0000060667-12-000152.txt : 20120628 0000060667-12-000152.hdr.sgml : 20120628 20120628160142 ACCESSION NUMBER: 0000060667-12-000152 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120628 DATE AS OF CHANGE: 20120628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOWES COMPANIES INC CENTRAL INDEX KEY: 0000060667 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-LUMBER & OTHER BUILDING MATERIALS DEALERS [5211] IRS NUMBER: 560578072 STATE OF INCORPORATION: NC FISCAL YEAR END: 0203 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07898 FILM NUMBER: 12932669 BUSINESS ADDRESS: STREET 1: 1000 LOWE'S BLVD. CITY: MOORESVILLE STATE: NC ZIP: 28117 BUSINESS PHONE: 7047581000 MAIL ADDRESS: STREET 1: P.O. BOX 1000 CITY: MOORESVILLE STATE: NC ZIP: 28115 11-K 1 lowesform11k.htm FORM 11-K lowesform11k.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 11-K
 
x
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the year ended December 31, 2011
   
 or
   
o
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  ____  to  ____
 
Commission file number
1-7898
 

 
A. Full title of the Plan and the address of the Plan, if different from that of the issuer named below: 
Lowe's 401(k) Plan
 
B. Name of issuer of the securities held pursuant to the Plan and the address of its principal executive office:
 Lowe's Companies, Inc.
1000 Lowe's Boulevard
Mooresville, NC 28117


 
 

 


NOTE:
All other supplemental schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

 
2

 
 

To the Plan Administrator of and Participants in
Lowe’s 401(k) Plan

We have audited the accompanying statements of net assets available for benefits of Lowe’s 401(k) Plan (the "Plan") as of December 31, 2011 and 2010, and the related statement of changes in net assets available for benefits for the year ended December 31, 2011. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2011 and 2010, and the changes in net assets available for benefits for the year ended December 31, 2011 in conformity with accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules listed in the Table of Contents are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These schedules are the responsibility of the Plan’s management. Such schedules have been subjected to the auditing procedures applied in our audit of the basic 2011 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole.


/s/ Deloitte & Touche LLP

Charlotte, North Carolina
June 28, 2012

 
3

 
 
 
 
   
 
 
Statements of Net Assets Available for Benefits
 
 
   
 
 
 
 
 
   
 
 
 
 
 
   
 
 
 
 
December 31, 2011
 
December 31, 2010
Assets
 
 
   
 
 
Cash
  $ 11,377,113     $ 11,868,817  
Participant-directed investments at fair value
    2,890,561,205       2,797,579,394  
Receivables:
               
Employer contributions
    -       17,384  
Due from broker for securities sold
    2,143,096       1,280,632  
Total receivables
    2,143,096       1,298,016  
 
               
Total assets
    2,904,081,414       2,810,746,227  
 
               
Liabilities
               
 
               
Due to broker for securities purchased
    13,337,939       13,018,113  
 
               
Net assets available for benefits at fair value
    2,890,743,475       2,797,728,114  
 
               
Adjustment from fair value to contract value for fully benefit-responsive investment contract
    (15,514,051 )     (9,373,918 )
 
               
Net assets available for benefits
  $ 2,875,229,424     $ 2,788,354,196  
 
               
 
               
See accompanying notes to financial statements.
 
 
 
4

 
 
 
 
 
Statement of Changes in Net Assets Available for Benefits
 
 
 
 
 
 
 
       
 
 
Year Ended
 
 
December 31, 2011
Additions
 
 
 
Investment income:
 
 
 
Interest
  $ 7,310,669  
Dividends
    38,924,660  
Other - net
    293,150  
Total investment income
    46,528,479  
 
       
Contributions:
       
Employer contributions
    144,880,858  
Participant contributions
    216,367,470  
Total contributions
    361,248,328  
 
       
Total additions
    407,776,807  
 
       
Deductions
       
Benefits paid to participants
    305,155,626  
Net depreciation in fair value of investments
    15,745,953  
 
       
Total deductions
    320,901,579  
 
       
Net increase in net assets
    86,875,228  
 
       
Net assets available for benefits
       
Beginning of year
    2,788,354,196  
End of year
  $ 2,875,229,424  
 
       
 
       
See accompanying notes to financial statements.
 

