Please just help me correct the ones that I got wrong. Please, and thank you. The corrections are in the file seboprincess00322885. I made some corrections already so if you come across them, just see if I made the right corrections.

This line represents final trim and will not print REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of Lowe's Companies, Inc. Mooresville, North Carolina We have audited the accompanying consolidated balance sheets of Lowe's Companies, Inc. and subsidiaries (the "Company") as of January 30, 2015 and January 31, 2014, and the related consolidated statements of earnings, comprehensive income, shareholders' equity, and cash flows for each of the three fiscal years in the period ended January 30, 2015. Our audits also included the financial statement schedule listed in the Index at Item 15. These financial statements and financial statement schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on the financial statements and financial statement schedule based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of the Company at January 30, 2015 and January 31, 2014, and the results of its operations and its cash flows for each of the three fiscal years in the period ended January 30, 2015, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, such financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company's internal control over financial reporting as of January 30, 2015, based on the criteria established in Internal ControlIntegrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 31, 2015 expressed an unqualified opinion on the Company's internal control over financial reporting. /s/ DELOITTE & TOUCHE LLP Charlotte, North Carolina March 31, 2015 32 This proof is printed at 96% of original size This line represents final trim and will not print REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of Lowe's Companies, Inc. Mooresville, North Carolina We have audited the internal control over financial reporting of Lowe's Companies, Inc. and subsidiaries (the "Company") as of January 30, 2015, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. A company's internal control over financial reporting is a process designed by, or under the supervision of, the company's principal executive and principal financial officers, or persons performing similar functions, and effected by the company's board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of January 30, 2015, based on the criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements and financial statement schedule as of and for the year ended January 30, 2015 of the Company and our report dated March 31, 2015 expressed an unqualified opinion on those financial statements and financial statement schedule. /s/ DELOITTE & TOUCHE LLP Charlotte, North Carolina March 31, 2015 33 This proof is printed at 96% of original size This line represents final trim and will not print Lowe's Companies, Inc. Consolidated Statements of Earnings (In millions, except per share and percentage data) Fiscal years ended on Net sales Cost of sales January 30, 2015 $ 56,223 36,665 % Sales January 31, 2014 100.00 % $ 65.21 53,417 34,941 % Sales February 1, 2013 100.00 % $ 65.41 % Sales 50,521 33,194 100.00 % 65.70 Gross margin Expenses: 19,558 34.79 18,476 34.59 17,327 34.30 Selling, general and administrative 13,281 23.62 12,865 24.08 12,244 24.24 1,485 2.64 1,462 2.74 1,523 3.01 Depreciation Interest - net Total expenses 516 0.92 476 0.89 423 0.84 15,282 27.18 14,803 27.71 14,190 28.09 4,276 1,578 7.61 2.81 3,673 1,387 6.88 2.60 3,137 1,178 6.21 2.33 3.88 % Pre-tax earnings Income tax provision Net earnings $ 2,698 4.80 % $ 2,286 4.28 % $ 1,959 Basic earnings per common share $ 2.71 $ 2.14 $ 1.69 Diluted earnings per common share $ 2.71 $ 2.14 $ 1.69 Cash dividends per share $ 0.87 $ 0.70 $ 0.62 Lowe's Companies, Inc. Consolidated Statements of Comprehensive Income (In millions, except percentage data) Fiscal years ended on January 30, 2015 Net earnings $ Foreign currency translation adjustments net of tax Net unrealized investment losses - net of tax Other comprehensive income/(loss) Comprehensive income % Sales 2,698 4.80 % $ (86) (0.15) (86) $ January 31, 2014 (0.15) 2,612 4.65 % $ See accompanying notes to consolidated financial statements. 34 This proof is printed at 96% of original size 2,286 (68) (1) (69) 2,217 % Sales February 1, 2013 4.28 % $ (0.13) (0.13) 4.15 % $ 1,959 % Sales 3.88 % 6 0.01 6 0.01 1,965 3.89 % This line represents final trim and will not print Lowe's Companies, Inc. Consolidated Balance Sheets (In millions, except par value and percentage data) January 30, 2015 Assets Current assets: Cash and cash equivalents $ Short-term investments % Total January 31, 2014 % Total 466 1.5 % $ 391 1.2 % 125 0.4 185 0.6 Merchandise inventory - net 8,911 28.0 9,127 27.9 Deferred income taxes - net 230 0.7 252 0.8 Other current assets 348 1.1 341 1.0 10,080 20,034 31.7 62.9 10,296 20,834 31.5 63.6 354 1.1 279 0.9 1,359 4.3 1,323 4.0 Total current assets Property, less accumulated depreciation Long-term investments Other assets Total assets $ 31,827 100.0 % $ 32,732 100.0 % $ % $ 386 1.2 % Liabilities and shareholders' equity Current liabilities: Short-term borrowings Current maturities of long-term debt Accounts payable 552 1.7 49 0.1 5,124 16.1 5,008 15.3 Accrued compensation and employee benefits 773 2.4 785 2.4 Deferred revenue 979 3.1 892 2.7 Other current liabilities 1,920 6.0 1,756 5.4 9,348 10,815 29.3 34.0 8,876 10,086 27.1 30.8 97 0.3 291 0.9 Deferred revenue - extended protection plans 730 2.3 730 2.2 Other liabilities 869 2.8 896 2.8 Total current liabilities Long-term debt, excluding current maturities Deferred income taxes - net Total liabilities 21,859 68.7 % 20,879 63.8 % Commitments and contingencies Shareholders' equity: Preferred stock - $5 par value, none issued 480 1.5 515 1.6 9,591 30.3 11,355 34.7 Common stock - $.50 par value; Shares issued and outstanding January 30, 2015 960 January 31, 2014 1,030 Capital in excess of par value Retained earnings Accumulated other comprehensive loss (103) Total shareholders' equity 9,968 Total liabilities and shareholders' equity $ See accompanying notes to consolidated financial statements. 35 This proof is printed at 96% of original size 31,827 (0.5) 31.3 100.0 % $ (17) (0.1) 11,853 36.2 32,732 100.0 % This line represents final trim and will not print Lowe's Companies, Inc. Consolidated Statements of Shareholders' Equity (In millions) Common Stock Shares Balance February 3, 2012 Comprehensive income: Net earnings Amount 1,241 $ Accumulated Total Other Shareholders' Retained Equity Earnings Comprehensive Income/(Loss) 14 $ 15,852 $ 46 $ 16,533 Capital in Excess of Par Value 621 $ 1,959 Other comprehensive income 6 Total comprehensive income 1,965 Tax effect of non-qualified stock options exercised and restricted stock vested Cash dividends declared, $0.62 per share Share-based payment expense Repurchase of common stock Issuance of common stock under share-based payment plans Balance February 1, 2013 12 12 (708) (708) 97 (147) (74) (440) 16 8 343 1,110 $ 555 $ 26 $ Comprehensive income: Net earnings 97 (3,879) (4,393) 351 13,224 $ 52 $ 2,286 Other comprehensive loss (69) Total comprehensive income 2,217 Tax effect of non-qualified stock options exercised and restricted stock vested Cash dividends declared, $0.70 per share Share-based payment expense Repurchase of common stock Issuance of common stock under share-based payment plans Balance January 31, 2014 13,857 25 25 (741) (741) 102 (88) (44) (312) 8 4 159 1,030 $ 515 $ $ Comprehensive income: Net earnings 102 (3,414) (3,770) 163 11,355 $ (17) $ 11,853 2,698 Other comprehensive loss (86) Total comprehensive income 2,612 Tax effect of non-qualified stock options exercised and restricted stock vested Cash dividends declared, $0.87 per share Share-based payment expense 41 41 (858) (858) 111 Repurchase of common stock (75) Issuance of common stock under share-based payment plans Balance January 30, 2015 (37) (286) 5 2 134 960 $ 480 $ $ See accompanying notes to consolidated financial statements. 