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Lowe’s Cos. Inc. (LOW)


Cash Flow Statement

Beginner level

The cash flow statement provides information about a company’s cash receipts and cash payments during an accounting period, showing how these cash flaws link the ending cash balance to the beginning balance shown on the company’s balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Lowe’s Cos. Inc., consolidated cash flow statement

US$ in millions

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12 months ended Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016 Jan 30, 2015 Jan 31, 2014
Net earnings 2,314  3,447  3,093  2,546  2,698  2,286 
Depreciation and amortization 1,607  1,540  1,590  1,587  1,586  1,562 
Deferred income taxes (151) 53  28  (68) (124) (162)
Loss on property and other assets, net 630  40  143  30  25  64 
Impairment of goodwill 952  —  —  —  —  — 
Loss on extinguishment of debt —  464  —  —  —  — 
(Gain) loss on cost method and equity method investments (82) 302  594  57  52 
Share-based payment expense 74  99  90  117  119  100 
Merchandise inventory, net (1,289) (791) (178) (582) 170  (396)
Other operating assets (110) 250  (183) (34) 83  (5)
Accounts payable 1,720  (92) 653  524  127  291 
Other operating liabilities 437  137  79  70  188  319 
Changes in operating assets and liabilities 758  (496) 371  (22) 568  209 
Adjustments to reconcile net earnings to net cash provided by operating activities 3,879  1,618  2,524  2,238  2,231  1,825 
Net cash provided by operating activities 6,193  5,065  5,617  4,784  4,929  4,111 
Purchases of investments (1,373) (981) (1,192) (934) (820) (759)
Proceeds from sale/maturity of investments 1,393  1,114  1,254  884  805  709 
Capital expenditures (1,174) (1,123) (1,167) (1,197) (880) (940)
Contributions to equity method investments, net —  —  —  (125) (241) (173)
Proceeds from sale of property and other long-term assets 76  45  37  57  52  75 
Purchases of derivative instruments —  —  (103) —  —  — 
Proceeds from settlement of derivative instruments —  —  179  —  —  — 
Acquisition of business, net —  (509) (2,356) —  —  (203)
Other, net (2) 13  (13) (28) (4)
Net cash used in investing activities (1,080) (1,441) (3,361) (1,343) (1,088) (1,286)
Net change in short-term borrowings (415) 625  466  43  (386) 386 
Net proceeds from issuance of long-term debt —  2,968  3,267  1,718  1,239  985 
Repayment of long-term debt (326) (2,849) (1,173) (552) (48) (47)
Proceeds from issuance of common stock under share-based payment plans 114  139  139  125  137  165 
Cash dividend payments (1,455) (1,288) (1,121) (957) (822) (733)
Repurchase of common stock (3,037) (3,192) (3,595) (3,925) (3,905) (3,710)
Other, net (5) (10) (75) 55  24  (15)
Net cash used in financing activities (5,124) (3,607) (2,092) (3,493) (3,761) (2,969)
Effect of exchange rate changes on cash (12) 13  (11) (9) (5) (6)
Net increase (decrease) in cash and cash equivalents, including cash classified within current assets held for sale (23) 30  153  (61) 75  (150)
Net increase in cash classified within current assets held for sale (54) —  —  —  —  — 
Net increase (decrease) in cash and cash equivalents (77) 30  153  (61) 75  (150)
Cash and cash equivalents, beginning of year 588  558  405  466  391  541 
Cash and cash equivalents, end of year 511  588  558  405  466  391 

Based on: 10-K (filing date: 2019-04-02), 10-K (filing date: 2018-04-02), 10-K (filing date: 2017-04-04), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31), 10-K (filing date: 2014-03-31).

Cash flow statement item Description The company
Net cash provided by operating activities Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Lowe’s Cos. Inc.’s net cash provided by operating activities decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.
Net cash used in investing activities Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Lowe’s Cos. Inc.’s net cash used in investing activities increased from 2017 to 2018 and from 2018 to 2019.
Net cash used in financing activities Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Lowe’s Cos. Inc.’s net cash used in financing activities decreased from 2017 to 2018 and from 2018 to 2019.