Lowe's Companies Data Sheet

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Lowe'sBalanceSheet

Lowe's Companies, Inc.
Consolidated Balance Sheets
(In millions)
The year 2012 is fiscal year ended February 1, 2013 so be careful when reading the annual report to use 2012 as the most recent year.
2012 2011 2010 2009 2008 2007
Assets
Current assets
Cash and cash equivalents $ 541 $ 1,014 $ 652 $ 632 $ 245 $ 281
Short-term investments 125 286 471 425 416 249
Merchandise Inventory - net 8,600 8,355 8,321 8,249 8,209 7,611
Deferred income taxes - net 217 183 193 208 105 247
Other current assets 301 234 330 218 215 298
Total current assets 9,784 10,072 9,967 9,732 9,190 8,686
Property, less accumulated depreciation 21,477 21,970 22,089 22,499 22,722 21,361
Long-term investments 271 504 1,008 277 253 509
Other assets 1,134 1,013 635 497 460 313
Total assets $ 32,666 $ 33,559 $ 33,699 $ 33,005 $ 32,625 $ 30,869
Liabilities and shareholders' equity
Current liabilities
Short-term borrowings $ - 0 $ - 0 $ - 0 $ - 0 $ 987 $ 1,064
Current maturities of long-term debt 47 592 36 552 34 40
Accounts payable 4,657 4,352 4,351 4,287 4,109 3,713
Accrued compensation and employee benefits 670 613 667 577 434 424
Self-insurance liabilities - 0 - 0 - 0 - 0 - 0 671
Deferred revenue 824 801 707 683 674 717
Other current liabilities 1,510 1,533 1,358 1,256 1,322 1,122
Total current liabilities 7,708 7,891 7,119 7,355 7,560 7,751
Long-term debt 9,030 7,035 6,537 4,528 5,039 5,576
Deferred income taxes - net 455 531 467 598 599 670
Deferred revenue-extended protection plans 715 704 631 549 - 0 - 0
Other long-term liabiliities 901 865 833 906 1,372 774
Total liabilities 18,809 17,026 15,587 13,936 14,570 14,771
Shareholders' equity
Preferred stock - $5 par value, none issued - 0 - 0 - 0 - 0 - 0 - 0
Common stock - $.50 par value 555 621 677 729 735 729
Capital in excess of par value 26 14 11 6 277 16
Retained earnings 13,224 15,852 17,371 18,307 17,049 15,345
Accumulated other comprehensive income 52 46 53 27 (6) 8
Total shareholders' equity 13,857 16,533 18,112 19,069 18,055 16,098
Total liabilities and shareholders' equity $ 32,666 $ 33,559 $ 33,699 $ 33,005 $ 32,625 $ 30,869
Shares issued and outstanding FYE 1,110 1,241 1,354 1,459 1,470 1,458

Lowe'sBalanceSheetVertical

Lowe's Companies, Inc.
Vertical Consolidated Balance Sheets
(In millions)
The year 2012 is fiscal year ended February 1, 2013 so be careful when reading the annual report to use 2012 as the most recent year.
2012 Percentage 2011 Percentage 2010 Percentage 2009 Percentage 2008 Percentage
Assets
Current assets
Cash and cash equivalents $ 541 1.7% $ 1,014 3.0% $ 652 1.9% $ 632 1.9% $ 245 0.8%
Short-term investments 125 0.4% 286 0.9% 471 1.4% 425 1.3% 416 1.3%
Merchandise Inventory - net 8,600 26.3% 8,355 24.9% 8,321 24.7% 8,249 25.0% 8,209 25.2%
Deferred income taxes - net 217 0.7% 183 0.5% 193 0.6% 208 0.6% 105 0.3%
Other current assets 301 0.9% 234 0.7% 330 1.0% 218 0.7% 215 0.7%
Total current assets 9,784 30.0% 10,072 30.0% 9,967 29.6% 9,732 29.5% 9,190 28.2%
0.0%
Property, less accumulated depreciation 21,477 65.7% 21,970 65.5% 22,089 65.5% 22,499 68.2% 22,722 69.6%
Long-term investments 271 0.8% 504 1.5% 1,008 3.0% 277 0.8% 253 0.8%
Other assets 1,134 3.5% 1,013 3.0% 635 1.9% 497 1.5% 460 1.4%
Total assets $ 32,666 100.0% $ 33,559 100.0% $ 33,699 100.0% $ 33,005 100.0% $ 32,625 100.0%
Liabilities and shareholders' equity
Current liabilities
Short-term borrowings $ - 0 0.0% $ - 0 0.0% $ - 0 0.0% $ - 0 0.0% $ 987 3.0%
Current maturities of long-term debt 47 0.1% 592 1.8% 36 0.1% 552 1.7% 34 0.1%
Accounts payable 4,657 14.3% 4,352 13.0% 4,351 12.9% 4,287 13.0% 4,109 12.6%
Accrued compensation and employee benefits 670 2.1% 613 1.8% 667 2.0% 577 1.7% 434 1.3%
Self-insurance liabilities - 0 0.0% - 0 0.0% - 0 0.0% - 0 0.0% - 0 0.0%
Deferred revenue 824 2.5% 801 2.4% 707 2.1% 683 2.1% 674 2.1%
Other current liabilities 1,510 4.6% 1,533 4.6% 1,358 4.0% 1,256 3.8% 1,322 4.1%
Total current liabilities 7,708 23.6% 7,891 23.5% 7,119 21.1% 7,355 22.3% 7,560 23.2%
0.0%
Long-term debt 9,030 27.6% 7,035 21.0% 6,537 19.4% 4,528 13.7% 5,039 15.4%
Deferred income taxes - net 455 1.4% 531 1.6% 467 1.4% 598 1.8% 599 1.8%
Deferred revenue-extended protection plans 715 2.2% 704 2.1% 631 1.9% 549 1.7% - 0 0.0%
Other long-term liabiliities 901 2.8% 865 2.6% 833 2.5% 906 2.7% 1,372 4.2%
Total liabilities 18,809 57.6% 17,026 50.7% 15,587 46.3% 13,936 42.2% 14,570 44.7%
Shareholders' equity
Preferred stock - $5 par value, none issued - 0 0.0% - 0 0.0% - 0 0.0% - 0 0.0% - 0 0.0%
Common stock - $.50 par value 555 1.7% 621 1.9% 677 2.0% 729 2.2% 735 2.3%
Capital in excess of par value 26 0.1% 14 0.0% 11 0.0% 6 0.0% 277 0.8%
Retained earnings 13,224 40.5% 15,852 47.2% 17,371 51.5% 18,307 55.5% 17,049 52.3%
Accumulated other comprehensive income 52 0.2% 46 0.1% 53 0.2% 27 0.1% (6) -0.0%
Total shareholders' equity 13,857 42.4% 16,533 49.3% 18,112 53.7% 19,069 57.8% 18,055 55.3%
Total liabilities and shareholders' equity $ 32,666 100.0% $ 33,559 100.0% $ 33,699 100.0% $ 33,005 100.0% $ 32,625 100.0%
Shares issued and outstanding FYE 1,110 1,241 1,354 1,459 1,470

