Lowe's 2014 Annual Report Download - page 47

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Lowe's Companies, Inc.
Consolidated Statements of Cash Flows
(In millions)
Fiscal years ended on January 30,
2015 January 31,
2014 February 1,
2013
Cash flows from operating activities:
Net earnings $ 2,698
$ 2,286
$ 1,959
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Depreciation and amortization 1,586
1,562
1,623
Deferred income taxes (124 ) (162 ) (140)
Loss on property and other assets – net 25
64
83
Loss on equity method investments 57
52
48
Share-based payment expense 119
100
100
Changes in operating assets and liabilities:
Merchandise inventory – net 170
(396 ) (244)
Other operating assets 83
(5 ) (87)
Accounts payable 127
291
303
Other operating liabilities 188
319
117
Net cash provided by operating activities 4,929
4,111
3,762
Cash flows from investing activities:
Purchases of investments (820 ) (759 ) (1,444)
Proceeds from sale/maturity of investments 805
709
1,837
Capital expenditures (880 ) (940 ) (1,211)
Contributions to equity method investments – net (241 ) (173 ) (219)
Proceeds from sale of property and other long-term assets 52
75
130
Acquisition of business - net
—
(203 )
—
Other – net (4 ) 5
4
Net cash used in investing activities (1,088 )
(1,286 ) (903)
Cash flows from financing activities:
Net change in short-term borrowings (386 ) 386
—
Net proceeds from issuance of long-term debt 1,239
985
1,984
Repayment of long-term debt (48 ) (47 ) (591)
Proceeds from issuance of common stock under share-based payment plans 137
165
349
Cash dividend payments (822 ) (733 ) (704)
Repurchase of common stock (3,905 ) (3,710 ) (4,393)
Other – net 24
(15 ) 22
Net cash used in financing activities (3,761 )
(2,969 ) (3,333)
Effect of exchange rate changes on cash (5 )
(6 ) 1
Net increase/(decrease) in cash and cash equivalents 75
(150 ) (473)
Cash and cash equivalents, beginning of year 391
541
1,014
Cash and cash equivalents, end of year $ 466
$ 391
$ 541
See accompanying notes to consolidated financial statements.
37
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