LOWES COMPANIES INC - FORM 10-K - EX-12.1 - STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - April 4, 2017

Attached files

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EX-99.1 - AMENDMENT NO. 5 TO THE LOWE'S 401K PLAN - LOWES COMPANIES INCexhibit991.htm
EX-99.2 - AMENDMENT NO. 6 TO THE LOWE'S 401K PLAN - LOWES COMPANIES INCexhibit992.htm
EX-32.2 - SECTION 906 CERTIFICATION - LOWES COMPANIES INCexhibit322.htm
EX-32.1 - SECTION 906 CERTIFICATION - LOWES COMPANIES INCexhibit321.htm
EX-31.2 - SECTION 302 CERTIFICATION - LOWES COMPANIES INCexhibit312.htm
EX-31.1 - SECTION 302 CERTIFICATION - LOWES COMPANIES INCexhibit311.htm
EX-23.1 - CONSENT OF DELOITTE & TOUCHE LLP - LOWES COMPANIES INCexhibit231.htm
EX-21.1 - LIST OF SUBSIDIARIES - LOWES COMPANIES INCexhibit211.htm
EX-10.28 - LOWE'S COMPANIES, INC. 2006 LONG TERM INCENTIVE PLAN, AS AMENDED AND RESTATED - LOWES COMPANIES INCexhibit1028.htm
EX-10.27 - FORM OF LOWE'S COMPANIES, INC. RESTRICTED STOCK AWARD AGREEMENT - LOWES COMPANIES INCexhibit1027.htm
EX-10.16 - AMENDMENT NO. 7 TO THE LOWE'S COMPANIES BENEFIT RESTORATION PLAN - LOWES COMPANIES INCexhibit1016.htm
10-K - FORM 10-K - LOWES COMPANIES INClowesform10k.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
 
February 1, 2013

 
January 31, 2014

 
January 30, 2015

 
January 29, 2016 4

 
February 3, 2017

Earnings:
 
 
 
 
 
 
 
 
 
Earnings Before Income Taxes
$
3,137

 
$
3,673

 
$
4,276

 
$
4,419

 
$
5,201

Fixed Charges
605

 
623

 
677

 
720

 
847

Capitalized Interest 1
6

 
8

 
9

 
9

 
8

Adjusted Earnings
$
3,748

 
$
4,304

 
$
4,962

 
$
5,148

 
$
6,056

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest Expense 2
463

 
478

 
525

 
559

 
659

Rental Expense 3
142

 
145

 
152

 
161

 
188

Total Fixed Charges
$
605

 
$
623

 
$
677

 
$
720

 
$
847

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
6.2

 
6.9

 
7.3

 
7.1

 
7.2

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.
4 
Earnings for the fiscal year ended January 29, 2016 included a $530 million non-cash impairment charge related to the investment in the Australia joint venture with Woolworths Limited. Excluding this charge from the calculation would result in a ratio of earnings to fixed charges of 7.9 for the fiscal year ended January 29, 2016.




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