Analysis of Debt
Total Debt (Carrying Amount)
Bed Bath & Beyond Inc., balance sheet: debt
US$ in thousands
Based on: 10-K (reporting date: 2022-02-26), 10-K (reporting date: 2021-02-27), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-03-02), 10-K (reporting date: 2018-03-03), 10-K (reporting date: 2017-02-25).
The debt profile of the organization exhibited a period of relative stability followed by significant volatility and a subsequent overall reduction in total carrying amounts between February 2017 and February 2022.
- Long-Term Debt Trends
- Long-term debt remained remarkably consistent from February 2017 through February 2020, hovering around the 1.49 billion USD mark. However, a substantial reduction occurred by February 2021, where the balance dropped to 1.19 billion USD. This downward trajectory continued slightly into February 2022, ending at 1.18 billion USD.
- Finance Lease Liabilities
- Noncurrent finance lease liabilities showed a sharp spike in February 2020, rising to 102.4 million USD from previous levels that did not exceed 5.1 million USD. By February 2022, these liabilities decreased to 35.4 million USD. Current finance lease liabilities were only reported in February 2020 and February 2022, totaling 1.5 million USD and 2.5 million USD, respectively.
- Total Carrying Amount Analysis
- The total long-term debt and finance lease liabilities peaked in February 2020 at 1.59 billion USD, driven primarily by the surge in finance lease obligations. A significant contraction is observed in February 2021, with the total carrying amount falling to 1.19 billion USD. The final period ending February 2022 shows a slight increase to 1.22 billion USD, indicating a stabilization at a lower debt level than observed in the 2017-2020 period.
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Total Debt (Fair Value)
| Feb 26, 2022 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| Long term debt | 956,000) |
| Finance lease liabilities | 37,941) |
| Total long term debt and finance lease liabilities (fair value) | 993,941) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.82 |
Based on: 10-K (reporting date: 2022-02-26).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on senior unsecured notes and finance lease liabilities: 4.89%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 3.75% | 289,000) | 10,835) | |
| 4.92% | 225,000) | 11,059) | |
| 5.17% | 675,000) | 34,864) | |
| 8.40% | 37,941) | 3,187) | |
| Total | 1,226,941) | 59,944) | |
| 4.89% | |||
Based on: 10-K (reporting date: 2022-02-26).
1 US$ in thousands
2 Weighted-average interest rate = 100 × 59,944 ÷ 1,226,941 = 4.89%