Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Bed Bath & Beyond Inc., income tax expense (benefit), continuing operations

US$ in thousands

12 months ended:	Feb 26, 2022	Feb 27, 2021	Feb 29, 2020	Mar 2, 2019	Mar 3, 2018	Feb 25, 2017
Federal	(43,740)	(336,506)	2,455)	61,721)	82,044)	313,571)
State and local	3,397)	1,211)	(7,973)	22,995)	13,554)	42,101)
Current	(40,343)	(335,295)	(5,518)	84,716)	95,598)	355,672)
Federal	73,006)	150,861)	(124,578)	(83,576)	157,057)	20,295)
State and local	54,304)	(1,555)	(20,941)	(20,525)	18,147)	4,580)
Deferred	127,310)	149,306)	(145,519)	(104,101)	175,204)	24,875)
Provision (benefit) for income taxes	86,967)	(185,989)	(151,037)	(19,385)	270,802)	380,547)

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).

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Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Bed Bath & Beyond Inc. current decreased from 2020 to 2021 but then increased from 2021 to 2022 not reaching 2020 level.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Bed Bath & Beyond Inc. deferred increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.
Provision (benefit) for income taxes	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Bed Bath & Beyond Inc. provision (benefit) for income taxes decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Bed Bath & Beyond Inc., effective income tax rate (EITR) reconciliation

	Feb 26, 2022	Feb 27, 2021	Feb 29, 2020	Mar 2, 2019	Mar 3, 2018	Feb 25, 2017
Federal statutory tax rate	21.00%	21.00%	21.00%	21.00%	32.66%	0.00%
State income tax rate, net of federal impact	3.87%	3.94%	4.28%	-1.38%	4.12%	0.00%
Uncertain tax positions	2.16%	1.63%	1.33%	7.24%	0.32%	0.00%
Impact of the Tax Act	0.00%	0.00%	0.00%	2.70%	3.86%	0.00%
Goodwill non-deductible impairment charges	0.00%	0.00%	-4.84%	-18.64%	0.00%	0.00%
Tax deficiencies related to stock-based compensation	-0.81%	-3.18%	-3.07%	-6.48%	1.39%	0.00%
Tax credits	0.38%	0.41%	0.49%	4.53%	-0.96%	0.00%
CARES Act	0.94%	35.98%	0.00%	0.00%	0.00%	0.00%
Valuation Allowance	-48.01%	-7.74%	0.00%	0.00%	0.00%	0.00%
Canadian Branch Earnings	1.60%	0.78%	0.90%	0.00%	0.00%	0.00%
Other	0.47%	2.35%	-0.34%	3.41%	-2.46%	0.00%
Effective income tax rate	-18.40%	55.17%	19.75%	12.38%	38.93%	0.00%

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).

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Item	Description	The company
Effective income tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Bed Bath & Beyond Inc. effective income tax rate increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

