Lowe's 2015 Annual Report Download - page 46

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37
Lowe’s Companies, Inc.
Consolidated Statements of Cash Flows
(In millions)
January 29,
2016
January 30,
2015
January 31,
2014
Fiscal years ended on
Cash flows from operating activities:
Net earnings
$
2,546
$
2,698
$
2,286
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Depreciation and amortization
1,587
1,586
1,562
Deferred income taxes
(68
)
(124
)
(162
)
Loss on property and other assets – net
33
25
64
Loss on equity method investments
591
57
52
Share-based payment expense
117
119
100
Changes in operating assets and liabilities:
Merchandise inventory – net
(582
)
170
(396
)
Other operating assets
(34
)
83
(5
)
Accounts payable
524
127
291
Other operating liabilities
70
188
319
Net cash provided by operating activities
4,784
4,929
4,111
Cash flows from investing activities:
Purchases of investments
(934
)
(820
)
(759
)
Proceeds from sale/maturity of investments
884
805
709
Capital expenditures
(1,197
)
(880
)
(940
)
Contributions to equity method investments – net
(125
)
(241
)
(173
)
Proceeds from sale of property and other long-term assets
57
52
75
Acquisition of business - net
—
—
(203
)
Other – net
(28
)
(4
)
5
Net cash used in investing activities
(1,343
)
(1,088
)
(1,286
)
Cash flows from financing activities:
Net change in short-term borrowings
43
(386
)
386
Net proceeds from issuance of long-term debt
1,718
1,239
985
Repayment of long-term debt
(552
)
(48
)
(47
)
Proceeds from issuance of common stock under share-based payment plans
125
137
165
Cash dividend payments
(957
)
(822
)
(733
)
Repurchase of common stock
(3,925
)
(3,905
)
(3,710
)
Other – net
55
24
(15
)
Net cash used in financing activities
(3,493
)
(3,761
)
(2,969
)
Effect of exchange rate changes on cash
(9
)
(5
)
(6
)
Net increase/(decrease) in cash and cash equivalents
(61
)
75
(150
)
Cash and cash equivalents, beginning of year
466
391
541
Cash and cash equivalents, end of year
$
405
$
466
$
391
See accompanying notes to consolidated financial statements.