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26 / 27 LO WE’S CO MPANIES, INC. ANNUAL REPORT 2002
(In Millions, Except Par Value Data) January 31, 2003 % Total February 1, 2002 % Total
Assets
Current Assets:
Cash and Cash Equivalents $ 853 5.3 % $ 799 5.8 %
Short-Term Investments (Note 2) 273 1.7 54 0.4
Accounts Receivable — Net (Notes 1 and 5) 172 1.1 166 1.2
Merchandise Inventory (Note 1) 3,968 24.6 3,611 26.3
Deferred Income Taxes (Note 12) 58 0.4 93 0.7
Other Current Assets 244 1.5 197 1.4
Total Current Assets 5,568 34.6 4,920 35.8
Property, Less Accumulated Depreciation (Notes 3 and 6) 10,352 64.3 8,653 63.0
Long-Term Investments (Note 2) 29 0.2 22 0.2
Other Assets (Note 4) 160 0.9 141 1.0
Total Assets $ 16,109 100.0 % $ 13,736 100.0 %
Liabilities and Shareholders’ Equity
Current Liabilities:
Short-Term Borrowings (Note 5) $ 50 0.3 % $ 100 0.7 %
Current Maturities of Long-Term Debt (Note 6) 29 0.2 59 0.5
Accounts Payable 1,943 12.1 1,715 12.5
Employee Retirement Plans (Note 11) 88 0.5 126 0.9
Accrued Salaries and Wages 306 1.9 221 1.6
Other Current Liabilities (Note 4) 1,162 7.2 796 5.8
Total Current Liabilities 3,578 22.2 3,017 22.0
Long-Term Debt, Excluding Current Maturities (Notes 6, 7 and 10) 3,736 23.2 3,734 27.2
Deferred Income Taxes (Note 12) 478 3.0 305 2.2
Other Long-Term Liabilities 15 0.1 6 –
Total Liabilities 7,807 48.5 7,062 51.4
Shareholders’ Equity (Note 9):
Preferred Stock — $5 Par Value, none issued – – – –
Common Stock — $.50 Par Value;
Shares Issued and Outstanding
January 31, 2003 782
February 1, 2002 776 391 2.4 388 2.8
Capital in Excess of Par Value 2,023 12.6 1,803 13.2
Retained Earnings 5,887 36.5 4,482 32.6
Accumulated Other Comprehensive Income 1 – 1 –
Total Shareholders’ Equity 8,302 51.5 6,674 48.6
Total Liabilities and Shareholders’ Equity $ 16,109 100.0 % $ 13,736 100.0 %
See accompanying notes to the consolidated financial statements.
LOWE’S CO MPANIES, INC.
CONSOLIDATED BALANCE SHEETS