Lowes Companies, Inc. (NYSE:LOW)

Pro Forma Balance Sheet

Report Date 2018 2017 2016 2015

Scale Millions Millions Millions Millions

Assets Assets

Current assets: Current assets:

Cash and cash equivalents 511 588 558 405 Cash and cash equivalents

Short-term investments 218 102 100 307 Short-term investments

Merchandise inventory - net 12,561 11,393 10,458 9,458 Merchandise inventory - net

Other current assets 938 689 884 391 Other current assets

Total current assets 14,228 12,772 12,000 10,561 Total current assets

Property, less accumulated depreciation 18,432 19,721 19,949 19,577 Property, less accumulated depreciation

Operating lease right-of-use assets 0 0 0 0 Operating lease right-of-use assets

Long-term investments 256 408 366 222 Long-term investments

Deferred income taxes - net 294 168 222 241 Deferred income taxes - net

Goodwill 303 1,307 1,082 154 Goodwill

Other assets 995 915 789 511 Other assets

Total assets 34,508 35,291 34,408 31,266 Total assets

Liabilities and shareholders equity Liabilities and shareholders equity

Current liabilities: Current liabilities:

Short-term borrowings 722 1,137 510 43 Short-term borrowings

Current maturities of long-term debt 1,110 294 795 1,061 Current maturities of long-term debt

Current operating lease liabilities 0 0 0 0 Current operating lease liabilities

Accounts payable 8,279 6,590 6,651 5,633 Accounts payable

Accrued compensation and employee benefits 662 747 790 820 Accrued compensation and employee benefits

Deferred revenue 1,299 1,378 1,253 1,078 Deferred revenue

Other current liabilities 2,425 1,950 1,975 1,857 Other current liabilities

Total current liabilities 14,497 12,096 11,974 10,492 Total current liabilities

Long-term debt, excluding current maturities 14,391 15,564 14,394 11,545 Long-term debt, excluding current maturities

Noncurrent operating lease liabilities 0 0 0 0 Noncurrent operating lease liabilities

Deferred revenue - extended protection plans 827 803 763 729 Deferred revenue - extended protection plans

Other liabilities 1,149 955 843 846 Other liabilities

Total liabilities 30,864 29,418 27,974 23,612 Total liabilities

Shareholders equity: Shareholders equity:

Common stock 401 415 433 455 Common stock

Capital in excess of par value 0 22 0 0 Capital in excess of par value

Retained earnings 3,452 5,425 6,241 7,593 Retained earnings

Accumulated other comprehensive loss (209) 11 (240) (394) Accumulated other comprehensive loss

Total shareholders equity 3,644 5,873 6,434 7,654 Total shareholders equity

Total liabilities and shareholders equity 34,508 35,291 34,408 31,266 Total liabilities and shareholders equity

Common-Size Balance sheet

FY 2018 FY 2017 FY 2016 3 year average

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