Bed Bath & Beyond Inc., components of deferred tax assets and liabilities

US$ in thousands

	Feb 26, 2022	Feb 27, 2021	Feb 29, 2020	Mar 2, 2019	Mar 3, 2018	Feb 25, 2017
Inventories	4,077)	13,040)	35,665)	24,292)	26,657)	33,120)
Operating lease liabilities	473,397)	484,290)	601,378)	—)	—)	—)
Deferred rent and other rent credits	—)	—)	—)	42,147)	47,893)	73,577)
Insurance	6,416)	9,086)	20,208)	23,300)	22,274)	60,789)
Stock-based compensation	1,592)	1,014)	5,115)	16,097)	23,690)	41,715)
Nonqualified deferred compensation plan	—)	—)	—)	6,771)	19,671)	27,857)
Merchandise credits and gift card liabilities	56,690)	52,584)	47,742)	43,630)	36,793)	63,031)
Accrued expenses	23,412)	31,914)	51,334)	26,550)	29,557)	57,401)
Obligations on distribution facilities	—)	—)	26,126)	26,618)	26,210)	40,363)
Intangibles	1,685)	1,008)	—)	—)	—)	—)
Goodwill	90)	1,596)	44,332)	—)	—)	—)
Carryforwards and other tax credits	189,746)	86,914)	118,478)	48,115)	48,221)	40,481)
Other	34,991)	34,104)	29,539)	26,400)	28,972)	61,937)
Deferred tax assets, gross	792,096)	715,550)	979,917)	283,920)	309,938)	500,271)
Valuation allowance	(249,529)	(26,011)	—)	—)	—)	—)
Deferred tax assets, net	542,567)	689,539)	979,917)	283,920)	309,938)	500,271)
Depreciation	(146,970)	(105,649)	(110,864)	(132,120)	(125,067)	(137,144)
Goodwill	—)	—)	—)	(3,337)	(54,254)	(69,127)
Intangibles	—)	—)	(10,251)	(19,414)	(55,091)	(82,688)
Prepaid expenses	(1,155)	(26,356)	(2,364)	(854)	(52,723)	—)
Operating lease assets	(376,079)	(409,535)	(555,642)	—)	—)	—)
Other	(18,499)	(17,977)	(24,268)	(13,115)	(11,778)	(15,843)
Deferred tax liabilities	(542,703)	(559,517)	(703,389)	(168,840)	(298,913)	(304,802)
Net deferred tax assets (liabilities)	(136)	130,022)	276,528)	115,080)	11,025)	195,469)

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).

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Item	Description	The company
Deferred tax assets, gross	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Bed Bath & Beyond Inc. deferred tax assets, gross decreased from 2020 to 2021 but then slightly increased from 2021 to 2022.
Deferred tax assets, net	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Bed Bath & Beyond Inc. deferred tax assets, net decreased from 2020 to 2021 and from 2021 to 2022.
Net deferred tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Bed Bath & Beyond Inc. net deferred tax assets (liabilities) decreased from 2020 to 2021 and from 2021 to 2022.

Bed Bath & Beyond Inc., adjustments to financial statements

US$ in thousands

	Feb 26, 2022	Feb 27, 2021	Feb 29, 2020	Mar 2, 2019	Mar 3, 2018	Feb 25, 2017
Adjustment to Total Assets
Total assets (as reported)	5,130,572)	6,456,930)	7,790,515)	6,570,541)	7,040,806)	6,846,029)
Less: Noncurrent deferred tax assets, net	—)	130,022)	276,528)	115,080)	11,025)	195,469)
Total assets (adjusted)	5,130,572)	6,326,908)	7,513,987)	6,455,461)	7,029,781)	6,650,560)
Adjustment to Total Liabilities
Total liabilities (as reported)	4,956,427)	5,179,994)	6,025,580)	4,010,210)	4,152,178)	4,126,752)
Less: Noncurrent deferred tax liabilities, net	136)	—)	—)	—)	—)	—)
Total liabilities (adjusted)	4,956,291)	5,179,994)	6,025,580)	4,010,210)	4,152,178)	4,126,752)
Adjustment to Shareholders’ Equity
Shareholders’ equity (as reported)	174,145)	1,276,936)	1,764,935)	2,560,331)	2,888,628)	2,719,277)
Less: Net deferred tax assets (liabilities)	(136)	130,022)	276,528)	115,080)	11,025)	195,469)
Shareholders’ equity (adjusted)	174,281)	1,146,914)	1,488,407)	2,445,251)	2,877,603)	2,523,808)
Adjustment to Net Earnings (loss)
Net earnings (loss) (as reported)	(559,623)	(150,773)	(613,816)	(137,224)	424,858)	685,108)
Add: Deferred income tax expense (benefit)	127,310)	149,306)	(145,519)	(104,101)	175,204)	24,875)
Net earnings (loss) (adjusted)	(432,313)	(1,467)	(759,335)	(241,325)	600,062)	709,983)

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).

