Document And Entity Information
Document And Entity Information | 9 Months Ended |
Nov. 26, 2016shares | |
Document Information [Line Items] | |
Entity Registrant Name | BED BATH & BEYOND INC |
Entity Central Index Key | 886,158 |
Trading Symbol | bbby |
Current Fiscal Year End Date | --02-25 |
Entity Filer Category | Large Accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | Yes |
Entity Common Stock, Shares Outstanding (in shares) | 150,315,207 |
Document Type | 10-Q |
Document Period End Date | Nov. 26, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Nov. 26, 2016 | Feb. 27, 2016 |
Assets | ||
Cash and cash equivalents | $ 473,006 | $ 515,573 |
Short term investment securities | 0 | 86,197 |
Merchandise inventories | 3,268,569 | 2,848,119 |
Other current assets | 528,547 | 376,073 |
Total current assets | 4,270,122 | 3,825,962 |
Long term investment securities | 86,404 | 71,289 |
Property and equipment, net | 1,769,061 | 1,725,043 |
Goodwill | 709,400 | 487,169 |
Other assets | 397,814 | 380,614 |
Total assets | 7,232,801 | 6,490,077 |
Liabilities and Shareholders' Equity | ||
Accounts payable | 1,621,432 | 1,100,958 |
Accrued expenses and other current liabilities | 581,640 | 409,445 |
Merchandise credit and gift card liabilities | 304,319 | 297,930 |
Current income taxes payable | 58,892 | |
Total current liabilities | 2,507,391 | 1,867,225 |
Deferred rent and other liabilities | 542,624 | 499,368 |
Income taxes payable | 76,316 | 72,807 |
Long term debt | 1,491,487 | 1,491,137 |
Total liabilities | 4,617,818 | 3,930,537 |
Preferred stock - $0.01 par value; authorized - 1,000 shares; no shares issued or outstanding | 0 | 0 |
Common stock - $0.01 par value; authorized - 900,000 shares; issued 339,524 and 337,613 shares, respectively; outstanding 150,315 and 156,690 shares, respectively | 3,395 | 3,377 |
Additional paid-in capital | 1,956,594 | 1,884,813 |
Retained earnings | 10,753,801 | 10,394,865 |
Treasury stock, at cost; 189,209 and 180,923 shares, respectively | (10,044,058) | (9,668,517) |
Accumulated other comprehensive loss | (54,749) | (54,998) |
Total shareholders' equity | 2,614,983 | 2,559,540 |
Total liabilities and shareholders' equity | $ 7,232,801 | $ 6,490,077 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Nov. 26, 2016 | Feb. 27, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000 | 1,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 900,000 | 900,000 |
Common stock, shares issued (in shares) | 339,524 | 337,613 |
Common stock, shares outstanding (in shares) | 150,315 | 156,690 |
Treasury stock, shares (in shares) | 189,209 | 180,923 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 26, 2016 | Nov. 28, 2015 | Nov. 26, 2016 | Nov. 28, 2015 | |
Net sales | $ 2,955,484 | $ 2,952,031 | $ 8,681,803 | $ 8,685,995 |
Cost of sales | 1,862,710 | 1,836,720 | 5,448,544 | 5,385,601 |
Gross profit | 1,092,774 | 1,115,311 | 3,233,259 | 3,300,394 |
Selling, general and administrative expenses | 881,491 | 822,453 | 2,527,977 | 2,384,073 |
Operating profit | 211,283 | 292,858 | 705,282 | 916,321 |
Interest expense, net | 18,254 | 18,052 | 52,768 | 63,006 |
Earnings before provision for income taxes | 193,029 | 274,806 | 652,514 | 853,315 |
Provision for income taxes | 66,605 | 96,990 | 236,136 | 315,370 |
Net earnings | $ 126,424 | $ 177,816 | $ 416,378 | $ 537,945 |
Net earnings per share - Basic (in dollars per share) | $ 0.86 | $ 1.10 | $ 2.78 | $ 3.26 |
Net earnings per share - Diluted (in dollars per share) | $ 0.85 | $ 1.09 | $ 2.76 | $ 3.22 |
Weighted average shares outstanding - Basic (in shares) | 147,643 | 162,005 | 149,842 | 165,267 |
Weighted average shares outstanding - Diluted (in shares) | 148,583 | 163,582 | 150,950 | 167,116 |
Dividends declared per share (in dollars per share) | $ 0.125 | $ 0.375 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 26, 2016 | Nov. 28, 2015 | Nov. 26, 2016 | Nov. 28, 2015 | |
Net earnings | $ 126,424 | $ 177,816 | $ 416,378 | $ 537,945 |
Other comprehensive income (loss): | ||||
Change in temporary impairment of auction rate securities, net of taxes | (75) | (200) | 1,186 | |
Pension adjustment, net of taxes | 267 | (38) | 930 | (479) |
Currency translation adjustment | (8,041) | (2,464) | (481) | (11,958) |
