Stock Analysis on Net

Lowe’s Cos. Inc. (NYSE:LOW)

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Analysis of Debt

Microsoft Excel

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Total Debt (Carrying Amount)

Lowe’s Cos. Inc., balance sheet: debt

US$ in millions

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Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017
Short-term borrowings
Current maturities of long-term debt
Long-term debt, excluding current maturities
Total debt, including finance lease obligations (carrying amount)

Based on: 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01), 10-K (reporting date: 2018-02-02), 10-K (reporting date: 2017-02-03).

Debt item Description The company
Total debt, including finance 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. total debt increased from 2020 to 2021 and from 2021 to 2022.

Total Debt (Fair Value)

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Jan 28, 2022
Selected Financial Data (US$ in millions)
Short-term borrowings
Long-term debt, excluding finance lease obligations
Finance lease obligations
Total debt, including finance lease obligations (fair value)
Financial Ratio
Debt, fair value to carrying amount ratio

Based on: 10-K (reporting date: 2022-01-28).


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 (reporting date: 2022-01-28).

1 US$ in millions

2 Weighted-average interest rate = 100 × ÷ =


Interest Costs Incurred

Lowe’s Cos. Inc., interest costs incurred

US$ in millions

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12 months ended: Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017
Interest expense
Interest capitalized
Interest costs incurred

Based on: 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01), 10-K (reporting date: 2018-02-02), 10-K (reporting date: 2017-02-03).

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. interest expense increased from 2020 to 2021 and from 2021 to 2022.
Interest capitalized Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. Lowe’s Cos. Inc. interest capitalized decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.
Interest costs incurred Total interest costs incurred during the period and either capitalized or charged against earnings. Lowe’s Cos. Inc. interest costs incurred increased from 2020 to 2021 and from 2021 to 2022.

Adjusted Interest Coverage Ratio

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Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017
Selected Financial Data (US$ in millions)
Net earnings
Add: Income tax expense
Add: Interest expense, net of amount capitalized
Earnings before interest and tax (EBIT)
 
Interest costs incurred
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)1
Adjusted interest coverage ratio (with capitalized interest)2

Based on: 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01), 10-K (reporting date: 2018-02-02), 10-K (reporting date: 2017-02-03).

2022 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. adjusted interest coverage ratio improved from 2020 to 2021 and from 2021 to 2022.