LOWES COMPANIES INC - FORM 10-Q - EX-12.1 - STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - September 4, 2018

Attached files

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EX-10.6 - FORM OF LOWE'S COMPANIES, INC. NON-QUALIFIED STOCK OPTION AGREEMENT - LOWES COMPANIES INCexhibit106_08032018.htm
EX-32.2 - SECTION 906 CERTIFICATION - LOWES COMPANIES INCexhibit322_08032018.htm
EX-32.1 - SECTION 906 CERTIFICATION - LOWES COMPANIES INCexhibit321_08032018.htm
EX-31.2 - SECTION 302 CERTIFICATION - LOWES COMPANIES INCexhibit312_08032018.htm
EX-31.1 - SECTION 302 CERTIFICATION - LOWES COMPANIES INCexhibit311_08032018.htm
EX-15.1 - DELOITTE & TOUCHE LLP LETTER RE UNAUDITED INTERIM FINANCIAL INFORMATION - LOWES COMPANIES INCexhibit151_08032018.htm
EX-10.11 - RETENTION AGREEMENT BETWEEN LOWE'S COMPANIES, INC. AND MICHAEL P. MCDERMOTT - LOWES COMPANIES INCexhibit1011_08032018.htm
EX-10.10 - RETIREMENT AGREEMENT BETWEEN LOWE'S COMPANIES, INC. AND ROBERT A. NIBLOCK - LOWES COMPANIES INCexhibit1010_08032018.htm
EX-10.9 - LOWE'S COMPANIES, INC. SEVERANCE PLAN FOR SENIOR OFFICERS - LOWES COMPANIES INCexhibit109_08032018.htm
EX-10.8 - FORM OF LOWE'S COMPANIES, INC. CHANGE IN CONTROL AGREEMENT FOR TIER II OFFICERS - LOWES COMPANIES INCexhibit108_08032018.htm
EX-10.7 - FORM OF LOWE'S COMPANIES, INC. CHANGE IN CONTROL AGREEMENT FOR TIER I OFFICERS - LOWES COMPANIES INCexhibit107_08032018.htm
EX-10.5 - FORM OF LOWE'S COMPANIES, INC. PERFORMANCE SHARE UNIT AWARD AGREEMENT - LOWES COMPANIES INCexhibit105_08032018.htm
EX-10.4 - FORM OF LOWE'S COMPANIES, INC. RESTRICTED STOCK AWARD AGREEMENT - LOWES COMPANIES INCexhibit104_08032018.htm
EX-10.3 - OFFER LETTER BETWEEN LOWE'S COMPANIES, INC. AND DAVID M. DENTON - LOWES COMPANIES INCexhibit103_08032018.htm
EX-10.2 - OFFER LETTER BETWEEN LOWE'S COMPANIES, INC. AND JOSEPH M. MCFARLAND III - LOWES COMPANIES INCexhibit102_08032018.htm
10-Q - FORM 10-Q - LOWES COMPANIES INCform10q_08032018.htm


Exhibit 12.1
Lowe’s Companies, Inc.
Statement re Computation of Ratio of Earnings to Fixed Charges
In Millions, Except Ratio Data

 
Six Months Ended
 
Fiscal Years Ended
 
August 3, 2018
 
August 4, 2017
February 2, 2018
 
February 3, 2017
 
January 29, 2016 4
 
January 30, 2015
 
January 31, 2014
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Before Income Taxes
$
3,315

 
$
3,158

 
$
5,489

 
$
5,201

 
$
4,419

 
$
4,276

 
$
3,673

Fixed Charges
434

 
431

 
870

 
847

 
720

 
677

 
623

Capitalized Interest 1
4

 
3

 
7

 
8

 
9

 
9

 
8

Adjusted Earnings
$
3,753

 
$
3,592

 
$
6,366

 
$
6,056

 
$
5,148

 
$
4,962

 
$
4,304

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense 2
$
328

 
$
330

 
$
657

 
$
659

 
$
559

 
$
525

 
$
478

Rental Expense 3
106

 
101

 
213

 
188

 
161

 
152

 
145

Total Fixed Charges
$
434

 
$
431

 
$
870

 
$
847

 
$
720

 
$
677

 
$
623

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
8.6

 
8.3

 
7.3

 
7.2

 
7.1

 
7.3

 
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.
4 
Earnings for the fiscal year ended January 29, 2016 included a $530 million non-cash impairment charge related to the equity method 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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