Individual Learning Project
Due Date 08/16/2020
Subject: Managerial Accounting
ACCT 212
Individual Learning Project Questions
Name_ Sarah Levart
General Information:
1. What is the name of your corporation? Bed Bath & Beyond
2. Where are the corporate headquarters? New Jersey
3. What is the corporations fiscal year end? 2/29/20
4. What are the primary products or services of the corporation? The Company sells a wide assortment of domestics merchandise and home furnishings which operates under the names Bed Bath & Beyond (“BBB”), Christmas Tree Shops, Christmas Tree Shops andThat! or andThat! (collectively, “CTS”), Harmon, Harmon Face Values, or Face Values (collectively, “Harmon”), buybuy BABY (“Baby”) and World Market, Cost Plus World Market, or Cost Plus (collectively, “Cost Plus World Market”).
5. Graph the high and low price of the companys stock for each quarter of the last two years. What was the high and what was the low?
6. Who is the companys transfer agent and where are they located?
7. Who are your companys competitors?
Market Information:
8. On which stock exchange is your corporations stock traded?
9. What is the current market price of their stock?
10. What is the ticker symbol used to identify your corporation on the stock exchange?
Internet Information:
11. What is the Internet address of your corporation? Be sure it appears as a hyperlink.
12. Is the corporations Annual Report online?
13. Are its financial statements on-line?
14. Is your company listed on Annualreports.com?
15. How long is your companys 10-K report at the Securities and Exchange Commission website (Edgar Database)?
Cash Flow and Retained Earnings:
16. List the amount of cash flows from each of the 3 activities: Operating, Investing, and Financing for the 2 most recent years. What was the increase or decrease in cash for each of these years?
17. Were there any Non-Cash Investing/Financing Transactions? Describe the type and amount.
18. What is the dollar difference between accrual net income and Cash provided by Operations?
19. What investing activity provided the largest inflow of cash in the current year?
20. What investing activity used the largest amount of cash in the current year?
21. What financing activity provided the largest inflow of cash in the current year?
22. What financing activity used the largest amount of cash in the current year?
23. Does the company have sufficient cash inflows from the appropriate category? Describe any problems the company many experience with cash flow from your analysis of the cash flow statement.
24. Show the change in Retained Earnings for the 2 most recent years. What was net income for each year? How much was paid out in dividends each year?
25. Were the dividends on common stock and/or preferred stock? What was the amount of each?
26. Did Retained Earnings change for any reasons other than net income or dividends? Explain.
27. What classes of stock does your company have?
28. How many shares of each class of stock are authorized, how many are issued, and how many are outstanding?
29. Does your company have any treasury stock? How many shares and what dollar amount?
30. What is the par or stated value of each of your companys stocks?
Footnote Disclosures:
31. How many footnote disclosures does your company have?
32. How many significant accounting policies are listed under its Summary of Significant Accounting Policies?
33. What does it include as Cash and Cash Equivalents?
34. What method does it use to value Inventory?
35. What method(s) does it use to depreciate its assets?
36. Does it have any leased assets? If yes, describe them.
37. What policies does it have in regard to Foreign Currency Translations?
38. Describe any pending lawsuits in which it is involved.
39. Provide its Earnings per Share for the 2 most recent years?
Report of the Independent Auditor(s):
40. Who is/are your companys auditor(s)?
41. Where are they located?
42. Does the auditor(s) give a qualified opinion, an unqualified opinion, a disclaimer of opinion, or an adverse opinion? What does that opinion mean? Is it good?
43. What is the auditors responsibility in regard to the financial statements?
44. What is managements responsibility in regard to the financial statements?
45. What financial statements were included in the auditors opinion?
46. Did the auditor believe that the statements were presented fairly?
Managements Report:
47. Who bears the responsibility for the integrity and the objectivity of the financial statements?
48. What does management say they are doing to assure the public that the financial information is reliable?
49. What is the responsibility of the Audit Committee of the Board of Directors?
Analysis: (use Excel to complete this section)
50. Provide common-size analysis of your companys income statement and balance sheet for the 2 most recent years (must be done using Excel with formulas).
51. Provide horizontal analysis of your companys income statement and balance sheet, showing the dollar amount and percent of change using the 2 most recent years (you must use an Excel spreadsheet with formulas).
52. Perform ratio analysis on your company using the ratios listed in Exhibit 13.16 on page 505 of your text (these must be in an Excel spreadsheet, using formulas to calculate the ratios). You should present them in a similar format as the text: group by category, list name of ratio, formula in words, and the ratio calculation. Give a short explanation of your conclusions about your company after each category of ratios (i.e. How liquid is your company? How efficiently is it using its assets? etc.).
