EX-12.1 2 exhibit121.htm STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 2013 10K 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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Years Ended On
 
January 29, 2010

 
January 28, 2011

 
February 3, 2012

 
February 1, 2013

 
January 31,
2014

Earnings:
 
 
 
 
 
 
 
 
 
Earnings Before Income Taxes
$
2,825

 
$
3,228

 
$
2,906

 
$
3,137

 
$
3,673

Fixed Charges
468

 
486

 
524

 
605

 
623

Capitalized Interest 1
(19
)
 
(4
)
 
—

 
6

 
8

Adjusted Earnings
$
3,274

 
$
3,710

 
$
3,430

 
$
3,748

 
$
4,304

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest Expense 2
331

 
352

 
385

 
463

 
478

Rental Expense 3
137

 
134

 
139

 
142

 
145

Total Fixed Charges
$
468

 
$
486

 
$
524

 
$
605

 
$
623

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
7.0

 
7.6

 
6.5

 
6.2

 
6.9

 
 
 
 
 
 
 
 
 
 
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.