EX-12.1 2 exhibit121.htm STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 2015.05.01 EX 12.1


Exhibit 12.1
Lowe's Companies, Inc.
Statement Re Computation of Ratio of Earnings to Fixed Charges
In Millions, Except Ratio Data

 
Three Months Ended
 
Fiscal Years Ended On
 
May 1, 2015
 
May 2, 2014
January 30, 2015
 
January 31, 2014
 
February 1, 2013
 
February 3, 2012
 
January 28, 2011
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Before Income Taxes
$
1,098

 
$
942

 
$
4,276

 
$
3,673

 
$
3,137

 
$
2,906

 
$
3,228

Fixed Charges
174

 
165

 
677

 
623

 
605

 
524

 
486

Capitalized Interest 1
2

 
3

 
9

 
8

 
6

 
—

 
(4
)
Adjusted Earnings
$
1,274

 
$
1,110

 
$
4,962

 
$
4,304

 
$
3,748

 
$
3,430

 
$
3,710

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense 2
$
135

 
$
127

 
$
525

 
$
478

 
$
463

 
$
385

 
$
352

Rental Expense 3
39

 
38

 
152

 
145

 
142

 
139

 
134

Total Fixed Charges
$
174

 
$
165

 
$
677

 
$
623

 
$
605

 
$
524

 
$
486

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
7.3

 
6.7

 
7.3

 
6.9

 
6.2

 
6.5

 
7.6

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.