Conclusions:
53. Are you optimistic or pessimistic regarding the future of your chosen corporation? Explain.
54. Would you invest in the stock of the company? Explain.
55. Would you invest in the bonds of the company? Explain.
Page 1 of 4 Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________
FORM
Annual Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission File Number
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of
(IRS Employer
incorporation or organization)
Identification No.)
, ,
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code:
/
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol (s)
Name of each exchange on which registered
(Nasdaq Global Select Market)
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. X No __
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes __ X
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. X No __
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). X No__
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
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Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ___
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No X
As of August 31, 2019, the aggregate market value of the common stock held by non-affiliates (which was computed by reference to the closing price on such date of such stock on the Nasdaq Global Select Market) was $.*
The number of shares outstanding of the registrants common stock (par value $0.01 per share) at March 28, 2020: .
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TABLE OF CONTENTS
Form 10-K
Item No.
Name of Item
PART I
Item 1.
Business
Item 1A.
Risk Factors
Item 1B.
Unresolved Staff Comments
Item 2.
Properties
Item 3.
Legal Proceedings
Item 4.
Mine Safety Disclosures
PART II
Item 5.
Market for Registrants Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
Item 6.
Selected Financial Data
Item 7.
Management
s Discussion and Analysis of Financial Condition and Results of Operations
Item 7A.
Quantitative and Qualitative Disclosures About Mark
et Risk
Item 8.
Financial Statements and Supplementary Data
Item 9.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
Item 9A.
Controls and Procedures
Item 9B.
Other Information
PART III
Item 10.
Directors, Executive Officers and Corporate Governance
Item 11.
Executive Compensation
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
Item 13.
Certain Relationships and Related Transactions, and Director Independence
Item 14.
Principal Accounting Fees and Services
PART IV
Item 15.
Exhibits, Financial Statement Schedules
Item 16.
Form 10-K Summary
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PART I
Unless otherwise indicated, the term “Company” refers collectively to Bed Bath & Beyond Inc. and subsidiaries as of February29, 2020. The Companys fiscal year is comprised of the 52 or 53 week period ending on the Saturday nearest February 28. Accordingly, fiscal 2019, fiscal 2018, and fiscal 2017 represented 52 weeks, 52 weeks, and 53 weeks, respectively, and ended on February29, 2020, March2, 2019, and March3, 2018, respectively. Unless otherwise indicated, all references herein to periods of time (e.g., quarters and years) are to fiscal periods.
ITEM 1 BUSINESS
Overview
Bed Bath & Beyond Inc. and subsidiaries (the “Company”) is an omnichannel retailer that makes it easy for its customers to feel at home. The Company sells a wide assortment of domestics merchandise and home furnishings which operates under the names Bed Bath & Beyond (“BBB”), Christmas Tree Shops, Christmas Tree Shops andThat! or andThat! (collectively, “CTS”), Harmon, Harmon Face Values, or 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 either in-store, online, with a mobile device or through a customer contact center. The Company generally has the 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 Decorist, an online interior design platform that provides personalized home design services. In addition, the Company operates Linen Holdings, a provider of a variety of textile products, amenities and other goods to institutional customers in the hospitality, cruise line, healthcare and other industries. Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond. The Company also operates PersonalizationMall.com (PMall), an industry-leading online retailer of personalized products.
As discussed in more detail throughout this Annual Report on Form 10-K, the coronavirus (COVID-19) pandemic, as well as the corresponding governmental response and the Companys management of the crisis has had a significant impact on the Companys business. The consequences of the outbreak and impact to the economy continues to evolve and the full extent of the impact is uncertain as of the date of this filing. The outbreak has already brought a material disruption to the operations of the Company. As a result of social distancing measures put into effect in March 2020, the Company began to temporarily close certain store locations that did not have a health and personal care department and as of March 23, 2020, all retail banner stores across the US and Canada have been temporarily closed except for stand-alone Baby and Harmon store locations, subject to state and local regulations. Customers can continue to order products online and with mobile devices.. In conjunction with the temporary store closures, the Company implemented additional cost reductions, including a furlough of the majority of store associates and a portion of corporate associates until at least May 16, 2020.