Lowe'sBalanceSheetHorizontal

Lowe's Companies, Inc.
Horizontal Consolidated Balance Sheets
(In millions)
The year 2012 is fiscal year ended February 1, 2013 so be careful when reading the annual report to use 2012 as the most recent year.
2012 % Change 2011 % Change 2010 % Change 2009 % Change 2008 % Change 2007
Assets
Current assets
Cash and cash equivalents $ 541 -46.6% $ 1,014 55.5% $ 652 3.2% $ 632 158.0% $ 245 -12.8% $ 281
Short-term investments 125 -56.3% 286 -39.3% 471 10.8% 425 2.2% 416 67.1% 249
Merchandise Inventory - net 8,600 2.9% 8,355 0.4% 8,321 0.9% 8,249 0.5% 8,209 7.9% 7,611
Deferred income taxes - net 217 18.6% 183 -5.2% 193 -7.2% 208 98.1% 105 -57.5% 247
Other current assets 301 28.6% 234 -29.1% 330 51.4% 218 1.4% 215 -27.9% 298
Total current assets 9,784 -2.9% 10,072 1.1% 9,967 2.4% 9,732 5.9% 9,190 5.8% 8,686
Property, less accumulated depreciation 21,477 -2.2% 21,970 -0.5% 22,089 -1.8% 22,499 -1.0% 22,722 6.4% 21,361
Long-term investments 271 -46.2% 504 -50.0% 1,008 263.9% 277 9.5% 253 -50.3% 509
Other assets 1,134 11.9% 1,013 59.5% 635 27.8% 497 8.0% 460 47.0% 313
Total assets $ 32,666 -2.7% $ 33,559 -0.4% $ 33,699 2.1% $ 33,005 1.2% $ 32,625 5.7% $ 30,869
Liabilities and shareholders' equity
Current liabilities
Short-term borrowings $ - 0 $ - 0 $ - 0 $ - 0 $ 987 -7.2% $ 1,064
Current maturities of long-term debt 47 -92.1% 592 1544.4% 36 -93.5% 552 1523.5% 34 -15.0% 40
Accounts payable 4,657 7.0% 4,352 0.0% 4,351 1.5% 4,287 4.3% 4,109 10.7% 3,713
Accrued compensation and employee benefits 670 9.3% 613 -8.1% 667 15.6% 577 32.9% 434 2.4% 424
Self-insurance liabilities - 0 - 0 - 0 - 0 - 0 -100.0% 671
Deferred revenue 824 2.9% 801 13.3% 707 3.5% 683 1.3% 674 -6.0% 717
Other current liabilities 1,510 -1.5% 1,533 12.9% 1,358 8.1% 1,256 -5.0% 1,322 17.8% 1,122
Total current liabilities 7,708 -2.3% 7,891 10.8% 7,119 -3.2% 7,355 -2.7% 7,560 -2.5% 7,751
Long-term debt 9,030 28.4% 7,035 7.6% 6,537 44.4% 4,528 -10.1% 5,039 -9.6% 5,576
Deferred income taxes - net 455 -14.3% 531 13.7% 467 -21.9% 598 -0.2% 599 -10.6% 670
Deferred revenue-extended protection plans 715 1.6% 704 11.6% 631 14.9% 549 - 0 - 0
Other long-term liabiliities 901 4.2% 865 3.8% 833 -8.1% 906 -34.0% 1,372 77.3% 774
Total liabilities 18,809 10.5% 17,026 9.2% 15,587 11.8% 13,936 -4.4% 14,570 -1.4% 14,771
Shareholders' equity
Preferred stock - $5 par value, none issued - 0 - 0 - 0 - 0 - 0 - 0
Common stock - $.50 par value 555 -10.6% 621 -8.3% 677 -7.1% 729 -0.8% 735 0.8% 729
Capital in excess of par value 26 85.7% 14 27.3% 11 83.3% 6 -97.8% 277 1631.3% 16
Retained earnings 13,224 -16.6% 15,852 -8.7% 17,371 -5.1% 18,307 7.4% 17,049 15,345
Accumulated other comprehensive income 52 13.0% 46 -13.2% 53 96.3% 27 -550.0% (6) -175.0% 8
Total shareholders' equity 13,857 -16.2% 16,533 -8.7% 18,112 -5.0% 19,069 5.6% 18,055 12.2% 16,098
Total liabilities and shareholders' equity $ 32,666 -2.7% $ 33,559 -0.4% $ 33,699 2.1% $ 33,005 1.2% $ 32,625 5.7% $ 30,869
Shares issued and outstanding FYE 1,110 1,241 1,354 1,459 1,470 1,458

Lowe'sSofEarnings

Lowe's Companies, Inc.
Consolidated Statements of Earnings
(In millions except per share data)
The year 2012 is fiscal year ended February 1, 2013 so be careful when reading the annual report to use 2012 as the most recent year.
2012 2011 2010 2009 2008 2007
Net Sales $ 50,521 $ 50,208 $ 48,815 $ 47,220 $ 48,230 $ 48,283
Cost of Sales 33,194 32,858 31,663 30,757 31,729 31,556
Gross Profit 17,327 17,350 17,152 16,463 16,501 16,727
Selling,advertising, general and
administrative expenses 12,244 12,593 12,006 11,737 11,176 10,656
Depreciation 1,523 1,480 1,586 1,614 1,539 1,366
Interest 423 371 332 287 280 194
Total Expenses 14,190 14,444 13,924 13,638 12,995 12,216
Pre-tax earnings 3,137 2,906 3,228 2,825 3,506 4,511
Income tax provision 1,178 1,067 1,218 1,042 1,311 1,702
Net earnings $ 1,959 $ 1,839 $ 2,010 $ 1,783 $ 2,195 $ 2,809
Basic Earnings per Share
Basic earnings per share $ 1.69 $ 1.43 $ 1.42 $ 1.21 $ 1.50 $ 1.89
Diluted Earnings per Share
Diluted earnings per share $ 1.69 $ 1.43 $ 1.42 $ 1.21 $ 1.49 $ 1.86
Cash dividends per share $ 0.62 $ 0.53 $ 0.42 $ 0.355 $ 0.335 $ 0.29
See notes to consolidated financial statements
Income Taxes 2007 - 2012 7,518
Pre-tax earnings 2007 - 2012 20,113
Average Tax Rate 2007 - 2012 37.4%
Use the average tax rate for calculating the return on total assets ratio.

Lowe'sSofEarningsVertical

Lowe's Companies, Inc.
Vertical Consolidated Statements of Earnings
(In millions except per share data)
The year 2012 is fiscal year ended February 1, 2013 so be careful when reading the annual report to use 2012 as the most recent year.
2012 Percentage 2011 Percentage 2010 Percentage 2009 Percentage 2008 Percentage
Net Sales $ 50,521 100.0% $ 50,208 100.0% $ 48,815 100.0% $ 47,220 100.0% $ 48,230 100.0%
Cost of Sales 33,194 65.7% 32,858 65.4% 31,663 64.9% 30,757 65.1% 31,729 65.8%
Gross Profit 17,327 34.3% 17,350 34.6% 17,152 35.1% 16,463 34.9% 16,501 34.2%
Selling,advertising, general and
administrative expenses 12,244 24.2% 12,593 25.1% 12,006 24.6% 11,737 24.9% 11,176 23.2%
Depreciation 1,523 3.0% 1,480 2.9% 1,586 3.2% 1,614 3.4% 1,539 3.2%
Interest 423 0.8% 371 0.7% 332 0.7% 287 0.6% 280 0.6%
Total Expenses 14,190 28.1% 14,444 28.8% 13,924 28.5% 13,638 28.9% 12,995 26.9%
0.0% 0.0% 0.0% 0.0% 0.0%
Pre-tax earnings 3,137 2,906 3,228 2,825 3,506
Income tax provision 1,178 2.3% 1,067 2.1% 1,218 2.5% 1,042 2.2% 1,311 2.7%
Net earnings $ 1,959 3.9% $ 1,839 3.7% $ 2,010 4.1% $ 1,783 3.8% $ 2,195 4.6%
Basic Earnings per Share
Basic earnings per share $ 1.69 $ 1.43 $ 1.42 $ 1.21 $ 1.50
Diluted Earnings per Share
Diluted earnings per share $ 1.69 $ 1.43 $ 1.42 $ 1.21 $ 1.49
Cash dividends per share $ 0.62 $ 0.53 $ 0.42 $ 0.355 $ 0.335
See notes to consolidated financial statements

