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Page 30 Lowe’s 2004 Annual Report
Lowe’s Companies, Inc.
Consolidated Statements of Cash Flows
January 30, January 31,
(In Millions) January 28, 2004 2003
Years Ended On 2005 As Restated (Note 2) As Restated (Note 2)
Cash Flows from Operating Activities:
Net Earnings $ 2,176 $ 1,844 $ 1,491
Earnings from Discontinued Operations, Net of Tax – (15) (12)
Earnings from Continuing Operations 2,176 1,829 1,479
Adjustments to Reconcile Earnings from Continuing
Operations to Net Cash Provided by Operating Activities:
Depreciation and Amortization 920 800 659
Deferred Income Taxes 109 157 221
Loss on Disposition/Writedown of Fixed and Other Assets 21 31 18
Stock-Based Compensation Expense 70 51 –
Tax Effect of Stock Options Exercised 33 31 29
Changes in Operating Assets and Liabilities:
Accounts Receivable — Net 125 (16) (9)
Merchandise Inventory (1,389) (648) (357)
Other Operating Assets 31 (10) (9)
Accounts Payable 475 421 202
Other Operating Liabilities 462 296 421
Net Cash Provided by Operating Activities from Continuing Operations 3,033 2,942 2,654
Cash Flows from Investing Activities:
Decrease (Increase) in Short-Term Investments 690 86 (128)
Purchases of Long-Term Investments (156) (381) (24)
Proceeds from Sale/Maturity of Long-Term Investments 28 193 –
Increase in Other Long-Term Assets (14) (95) (33)
Fixed Assets Acquired (2,927) (2,345) (2,336)
Proceeds from the Sale of Fixed and Other Long-Term Assets 122 45 44
Net Cash Used in Investing Activities from Continuing Operations (2,257) (2,497) (2,477)
Cash Flows from Financing Activities:
Net Decrease in Short-Term Borrowings – (50) (50)
Repayment of Long-Term Debt (82) (29) (63)
Proceeds from Employee Stock Purchase Plan 61 52 50
Proceeds from Stock Options Exercised 90 97 65
Cash Dividend Payments (116) (87) (66)
Repurchase of Common Stock (1,000) – –
Net Cash Used in Financing Activities from Continuing Operations (1,047) (17) (64)
Net Cash Provided by Discontinued Operations – 112 16
Net (Decrease) Increase in Cash and Cash Equivalents (271) 540 129
Cash and Cash Equivalents, Beginning of Year 913 373 244
Cash and Cash Equivalents, End of Year $ 642 $ 913 $ 373
See accompanying notes to the consolidated financial statements.