Other comprehensive income (loss) | (7,849) | (2,502) | 249 | (11,251) |
Comprehensive income | $ 118,575 | $ 175,314 | $ 416,627 | $ 526,694 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 26, 2016 | Nov. 28, 2015 | |
Cash Flows from Operating Activities: | ||
Net earnings | $ 416,378 | $ 537,945 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 215,164 | 193,633 |
Stock-based compensation | 54,298 | 49,848 |
Excess tax benefit from stock-based compensation | (1,485) | (10,380) |
Deferred income taxes | 36,857 | 22,848 |
Other | (1,090) | 740 |
Increase in assets, net of effect of acquisitions: | ||
Merchandise inventories | (405,198) | (493,054) |
Trading investment securities | (15,345) | (6,300) |
Other current assets | (127,487) | (124,143) |
Other assets | (10,289) | (6,611) |
Increase (decrease) in liabilities, net of effect of acquisitions: | ||
Accounts payable | 536,577 | 288,304 |
Accrued expenses and other current liabilities | 90,595 | 64,986 |
Merchandise credit and gift card liabilities | 6,408 | 11,584 |
Income taxes payable | (73,055) | (60,933) |
Deferred rent and other liabilities | 20,367 | 21,465 |
Net cash provided by operating activities | 742,695 | 489,932 |
Cash Flows from Investing Activities: | ||
Purchase of held-to-maturity investment securities | 0 | (16,873) |
Redemption of held-to-maturity investment securities | 86,240 | 126,875 |
Redemption of available-for-sale investment securities | 28,905 | |
Capital expenditures | (276,436) | (244,255) |
Investment in unconsolidated joint venture | (3,318) | 0 |
Payment for acquisitions, net of cash acquired | (200,477) | |
Net cash used in investing activities | (393,991) | (105,348) |
Cash Flows from Financing Activities: | ||
Proceeds from Stock Options Exercised | 20,258 | 7,879 |
Payment of other liabilities | (7,646) | |
Excess tax benefit from stock-based compensation | 1,485 | 10,380 |
Payment of dividends | (37,358) | 0 |
Repurchase of common stock, including fees | (375,541) | (773,518) |
Net cash used in financing activities | (391,156) | (762,905) |
Effect of exchange rate changes on cash and cash equivalents | (115) | (6,516) |
Net decrease in cash and cash equivalents | (42,567) | (384,837) |
Cash and cash equivalents: | ||
Beginning of period | 515,573 | 875,574 |
End of period | $ 473,006 | $ 490,737 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Nov. 26, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1) 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 26, 2016 February 27, 2016 three nine November 26, 2016 November 28, 2015, nine November 26, 2016 November 28, 2015, The accompanying unaudited consolidated financial statements are presented in accordance with the requirements for Form 10 10 February 27, 2016 8 Certain reclassifications have been made to the fiscal 2015 2016 The Company accounts for its operations as two three nine November 26, 2016 November 28, 2015. 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. Sales of domestics merchandise and home furnishings accounted for approximately 36.4% 63.6% three November 26, 2016 36.5% 63.5% three November 28, 2015. 37.3% 62.7% nine November 26, 2016 37.5% 62.5% nine November 28, 2015. |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 9 Months Ended |
Nov. 26, 2016 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2) In April 2015, 2015 03, 835 30): may 2015 03 December 15, 2015, 2015 03 first 2016 |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 9 Months Ended |
Nov. 26, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3) 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 three • Level 1 • Level 2 • Level 3 As of November 26, 2016, 1 2 3 5). 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 $1.448 November 26, 2016, 1 $1.500 |
Note 4 - Cash and Cash Equivale
Note 4 - Cash and Cash Equivalents | 9 Months Ended |
Nov. 26, 2016 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 4) Included in cash and cash equivalents are credit and debit card receivables from banks, which typically settle within five $205.0 $89.4 November 26, 2016 February 27, 2016, |
Note 5 - Investment Securities
Note 5 - Investment Securities | 9 Months Ended |
Nov. 26, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5) The Company’s investment securities as of November 26, 2016 February 27, 2016 (in millions) November 26, February 27, Available-for-sale securities: Long term $ 19.5 $ 19.8 Trading securities: Long term 66.9 51.5 Held-to-maturity securities: Short term - 86.2 Total investment securities $ 86.4 $ 157.5 Auction Rate Securities As of November 26, 2016 February 27, 2016, $20.3 $0.8 $0.5 U.S. Treasury Securities As of November 26, 2016, no February 27, 2016, $86.2 one 1 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 $66.9 $51.5 November 26, 2016 February 27, 2016, |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 9 Months Ended |
Nov. 26, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6) As of November 26, 2016 February 27, 2016, $2.7 $2.5 |
Note 7 - Long Term Debt
Note 7 - Long Term Debt | 9 Months Ended |
Nov. 26, 2016 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 7) Senior Unsecured Notes On July 17, 2014, $300 3.749% August 1, 2024, $300 4.915% August 1, 2034 $900 5.165% August 1, 2044 February 1 August 1 The Notes were issued under an indenture (the “Base Indenture”), as supplemented by a first November 26, 2016. Revolving Credit Agreement On August 6, 2014, $250 five nine November 26, 2016, 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 26, 2016. Deferred financing costs associated with the Notes and the Revolver of approximately $10.1 $17.9 $18.1 three November 26, 2016 November 28, 2015, $54.7 $54.9 nine November 26, 2016 November 28, 2015, Lines of Credit At November 26, 2016, two $100 February 26, 2017 August 30, 2017, first nine 2016, |
Note 8 - Shareholders' Equity
Note 8 - Shareholders' Equity | 9 Months Ended |
Nov. 26, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8) The Company has authorization to make repurchases from time to time in the open market or through other parameters approved by the Board of Directors pursuant to existing rules and regulations. Between December 2004 September 2015, $11.950 first nine 2016, 8.3 $375.5 189.2 $10.0 December 2004. $1.9 November 26, 2016. The Company’s Board of Directors declared quarterly dividends of $ 0.125 first three 2016, $0.375 nine November 26, 2016. third 2016, December 21, 2016, $0.125 April 18, 2017 March 17, 2017. |
Note 9 - Stock Based Compensati
Note 9 - Stock Based Compensation | 9 Months Ended |
Nov. 26, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9) 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 stock units. The Company’s restricted stock awards are considered nonvested share awards. Stock - based compensation expense for the three nine November 26, 2016 $16.7 ($11.0 $0.07 $54.3 ($34.7 $0.23 three nine November 28, 2015 $16.0 ($10.3 $0.06 $49.8 ($31.4 $0.19 nine November 26, 2016 November 28, 2015 $1.6 $1.5 Incentive Compensation Plans The Company currently grants awards under the Bed Bath & Beyond 2012 “2012 2004 “2004 2012 43.2 2004 2012 The 2012 2012 five one three four The Company generally issues new shares for stock option exercises, restricted stock awards and vesting of performance stock units. Stock Options Stock option grants are issued at fair market value on the date of grant and generally become exercisable in either three five one May 10, 2010, one three May 10, 2010, eight November 26, 2016, $23.6 3.2 The fair value of the stock options granted was 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 26, November 28, Weighted Average Expected Life (in years) (2) 6.6 6.7 Weighted Average Expected Volatility (3) 26.96 % 27.59 % Weighted Average Risk Free Interest Rates (4) 1.46 % 1.93 % Expected Dividend Yield (5) 1.10 % - (1) (2) (3) twelve (4) (5) Changes in the Company’s stock options for the nine November 26, 2016 (Shares in thousands) Number of Weighted Average Options outstanding, beginning of period 3,838 $ 54.43 Granted 703 45.53 Exercised (635 ) 31.94 Forfeited or expired - - Options outstanding, end of period 3,906 $ 56.48 Options exercisable, end of period 2,262 $ 55.02 The weighted average fair value for the stock options granted during the first nine 2016 2015 $11.87 $23.12, November 26, 2016 4.3 $6.3 November 26, 2016 2.9 $6.3 first nine 2016 2015 $9.0 $8.2 Net cash proceeds from the exercise of stock options for the first nine 2016 $20.3 $0.4 Restricted Stock Restricted stock awards are issued and measured at fair market value on the date