Lowe'sSofEarningsHorizontal

Lowe's Companies, Inc.
Horizontal Consolidated Statements of Earnings
(In millions except per share data)
The year 2012 is fiscal year ended February 1, 2013 so be careful when reading the annual report to use 2012 as the most recent year.
2012 Change in % 2011 Change in % 2010 Change in % 2009 Change in % 2008 Change in % 2007
Net Sales $ 50,521 0.6% $ 50,208 2.9% $ 48,815 3.4% $ 47,220 -2.1% $ 48,230 -0.1% $ 48,283
Cost of Sales 33,194 1.0% 32,858 3.8% 31,663 2.9% 30,757 -3.1% 31,729 0.5% 31,556
Gross Profit 17,327 -0.1% 17,350 1.2% 17,152 4.2% 16,463 -0.2% 16,501 -1.4% 16,727
Selling,advertising, general and
administrative expenses 12,244 -2.8% 12,593 4.9% 12,006 2.3% 11,737 5.0% 11,176 4.9% 10,656
Depreciation 1,523 2.9% 1,480 -6.7% 1,586 -1.7% 1,614 4.9% 1,539 12.7% 1,366
Interest 423 14.0% 371 11.7% 332 15.7% 287 2.5% 280 44.3% 194
Total Expenses 14,190 -1.8% 14,444 3.7% 13,924 2.1% 13,638 4.9% 12,995 6.4% 12,216
Pre-tax earnings 3,137 2,906 3,228 2,825 3,506 4,511
Income tax provision 1,178 10.4% 1,067 -12.4% 1,218 16.9% 1,042 -20.5% 1,311 -23.0% 1,702
Net earnings $ 1,959 6.5% $ 1,839 -8.5% $ 2,010 12.7% $ 1,783 -18.8% $ 2,195 -21.9% $ 2,809
Basic Earnings per Share
Basic earnings per share $ 1.69 $ 1.43 $ 1.42 $ 1.21 $ 1.50 $ 1.89
Diluted Earnings per Share
Diluted earnings per share $ 1.69 $ 1.43 $ 1.42 $ 1.21 $ 1.49 $ 1.86
Cash dividends per share $ 0.62 $ 0.53 $ 0.42 $ 0.355 $ 0.335 $ 0.29
See notes to consolidated financial statements

Lowe'sSofCashFlows

Lowe's Companies, Inc.
Consolidated Statements of Cash Flows
(in millions)
The year 2012 is fiscal year ended February 1, 2013 so be careful when reading the annual report to use 2012 as the most recent year.
2012 2011 2010 2009 2008 2007
Cash Flows from Operating Activities
Net earnings $ 1,959 $ 1,839 $ 2,010 $ 1,783 $ 2,195 $ 2,809
Earnings from Discontinued Operations (net of taxes)
Earnings from Continuing Operations
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization 1,623 1,579 1,684 1,733 1,667 1,464
Deferred income taxes (140) 54 (133) (123) 69 2
Loss on property and other assets - net 83 456 103 193 89 51
Loss on equity method investments 48 12 4 - 0 - 0 - 0
Loss on redemption of long-term debt - 0 - 0 - 0 - 0 8 - 0
Share-based payment expense 100 107 115 102 95 99
Changes in operating assets and liabilities:
Merchandise inventory - net (244) (33) (64) (28) (611) (464)
Other operating assets (87) 125 (146) 7 31 (64)
Accounts payable 303 (5) 60 175 402 185
Other operating liabilities 117 215 219 212 177 265
Net cash provided by operating activities 3,762 4,349 3,852 4,054 4,122 4,347
Cash Flows from Investing Activities
Purchases of investments (1,444) (1,433) (2,605) (1,827) (1,358) (2,508)
Proceeds from sale/maturity of investments 1,837 2,120 1,822 1,784 1,425 2,345
Capital expenditures (1,211) (1,829) (1,329) (1,799) (3,266) (4,010)
Contributions to equity method investments - net (219) (232) (83) (60) - 0 - 0
Increase in other long-term assets - 0 - 0 - 0 - 0 (56) (7)
Proceeds from the sale of property and other
long-term assets 130 52 25 18 29 57
Other - net 4 -115 -14 -2 0 0
Net cash used in investing activities (903) (1,437) (2,184) (1,886) (3,226) (4,123)
Cash Flows from Financing Activities
Net increase (decrease) in short-term borrowings - 0 - 0 - 0 (1,007) (57) 1,041
Net proceeds from issuance of long-term debt 1,984 993 1,985 10 15 1,296
Repayment of long-term debt (591) (37) (552) (37) (573) (96)
Proceeds from issuance of common stock under share-
based payment plans 349 100 104 128 174 149
Cash dividend payments (704) (647) (571) (391) (491) (428)
Repurchase of common stock (4,393) (2,937) (2,618) (504) (8) (2,275)
Other - net 22 (21) 1 0 0 - 0
Excess tax benefits of share-based payments - 0 - 0 - 0 0 1 6
Net cash (used in) / provided by financing activities (3,333) (2,549) (1,651) (1,801) (939) (307)
Effect of exchange rate changes on cash 1 (1) 3 20 7 - 0
Net cash provided by discontinued operations
Net (decrease) increase in cash and cash equivalents (473) 362 20 387 (36) (83)
Beginning of year 1,014 652 632 245 281 364
End of year $ 541 $ 1,014 $ 652 $ 632 $ 245 $ 281
Supplemental Disclosures of Cash Flow Information
Cash paid for interest 444 361 319 314 309 198
Cash paid for income taxes 1404 914 1,590 1,157 1,138 1,725

Lowe'sSofCashFlowsHorizontal

Lowe's Companies, Inc.
Horizontal Consolidated Statements of Cash Flows
(in millions)
The year 2012 is fiscal year ended February 1, 2013 so be careful when reading the annual report to use 2012 as the most recent year.
2012 2011 2010 2009 2008 2007
Cash Flows from Operating Activities
Net earnings $ 1,959 $ 1,839 $ 2,010 $ 1,783 $ 2,195 $ 2,809
Earnings from Discontinued Operations (net of taxes)
Earnings from Continuing Operations
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization 1,623 1,579 1,684 1,733 1,667 1,464
Deferred income taxes (140) 54 (133) (123) 69 2
Loss on property and other assets - net 83 456 103 193 89 51
Loss on equity method investments 48 12 4 - 0 - 0 - 0
Loss on redemption of long-term debt - 0 - 0 - 0 - 0 8 - 0
Share-based payment expense 100 107 115 102 95 99
Changes in operating assets and liabilities:
Merchandise inventory - net (244) (33) (64) (28) (611) (464)
Other operating assets (87) 125 (146) 7 31 (64)
Accounts payable 303 (5) 60 175 402 185
Other operating liabilities 117 215 219 212 177 265
Net cash provided by operating activities 3,762 -13.5% 4,349 12.9% 3,852 -5.0% 4,054 -1.6% 4,122 -5.2% 4,347
Cash Flows from Investing Activities
Purchases of investments (1,444) (1,433) (2,605) (1,827) (1,358) (2,508)
Proceeds from sale/maturity of investments 1,837 2,120 1,822 1,784 1,425 2,345
Capital expenditures (1,211) (1,829) (1,329) (1,799) (3,266) (4,010)
Contributions to equity method investments - net (219) (232) (83) (60) - 0 - 0
Increase in other long-term assets - 0 - 0 - 0 - 0 (56) (7)
Proceeds from the sale of property and other
long-term assets 130 52 25 18 29 57
Other - net 4 -115 -14 -2 0 0
Net cash used in investing activities (903) -37.2% (1,437) -34.2% (2,184) 15.8% (1,886) -41.5% (3,226) -21.8% (4,123)
Cash Flows from Financing Activities
Net increase (decrease) in short-term borrowings - 0 - 0 - 0 (1,007) (57) 1,041
Net proceeds from issuance of long-term debt 1,984 993 1,985 10 15 1,296
Repayment of long-term debt (591) (37) (552) (37) (573) (96)
Proceeds from issuance of common stock under share-
based payment plans 349 100 104 128 174 149
Cash dividend payments (704) (647) (571) (391) (491) (428)
Repurchase of common stock (4,393) (2,937) (2,618) (504) (8) (2,275)
Other - net 22 (21) 1 0 0 - 0
Excess tax benefits of share-based payments - 0 - 0 - 0 0 1 6
Net cash (used in) / provided by financing activities (3,333) 30.8% (2,549) 54.4% (1,651) -8.3% (1,801) 91.8% (939) 205.9% (307)
Effect of exchange rate changes on cash 1 (1) 3 20 7 - 0
Net cash provided by discontinued operations
Net (decrease) increase in cash and cash equivalents (473) 362 20 387 (36) (83)
Beginning of year 1,014 652 632 245 281 364
End of year $ 541 $ 1,014 $ 652 $ 632 $ 245 $ 281
Supplemental Disclosures of Cash Flow Information
Cash paid for interest 444 361 319 314 309 198
Cash paid for income taxes 1404 914 1,590 1,157 1,138 1,725

