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
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
   
Fiscal Years Ended On
 
 
October 28,
 
October 29,
 
January 28,
 
January 29,
 
January 30,
 
February 1,
 
February 2,
 
 
2011
 
2010
 
2011
 
2010
 
2009
 
2008
 
2007
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 Earnings:
 
 
 
   
 
 
 
 
 
 
 
 
 
 
   Earnings Before Income Taxes
$ 2,421   $ 2,772     $ 3,228   $ 2,825   $ 3,506   $ 4,511   $ 4,998  
   Fixed Charges
  385     364       486     468     479     424     344  
   Capitalized Interest 1
  -     (4 )     (4 )   (19 )   (36 )   (65 )   (32 )
     Adjusted Earnings
$ 2,806   $ 3,132     $ 3,710   $ 3,274   $ 3,949   $ 4,870   $ 5,310  
 
                                           
 Fixed Charges:
                                           
   Interest Expense 2
$ 282   $ 261     $ 352   $ 331   $ 346   $ 301   $ 238  
   Rental Expense 3
  103     103       134     137     133     123     106  
     Total Fixed Charges
$ 385   $ 364     $ 486   $ 468   $ 479   $ 424   $ 344  
 
                                           
 
                                           
 Ratio of Earnings to Fixed Charges
  7.3     8.6       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.
 
3  The portion of rental expense that is representative of the interest factor in these rentals.