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Lowe’s Companies, Inc.
Consolidated Statements of Cash Flows
(In millions)
February 2, February 3, January 28,
Fiscal years ended on
2007 2006 2005
Cash ows from operating activities:
Net earnings $ 3,105 $ 2,765 $ 2,167
Adjustments to reconcile earnings to net cash provided by operating activities:
Depreciation and amortization 1,237 1,051 926
Deferred income taxes (6) (37) 102
Loss on disposition/writedown of xed and other assets 23 31 55
Share-based payment expense 62 76 70
Changes in operating assets and liabilities:
Merchandise inventory – net (509) (785) (1,358)
Other operating assets (135) (38) 156
Accounts payable 692 137 483
Other operating liabilities 33 642 472
Net cash provided by operating activities 4,502 3,842 3,073
Cash ows from investing activities:
Purchases of short-term investments (284) (1,829) (1,180)
Proceeds from sale/maturity of short-term investments 572 1,802 1,799
Purchases of long-term investments (558) (354) (156)
Proceeds from sale/maturity of long-term investments 415 55 28
Increase in other long-term assets (16) (30) (12)
Fixed assets acquired (3,916) (3,379) (2,927)
Proceeds from the sale of xed and other long-term assets 72 61 86
Net cash used in investing activities (3,715) (3,674) (2,362)
Cash ows from nancing activities:
Net increase from short-term borrowings 23 – –
Proceeds from issuance of long-term debt 989 1,013 –
Repayment of long-term debt (33) (633) (82)
Proceeds from issuance of common stock under employee stock purchase plan 76 65 61
Proceeds from issuance of common stock from stock options exercised 100 225 90
Cash dividend payments (276) (171) (116)
Repurchase of common stock (1,737) (774) (1,000)
Excess tax benets of share-based payments 12 – –
Net cash used in nancing activities (846) (275) (1,047)
Net decrease in cash and cash equivalents (59) (107) (336)
Cash and cash equivalents, beginning of year 423 530 866
Cash and cash equivalents, end of year $ 364 $ 423 $ 530
See accompanying notes to the consolidated nancial statements.
31
Lowe’s 2006 Annual Report