Lowe's Ratio Data

Lowe's Companies, Inc.
Financial Statement Data for Ratio Calculations
The year 2008 is fiscal year ended January 30, 2009 so be careful when reading the annual report to use 2008 as the most recent year.
when analyzing information.
2012 2011 2010 2009 2008 2007
Income Statement Data
Net Sales 50,521 50,208 48,815 47,220 48,230 48,283
Cost of Sales 33,194 32,858 31,663 30,757 31,729 31,556
Interest Expense 423 371 332 287 280 194
Earnings before Income Taxes 3,137 2,906 3,228 2,825 3,506 4,511
Income Tax Provision 1,178 1,067 1,218 1,042 1,311 1,702
Net earnings 1,959 1,839 2,010 1,783 2,195 2,809
Average Tax Rate 2007 - 2012 37.4% 37.4% 37.4% 37.4% 37.4% 37.4%
After Tax Interest Expense 265 232 208 180 175 121
Balance Sheet Data
Cash and Cash Equivalents 541 1,014 652 632 245 281
Short-term investments 125 286 471 425 416 249
Merchandise Inventories 8,600 8,355 8,321 8,249 8,209 7,611
Total current assets 9,784 10,072 9,967 9,732 9,190 8,686
Property less accumulated depreciation 21,477 21,970 22,089 22,499 22,722 21,361
Total Assets 32,666 33,559 33,699 33,005 32,625 30,869
Accounts Payable 4,657 4,352 4,351 4,287 4,109 3,713
Total current liabilities 7,708 7,891 7,119 7,355 7,560 7,751
Total Liabilities 18,809 17,026 15,587 13,936 14,570 14,771
Total shareholders' equity 13,857 16,533 18,112 19,069 18,055 16,098
Statement of Cash Flows Data
Net cash provided by operating activities 3,762 4,349 3,852 4,054 4,122 4,347
Net cash used in investing activities (903) (1,437) (2,184) (1,886) (3,226) (4,123)
Net cash used in financing activities (3,333) (2,549) (1,651) (1,801) (939) (307)
Cash paid for interest 444 361 319 314 309 198
Cash paid for income taxes 1,404 914 1,590 1,157 1,138 1,725
Property acquired 1,211 1,829 1,329 1,799 3,266 4,010
Cash dividends paid per share 0.62 0.53 0.42 0.355 0.335 0.29

Lowe's Ratio Calculations

Lowe's Companies, Inc.
Ratio Calculations
2012 2011 2010 2009 2008
Profitability Ratios
Return on Owners' Equity 12.9% 10.6% 10.8% 9.6% 12.9%
Return on Total Assets* 6.7% 6.2% 6.6% 6.0% 7.5%
Financial Leverage 6.2% 4.5% 4.2% 3.6% 5.4%
Earnings per share (Basic) $ 1.69 $ 1.43 $ 1.42 $ 1.21 $ 1.50
Quality of Income 1.92 2.36 1.92 2.27 1.88
Profit Margin 3.9% 3.7% 4.1% 3.8% 4.6%
Fixed Asset Turnover 2.33 2.28 2.19 2.09 2.19
Total Asset Turnover 1.53 1.49 1.46 1.44 1.52
Liquidity Ratios
Cash Ratio 0.07 0.13 0.09 0.09 0.03
Quick Ratio 0.09 0.16 0.16 0.14 0.09
Current Ratio 1.27 1.28 1.40 1.32 1.22
Inventory Turnover 3.92 3.94 3.82 3.74 4.01
Days Supply in Inventory 93.2 92.6 95.5 97.7 91.0
Accounts Payable Turnover 7.37 7.55 7.33 7.33 8.11
Days to Pay Suppliers 49.5 48.3 49.8 49.8 45.0
Solvency Ratios
Times Interest Earned 8.42 8.83 10.72 10.84 13.52
Cash Coverage 12.64 15.58 18.06 17.60 18.02
Debt to Equity 1.36 1.03 0.86 0.73 0.81
Capital Acquisitions Ratio 3.11 2.38 2.90 2.25 1.26
Market Tests
Price/Earnings 22.60 18.76 17.46 17.89 12.18
Dividends Yield 1.6% 2.0% 1.7% 1.6% 1.8%
* Used the average tax rate for 2007 - 2012 at bottom of the statement of earnings for Return on Total Assets ratio

Lowe'sMarketPrice

Lowe's Companies
Fiscal Year End Market Price
Years Jan 31 - Q4
2012 38.19
2011 26.83
2010 24.80
2009 21.65
2008 18.27
2007 26.43
The years in the first column are fiscal years. So 2012 is really the price on January 31, 2013.
The price is the closest trading day to January 31st of each year.

HomeDepotBalanceSheet

The Home Depot, Inc.
Consolidated Balance Sheets
(In millions)
The year 2012 is fiscal year ended February 3, 2013 so be careful when reading the annual report to use 2012 as the most recent year.
2012 2011 2010 2009 2008 2007
Assets
Current assets
Cash and cash equivalents $ 2,494 $ 1,987 $ 545 $ 1,421 $ 519 $ 445
Receivables, net 1,395 1,245 1,085 964 972 1,259
Merchandise Inventory 10,710 10,325 10,625 10,188 10,673 11,731
Other current assets 773 963 1,224 1,327 1,198 1,239
Total current assets 15,372 14,520 13,479 13,900 13,362 14,674
Property and equipment, at cost:
Property and Equipment, at cost 38,491 38,975 38,385 37,345 36,477 36,412
Less: Accumulated depreciation and
amortization (14,422) (14,527) (13,325) (11,795) (10,243) (8,936)
Net property and equipment 24,069 24,448 25,060 25,550 26,234 27,476
Other non-current assets
Notes receivable 140 135 139 33 36 342
Goodwill 1,170 1,120 1,187 1,171 1,134 1,209
Other assets 333 295 260 223 398 623
Total assets $ 41,084 $ 40,518 $ 40,125 $ 40,877 $ 41,164 $ 44,324
Liabilities and stockholders' equity
Current liabilities
Short-term debt - 0 - 0 - 0 - 0 - 0 1,747
Accounts payable 5,376 4,856 4,717 4,863 4,822 5,732
Accrued salaries and related expenses 1,414 1,372 1,290 1,263 1,129 1,094
Sales taxes payable 472 391 368 362 337 445
Deferred revenue 1,270 1,147 1,177 1,158 1,165 1,474
Income taxes payable 22 23 13 108 289 60
Current installments of long-term debt 1,321 30 1,042 1,020 1,767 300
Other accrued expenses 1,587 1,557 1,515 1,589 1,644 1,854
Total current liabilities 11,462 9,376 10,122 10,363 11,153 12,706
Long-term debt 9,475 10,758 8,707 8,662 9,667 11,383
Other long-term liabiliities 2,051 2,146 2,135 2,140 2,198 1,833
Deferred income taxes 319 340 272 319 369 688
Total liabilities 23,307 22,620 21,236 21,484 23,387 26,610
stockholders' equity
Common stock - $.05 par value 88 87 86 86 85 85
Paid-in Capital 7,948 6,966 6,556 6,304 6,048 5,800
Retained earnings 20,038 17,246 14,995 13,226 12,093 11,388
Accumulated other comprehensive income 397 293 445 362 (77) 755
Treasury stock, at cost (10,694) (6,694) (3,193) (585) (372) (314)
Total stockholders' equity 17,777 17,898 18,889 19,393 17,777 17,714
Total liabilities and stockholders' equity $ 41,084 $ 40,518 $ 40,125 $ 40,877 $ 41,164 $ 44,324

