EX-12.1 3 exhibit121.htm 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
 
 
November 2,
 
October 28,
 
February 3,
 
January 28,
 
January 29,
 
January 30,
 
February 2,
 
 
2012
 
2011
 
2012
 
2011
 
2010
 
2009
 
2008
 
                                           
Earnings:
                                         
Earnings Before Income Taxes
  $ 2,682     $ 2,421     $ 2,906     $ 3,228     $ 2,825     $ 3,506     $ 4,511  
Fixed Charges
    455       385       524       486       468       479       424  
Capitalized Interest
    5       -       -       (4 )     (19 )     (36 )     (65 )
Adjusted Earnings
  $ 3,142     $ 2,806     $ 3,430     $ 3,710     $ 3,274     $ 3,949     $ 4,870  
                                                         
Fixed Charges:
                                                       
Interest Expense 2
  $ 349     $ 282     $ 385     $ 352     $ 331     $ 346     $ 301  
Rental Expense 3
    106       103       139       134       137       133       123  
Total Fixed Charges
  $ 455     $ 385     $ 524     $ 486     $ 468     $ 479     $ 424  
                                                         
                                                         
Ratio of Earnings to Fixed Charges
    6.9       7.3       6.5       7.6       7.0       8.2       11.5  
                                                         
                                                         
Includes the net of subtractions for interest capitalized and additions for 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.