of grant and generally become vested in five one three November 26, 2016, $143.6 4.3 Changes in the Company’s restricted stock for the nine November 26, 2016 (Shares in thousands) Number of Weighted Average Unvested restricted stock, beginning of period 3,230 $ 62.71 Granted 1,245 44.90 Vested (798 ) 55.18 Forfeited (148 ) 59.62 Unvested restricted stock, end of period 3,529 $ 58.26 Performance Stock Units Performance stock 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 three four one three zero 150% 100% November 26, 2016, $29.6 2.0 nine November 26, 2016 (Shares in thousands) Number of Performance Weighted Average Unvested performance stock units, beginning of period 627 $ 67.15 Granted 566 45.53 Vested (179 ) 66.53 Forfeited - - Unvested performance stock units, end of period 1,014 $ 55.19 |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 9 Months Ended |
Nov. 26, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10) The Company presents earnings per share on a basic and diluted basis. Basic earnings per share has been computed by dividing net earnings by the weighted average number of shares outstanding. Diluted earnings per share has been 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 nine November 26, 2016 4.3 4.5 November 28, 2015 2.7 2.3 |
Note 11 - Supplemental Cash Flo
Note 11 - Supplemental Cash Flow Information | 9 Months Ended |
Nov. 26, 2016 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 11) The Company paid income taxes of $272.0 $351.2 first nine 2016 2015, $42.9 $43.0 first nine 2016 2015, The Company recorded an accrual for capital expenditures of $15.6 $17.5 November 26, 2016 November 28, 2015, |
Note 12 - Acquisition
Note 12 - Acquisition | 9 Months Ended |
Nov. 26, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 12) On June 14, 2016, three nine November 26, 2016. Prior to the end of the fiscal third November 23, 2016, $189.4 The following table summarizes the preliminary estimated fair value of the assets acquired and liabilities assumed at the date of acquisition for PMall. The Company is in the process of finalizing the valuation of certain assets acquired, including property and equipment and intangible assets. The Company expects the allocation of the purchase price to change upon completion of these valuations. In addition, the allocation of the purchase price is subject to change until the anniversary of the acquisition. (in millions) As of November 23, 2016 Current assets $ 13.6 Property and equipment and other non-current assets 16.0 Goodwill and intangible assets 189.5 Total assets acquired 219.1 Accounts payable and other liabilities (29.7 ) Total net assets acquired $ 189.4 Since the date of acquisition, the results of PMall’s operations, which are not material, have been included in the Company’s results of operations for the three nine November 26, 2016 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Nov. 26, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | In April 2015, 2015 03, 835 30): may 2015 03 December 15, 2015, 2015 03 first 2016 |
Note 5 - Investment Securities
Note 5 - Investment Securities (Tables) | 9 Months Ended |
Nov. 26, 2016 | |
Notes Tables | |
Marketable Securities [Table Text Block] | (in millions) November 26, February 27, Available-for-sale securities: Long term $ 19.5 $ 19.8 Trading securities: Long term 66.9 51.5 Held-to-maturity securities: Short term - 86.2 Total investment securities $ 86.4 $ 157.5 |
Note 9 - Stock Based Compensa21
Note 9 - Stock Based Compensation (Tables) | 9 Months Ended |
Nov. 26, 2016 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine Months Ended Black-Scholes Valuation Assumptions (1) November 26, November 28, Weighted Average Expected Life (in years) (2) 6.6 6.7 Weighted Average Expected Volatility (3) 26.96 % 27.59 % Weighted Average Risk Free Interest Rates (4) 1.46 % 1.93 % Expected Dividend Yield (5) 1.10 % - |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | (Shares in thousands) Number of Weighted Average Options outstanding, beginning of period 3,838 $ 54.43 Granted 703 45.53 Exercised (635 ) 31.94 Forfeited or expired - - Options outstanding, end of period 3,906 $ 56.48 Options exercisable, end of period 2,262 $ 55.02 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | (Shares in thousands) Number of Weighted Average Unvested restricted stock, beginning of period 3,230 $ 62.71 Granted 1,245 44.90 Vested (798 ) 55.18 Forfeited (148 ) 59.62 Unvested restricted stock, end of period 3,529 $ 58.26 |
