Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Lowe’s Cos. Inc. (NYSE:LOW)

Adjustments to Financial Statements

Advanced level

Adjustments to Total Assets

Lowe’s Cos. Inc., adjusted total assets

US$ in millions

Microsoft Excel LibreOffice Calc
Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016
As Reported
Total assets 46,735  39,471  34,508  35,291  34,408  31,266 
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 —  —  3,663  3,972  3,937  3,274 
Less: Deferred tax assets2 340  216  294  168  222  241 
After Adjustment
Adjusted total assets 46,395  39,255  37,877  39,095  38,123  34,299 

Based on: 10-K (filing date: 2021-03-22), 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).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Deferred tax assets. See details »


Adjustments to Current Liabilities

Lowe’s Cos. Inc., adjusted current liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016
As Reported
Current liabilities 18,730  15,182  14,497  12,096  11,974  10,492 
Adjustments
Less: Current deferred revenue 1,608  1,219  1,299  1,378  1,253  1,078 
After Adjustment
Adjusted current liabilities 17,122  13,963  13,198  10,718  10,721  9,414 

Based on: 10-K (filing date: 2021-03-22), 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).


Adjustments to Total Liabilities

Lowe’s Cos. Inc., adjusted total liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016
As Reported
Total liabilities 45,298  37,499  30,864  29,418  27,974  23,612 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  —  3,663  3,972  3,937  3,274 
Less: Deferred tax liabilities2 —  —  —  28  22  — 
Less: Deferred revenue 2,627  2,113  2,126  2,181  2,016  1,807 
Less: Accrual for exit activities 69  88  361  60  66  67 
After Adjustment
Adjusted total liabilities 42,602  35,298  32,040  31,121  29,807  25,012 

Based on: 10-K (filing date: 2021-03-22), 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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Deferred tax liabilities. See details »


Adjustments to Stockholders’ Equity

Lowe’s Cos. Inc., adjusted shareholders’ equity

US$ in millions

Microsoft Excel LibreOffice Calc
Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016
As Reported
Shareholders’ equity 1,437  1,972  3,644  5,873  6,434  7,654 
Adjustments
Less: Net deferred tax asset (liability)1 340  216  294  140  200  241 
Add: Deferred revenue 2,627  2,113  2,126  2,181  2,016  1,807 
Add: Accrual for exit activities 69  88  361  60  66  67 
After Adjustment
Adjusted shareholders’ equity 3,793  3,957  5,837  7,974  8,316  9,287 

Based on: 10-K (filing date: 2021-03-22), 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).

1 Net deferred tax asset (liability). See details »


Adjustments to Capitalization Table

Lowe’s Cos. Inc., adjusted capitalization table

US$ in millions

Microsoft Excel LibreOffice Calc
Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016
As Reported
Short-term borrowings —  1,941  722  1,137  510  43 
Current maturities of long-term debt 1,112  597  1,110  294  795  1,061 
Long-term debt, excluding current maturities 20,668  16,768  14,391  15,564  14,394  11,545 
Total reported debt 21,780  19,306  16,223  16,995  15,699  12,649 
Shareholders’ equity 1,437  1,972  3,644  5,873  6,434  7,654 
Total reported capital 23,217  21,278  19,867  22,868  22,133  20,303 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  —  3,663  3,972  3,937  3,274 
Add: Current operating lease liabilities2 541  501  —  —  —  — 
Add: Noncurrent operating lease liabilities3 3,890  3,943  —  —  —  — 
Adjusted total debt 26,211  23,750  19,886  20,967  19,636  15,923 
Adjustments to Equity
Less: Net deferred tax asset (liability)4 340  216  294  140  200  241 
Add: Deferred revenue 2,627  2,113  2,126  2,181  2,016  1,807 
Add: Accrual for exit activities 69  88  361  60  66  67 
Adjusted shareholders’ equity 3,793  3,957  5,837  7,974  8,316  9,287 
After Adjustment
Adjusted total capital 30,004  27,707  25,723  28,941  27,952  25,210 

Based on: 10-K (filing date: 2021-03-22), 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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current operating lease liabilities. See details »

3 Noncurrent operating lease liabilities. See details »

4 Net deferred tax asset (liability). See details »


Adjustments to Revenues

Lowe’s Cos. Inc., adjusted net sales

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016
As Reported
Net sales 89,597  72,148  71,309  68,619  65,017  59,074 
Adjustment
Add: Increase (decrease) in deferred revenue 514  (13) (55) 165  209  98 
After Adjustment
Adjusted net sales 90,111  72,135  71,254  68,784  65,226  59,172 

Based on: 10-K (filing date: 2021-03-22), 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).


Adjustments to Reported Income

Lowe’s Cos. Inc., adjusted net earnings

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Jan 29, 2021 Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016
As Reported
Net earnings 5,835  4,281  2,314  3,447  3,093  2,546 
Adjustments
Add: Deferred income tax expense (benefit)1 (99) 139  (157) 56  (63)
Add: Increase (decrease) in deferred revenue 514  (13) (55) 165  209  98 
Add: Increase (decrease) in accrual for exit activities (19) (273) 301  (6) (1) 14 
Add: Other comprehensive income (loss) —  73  (220) 251  154  (291)
After Adjustment
Adjusted net earnings 6,231  4,207  2,183  3,913  3,464  2,304 

Based on: 10-K (filing date: 2021-03-22), 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).

1 Deferred income tax expense (benefit). See details »