Bed Bath & Beyond Inc., Financial Data: Reported vs. Adjusted

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Bed Bath & Beyond Inc., adjusted financial ratios

	Feb 26, 2022	Feb 27, 2021	Feb 29, 2020	Mar 2, 2019	Mar 3, 2018	Feb 25, 2017
Net Profit Margin
Reported net profit margin	-7.11%	-1.63%	-5.50%	-1.14%	3.44%	5.61%
Adjusted net profit margin	-5.49%	-0.02%	-6.80%	-2.01%	4.86%	5.81%
Total Asset Turnover
Reported total asset turnover	1.53	1.43	1.43	1.83	1.75	1.78
Adjusted total asset turnover	1.53	1.46	1.49	1.86	1.76	1.84
Financial Leverage
Reported financial leverage	29.46	5.06	4.41	2.57	2.44	2.52
Adjusted financial leverage	29.44	5.52	5.05	2.64	2.44	2.64
Return on Equity (ROE)
Reported ROE	-321.35%	-11.81%	-34.78%	-5.36%	14.71%	25.19%
Adjusted ROE	-248.06%	-0.13%	-51.02%	-9.87%	20.85%	28.13%
Return on Assets (ROA)
Reported ROA	-10.91%	-2.34%	-7.88%	-2.09%	6.03%	10.01%
Adjusted ROA	-8.43%	-0.02%	-10.11%	-3.74%	8.54%	10.68%

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).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Bed Bath & Beyond Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Bed Bath & Beyond Inc. adjusted total asset turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Bed Bath & Beyond Inc. adjusted financial leverage ratio increased from 2020 to 2021 and from 2021 to 2022.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Bed Bath & Beyond Inc. adjusted ROE improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Bed Bath & Beyond Inc. adjusted ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.

Bed Bath & Beyond Inc., Financial Ratios: Reported vs. Adjusted

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	Feb 26, 2022	Feb 27, 2021	Feb 29, 2020	Mar 2, 2019	Mar 3, 2018	Feb 25, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net earnings (loss)	(559,623)	(150,773)	(613,816)	(137,224)	424,858)	685,108)
Net sales	7,867,778)	9,233,028)	11,158,580)	12,028,797)	12,349,301)	12,215,757)
Profitability Ratio
Net profit margin¹	-7.11%	-1.63%	-5.50%	-1.14%	3.44%	5.61%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net earnings (loss)	(432,313)	(1,467)	(759,335)	(241,325)	600,062)	709,983)
Net sales	7,867,778)	9,233,028)	11,158,580)	12,028,797)	12,349,301)	12,215,757)
Profitability Ratio
Adjusted net profit margin²	-5.49%	-0.02%	-6.80%	-2.01%	4.86%	5.81%

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).

2022 Calculations

¹ Net profit margin = 100 × Net earnings (loss) ÷ Net sales
= 100 × -559,623 ÷ 7,867,778 = -7.11%

² Adjusted net profit margin = 100 × Adjusted net earnings (loss) ÷ Net sales
= 100 × -432,313 ÷ 7,867,778 = -5.49%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Bed Bath & Beyond Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.

	Feb 26, 2022	Feb 27, 2021	Feb 29, 2020	Mar 2, 2019	Mar 3, 2018	Feb 25, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net sales	7,867,778)	9,233,028)	11,158,580)	12,028,797)	12,349,301)	12,215,757)
Total assets	5,130,572)	6,456,930)	7,790,515)	6,570,541)	7,040,806)	6,846,029)
Activity Ratio
Total asset turnover¹	1.53	1.43	1.43	1.83	1.75	1.78
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Net sales	7,867,778)	9,233,028)	11,158,580)	12,028,797)	12,349,301)	12,215,757)
Adjusted total assets	5,130,572)	6,326,908)	7,513,987)	6,455,461)	7,029,781)	6,650,560)
Activity Ratio
Adjusted total asset turnover²	1.53	1.46	1.49	1.86	1.76	1.84

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).