Share-based Compensation, Performance Shares Award Unvested Activity [Table Text Block] | (Shares in thousands) Number of Performance Weighted Average Unvested performance stock units, beginning of period 627 $ 67.15 Granted 566 45.53 Vested (179 ) 66.53 Forfeited - - Unvested performance stock units, end of period 1,014 $ 55.19 |
Note 12 - Acquisition (Tables)
Note 12 - Acquisition (Tables) | 9 Months Ended |
Nov. 26, 2016 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (in millions) As of November 23, 2016 Current assets $ 13.6 Property and equipment and other non-current assets 16.0 Goodwill and intangible assets 189.5 Total assets acquired 219.1 Accounts payable and other liabilities (29.7 ) Total net assets acquired $ 189.4 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Nov. 26, 2016 | Nov. 28, 2015 | Nov. 26, 2016 | Nov. 28, 2015 | |
Number of Operating Segments | 2 | |||
Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Domestic Merchandise [Member] | ||||
Concentration Risk, Percentage | 36.40% | 36.50% | 37.30% | 37.50% |
Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Home Furnishings [Member] | ||||
Concentration Risk, Percentage | 63.60% | 63.50% | 62.70% | 62.50% |
Note 3 - Fair Value Measureme24
Note 3 - Fair Value Measurements (Details Textual) $ in Millions | Nov. 26, 2016USD ($) |
Long-term Debt, Fair Value | $ 1,448 |
Long-term Debt | $ 1,500 |
Note 4 - Cash and Cash Equiva25
Note 4 - Cash and Cash Equivalents (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Nov. 26, 2016 | Feb. 27, 2016 | |
Number of Business Days for Settlement of Credit and Debit Card Receivable | 5 days | |
Credit and Debit Card Receivables, at Carrying Value | $ 205 | $ 89.4 |
Note 5 - Investment Securitie26
Note 5 - Investment Securities (Details Textual) - USD ($) | Nov. 26, 2016 | Feb. 27, 2016 |
Held-to-maturity Securities, Current | $ 86,200,000 | |
Auction Rate Securities [Member] | ||
Available-for-sale Securities, Long-term Investments, Amortized Cost | 20,300,000 | |
Available-for-sale Securities Temporary Impairment Adjustment Accumulated Other Comprehensive Income (Loss) | 800,000 | 500,000 |
US Treasury Securities [Member] | ||
Held-to-maturity Securities, Current | 0 | 86,200,000 |
Other Trading Investment Securities [Member] | ||
Deferred Compensation Plan Assets | $ 66,900,000 | $ 51,500,000 |
Note 5 - Investment Securitie27
Note 5 - Investment Securities - Investment Securities (Details) - USD ($) $ in Millions | Nov. 26, 2016 | Feb. 27, 2016 |
Available-for-sale securities: | ||
Long term | $ 19.5 | $ 19.8 |
Trading securities: | ||
Long term | 66.9 | 51.5 |
Held-to-maturity securities: | ||
Held-to-maturity Securities, Current | 86.2 | |
Total investment securities | $ 86.4 | $ 157.5 |
Note 6 - Property and Equipme28
Note 6 - Property and Equipment (Details Textual) - USD ($) $ in Billions | Nov. 26, 2016 | Feb. 27, 2016 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 2.7 | $ 2.5 |
Note 7 - Long Term Debt (Detail
Note 7 - Long Term Debt (Details Textual) $ in Millions | Aug. 06, 2014USD ($) | Nov. 26, 2016USD ($) | Nov. 28, 2015USD ($) | Nov. 26, 2016USD ($) | Nov. 28, 2015USD ($) | Jul. 17, 2014USD ($) |
Uncommitted Line of Credit Expiration Date of February 26, 2017 [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | $ 100 | ||||
Line of Credit Facility, Number Maintained | 2 | 2 | ||||
Revolver [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250 | |||||
Debt Instrument, Term | 5 years | |||||
Senior Unsecured Notes and Revolver [Member] | ||||||
Interest Expense | $ 17.9 | $ 18.1 | $ 54.7 | $ 54.9 | ||
Senior Unsecured Notes and Revolver [Member] | Other Assets [Member] | ||||||
Debt Issuance Costs, Gross | $ 10.1 | |||||
Senior Unsecured Notes [Member] | The 2024 Notes [Member] | ||||||
Debt Instrument, Face Amount | $ 300 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.749% | |||||
Senior Unsecured Notes [Member] | The 2034 Notes [Member] | ||||||
Debt Instrument, Face Amount | $ 300 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.915% | |||||
