pt"> &#160; </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid"> November 30,<br /> 2013 </td> </tr> <tr style="vertical-align: bottom"> <td> &#160; </td> <td style="font-weight: bold"> &#160; </td> <td colspan="3" style="font-weight: bold"> &#160; </td> <td style="font-weight: bold"> &#160; </td> <td colspan="3" style="font-weight: bold"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left"> Weighted Average Expected Life (in years)&#160;&#160;(2) </td> <td style="width: 1%"> &#160; </td> <td style="width: 1%; text-align: left"> &#160; </td> <td style="width: 14%; text-align: right"> 6.6 </td> <td style="width: 1%; text-align: left"> &#160; </td> <td style="width: 1%"> &#160; </td> <td style="width: 1%; text-align: left"> &#160; </td> <td style="width: 14%; text-align: right"> 6.6 </td> <td style="width: 1%; text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> Weighted Average Expected Volatility&#160;&#160;(3) </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> 28.31 </td> <td style="text-align: left"> % </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> 29.27 </td> <td style="text-align: left"> % </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> Weighted Average Risk Free Interest Rates&#160;&#160;(4) </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> 2.11 </td> <td style="text-align: left"> % </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> 1.11 </td> <td style="text-align: left"> % </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> Expected Dividend Yield </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> - </td> <td style="text-align: left"> &#160; </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> - </td> <td style="text-align: left"> &#160; </td> </tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> (1)&#160;Forfeitures are estimated based on historical experience. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> (2)&#160;The expected life of stock options is estimated based on historical experience. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> (3)&#160;Expected volatility is based on the average of historical and implied volatility. The historical volatility is determined by observing actual prices of the Company&#8217;s stock over a period commensurate with the expected life of the awards. The implied volatility represents the implied volatility of the Company&#8217;s call options, which are actively traded on multiple exchanges, had remaining maturities in excess of twelve months, had market prices close to the exercise prices of the employee stock options and were measured on the stock option grant date.&#160; </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> (4)&#160;Based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected life of the stock options. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Changes in the Company&#8217;s stock options for the nine months ended November 29, 2014 were as follows: </p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.1pt solid"> (Shares in thousands) </td> <td style="font-weight: bold; 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text-align: left"> &#160; </td> <td style="padding-bottom: 1.1pt"> &#160; </td> <td style="border-bottom: Black 1.1pt solid; text-align: left"> &#160; </td> <td style="border-bottom: Black 1.1pt solid; text-align: right"> - </td> <td style="border-bottom: Black 1.1pt solid; text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.75pt"> Options outstanding, end of period </td> <td style="padding-bottom: 2.75pt"> &#160; </td> <td style="border-bottom: Black 2.75pt double; text-align: left"> &#160; </td> <td style="border-bottom: Black 2.75pt double; text-align: right"> 4,071 </td> <td style="border-bottom: Black 2.75pt double; text-align: left"> &#160; </td> <td style="padding-bottom: 2.75pt"> &#160; </td> <td style="border-bottom: Black 2.75pt double; text-align: left"> $ </td> <td style="border-bottom: Black 2.75pt double; text-align: right"> 50.16 </td> <td style="border-bottom: Black 2.75pt double; text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.75pt"> Options exercisable, end of period </td> <td style="padding-bottom: 2.75pt"> &#160; </td> <td style="border-bottom: Black 2.75pt double; text-align: left"> &#160; </td> <td style="border-bottom: Black 2.75pt double; text-align: right"> 2,378 </td> <td style="border-bottom: Black 2.75pt double; text-align: left"> &#160; </td> <td style="padding-bottom: 2.75pt"> &#160; </td> <td style="border-bottom: Black 2.75pt double; text-align: left"> $ </td> <td style="border-bottom: Black 2.75pt double; text-align: right"> 42.54 </td> <td style="border-bottom: Black 2.75pt double; text-align: left"> &#160; </td> </tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The weighted average fair value for the stock options granted during the first nine months of fiscal 2014 and 2013 was $20.96 and $22.28, respectively. The weighted average remaining contractual term and the aggregate intrinsic value for options outstanding as of November 29, 2014 was 4.1 years and $94.7 million, respectively. The weighted average remaining contractual term and the aggregate intrinsic value for options exercisable as of November 29, 2014 was 2.9 years and $73.3 million, respectively. The total intrinsic value for stock options exercised during the first nine months of fiscal 2014 and 2013 was $19.4 million and $44.4 million, respectively. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Net cash proceeds from the exercise of stock options for the first nine months of fiscal 2014 were $24.8 million and the net associated income tax benefit was $10.5 million. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>Restricted Stock</i> </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Restricted stock awards are issued and measured at fair market value on the date of grant and generally become vested in five equal annual installments beginning one to three years from the date of grant, subject, in general, to the recipient remaining in the Company&#8217;s service on specified vesting dates. Vesting of restricted stock awarded to certain of the Company&#8217;s executives is dependent on the Company&#8217;s achievement of a performance-based test for the fiscal year of grant and, assuming achievement of the performance-based test, time vesting, subject, in general, to the executive remaining in the Company&#8217;s service on specified vesting dates. The Company recognizes compensation expense related to these awards based on the assumption that the performance-based test will be achieved. 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Upon achievement of the three-year performance-based test, the corresponding PSUs will vest on the fourth anniversary date of grant. The awards based on EBIT margin and ROIC are capped at 150% of target achievement, with a floor of zero. PSUs are converted into shares of common stock upon payment following vesting. Upon grant of the PSUs, the Company recognizes compensation expense related to these awards based on the assumption that 100% of the target award will be achieved. The Company evaluates the target assumption on a quarterly basis and adjusts compensation expense related to these awards, as appropriate. Prior to the first quarter of fiscal 2014, the Company had not granted any PSUs. 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</td> <td style="text-align: right"> 62.33 </td> <td style="text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> Vested </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> (1,010 </td> <td style="text-align: left"> ) </td> <td> &#160; </td> <td style="text-align: left"> &#160; </td> <td style="text-align: right"> 45.00 </td> <td style="text-align: left"> &#160; </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.1pt"> Forfeited </td> <td style="padding-bottom: 1.1pt"> &#160; </td> <td style="border-bottom: Black 1.1pt solid; text-align: left"> &#160; </td> <td style="border-bottom: Black 1.1pt solid; text-align: right"> (131 </td> <td style="border-bottom: Black 1.1pt solid; text-align: left"> ) </td> <td style="padding-bottom: 1.1pt"> &#160; </td> <td style="border-bottom: Black 1.1pt solid; text-align: left"> &#160; </td> <td style="border-bottom: Black 1.1pt solid; 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text-align: justify"> <b><i>9) Earnings Per Share</i></b> </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company presents earnings per share on a basic and diluted basis. 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    Note 10 - Supplemental Cash Flow Information (Details) (USD $)
    In Millions, unless otherwise specified
    9 Months Ended
    Nov. 29, 2014
    Nov. 30, 2013
    Supplemental Cash Flow Elements [Abstract]    
    Income Taxes Paid $ 432.2us-gaap_IncomeTaxesPaid $ 435.9us-gaap_IncomeTaxesPaid
    Interest Paid 6.8us-gaap_InterestPaid 6.9us-gaap_InterestPaid
    Capital Expenditures Incurred but Not yet Paid $ 18.5us-gaap_CapitalExpendituresIncurredButNotYetPaid $ 24.1us-gaap_CapitalExpendituresIncurredButNotYetPaid
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    Note 5 - Property and Equipment (Details) (USD $)
    In Billions, unless otherwise specified
    Nov. 29, 2014
    Mar. 01, 2014
    Property, Plant and Equipment [Abstract]    
    Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment $ 2.2us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $ 2.0us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
    XML 15 R9.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 3 - Cash and Cash Equivalents
    9 Months Ended
    Nov. 29, 2014
    Cash and Cash Equivalents [Abstract]  
    Cash and Cash Equivalents Disclosure [Text Block]

    3) Cash and Cash Equivalents


    Included in cash and cash equivalents are credit and debit card receivables from banks, which typically settle within five business days, of $199.0 million and $87.4 million as of November 29, 2014 and March 1, 2014, respectively.