 
5

 
Notes to Financial Statements

Note 1 - Description of the Plan

The following description of the Lowe's 401(k) Plan (the Plan) provides only general information.  Participants should refer to the Plan document and summary plan description for more complete descriptions of the Plan's provisions.

General - The Plan, adopted effective February 1, 1984, is a defined contribution plan covering substantially all employees of Lowe’s Companies, Inc. and subsidiaries (the Plan Sponsor or the Company).  An employee of the Plan Sponsor is eligible to participate in the Plan six months after the employee’s original hire date.  The Administrative Committee of Lowe’s Companies, Inc. (the Administrative Committee), as appointed by the Board of Directors, controls the management and administration of the Plan.  The Plan’s trustee and recordkeeper is Wells Fargo Bank, N.A. (Wells Fargo).  The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA) and is a safe harbor-designed plan.

Contributions - Each year, participants may contribute from 1% to 50% of their pre-tax annual compensation, as defined by the Plan, subject to the Internal Revenue Code limitations.  Eligible employees are automatically enrolled as participants at a contribution rate of 1% of their pre-tax annual compensation unless they elect otherwise.  Participants age 50 and older, or who reach age 50 during the Plan year, are eligible to contribute an additional pre-tax dollar amount per year in addition to the deferral contribution.  For 2011, the maximum annual amount of catch up that could be contributed was $5,500.  The Company makes contributions to the Plan each payroll period, based upon a matching formula applied to employee deferrals (the Company Match).  The Company Match formula is as follows:  the first 3% of contributions are matched by the Plan Sponsor at the rate of 100%; the next 2% of contributions are matched at the rate of 50%; and the next 1% of contributions are matched at the rate of 25%.  Participants are eligible to receive the Company Match pursuant to the terms of the Plan.  Participants may also contribute amounts representing eligible rollover distributions from other qualified plans.

Participant Accounts - Individual accounts are maintained for each Plan participant.  Each participant's account is credited with the participant's contribution, the Company Match, and an allocation of Plan earnings, and charged with benefit payments and allocations of Plan losses and investment expenses.  Allocations are based on participant earnings or account balances.  The benefit to which a participant is entitled to is the benefit that can be provided from the participant’s vested account balance.

Vesting - All participants are 100% vested in the Plan at all times.

Investments – During Plan Year 2011, the 22 investment options to which participants could direct their contributions included one investment contract (stable value) fund, 11 target retirement date funds (collective trusts), nine mutual funds consisting of two small-cap funds, two mid-cap funds, three large-cap funds, one intermediate-term bond fund, and one international fund, and Lowe’s Companies, Inc. common stock.  Excess cash is held in a non-interest bearing cash account.

Payment of Benefits - Subsequent to termination of service, a participant with a vested account value of $1,000 or less will receive a lump-sum distribution equal to the participant’s vested account balance.  If the vested account value is greater than $1,000, a participant may elect to receive a lump-sum distribution equal to the participant’s vested account balance.  If the participant does not make such an election and the vested account value is $5,000 or less, the Plan performs a direct rollover to an individual retirement account designated by the participant or, if the participant has not designated an individual retirement account, to an individual retirement account designated by the Administrative Committee.  If the vested account value is greater than $5,000, the participant’s vested account balance remains in the Plan and is not distributed without the participant’s consent until the participant reaches age 62.

The Plan allows for in-service withdrawals to participants under age 59½ only in cases of financial hardship.   Such withdrawals must total at least $1,000 and be approved by the Plan's recordkeeper or the Administrative Committee.  Participants who have attained age 59½ are entitled to a one-time in-service withdrawal of their accumulated balances.

The Plan allows for a one-time in-service withdrawal to participants in the former Lowe’s Companies Employee Stock Ownership Plan (the ESOP) who have attained 20 or more years of service with the Plan Sponsor.  The ESOP was merged into the Plan effective September 13, 2002.  Eligible participants may withdraw up to 50% of their former ESOP account balance by requesting a distribution through the Retirement Service Center.  The distribution may be transferred to either an IRA or paid directly to the participant.
 
 
6

 
 
Plan Year - The Plan year is January 1 to December 31.

Note 2 - Summary of Significant Accounting Policies

Basis of Accounting - The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).

Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein.  Actual results may differ from these estimates.

Risks and Uncertainties - The Plan utilizes various investment instruments.  Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility.  Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such change could materially affect the amounts reported in the financial statements.

