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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 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.