EX-12.1 3 exhibit121.htm EXHIBIT 12.1 - STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exhibit121.htm
 
 
 
   
 
   
 
   
 
   
Exhibit 12.1
 
 
 
 
   
 
   
 
   
 
   
 
   
 
   
 
 
 Lowe's Companies, Inc.
 
 
   
 
   
 
   
 
   
 
   
 
   
 
 
Statement Re Computation of Ratio of Earnings to Fixed Charges
 
In Millions, Except Ratio Data
   
 
   
 
   
 
   
 
   
 
   
 
 
 
 
 
   
 
   
 
   
 
   
 
   
 
   
 
 
 
Six Months Ended
   
Fiscal Years Ended On
 
 
July 29,
 
July 30,
 
January 28,
 
January 29,
 
January 30,
 
February 1,
 
February 2,
 
 
2011
 
2010
 
2011
 
2010
 
2009
 
2008
 
2007
 
 
 
 
   
 
   
 
   
 
   
 
   
 
   
 
 
 Earnings:
 
 
   
 
   
 
   
 
   
 
   
 
   
 
 
 Earnings Before Income Taxes
  $ 2,069     $ 2,121     $ 3,228     $ 2,825     $ 3,506     $ 4,511     $ 4,998  
 Fixed Charges
    257       243       486       468       479       424       344  
 Capitalized Interest 1
    1       (2 )     (4 )     (19 )     (36 )     (65 )     (32 )
 Adjusted Earnings
  $ 2,327     $ 2,362     $ 3,710     $ 3,274     $ 3,949     $ 4,870     $ 5,310  
 
                                                       
Fixed Charges:
                                                       
Interest Expense 2
  $ 188     $ 175     $ 352     $ 331     $ 346     $ 301     $ 238  
Rental Expense 3
    69       68       134       137       133       123       106  
Total Fixed Charges
  $ 257     $ 243     $ 486     $ 468     $ 479     $ 424     $ 344  
 
                                                       
 
                                                       
Ratio of Earnings to Fixed Charges
    9.1       9.7       7.6       7.0       8.2       11.5       15.4  
 
                                                       
 
                                                       
Includes the net of subtractions for interest capitalized and additions for the amortization of previously-capitalized interest.
 
Interest accrued on uncertain tax positions is excluded from Interest Expense in the computation of Fixed Charges.
 
The portion of rental expense that is representative of the interest factor in these rentals.