Investment Valuation and Income Recognition - The Plan’s investments are stated at fair value.  Refer to Note 3 for additional details regarding the Plan’s valuation methods.

The fully benefit-responsive investment contract is stated at fair value and then adjusted to be presented on a contract value basis in the statements of net assets available for benefits and the statement of changes in net assets available for benefits.

Purchases and sales of securities are recorded on a trade-date basis.  Interest and dividend income are recorded on an accrual basis.  Dividends are recorded on the ex-dividend date.  Interest earned on the investment contract is reinvested on a daily basis.

Investment management expenses charged to the Plan for investments in the mutual funds and collective trusts are deducted from income earned on a daily basis and are not separately reflected.  Consequently, investment management expenses are reflected as a reduction of investment return for such investments.

Payments of Benefits - Benefits are recorded when paid.  Amounts allocated to accounts of persons who have elected to withdraw from the Plan, but have not yet been paid, were $974,667 and $861,602 at December 31, 2011 and 2010, respectively.

Administrative Expenses - As provided by the Plan document, administrative expenses (excluding certain investment management expenses) of the Plan are paid by the Plan Sponsor.

Recent Accounting Pronouncements - In May 2011, the Financial Accounting Standards Board (FASB) issued authoritative guidance that amends the existing requirements for fair value measurement and disclosure.  The guidance expands the disclosure requirements around fair value measurements categorized in Level 3 of the fair value hierarchy and requires disclosure of the level in the fair value hierarchy of items that are not measured at fair value in the statement of financial position but whose fair value must be disclosed.  It also clarifies and expands upon existing requirements for measurement of the fair value of financial assets and liabilities as well as instruments classified in shareholder’s equity.   The guidance is effective for fiscal years beginning after December 15, 2011.  The Company does not expect the adoption of the guidance to have a material impact on the Plan financial statements.
 
 
7

 
 
Note 3 - Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  The authoritative guidance for fair value measurements establishes a three-level hierarchy which encourages an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.  The three levels of the hierarchy are defined as follows:

 
 
Level 1 inputs to the valuation techniques that are quoted prices in active markets for identical assets or liabilities
 
 
Level 2 – inputs to the valuation techniques that are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly
  
 
Level 3 – inputs to the valuation techniques that are unobservable for the assets or liabilities

The following tables present the Plan’s participant-directed investments measured at fair value on a recurring basis as of December 31, 2011 and 2010, respectively:

 
 
 
   
Fair Value Measurements at Reporting Date Using
 
 
 
 
   
Quoted Prices in Active Markets for Identical Assets
   
Significant Other Observable Inputs
   
Significant Unobservable Inputs
 
 
 
December 31, 2011
   
(Level 1)
   
(Level 2)
   
(Level 3)
 
Participant-directed investments at fair value:
 
 
   
 
   
 
   
 
 
Common stock
  $ 1,511,480,089     $ 1,511,480,089     $ -     $ -  
Mutual funds:
                               
Large-cap
    246,194,773       246,194,773       -       -  
Mid-cap
    250,214,995       250,214,995       -       -  
Small-cap
    73,692,158       73,692,158       -       -  
Intermediate bond
    23,865,249       23,865,249       -       -  
International
    91,167,447       91,167,447       -       -  
Collective trusts:
                               
Target retirement date
    443,646,589       -       443,646,589       -  
Investment contract
    250,299,905       -       250,299,905       -  
Total participant-directed investments at fair value   $ 2,890,561,205     $ 2,196,614,711     $ 693,946,494     $ -  
 
                               

 
8

 
 
   
 
   
Fair Value Measurements at Reporting Date Using
 
 
 
 
   
Quoted Prices in Active Markets for Identical Assets
   
Significant Other Observable Inputs
   
Significant Unobservable Inputs
 
 
 
December 31, 2010
   
(Level 1)
   
(Level 2)
   
(Level 3)
 
Participant-directed investments at fair value:
 
 
   
 
   
 
   
 
 
Common stock
  $ 1,573,546,838     $ 1,573,546,838     $ -     $ -  
Mutual funds:
                               
Large-cap
    232,609,980       232,609,980       -       -  
Mid-cap
    239,142,461       239,142,461       -       -  
Small-cap
    59,091,315       59,091,315       -       -  
Intermediate bond
    14,134,575       14,134,575       -       -  
International
    100,978,444       100,978,444       -       -  
Collective trusts:
                               