36 This proof is printed at 96% of original size 111 (3,604) (3,927) 136 9,591 $ (103) $ 9,968 This line represents final trim and will not print Lowe's Companies, Inc. Consolidated Statements of Cash Flows (In millions) January 30, 2015 Fiscal years ended on Cash flows from operating activities: Net earnings $ Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization Deferred income taxes January 31, 2014 February 1, 2013 2,698 $ 2,286 $ 1,959 1,586 1,562 1,623 (124) (162) (140) Loss on property and other assets - net 25 64 83 Loss on equity method investments 57 52 48 119 100 100 170 (396) (244) Share-based payment expense Changes in operating assets and liabilities: Merchandise inventory - net Other operating assets 83 (5) (87) Accounts payable 127 291 303 Other operating liabilities 188 319 117 4,929 4,111 3,762 Net cash provided by operating activities Cash flows from investing activities: Purchases of investments (820) Proceeds from sale/maturity of investments (759) (1,444) 805 709 1,837 Capital expenditures (880) (940) (1,211) Contributions to equity method investments - net (241) (173) (219) Proceeds from sale of property and other long-term assets 52 75 130 Acquisition of business - net (203) Other - net (4) Net cash used in investing activities (1,088) Cash flows from financing activities: Net change in short-term borrowings (386) Net proceeds from issuance of long-term debt 1,239 5 (1,286) 4 (903) 386 985 1,984 Repayment of long-term debt (48) (47) (591) Proceeds from issuance of common stock under share-based payment plans 137 165 349 Cash dividend payments Repurchase of common stock Other - net (822) (733) (704) (3,905) (3,710) (4,393) 24 (15) Net cash used in financing activities (3,761) (2,969) Effect of exchange rate changes on cash (5) (6) Net increase/(decrease) in cash and cash equivalents 75 (150) 391 541 466 $ 391 $ Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year $ See accompanying notes to consolidated financial statements. 37 This proof is printed at 96% of original size 22 (3,333) 1 (473) 1,014 541 This line represents final trim and will not print NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED JANUARY 30, 2015, JANUARY 31, 2014 AND FEBRUARY 1, 2013 NOTE 1: Summary of Significant Accounting Policies Lowe's Companies, Inc. and subsidiaries (the Company) is the world's second-largest home improvement retailer and operated 1,840 stores in the United States, Canada and Mexico at January 30, 2015. Below are those accounting policies considered by the Company to be significant. Fiscal Year - The Company's fiscal year ends on the Friday nearest the end of January. Each of the fiscal years presented contained 52 weeks. All references herein for the years 2014, 2013 and 2012 represent the fiscal years ended January 30, 2015, January 31, 2014, and February 1, 2013, respectively. Principles of Consolidation - The consolidated financial statements include the accounts of the Company and its whollyowned or controlled operating subsidiaries. All intercompany accounts and transactions have been eliminated. Foreign Currency - The functional currencies of the Company's international subsidiaries are generally the local currencies of the countries in which the subsidiaries are located. Foreign currency denominated assets and liabilities are translated into U.S. dollars using the exchange rates in effect at the consolidated balance sheet date. Results of operations and cash flows are translated using the average exchange rates throughout the period. The effect of exchange rate fluctuations on translation of assets and liabilities is included as a component of shareholders' equity in accumulated other comprehensive loss. Gains and losses from foreign currency transactions, which are included in selling, general and administrative (SG&A) expense, have not been significant. Use of Estimates - The preparation of the Company's financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates that affect the reported amounts of assets, liabilities, sales and expenses, and related disclosures of contingent assets and liabilities. The Company bases these estimates on historical results and various other assumptions believed to be reasonable, all of which form the basis for making estimates concerning the carrying values of assets and liabilities that are not readily available from other sources. Actual results may differ from these estimates. Cash and Cash Equivalents - Cash and cash equivalents include cash on hand, demand deposits and short-term investments with original maturities of three months or less when purchased. Cash and cash equivalents are carried at amortized cost on the consolidated balance sheets. The majority of payments due from financial institutions for the settlement of credit card and debit card transactions process within two business days and are, therefore, classified as cash and cash equivalents. Investments - As of January 30, 2015, investments consisted primarily of money market funds, municipal obligations, certificates of deposit, and municipal floating rate obligations. The Company classifies as investments restricted balances primarily pledged as collateral for the Company's extended protection plan program. Investments, exclusive of cash equivalents, with a stated maturity date of one year or less from the balance sheet date or that are expected to be used in current operations, are classified as short-term investments. All other investments are classified as long-term. Merchandise Inventory - Inventory is stated at the lower of cost or market using the first-in, first-out method of inventory accounting. The cost of inventory also includes certain costs associated with the preparation of inventory for resale, including distribution center costs, and is net of vendor funds. The Company records an inventory reserve for the anticipated loss associated with selling inventories below cost. This reserve is based on management's current knowledge with respect to inventory levels, sales trends and historical experience. Management does not believe the Company's merchandise inventories are subject to significant risk of obsolescence in the near term, and management has the ability to adjust purchasing practices based on anticipated sales trends 38 This proof is printed at 96% of original size This line represents final trim and will not print and general economic conditions. However, changes in consumer purchasing patterns could result in the need for additional reserves. The Company also records an inventory reserve for the estimated shrinkage between physical inventories. This reserve is based primarily on actual shrink results from previous physical