On February 14, 2020, the Company entered into an agreement to sell its PMall business to 1-800-FLOWERS.COM (“Buyer”). The Buyer was required to close the transaction on March 30, 2020, but failed to do so. Accordingly, the Company filed an action to require the Buyer to close the transaction. Subsequent to the end of fiscal 2019, on April 13, 2020, the Company sold One Kings Lane, an authority in home dcor and design, offering a collection of select home goods, designer and vintage items.
The Company operates a robust ecommerce platform consisting of various websites and applications including bedbathandbeyond.com, bedbathandbeyond.ca, harmondiscount.com, facevalues.com, christmastreeshops.com, andthat.com, buybuybaby..com, buybuybaby.ca, harborlinen.com, t-ygroup.com, worldmarket.com, decorist.com, and personalizationmall.com. The Company also operates an established retail store base which consists of 1,500 stores, as of February29, 2020, consisting as of such date of 976 Bed Bath & Beyond (BBB) stores in all 50 states, the District of Columbia, Puerto Rico and Canada, 261 stores under the names of World Market, Cost Plus World Market or Cost Plus (collectively, Cost Plus World Market), 126 buybuy BABY (Baby) stores in 37 states and Canada, 81 stores under the names Christmas Tree Shops, Christmas Tree Shops andThat! or andThat! (collectively, CTS), 53 stores under the names Harmon, Harmon Face Values or Face Values (collectively, Harmon), and three One Kings Lane stores. In addition, the Company is a partner in a joint venture which operates ten stores in Mexico under the name Bed Bath & Beyond.
During thetwelve months ended February29, 2020, the Company opened 9 new stores and closed 42 stores. Total store square footage, net of openings and closings, was approximately42.3 million square feet. Over the past several years, the pace of the Companys store openings has slowed, while the pace of store closings has increased. During fiscal 2019, the Company conducted a lease renegotiation project and started a store fleet optimization project for all Bed Bath & Beyond stores with the goal to create a better balance between its physical and digital presence within the markets it serves. The Company continues to analyze stores’ performance, profitability, geographic location and customer demographics to understand how best to position its store locations in various markets across the country. In addition, the Company has more than 250 store leases that are up for renewal in 2020, which
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provide opportunity to evaluate additional store closures and relocations. As of February29, 2020, the Company had distribution facilities totaling approximately 7.4 million square feet, supporting the growth of its customer facing digital channels as well as its stores and its institutional sales segment.
The integration of retail store and customer facing digital channels allows the Company to provide its customers with a seamless shopping experience. In-store purchases are primarily fulfilled from that stores inventory or may also be shipped to a customer from one of the Companys distribution facilities, a vendor, or another store. Purchases, including web and mobile, can be shipped to a customer from the Companys distribution facilities, directly from vendors, or from a store. The Companys customers can also choose to pick up orders reserved online in a store, as well as return online purchases to a store. Customers can also make purchases through one of the Companys customer contact centers and in-store through The Beyond Store, the Companys proprietary, web-based platform. These capabilities allow the Company to better serve customers across various channels. Beginning in April 2020, in some locations, customers can buy online and pick up in store or pick up orders curbside.
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. Net sales outside of the U.S. for the Company were not material for 2019, 2018 and 2017.
Strategy
Bed Bath & Beyonds mission is to re-establish its authority in the Home space and be the preferred omni channel Home destination.
To advance its mission, the Company is executing on a comprehensive plan to transform its business and position the Company for long-term success. The Companys strategic growth plans are grounded in five key pillars: Product, Price, Promise, Place and People, and focused on a singular purpose to make it easy to feel at home. With these five pillars as its framework, the Company is embracing a commitment to build and manage a modern, durable business model. The Company remains focused on accelerating its extensive transformation efforts and driving against the following near-term priorities: 1) stabilizing sales and driving top-line growth; 2) resetting the cost structure; 3) reviewing and optimizing the Companys asset base, including its portfolio of retail banners; and 4) refining the Companys organization structure.
Pricing. The Company believes in offering its customers high quality and differentiated products, services and solutions at the right price and value. The Company regularly monitors price levels at its competitors in order to ensure that its prices are in accordance with its pricing philosophy. The Company plans to invest in and clarify compelling value through its pricing strategy to sharpen its value-for-quality proposition and to acquire, regain and retain customers..