Target retirement date
    366,160,469       -       366,160,469       -  
Investment contract
    211,915,312       -       211,915,312       -  
Total participant-directed investments at fair value
  $ 2,797,579,394     $ 2,219,503,613     $ 578,075,781     $ -  
 
When available, quoted prices in active markets are used to determine fair value.  When quoted prices in active markets are available, investments are classified within Level 1 of the fair value hierarchy.  When quoted prices are not available, fair values are determined using pricing models, and the inputs to those pricing models are based on observable market inputs.
 
The Plan’s investments in common stock are stated at fair value based upon closing sales prices reported on recognized securities exchanges.  When available, the Plan’s mutual funds are valued at quoted market prices, which represent the net asset values of shares held by the Plan.  Quoted market prices were not available for certain target retirement date funds held in collective trusts as of December 31, 2011 and 2010.  The collective trusts are stated at estimated fair value, which have been determined based on the unit values of the collective trusts.  Unit values are determined by the organization sponsoring such collective trusts by dividing the collective trusts’ net assets at fair value by its units outstanding at each valuation date.  These funds were valued using the quoted prices of the underlying securities, which represent the net asset value of shares held by the Plan.  The fair value of the benefit-responsive investment contract is determined based on the Plan’s ownership percentage applied to the value of the investment contract.  The value of the contract is determined based on the fair value of the underlying assets owned under the investment contract, consisting primarily of fixed income securities.  The fair values of the underlying securities are measured using closing sales prices reported on recognized securities exchanges, when such information is available.  When quoted prices in active markets are not available, the fair values of the underlying securities are determined using pricing models and the inputs to those pricing models are based on observable market inputs such as interest rates and credit standing of the issuer or counter-party.

Note 4 - Investments

The following table presents the fair value of investments that represent 5% or more of the Plan's net assets available for benefits as of December 31, 2011 and 2010:

   
December 31, 2011
   
December 31, 2010
 
Lowe's Companies, Inc. common stock (1)
  $ 1,511,480,089     $ 1,573,546,838  
Investment contract - Metropolitan Life Insurance Company, #25066
  $ 250,299,905     $ 211,915,312  
Mutual fund - T. Rowe Price Mid-Cap Growth Fund
  $ 150,369,540     $ 140,961,212  

(1) The Plan held 59,553,983 shares and 62,741,102 shares at December 31, 2011 and 2010, respectively.
 
 
9

 
 
During the year ended December 31, 2011, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) depreciated in value by $15,745,953 as follows:

 
 
 
 
 
 
December 31, 2011
 
Common stock
 
$
 17,028,188
 
Mutual funds:
 
 
 
 
Large-cap
 
 
 (3,753,857
)
Mid-cap
 
 
 (8,666,464
Small-cap
 
 
 (619,042
Intermediate bond
 
 
 (27,007
International
 
 
 (16,044,241
Collective trusts:
 
 
 
 
Target retirement date
 
 
 (3,663,530
Net depreciation in fair value of investments
 
$
 (15,745,953

Note 5 - Investment Contract with Insurance Company

The Plan has entered into an investment contract with Metropolitan Life Insurance Company (MetLife).  MetLife maintains contributions in a general account, which is credited with earnings on the underlying investments and is charged for participant withdrawals and administrative expenses.  The contract is fully benefit-responsive and is included in the financial statements at fair value and then adjusted to contract value as reported to the Plan by MetLife.  Contract value represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses.  There are no reserves against contract value for credit risk of the contract issuer or otherwise.

MetLife is contractually obligated to pay the principal and specified interest rate that is guaranteed to the Plan.  The interest rate credited to participants (Participant Rate) is adjusted annually on January 1 by MetLife after considering the current market value of the underlying funds, the anticipated market rates of the funds’ investments, expected payments into and out of the funds, the amortization of any differences between market value and guaranteed value, and the anticipated expenses.  The Participant Rate will track current market rates (Market Rate) on a trailing basis, but may be no less than 0%.  The average yield, calculated by dividing the earnings credited to participants based on the Participant Rate by the fair value of all investments in the fund, was 3.22% and 3.39% for the years ended December 31, 2011 and 2010, respectively.  The Market Rate earned by the contract’s investments was 5.95% and 6.04% for the year ended December 31, 2011 and 2010, respectively.
 
