Lowe's 1999 Annual Report Download - page 24

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22
Consolidated Statements of Cash Flows
In Thousands
Years Ended on
January 28, January 29, January 30,
2000 1999 1998
Cash Flows from Operating Activities:
Net Earnings $ 672,795 $ 500,374 $ 383,030
Adjustments to Reconcile Net Earnings to Net Cash
Provided By Operating Activities:
Depreciation 337,359 288,607 255,694
Amortization of Original Issue Discount 463 445 192
Increase in Deferred Income Taxes 13,439 8,226 8,024
Loss on Disposition/Writedown of Fixed and Other Assets 51,520 24,018 14,263
Changes in Operating Assets and Liabilities:
Accounts Receivable – Net (3,973) (25,520) (846)
Merchandise Inventory (427,661) (399,660) (130,246)
Other Operating Assets (77,704) (7,937) 7,346
Accounts Payable 346,403 184,660 57,658
Employee Retirement Plans 76,024 75,675 61,860
Other Operating Liabilities 182,223 92,757 33,999
Net Cash Provided by Operating Activities 1,170,888 741,645 690,974
Cash Flows from Investing Activities:
(Increase) Decrease in Investment Assets:
Short-Term Investments (50,998) 19,848 57,103
Purchases of Long-Term Investments (12,413) (19,866) (15,384)
Proceeds from Sale/Maturity of Long-Term Investments 2,531 2,644 4,811
Increase in Other Long-Term Assets (36,643) (21,723) (9,940)
Fixed Assets Acquired (1,472,348) (1,078,107) (826,246)
Proceeds from the Sale of Fixed and Other Long-Term Assets 67,837 38,202 31,183
Net Cash Used in Investing Activities (1,502,034) (1,059,002) (758,473)
Cash Flows from Financing Activities:
Net Increase (Decrease) in Short-Term Borrowings (24,600) 18,971 17,199
Long-Term Debt Borrowings 394,588 328,159 310,795
Repayment of Long-Term Debt (108,309) (23,318) (36,252)
Proceeds from Stock Offering 348,300 — —
Proceeds from Stock Options Exercised 30,973 14,473 1,988
Cash Dividend Payments (47,558) (50,757) (28,653)
Net Cash Provided by Financing Activities 593,394 287,528 265,077
Net Increase (Decrease) in Cash and Cash Equivalents 262,248 (29,829) 197,578
Cash and Cash Equivalents, Beginning of Year 228,874 258,703 61,125
Cash and Cash Equivalents, End of Year $ 491,122 $ 228,874 $ 258,703
See accompanying notes to consolidated financial statements.