Identify and Compute Net Operating Assets

Following is the balance sheet for Lowe's Companies Inc.

LOWE'S COMPANIES INC.

Consolidated Balance Sheet

$ millions, except par value Feb. 1, 2019

Current assets

Cash and cash equivalents$307

Short-term investments 131

Merchandise inventorynet7,537

Other current assets563

Total current assets8,538

Property, less accumulated depreciation11,059

Long-term investments 154

Deferred income taxesnet176

Goodwill182

Other assets597

Total assets$20,706

Current liabilities

Short-term borrowings$433

Current maturities of long-term debt666

Accounts payable4,967

Accrued compensation and employee benefits397

Deferred revenue779

Other current liabilities1,455

Total current liabilities8,697

Long-term debt, excluding current maturities8,635

Deferred revenueextended protection plans496

Other liabilities689

Total liabilities18,517

Shareholders' equity

Preferred stock$5 par value, none issued-

Common stock$0.50 par value243

Capital in excess of par value-

Retained earnings2,071

Accumulated other comprehensive loss 125

Total shareholders' equity2,189

Total liabilities and shareholders' equity $20,706

Identify and compute net operating assets (NOA) as of February 1, 2019. Assume that longterm investments are nonoperating.