Senior Unsecured Notes [Member] | The 2044 Notes [Member] | ||||||
Debt Instrument, Face Amount | $ 900 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.165% |
Note 8 - Shareholders' Equity (
Note 8 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | Dec. 21, 2016 | Nov. 26, 2016 | Aug. 27, 2016 | May 28, 2016 | Nov. 28, 2015 | Nov. 26, 2016 | Nov. 28, 2015 | Nov. 26, 2016 | Sep. 30, 2015 |
Stock Repurchase Program, Authorized Amount | $ 11,950,000 | ||||||||
Treasury Stock, Shares, Acquired | 8.3 | 189.2 | |||||||
Payments for Repurchase of Common Stock | $ 375,541 | $ 773,518 | $ 10,000,000 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 1,900,000 | $ 1,900,000 | $ 1,900,000 | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.375 | |||||
Subsequent Event [Member] | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.125 |
Note 9 - Stock Based Compensa31
Note 9 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 26, 2016 | Nov. 28, 2015 | Nov. 26, 2016 | Nov. 28, 2015 | |
Allocated Share-based Compensation Expense | $ 16,700 | $ 16,000 | $ 54,300 | $ 49,800 |
Allocated Share-based Compensation Expense, Net of Tax | $ 11,000 | $ 10,300 | $ 34,700 | $ 31,400 |
Stock Based Compensation Expense Impact On Diluted Earnings Per Share | $ 0.07 | $ 0.06 | $ 0.23 | $ 0.19 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 1,600 | $ 1,500 | ||
Proceeds from Stock Options Exercised | 20,258 | $ 7,879 | ||
Employee Stock Option [Member] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 23,600 | $ 23,600 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 73 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 109 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 6,300 | $ 6,300 | ||
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 | 6,300 | $ 6,300 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 9,000 | |||
Proceeds from Stock Options Exercised | 20,300 | |||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 400 | |||
Performance Share Units [Member] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 29,600 | $ 29,600 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||
Restricted Stock [Member] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 143,600 | $ 143,600 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years 109 days | |||
The 2012 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 43.2 | 43.2 | ||
The 2012 Plan [Member] | Employee Stock Option [Member] | ||||
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 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.87 | $ 23.12 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 8,200 | |||
The 2012 Plan [Member] | Employee Stock Option [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
The 2012 Plan [Member] | Employee Stock Option [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
The 2012 Plan [Member] | Performance Share Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
The 2012 Plan [Member] | Performance Share Units [Member] | Scenario Assumption [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Target Award Percentage | 100.00% | 100.00% | ||
The 2012 Plan [Member] | Performance Share Units [Member] | One-year Performance Period Awards [Member] | ||||
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 | |||
Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period Maximum | 3 years | |||
The 2012 Plan [Member] | Performance Share Units [Member] | Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Target Award Percentage | 0.00% | 0.00% | ||
The 2012 Plan [Member] | Performance Share Units [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Target Award Percentage | 150.00% | 150.00% | ||
The 2012 Plan [Member] | Employee Stock Option Issued Since May 10, 2010 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Requisite Service Period | 1 year | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 8 years | |||
The 2012 Plan [Member] | Employee Stock Option Issued Prior To May 10, 2010 [Member] | ||||
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 | |||
The 2012 Plan [Member] | Restricted Stock [Member] | ||||
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 |
Note 9 - Stock Based Compensa32