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M=6UB97(@;V8@4VAA'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^ M#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y.3$R M869D-U\W,S5E7S0P9F-?.3'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S65A7,\'0^)FYB2!I2!O9B!T:&4@0V]M<&%N>2=S(&-A;&P@;W!T:6]N M&-H M86YG97,L(&AA9"!R96UA:6YI;F<@;6%T=7)I=&EE&-E7!E.B!T97AT+VAT;6P[(&-H87)S970] M(G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T M<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@ M8VAA>*`F7,@4W1O8VL@3W!T:6]N&5R8VES960\+W1D/@T*("`@ M("`@("`\=&0@8VQA'!I'0^)FYB&5R8VES M86)L92P@96YD(&]F('!E'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA>*`F7,@4F5S=')I8W1E9"!3=&]C:R`H4F5S=')I8W1E9"!3=&]C:R!;365M M8F5R72P@55-$("0I/&)R/CPO>*`F7,@4F5S=')I8W1E9"!3=&]C:R!;3&EN92!)=&5M'0O:F%V87-C3X- M"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$&-L=61E9"!F3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Y.3$R869D-U\W M,S5E7S0P9F-?.3'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'!E;F1I='5R97,@26YC=7)R960@ M8G5T($YO="!Y970@4&%I9#PO=&0^#0H@("`@("`@(#QT9"!C;&%S3X-"CPO:'1M;#X-"@T*+2TM+2TM M/5].97AT4&%R=%\Y.3$R869D-U\W,S5E7S0P9F-?.3&UL#0I#;VYT96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A M8FQE#0I#;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA&UL;G,Z;STS1")U'1087)T7SDY,3)A C9F0W7S XML 17 R29.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 8 - Stock-Based Compensation (Details) - Assumptions Used to Estimate the Black-Scholes Fair Value of Stock Options Granted
    9 Months Ended
    Nov. 29, 2014
    Nov. 30, 2013
    Assumptions Used to Estimate the Black-Scholes Fair Value of Stock Options Granted [Abstract]    
    Weighted Average Expected Life (in years) (2) 6 years 219 days [1],[2] 6 years 219 days [1],[2]
    Weighted Average Expected Volatility (3) 28.31%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate [1],[3] 29.27%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate [1],[3]
    Weighted Average Risk Free Interest Rates (4) 2.11%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate [1],[4] 1.11%us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate [1],[4]
    Expected Dividend Yield    [1]    [1]
    [1] Forfeitures are estimated based on historical experience.
    [2] The expected life of stock options is estimated based on historical experience.
    [3] Expected volatility is based on the average of historical and implied volatility. The historical volatility is determined by observing actual prices of theCompany's stock over a period commensurate with the expected life of the awards. The implied volatility represents the implied volatility of the Company's call options, which are actively traded on multiple exchanges, had remaining maturities in excess of twelve months, had market prices close to the exercise prices of the employee stock options and were measured on the stock option grant date.
    [4] Based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected life of the stock options.
    XML 18 R28.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 8 - Stock-Based Compensation (Details) (USD $)
    3 Months Ended 9 Months Ended 12 Months Ended
    Nov. 29, 2014
    Nov. 30, 2013
    Nov. 29, 2014
    Nov. 30, 2013
    Mar. 01, 2014
    Note 8 - Stock-Based Compensation (Details) [Line Items]          
    Allocated Share-based Compensation Expense (in Dollars) $ 15,500,000us-gaap_AllocatedShareBasedCompensationExpense $ 13,600,000us-gaap_AllocatedShareBasedCompensationExpense $ 49,300,000us-gaap_AllocatedShareBasedCompensationExpense $ 42,100,000us-gaap_AllocatedShareBasedCompensationExpense  
    Allocated Share-based Compensation Expense, Net of Tax (in Dollars) 10,500,000us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax 8,600,000us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax 31,700,000us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax 26,700,000us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax  
    Stock Based Compensation Expense Impact On Diluted Earnings Per Share (in Dollars per share) $ 0.06bbby_StockBasedCompensationExpenseImpactOnDilutedEarningsPerShare $ 0.04bbby_StockBasedCompensationExpenseImpactOnDilutedEarningsPerShare $ 0.16bbby_StockBasedCompensationExpenseImpactOnDilutedEarningsPerShare $ 0.12bbby_StockBasedCompensationExpenseImpactOnDilutedEarningsPerShare  
    Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount (in Dollars)     1,300,000us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount 1,200,000us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount  
    Proceeds from Stock Options Exercised (in Dollars)     24,790,000us-gaap_ProceedsFromStockOptionsExercised 54,431,000us-gaap_ProceedsFromStockOptionsExercised  
    Scenario, Assumption [Member] | Performance Share Unit (PSUs) [Member]          
    Note 8 - Stock-Based Compensation (Details) [Line Items]          
    Share-based Compensation Arrangement by Share-based Payment Award, Target Award, Percentage 100.00%bbby_ShareBasedCompensationArrangementByShareBasedPaymentAwardTargetAwardPercentage
    / us-gaap_AwardTypeAxis
    = bbby_PerformanceShareUnitMember
    / us-gaap_StatementScenarioAxis
    = bbby_ScenarioAssumptionMember
      100.00%bbby_ShareBasedCompensationArrangementByShareBasedPaymentAwardTargetAwardPercentage
    / us-gaap_AwardTypeAxis
    = bbby_PerformanceShareUnitMember
    / us-gaap_StatementScenarioAxis
    = bbby_ScenarioAssumptionMember
       
    Restricted Stock [Member] | The 2012 Plan [Member]          
    Note 8 - Stock-Based Compensation (Details) [Line Items]          
    Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period     5 years    
    Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period Minimum     1 year    
    Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period Maximum     3 years    
    Restricted Stock [Member]          
    Note 8 - Stock-Based Compensation (Details) [Line Items]          
    Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period     5 years    
    Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period Minimum     1 year    
    Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period Maximum     3 years    
    Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) 138,600,000us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
    / us-gaap_AwardTypeAxis
    = us-gaap_RestrictedStockMember
      138,600,000us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
    / us-gaap_AwardTypeAxis
    = us-gaap_RestrictedStockMember
       
    Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition     3 years 255 days    
    Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares)     823,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
    / us-gaap_AwardTypeAxis
    = us-gaap_RestrictedStockMember
       
    Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share)     $ 62.33us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
    / us-gaap_AwardTypeAxis
    = us-gaap_RestrictedStockMember
       
    Employee Stock Option [Member] | The 2012 Plan [Member]          
    Note 8 - Stock-Based Compensation (Details) [Line Items]          
    Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period     5 years    
    Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period Minimum     1 year    
    Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period Maximum     3 years    
    Employee Stock Option [Member] | Minimum [Member]          
    Note 8 - Stock-Based Compensation (Details) [Line Items]          
    Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period     3 years    
    Employee Stock Option [Member] | Maximum [Member]          
    Note 8 - Stock-Based Compensation (Details) [Line Items]          
    Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period     5 years    
    Employee Stock Option [Member]          
    Note 8 - Stock-Based Compensation (Details) [Line Items]          
    Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) 27,700,000us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
      27,700,000us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
       
    Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition     2 years 328 days    
    Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share)     $ 20.96us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
    $ 22.28us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
     
    Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term     4 years 36 days    
    Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value (in Dollars) 94,700,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
      94,700,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
       
    Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term     2 years 328 days    
    Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value (in Dollars) 73,300,000us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
      73,300,000us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
       
    Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value (in Dollars)     19,400,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
    44,400,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
     
    Proceeds from Stock Options Exercised (in Dollars)     24,800,000us-gaap_ProceedsFromStockOptionsExercised
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
       
    Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options (in Dollars)     10,500,000us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
       
    Performance Share Unit (PSUs) [Member] | The 2012 Plan [Member]          
    Note 8 - Stock-Based Compensation (Details) [Line Items]          
    Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period     4 years    
    Performance Share Unit (PSUs) [Member] | Minimum [Member]          
    Note 8 - Stock-Based Compensation (Details) [Line Items]          
    Share-based Compensation Arrangement by Share-based Payment Award, Target Award, Percentage 0.00%bbby_ShareBasedCompensationArrangementByShareBasedPaymentAwardTargetAwardPercentage
    / us-gaap_AwardTypeAxis
    = bbby_PerformanceShareUnitMember
    / us-gaap_RangeAxis
    = us-gaap_MinimumMember
      0.00%bbby_ShareBasedCompensationArrangementByShareBasedPaymentAwardTargetAwardPercentage
    / us-gaap_AwardTypeAxis
    = bbby_PerformanceShareUnitMember
    / us-gaap_RangeAxis
    = us-gaap_MinimumMember
       
    Performance Share Unit (PSUs) [Member] | Maximum [Member]          
    Note 8 - Stock-Based Compensation (Details) [Line Items]          
    Share-based Compensation Arrangement by Share-based Payment Award, Target Award, Percentage 150.00%bbby_ShareBasedCompensationArrangementByShareBasedPaymentAwardTargetAwardPercentage
    / us-gaap_AwardTypeAxis
    = bbby_PerformanceShareUnitMember
    / us-gaap_RangeAxis
    = us-gaap_MaximumMember
      150.00%bbby_ShareBasedCompensationArrangementByShareBasedPaymentAwardTargetAwardPercentage
    / us-gaap_AwardTypeAxis
    = bbby_PerformanceShareUnitMember
    / us-gaap_RangeAxis
    = us-gaap_MaximumMember
       
    Performance Share Unit (PSUs) [Member] | One-Year Performance Period Awards [Member]          
    Note 8 - Stock-Based Compensation (Details) [Line Items]          
    Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period     3 years    
    Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period Minimum     1 year    
    Performance Share Unit (PSUs) [Member]          
    Note 8 - Stock-Based Compensation (Details) [Line Items]          
    Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) $ 17,400,000us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
    / us-gaap_AwardTypeAxis
    = bbby_PerformanceShareUnitMember
      $ 17,400,000us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
    / us-gaap_AwardTypeAxis
    = bbby_PerformanceShareUnitMember
       
    Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition     2 years 255 days    
    Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares)     390,803us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
    / us-gaap_AwardTypeAxis
    = bbby_PerformanceShareUnitMember
      0us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
    / us-gaap_AwardTypeAxis
    = bbby_PerformanceShareUnitMember
    Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share)     $ 62.34us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
    / us-gaap_AwardTypeAxis
    = bbby_PerformanceShareUnitMember
       
