Lowe's Companies (LOW) 10-Q 2017 Q3 Quarterly report

Exhibit 12.1

Lowe’s Companies, Inc.

Statement re Computation of Ratio of Earnings to Fixed Charges

In Millions, Except Ratio Data

	Nine Months Ended				Fiscal Years Ended
	November 3, 2017		October 28, 2016		February 3, 2017		January 29, 2016 4		January 30, 2015		January 31, 2014		February 1, 2013
Earnings:
Earnings Before Income Taxes	$	4,545	$	4,091	$	5,201	$	4,419	$	4,276	$	3,673	$	3,137
Fixed Charges	649		633		847		720		677		623		605
Capitalized Interest 1	5		6		8		9		9		8		6
Adjusted Earnings	$	5,199	$	4,730	$	6,056	$	5,148	$	4,962	$	4,304	$	3,748
Fixed Charges:
Interest Expense 2	$	494	$	497	$	659	$	559	$	525	$	478	$	463
Rental Expense 3	155		136		188		161		152		145		142
Total Fixed Charges	$	649	$	633	$	847	$	720	$	677	$	623	$	605
Ratio of Earnings to Fixed Charges	8.0		7.5		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.