Lowe's 2002 Annual Report Download - page 30

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28 / 29 LO WE’S CO MPANIES, INC. ANNUAL REPORT 2002
(In Millions) January 31, February 1, February 2,
Years Ended On 2003 2002 2001
Cash Flows From Operating Activities:
Net Earnings $ 1,471 $ 1,023 $ 810
Adjustments to Reconcile Net Earnings to Net Cash
Provided By Operating Activities:
Depreciation and Amortization 645 534 410
Deferred Income Taxes 208 42 23
Loss on Disposition/Writedown of Fixed and Other Assets 18 39 23
Tax Effect of Stock Options Exercised 29 35 7
Changes in Operating Assets and Liabilities:
Accounts Receivable — Net (6) (5) (13)
Merchandise Inventory (357) (326) (473)
Other Operating Assets (41) (37) (60)
Accounts Payable 228 1 158
Employee Retirement Plans 40 114 (26)
Other Operating Liabilities 461 193 271
Net Cash Provided by Operating Activities 2,696 1,613 1,130
Cash Flows from Investing Activities:
(Increase) Decrease in Investment Assets:
Short-Term Investments (203) (30) 76
Purchases of Long-Term Investments (24) (1) (14)
Proceeds from Sale/Maturity of Long-Term Investments – 3 1
Increase in Other Long-Term Assets (33) (14) (52)
Fixed Assets Acquired (2,362) (2,199) (2,332)
Proceeds from the Sale of Fixed and Other Long-Term Assets 44 42 71
Net Cash Used in Investing Activities (2,578) (2,199) (2,250)
Cash Flows from Financing Activities:
Net (Decrease) Increase in Short-Term Borrowings (50) (150) 157
Long-Term Debt Borrowings – 1,087 1,015
Repayment of Long-Term Debt (63) (63) (61)
Proceeds from Employee Stock Purchase Plan 50 38 15
Proceeds from Stock Options Exercised 65 77 12
Cash Dividend Payments (66) (60) (53)
Net Cash (Used in) Provided by Financing Activities (64) 929 1,085
Net Increase (Decrease) in Cash and Cash Equivalents 54 343 (35)
Cash and Cash Equivalents, Beginning of Year 799 456 491
Cash and Cash Equivalents, End of Year $ 853 $ 799 $ 456
See accompanying notes to the consolidated financial statements.
LOWE’S CO MPANIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS