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Analysis of Debt
Advanced level
Total Debt (Carrying Amount)
Lowe’s Cos. Inc., balance sheet: debt
US$ in millions
Based on: 10-K (filing date: 2020-03-23), 10-K (filing date: 2019-04-02), 10-K (filing date: 2018-04-02), 10-K (filing date: 2017-04-04), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).
| Debt item | Description | The company |
|---|---|---|
| Total debt, including finance or capitalized lease obligations (carrying amount) | Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. | Lowe’s Cos. Inc.’s total debt decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level. |
Total Debt (Fair Value)
| Jan 31, 2020 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Short-term borrowings | |
| Long-term debt, excluding capitalized lease obligations | |
| Finance or capitalized lease obligations | |
| Total debt, including finance or capitalized lease obligations (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (filing date: 2020-03-23).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt:
| Interest Rate | Debt Amount1 | Interest Rate × Debt Amount | Weighted-average Interest Rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (filing date: 2020-03-23).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =
Interest Costs Incurred
Lowe’s Cos. Inc., interest costs incurred
US$ in millions
| 12 months ended: | Jan 31, 2020 | Feb 1, 2019 | Feb 2, 2018 | Feb 3, 2017 | Jan 29, 2016 | Jan 30, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest expense | |||||||||||||
| Interest capitalized | |||||||||||||
| Interest costs incurred |
Based on: 10-K (filing date: 2020-03-23), 10-K (filing date: 2019-04-02), 10-K (filing date: 2018-04-02), 10-K (filing date: 2017-04-04), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).
| Debt item | Description | The company |
|---|---|---|
| Interest expense | Amount of the cost of borrowed funds accounted for as interest expense for debt. | Lowe’s Cos. Inc.’s interest expense increased from 2018 to 2019 and from 2019 to 2020. |
| Interest capitalized | Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. | Lowe’s Cos. Inc.’s interest capitalized decreased from 2018 to 2019 and from 2019 to 2020. |
| Interest costs incurred | Total interest costs incurred during the period and either capitalized or charged against earnings. | Lowe’s Cos. Inc.’s interest costs incurred increased from 2018 to 2019 and from 2019 to 2020. |
Adjusted Interest Coverage Ratio
Based on: 10-K (filing date: 2020-03-23), 10-K (filing date: 2019-04-02), 10-K (filing date: 2018-04-02), 10-K (filing date: 2017-04-04), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).
2020 Calculations
1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense, net of amount capitalized
= ÷ =
2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= ÷ =
| Solvency ratio | Description | The company |
|---|---|---|
| Adjusted interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). | Lowe’s Cos. Inc.’s adjusted interest coverage ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 not reaching 2018 level. |