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LOWE’S 2010 ANNUAL REPORT 33
LOWE’S COMPANIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) January 28, January 29
,
January 30
,
Fiscal years ended on 2011
2010 2009
Cash flows from operating activities:
฀ Net฀earnings฀฀ $฀2,010฀ $฀1,783฀ $฀2,195
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 1,684 1,733 1,667
฀ ฀ Deferred฀income฀taxes฀ ฀ (133)฀ ฀ (123)฀ ฀ 69
Loss on property and other assets – net 103 193 89
Loss on redemption of long-term debt – – 8
฀ ฀ Share-based฀payment฀expense฀ ฀ 115฀ ฀ 102฀ ฀ 95
Changes in operating assets and liabilities:
Merchandise inventory – net (64) (28) (611)
Other operating assets (142) 7 31
Accounts payable 60 175 402
Other operating liabilities 219 212 177
Net cash provided by operating activities 3,852 4,054 4,122
Cash flows from investing activities:
Purchases of investments (2,605) (1,827) (1,358)
Proceeds from sale/maturity of investments 1,822 1,784 1,425
Increase in other long-term assets (97) (62) (56)
Property acquired (1,329) (1,799) (3,266)
Proceeds from sale of property and other long-term assets 25 18 29
Net cash used in investing activities (2,184) (1,886) (3,226)
Cash flows from financing activities:
Net decrease in short-term borrowings – (1,007) (57)
Net proceeds from issuance of long-term debt 1,985 10 15
Repayment of long-term debt (552) (37) (573)
Proceeds from issuance of common stock under share-based payment plans 104 128 174
Cash dividend payments (571) (391) (491)
Repurchase of common stock (2,618) (504) (8)
฀ Excess฀tax฀benets฀of฀share-based฀payments฀ ฀ 1฀ ฀ –฀ ฀ 1
Net cash used in financing activities (1,651) (1,801) (939)
Effect of exchange rate changes on cash 3 20 7
Net increase (decrease) in cash and cash equivalents 20 387 (36)
Cash and cash equivalents, beginning of year 632 245 281
Cash and cash equivalents, end of year $ 652 $ 632 $ 245
See accompanying notes to consolidated financial statements.