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Lowe's Companies, Inc. Consolidated Balance Sheets (In millions, except par value) January 31, 2020 February 1, 2019 716 $ 511 160 218 12,561 938 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 Goodwill 13.179 1,263 15,318 18,669 3,891 14,228 18,432 256 372 216 294 303 702 39,471 S 303 995 Other assets Total assets 34,508 $ 1,941 $ 597 722 1,110 501 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 7,659 684 1,219 2,581 15,182 8,279 662 1.299 2,425 14,497 Total liabilities 37,499 30,864 763 Commitments and contingencies Shareholders' equity: Preferred stock - $5 par value, none issued Common stock - $0.50 par value; Shares issued and outstanding January 31, 2020 February 1, 2019 Capital in excess of par value Retained earnings Accumulated other comprehensive loss Total shareholders' equity Total liabilities and shareholders' equity 801 381 401 1,727 (136) 1,972 39,471 $ 3,452 (209) 3,644 34,508 See accompanying notes to consolidated financial statements. Lowe's 2020 Lowe's 2019 Annual Report reference page # and/or calculation comment Annual Report reference page # and/or calculation comment Input Ratio Output Input Ratio Output #DIV/0! #DIV/0! Debt to Assets Ratio (Debt Ratio): Total Liabilities Total Assets Debt to Equity Ratio: Total Liabilities Total Shareholders' Equity Number of times interest is earned (Interest Coverage): #DIV/0! #DIV/0! Operating income less loss on extingiushment of debt #DIV/0! #DIV/0! 38 #DIV/0! #DIV/0! Earnings before interest and taxes expense Interest Expense Plant Assets to Long-term liabilities: Net Plant Assets (PP&E) Long-Term Liabilities Operating Cash Flows/Total Liabilities: Cash from Operations Total Liabilities 40 #DIV/0! #DIV/0! Lowe's Companies, Inc. Consolidated Statements of Cash Flows (In millions) Fiscal Years Ended January 31, February 1, February 2, 2020 2018 2019 $ 4,281 $ 2,314 $ 3,447 1,410 1,607 1,540 468 177 53 (151) 630 117 40 952 464 12 9 (82) 98 74 99 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 Loss (gain) on cost method and equity method investments Share-based payment expense Changes in operating assets and liabilities: Merchandise inventory net Other operating assets Accounts payable 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 Acquisition of business - net Other - net Net cash used in investing activities (791) 250 (600) (376) (637) (654) 4,296 (1,289) (110) 1,720 437 (92) 137 5,065 6,193 (743) 695 (1,373) 1,393 (1,174) 76 (1,484) 163 (981) 1,114 (1,123) 45 (509) 13 (1,441) (2) (1,080) (1,369) (1,369) (1,080) (1,441) 220 (415) 625 Net cash used in investing activities Cash flows from financing activities: Net change in commercial paper Net proceeds from issuance of debt Repayment of long-term debt Proceeds from issuance of common stock under share-based payment plans Cash dividend payments Repurchase of common stock Other - net Net cash used in financing activities 3,972 (1,113) 118 (1,618) (4,313) (1) (2,735) (326) 114 (1,455) (3,037) (5) (5,124) 2,968 (2,849) 139 (1,288) (3,192) (10) (3,607) 1 (12) 13 193 30 12 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 increase/(decrease) 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 notar to consolidated financial statements, 205 (23) (54) (77) 588 511 S 30 511 568 716 $ 588 Lowe's Companies, Inc. Consolidated Statements of Shareholders' Equity (In millions, except per share data) 140 Accumulated Common Stock Capital in Other Total Excess Retained Comprehensive Shareholders Shares Amount of Par Value Earnings Income/(Loss) Equity Balance February 3, 2017 866 $ 433 $ 6,241 $ (240) S 6,434 Net eamings 3.447 3,447 Other comprehensive income 251 251 Cash dividends declared, $1.58 per share (1,324) (1,324) Share-based payment expense 99 99 Repurchase of common stock (40) (20) (215) (2,939) (3,174) Issuance of common stock under share- based payment plans 4 2 138 Balance February 2, 2018 830 S 415 S 22 $ 5,425 S 11 S 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 Repurchase 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 $ 401 $ $ 3,452 S (209) S 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 Repurchase of common stock (41) (21) (214) (4,090) (4,325) Issuance of common stock under share- based payment plans 3 1 117 Balance January 31, 2020 763 $ 381 $ $ 1,727 S (136) $ 1,972 See accompanying notes to consolidated financial statements. 