    Employee Stock Option Issued Since May 10, 2010 [Member]          
    Note 8 - Stock-Based Compensation (Details) [Line Items]          
    Share Based Compensation Arrangement By Share Based Payment Award Requisite Service Period     1 year    
    Employee Stock Option Issued Prior to May 10, 2010 [Member]          
    Note 8 - Stock-Based Compensation (Details) [Line Items]          
    Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period Minimum     1 year    
    Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period Maximum     3 years    
    Employee Stock Option Issued Since May 10, 2004 [Member]          
    Note 8 - Stock-Based Compensation (Details) [Line Items]          
    Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period     8 years    
    Employee Stock Option Issued Prior to May 10, 2004 [Member]          
    Note 8 - Stock-Based Compensation (Details) [Line Items]          
    Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period     10 years    
    The 2012 Plan [Member]          
    Note 8 - Stock-Based Compensation (Details) [Line Items]          
    Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) 43,200,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
    / us-gaap_PlanNameAxis
    = bbby_The2012PlanMember
      43,200,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
    / us-gaap_PlanNameAxis
    = bbby_The2012PlanMember
       
    XML 19 R30.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 8 - Stock-Based Compensation (Details) - Changes in the Company’s Stock Options (Employee Stock Option [Member], USD $)
    In Thousands, except Per Share data, unless otherwise specified
    9 Months Ended
    Nov. 29, 2014
    Employee Stock Option [Member]
     
    Note 8 - Stock-Based Compensation (Details) - Changes in the Company’s Stock Options [Line Items]  
    Options outstanding, beginning of period 4,192us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
    Options outstanding, beginning of period $ 46.85us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
    Granted 523us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
    Granted $ 62.34us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
    Exercised (644)us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
    Exercised $ 38.48us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
    Forfeited or expired 0us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
    Forfeited or expired   
    Options outstanding, end of period 4,071us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
    Options outstanding, end of period $ 50.16us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
    Options exercisable, end of period 2,378us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
    Options exercisable, end of period $ 42.54us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
    / us-gaap_AwardTypeAxis
    = us-gaap_EmployeeStockOptionMember
    XML 20 R31.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 8 - Stock-Based Compensation (Details) - Changes in the Company’s Restricted Stock (Restricted Stock [Member], USD $)
    9 Months Ended
    Nov. 29, 2014
    Restricted Stock [Member]
     
    Note 8 - Stock-Based Compensation (Details) - Changes in the Company’s Restricted Stock [Line Items]  
    Unvested restricted stock, beginning of period 3,943,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
    / us-gaap_AwardTypeAxis
    = us-gaap_RestrictedStockMember
    Unvested restricted stock, beginning of period $ 53.66us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
    / us-gaap_AwardTypeAxis
    = us-gaap_RestrictedStockMember
    Granted 823,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
    / us-gaap_AwardTypeAxis
    = us-gaap_RestrictedStockMember
    Granted $ 62.33us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
    / us-gaap_AwardTypeAxis
    = us-gaap_RestrictedStockMember
    Vested (1,010,000)us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
    / us-gaap_AwardTypeAxis
    = us-gaap_RestrictedStockMember
    Vested $ 45.00us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
    / us-gaap_AwardTypeAxis
    = us-gaap_RestrictedStockMember
    Forfeited (131,000)us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
    / us-gaap_AwardTypeAxis
    = us-gaap_RestrictedStockMember
    Forfeited $ 59.91us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
    / us-gaap_AwardTypeAxis
    = us-gaap_RestrictedStockMember
    Unvested restricted stock, end of period 3,625,000us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
    / us-gaap_AwardTypeAxis
    = us-gaap_RestrictedStockMember
    Unvested restricted stock, end of period $ 57.82us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
    / us-gaap_AwardTypeAxis
    = us-gaap_RestrictedStockMember
    XML 21 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 2 - Fair Value Measurements
    9 Months Ended
    Nov. 29, 2014
    Fair Value Disclosures [Abstract]  
    Fair Value Disclosures [Text Block]

    2) Fair Value Measurements


    Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., “the exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches, including quoted market prices and discounted cash flows. The hierarchy for inputs used in measuring fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect a company’s judgment concerning the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset or liability must be classified in its entirety based on the lowest level of input that is significant to the measurement of fair value. The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows:


    • Level 1 – Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment.


    • Level 2 – Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.


    • Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.


    As of November 29, 2014, the Company’s financial assets utilizing Level 1 inputs include long term trading investment securities traded on active securities exchanges. The Company did not have any financial assets utilizing Level 2 inputs. Financial assets utilizing Level 3 inputs included long term investments in auction rate securities consisting of preferred shares of closed end municipal bond funds (See “Investment Securities,” Note 4). 


    Fair Value of Financial Instruments


    The Company’s financial instruments include cash and cash equivalents, investment securities, accounts payable, long term debt and certain other liabilities. The Company’s investment securities consist primarily of U.S. Treasury securities, which are stated at amortized cost, and auction rate securities, which are stated at their approximate fair value. The book value of the financial instruments, excluding the Company’s long term debt, is representative of their fair values. The fair value of the Company’s long term debt is approximately $1.525 billion, which is based on quoted prices in active markets for identical instruments (i.e., Level 1 valuation), compared to the carrying value of approximately $1.500 billion.


