Analysis of Debt
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Lowe’s Cos. Inc. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Total Debt (Carrying Amount)
Lowe’s Cos. Inc., balance sheet: debt
US$ in millions
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)
| 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
| 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
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. |