HomeDepotBalanceSheetVertical

The Home Depot, Inc.
Consolidated Balance Sheets
(In millions)
The year 2012 is fiscal year ended February 3, 2013 so be careful when reading the annual report to use 2012 as the most recent year.
2012 Percentage 2011 Percentage 2010 Percentage 2009 Percentage 2008 Percentage
Assets
Current assets
Cash and cash equivalents $ 2,494 6.1% $ 1,987 4.9% $ 545 1.4% $ 1,421 3.5% $ 519 1.3%
Receivables, net 1,395 3.4% 1,245 3.1% 1,085 2.7% 964 2.4% 972 2.4%
Merchandise Inventory 10,710 26.1% 10,325 25.5% 10,625 26.5% 10,188 24.9% 10,673 25.9%
Other current assets 773 1.9% 963 2.4% 1,224 3.1% 1,327 3.2% 1,198 2.9%
Total current assets 15,372 37.4% 14,520 35.8% 13,479 33.6% 13,900 34.0% 13,362 32.5%
Property and equipment, at cost:
Property and Equipment, at cost 38,491 93.7% 38,975 96.2% 38,385 95.7% 37,345 91.4% 36,477 88.6%
Less: Accumulated depreciation and
amortization (14,422) -35.1% (14,527) -35.9% (13,325) -33.2% (11,795) -28.9% (10,243) -24.9%
Net property and equipment 24,069 58.6% 24,448 60.3% 25,060 62.5% 25,550 62.5% 26,234 63.7%
Other non-current assets
Notes receivable 140 0.3% 135 0.3% 139 0.3% 33 0.1% 36 0.1%
Goodwill 1,170 2.8% 1,120 2.8% 1,187 3.0% 1,171 2.9% 1,134 2.8%
Other assets 333 0.8% 295 0.7% 260 0.6% 223 0.5% 398 1.0%
Total assets $ 41,084 100.0% $ 40,518 100.0% $ 40,125 100.0% $ 40,877 100.0% $ 41,164 100.0%
Liabilities and stockholders' equity
Current liabilities
Short-term debt - 0 - 0 - 0 - 0 - 0
Accounts payable 5,376 13.1% 4,856 12.0% 4,717 11.8% 4,863 11.9% 4,822 11.7%
Accrued salaries and related expenses 1,414 3.4% 1,372 3.4% 1,290 3.2% 1,263 3.1% 1,129 2.7%
Sales taxes payable 472 1.1% 391 1.0% 368 0.9% 362 0.9% 337 0.8%
Deferred revenue 1,270 3.1% 1,147 2.8% 1,177 2.9% 1,158 2.8% 1,165 2.8%
Income taxes payable 22 0.1% 23 0.1% 13 0.0% 108 0.3% 289 0.7%
Current installments of long-term debt 1,321 3.2% 30 0.1% 1,042 2.6% 1,020 2.5% 1,767 4.3%
Other accrued expenses 1,587 3.9% 1,557 3.8% 1,515 3.8% 1,589 3.9% 1,644 4.0%
Total current liabilities 11,462 27.9% 9,376 23.1% 10,122 25.2% 10,363 25.4% 11,153 27.1%
Long-term debt 9,475 23.1% 10,758 26.6% 8,707 21.7% 8,662 21.2% 9,667 23.5%
Other long-term liabiliities 2,051 5.0% 2,146 5.3% 2,135 5.3% 2,140 5.2% 2,198 5.3%
Deferred income taxes 319 0.8% 340 0.8% 272 0.7% 319 0.8% 369 0.9%
Total liabilities 23,307 56.7% 22,620 55.8% 21,236 52.9% 21,484 52.6% 23,387 56.8%
stockholders' equity
Common stock - $.05 par value 88 0.2% 87 0.2% 86 0.2% 86 0.2% 85 0.2%
Paid-in Capital 7,948 19.3% 6,966 17.2% 6,556 16.3% 6,304 15.4% 6,048 14.7%
Retained earnings 20,038 48.8% 17,246 42.6% 14,995 37.4% 13,226 32.4% 12,093 29.4%
Accumulated other comprehensive income 397 1.0% 293 0.7% 445 1.1% 362 0.9% (77) -0.2%
Treasury stock, at cost (10,694) -26.0% (6,694) -16.5% (3,193) -8.0% (585) -1.4% (372) -0.9%
Total stockholders' equity 17,777 43.3% 17,898 44.2% 18,889 47.1% 19,393 47.4% 17,777 43.2%
Total liabilities and stockholders' equity $ 41,084 100.0% $ 40,518 100.0% $ 40,125 100.0% $ 40,877 100.0% $ 41,164 100.0%

HomeDepotBalanceSheetHorizontal

The Home Depot, Inc.
Consolidated Balance Sheets
(In millions)
The year 2012 is fiscal year ended February 3, 2013 so be careful when reading the annual report to use 2012 as the most recent year.
2012 % Change 2011 % Change 2010 % Change 2009 % Change 2008 % Change 2007
Assets
Current assets
Cash and cash equivalents $ 2,494 25.5% $ 1,987 264.6% $ 545 -61.6% $ 1,421 173.8% $ 519 16.6% $ 445
Receivables, net 1,395 12.0% 1,245 14.7% 1,085 12.6% 964 -0.8% 972 -22.8% 1,259
Merchandise Inventory 10,710 3.7% 10,325 -2.8% 10,625 4.3% 10,188 -4.5% 10,673 -9.0% 11,731
Other current assets 773 -19.7% 963 -21.3% 1,224 -7.8% 1,327 10.8% 1,198 -3.3% 1,239
Total current assets 15,372 5.9% 14,520 7.7% 13,479 -3.0% 13,900 4.0% 13,362 -8.9% 14,674
Property and equipment, at cost:
Property and Equipment, at cost 38,491 -1.2% 38,975 1.5% 38,385 2.8% 37,345 2.4% 36,477 0.2% 36,412
Less: Accumulated depreciation and
amortization (14,422) -0.7% (14,527) 9.0% (13,325) 13.0% (11,795) 15.2% (10,243) 14.6% (8,936)
Net property and equipment 24,069 -1.6% 24,448 -2.4% 25,060 -1.9% 25,550 -2.6% 26,234 -4.5% 27,476
Other non-current assets
Notes receivable 140 3.7% 135 -2.9% 139 321.2% 33 -8.3% 36 -89.5% 342
Goodwill 1,170 4.5% 1,120 -5.6% 1,187 1.4% 1,171 3.3% 1,134 -6.2% 1,209
Other assets 333 12.9% 295 13.5% 260 16.6% 223 -44.0% 398 -36.1% 623
Total assets $ 41,084 1.4% $ 40,518 1.0% $ 40,125 -1.8% $ 40,877 -0.7% $ 41,164 -7.1% $ 44,324
Liabilities and stockholders' equity
Current liabilities
Short-term debt - 0 - 0 - 0 - 0 - 0 -100.0% 1,747
Accounts payable 5,376 10.7% 4,856 2.9% 4,717 -3.0% 4,863 0.9% 4,822 -15.9% 5,732
Accrued salaries and related expenses 1,414 3.1% 1,372 6.4% 1,290 2.1% 1,263 11.9% 1,129 3.2% 1,094
Sales taxes payable 472 20.7% 391 6.3% 368 1.7% 362 7.4% 337 -24.3% 445
Deferred revenue 1,270 10.7% 1,147 -2.5% 1,177 1.6% 1,158 -0.6% 1,165 -21.0% 1,474
Income taxes payable 22 -4.3% 23 76.9% 13 -88.0% 108 -62.6% 289 381.7% 60
Current installments of long-term debt 1,321 4303.3% 30 -97.1% 1,042 2.2% 1,020 -42.3% 1,767 489.0% 300
Other accrued expenses 1,587 1.9% 1,557 2.8% 1,515 -4.7% 1,589 -3.3% 1,644 -11.3% 1,854
Total current liabilities 11,462 22.2% 9,376 -7.4% 10,122 -2.3% 10,363 -7.1% 11,153 -12.2% 12,706
Long-term debt 9,475 -11.9% 10,758 23.6% 8,707 0.5% 8,662 -10.4% 9,667 -15.1% 11,383
Other long-term liabiliities 2,051 -4.4% 2,146 0.5% 2,135 -0.2% 2,140 -2.6% 2,198 19.9% 1,833
Deferred income taxes 319 -6.2% 340 25.0% 272 -14.7% 319 -13.6% 369 -46.4% 688
Total liabilities 23,307 3.0% 22,620 6.5% 21,236 -1.2% 21,484 -8.1% 23,387 -12.1% 26,610
stockholders' equity
Common stock - $.05 par value 88 1.1% 87 1.2% 86 0.0% 86 1.2% 85 0.0% 85
Paid-in Capital 7,948 14.1% 6,966 6.3% 6,556 4.0% 6,304 4.2% 6,048 4.3% 5,800
Retained earnings 20,038 16.2% 17,246 15.0% 14,995 13.4% 13,226 9.4% 12,093 6.2% 11,388
Accumulated other comprehensive income 397 35.5% 293 -34.2% 445 22.9% 362 -570.1% (77) -110.2% 755
Treasury stock, at cost (10,694) 59.8% (6,694) 109.6% (3,193) 445.8% (585) 57.3% (372) 18.5% (314)
Total stockholders' equity 17,777 -0.7% 17,898 -5.2% 18,889 -2.6% 19,393 9.1% 17,777 0.4% 17,714
Total liabilities and stockholders' equity $ 41,084 1.4% $ 40,518 1.0% $ 40,125 -1.8% $ 40,877 -0.7% $ 41,164 -7.1% $ 44,324