    XML 22 R32.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 9 - Earnings Per Share (Details)
    In Millions, unless otherwise specified
    3 Months Ended 9 Months Ended
    Nov. 29, 2014
    Nov. 30, 2013
    Nov. 29, 2014
    Nov. 30, 2013
    Earnings Per Share [Abstract]        
    Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 1.6us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount 1.0us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount 1.9us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount 1.2us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
    XML 23 R2.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Consolidated Balance Sheets (Unaudited) (USD $)
    In Thousands, unless otherwise specified
    Nov. 29, 2014
    Mar. 01, 2014
    Current assets:    
    Cash and cash equivalents $ 1,043,838us-gaap_CashAndCashEquivalentsAtCarryingValue $ 366,516us-gaap_CashAndCashEquivalentsAtCarryingValue
    Short term investment securities 134,993us-gaap_ShortTermInvestments 489,331us-gaap_ShortTermInvestments
    Merchandise inventories 3,065,774us-gaap_InventoryNet 2,578,956us-gaap_InventoryNet
    Other current assets 511,228us-gaap_OtherAssetsCurrent 379,807us-gaap_OtherAssetsCurrent
    Total current assets 4,755,833us-gaap_AssetsCurrent 3,814,610us-gaap_AssetsCurrent
    Long term investment securities 94,876us-gaap_LongTermInvestments 87,393us-gaap_LongTermInvestments
    Property and equipment, net 1,601,208us-gaap_PropertyPlantAndEquipmentNet 1,579,804us-gaap_PropertyPlantAndEquipmentNet
    Goodwill 486,279us-gaap_Goodwill 486,279us-gaap_Goodwill
    Other assets 397,639us-gaap_OtherAssetsNoncurrent 387,947us-gaap_OtherAssetsNoncurrent
    Total assets 7,335,835us-gaap_Assets 6,356,033us-gaap_Assets
    Current liabilities:    
    Accounts payable 1,309,002us-gaap_AccountsPayableCurrent 1,104,668us-gaap_AccountsPayableCurrent
    Accrued expenses and other current liabilities 458,278us-gaap_AccruedLiabilitiesCurrent 385,954us-gaap_AccruedLiabilitiesCurrent
    Merchandise credit and gift card liabilities 296,776bbby_MerchandiseCreditAndGiftCardLiabilities 284,216bbby_MerchandiseCreditAndGiftCardLiabilities
    Current income taxes payable 14,559us-gaap_AccruedIncomeTaxesCurrent 60,298us-gaap_AccruedIncomeTaxesCurrent
    Total current liabilities 2,078,615us-gaap_LiabilitiesCurrent 1,835,136us-gaap_LiabilitiesCurrent
    Deferred rent and other liabilities 487,998bbby_DeferredRentAndOtherLiabilities 486,996bbby_DeferredRentAndOtherLiabilities
    Income taxes payable 79,915us-gaap_LiabilityForUncertainTaxPositionsNoncurrent 92,614us-gaap_LiabilityForUncertainTaxPositionsNoncurrent
    Long term debt 1,500,000us-gaap_LongTermDebtNoncurrent  
    Total liabilities 4,146,528us-gaap_Liabilities 2,414,746us-gaap_Liabilities
    Shareholders' equity:    
    Preferred stock - $0.01 par value; authorized - 1,000 shares; no shares issued or outstanding 0us-gaap_PreferredStockValue 0us-gaap_PreferredStockValue
    Common stock - $0.01 par value; authorized - 900,000 shares; issued 336,276 and 334,941 shares, respectively; outstanding 185,601 and 205,405 shares, respectively 3,363us-gaap_CommonStockValue 3,350us-gaap_CommonStockValue
    Additional paid-in capital 1,594,066us-gaap_AdditionalPaidInCapitalCommonStock 1,673,217us-gaap_AdditionalPaidInCapitalCommonStock
    Retained earnings 9,232,315us-gaap_RetainedEarningsAccumulatedDeficit 8,595,902us-gaap_RetainedEarningsAccumulatedDeficit
    Treasury stock, at cost; 150,675 and 129,536 shares, respectively (7,621,286)us-gaap_TreasuryStockValue (6,317,335)us-gaap_TreasuryStockValue
    Accumulated other comprehensive loss (19,151)us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax (13,847)us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax
    Total shareholders' equity 3,189,307us-gaap_StockholdersEquity 3,941,287us-gaap_StockholdersEquity
    Total liabilities and shareholders' equity $ 7,335,835us-gaap_LiabilitiesAndStockholdersEquity $ 6,356,033us-gaap_LiabilitiesAndStockholdersEquity
    XML 24 R6.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Consolidated Statements of Cash Flows (Unaudited) (USD $)
    In Thousands, unless otherwise specified
    9 Months Ended
    Nov. 29, 2014
    Nov. 30, 2013
    Cash Flows from Operating Activities:    
    Net earnings $ 636,413us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ 688,991us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
    Adjustments to reconcile net earnings to net cash provided by operating activities:    
    Depreciation and amortization 178,742us-gaap_Depreciation 160,672us-gaap_Depreciation
    Stock-based compensation 49,284us-gaap_ShareBasedCompensation 42,078us-gaap_ShareBasedCompensation
    Tax benefit from stock-based compensation 6,540us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities 12,676us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
    Deferred income taxes (27,190)bbby_DeferredIncomeTaxNoncashExpenseBenefit 6,275bbby_DeferredIncomeTaxNoncashExpenseBenefit
    Other (1,399)us-gaap_OtherNoncashIncomeExpense (1,007)us-gaap_OtherNoncashIncomeExpense
    Increase in assets, net of effect of acquisitions:    
    Merchandise inventories (486,818)us-gaap_IncreaseDecreaseInInventories (415,347)us-gaap_IncreaseDecreaseInInventories
    Trading investment securities (7,364)us-gaap_IncreaseDecreaseInTradingSecurities (10,702)us-gaap_IncreaseDecreaseInTradingSecurities
    Other current assets (105,446)us-gaap_IncreaseDecreaseInOtherCurrentAssets (101,907)us-gaap_IncreaseDecreaseInOtherCurrentAssets
    Other assets (1,058)us-gaap_IncreaseDecreaseInOtherOperatingAssets (5,478)us-gaap_IncreaseDecreaseInOtherOperatingAssets
    Increase (decrease) in liabilities, net of effect of acquisitions:    
    Accounts payable 235,982us-gaap_IncreaseDecreaseInAccountsPayable 244,761us-gaap_IncreaseDecreaseInAccountsPayable
    Accrued expenses and other current liabilities 66,246us-gaap_IncreaseDecreaseInAccruedLiabilities 24,301us-gaap_IncreaseDecreaseInAccruedLiabilities
    Merchandise credit and gift card liabilities 12,560bbby_IncreaseDecreaseInMerchandiseCreditAndGiftCardLiabilities 15,851bbby_IncreaseDecreaseInMerchandiseCreditAndGiftCardLiabilities
    Income taxes payable (58,438)us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable (66,284)us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable
    Deferred rent and other liabilities 6,143bbby_IncreaseDecreaseInDeferredRentAndOtherLiabilities 7,056bbby_IncreaseDecreaseInDeferredRentAndOtherLiabilities
    Net cash provided by operating activities 504,197us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 601,936us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
    Cash Flows from Investing Activities:    
    Purchase of held-to-maturity investment securities (219,353)us-gaap_PaymentsToAcquireHeldToMaturitySecurities (682,339)us-gaap_PaymentsToAcquireHeldToMaturitySecurities
    Redemption of held-to-maturity investment securities 573,750us-gaap_ProceedsFromSaleOfHeldToMaturitySecurities 909,375us-gaap_ProceedsFromSaleOfHeldToMaturitySecurities
    Capital expenditures (230,993)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (228,928)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
    Investment in unconsolidated joint venture   (3,436)us-gaap_PaymentsToAcquireInterestInJointVenture
    Net cash provided by (used in) investing activities 123,404us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (5,328)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
    Cash Flows from Financing Activities:    
    Proceeds from exercise of stock options 24,790us-gaap_ProceedsFromStockOptionsExercised 54,431us-gaap_ProceedsFromStockOptionsExercised
    Proceeds from issuance of senior unsecured notes 1,500,000us-gaap_ProceedsFromIssuanceOfLongTermDebt  
    Payment of deferred financing costs (10,092)us-gaap_PaymentsOfFinancingCosts  
    Prepayment under share repurchase agreement (165,000)bbby_PrepaymentUnderShareRepurchaseAgreement  
    Excess tax benefit from stock-based compensation 3,974us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 7,293us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
    Repurchase of common stock, including fees (1,303,951)us-gaap_PaymentsForRepurchaseOfCommonStock (752,239)us-gaap_PaymentsForRepurchaseOfCommonStock
    Net cash provided by (used in) financing activities 49,721us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations (690,515)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
    Net increase (decrease) in cash and cash equivalents 677,322us-gaap_NetCashProvidedByUsedInContinuingOperations (93,907)us-gaap_NetCashProvidedByUsedInContinuingOperations
    Cash and cash equivalents:    
    Beginning of period 366,516us-gaap_CashAndCashEquivalentsAtCarryingValue 564,971us-gaap_CashAndCashEquivalentsAtCarryingValue
    End of period $ 1,043,838us-gaap_CashAndCashEquivalentsAtCarryingValue $ 471,064us-gaap_CashAndCashEquivalentsAtCarryingValue
    XML 25 R22.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 3 - Cash and Cash Equivalents (Details) (USD $)
    In Millions, unless otherwise specified
    9 Months Ended
    Nov. 29, 2014
    Mar. 01, 2014
    Cash and Cash Equivalents [Abstract]    
    Number of Business Days for Settlement of Credit and Debit Card Receivables 5 days  
    Credit and Debit Card Receivables, at Carrying Value $ 199.0us-gaap_CreditAndDebitCardReceivablesAtCarryingValue $ 87.4us-gaap_CreditAndDebitCardReceivablesAtCarryingValue
    XML 26 R24.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 4 - Investment Securities (Details) - Investment Securities (USD $)
    In Millions, unless otherwise specified
    Nov. 29, 2014
    Mar. 01, 2014
    Available-for-sale securities:    
    Long term $ 47.8us-gaap_AvailableForSaleSecuritiesEquitySecuritiesNoncurrent $ 47.7us-gaap_AvailableForSaleSecuritiesEquitySecuritiesNoncurrent
    Trading securities:    
    Long term 47.0us-gaap_DeferredCompensationPlanAssets 39.7us-gaap_DeferredCompensationPlanAssets
    Held-to-maturity securities:    
    Short term 135.0us-gaap_HeldToMaturitySecuritiesCurrent 489.3us-gaap_HeldToMaturitySecuritiesCurrent
    Total investment securities $ 229.8us-gaap_Investments $ 576.7us-gaap_Investments
    XML 27 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 28 R7.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 1 - Basis of Presentation
    9 Months Ended
    Nov. 29, 2014
    Disclosure Text Block [Abstract]  
    Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

    1) Basis of Presentation


    The accompanying consolidated financial statements have been prepared without audit. In the opinion of management, the accompanying consolidated financial statements contain all adjustments (consisting of only normal recurring accruals and elimination of intercompany balances and transactions) necessary to present fairly the financial position of Bed Bath & Beyond Inc. and subsidiaries (the "Company") as of November 29, 2014 and March 1, 2014 and the results of its operations and comprehensive income for the three and nine months ended November 29, 2014 and November 30, 2013, respectively, and its cash flows for the nine months ended November 29, 2014 and November 30, 2013, respectively.


    The accompanying unaudited consolidated financial statements are presented in accordance with the requirements for Form 10-Q and consequently do not include all the disclosures normally required by U.S. generally accepted accounting principles (“GAAP”). Reference should be made to Bed Bath & Beyond Inc.'s Annual Report on Form 10-K for the fiscal year ended March 1, 2014 for additional disclosures, including a summary of the Company's significant accounting policies, and to subsequently filed Forms 8-K.


    Certain reclassifications have been made to the fiscal 2013 consolidated balance sheet to conform to the fiscal 2014 consolidated balance sheet presentation.


    The Company accounts for its operations as two operating segments: North American Retail and Institutional Sales. The Institutional Sales operating segment, which is comprised of Linen Holdings, does not meet the quantitative thresholds under GAAP and therefore is not a reportable segment.


    XML 29 R3.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $)
    In Thousands, except Per Share data, unless otherwise specified
    Nov. 29, 2014
    Mar. 01, 2014
    Preferred stock par value (in Dollars per share) $ 0.01us-gaap_PreferredStockParOrStatedValuePerShare $ 0.01us-gaap_PreferredStockParOrStatedValuePerShare
    Preferred stock, shares authorized 1,000us-gaap_PreferredStockSharesAuthorized 1,000us-gaap_PreferredStockSharesAuthorized
    Preferred stock, shares issued 0us-gaap_PreferredStockSharesIssued 0us-gaap_PreferredStockSharesIssued
    Preferred stock, shares outstanding 0us-gaap_PreferredStockSharesOutstanding 0us-gaap_PreferredStockSharesOutstanding
    Common stock par value (in Dollars per share) $ 0.01us-gaap_CommonStockParOrStatedValuePerShare $ 0.01us-gaap_CommonStockParOrStatedValuePerShare
    Common stock, shares authorized 900,000us-gaap_CommonStockSharesAuthorized 900,000us-gaap_CommonStockSharesAuthorized
    Common stock, shares issued 336,276us-gaap_CommonStockSharesIssued 334,941us-gaap_CommonStockSharesIssued
    Common stock, shares outstanding 185,601us-gaap_CommonStockSharesOutstanding 205,405us-gaap_CommonStockSharesOutstanding
    Treasury stock, shares 150,675us-gaap_TreasuryStockShares 129,536us-gaap_TreasuryStockShares
    XML 30 R17.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Accounting Policies, by Policy (Policies)
    9 Months Ended
    Nov. 29, 2014
    Accounting Policies [Abstract]  
    Fair Value Measurement, Policy [Policy Text Block]

    2) Fair Value Measurements


    Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., “the exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches, including quoted market prices and discounted cash flows. The hierarchy for inputs used in measuring fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect a company’s judgment concerning the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset or liability must be classified in its entirety based on the lowest level of input that is significant to the measurement of fair value. The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows:


    • Level 1 – Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment.


