Lowe's 2007 Annual Report Download - page 31

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Lowe’s Companies, Inc.
CONSOLIDATED BALANCE SHEETS
February 1,
% February 2, %
(In millions, except par value and percentage data) 2008
Total 2007 Total
Assets
Current assets:
Cash and cash equivalents (Note 1) $ 281 0.9% $ 364 1.3%
Short-term investments (Notes 1 and 2) 249 0.8 432 1.6
Merchandise inventory – net (Note 1) 7,611 24.6 7,144 25.7
Deferred income taxes – net (Notes 1 and 10) 247 0.8 161 0.6
Other current assets (Note 1) 298 1.0 213 0.8
Total current assets 8,686 28.1 8,314 30.0
Property, less accumulated depreciation (Notes 1 and 3) 21,361 69.2 18,971 68.3
Long-term investments (Notes 1 and 2) 509 1.7 165 0.6
Other assets (Note 1) 313 1.0 317 1.1
Total assets $30,869 100.0% $27,767 100.0%
Liabilities and shareholders’ equity
Current liabilities:
Short-term borrowings (Note 4) $ 1,064 3.5% $ 23 0.1%
Current maturities of long-term debt (Note 5) 40 0.1 88 0.3
Accounts payable (Note 1) 3,713 12.0 3,524 12.7
Accrued salaries and wages 424 1.4 425 1.5
Self-insurance liabilities (Note 1) 671 2.2 650 2.4
Deferred revenue (Note 1) 717 2.3 731 2.6
Other current liabilities (Note 1) 1,122 3.6 1,098 3.9
Total current liabilities 7,751 25.1 6,539 23.5
Long-term debt, excluding current maturities (Notes 5, 6 and 12) 5,576 18.1 4,325 15.6
Deferred income taxes – net (Notes 1 and 10) 670 2.2 735 2.7
Other liabilities (Note 1) 774 2.5 443 1.6
Total liabilities 14,771 47.9 12,042 43.4
Commitments and contingencies (Note 13)
Shareholders’ equity (Note 7):
Preferred stock – $5 par value, none issued – – – –
Common stock – $.50 par value;
Shares issued and outstanding
February 1, 2008 1,458
February 2, 2007 1,525 729 2.3 762 2.7
Capital in excess of par value 16 0.1 102 0.4
Retained earnings 15,345 49.7 14,860 53.5
Accumulated other comprehensive income (Note 1) 8 – 1 –
Total shareholders’ equity 16,098 52.1 15,725 56.6
Total liabilities and shareholders’ equity $30,869 100.0% $27,767 100.0%
See accompanying notes to the consolidated financial statements.
LOWE’S 2007 ANNUAL REPORT |29