HomeDepotSofEarnings

The Home Depot, Inc.
Consolidated Statements of Earnings
(In millions except per share data)
The year 2012 is fiscal year ended February 3, 2013 so be careful when reading the annual report to use 2012 as the most recent year.
2012 2011 2010 2009 2008 2007
Net Sales $ 74,754 $ 70,395 $ 67,997 $ 66,176 $ 71,288 $ 77,349
Cost of Sales 48,912 46,133 44,693 43,764 47,298 51,352
Gross Profit 25,842 24,262 23,304 22,412 23,990 25,997
Operating Expenses:
Selling, general and administrative 16,508 16,028 15,849 15,902 17,846 17,053
Depreciation and amortization 1,568 1,573 1,616 1,707 1,785 1,702
Total Operating Expenses 18,076 17,601 17,465 17,609 19,631 18,755
Operating Income 7,766 6,661 5,839 4,803 4,359 7,242
Other revenue and (expenses):
Interest and investment income (20) (13) (15) (18) (18) (74)
Interest expense 632 606 530 676 624 696
Other (67) - 0 51 163 163 - 0
Interest and other, net 545 593 566 821 769 622
Earnings before provision for income taxes 7,221 6,068 5,273 3,982 3,590 6,620
Provision for income taxes 2,686 2,185 1,935 1,362 1,278 2,410
Earnings from Continuing Operatons 4,535 3,883 3,338 2,620 2,312 4,210
Earnings from Discontinued Operations
(net of taxes) - 0 - 0 - 0 41 (52) 185
Net earnings $ 4,535 $ 3,883 $ 3,338 $ 2,661 $ 2,260 $ 4,395
Basic EPS from Continuing Operations $ 3.03 $ 2.49 $ 2.03 $ 1.56 $ 1.37 $ 2.28
Basic EPS from Discontinued Operations $ - 0 $ - 0 $ - 0 $ 0.02 $ (0.03) $ 0.10
Basic EPS $ 3.03 $ 2.49 $ 2.03 $ 1.58 $ 1.34 $ 2.38
Diluted EPS from Continuing Operations $ 3.00 $ 2.47 $ 2.01 $ 1.55 $ 1.37 $ 2.27
Diluted EPS from Discontinued Operations $ - 0 $ - 0 $ - 0 $ 0.02 $ (0.03) $ 0.10
Diluted EPS $ 3.00 $ 2.47 $ 2.01 $ 1.57 $ 1.34 $ 2.37
Cash dividends paid per share $ 1.26 $ 1.08 $ 0.945 $ 0.910 $ 0.90 $ 0.90
See notes to consolidated financial statements
Income Taxes 2007 - 2012 11,856
Earnings before Income Taxes 2007 - 2012 32,754
Average Tax Rate 2007 - 2012 36.2%
Use the average tax rate for calculating the return on total assets ratio.

HomeDepotSofEarningsVertical

The Home Depot, Inc.
Consolidated Statements of Earnings
(In millions except per share data)
The year 2012 is fiscal year ended February 3, 2013 so be careful when reading the annual report to use 2012 as the most recent year.
2012 Percentage 2011 Percentage 2010 Percentage 2009 Percentage 2008 Percentage
Net Sales $ 74,754 100.0% $ 70,395 100.0% $ 67,997 100.0% $ 66,176 100.0% $ 71,288 100.0%
Cost of Sales 48,912 65.4% 46,133 65.5% 44,693 65.7% 43,764 66.1% 47,298 66.3%
Gross Profit 25,842 34.6% 24,262 34.5% 23,304 34.3% 22,412 33.9% 23,990 33.7%
Operating Expenses:
Selling, general and administrative 16,508 22.1% 16,028 22.8% 15,849 23.3% 15,902 24.0% 17,846 25.0%
Depreciation and amortization 1,568 2.1% 1,573 2.2% 1,616 2.4% 1,707 2.6% 1,785 2.5%
Total Operating Expenses 18,076 24.2% 17,601 25.0% 17,465 25.7% 17,609 26.6% 19,631 27.5%
Operating Income 7,766 10.4% 6,661 9.5% 5,839 8.6% 4,803 7.3% 4,359 6.1%
Other revenue and (expenses):
Interest and investment income (20) -0.0% (13) -0.0% (15) -0.0% (18) -0.0% (18) -0.0%
Interest expense 632 0.8% 606 0.9% 530 0.8% 676 1.0% 624 0.9%
Other (67) -0.1% - 0 0.0% 51 0.1% 163 0.2% 163 0.2%
Interest and other, net 545 0.7% 593 0.8% 566 0.8% 821 1.2% 769 1.1%
Earnings before provision for income taxes 7,221 9.7% 6,068 8.6% 5,273 7.8% 3,982 6.0% 3,590 5.0%
Provision for income taxes 2,686 3.6% 2,185 3.1% 1,935 2.8% 1,362 2.1% 1,278 1.8%
Earnings from Continuing Operatons 4,535 6.1% 3,883 5.5% 3,338 4.9% 2,620 4.0% 2,312 3.2%
Earnings from Discontinued Operations
(net of taxes) - 0 0.0% - 0 0.0% - 0 0.0% 41 0.1% (52) -0.1%
Net earnings $ 4,535 6.1% $ 3,883 5.5% $ 3,338 4.9% $ 2,661 4.0% $ 2,260 3.2%
Basic EPS from Continuing Operations $ 3.03 $ 2.49 $ 2.03 $ 1.56 $ 1.37
Basic EPS from Discontinued Operations $ - 0 $ - 0 $ - 0 $ 0.02 $ (0.03)
Basic EPS $ 3.03 $ 2.49 $ 2.03 $ 1.58 $ 1.34
Diluted EPS from Continuing Operations $ 3.00 $ 2.47 $ 2.01 $ 1.55 $ 1.37
Diluted EPS from Discontinued Operations $ - 0 $ - 0 $ - 0 $ 0.02 $ (0.03)
Diluted EPS $ 3.00 $ 2.47 $ 2.01 $ 1.57 $ 1.34
Cash dividends paid per share $ 1.26 $ 1.08 $ 0.945 $ 0.910 $ 0.90
See notes to consolidated financial statements

