Attached files
file | filename |
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EX-2.1 - ARRANGEMENT AGREEMENT, DATED AS OF FEBRUARY 2, 2016 - LOWES COMPANIES INC | exhibit21.htm |
EX-99.1 - AMENDMENT NO. 3 TO THE LOWE'S 401K PLAN - LOWES COMPANIES INC | exhibit991.htm |
EX-32.2 - SECTION 906 CERTIFICATION - LOWES COMPANIES INC | exhibit322.htm |
EX-23.1 - CONSENT OF DELOITTE & TOUCHE LLP - LOWES COMPANIES INC | exhibit231.htm |
EX-21.1 - LIST OF SUBSIDIARIES - LOWES COMPANIES INC | exhibit211.htm |
EX-99.2 - AMENDMENT NO. 4 TO THE LOWE'S 401K PLAN - LOWES COMPANIES INC | exhibit992.htm |
EX-32.1 - SECTION 906 CERTIFICATION - LOWES COMPANIES INC | exhibit321.htm |
EX-31.2 - SECTION 302 CERTIFICATION - LOWES COMPANIES INC | exhibit312.htm |
10-K - FORM 10-K - LOWES COMPANIES INC | lowesform10k.htm |
EX-31.1 - SECTION 302 CERTIFICATION - LOWES COMPANIES INC | exhibit311.htm |
Exhibit 12.1
Lowe’s Companies, Inc.
Statement Re Computation of Ratio of Earnings to Fixed Charges
In Millions, Except Ratio Data
Fiscal Years Ended On | |||||||||||||||||||
February 3, 2012 | February 1, 2013 | January 31, 2014 | January 30, 2015 | January 29, 2016 4 | |||||||||||||||
Earnings: | |||||||||||||||||||
Earnings Before Income Taxes | $ | 2,906 | $ | 3,137 | $ | 3,673 | $ | 4,276 | $ | 4,419 | |||||||||
Fixed Charges | 524 | 605 | 623 | 677 | 720 | ||||||||||||||
Capitalized Interest 1 | — | 6 | 8 | 9 | 9 | ||||||||||||||
Adjusted Earnings | $ | 3,430 | $ | 3,748 | $ | 4,304 | $ | 4,962 | $ | 5,148 | |||||||||
Fixed Charges: | |||||||||||||||||||
Interest Expense 2 | 385 | 463 | 478 | 525 | 559 | ||||||||||||||
Rental Expense 3 | 139 | 142 | 145 | 152 | 161 | ||||||||||||||
Total Fixed Charges | $ | 524 | $ | 605 | $ | 623 | $ | 677 | $ | 720 | |||||||||
Ratio of Earnings to Fixed Charges | 6.5 | 6.2 | 6.9 | 7.3 | 7.1 |
1 | Includes the net of subtractions for interest capitalized and additions for amortization of previously-capitalized interest. |
2 | Interest accrued on uncertain tax positions is excluded from Interest Expense in the computation of Fixed Charges. |
3 | The portion of rental expense that is representative of the interest factor in these rentals. |
4 | Earnings for the fiscal year ended January 29, 2016 included a $530 million non-cash impairment charge related to the investment in the Australia joint venture with Woolworths Limited. Excluding this charge from the calculation would result in a ratio of earnings to fixed charges of 7.9 for the fiscal year ended January 29, 2016. |