116 Lowe's Companies, Inc. Consolidated Balance Sheets (In millions, except par value) January 31, 2020 February 1, 2019 716 $ 511 160 218 12,561 938 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 Goodwill 13.179 1,263 15,318 18,669 3,891 14,228 18,432 256 372 216 294 303 702 39,471 S 303 995 Other assets Total assets 34,508 $ 1,941 $ 597 722 1,110 501 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 7,659 684 1,219 2,581 15,182 8,279 662 1.299 2,425 14,497 Total liabilities 37,499 30,864 763 Commitments and contingencies Shareholders' equity: Preferred stock - $5 par value, none issued Common stock - $0.50 par value; Shares issued and outstanding January 31, 2020 February 1, 2019 Capital in excess of par value Retained earnings Accumulated other comprehensive loss Total shareholders' equity Total liabilities and shareholders' equity 801 381 401 1,727 (136) 1,972 39,471 $ 3,452 (209) 3,644 34,508 See accompanying notes to consolidated financial statements. Lowe's 2020 Lowe's 2019 Annual Report reference page # and/or calculation comment Annual Report reference page # and/or calculation comment Input Ratio Output Input Ratio Output #DIV/0! #DIV/0! Debt to Assets Ratio (Debt Ratio): Total Liabilities Total Assets Debt to Equity Ratio: Total Liabilities Total Shareholders' Equity Number of times interest is earned (Interest Coverage): #DIV/0! #DIV/0! Operating income less loss on extingiushment of debt #DIV/0! #DIV/0! 38 #DIV/0! #DIV/0! Earnings before interest and taxes expense Interest Expense Plant Assets to Long-term liabilities: Net Plant Assets (PP&E) Long-Term Liabilities Operating Cash Flows/Total Liabilities: Cash from Operations Total Liabilities 40 #DIV/0! #DIV/0! Lowe's Companies, Inc. Consolidated Statements of Cash Flows (In millions) Fiscal Years Ended January 31, February 1, February 2, 2020 2018 2019 $ 4,281 $ 2,314 $ 3,447 1,410 1,607 1,540 468 177 53 (151) 630 117 40 952 464 12 9 (82) 98 74 99 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 Loss (gain) on cost method and equity method investments Share-based payment expense Changes in operating assets and liabilities: Merchandise inventory net Other operating assets Accounts payable 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 Acquisition of business - net Other - net Net cash used in investing activities (791) 250 (600) (376) (637) (654) 4,296 (1,289) (110) 1,720 437 (92) 137 5,065 6,193 (743) 695 (1,373) 1,393 (1,174) 76 (1,484) 163 (981) 1,114 (1,123) 45 (509) 13 (1,441) (2) (1,080) (1,369) (1,369) (1,080) (1,441) 220 (415) 625 Net cash used in investing activities Cash flows from financing activities: Net change in commercial paper Net proceeds from issuance of debt Repayment of long-term debt Proceeds from issuance of common stock under share-based payment plans Cash dividend payments Repurchase of common stock Other - net Net cash used in financing activities 3,972 (1,113) 118 (1,618) (4,313) (1) (2,735) (326) 114 (1,455) (3,037) (5) (5,124) 2,968 (2,849) 139 (1,288) (3,192) (10) (3,607) 1 (12) 13 193 30 12 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 increase/(decrease) 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 notar to consolidated financial statements, 205 (23) (54) (77) 588 511 S 30 511 568 716 $ 588 Lowe's Companies, Inc. Consolidated Statements of Shareholders' Equity (In millions, except per share data) 140 Accumulated Common Stock Capital in Other Total Excess Retained Comprehensive Shareholders Shares Amount of Par Value Earnings Income/(Loss) Equity Balance February 3, 2017 866 $ 433 $ 6,241 $ (240) S 6,434 Net eamings 3.447 3,447 Other comprehensive income 251 251 Cash dividends declared, $1.58 per share (1,324) (1,324) Share-based payment expense 99 99 Repurchase of common stock (40) (20) (215) (2,939) (3,174) Issuance of common stock under share- based payment plans 4 2 138 Balance February 2, 2018 830 S 415 S 22 $ 5,425 S 11 S 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 Repurchase 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 $ 401 $ $ 3,452 S (209) S 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 Repurchase of common stock (41) (21) (214) (4,090) (4,325) Issuance of common stock under share- based payment plans 3 1 117 Balance January 31, 2020 763 $ 381 $ $ 1,727 S (136) $ 1,972 See accompanying notes to consolidated financial statements. 116