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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
February 3,
2012
February 1,
2013
January 31,
2014
January 30,
2015
January 29,
2016 4
Earnings:
Earnings Before Income Taxes
$
2,906
$
3,137
$
3,673
$
4,276
$
4,419
Fixed Charges
524
605
623
677
720
Capitalized Interest 1
—
6
8
9
9
Adjusted Earnings
$
3,430
$
3,748
$
4,304
$
4,962
$
5,148
Fixed Charges:
Interest Expense 2
385
463
478
525
559
Rental Expense 3
139
142
145
152
161
Total Fixed Charges
$
524
$
605
$
623
$
677
$
720
Ratio of Earnings to Fixed Charges
6.5
6.2
6.9
7.3
7.1
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.