    • Level 2 – Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.


    • Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.


    As of November 29, 2014, the Company’s financial assets utilizing Level 1 inputs include long term trading investment securities traded on active securities exchanges. The Company did not have any financial assets utilizing Level 2 inputs. Financial assets utilizing Level 3 inputs included long term investments in auction rate securities consisting of preferred shares of closed end municipal bond funds (See “Investment Securities,” Note 4).

    Fair Value of Financial Instruments, Policy [Policy Text Block]

    Fair Value of Financial Instruments


    The Company’s financial instruments include cash and cash equivalents, investment securities, accounts payable, long term debt and certain other liabilities. The Company’s investment securities consist primarily of U.S. Treasury securities, which are stated at amortized cost, and auction rate securities, which are stated at their approximate fair value. The book value of the financial instruments, excluding the Company’s long term debt, is representative of their fair values. The fair value of the Company’s long term debt is approximately $1.525 billion, which is based on quoted prices in active markets for identical instruments (i.e., Level 1 valuation), compared to the carrying value of approximately $1.500 billion.

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    Document And Entity Information
    9 Months Ended
    Nov. 29, 2014
    Document and Entity Information [Abstract]  
    Entity Registrant Name BED BATH & BEYOND INC
    Document Type 10-Q
    Current Fiscal Year End Date --02-28
    Entity Common Stock, Shares Outstanding 185,601,410dei_EntityCommonStockSharesOutstanding
    Amendment Flag false
    Entity Central Index Key 0000886158
    Entity Current Reporting Status Yes
    Entity Voluntary Filers No
    Entity Filer Category Large Accelerated Filer
    Entity Well-known Seasoned Issuer Yes
    Document Period End Date Nov. 29, 2014
    Document Fiscal Year Focus 2014
    Document Fiscal Period Focus Q3

    XML 33 R18.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 4 - Investment Securities (Tables)
    9 Months Ended
    Nov. 29, 2014
    Investments, Debt and Equity Securities [Abstract]  
    Marketable Securities [Table Text Block]
    (in millions)   November 29,
    2014
      March 1,
    2014
    Available-for-sale securities:                
       Long term   $ 47.8     $ 47.7  
                     
    Trading securities:                
       Long term     47.0       39.7  
                     
    Held-to-maturity securities:                
       Short term     135.0       489.3  
    Total investment securities   $ 229.8     $ 576.7  
    XML 34 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Consolidated Statements of Earnings (Unaudited) (USD $)
    In Thousands, except Per Share data, unless otherwise specified
    3 Months Ended 9 Months Ended
    Nov. 29, 2014
    Nov. 30, 2013
    Nov. 29, 2014
    Nov. 30, 2013
    Net sales $ 2,942,980us-gaap_SalesRevenueGoodsNet $ 2,864,837us-gaap_SalesRevenueGoodsNet $ 8,544,583us-gaap_SalesRevenueGoodsNet $ 8,300,649us-gaap_SalesRevenueGoodsNet
    Cost of sales 1,814,006us-gaap_CostOfGoodsSold 1,743,147us-gaap_CostOfGoodsSold 5,250,679us-gaap_CostOfGoodsSold 5,032,504us-gaap_CostOfGoodsSold
    Gross profit 1,128,974us-gaap_GrossProfit 1,121,690us-gaap_GrossProfit 3,293,904us-gaap_GrossProfit 3,268,145us-gaap_GrossProfit
    Selling, general and administrative expenses 776,291us-gaap_SellingGeneralAndAdministrativeExpense 747,043us-gaap_SellingGeneralAndAdministrativeExpense 2,271,779us-gaap_SellingGeneralAndAdministrativeExpense 2,180,631us-gaap_SellingGeneralAndAdministrativeExpense
    Operating profit 352,683us-gaap_OperatingIncomeLoss 374,647us-gaap_OperatingIncomeLoss 1,022,125us-gaap_OperatingIncomeLoss 1,087,514us-gaap_OperatingIncomeLoss
    Interest (expense) income, net (19,569)us-gaap_InterestIncomeExpenseNonoperatingNet 1,314us-gaap_InterestIncomeExpenseNonoperatingNet (31,191)us-gaap_InterestIncomeExpenseNonoperatingNet (586)us-gaap_InterestIncomeExpenseNonoperatingNet
    Earnings before provision for income taxes 333,114us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments 375,961us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments 990,934us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments 1,086,928us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
    Provision for income taxes 107,706us-gaap_IncomeTaxExpenseBenefit 138,764us-gaap_IncomeTaxExpenseBenefit 354,521us-gaap_IncomeTaxExpenseBenefit 397,937us-gaap_IncomeTaxExpenseBenefit
    Net earnings $ 225,408us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ 237,197us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ 636,413us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ 688,991us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
    Net earnings per share - Basic (in Dollars per share) $ 1.24us-gaap_EarningsPerShareBasic $ 1.13us-gaap_EarningsPerShareBasic $ 3.34us-gaap_EarningsPerShareBasic $ 3.24us-gaap_EarningsPerShareBasic
    Net earnings per share - Diluted (in Dollars per share) $ 1.23us-gaap_EarningsPerShareDiluted $ 1.12us-gaap_EarningsPerShareDiluted $ 3.31us-gaap_EarningsPerShareDiluted $ 3.20us-gaap_EarningsPerShareDiluted
    Weighted average shares outstanding - Basic (in Shares) 181,629us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 209,704us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 190,292us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 212,430us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
    Weighted average shares outstanding - Diluted (in Shares) 183,794us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 212,315us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 192,463us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 215,116us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
    XML 35 R12.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 6 - Long Term Debt
    9 Months Ended
    Nov. 29, 2014
    Disclosure Text Block [Abstract]  
    Long-term Debt [Text Block]

    6) Long Term Debt


    Senior Unsecured Notes


    On July 17, 2014, the Company issued $300 million aggregate principal amount of 3.749% senior unsecured notes due August 1, 2024 (the “2024 Notes”), $300 million aggregate principal amount of 4.915% senior unsecured notes due August 1, 2034 (the “2034 Notes”) and $900 million aggregate principal amount of 5.165% senior unsecured notes due August 1, 2044 (the “2044 Notes” and, together with the 2024 Notes and the 2034 Notes, the “Notes”). The aggregate net proceeds from the Notes were approximately $1.5 billion, which was used for share repurchases of the Company’s common stock and for general corporate purposes. Interest on the Notes is payable semi-annually on February 1 and August 1 of each year, beginning on February 1, 2015.


    The Notes were issued under an indenture (the “Base Indenture”), as supplemented by a first supplemental indenture (together, with the Base Indenture, the “Indenture”), which contains various restrictive covenants, which are subject to important limitations and exceptions that are described in the Indenture.


    The Notes are unsecured, senior obligations and rank equal in right of payment to any of the Company’s existing and future senior unsecured indebtedness. The Company may redeem the Notes at any time, in whole or in part, at the redemption prices described in the Indenture plus accrued and unpaid interest to the redemption date. If a change in control triggering event, as defined by the Indenture governing the Notes, occurs unless the Company has exercised its right to redeem the Notes, the Company will be required to make an offer to the holders of the Notes to purchase the Notes at 101% of their principal amount, plus accrued and unpaid interest.


    Revolving Credit Agreement


    On August 6, 2014, the Company entered into a $250 million five year senior unsecured revolving credit facility agreement (“Revolver”) with various lenders. During the period from August 6, 2014 through November 29, 2014, the Company did not have any borrowings under the Revolver.


    Borrowings under the Revolver accrue interest at either (1) a fluctuating rate equal to the greater of the prime rate, as defined in the Revolver, the Federal Funds Rate plus 0.50%, or one-month LIBOR plus 1.0% and, in each case, plus an applicable margin based upon the Company’s leverage ratio which is calculated quarterly, (2) a periodic fixed rate equal to LIBOR plus an applicable margin based upon the Company’s leverage ratio which is calculated quarterly or (3) an agreed upon fixed rate. In addition, a commitment fee is assessed, which is included in interest (expense) income, net in the Consolidated Statement of Earnings. The Revolver contains customary affirmative and negative covenants and also requires the Company to maintain a minimum leverage ratio. The Company was in compliance with all covenants related to the Revolver as of November 29, 2014.


    Deferred financing costs associated with the Notes and the Revolver of approximately $10.1 million were capitalized and are included in other assets in the accompanying Consolidated Balance Sheet. These deferred financing costs are being amortized over the term of each of the Notes and the term of the Revolver and such amortization is included in interest (expense) income, net in the Consolidated Statement of Earnings. Interest expense related to the Notes and the Revolver, including the commitment fee and the amortization of the deferred financing costs, was approximately $18.1 million for the three months ended November 29, 2014 and $26.8 million for the period from July 17, 2014 through November 29, 2014.


    Lines of Credit


    At November 29, 2014, the Company maintained two uncommitted lines of credit of $100 million each, with expiration dates of February 28, 2015 and September 1, 2015, 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 the first nine months of fiscal 2014, the Company did not have any direct borrowings under the uncommitted lines of credit. Although no assurances can be provided, the Company intends to renew both uncommitted lines of credit before the respective expiration dates.


