EX-12.1 5 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

 
    Fiscal Years Ended On
   
January 28,
  
February 3,
  
February 2,
  
February 1,
  
January 30,
  
   
2005
  
2006
  
2007
  
2008
  
2009
  
Earnings:
                      
  Earnings Before Income Taxes
   $ 3,520   $ 4,496   $ 4,998   $ 4,511   $ 3,506  
  Add: Fixed Charges
     310     340     344     424     479  
  Less: Capitalized Interest
     (28 )   (28 )   (32 )   (65 )   (36 )
    Adjusted Earnings
   $ 3,802   $ 4,808   $ 5,310   $ 4,870   $ 3,949  
                                 
Fixed Charges:
                                
  Interest Expense (1)
   $ 220   $ 231   $ 238   $ 301   $ 346  
  Rental Expense (2)
     90     109     106     123     133  
    Total Fixed Charges
   $ 310   $ 340   $ 344   $ 424   $ 479  
                                 
                                 
Ratio of Earnings to Fixed Charges
     12.3     14.1     15.4     11.5     8.2  

(1) Interest accrued on uncertain tax positions is excluded from Interest Expense in the computation of Fixed Charges.
 
(2) The portion of rental expense that is representative of the interest factor in these rentals.