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35
Lowe's Companies, Inc.
Consolidated Statements of Cash Flows
(In millions)
January 31,
2014
February 1,
2013
February 3,
2012
Fiscal years ended on
Cash flows from operating activities:
Net earnings
$
2,286
$
1,959
$
1,839
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Depreciation and amortization
1,562
1,623
1,579
Deferred income taxes
(162
)
(140
)
54
Loss on property and other assets – net
64
83
456
Loss on equity method investments
52
48
12
Share-based payment expense
100
100
107
Changes in operating assets and liabilities:
Merchandise inventory – net
(396
)
(244
)
(33
)
Other operating assets
(5
)
(87
)
125
Accounts payable
291
303
(5
)
Other operating liabilities
319
117
215
Net cash provided by operating activities
4,111
3,762
4,349
Cash flows from investing activities:
Purchases of investments
(759
)
(1,444
)
(1,433
)
Proceeds from sale/maturity of investments
709
1,837
2,120
Capital expenditures
(940
)
(1,211
)
(1,829
)
Contributions to equity method investments – net
(173
)
(219
)
(232
)
Proceeds from sale of property and other long-term assets
75
130
52
Acquisition of business - net
(203
)
—
(100
)
Other – net
5
4
(15
)
Net cash used in investing activities
(1,286
)
(903
)
(1,437
)
Cash flows from financing activities:
Net increase in short-term borrowings
386
—
—
Net proceeds from issuance of long-term debt
985
1,984
993
Repayment of long-term debt
(47
)
(591
)
(37
)
Proceeds from issuance of common stock under share-based payment plans
165
349
100
Cash dividend payments
(733
)
(704
)
(647
)
Repurchase of common stock
(3,710
)
(4,393
)
(2,937
)
Other – net
(15
)
22
(21
)
Net cash used in financing activities
(2,969
)
(3,333
)
(2,549
)
Effect of exchange rate changes on cash
(6
)
1
(1
)
Net (decrease)/increase in cash and cash equivalents
(150
)
(473
)
362
Cash and cash equivalents, beginning of year
541
1,014
652
Cash and cash equivalents, end of year
$
391
$
541
$
1,014
See accompanying notes to consolidated financial statements.