Note 9 - Stock Based Compensation - Assumptions Used to Estimate the Black-scholes Fair Value of Stock Options Granted (Details) | 9 Months Ended | ||
Nov. 26, 2016 | Nov. 28, 2015 | ||
Weighted Average Expected Life (in years) (Year) | [1],[2] | 6 years 219 days | 6 years 255 days |
Weighted Average Expected Volatility | [1],[3] | 26.96% | 27.59% |
Weighted Average Risk Free Interest Rates | [1],[4] | 1.46% | 1.93% |
Expected Dividend Yield | [1],[5] | 1.10% | |
[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. | ||
[5] | Expected dividend yield is estimated based on anticipated dividend payouts. |
Note 9 - Stock Based Compensa33
Note 9 - Stock Based Compensation - Changes in the Company's Stock Options (Details) - Employee Stock Option [Member] shares in Thousands | 9 Months Ended |
Nov. 26, 2016$ / sharesshares | |
Options outstanding, beginning of period (in shares) | shares | 3,838 |
Options outstanding, beginning of period (in dollars per share) | $ / shares | $ 54.43 |
Granted (in shares) | shares | 703 |
Granted (in dollars per share) | $ / shares | $ 45.53 |
Exercised (in shares) | shares | (635) |
Exercised (in dollars per share) | $ / shares | $ 31.94 |
Forfeited or expired (in shares) | shares | 0 |
Forfeited or expired (in dollars per share) | $ / shares | $ 0 |
Options outstanding, end of period (in shares) | shares | 3,906 |
Options outstanding, end of period (in dollars per share) | $ / shares | $ 56.48 |
Options exercisable, end of period (in shares) | shares | 2,262 |
Options exercisable, end of period (in dollars per share) | $ / shares | $ 55.02 |
Note 9 - Stock Based Compensa34
Note 9 - Stock Based Compensation - Changes in the Company's Restricted Stock (Details) - Restricted Stock [Member] shares in Thousands | 9 Months Ended |
Nov. 26, 2016$ / sharesshares | |
Unvested restricted stock, beginning of period (in shares) | shares | 3,230 |
Unvested restricted stock, beginning of period (in dollars per share) | $ / shares | $ 62.71 |
Granted (in shares) | shares | 1,245 |
Granted (in dollars per share) | $ / shares | $ 44.90 |
Vested (in shares) | shares | (798) |
Vested (in dollars per share) | $ / shares | $ 55.18 |
Forfeited (in shares) | shares | (148) |
Forfeited (in dollars per share) | $ / shares | $ 59.62 |
Unvested restricted stock, end of period (in shares) | shares | 3,529 |
Unvested restricted stock, end of period (in dollars per share) | $ / shares | $ 58.26 |
Note 9 - Stock Based Compensa35
Note 9 - Stock Based Compensation - Changes in the Company's Performance Stock Units (Details) - Performance Shares [Member] shares in Thousands | 9 Months Ended |
Nov. 26, 2016$ / sharesshares | |
Unvested restricted stock, beginning of period (in shares) | shares | 627 |
Unvested restricted stock, beginning of period (in dollars per share) | $ / shares | $ 67.15 |
Granted (in shares) | shares | 566 |
Granted (in dollars per share) | $ / shares | $ 45.53 |
Vested (in shares) | shares | (179) |
Vested (in dollars per share) | $ / shares | $ 66.53 |
Forfeited (in shares) | shares | 0 |
Forfeited (in dollars per share) | $ / shares | $ 0 |
Unvested restricted stock, end of period (in shares) | shares | 1,014 |
Unvested restricted stock, end of period (in dollars per share) | $ / shares | $ 55.19 |
Note 10 - Earnings Per Share (D
Note 10 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 26, 2016 | Nov. 28, 2015 | Nov. 26, 2016 | Nov. 28, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4.3 | 2.7 | 4.5 | 2.3 |
Note 11 - Supplemental Cash F37
Note 11 - Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Nov. 26, 2016 | Nov. 28, 2015 | |
Income Taxes Paid | $ 272 | $ 351.2 |
Interest Paid | 42.9 | 43 |
Capital Expenditures Incurred but Not yet Paid | $ 15.6 | $ 17.5 |
Note 12 - Acquisition (Details
Note 12 - Acquisition (Details Textual) $ in Millions | Nov. 23, 2016USD ($) |
Business Combination, Consideration Transferred | $ 189.4 |
Note 12 - Acquisition - Summary
Note 12 - Acquisition - Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Details) - PersonalizationMall.Com [Member] $ in Millions | Nov. 26, 2016USD ($) |
Current assets | $ 13.6 |
Property and equipment and other non-current assets | 16 |
Goodwill and intangible assets | 189.5 |
Total assets acquired | 219.1 |
Accounts payable and other liabilities | (29.7) |
Total net assets acquired | $ 189.4 |