Lowe's 2012 Annual Report Download - page 48

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34
Lowe’s Companies, Inc.
Consolidated Statements of Cash Flows
(In millions)
Fiscal years ended on
February 1,
2013
February 3,
2012
January 28,
2011
Cash flows from operating activities:
Net earnings .................................................................................... $ 1,959 $ 1,839 $ 2,010
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Depreciation and amortization ..................................................... 1,623 1,579 1,684
Deferred income taxes ................................................................. (140) 54 (133)
Loss on property and other assets – net ....................................... 83 456 103
Loss on equity method investments ............................................. 48 12 4
Share-based payment expense ..................................................... 100 107 115
Changes in operating assets and liabilities:
Merchandise inventory – net .................................................... (244) (33 ) (64)
Other operating assets ............................................................... (87) 125 (146)
Accounts payable ..................................................................... 303 (5 ) 60
Other operating liabilities ......................................................... 117 215 219
Net cash provided by operating activities ................................ 3,762 4,349 3,852
Cash flows from investing activities:
Purchases of investments ............................................................. (1,444) (1,433 ) (2,605)
Proceeds from sale/maturity of investments ................................ 1,837 2,120 1,822
Capital expenditures..................................................................... (1,211) (1,829 ) (1,329)
Contributions to equity method investments – net ....................... (219) (232 ) (83)
Proceeds from sale of property and other long-term assets .......... 130 52 25
Other – net ................................................................................... 4 (115 ) (14)
Net cash used in investing activities .......................................... (903) (1,437 ) (2,184)
Cash flows from financing activities:
Net proceeds from issuance of long-term debt ............................ 1,984 993 1,985
Repayment of long-term debt ...................................................... (591) (37 ) (552)
Proceeds from issuance of common stock under share-based
payment plans ........................................................................... 349 100 104
Cash dividend payments .............................................................. (704) (647 ) (571)
Repurchase of common stock ...................................................... (4,393) (2,937 ) (2,618)
Other – net ................................................................................... 22 (21 ) 1
Net cash used in financing activities ......................................... (3,333) (2,549 ) (1,651)
Effect of exchange rate changes on cash ......................................... 1 (1 ) 3
N
et (decrease)/increase in cash and cash equivalents ......................... (473) 362 20
Cash and cash equivalents, beginning of year .................................... 1,014 652 632
Cash and cash equivalents, end of year........................................... $ 541 $ 1,014 $ 652
See accompanying notes to consolidated financial statements.