2022 Calculations

¹ Total asset turnover = Net sales ÷ Total assets
= 7,867,778 ÷ 5,130,572 = 1.53

² Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 7,867,778 ÷ 5,130,572 = 1.53

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Bed Bath & Beyond Inc. adjusted total asset turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

	Feb 26, 2022	Feb 27, 2021	Feb 29, 2020	Mar 2, 2019	Mar 3, 2018	Feb 25, 2017
As Reported
Selected Financial Data (US$ in thousands)
Total assets	5,130,572)	6,456,930)	7,790,515)	6,570,541)	7,040,806)	6,846,029)
Shareholders’ equity	174,145)	1,276,936)	1,764,935)	2,560,331)	2,888,628)	2,719,277)
Solvency Ratio
Financial leverage¹	29.46	5.06	4.41	2.57	2.44	2.52
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted total assets	5,130,572)	6,326,908)	7,513,987)	6,455,461)	7,029,781)	6,650,560)
Adjusted shareholders’ equity	174,281)	1,146,914)	1,488,407)	2,445,251)	2,877,603)	2,523,808)
Solvency Ratio
Adjusted financial leverage²	29.44	5.52	5.05	2.64	2.44	2.64

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).

2022 Calculations

¹ Financial leverage = Total assets ÷ Shareholders’ equity
= 5,130,572 ÷ 174,145 = 29.46

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 5,130,572 ÷ 174,281 = 29.44

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Bed Bath & Beyond Inc. adjusted financial leverage ratio increased from 2020 to 2021 and from 2021 to 2022.

	Feb 26, 2022	Feb 27, 2021	Feb 29, 2020	Mar 2, 2019	Mar 3, 2018	Feb 25, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net earnings (loss)	(559,623)	(150,773)	(613,816)	(137,224)	424,858)	685,108)
Shareholders’ equity	174,145)	1,276,936)	1,764,935)	2,560,331)	2,888,628)	2,719,277)
Profitability Ratio
ROE¹	-321.35%	-11.81%	-34.78%	-5.36%	14.71%	25.19%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net earnings (loss)	(432,313)	(1,467)	(759,335)	(241,325)	600,062)	709,983)
Adjusted shareholders’ equity	174,281)	1,146,914)	1,488,407)	2,445,251)	2,877,603)	2,523,808)
Profitability Ratio
Adjusted ROE²	-248.06%	-0.13%	-51.02%	-9.87%	20.85%	28.13%

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).

2022 Calculations

¹ ROE = 100 × Net earnings (loss) ÷ Shareholders’ equity
= 100 × -559,623 ÷ 174,145 = -321.35%

² Adjusted ROE = 100 × Adjusted net earnings (loss) ÷ Adjusted shareholders’ equity
= 100 × -432,313 ÷ 174,281 = -248.06%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Bed Bath & Beyond Inc. adjusted ROE improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

	Feb 26, 2022	Feb 27, 2021	Feb 29, 2020	Mar 2, 2019	Mar 3, 2018	Feb 25, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net earnings (loss)	(559,623)	(150,773)	(613,816)	(137,224)	424,858)	685,108)
Total assets	5,130,572)	6,456,930)	7,790,515)	6,570,541)	7,040,806)	6,846,029)
Profitability Ratio
ROA¹	-10.91%	-2.34%	-7.88%	-2.09%	6.03%	10.01%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net earnings (loss)	(432,313)	(1,467)	(759,335)	(241,325)	600,062)	709,983)
Adjusted total assets	5,130,572)	6,326,908)	7,513,987)	6,455,461)	7,029,781)	6,650,560)
Profitability Ratio
Adjusted ROA²	-8.43%	-0.02%	-10.11%	-3.74%	8.54%	10.68%

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).

2022 Calculations

¹ ROA = 100 × Net earnings (loss) ÷ Total assets
= 100 × -559,623 ÷ 5,130,572 = -10.91%

² Adjusted ROA = 100 × Adjusted net earnings (loss) ÷ Adjusted total assets
= 100 × -432,313 ÷ 5,130,572 = -8.43%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Bed Bath & Beyond Inc. adjusted ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.

Bed Bath & Beyond Inc. (NASDAQ:BBBY)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Adjustments to Financial Statements: Removal of Deferred Taxes

Bed Bath & Beyond Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Bed Bath & Beyond Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)