inventories. Changes in the estimated shrink reserve are made based on the timing and results of physical inventories. The Company receives funds from vendors in the normal course of business, principally as a result of purchase volumes, sales, early payments or promotions of vendors' products. Generally, these vendor funds do not represent the reimbursement of specific, incremental and identifiable costs incurred by the Company to sell the vendor's product. Therefore, the Company treats these funds as a reduction in the cost of inventory as the amounts are accrued, and are recognized as a reduction of cost of sales when the inventory is sold. Funds that are determined to be reimbursements of specific, incremental and identifiable costs incurred to sell vendors' products are recorded as an offset to the related expense. The Company develops accrual rates for vendor funds based on the provisions of the agreements in place. Due to the complexity and diversity of the individual vendor agreements, the Company performs analyses and reviews historical trends throughout the year and confirms actual amounts with select vendors to ensure the amounts earned are appropriately recorded. Amounts accrued throughout the year could be impacted if actual purchase volumes differ from projected annual purchase volumes, especially in the case of programs that provide for increased funding when graduated purchase volumes are met. Derivative Financial Instruments - The Company occasionally utilizes derivative financial instruments to manage certain business risks. However, the amounts were not material to the Company's consolidated financial statements in any of the years presented. The Company does not use derivative financial instruments for trading purposes. Credit Programs - The majority of the Company's accounts receivable arises from sales of goods and services to commercial business customers. The Company has an agreement with Synchrony Bank (Synchrony), formerly GE Capital Retail, under which Synchrony purchases at face value commercial business accounts receivable originated by the Company and services these accounts. This agreement expires in December 2023, unless terminated sooner by the parties. The Company primarily accounts for these transfers as sales of the accounts receivable. When the Company transfers its commercial business accounts receivable, it retains certain interests in those receivables, including the funding of a loss reserve and its obligation related to Synchrony's ongoing servicing of the receivables sold. Any gain or loss on the sale is determined based on the previous carrying amounts of the transferred assets allocated at fair value between the receivables sold and the interests retained. Fair value is based on the present value of expected future cash flows, taking into account the key assumptions of anticipated credit losses, payment rates, late fee rates, Synchrony's servicing costs and the discount rate commensurate with the uncertainty involved. Due to the short-term nature of the receivables sold, changes to the key assumptions would not materially impact the recorded gain or loss on the sales of receivables or the fair value of the retained interests in the receivables. Total commercial business accounts receivable sold to Synchrony were $2.4 billion in 2014, $2.2 billion in 2013 and $1.9 billion in 2012. The Company recognized losses of $38 million in 2014, $38 million in 2013 and $30 million in 2012 on these receivable sales as SG&A expense, which primarily relates to the fair value of the obligations incurred related to servicing costs that are remitted to Synchrony monthly. At January 30, 2015 and January 31, 2014, the fair value of the retained interests was determined based on the present value of expected future cash flows and was insignificant. Sales generated through the Company's proprietary credit cards are not reflected in receivables. Under an agreement with Synchrony, credit is extended directly to customers by Synchrony. All credit program-related services are performed and controlled directly by Synchrony. The Company has the option, but no obligation, to purchase the receivables at the end of the agreement in December 2023. Tender costs, including amounts associated with accepting the Company's proprietary credit cards, are included in SG&A expense in the consolidated statements of earnings. The total portfolio of receivables held by Synchrony, including both receivables originated by Synchrony from the Company's proprietary credit cards and commercial business accounts receivable originated by the Company and sold to Synchrony, approximated $7.9 billion at January 30, 2015, and $7.2 billion at January 31, 2014. 39 This proof is printed at 96% of original size This line represents final trim and will not print Property and Depreciation - Property is recorded at cost. Costs associated with major additions are capitalized and depreciated. Capital assets are expected to yield future benefits and have original useful lives which exceed one year. The total cost of a capital asset generally includes all applicable sales taxes, delivery costs, installation costs and other appropriate costs incurred by the Company, including interest in the case of self-constructed assets. Upon disposal, the cost of properties and related accumulated depreciation is removed from the accounts, with gains and losses reflected in SG&A expense in the consolidated statements of earnings. Property consists of land, buildings and building improvements, equipment and construction in progress. Buildings and building improvements includes owned buildings, as well as buildings under capital lease and leasehold improvements. Equipment primarily includes store racking and displays, computer hardware and software, forklifts, vehicles and other store equipment. Depreciation is provided over the estimated useful lives of the depreciable assets. Assets are depreciated using the straight-line method. Leasehold improvements and assets under capital lease are depreciated over the shorter of their estimated useful lives or the term of the related lease, which may include one or more option renewal periods where failure to exercise such options would result in an economic penalty in such amount that renewal appears, at the inception of the lease, to be reasonably assured. During the term of a lease, if leasehold improvements are placed in service significantly after the inception of the lease, the Company depreciates these leasehold improvements over the shorter of the useful life of the leasehold assets or a term that includes lease renewal periods deemed to be reasonably assured at the time the leasehold improvements are placed into service. The amortization of these assets is included in depreciation expense in the consolidated financial statements. Long-Lived Asset Impairment/Exit Activities - The carrying amounts of long-lived assets are reviewed whenever certain events or changes in circumstances indicate that the carrying amounts may not be recoverable. A potential impairment has occurred for long-lived assets held-for-use if projected future undiscounted cash flows expected to result from the use and eventual disposition of the assets are less than the carrying amounts of the assets. An impairment loss is recorded for longlived assets held-for-use when the carrying amount of the asset is not recoverable and