Merchandising. 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 (including furniture and wall dcor), consumables and certain juvenile products. The Company strives to present an exciting and engaging assortment of products to its customers, including name brands, proprietary and exclusive brands, as well as personalized products. The Company pursues product differentiation in several ways, including its own product development, and exclusivity and limited distribution with its vendor partners. Some examples of the Companys proprietary brands include Bee & Willow Home, Wamsutta, Olivia & Oliver, SALT and Artisanal Kitchen Supply. The Company, on an ongoing basis, tests new merchandise categories and adjusts the categories of merchandise carried in-store and online and may add new product categories or expand its merchandise assortment as appropriate. Additionally, the Company has and continues to integrate its merchandise assortments among its concepts.
The Company has been evolving its merchandise mix to provide a more inspirational and personal shopping experience with an expanded offering, which includes a more differentiated product mix, and enhanced services and solutions for customers, both in-store and across its customer facing digital channels.
As consumer shopping preferences continue to shift to customer facing digital channels, the Company believes its investments are driving a better omnichannel experience. The Company continues to improve the presentation and content as well as the functionality, general search and navigation features across its customer facing digital channels. The Company is also adapting its physical channels to further integrate its omnichannel capabilities to enhance the in-store customer experience by bringing products, services and solutions, as well as the Companys brand, to life. This includes services such as reserve online and pickup in-store, purchase online and return in-store, and online appointment scheduling for one of the Companys various registry services. Beginning in April 2020, in some locations, customers can buy online and pick up in store or pick up orders curbside.
Marketing. The Companys marketing efforts include a full-range of online and off-line vehicles, including email, mobile SMS, social, search, digital display, content and influencer marketing, online affiliate programs, and public relations efforts, as well as
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traditional broadcast and print media such as postcards, newspaper inserts, circulars, and catalogs, all of which sometimes include coupon offers. The Company has been integrating its expansive customer data with other relevant third-party data and technology tools to develop and scale tailored and personalized marketing communications to drive further engagement with customers.
Customer Service. The Companys customer-first approach is rooted in creating a noticeably better shopping experience for each and every customer. The Company invests in its people and in delivering high-quality products, services and solutions. As part of its objective to take care of its customers, the Company strives to make returns and exchanges hassle-free, whether in store or online. The Companys best-in-class registry services for wedding, baby and college provide a differentiated opportunity to deepen customer relationships by demonstrating a high level of customer service during important life stages. Also, the Company continues to invest in the technology necessary to enable a more seamless interaction between its associates and its customers wherever, whenever and however they wish to interact with the Company. The Companys customer contact centers provide 24/7 customer service and provide support by phone, email or live chat. The Company continues to focus its efforts and investments to strengthen its position as a leader in customer service.
Suppliers
The Company purchases substantially all of its merchandise in the United States, the majority from domestic sources (who may manufacture overseas) and the balance from importers. The Company purchases a small amount of its merchandise directly from overseas sources. In fiscal 2019, the Company purchased its merchandise from approximately 10,600 suppliers with its largest supplier accounting for approximately 4% of its merchandise purchases and the 10 largest suppliers accounting for approximately 18% of such purchases. The Company has no long term contracts for the purchases of merchandise. The Company believes that most merchandise, other than brand name goods, is available from a variety of sources and that most brand name goods can be replaced with comparable merchandise.
The Company is in the early stages of expanding its direct importing and direct sourcing capabilities. The Company believes that its expanding global sourcing capabilities will allow for a higher penetration of its own sourced and developed proprietary product in its merchandise assortment.
Distribution
A substantial portion of the Companys merchandise is shipped to stores through a combination of third-party facilities, including cross dock locations, or Company operated distribution facilities which are located throughout the United States. The remaining merchandise for stores is shipped directly from vendors. Merchandise is shipped directly to customers from one of the Companys operated distribution facilities, stores or from vendors. The majority of the Companys shipments are made by contract carriers depending upon location.
See Item 2 Properties for additional information regarding the Companys distribution facilities.
Associates
As of February29, 2020, the Company employed approximately 55,000 regular full-time and part-time associates. In conjunction with the temporary store closures discussed elsewhere in this Annual Report, the Company has furloughed the majority of store associates and a portion of corporate associates until at least May 16, 2020. The Company believes that its employee relations are very good.
Seasonality
The Companys business is subject to seasonal influences. Generally, its sales volumes are higher in the calendar months of August, November and December, and lower in February.
