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2003 ANNUAL REPORT 29
Lowe’s Companies, Inc.
Consolidated Statements of Cash Flows
(In Millions) January 30, January 31, February 1,
Years Ended On 2004 2003 2002
Cash Flows from Operating Activities:
Net Earnings $ 1,877 $ 1,471 $ 1,023
Earnings from Discontinued Operations, Net of Tax (15) (12) (13)
Earnings from Continuing Operations 1,862 1,459 1,010
Adjustments to Reconcile Net Earnings from Continuing
Operations to Net Cash Provided by Operating Activities
Depreciation and Amortization 781 641 530
Deferred Income Taxes 178 208 42
Loss on Disposition/Writedown of Fixed and Other Assets 31 18 39
Stock-Based Compensation Expense 41 – –
Tax Effect of Stock Options Exercised 31 29 35
Changes in Operating Assets and Liabilities:
Accounts Receivable — Net 2 (9) (5)
Merchandise Inventory (648) (357) (326)
Other Operating Assets (45) (41) (37)
Accounts Payable 423 228 1
Employee Retirement Plans (14) 40 114
Other Operating Liabilities 399 461 193
Net Cash Provided by Operating Activities from Continuing Operations 3,041 2,677 1,596
Cash Flows from Investing Activities:
Decrease (Increase) in Investment Assets:
Short-Term Investments 139 (203) (30)
Purchases of Long-Term Investments (381) (24) (1)
Proceeds from Sale/Maturity of Long-Term Investments 193 – 3
Increase in Other Long-Term Assets (95) (33) (14)
Fixed Assets Acquired (2,444) (2,359) (2,196)
Proceeds from the Sale of Fixed and Other Long-Term Assets 45 44 42
Net Cash Used in Investing Activities from Continuing Operations (2,543) (2,575) (2,196)
Cash Flows from Financing Activities:
Net Decrease in Short-Term Borrowings (50) (50) (150)
Long-Term Debt Borrowings – – 1,087
Repayment of Long-Term Debt (29) (63) (63)
Proceeds from Employee Stock Purchase Plan 52 50 38
Proceeds from Stock Options Exercised 97 65 77
Cash Dividend Payments (87) (66) (60)
Net Cash (Used in) Provided by Financing Activities from Continuing Operations (17) (64) 929
Net Cash Provided by Discontinued Operations 112 16 14
Net Increase in Cash and Cash Equivalents 593 54 343
Cash and Cash Equivalents, Beginning of Year 853 799 456
Cash and Cash Equivalents, End of Year $ 1,446 $ 853 $ 799
See accompanying notes to the consolidated financial statements.