    XML 36 R11.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 5 - Property and Equipment
    9 Months Ended
    Nov. 29, 2014
    Property, Plant and Equipment [Abstract]  
    Property, Plant and Equipment Disclosure [Text Block]

    5) Property and Equipment


    As of November 29, 2014 and March 1, 2014, included in property and equipment, net is accumulated depreciation of approximately $2.2 billion and $2.0 billion, respectively.


    XML 37 R23.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 4 - Investment Securities (Details) (USD $)
    In Millions, unless otherwise specified
    Nov. 29, 2014
    Mar. 01, 2014
    Note 4 - Investment Securities (Details) [Line Items]    
    Held-to-maturity Securities, Current $ 135.0us-gaap_HeldToMaturitySecuritiesCurrent $ 489.3us-gaap_HeldToMaturitySecuritiesCurrent
    Deferred Compensation Plan Assets 47.0us-gaap_DeferredCompensationPlanAssets 39.7us-gaap_DeferredCompensationPlanAssets
    Auction Rate Securities [Member]    
    Note 4 - Investment Securities (Details) [Line Items]    
    Available-for-Sale Securities, Equity Securities At Par Value 51.0bbby_AvailableForSaleSecuritiesEquitySecuritiesAtParValue
    / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
    = us-gaap_AuctionRateSecuritiesMember
    51.0bbby_AvailableForSaleSecuritiesEquitySecuritiesAtParValue
    / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
    = us-gaap_AuctionRateSecuritiesMember
    Available-for-Sale Securities, Temporary Impairment Adjustment, Accumulated Other Comprehensive Income (Loss) 3.2bbby_AvailableForSaleSecuritiesTemporaryImpairmentAdjustmentAccumulatedOtherComprehensiveIncomeLoss
    / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
    = us-gaap_AuctionRateSecuritiesMember
    3.3bbby_AvailableForSaleSecuritiesTemporaryImpairmentAdjustmentAccumulatedOtherComprehensiveIncomeLoss
    / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
    = us-gaap_AuctionRateSecuritiesMember
    US Treasury Securities [Member]    
    Note 4 - Investment Securities (Details) [Line Items]    
    Held-to-maturity Securities, Current 135.0us-gaap_HeldToMaturitySecuritiesCurrent
    / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
    = us-gaap_USTreasurySecuritiesMember
    489.3us-gaap_HeldToMaturitySecuritiesCurrent
    / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
    = us-gaap_USTreasurySecuritiesMember
    Other Trading Investment Securities [Member]    
    Note 4 - Investment Securities (Details) [Line Items]    
    Deferred Compensation Plan Assets $ 47.0us-gaap_DeferredCompensationPlanAssets
    / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
    = bbby_OtherTradingInvestmentSecuritiesMember
    $ 39.7us-gaap_DeferredCompensationPlanAssets
    / us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis
    = bbby_OtherTradingInvestmentSecuritiesMember
    XML 38 R19.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 8 - Stock-Based Compensation (Tables)
    9 Months Ended
    Nov. 29, 2014
    Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
    Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
        Nine Months Ended
    Black-Scholes Valuation Assumptions  (1)   November 29,
    2014
      November 30,
    2013
             
    Weighted Average Expected Life (in years)  (2)     6.6       6.6  
    Weighted Average Expected Volatility  (3)     28.31 %     29.27 %
    Weighted Average Risk Free Interest Rates  (4)     2.11 %     1.11 %
    Expected Dividend Yield     -       -  
    Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
    (Shares in thousands)   Number of Stock Options   Weighted Average Exercise Price
    Options outstanding, beginning of period     4,192     $ 46.85  
    Granted     523       62.34  
    Exercised     (644 )     38.48  
    Forfeited or expired     -       -  
    Options outstanding, end of period     4,071     $ 50.16  
    Options exercisable, end of period     2,378     $ 42.54  
    Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]
    (Shares in thousands)   Number of Restricted Shares   Weighted Average Grant-Date Fair Value
    Unvested restricted stock, beginning of period     3,943     $ 53.66  
    Granted     823       62.33  
    Vested     (1,010 )     45.00  
    Forfeited     (131 )     59.91  
    Unvested restricted stock, end of period     3,625     $ 57.82  
    XML 39 R15.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 9 - Earnings Per Share
    9 Months Ended
    Nov. 29, 2014
    Earnings Per Share [Abstract]  
    Earnings Per Share [Text Block]

    9) Earnings Per Share


    The Company presents earnings per share on a basic and diluted basis. Basic earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding. Diluted earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding, including the dilutive effect of stock-based awards as calculated under the treasury stock method.


    Stock-based awards for the three and nine months ended November 29, 2014 of approximately 1.6 million and 1.9 million, respectively, and for the three and nine months ended November 30, 2013 of approximately 1.0 million and 1.2 million, respectively, were excluded from the computation of diluted earnings per share as the effect would be anti-dilutive.


    XML 40 R13.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 7 - Shareholders' Equity
    9 Months Ended
    Nov. 29, 2014
    Stockholders' Equity Note [Abstract]  
    Stockholders' Equity Note Disclosure [Text Block]

    7) Shareholders’ Equity


    Between December 2004 and July 2014, the Company’s Board of Directors authorized, through several share repurchase programs, the repurchase of $9.450 billion of its shares of common stock. On July 17, 2014, the Company entered into an accelerated share repurchase agreement (“ASR”) with an investment bank to repurchase an aggregate $1.1 billion of the Company’s common stock. As part of the ASR, the Company received an initial delivery of approximately 15.4 million shares of the Company’s common stock with a fair market value of approximately $935 million, which is included in treasury stock in the accompanying Consolidated Balance Sheet as of November 29, 2014. The initial delivery of 15.4 million shares reduced the outstanding shares used to determine the Company’s weighted average shares outstanding for purposes of calculating basic and diluted earnings per share. The remaining $165 million of the aggregate repurchase amount was accounted for as a reduction in additional paid-in capital in the accompanying Consolidated Balance Sheet as of November 29, 2014. In December 2014, subsequent to the end of the fiscal third quarter, the ASR was completed and the final number of shares repurchased under the ASR was based on the Company’s volume weighted average price per its common share over the ASR period less a discount.


    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 also purchases shares of its common stock to cover employee related taxes withheld on vested restricted stock awards. In the first nine months of fiscal 2014, including the initial delivery of approximately 15.4 million shares under the ASR, the Company repurchased approximately 21.1 million shares of its common stock for a total cost of approximately $1.3 billion, bringing the aggregate total of common stock repurchased to approximately 150.7 million shares for a total cost of approximately $7.6 billion since the initial authorization in December 2004. The Company has approximately $1.8 billion remaining of authorized share repurchases as of November 29, 2014.


    XML 41 R14.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 8 - Stock-Based Compensation
    9 Months Ended
    Nov. 29, 2014
    Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
    Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

    8) Stock-Based Compensation


    The Company measures all employee stock-based compensation awards using a fair value method and records such expense, net of estimated forfeitures, in its consolidated financial statements. Currently, the Company’s stock-based compensation relates to restricted stock awards, stock options and performance share units. The Company’s restricted stock awards are considered nonvested share awards.


    Stock-based compensation expense for the three and nine months ended November 29, 2014 was approximately $15.5 million ($10.5 million after tax or $0.06 per diluted share) and approximately $49.3 million ($31.7 million after tax or $0.16 per diluted share), respectively. Stock-based compensation expense for the three and nine months ended November 30, 2013 was approximately $13.6 million ($8.6 million after tax or $0.04 per diluted share) and approximately $42.1 million ($26.7 million after tax or $0.12 per diluted share), respectively. In addition, the amount of stock-based compensation cost capitalized for the nine months ended November 29, 2014 and November 30, 2013 was approximately $1.3 million and $1.2 million, respectively.


    Incentive Compensation Plans


    The Company currently grants awards under the Bed Bath & Beyond 2012 Incentive Compensation Plan (the “2012 Plan”), which amended and restated the Bed Bath & Beyond 2004 Incentive Compensation Plan (the “2004 Plan”). The 2012 Plan includes an aggregate of 43.2 million common shares authorized for issuance and the ability to grant incentive stock options. Outstanding awards that were covered by the 2004 Plan continue to be in effect under the 2012 Plan.


    The 2012 Plan is a flexible compensation plan that enables the Company to offer incentive compensation through stock options (whether nonqualified stock options or incentive stock options), restricted stock awards, stock appreciation rights, performance awards and other stock based awards, including cash awards. Under the 2012 Plan, grants are determined by the Compensation Committee for those awards granted to executive officers and by an appropriate committee for all other awards granted. Awards of stock options and restricted stock generally vest in five equal annual installments beginning one to three years from the date of grant. Awards of performance share units generally vest over a period of four years from the date of grant dependent on the Company’s achievement of performance-based tests and subject, in general, to the executive remaining in the Company’s service on specified vesting dates.


    The Company generally issues new shares for stock option exercises, restricted stock awards and vesting of performance share units. As of November 29, 2014, unrecognized compensation expense related to the unvested portion of the Company’s stock options, restricted stock awards and performance share units was $27.7 million, $138.6 million and $17.4 million, respectively, which is expected to be recognized over a weighted average period of 2.9 years, 3.7 years and 2.7 years, respectively.


    Stock Options


    Stock option grants are issued at fair market value on the date of grant and generally become exercisable in either three or five equal annual installments beginning one year from the date of grant for options issued since May 10, 2010, and beginning one to three years from the date of grant for options issued prior to May 10, 2010, in each case, subject, in general to the recipient remaining in the Company’s service on specified vesting dates. Option grants expire eight years after the date of grant for stock options issued since May 10, 2004, and expire ten years after the date of grant for stock options issued prior to May 10, 2004. All option grants are nonqualified.


    The fair value of the stock options granted is estimated on the date of the grant using a Black-Scholes option-pricing model that uses the assumptions noted in the following table.


        Nine Months Ended
    Black-Scholes Valuation Assumptions  (1)   November 29,
    2014
      November 30,
    2013
             
    Weighted Average Expected Life (in years)  (2)     6.6       6.6  
    Weighted Average Expected Volatility  (3)     28.31 %     29.27 %
    Weighted Average Risk Free Interest Rates  (4)     2.11 %     1.11 %
    Expected Dividend Yield     -       -  

    (1) Forfeitures are estimated based on historical experience.


    (2) The expected life of stock options is estimated based on historical experience.


    (3) Expected volatility is based on the average of historical and implied volatility. The historical volatility is determined by observing actual prices of the Company’s stock over a period commensurate with the expected life of the awards. The implied volatility represents the implied volatility of the Company’s call options, which are actively traded on multiple exchanges, had remaining maturities in excess of twelve months, had market prices close to the exercise prices of the employee stock options and were measured on the stock option grant date. 


    (4) Based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected life of the stock options.


    Changes in the Company’s stock options for the nine months ended November 29, 2014 were as follows:


    (Shares in thousands)   Number of Stock Options   Weighted Average Exercise Price
    Options outstanding, beginning of period     4,192     $ 46.85  
    Granted     523       62.34  
    Exercised     (644 )     38.48  
    Forfeited or expired     -       -  
    Options outstanding, end of period     4,071     $ 50.16  
    Options exercisable, end of period     2,378     $ 42.54  

    The weighted average fair value for the stock options granted during the first nine months of fiscal 2014 and 2013 was $20.96 and $22.28, respectively. The weighted average remaining contractual term and the aggregate intrinsic value for options outstanding as of November 29, 2014 was 4.1 years and $94.7 million, respectively. The weighted average remaining contractual term and the aggregate intrinsic value for options exercisable as of November 29, 2014 was 2.9 years and $73.3 million, respectively. The total intrinsic value for stock options exercised during the first nine months of fiscal 2014 and 2013 was $19.4 million and $44.4 million, respectively.


    Net cash proceeds from the exercise of stock options for the first nine months of fiscal 2014 were $24.8 million and the net associated income tax benefit was $10.5 million.


    Restricted Stock


    Restricted stock awards are issued and measured at fair market value on the date of grant and generally become vested in five equal annual installments beginning one to three years from the date of grant, subject, in general, to the recipient remaining in the Company’s service on specified vesting dates. Vesting of restricted stock awarded to certain of the Company’s executives is dependent on the Company’s achievement of a performance-based test for the fiscal year of grant and, assuming achievement of the performance-based test, time vesting, subject, in general, to the executive remaining in the Company’s service on specified vesting dates. The Company recognizes compensation expense related to these awards based on the assumption that the performance-based test will be achieved. Vesting of restricted stock awarded to the Company’s other employees is based solely on time vesting.


    Changes in the Company’s restricted stock for the nine months ended November 29, 2014 were as follows:


    (Shares in thousands)   Number of Restricted Shares   Weighted Average Grant-Date Fair Value
    Unvested restricted stock, beginning of period     3,943     $ 53.66  
    Granted     823       62.33  
    Vested     (1,010 )     45.00  
    Forfeited     (131 )     59.91  
    Unvested restricted stock, end of period     3,625     $ 57.82  

    Performance Share Units


    Performance share units (“PSUs”) are issued and measured at fair market value on the date of grant. Vesting of PSUs awarded to certain of the Company’s executives is dependent on the Company’s achievement of a performance-based test during a one-year period from the date of grant and during a three-year period from the date of grant and, assuming achievement of the performance-based test, time vesting, subject, in general, to the executive remaining in the Company’s service on specified vesting dates. Performance during the one-year period will be based on Earnings Before Income Tax (“EBIT”) margin relative to a peer group of the Company comprising 50 companies selected within the first 90 days of the performance period. Upon achievement of the one-year performance-based test, the corresponding PSUs will vest annually in substantially equal installments over a three year period starting one year from the date of grant. Performance during the three-year period will be based on Return on Invested Capital (“ROIC”) relative to such peer group. Upon achievement of the three-year performance-based test, the corresponding PSUs will vest on the fourth anniversary date of grant. The awards based on EBIT margin and ROIC are capped at 150% of target achievement, with a floor of zero. PSUs are converted into shares of common stock upon payment following vesting. Upon grant of the PSUs, the Company recognizes compensation expense related to these awards based on the assumption that 100% of the target award will be achieved. The Company evaluates the target assumption on a quarterly basis and adjusts compensation expense related to these awards, as appropriate. Prior to the first quarter of fiscal 2014, the Company had not granted any PSUs. For the nine months ended November 29, 2014, the Company granted 390,803 PSUs with a weighted average grant date fair value of $62.34.


    XML 42 R16.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 10 - Supplemental Cash Flow Information
    9 Months Ended
    Nov. 29, 2014
    Supplemental Cash Flow Elements [Abstract]  
    Cash Flow, Supplemental Disclosures [Text Block]

    10) Supplemental Cash Flow Information


    The Company paid income taxes of $432.2 million and $435.9 million in the first nine months of fiscal 2014 and 2013, respectively. In addition, the Company had interest payments of approximately $6.8 million and $6.9 million in the first nine months of fiscal 2014 and 2013, respectively.


    The Company recorded an accrual for capital expenditures of $18.5 million and $24.1 million as of November 29, 2014 and November 30, 2013, respectively.


    XML 43 R21.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 2 - Fair Value Measurements (Details) (USD $)
    Nov. 29, 2014
    Fair Value Disclosures [Abstract]  
    Long-term Debt, Fair Value $ 1,525,000,000us-gaap_LongTermDebtFairValue
    Long-term Debt, Excluding Current Maturities $ 1,500,000,000us-gaap_LongTermDebtNoncurrent
    XML 44 R26.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 6 - Long Term Debt (Details) (USD $)
    9 Months Ended 0 Months Ended 3 Months Ended 4 Months Ended
    Nov. 29, 2014
    Aug. 06, 2014
    Jul. 17, 2014
    Nov. 29, 2014
    Nov. 29, 2014
    Note 6 - Long Term Debt (Details) [Line Items]          
    Proceeds from Issuance of Long-term Debt $ 1,500,000,000us-gaap_ProceedsFromIssuanceOfLongTermDebt        
    Line of Credit Facility, Number Maintained 2bbby_LineOfCreditFacilityNumberMaintained     2bbby_LineOfCreditFacilityNumberMaintained 2bbby_LineOfCreditFacilityNumberMaintained
    Other Assets [Member] | Senior Unsecured Notes and Revolver [Member]          
    Note 6 - Long Term Debt (Details) [Line Items]          
    Deferred Finance Costs, Gross   10,100,000us-gaap_DeferredFinanceCostsGross
    / us-gaap_BalanceSheetLocationAxis
    = us-gaap_OtherAssetsMember
    / us-gaap_DebtInstrumentAxis
    = bbby_SeniorUnsecuredNotesAndRevolverMember
         
    Federal Funds Rate [Member] | Revolver [Member] | Revolving Credit Facility [Member]          
    Note 6 - Long Term Debt (Details) [Line Items]          
    Debt Instrument, Basis Spread on Variable Rate   0.50%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
    / us-gaap_CreditFacilityAxis
    = us-gaap_RevolvingCreditFacilityMember
    / us-gaap_DebtInstrumentAxis
    = bbby_RevolverMember
    / us-gaap_VariableRateAxis
    = bbby_FederalFundsRateMember
         
    London Interbank Offered Rate (LIBOR) [Member] | Revolver [Member] | Revolving Credit Facility [Member]          
    Note 6 - Long Term Debt (Details) [Line Items]          
    Debt Instrument, Basis Spread on Variable Rate   1.00%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
    / us-gaap_CreditFacilityAxis
    = us-gaap_RevolvingCreditFacilityMember
    / us-gaap_DebtInstrumentAxis
    = bbby_RevolverMember
    / us-gaap_VariableRateAxis
    = us-gaap_LondonInterbankOfferedRateLIBORMember
         
    Senior Unsecured Notes [Member] | The 2024 Notes [Member]          
    Note 6 - Long Term Debt (Details) [Line Items]          
    Debt Instrument, Face Amount     300,000,000us-gaap_DebtInstrumentFaceAmount
    / us-gaap_DebtInstrumentAxis
    = bbby_The2024NotesMember
    / us-gaap_LongtermDebtTypeAxis
    = bbby_SeniorUnsecuredNotesMember
       
    Debt Instrument, Interest Rate, Stated Percentage     3.749%us-gaap_DebtInstrumentInterestRateStatedPercentage
    / us-gaap_DebtInstrumentAxis
    = bbby_The2024NotesMember
    / us-gaap_LongtermDebtTypeAxis
    = bbby_SeniorUnsecuredNotesMember
       
    Debt Instrument, Maturity Date     Aug. 01, 2024    
    Senior Unsecured Notes [Member] | The 2034 Notes [Member]          
    Note 6 - Long Term Debt (Details) [Line Items]          
    Debt Instrument, Face Amount     300,000,000us-gaap_DebtInstrumentFaceAmount
    / us-gaap_DebtInstrumentAxis
    = bbby_The2034NotesMember
    / us-gaap_LongtermDebtTypeAxis
    = bbby_SeniorUnsecuredNotesMember
       