exceeds its fair value. Excess properties that are expected to be sold within the next 12 months and meet the other relevant held-for-sale criteria are classified as long-lived assets held-for-sale. Excess properties consist primarily of retail outparcels and property associated with relocated or closed locations. An impairment loss is recorded for long-lived assets held-for-sale when the carrying amount of the asset exceeds its fair value less cost to sell. A long-lived asset is not depreciated while it is classified as held-for-sale. For long-lived assets to be abandoned, the Company considers the asset to be disposed of when it ceases to be used. Until it ceases to be used, the Company continues to classify the asset as held-for-use and tests for potential impairment accordingly. If the Company commits to a plan to abandon a long-lived asset before the end of its previously estimated useful life, its depreciable life is re-evaluated. The Company recorded long-lived asset impairment losses of $28 million during 2014, including $26 million for operating locations and $2 million for excess properties classified as held-for-use. The Company recorded impairment losses of $46 million in 2013, including $26 million for operating locations, $17 million for excess properties classified as held-for-use and $3 million, including costs to sell, for excess properties classified as held-for-sale. The Company recorded long-lived asset impairment of $77 million during 2012, including $55 million for operating locations, $17 million for excess properties classified as held-for-use and $5 million, including costs to sell, for excess properties classified as held-for-sale. Impairment losses are included in SG&A expense in the consolidated statements of earnings. Fair value measurements associated with long-lived asset impairments are further described in Note 2 to the consolidated financial statements. The net carrying amount of excess properties that do not meet the held-for-sale criteria is included in other assets (noncurrent) on the consolidated balance sheets and totaled $152 million and $204 million at January 30, 2015 and January 31, 2014, respectively. 40 This proof is printed at 96% of original size This line represents final trim and will not print When locations under operating leases are closed, a liability is recognized for the fair value of future contractual obligations, including future minimum lease payments, property taxes, utilities, common area maintenance and other ongoing expenses, net of estimated sublease income and other recoverable items. When the Company commits to an exit plan and communicates that plan to affected employees, a liability is recognized in connection with one-time employee termination benefits. Subsequent changes to the liabilities, including a change resulting from a revision to either the timing or the amount of estimated cash flows, are recognized in the period of change. Expenses associated with exit activities are included in SG&A expense in the consolidated statement of earnings. Equity Method Investments - The Company's investments in certain unconsolidated entities are accounted for under the equity method. The balance of these investments is included in other assets (noncurrent) in the accompanying consolidated balance sheets. The balance is increased to reflect the Company's capital contributions and equity in earnings of the investees. The balance is decreased to reflect its equity in losses of the investees and for distributions received that are not in excess of the carrying amount of the investments. Equity in earnings and losses of the investees has been immaterial and is included in SG&A expense. Leases - For lease agreements that provide for escalating rent payments or free-rent occupancy periods, the Company recognizes rent expense on a straight-line basis over the non-cancellable lease term and option renewal periods where failure to exercise such options would result in an economic penalty in such amount that renewal appears, at the inception of the lease, to be reasonably assured. The lease term commences on the date that the Company takes possession of or controls the physical use of the property. Deferred rent is included in other liabilities (noncurrent) on the consolidated balance sheets. When the Company renegotiates and amends a lease to extend the non-cancellable lease term prior to the date at which it would have been required to exercise or decline a term extension option, the amendment is treated as a new lease. The new lease begins on the date the lease amendment is entered into and ends on the last date of the non-cancellable lease term, as adjusted to include any option renewal periods where failure to exercise such options would result in an economic penalty in such amount that renewal appears, at the inception of the lease amendment, to be reasonably assured. The new lease is classified as operating or capital under the authoritative guidance through use of assumptions regarding residual value, economic life, incremental borrowing rate, and fair value of the leased asset(s) as of the date of the amendment. Accounts Payable - The Company has an agreement with a third party to provide an accounts payable tracking system which facilitates participating suppliers' ability to finance payment obligations from the Company with designated third-party financial institutions. Participating suppliers may, at their sole discretion, make offers to finance one or more payment obligations of the Company prior to their scheduled due dates at a discounted price to participating financial institutions. The Company's goal in entering into this arrangement is to capture overall supply chain savings, in the form of pricing, payment terms or vendor funding, created by facilitating suppliers' ability to finance payment obligations at more favorable discount rates, while providing them with greater working capital flexibility. The Company's obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers' decisions to finance amounts under this arrangement. However, the Company's right to offset balances due from suppliers against payment obligations is restricted by this arrangement for those payment obligations that have been financed by suppliers. As of January 30, 2015, and January 31, 2014, $1 billion and $735 million, respectively, of the Company's outstanding payment obligations had been placed on the accounts payable tracking system, and participating suppliers had financed $724 million and $443 million, respectively, of those payment obligations to participating financial institutions. Other Current Liabilities - Other current liabilities on the consolidated balance sheets consist of: 41 This proof is printed at 96% of original size This line represents final trim and will not print (In millions) January 30, 2015 Self-insurance liabilities Accrued dividends $ January 31, 2014 346 $ 222 324 186 Accrued interest 165 153 Sales tax liabilities 131 122 Accrued property taxes 124 121 Other 932 850 Total $ 1,920 $ 1,756 Self-Insurance - The Company is self-insured for certain losses relating to workers' compensation, automobile, property, and general and product liability claims. The Company has insurance coverage to limit the exposure arising from these claims. The Company is also self-insured for certain losses relating to extended protection plan and medical