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Lowe`s Cos. (LOW)

Filed: 5 Sep 17, 12:00am


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 4, 2017 July 29, 2016February 3, 2017 
January 29, 2016 4
 January 30, 2015 January 31, 2014 February 1, 2013
Earnings:             
Earnings Before Income Taxes$3,158
 $3,315
 $5,201
 $4,419
 $4,276
 $3,673
 $3,137
Fixed Charges431
 414
 847
 720
 677
 623
 605
Capitalized Interest 1
3
 5
 8
 9
 9
 8
 6
Adjusted Earnings$3,592
 $3,734
 $6,056
 $5,148
 $4,962
 $4,304
 $3,748
              
Fixed Charges:             
Interest Expense 2
$330
 $328
 $659
 $559
 $525
 $478
 $463
Rental Expense 3
101
 86
 188
 161
 152
 145
 142
Total Fixed Charges$431
 $414
 $847
 $720
 $677
 $623
 $605
              
              
Ratio of Earnings to Fixed Charges8.3
 9.0
 7.2
 7.1
 7.3
 6.9
 6.2
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 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.