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Microsoft Excel LibreOffice Calc

Lowe’s Cos. Inc. (LOW)

Analysis of Debt

Advanced level

Total Debt (Carrying Amount)

Lowe’s Cos. Inc., balance sheet: debt

US$ in millions

Microsoft Excel LibreOffice Calc
Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016 Jan 30, 2015 Jan 31, 2014
Short-term borrowings
Current maturities of long-term debt
Long-term debt, excluding current maturities
Total debt, including capitalized lease obligations (carrying amount)

Based on: 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), 10-K (filing date: 2014-03-31).

Debt item Description The company
Total debt, including 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 increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.

Total Debt (Fair Value)

Microsoft Excel LibreOffice Calc
Feb 1, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings
Long-term debt, excluding capitalized lease obligations
Capitalized lease obligations
Total debt, including capitalized lease obligations (fair value)
Financial Ratio
Debt, fair value to carrying amount ratio

Based on: 10-K (filing date: 2019-04-02).

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: 2019-04-02).

1 US$ in millions

2 Weighted-average interest rate = 100 × ÷ =

Interest Costs Incurred

Lowe’s Cos. Inc., interest costs incurred

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016 Jan 30, 2015 Jan 31, 2014
Interest expense
Interest capitalized
Interest costs incurred

Based on: 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), 10-K (filing date: 2014-03-31).

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 decreased from 2017 to 2018 but then slightly increased from 2018 to 2019.
Interest capitalized Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. Lowe’s Cos. Inc.’s interest capitalized increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.
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 decreased from 2017 to 2018 but then slightly increased from 2018 to 2019.

Adjusted Interest Coverage Ratio

Microsoft Excel LibreOffice Calc
Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016 Jan 30, 2015 Jan 31, 2014
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 (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), 10-K (filing date: 2014-03-31).

2019 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 improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.