Both the Plan and MetLife have the right to cancel the contract under certain circumstances.  In general, either party must provide 30 to 60 days notice unless cancellation is due to non-performance.  Upon termination, the Plan has the option to be paid its share of the market value of the underlying investments or guaranteed value.  If the Plan selects the market value option, MetLife may elect to pay the market value in monthly installments of no less than $10 million, depending on whether in MetLife’s judgment there would be an adverse impact to other participants in the funds.  If the Plan selects the guaranteed value option, MetLife will invest the market value of the funds in a benefit-responsive interest contract with a term of no more than six years, depending on the difference between market and guaranteed values.

During the 2012 Plan year, the Company terminated the investment contract with MetLife and entered into a new investment contract with Galliard Capital Management, Inc. The new investment contract is for a Stable Value Fund which provides participants with earnings based on market rates.

Note 6 - Plan Termination

Although it has not expressed any intention to do so, the Plan Sponsor has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA.

Note 7 - Exempt Party-in-Interest Transactions

At December 31, 2011 and 2010, the Plan held 59,553,983 shares and 62,741,102 shares, respectively, of common stock of Lowe’s Companies, Inc., the Plan Sponsor, with a cost basis of $900,775,644 and $881,563,802, respectively.  For the year ended December 31, 2011, the Plan recorded dividend income of $30,631,866 from these shares.
 
 
10

 
 
Note 8 - Tax Status

On April 21, 2010, a favorable determination letter response was received from the Internal Revenue Service (IRS) indicating that the Plan and related trust were designed in accordance with applicable regulations of the Internal Revenue Code.  The Plan has been amended since receiving the determination letter.  However, the Plan Sponsor, the Plan Sponsor’s benefits counsel and the Plan’s tax counsel continue to believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code.

Under GAAP, Company Management is required to evaluate uncertain tax positions taken by the Plan.  The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS or Treasury.  Company Management has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2011, there are no uncertain positions taken or expected to be taken.  The Plan has recognized no interest or penalties related to uncertain tax positions.  The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.  Company Management believes it is no longer subject to income tax examinations for years prior to 2008.

Note 9 - Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of the Investments per the financial statements to the Form 5500 as of December 31, 2011 and 2010:

 
 
December 31, 2011
   
December 31, 2010
 
Net assets available for benefits:
 
 
   
 
 
Participant-directed investments at fair value
  $ 2,890,561,205     $ 2,797,579,394  
Adjustment from fair value to contract value for fully benefit-responsive investment contract (Notes 2 and 5)
    (15,514,051     (9,373,918
Total Investments (Current Value column) per Form 5500 Schedule of Assets
  $ 2,875,047,154     $ 2,788,205,476  

 
11

 
 
 
 
 
 
 
EIN: 56-0578072
 
 
 
 
 
Plan No: 003
 
 
 
 
 
Form 5500, Schedule H, Part IV, Line 4i -
 
 
 
 
 
Schedule of Assets (Held at End of Year)
 
 
 
 
 
As of December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
Identity of Issue, Borrower, Lessor, or Similar Party
Description of Investment, Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value
Cost
 
Current Value
*Lowe's Companies, Inc.
Common Stock
**
 
$
 1,511,480,089
 
 
 
 
 
 
Metropolitan Life Insurance Company, #25066
Investment Contract
**
 
 
 234,785,854
 
 
 
 
 
 
American Century Value Fund - Institutional Class
Mutual Fund
**
 
 
 120,819,382
 
 
 
 
 
 
American Funds EuroPacific Growth Fund
Mutual Fund
**
 
 
 91,167,447
 
 
 
 
 
 
American Funds The New Economy Fund
Mutual Fund
**
 
 
 37,278,386
 
 
 
 
 
 
BlackRock Small Cap Growth Equity Portfolio
Mutual Fund
**
 
 
 49,199,095
 
 
 
 
 
 
PIMCO Total Return Fund
Mutual Fund
**
 
 
 23,865,249
 
 
 
 
 
 
T. Rowe Price Mid-Cap Growth Fund
Mutual Fund
**
 
 
 150,369,540
 
 
 
 
 
 
T. Rowe Price Mid-Cap Value Fund
Mutual Fund
**
 
 
 99,845,455
 
 
 