and dental claims. Self-insurance claims filed and claims incurred but not reported are accrued based upon management's estimates of the discounted ultimate cost for self-insured claims incurred using actuarial assumptions followed in the insurance industry and historical experience. Although management believes it has the ability to reasonably estimate losses related to claims, it is possible that actual results could differ from recorded self-insurance liabilities. The total self-insurance liability, including the current and non-current portions, was $905 million and $904 million at January 30, 2015, and January 31, 2014, respectively. The Company provides surety bonds issued by insurance companies to secure payment of workers' compensation liabilities as required in certain states where the Company is self-insured. Outstanding surety bonds relating to self-insurance were $234 million and $228 million at January 30, 2015, and January 31, 2014, respectively. Income Taxes - The Company establishes deferred income tax assets and liabilities for temporary differences between the tax and financial accounting bases of assets and liabilities. The tax effects of such differences are reflected in the consolidated balance sheets at the enacted tax rates expected to be in effect when the differences reverse. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets if it is more likely than not that all or a portion of the asset will not be realized. The tax balances and income tax expense recognized by the Company are based on management's interpretation of the tax statutes of multiple jurisdictions. The Company establishes a liability for tax positions for which there is uncertainty as to whether or not the position will be ultimately sustained. The Company includes interest related to tax issues as part of net interest on the consolidated financial statements. The Company records any applicable penalties related to tax issues within the income tax provision. Shareholders' Equity - The Company has a share repurchase program that is executed through purchases made from time to time either in the open market or through private market transactions. Shares purchased under the repurchase program are retired and returned to authorized and unissued status. Any excess of cost over par value is charged to additional paid-in capital to the extent that a balance is present. Once additional paid-in capital is fully depleted, remaining excess of cost over par value is charged to retained earnings. Revenue Recognition - The Company recognizes revenues, net of sales tax, when sales transactions occur and customers take possession of the merchandise. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of sales in the period that the related sales are recorded. Revenues from product installation services are recognized when the installation is completed. Deferred revenues associated with amounts received for which customers have not yet taken possession of merchandise or for which installation has not yet been completed were $545 million and $461 million at January 30, 2015, and January 31, 2014, respectively. Revenues from stored-value cards, which include gift cards and returned merchandise credits, are deferred and recognized when the cards are redeemed. The liability associated with outstanding stored-value cards was $434 million and $431 million at January 30, 2015, and January 31, 2014, respectively, and these amounts are included in deferred revenue on the 42 This proof is printed at 96% of original size This line represents final trim and will not print consolidated balance sheets. The Company recognizes income from unredeemed stored-value cards at the point at which redemption becomes remote. The Company's stored-value cards have no expiration date or dormancy fees. Therefore, to determine when redemption is remote, the Company analyzes an aging of the unredeemed cards based on the date of last stored-value card use. The amount of revenue recognized from unredeemed stored-value cards for which redemption was deemed remote was not significant for 2014, 2013, and 2012. Extended Protection Plans - The Company sells separately-priced extended protection plan contracts under a Lowe's-branded program for which the Company is ultimately self-insured. The Company recognizes revenue from extended protection plan sales on a straight-line basis over the respective contract term. Extended protection plan contract terms primarily range from one to four years from the date of purchase or the end of the manufacturer's warranty, as applicable. Changes in deferred revenue for extended protection plan contracts are summarized as follows: (In millions) 2014 Deferred revenue - extended protection plans, beginning of year Additions to deferred revenue $ Deferred revenue recognized 730 $ 318 (318) Deferred revenue - extended protection plans, end of year $ 730 $ 2013 715 294 (279) 730 Incremental direct acquisition costs associated with the sale of extended protection plans are also deferred and recognized as expense on a straight-line basis over the respective contract term. Deferred costs associated with extended protection plan contracts were $30 million and $53 million at January 30, 2015, and January 31, 2014, respectively. The Company's extended protection plan deferred costs are included in other assets (noncurrent) on the consolidated balance sheets. All other costs, such as costs of services performed under the contract, general and administrative expenses and advertising expenses are expensed as incurred. The liability for extended protection plan claims incurred is included in other current liabilities on the consolidated balance sheets and was not material in any of the years presented. Expenses for claims are recognized when incurred and totaled $123 million and $114 million for 2014 and 2013, respectively. Cost of Sales and Selling, General and Administrative Expenses - The following lists the primary costs classified in each major expense category: Cost of Sales \u0003 Total cost of products sold, including:\u0003 - Purchase costs, net of vendor funds; - Freight expenses associated with moving merchandise inventories from vendors to retail stores; - Costs associated with operating the Company's distribution network, including payroll and benefit costs and occupancy costs; \u0003\u0003Costs of installation services provided;\u0003 \u0003\u0003Costs associated with delivery of products directly from vendors to customers by third parties;\u0003 \u0003\u0003Costs associated with inventory shrinkage and obsolescence.\u0003 \u0003\u0003Costs of services performed under the extended protection plan.\u0003 \u0003\u0003 Selling, General and Administrative \u0003 Payroll and benefit costs for retail and corporate employees;\u0003 \u0003\u0003Occupancy costs of retail and corporate facilities;\u0003 \u0003\u0003Advertising;\u0003 \u0003\u0003Costs associated with delivery of products from stores and distribution centers to customers;\u0003 \u0003\u0003Third-party, in-store service costs;\u0003 \u0003\u0003Tender costs, including bank charges, costs associated with credit card interchange fees and amounts associated with accepting the Company's proprietary credit cards;\u0003 \u0003\u0003Costs associated with self-insured plans, and premium costs for stop-loss coverage and fully insured plans;\u0003 \u0003\u0003Long-lived asset impairment losses and gains/losses on disposal of assets;\u0003 \u0003\u0003 Advertising - Costs associated with advertising are charged to expense as incurred. Advertising expenses were $819 million, $811 million and $809 million in 2014, 2013 and 2012, respectively. 