HomeDepotSofEarningsHorizontal

The Home Depot, Inc.
Consolidated Statements of Earnings
(In millions except per share data)
The year 2012 is fiscal year ended February 3, 2013 so be careful when reading the annual report to use 2012 as the most recent year.
2012 % Change 2011 % Change 2010 % Change 2009 % Change 2008 % Change 2007
Net Sales $ 74,754 6.2% $ 70,395 3.5% $ 67,997 2.8% $ 66,176 -7.2% $ 71,288 -7.8% $ 77,349
Cost of Sales 48,912 6.0% 46,133 3.2% 44,693 2.1% 43,764 -7.5% 47,298 -7.9% 51,352
Gross Profit 25,842 6.5% 24,262 4.1% 23,304 4.0% 22,412 -6.6% 23,990 -7.7% 25,997
Operating Expenses:
Selling, general and administrative 16,508 3.0% 16,028 1.1% 15,849 -0.3% 15,902 -10.9% 17,846 4.7% 17,053
Depreciation and amortization 1,568 -0.3% 1,573 -2.7% 1,616 -5.3% 1,707 -4.4% 1,785 4.9% 1,702
Total Operating Expenses 18,076 2.7% 17,601 0.8% 17,465 -0.8% 17,609 -10.3% 19,631 4.7% 18,755
Operating Income 7,766 16.6% 6,661 14.1% 5,839 21.6% 4,803 10.2% 4,359 -39.8% 7,242
Other revenue and (expenses):
Interest and investment income (20) 53.8% (13) -13.3% (15) -16.7% (18) 0.0% (18) -75.7% (74)
Interest expense 632 4.3% 606 14.3% 530 -21.6% 676 8.3% 624 -10.3% 696
Other (67) - 0 -100.0% 51 -68.7% 163 0.0% 163 - 0
Interest and other, net 545 -8.1% 593 4.8% 566 -31.1% 821 6.8% 769 23.6% 622
Earnings before provision for income taxes 7,221 19.0% 6,068 15.1% 5,273 32.4% 3,982 10.9% 3,590 -45.8% 6,620
Provision for income taxes 2,686 22.9% 2,185 12.9% 1,935 42.1% 1,362 6.6% 1,278 -47.0% 2,410
Earnings from Continuing Operatons 4,535 16.8% 3,883 16.3% 3,338 27.4% 2,620 13.3% 2,312 -45.1% 4,210
Earnings from Discontinued Operations
(net of taxes) - 0 - 0 - 0 -100.0% 41 -178.8% (52) -128.1% 185
Net earnings $ 4,535 16.8% $ 3,883 16.3% $ 3,338 25.4% $ 2,661 17.7% $ 2,260 -48.6% $ 4,395
Basic EPS from Continuing Operations $ 3.03 $ 2.49 $ 2.03 $ 1.56 $ 1.37 $ 2.28
Basic EPS from Discontinued Operations $ - 0 $ - 0 $ - 0 $ 0.02 $ (0.03) $ 0.10
Basic EPS $ 3.03 $ 2.49 $ 2.03 $ 1.58 $ 1.34 $ 2.38
Diluted EPS from Continuing Operations $ 3.00 $ 2.47 $ 2.01 $ 1.55 $ 1.37 $ 2.27
Diluted EPS from Discontinued Operations $ - 0 $ - 0 $ - 0 $ 0.02 $ (0.03) $ 0.10
Diluted EPS $ 3.00 $ 2.47 $ 2.01 $ 1.57 $ 1.34 $ 2.37
Cash dividends paid per share $ 1.26 $ 1.08 $ 0.945 $ 0.910 $ 0.90 $ 0.90
See notes to consolidated financial statements

HomeDepotSofCash Flows

The Home Depot, Inc.
Consolidated Statements of Cash Flows
(in millions)
The year 2012 is fiscal year ended February 3, 2013 so be careful when reading the annual report to use 2012 as the most recent year.
2012 2011 2010 2009 2008 2007
Cash Flows from Operating Activities
Net earnings $ 4,535 $ 3,883 $ 3,338 $ 2,661 $ 2,260 $ 4,395
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization 1,684 1,682 1,718 1,806 1,902 1,906
Impairment related to rationalization charges - 0 - 0 - 0 - 0 580 - 0
Impairment of investment - 0 - 0 - 0 163 163
Stock-based compensation expense 218 215 214 201 176 207
Goodwill impairment 97 - 0 - 0 - 0 - 0 - 0
Changes in operating assets and liabilities:
(Increase) Decrease in receivables, net (143) (170) (102) (23) 121 116
(Increase) Decrease in merchandise inventories, net (350) 256 (355) 625 743 (491)
(Increase) Decrease in other current assets 93 159 12 4 (7) 109
Increase (Decrease) in accounts payable and accrued
liabilities 698 422 (133) 59 (646) (465)
Increase (Decrease) in deferred revenue 121 (29) 10 (21) (292) (159)
Increase (Decrease in income taxes payable 87 14 (85) (174) 262 - 0
Increase (Decrease) in deferred income taxes 107 170 104 (227) (282) (348)
Increase (Decrease) in other long-term liabilities (180) (2) (61) (19) 306 186
Increase (Decrease) in other liabilities 8 51 (75) 70 242 271
Net cash provided by operating activities 6,975 6,651 4,585 5,125 5,528 5,727
Cash Flows from Investing Activities
Capital expenditures (1,312) (1,221) (1,096) (966) (1,847) (3,558)
Payments for businesses acquired, net (170) (65) - 0 - 0 - 0 (13)
Proceeds from the sales of businesses, net - 0 101 - 0 - 0 - 0 8,337
Proceeds from sales of property and equipment 50 56 84 178 147 318
Purchases of investments - 0 - 0 - 0 - 0 (168) (11,225)
Proceeds from sales and maturities of investments - 0 - 0 - 0 33 139 10,899
Net cash used in investing activities (1,432) (1,129) (1,012) (755) (1,729) 4,758
Cash Flows from Financing Activities
(Repayments) Proceeds from short-term borrowings, net - 0 - 0 - 0 - 0 (1,732) 1,734
Proceeds from long-term borrwings, net of discount - 0 1,994 998 - 0 - 0 - 0
Repayments of long-term debt (32) (1,028) (1,029) (1,774) (313) (20)
Repurchase of common stock (3,984) (3,470) (2,608) (213) (70) (10,815)
Proceeds from sale of common stock, net 784 306 104 73 84 276
Cash dividends paid to stockholders' (1,743) (1,632) (1,569) (1,525) (1,521) (1,709)
Other financing activities (59) (218) (347) (64) (128) (105)
Net cash (used in) / provided by financing activities (5,034) (4,048) (4,451) (3,503) (3,680) (10,639)
Net (decrease) increase in cash and cash equivalents 509 1,474 (878) 867 119 (154)
Effect of exchange rate changes on cash and
cash equivalents (2) (32) 2 35 (45) (1)
Beginning of year 1,987 545 1,421 519 445 600
End of year $ 2,494 $ 1,987 $ 545 $ 1,421 $ 519 $ 445
Supplemental Disclosures of Cash Flow Information
Cash paid for interest $ 617 $ 580 $ 579 $ 664 $ 622 $ 672
Cash paid for income taxes $ 2,482 $ 1,865 $ 2,067 $ 2,082 $ 1,265 $ 2,524

