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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 30,
2009
January 29,
2010
January 28,
2011
February 3,
2012
Februar
y
1,
2013
Earnings:
Earnings Before Income Taxes ...............
.
$ 3,506 $ 2,825 $ 3,228 $ 2,906 $ 3,137
Fixed Charges ..........................................
.
479 468 486 524 605
Capitalized Interest 1 ...............................
.
(36) (19) (4) - 6
Adjusted Earnings ................................
.
$ 3,949 $ 3,274 $ 3,710 $ 3,430 $ 3,748
Fixed Charges:
Interest Expense 2 ....................................
.
346 331 352 385 463
Rental Expense 3 ......................................
.
133 137 134 139 142
Total Fixed Charges .............................
.
$ 479 $ 468 $ 486 $ 524 $ 605
Ratio of Earnings to Fixed Charges ............
.
8.2 7.0 7.6 6.5 6.2
1 Includes the net of subtractions for interest capitalized and additions for the 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.