43 This proof is printed at 96% of original size This line represents final trim and will not print Shipping and Handling Costs - The Company includes shipping and handling costs relating to the delivery of products directly from vendors to customers by third parties in cost of sales. Shipping and handling costs, which include third-party delivery costs, salaries, and vehicle operations expenses relating to the delivery of products from stores and distribution centers to customers, are classified as SG&A expense. Shipping and handling costs included in SG&A expense were $548 million, $501 million and $457 million in 2014, 2013 and 2012, respectively. Store Opening Costs - Costs of opening new or relocated retail stores, which include payroll and supply costs incurred prior to store opening and grand opening advertising costs, are charged to expense as incurred. Comprehensive Income - The Company reports comprehensive income in its consolidated statements of comprehensive income and consolidated statements of shareholders' equity. Comprehensive income represents changes in shareholders' equity from non-owner sources and is comprised of net earnings adjusted primarily for foreign currency translation adjustments. Net foreign currency translation losses, net of tax, classified in accumulated other comprehensive loss were $103 million and $17 million at January 30, 2015, and January 31, 2014, respectively. Net foreign currency translation gains, net of tax, classified in accumulated other comprehensive income were $51 million at February 1, 2013. Segment Information - The Company's home improvement retail operations represent a single reportable segment. Key operating decisions are made at the Company level in order to maintain a consistent retail store presentation. The Company's home improvement retail stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of customers. In addition, the Company's operations exhibit similar economic characteristics. The amounts of long-lived assets and net sales outside of the U.S. were not significant for any of the periods presented. Recent Accounting Pronouncements - In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, Reporting Discontinued Operations and Disclosures of Components of an Entity. The ASU amends the definition of a discontinued operation and also provides new disclosure requirements for disposals meeting the definition, and for those that do not meet the definition, of a discontinued operation. Under the new guidance, a discontinued operation may include a component or a group of components of an entity, or a business or nonprofit activity that has been disposed of or is classified as held for sale, and represents a strategic shift that has or will have a major effect on an entity's operations and financial results. The ASU also expands the scope to include the disposals of equity method investments and acquired businesses held for sale. The guidance will be effective prospectively for interim and annual periods beginning on or after December 15, 2014, with early adoption permitted. The adoption of the guidance by the Company is not expected to have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance will be effective for interim and annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. Accordingly, the Company will adopt this ASU in the first quarter of fiscal year 2017. Companies may use either a full retrospective or a modified retrospective approach to adopt this ASU. The Company is currently evaluating the transition methods and the impact of the standard on its consolidated financial statements. 44 This proof is printed at 96% of original size This line represents final trim and will not print NOTE 2: Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value measurements establishes a three-level hierarchy, which encourages an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the hierarchy are defined as follows: Level 1 - inputs to the valuation techniques that are quoted prices in active markets for identical assets or liabilities Level 2 - inputs to the valuation techniques that are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly Level 3 - inputs to the valuation techniques that are unobservable for the assets or liabilities Assets and Liabilities that are Measured at Fair Value on a Recurring Basis The following tables present the Company's financial assets measured at fair value on a recurring basis as of January 30, 2015 and January 31, 2014, classified by fair value hierarchy: Fair Value Measurements at Reporting Date Using (In millions) January 30, 2015 Available-for-sale securities: Money market funds $ Level 1 Level 2 Level 3 81 $ 81 $ $ Municipal obligations 21 21 Certificates of deposit 17 17 6 6 Municipal floating rate obligations Total short-term investments $ 125 $ 98 $ 27 $ $ 348 $ $ 348 $ Available-for-sale securities: Municipal floating rate obligations Certificates of deposit 4 4 Municipal obligations 2 2 350 $ Total long-term investments $ 354 $ 4 $ Fair Value Measurements at Reporting Date Using (In millions) January 31, 2014 Available-for-sale securities: Money market funds $ 128 $ Level 1 128 $ Level 2 Level 3 $ Municipal obligations 18 18 Certificates of deposit 21 21 Municipal floating rate obligations Total short-term investments 18 $ 185 $ 18 149 $ 36 $ $ 265 $ $ 265 $ Available-for-sale securities: Municipal floating rate obligations Municipal obligations Total long-term investments 14 $ 279 $ There were no transfers between Levels 1, 2 or 3 during any of the periods presented. 45 This proof is printed at 96% of original size $ 14 279 $ This line represents final trim and will not print When available, quoted prices were used to determine fair value. When quoted prices in active markets were available, investments were classified within Level 1 of the fair value hierarchy. When quoted prices in active markets were not available, fair values were determined using pricing models, and the inputs to those pricing models were based on observable market inputs. The inputs to the pricing models were typically benchmark yields, reported trades, broker-dealer quotes, issuer spreads and benchmark securities, among others. Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis For the years ended January 30, 2015, and January 31, 2014, the Company's only significant assets or liabilities measured at fair value on a nonrecurring basis subsequent to their initial recognition were certain assets subject to long-lived asset impairment. The Company reviews the carrying amounts of long-lived assets whenever certain events or changes in circumstances indicate that the carrying amounts may not be recoverable. With input from retail store operations, the Company's accounting and finance personnel that organizationally report to the chief financial officer, assess the performance of retail stores quarterly against historical patterns and projections of future profitability for evidence of possible impairment. An impairment loss is recognized when the carrying amount of the asset (disposal) group is not recoverable and exceeds its fair value. The Company estimated the fair values of assets subject to long-lived asset impairment based on the Company's own judgments about the assumptions that market participants would use in pricing the assets and on observable market data, when available. The Company classified these fair value measurements as Level 3. In the determination of impairment for operating locations, the Company determined the fair values of individual operating locations using an income approach, which required discounting projected future cash flows. When determining the stream of projected future cash flows associated with an individual operating location, management made assumptions, incorporating local market conditions and inputs from retail store operations, about key variables including the following unobservable inputs: sales growth rates, gross margin, controllable expenses, such as payroll and occupancy expense, and asset residual values. In order to calculate the present value of those future cash flows, the Company discounted cash flow estimates at a rate commensurate with the risk that selected market participants would assign to the cash flows. In general, the selected market participants represented a group of other retailers with a location footprint similar in size to the Company's. During 2014, 10 operating locations experienced a triggering event and were evaluated for recoverability. Three of the 10 operating locations were determined to be impaired due to a decline in recent cash flow trends and an unfavorable sales outlook, resulting in an impairment loss of $26 million. The discounted cash flow model used to estimate the fair value of the three impaired operating locations assumed average annual sales growth rates ranging from 4.0% to 9.4% over the remaining life of the locations and applied a discount rate of approximately 6.6%. The remaining seven operating locations that experienced a triggering event during 2014 were determined to be recoverable and, therefore, were not impaired. For these seven locations, the expected undiscounted cash flows substantially exceeded the net book value of each location's assets. A 10% reduction in projected sales used to estimate future cash flows at the latest date these seven operating locations were evaluated for impairment would have resulted in the impairment of six of these locations and increased recognized impairment losses by $71 million. We analyzed other assumptions made in estimating the future cash flows of the operating locations evaluated for impairment, but the sensitivity of those assumptions was not significant to the estimates. In the determination of impairment for excess properties held-for-use and held-for-sale, which consisted of retail outparcels and property associated with relocated or closed locations, the fair values were determined using a market approach based on estimated selling prices. The Company determined the estimated selling prices by obtaining information from property brokers or appraisers in the specific markets being evaluated or negotiated non-binding offers to purchase. The information obtained 46 This proof is printed at 96% of original size This line represents final trim and will not print from property brokers or appraisers included comparable sales of similar assets and assumptions about demand in the market for these assets. During 2014, the Company incurred total impairment charges of $2 million for 10 excess property locations. A 10% reduction in the estimated selling prices for these excess properties at the dates the locations were evaluated for impairment would have increased impairment losses by approximately $1 million. The following table presents the Company's non-financial assets measured at estimated fair value on a nonrecurring basis and the resulting long-lived asset impairment losses included in earnings, excluding costs to sell for excess properties held-for-sale. Because assets subject to long-lived asset impairment were not measured at fair value on a recurring basis, certain fair value measurements presented in the table may reflect values at earlier measurement dates and may no longer represent the fair values at January 30, 2015 and January 31, 2014. Fair Value Measurements - Nonrecurring Basis January 30, 2015 Fair Value Measurements (In millions) Assets-held-for-use: Operating locations $ Impairment Losses 9 $ Excess properties January 31, 2014 (26) $ Fair Value Measurements Impairment Losses 13 $ (26) 11 (2) 56 (17) 4 (2) Assets-held-for-sale: Excess properties Total $ 20 $ (28) $ 73 $ (45) Fair Value of Financial Instruments The Company's financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, and long-term debt and are reflected in the financial statements at cost. With the exception of long-term debt, cost approximates fair value for these items due to their short-term nature. The fair values of the Company's unsecured notes classified as Level 1 were estimated using quoted market prices. The fair values of the Company's mortgage notes classified as Level 2 were estimated using discounted cash flow analyses, based on the future cash outflows associated with these arrangements and discounted using the applicable incremental borrowing rate. Carrying amounts and the related estimated fair value of the Company's long-term debt, excluding capitalized lease obligations, are as follows: January 31, 2014 January 30, 2015 $ Carrying Amount 10,860 $ 16 $ 10,876 $ (In millions) Unsecured notes (Level 1) Mortgage notes (Level 2) Long-term debt (excluding capitalized lease obligations) 47 This proof is printed at 96% of original size 12,739 $ 17 Carrying Amount 9,617 $ 17 12,756 $ 9,634 $ Fair Value Fair Value 10,630 19 10,649 This line represents final trim and will not print NOTE 3: Investments The amortized costs, gross unrealized holding gains and losses, and fair values of the Company's investment securities classified as available-for-sale at January 30, 2015, and January 31, 2014 are as follows: January 30, 2015 (In millions) Gross Unrealized Gross Unrealized Gains Losses 81 $ $ $ 21 Amortized Costs Money market funds Municipal obligations $ Certificates of deposit Fair Values 81 21 17 Municipal floating rate obligations 6 6 Classified as short-term Municipal floating rate obligations 125 348 125 348 Certificates of deposit 4 4 Municipal obligations 2 2 354 354 479 $ $ $ 479 Gross Unrealized Gross Unrealized Gains Losses 128 $ $ $ 18 Fair Values 128 18 Classified as long-term Total $ 17 January 31, 2014 (In millions) Amortized Costs Money market funds Municipal obligations $ Certificates of deposit 21 21 Municipal floating rate obligations 18 18 Classified as short-term Municipal floating rate obligations 185 265 185 265 14 14 279 279 464 $ $ $ 464 Municipal obligations Classified as long-term Total $ The proceeds from sales of available-for-sale securities were $283 million, $276 million and $1.1 billion for 2014, 2013 and 2012, respectively. Gross realized gains and losses on the sale of available-for-sale securities were not significant for any of the periods presented. The investments classified as long-term at January 30, 2015, will mature in one to 37 years, based on stated maturity dates. Short-term and long-term investments include restricted balances pledged as collateral primarily for the Company's extended protection plan program. Restricted balances included in short-term investments were $99 million at January 30, 2015, and $162 million at January 31, 2014. Restricted balances included in long-term investments were $305 million at January 30, 2015, and $268 million at January 31, 2014. 