HomeDepotSofCashFlowsHorizontal

The Home Depot, Inc.
Consolidated Statements of Cash Flows
(in millions)
The year 2012 is fiscal year ended February 3, 2013 so be careful when reading the annual report to use 2012 as the most recent year.
2012 % Change 2011 % Change 2010 % Change 2009 % Change 2008 % Change 2007
Cash Flows from Operating Activities
Net earnings $ 4,535 $ 3,883 $ 3,338 $ 2,661 $ 2,260 $ 4,395
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization 1,684 1,682 1,718 1,806 1,902 1,906
Impairment related to rationalization charges - 0 - 0 - 0 - 0 580 - 0
Impairment of investment - 0 - 0 - 0 163 163
Stock-based compensation expense 218 215 214 201 176 207
Goodwill impairment 97 - 0 - 0 - 0 - 0 - 0
Changes in operating assets and liabilities:
(Increase) Decrease in receivables, net (143) (170) (102) (23) 121 116
(Increase) Decrease in merchandise inventories, net (350) 256 (355) 625 743 (491)
(Increase) Decrease in other current assets 93 159 12 4 (7) 109
Increase (Decrease) in accounts payable and accrued
liabilities 698 422 (133) 59 (646) (465)
Increase (Decrease) in deferred revenue 121 (29) 10 (21) (292) (159)
Increase (Decrease in income taxes payable 87 14 (85) (174) 262 - 0
Increase (Decrease) in deferred income taxes 107 170 104 (227) (282) (348)
Increase (Decrease) in other long-term liabilities (180) (2) (61) (19) 306 186
Increase (Decrease) in other liabilities 8 51 (75) 70 242 271
Net cash provided by operating activities 6,975 4.9% 6,651 45.1% 4,585 -10.5% 5,125 -7.3% 5,528 -3.5% 5,727
Cash Flows from Investing Activities
Capital expenditures (1,312) (1,221) (1,096) (966) (1,847) (3,558)
Payments for businesses acquired, net (170) (65) - 0 - 0 - 0 (13)
Proceeds from the sales of businesses, net - 0 101 - 0 - 0 - 0 8,337
Proceeds from sales of property and equipment 50 56 84 178 147 318
Purchases of investments - 0 - 0 - 0 - 0 (168) (11,225)
Proceeds from sales and maturities of investments - 0 - 0 - 0 33 139 10,899
Net cash used in investing activities (1,432) 26.8% (1,129) 11.6% (1,012) 34.0% (755) -56.3% (1,729) -136.3% 4,758
Cash Flows from Financing Activities
(Repayments) Proceeds from short-term borrowings, net - 0 - 0 - 0 - 0 (1,732) 1,734
Proceeds from long-term borrwings, net of discount - 0 1,994 998 - 0 - 0 - 0
Repayments of long-term debt (32) (1,028) (1,029) (1,774) (313) (20)
Repurchase of common stock (3,984) (3,470) (2,608) (213) (70) (10,815)
Proceeds from sale of common stock, net 784 306 104 73 84 276
Cash dividends paid to stockholders' (1,743) (1,632) (1,569) (1,525) (1,521) (1,709)
Other financing activities (59) (218) (347) (64) (128) (105)
Net cash (used in) / provided by financing activities (5,034) 24.4% (4,048) -9.1% (4,451) 27.1% (3,503) -4.8% (3,680) -65.4% (10,639)
Net (decrease) increase in cash and cash equivalents 509 1,474 (878) 867 119 (154)
Effect of exchange rate changes on cash and
cash equivalents (2) (32) 2 35 (45) (1)
Beginning of year 1,987 545 1,421 519 445 600
End of year $ 2,494 $ 1,987 $ 545 $ 1,421 $ 519 $ 445
Supplemental Disclosures of Cash Flow Information
Cash paid for interest $ 617 $ 580 $ 579 $ 664 $ 622 $ 672
Cash paid for income taxes $ 2,482 $ 1,865 $ 2,067 $ 2,082 $ 1,265 $ 2,524

Home Depot Ratio Data

The Home Depot, Inc.
Financial Statement Data for Ratio Calculations
The year 2009 is fiscal year ended January 31, 2010 so be careful when reading the annual report to use 2009 as the most recent year.
2012 2011 2010 2009 2008 2007
Income Statement Data
Net Sales 74,754 70,395 67,997 66,176 71,288 77,349
Cost of Sales 48,912 46,133 44,693 43,764 47,298 51,352
Interest Expense (632) (606) (530) (676) (624) (696)
Earnings before Income Taxes 7,221 6,068 5,273 3,982 3,590 6,620
Income Tax Provision 2,686 2,185 1,935 1,362 1,278 2,410
Earnings from Continuing Operations 4,535 3,883 3,338 2,620 2,312 4,210
Net Earnings 4,535 3,883 3,338 2,661 2,260 4,395
Average Tax Rate 2007 - 2012 36.2% 36.2% 36.2% 36.2% 36.2% 36.2%
After Tax Interest Expense (403) (387) (338) (431) (398) (444)
Balance Sheet Data
Cash and Cash Equivalents 2,494 1,987 545 1,421 519 445
Receivables, net 1,395 1,245 1,085 964 972 1,259
Merchandise Inventories 10,710 10,325 10,625 10,188 10,673 11,731
Total current assets 15,372 14,520 13,479 13,900 13,362 14,674
Property less accumulated depreciation 24,069 24,448 25,060 25,550 26,234 27,476
Total Assets 41,084 40,518 40,125 40,877 41,164 44,324
Accounts Payable 5,376 4,856 4,717 4,863 4,822 5,732
Total current liabilities 11,462 9,376 10,122 10,363 11,153 12,706
Total Liabilities 23,307 22,620 21,236 21,484 23,387 26,610
Total shareholders' equity 17,777 17,898 18,889 19,393 17,777 17,714
Statement of Cash Flows Data
Net cash provided by operating activities 6,975 6,651 4,585 5,125 5,528 5,727
Net cash used in investing activities (1,432) (1,129) (1,012) (755) (1,729) 4,758
Net cash used in financing activities (5,034) (4,048) (4,451) (3,503) (3,680) (10,639)
Cash paid for interest 617 580 579 664 622 672
Cash paid for income taxes 2,482 1,865 2,067 2,082 1,265 2,524
Capital expenditures 1,312 1,221 1,096 966 1,847 3,558
Cash dividends paid per share $ 1.26 $ 1.08 $ 0.945 $ 0.91 $ 0.90 $ 0.90

Home Depot Ratio Calculations

The Home Depot, Inc.
Ratio Calculations
2012 2011 2010 2009 2008
Profitability Ratios
Return on Owners' Equity 25.4% 21.1% 17.4% 14.1% 13.0%
Return on Total Assets* 10.1% 8.7% 7.4% 5.3% 4.5%
Financial Leverage 15.3% 12.4% 10.0% 8.8% 8.6%
Earnings per share (Basic) $ 3.03 $ 2.49 $ 2.03 $ 1.56 $ 1.37
Quality of Income 1.54 1.71 1.37 1.96 2.39
Profit Margin 6.1% 5.5% 4.9% 4.0% 3.2%
Fixed Asset Turnover 3.08 2.84 2.69 2.56 2.65
Total Asset Turnover 1.83 1.75 1.68 1.61 1.67
Liquidity Ratios
Cash Ratio 0.22 0.21 0.05 0.14 0.05
Quick Ratio 0.34 0.34 0.16 0.23 0.13
Current Ratio 1.34 1.55 1.33 1.34 1.20
Receivable Turnover** 56.63 60.42 66.37 68.36 63.91
Days Sales in Receivables 6.4 6.0 5.5 5.3 5.7
Inventory Turnover 4.65 4.40 4.29 4.20 4.22
Days Supply in Inventory 78.5 82.9 85.0 87.0 86.4
Accounts Payable Turnover 9.56 9.64 9.33 9.04 8.96
Days to Pay Suppliers 38.2 37.9 39.1 40.4 40.7
Solvency Ratios
Times Interest Earned (10.43) (9.01) (8.95) (4.95) (4.67)
Cash Coverage 16.33 15.68 12.49 11.85 11.92
Debt to Equity 1.31 1.26 1.12 1.11 1.32
Capital Acquisitions Ratio 5.32 5.45 4.18 5.31 2.99
Market Tests
Price/Earnings 22.09 17.83 18.11 17.73 16.07
Dividends Yield 1.9% 2.4% 2.6% 3.2% 4.2%
* The average income tax rate for 2007 - 2012 from the bottom of the Statement of Earnings is used
** The receivable turnover ratio while computed here is not accurate because it includes cash sales not just net "credit" sales

HomeDepotMarketPrice

The Home Depot, Inc.
Fiscal Year End Market Price
Years Jan 31 - Q4
2012 66.92
2011 44.39
2010 36.77
2009 28.01
2008 21.53
2007 30.64
The years in the first column are fiscal years. So 2012 is really the price on January 31, 2013.
The price is the closest trading day to January 31st of each year.

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