 
 
 
T. Rowe Price Small-Cap Value Fund
Mutual Fund
**
 
 
 24,493,063
 
 
 
 
 
 
Vanguard Institutional Index Fund
Mutual Fund
**
 
 
 88,097,005
 
 
 
 
 
 
Vanguard Target Retirement 2005 Fund
Collective Trust
**
 
 
 8,151,529
 
 
 
 
 
 
Vanguard Target Retirement 2010 Fund
Collective Trust
**
 
 
 17,871,498
 
 
 
 
 
 
Vanguard Target Retirement 2015 Fund
Collective Trust
**
 
 
 39,714,948
 
 
 
 
 
 
Vanguard Target Retirement 2020 Fund
Collective Trust
**
 
 
 56,597,968
 
 
 
 
 
 
Vanguard Target Retirement 2025 Fund
Collective Trust
**
 
 
 57,525,419
 
 
 
 
 
 
Vanguard Target Retirement 2030 Fund
Collective Trust
**
 
 
 50,280,982
 
 
 
 
 
 
Vanguard Target Retirement 2035 Fund
Collective Trust
**
 
 
 45,927,169
 
 
 
 
 
 
Vanguard Target Retirement 2040 Fund
Collective Trust
**
 
 
 41,028,711
 
 
 
 
 
 
Vanguard Target Retirement 2045 Fund
Collective Trust
**
 
 
 44,685,477
 
 
 
 
 
 
Vanguard Target Retirement 2050 Fund
Collective Trust
**
 
 
 67,465,654
 
 
 
 
 
 
Vanguard Target Retirement Income Fund
Collective Trust
**
 
 
 14,397,234
 
 
 
 
 
 
Total Investments
 
 
 
$
 2,875,047,154
 
 
 
 
 
 
 
 
 
 
 
 
*    Permitted party-in-interest
**  Cost information is not required for participant-directed investments and, therefore, is not included.

 
12

 
 
EIN: 56-0578072
Plan No: 003
Form 5500, Schedule H, Part IV, Line 4a –
Schedule of Delinquent Participant Contributions
For the Year Ended December 31, 2011
 
 
 
 
 
Total that Constitute Nonexempt Prohibited Transactions
 
 
 
 
Participant Contributions Transferred 
Late to the Plan
 
Contributions
Not Corrected
 
Contributions Corrected
Outside VFCP
 
Contributions Pending
Correction
in VFCP
  Total Fully Corrected under VFCP and PTE 2002-51
                     
 
  o
  Check here if late participant loan contributions are included   $ -   $ 3,078   $ -   $ -

 
13

 
 

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
 
   
LOWE'S 401(k) PLAN
     
June 28, 2012
 
/s/ Matthew V. Hollifield
Date
 
Matthew V. Hollifield
Senior Vice President and Chief Accounting Officer
 
 
 
14

 
 
 
 
Exhibit No.
 
Description
 
 
 
23
 
Consent of Deloitte & Touche LLP

 
15

 

EX-23 2 exhibit23.htm EXHIBIT 23 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM exhibit23.htm
Exhibit 23

 
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in:
 
 
Description
Registration
Statement Number
 
     
Form S-8
   
Lowe’s 401(k) Plan
                          33-29772
 
Lowe’s Companies, Inc. 1994 Incentive Plan
                          33-54499
 
Lowe’s Companies, Inc. 1997 Incentive Plan
                          333-34631
 
Lowe’s Companies, Inc. Directors’ Stock Option Plan
                          333-89471
 
Lowe’s Companies Benefit Restoration Plan
                          333-97811
 
Lowe’s Companies Cash Deferral Plan
                          333-114435
 
Lowe’s Companies, Inc. 2006 Long-Term Incentive Plan
                          333-138031
 
Lowe’s Companies Employee Stock Purchase Plan – Stock Options For Everyone
333-143266
 
Lowe’s Companies Employee Stock Purchase Plan – Stock Options For Everyone 333-181950  
     
 
of our report dated June 28, 2012, relating to the financial statements and supplemental schedules of Lowe’s 401(k) Plan appearing in this Annual Report on Form 11-K of Lowe’s 401(k) Plan for the year ended December 31, 2011.

/s/ Deloitte & Touche LLP
 
Charlotte, North Carolina
June 28, 2012