48 This proof is printed at 96% of original size This line represents final trim and will not print NOTE 4: Property and Accumulated Depreciation Property is summarized by major class in the following table: Estimated Depreciable Lives, In Years (In millions) January 30, 2015 Cost: Land N/A $ January 31, 2014 7,040 $ 7,016 Buildings and building improvements 5-40 17,247 17,161 Equipment 3-15 10,426 10,063 Construction in progress N/A 730 834 Total cost Accumulated depreciation 35,443 (15,409) Property, less accumulated depreciation $ 20,034 $ 35,074 (14,240) 20,834 Included in net property are assets under capital lease of $744 million, less accumulated depreciation of $494 million, at January 30, 2015, and $732 million, less accumulated depreciation of $455 million, at January 31, 2014. The related amortization expense for assets under capital lease is included in depreciation expense. NOTE 5: Exit Activities When locations under operating leases are closed, the Company recognizes a liability for the fair value of future contractual obligations, including future minimum lease payments, property taxes, utilities, common area maintenance and other ongoing expenses, net of estimated sublease income and other recoverable items. During 2014, the Company did not close or relocate any stores subject to operating leases. In 2013, the Company relocated two stores subject to operating leases. Subsequent changes to the liabilities, including a change resulting from a revision to either the timing or the amount of estimated cash flows, are recognized in the period of change. Changes to the accrual for exit activities for 2014 and 2013 are summarized as follows: (In millions) 2014 Accrual for exit activities, balance at beginning of year Additions to the accrual - net $ Cash payments 54 $ 14 (15) Accrual for exit activities, balance at end of year $ 49 This proof is printed at 96% of original size 53 $ 2013 75 11 (32) 54 This line represents final trim and will not print NOTE 6: Short-Term Borrowings and Lines of Credit On August 29, 2014, the Company entered into a new five year unsecured revolving credit agreement (the 2014 Credit Facility) to replace the 2011 Second Amended and Restated Credit Agreement dated October 2011. The 2014 Credit Facility provides for borrowings up to $1.75 billion and expires in August 2019. Subject to obtaining commitments from the lenders and satisfying other conditions specified in the 2014 Credit Facility, we may increase the aggregate availability under the facility by an additional $500 million. The 2014 Credit Facility supports our commercial paper program and has a $500 million letter of credit sublimit. Letters of credit issued pursuant to the 2014 Credit Facility reduce the amount available for borrowing under its terms. Borrowings made are unsecured and are priced at fixed rates based upon market conditions at the time of funding in accordance with the terms of the 2014 Credit Facility. The 2014 Credit Facility contains certain restrictive covenants, which include maintenance of an adjusted debt leverage ratio as defined by the credit agreement. The Company was in compliance with those covenants as of January 30, 2015. Thirteen banking institutions are participating in the 2014 Credit Facility. As of January 30, 2015, there were no outstanding borrowings or letters of credit under the 2014 Credit Facility and no outstanding borrowings under the Company's commercial paper program. As of January 31, 2014, there were $386 million outstanding borrowings under the commercial paper program with a weighted average interest rate of 0.20% and no outstanding borrowings or letters of credit under the senior credit facility. NOTE 7: Long-Term Debt Weighted-Average Interest Rate at January 30, 2015 Debt Category (In millions) January 30, 2015 January 31, 2014 Secured debt: Mortgage notes due through fiscal 20271 5.65 % $ Unsecured debt: Notes due through fiscal 2019 3.35 % 2,721 2,271 Notes due fiscal 2020-2024 3.70 % 3,221 2,776 Notes due fiscal 2025-2029 6.76 % 813 813 Notes due fiscal 2030-2034 % 6.06 % 1,536 1,535 4.98 % 2,569 2,222 491 501 Notes due fiscal 2035-2039 2 Notes due fiscal 2040-2044 Capitalized lease obligations due through fiscal 2035 Total long-term debt Less current maturities Long-term debt, excluding current maturities $ 16 $ 17 11,367 (552) 10,135 (49) 10,815 $ 10,086 1 Real properties with an aggregate book value of $53 million were pledged as collateral at January 30, 2015, for secured debt. 2 Amount includes $100 million of notes issued in 1997 that may be put at the option of the holder on the 20th anniversary of the issue at par value. None of these notes are currently puttable. Debt maturities, exclusive of unamortized original issue discounts and capitalized lease obligations, for the next five years and thereafter are as follows: 2015, $508 million; 2016, $1.0 billion; 2017, $751 million; 2018, $1 million; 2019, $450 million; thereafter, $8.2 billion. The Company's unsecured notes are issued under indentures that have generally similar terms and, therefore, have been grouped by maturity date for presentation purposes in the table above. The notes contain certain restrictive covenants, none of which is expected to impact the Company's capital resources or liquidity. The Company was in compliance with all covenants of these agreements at January 30, 2015. 50 This proof is printed at 96% of original size This line represents final trim and will not print In April 2012, the Company issued $2.0 billion of unsecured notes in three tranches: $500 million of 1.625% notes maturing in April 2017, $750 million of 3.12% notes maturing in April 2022 and $750 million of 4.65% notes maturing in April 2042. The 2017, 2022 and 2042 notes were issued at discounts of approximately $2 million, $4 million and $10 million, respectively. Interest on these notes is payable semiannually in arrears in April and October of each year until maturity, beginning in October 2012. In September 2013, the Company issued $1.0 billion of unsecured notes in two tranches: $500 million of 3.875% notes maturing in September 2023 and $500 million of 5.0% notes maturing in September 2043. The 2023 and 2043 notes were issued at discounts of approximately $5 million and $9 million, respectively. Interest on these notes is payable semiannually in arrears in March and September of each year until maturity, beginning in March 2014. In September 2014, the Company issued $1.25 billion of unsecured notes in three tranches: $450 million of floating rate notes maturing in September 2019; $450 million of 3.125% notes maturing in September 2024; and $350 million of 4.25% notes maturing in September 2044. The 2019, 2024, and 2044 Notes were issued at discounts of approximately $2 million, $6 million, and $4 million, respectively. The 2019 Notes will bear interest at a floating rate, reset quarterly, equal to the threemonth LIBOR plus 0.420% (0.658% as of January 30, 2015). Interest on the 2019 Notes is payable quarterly in arrears in March, June, September, and December of each year until maturity, beginning in December 2014. Interest on the 2024 and 2044 Notes is payable semiannually in arrears in Marc