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LOWE’S 2007 ANNUAL REPORT |31
Lowe’s Companies, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) February 1,
February 2, February 3,
Fiscal years ended on 2008
2007 2006
Cash flows from operating activities:
Net earnings $2,809 $ 3,105 $ 2,765
Adjustments to reconcile earnings to net cash provided by operating activities:
Depreciation and amortization 1,464 1,237 1,051
Deferred income taxes 2 (6) (37)
Loss on disposition/writedown of fixed and other assets 51 23 31
Share-based payment expense 99 62 76
Changes in operating assets and liabilities:
Merchandise inventory – net (464) (509) (785)
Other operating assets (64) (135) (38)
Accounts payable 185 692 137
Other operating liabilities 265 33 642
Net cash provided by operating activities 4,347 4,502 3,842
Cash flows from investing activities:
Purchases of short-term investments (920) (284) (1,829)
Proceeds from sale/maturity of short-term investments 1,183 572 1,802
Purchases of long-term investments (1,588) (558) (354)
Proceeds from sale/maturity of long-term investments 1,162 415 55
Increase in other long-term assets (7) (16) (30)
Fixed assets acquired (4,010) (3,916) (3,379)
Proceeds from the sale of fixed and other long-term assets 57 72 61
Net cash used in investing activities (4,123) (3,715) (3,674)
Cash flows from financing activities:
Net increase in short-term borrowings 1,041 23 –
Proceeds from issuance of long-term debt 1,296 989 1,013
Repayment of long-term debt (96) (33) (633)
Proceeds from issuance of common stock under employee stock purchase plan 80 76 65
Proceeds from issuance of common stock from stock options exercised 69 100 225
Cash dividend payments (428) (276) (171)
Repurchase of common stock (2,275) (1,737) (774)
Excess tax benefits of share-based payments 6 12 –
Net cash used in financing activities (307) (846) (275)
Net decrease in cash and cash equivalents (83) (59) (107)
Cash and cash equivalents, beginning of year 364 423 530
Cash and cash equivalents, end of year $ 281 $ 364 $ 423
See accompanying notes to the consolidated financial statements.