Lowe's Companies, Inc. Consolidated Balance Sheets (In millions, except par value) January 29, 2021 January 31, 2020 716 4,690 $ 506 16,193 160 937 Assets Current assets: Cash and cash equivalents Short-term investments Merchandise inventory - net Other current assets Total current assets Property, less accumulated depreciation Operating lease right-of-use assets Long-term investments Deferred income taxes-net Other assets Total assets 22,326 19,155 3,832 200 340 13,179 1,263 15,318 18,769 3,891 372 216 882 905 46,735 S 39,471 S 1,112 1.941 597 501 541 7,659 684 Liabilities and shareholders' equity Current liabilities: Short-term borrowings Current maturities of long-term debt Current operating lease liabilities Accounts payable Accrued compensation and employee benefits Deferred revenue Other current liabilities Total current liabilities Long-term debt, excluding current maturities Noncurrent operating lease liabilities Deferred revenue - extended protection plans Other liabilities Total liabilities 10,884 1,350 1,608 3,235 18,730 20,668 3,890 1,019 991 45,298 1,219 2,581 15,182 16,768 3,943 894 712 37,499 366 381 Shareholders' equity: Preferred stock - $5 par value: Authorized - 5.0 million shares; Issued and outstanding - none Common stock - $0.50 par value: Authorized 5.6 billion shares, Issued and outstanding - 731 million and 763 million, respectively Capital in excess of par value Retained earnings Accumulated other comprehensive loss Total shareholders' equity Total liabilities and shareholders' equity 90 1,727 1,117 (136) 1,437 46,735 S (136) 1,972 39,471 $ CES Lowe's Companies, Inc. Consolidated Statements of Shareholders' Equity (In millions, except per share data) Accumulated Common Stock Capital in Other Total Excess Retained Comprehensive Shareholders Shares Amount of Par Value Earnings Income/(Loss) Equity Balance February 2, 2018 830 $ 415 $ 22 S 5,425 $ 11 $ 5,873 Cumulative effect of accounting change 33 33 Net earnings 2,314 2.314 Other comprehensive loss (220) (220) Cash dividends declared, $1.85 per share (1,500) (1,500) Share-based payment expense 74 74 Repurchases of common stock (32) (16) (209) (2,820) (3,045) Issuance of common stock under share- based payment plans 3 2 113 115 Balance February 1, 2019 801 S 401 $ $ 3,452 S (209) $ 3,644 Cumulative effect of accounting change (263) (263) Net earnings 4,281 4,281 Other comprehensive income 73 73 Cash dividends declared, $2.13 per share (1,653) (1.653) Share-based payment expense 98 98 Repurchases of common stock (21) (214) (4,090) (4,325) Issuance of common stock under share- based payment plans 3 1 117 Balance January 31, 2020 763 S 381 $ $ 1,727 S (136) $ 1,972 Net earnings 5.835 5,835 Cash dividends declared, $2.30 per share (1,724) (1,724) Share-based payment expense 155 Repurchases of common stock (34) (16) (214) (4,721) (4,951) Issuance of common stock under share- based 2 payment plans 1 149 150 Balance January 29, 2021 731 $ 366 S 90 S 1.117 S (136) S 1,437 See accompanying notes to consolidated financial statements. | | || - (41) 116 STT TIL TIL 155 Lowe's Companies, Ine. Consolidated Statements of Cash Flows (In millions) Fiscal Years Ended January 29, January 31, February 1, 2021 2020 2019 $ 5,835 S 4,281 $ 2,314 1,594 1,607 1,410 468 479 177 (108) 139 (151) 630 117 952 1,060 155 98 74 Cash flows from operating activities: Net earnings Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization Noncash lease expense Deferred income taxes Loss on property and other assets - net Impairment of goodwill Loss on extinguishment of debt Share-based payment expense Changes in operating assets and liabilities: Merchandise inventory - net Other operating assets Accounts payable Deferred revenue Other operating liabilities Net cash provided by operating activities Cash flows from investing activities: Purchases of investments Proceeds from sale/maturity of investments Capital expenditures Proceeds from sale of property and other long-term assets Other - net Net cash used in investing activities (2,967) 326 (600) (364) (637) (15) (639) 4,296 (1,289) (101) 1,720 23 3,211 512 813 414 11,049 6,193 (743) 695 (3,094) 2,926 (1,791) 90 (25) (1,894) (1,373) 1,393 (1,174) 76 (1,484) 163 (2) (1,080) (1,369) (1,894) (1,369) (1,080) 220 (415) Net cash used in investing activities Cash flows from financing activities: Net change in commercial paper Net proceeds from issuance of debt Repayment of debt Proceeds from issuance of common stock under share-based payment plans Cash dividend payments Repurchases of common stock Other - net Net cash used in financing activities Effect of exchange rate changes on cash Net increase/(decrease) in cash and cash equivalents, including cash classified within current assets held for sale Less: Net decrease/(increase) in cash classified within current assets held for sale Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year (941) 7,929 (5,618) 152 (1,704) (4,971) (38) (5,191) 3,972 (1,113) 118 (1,618) (4,313) (1) (2,735) (326) 114 (1,455) (3,037) (5) (5,124) 10 1 (12) 3,974 193 12 3,974 205 (23) (54) (77) 588 511 716 $11 716 S 4,690 S Years Ended January 29, 2021 January 31, 2020 February 1, 2019 $ 2,314 5,835 $ (24) 5,811. $ 748 4,281 $ (13) 4,268 $ 777 S. 2,307 811 2.84 $ 7.77 $ 5.49 $ (In millions, except per share data) Basic earnings per common share: Net earnings attributable to Lowe's Companies, Inc. Less: Net earnings allocable to participating securities Net earnings allocable to common shares, basic Weighted-average common shares outstanding Basic earnings per common share Diluted earnings per common share: Net earnings attributable to Lowe's Companies, Inc. Less: Net earnings allocable to participating securities Net earnings allocable to common shares, diluted Weighted-average common shares outstanding Dilutive effect of non-participating share-based awards Weighted average common shares, as adjusted Diluted earnings per common share $ 2,314 5,835 $ (24) 5,811 $ 748 4,281 $ (13) 4,268 $ 777 $ 2,307 811 2 1 1 750 778 812 $ 7.75 $ 5.49 $ 2.84 Add brief comments Stock Market Ratios Lowe's 2020 Annual Report reference page # and/or calculation comment Ratio Output Lowe's 2019 Annual Report reference page # and/or calculation comment Ratio Output Input Input Earnings Per Share (EPS) Use the information on Use the information on page 65 page 65 #DIV/0! #DIV/0! #DIV/0! #DIV/0! Net income available to CS Avg. Outstanding CS Price-Earnings Ratio Use the Market Price per Share as of close of the day as of the Balance Sheet date for both Lowe's and Home Depot EPS Book Value per Share Stockholders' Equity Preferred Stock Outstanding Common Stock Dividend Yield on Common Stock #DIV/0! #DIV/0! See 39 on the left, in the account title See 39 on the left, in the account title #DIV/0! #DIV/0! Annual Dividend per Share Current Market Price per Share