Lowe's 2009 Annual Report Download - page 48

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46
During 2009, the Company entered into a joint venture agreement
with Australian retailer Woolworths Limited, to develop a chain of
home improvement stores in Australia. Over the next four years, the
Company will contribute $400 million to the joint venture, of which
it is a one-third owner. e contributions are expected to be relatively
consistent over the four year period.
NOTE 14 RELATED PARTIES
A brother-in-law of the Company’s Executive Vice President of
Business Development is a senior officer of a vendor that provides
millwork and other building products to the Company. e Company
purchased products from this vendor in the amount of $86 million,
$92 million and $101 million for 2009, 2008, and 2007, respectively.
Amounts payable to this vendor were insignificant at January 29, 2010
and January 30, 2009.
NOTE 15 OTHER INFORMATION
Net interest expense is comprised of the following:
(In millions) 2009 2008 2007
Long-term debt $293 $292 $247
Short-term borrowings 2 11 8
Capitalized lease obligations 32 31 32
Interest income (17) (40) (45)
Interest capitalized (19) (36) (65)
Interest on tax uncertainties (9) 10 3
Other 5 12 14
Interest - net $287 $280 $194
Supplemental disclosures of cash flow information:
(In millions) 2009 2008 2007
Cash paid for interest,
net of amount capitalized $ 314 $ 309 $ 198
Cash paid for income taxes $1,157 $1,138 $1,725
Non-cash investing and
financing activities:
Non-cash property acquisitions,
including assets acquired under
capital lease $ 69 $ 124 $ 99
Change in equity
method investments $ (4) $ (15) $ –
Conversions of long-term
debt to equity $ – $ 1 $ 13
Cash dividends declared but not paid $ 131 $ – $ –
Sales by Product Category:
(Dollars in millions) 2009 2008 2007
Product Total Total Total
Category Sales % Sales % Sales %
Appliances $ 4,541 10% $ 4,376 9% $ 4,302 9%
Paint 3,571 8 3,387 7 3,256 7
Lumber 3,243 7 3,507 7 3,559 7
Flooring 3,125 7 3,252 7 3,214 7
Building materials 2,924 6 2,970 7 2,747 6
Millwork 2,786 6 2,965 6 3,238 7
Lawn & landscape
products 2,688 5 2,581 5 2,446 5
Hardware 2,497 5 2,514 5 2,431 5
Fashion plumbing 2,475 5 2,572 5 2,762 6
Tools 2,439 5 2,563 5 2,671 5
Lighting 2,406 5 2,508 5 2,700 5
Seasonal living 2,231 5 2,226 5 2,185 4
Rough plumbing 2,044 4 2,008 4 1,895 4
Nursery 1,897 4 1,808 4 1,687 3
Outdoor power
equipment 1,834 4 1,963 4 1,836 4
Cabinets &
countertops 1,715 4 1,934 4 2,180 5
Rough electrical 1,315 3 1,447 3 1,492 3
Home environment 1,189 2 1,237 3 1,222 3
Home organization 1,004 2 1,062 2 1,077 2
Windows & walls 972 2 1,055 2 1,092 2
Other 324 1 295 1 291 1
Totals $ 47,220 100% $ 48,230 100% $ 48,283 100%