Transformation
The Company has undertaken significant change to adapt to the dynamic retail environment and the evolving needs of its customers to improve its competitive position and has been executing on a comprehensive plan to transform its business and position the Company for long-term success. On May 13, 2019, the Company announced that Mary Winston, a seasoned public company executive who had recently joined the Company’s Board of Directors (the “Board”), was appointed Interim Chief Executive Officer, after the former CEO stepped down. At the time, the Board and management team were executing against four key near-term priorities that included: 1) stabilizing sales and driving top-line growth; 2) resetting the cost structure; 3) reviewing and optimizing the Companys asset base, including its portfolio of retail banners; and 4) refining the Companys organization structure. On October 6, 2019, the Companys Board appointed Mark Tritton as President and CEO of the Company, effective as of November 4, 2019. During the
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first six months of his tenure, Mr. Tritton has been assessing the operations, portfolio, capabilities and culture of the Company to develop a strategic plan designed to position the Company to deliver long-term, sustainable growth. Mr. Trittons strategic growth plans for the Company are grounded in five key pillars: Product, Price, Promise, Place and People, and are focused on a singular purpose to make it easy to feel at home. With these five pillars as its framework, the Company is embracing a commitment to build and manage a modern, durable business model, while maintaining focus on accelerating its extensive transformation efforts and continuing to drive against the near-term priorities to generate savings and reinvest for future growth.
Early actions include the extensive restructure of the Companys leadership team, including the departure of six senior members, which was announced on December 17, 2019. Interim leaders were appointed in merchandising, digital, marketing, owned brands and legal, while the Company actively recruits for these roles. The new leadership team has been charged with streamlining decision-making, accelerating the pace of transformation, and re-establishing the Companys authority in the home space through a more customer focused, omnichannel retail operation, a redefined product assortment, and a more convenient and inspirational shopping experience. Subsequent to the end of fiscal 2019, on March 4, 2020, Joe Hartsig joined the Company as Executive Vice President, Chief Merchandising Officer of Bed Bath & Beyond and President of Harmon Stores Inc. In addition, on April 21, 2020, the Company announced the appointment of John Hartmann as the Chief Operating Officer of the Company and President, buybuy BABY, effective as of May 18, 2020.
During the fiscal 2019 fourth quarter, the Company completed a sale-leaseback transaction with respect to approximately 2.1 million square feet of owned real estate, generating over $250 million in net proceeds, and also entered into a definitive agreement to sell PMall to 1-800-FLOWERS..COM for $252 million, subject to certain working capital and other adjustments (the buyer was required to close the PMall transaction on March 30, 2020, but failed to do so; accordingly, the Company filed an action to require the buyer to close the transaction). Subsequent to the end of fiscal 2019, the Company sold One Kings Lane to a third party for an undisclosed amount. While the Company cannot make any assurances, the Company, together with its outside advisors, continues to pursue other portfolio adjustments and evaluate the Company’s remaining owned real estate in an effort to create a stronger and more focused portfolio and enhance shareholder value. The net proceeds from these transactions and any other potential cash-generating transactions could be used to reinvest in the Companys core business operations to drive growth, fund share repurchases, reduce the Companys outstanding debt, or some combination of these. In other activity, the Company has been further evaluating its product assortment and taking aggressive steps to rationalize the assortment and better manage its inventory.
Given the current business environment, resulting in temporary store closures and further reductions in operating expenses, the Company has modified its capital investments, focusing on its core business and key projects that support its digital and omni fulfillment capabilities, including Buy Online Pick Up In Store and curbside pickup, omni inventory management, as well as digital marketing and personalization. The Company is also re-engineering its supply chain and vendor relationships, as well as further strengthening its owned-brand strategy.
Competition
The Company operates in a highly competitive business environment and competes with other national, regional, local and online retailers that may carry similar lines of merchandise, including department stores, specialty stores, off-price stores, mass merchandise stores and online only retailers. The Company believes the key to competing in its industry is to provide best-in-class customer service and customer experiences in stores and online, which includes a compelling price and value; high-quality and differentiated products, services and solutions; convenience; technology; personalization; and appealing and experiential store environments.
Tradenames and Service Marks
The Company uses the service marks Bed Bath & Beyond, buybuy BABY, Christmas Tree Shops, andThat!, Harmon, Face Values, Cost Plus, World Market, Cost Plus World Market, PersonalizationMall.com, PMall and Decorist, in connection with its retail services. The Company also uses the service marks Harbor Linen and TY Group in connection with its institutional sales segment. The Company has registered trademarks and service marks or is seeking registrations for these and other trademarks and service marks with the United States Patent and Trademark Office. In addition, the Company has registered or has applications pending with the trademark registries of several foreign countries, including having registered the Bed Bath & Beyond name and logo in Canada and Mexico and having registered the buybuy BABY name and logo in Canada. The Company also owns a
