EX-12.1 3 exhibit121.htm STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
Fiscal Years Ended On
 
November 1, 2013
 
November 2, 2012
February 1, 2013
 
February 3, 2012
 
January 28, 2011
 
January 29, 2010
 
January 30, 2009
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
  Earnings Before Income Taxes
$
3,174

 
$
2,682

 
$
3,137

 
$
2,906

 
$
3,228

 
$
2,825

 
$
3,506

  Fixed Charges
458

 
455

 
605

 
524

 
486

 
468

 
479

   Capitalized Interest 1 
5

 
5

 
6

 
 - 

 
(4
)
 
(19
)
 
(36
)
    Adjusted Earnings
$
3,637

 
$
3,142

 
$
3,748

 
$
3,430

 
$
3,710

 
$
3,274

 
$
3,949

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
   Interest Expense 2
$
350

 
$
349

 
$
463

 
$
385

 
$
352

 
$
331

 
$
346

   Rental Expense 3
108

 
106

 
142

 
139

 
134

 
137

 
133

    Total Fixed Charges
$
458

 
$
455

 
$
605

 
$
524

 
$
486

 
$
468

 
$
479

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
7.9

 
6.9

 
6.2

 
6.5

 
7.6

 
7.0

 
8.2

 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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.