    Debt Instrument, Interest Rate, Stated Percentage     4.915%us-gaap_DebtInstrumentInterestRateStatedPercentage
    / us-gaap_DebtInstrumentAxis
    = bbby_The2034NotesMember
    / us-gaap_LongtermDebtTypeAxis
    = bbby_SeniorUnsecuredNotesMember
       
    Debt Instrument, Maturity Date     Aug. 01, 2034    
    Senior Unsecured Notes [Member] | The 2044 Notes [Member]          
    Note 6 - Long Term Debt (Details) [Line Items]          
    Debt Instrument, Face Amount     900,000,000us-gaap_DebtInstrumentFaceAmount
    / us-gaap_DebtInstrumentAxis
    = bbby_The2044NotesMember
    / us-gaap_LongtermDebtTypeAxis
    = bbby_SeniorUnsecuredNotesMember
       
    Debt Instrument, Interest Rate, Stated Percentage     5.165%us-gaap_DebtInstrumentInterestRateStatedPercentage
    / us-gaap_DebtInstrumentAxis
    = bbby_The2044NotesMember
    / us-gaap_LongtermDebtTypeAxis
    = bbby_SeniorUnsecuredNotesMember
       
    Debt Instrument, Maturity Date     Aug. 01, 2044    
    Senior Unsecured Notes [Member]          
    Note 6 - Long Term Debt (Details) [Line Items]          
    Proceeds from Issuance of Long-term Debt     1,500,000,000us-gaap_ProceedsFromIssuanceOfLongTermDebt
    / us-gaap_LongtermDebtTypeAxis
    = bbby_SeniorUnsecuredNotesMember
       
    Debt Instrument, Change in Control, Offer to Purchase, Principal Amount, Percentage     101.00%bbby_DebtInstrumentChangeInControlOfferToPurchasePrincipalAmountPercentage
    / us-gaap_LongtermDebtTypeAxis
    = bbby_SeniorUnsecuredNotesMember
       
    Revolver [Member] | Revolving Credit Facility [Member]          
    Note 6 - Long Term Debt (Details) [Line Items]          
    Line of Credit Facility, Maximum Borrowing Capacity   250,000,000us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity
    / us-gaap_CreditFacilityAxis
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    / us-gaap_DebtInstrumentAxis
    = bbby_RevolverMember
         
    Debt Instrument, Term   5 years      
    Senior Unsecured Notes and Revolver [Member]          
    Note 6 - Long Term Debt (Details) [Line Items]          
    Interest Expense       18,100,000us-gaap_InterestExpense
    / us-gaap_DebtInstrumentAxis
    = bbby_SeniorUnsecuredNotesAndRevolverMember
    26,800,000us-gaap_InterestExpense
    / us-gaap_DebtInstrumentAxis
    = bbby_SeniorUnsecuredNotesAndRevolverMember
    Uncommitted Line of Credit Expiration Date of February 28, 2015 [Member]          
    Note 6 - Long Term Debt (Details) [Line Items]          
    Line of Credit Facility, Maximum Borrowing Capacity 100,000,000us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity
    / us-gaap_CreditFacilityAxis
    = bbby_UncommittedLineOfCreditExpirationDateOfFebruary282015Member
        100,000,000us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity
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    100,000,000us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity
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    Uncommitted Line of Credit Expiration Date of September 1, 2015 [Member]          
    Note 6 - Long Term Debt (Details) [Line Items]          
    Line of Credit Facility, Maximum Borrowing Capacity $ 100,000,000us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity
    / us-gaap_CreditFacilityAxis
    = bbby_UncommittedLineOfCreditExpirationDateOfSeptember12015Member
        $ 100,000,000us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity
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    $ 100,000,000us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity
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    Consolidated Statements of Comprehensive Income (Unaudited) (USD $)
    In Thousands, unless otherwise specified
    3 Months Ended 9 Months Ended
    Nov. 29, 2014
    Nov. 30, 2013
    Nov. 29, 2014
    Nov. 30, 2013
    Net earnings $ 225,408us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ 237,197us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ 636,413us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ 688,991us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
    Other comprehensive income (loss):        
    Change in temporary impairment of auction rate securities, net of taxes 205us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax 280us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax 74us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax (608)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
    Pension adjustment, net of taxes 252us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent 1,208us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent 700us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent 1,571us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent
    Currency translation adjustment (8,990)us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent (1,197)us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent (6,078)us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent (5,270)us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
    Other comprehensive income (loss) (8,533)us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent 291us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent (5,304)us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent (4,307)us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
    Comprehensive income $ 216,875us-gaap_ComprehensiveIncomeNetOfTax $ 237,488us-gaap_ComprehensiveIncomeNetOfTax $ 631,109us-gaap_ComprehensiveIncomeNetOfTax $ 684,684us-gaap_ComprehensiveIncomeNetOfTax
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    Note 4 - Investment Securities
    9 Months Ended
    Nov. 29, 2014
    Investments, Debt and Equity Securities [Abstract]  
    Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

    4) Investment Securities


    The Company’s investment securities as of November 29, 2014 and March 1, 2014 are as follows:


    (in millions)   November 29,
    2014
      March 1,
    2014
    Available-for-sale securities:                
       Long term   $ 47.8     $ 47.7  
                     
    Trading securities:                
       Long term     47.0       39.7  
                     
    Held-to-maturity securities:                
       Short term     135.0       489.3  
    Total investment securities   $ 229.8     $ 576.7  

    Auction Rate Securities


    As of November 29, 2014 and March 1, 2014, the Company’s available-for-sale investment securities represented approximately $51.0 million par value of auction rate securities, consisting of preferred shares of closed end municipal bond funds, less temporary valuation adjustments of approximately $3.2 million and $3.3 million, respectively. Since these valuation adjustments are deemed to be temporary, they are recorded in accumulated other comprehensive loss, net of a related tax benefit, and did not affect the Company’s net earnings.


    U.S. Treasury Securities


    As of November 29, 2014 and March 1, 2014, the Company’s short term held-to-maturity securities included approximately $135.0 million and approximately $489.3 million, respectively, of U.S. Treasury Bills with remaining maturities of less than one year. These securities are stated at their amortized cost which approximates fair value, which is based on quoted prices in active markets for identical instruments (i.e., Level 1 valuation).


    Long Term Trading Investment Securities


    The Company’s long term trading investment securities, which are provided as investment options to the participants of the nonqualified deferred compensation plan, are stated at fair market value. The values of these trading investment securities included in the table above are approximately $47.0 million and $39.7 million as of November 29, 2014 and March 1, 2014, respectively.


    XML 47 R27.htm IDEA: XBRL DOCUMENT v2.4.1.9
    Note 7 - Shareholders' Equity (Details) (USD $)
    Share data in Millions, unless otherwise specified
    9 Months Ended 116 Months Ended 120 Months Ended 0 Months Ended 4 Months Ended
    Nov. 29, 2014
    Nov. 30, 2013
    Jul. 31, 2014
    Nov. 29, 2014
    Jul. 17, 2014
    Nov. 29, 2014
    Note 7 - Shareholders' Equity (Details) [Line Items]            
    Stock Repurchase Program, Authorized Amount     $ 9,450,000,000us-gaap_StockRepurchaseProgramAuthorizedAmount      
    Payments for Repurchase of Common Stock 1,303,951,000us-gaap_PaymentsForRepurchaseOfCommonStock 752,239,000us-gaap_PaymentsForRepurchaseOfCommonStock   7,600,000,000us-gaap_PaymentsForRepurchaseOfCommonStock    
    Treasury Stock, Shares, Acquired (in Shares) 21.1us-gaap_TreasuryStockSharesAcquired     150.7us-gaap_TreasuryStockSharesAcquired    
    Stock Repurchase Program, Remaining Authorized Repurchase Amount 1,800,000,000us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount          
    ASR [Member]            
    Note 7 - Shareholders' Equity (Details) [Line Items]            
    Payments for Repurchase of Common Stock         1,100,000,000us-gaap_PaymentsForRepurchaseOfCommonStock
    / us-gaap_ShareRepurchaseProgramAxis
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    Treasury Stock, Shares, Acquired (in Shares)           15.4us-gaap_TreasuryStockSharesAcquired
    / us-gaap_ShareRepurchaseProgramAxis
    = bbby_ASRMember
    Treasury Stock, Value, Acquired, Cost Method           935,000,000us-gaap_TreasuryStockValueAcquiredCostMethod
    / us-gaap_ShareRepurchaseProgramAxis
    = bbby_ASRMember
    Additional Paid In Capital Stock Repurchase $ 165,000,000bbby_AdditionalPaidInCapitalStockRepurchase
    / us-gaap_ShareRepurchaseProgramAxis
    = bbby_ASRMember
        $ 165,000,000bbby_AdditionalPaidInCapitalStockRepurchase
    / us-gaap_ShareRepurchaseProgramAxis
    = bbby_ASRMember
      $ 165,000,000bbby_AdditionalPaidInCapitalStockRepurchase
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    Note 1 - Basis of Presentation (Details)
    9 Months Ended
    Nov. 29, 2014
    Disclosure Text Block [Abstract]  
    Number of Operating Segments 2us-gaap_NumberOfOperatingSegments