Lowe's 1998 Annual Report Download - page 24

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January 29, January 30, January 31,
1999 1998 1997
Consolidated Statements of Cash Flows
In Thousands
Years Ended on
Cash Flows from Operating Activities:
Net Earnings $ 482,422 $ 357,484 $ 292,150
Adjustments to Reconcile Net Earnings to Net Cash
Provided By Operating Activities:
Depreciation 271,769 240,880 198,115
Amortization of Original Issue Discount 445 192 1,671
Increase in Deferred Income Taxes 14,337 7,637 17,043
Loss on Disposition/Writedown of Fixed and Other Assets 23,540 14,263 9,892
Changes in Operating Assets and Liabilities:
Accounts Receivable – Net (25,520) (846) (4,079)
Merchandise Inventory (390,253) (108,712) (338,803)
Other Operating Assets (6,313) 6,732 (4,788)
Accounts Payable 163,400 55,610 258,768
Employee Retirement Plans 75,508 60,527 59,736
Other Operating Liabilities 87,513 31,103 53,288
Net Cash Provided by Operating Activities 696,848 664,870 542,993
Cash Flows from Investing Activities:
(Increase) Decrease in Investment Assets:
Short-Term Investments 19,848 25,773 98,754
Purchases of Long-Term Investments (19,866) (15,384) (27,259)
Proceeds from Sale/Maturity of Long-Term Investments 2,644 4,811 12,203
(Increase) Decrease in Other Long-Term Assets (18,528) (5,472) 3,456
Fixed Assets Acquired (928,040) (772,792) (677,160)
Proceeds from the Sale of Fixed and Other Long-Term Assets 38,202 31,183 11,615
Net Cash Used in Investing Activities (905,740) (731,881) (578,391)
Cash Flows from Financing Activities:
Net Increase (Decrease) in Short-Term Borrowings (5,629) 17,199 64,288
Long-Term Debt Borrowings 296,159 265,795 —
Repayment of Long-Term Debt (15,458) (32,781) (17,662)
Proceeds from Stock Options Exercised 12,140 210 —
Cash Dividend Payments (50,757) (28,653) (34,709)
Net Cash Provided by Financing Activities 236,455 221,770 11,917
Net Increase (Decrease) in Cash and Cash Equivalents 27,563 154,759 (23,481)
Cash and Cash Equivalents, Beginning of Year 195,146 40,387 63,868
Cash and Cash Equivalents, End of Year $ 222,709 $ 195,146 $ 40,387
See accompanying notes to consolidated financial statements.
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