10-Q 1 low-20220429.htm FORM 10-Q low-20220429
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 29, 2022
or 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to  ______
Commission File Number 1-7898
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LOWE’S COMPANIES, INC.
(Exact name of registrant as specified in its charter)
North Carolina56-0578072
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1000 Lowes Blvd., Mooresville, North Carolina
28117
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code:
(704) 758-1000
Former name, former address and former fiscal year, if changed since last report: Not Applicable
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.50 per shareLOWNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
CLASSOUTSTANDING AT 5/24/2022
Common Stock, $0.50 par value639,128,830



LOWE’S COMPANIES, INC.
- TABLE OF CONTENTS -
Page No.
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.
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i

FORWARD-LOOKING STATEMENTS

This Form 10-Q includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as “believe”, “expect”, “anticipate”, “plan”, “desire”, “project”, “estimate”, “intend”, “will”, “should”, “could”, “would”, “may”, “strategy”, “potential”, “opportunity”, “outlook”, “scenario”, “guidance”, and similar expressions are forward-looking statements. Forward-looking statements involve, among other things, expectations, projections, and assumptions about future financial and operating results, objectives, business outlook, priorities, sales growth, shareholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for products and services, share repurchases, Lowe’s strategic initiatives, including those relating to acquisitions and dispositions and the impact of such transactions on our strategic and operational plans and financial results. Such statements involve risks and uncertainties and we can give no assurance that they will prove to be correct. Actual results may differ materially from those expressed or implied in such statements.

A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements including, but not limited to, changes in general economic conditions, such as volatility and/or lack of liquidity from time to time in U.S. and world financial markets and the consequent reduced availability and/or higher cost of borrowing to Lowe’s and its customers, slower rates of growth in real disposable personal income that could affect the rate of growth in consumer spending, inflation and its impacts on discretionary spending and on our costs, shortages, and other disruptions in the labor supply, interest rate and currency fluctuations, home price appreciation or decreasing housing turnover, the availability of consumer credit and of mortgage financing, trade policy changes or additional tariffs, outbreaks of pandemics, fluctuations in fuel and energy costs, inflation or deflation of commodity prices, natural disasters, armed conflicts, acts of both domestic and international terrorism, and other factors that can negatively affect our customers.

Investors and others should carefully consider the foregoing factors and other uncertainties, risks and potential events including, but not limited to, those described in “Item 1A - Risk Factors” and “Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies and Estimates” in our most recent Annual Report on Form 10-K and as may be updated from time to time in our quarterly reports on Form 10-Q or other subsequent filings with the SEC. All such forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update these statements other than as required by law.

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ii

Part I - FINANCIAL INFORMATION
Item 1. Financial Statements
Lowe’s Companies, Inc.
Consolidated Statements of Earnings (Unaudited)
In Millions, Except Per Share and Percentage Data
 Three Months Ended
 April 29, 2022April 30, 2021
Current EarningsAmount% SalesAmount% Sales
Net sales$23,659 100.00 %$24,422 100.00 %
Cost of sales15,609 65.97 16,292 66.71 
Gross margin8,050 34.03 8,130 33.29 
Expenses:
Selling, general and administrative4,303 18.19 4,494 18.40 
Depreciation and amortization445 1.88 391 1.60 
Operating income3,302 13.96 3,245 13.29 
Interest – net243 1.03 211 0.87 
Pre-tax earnings3,059 12.93 3,034 12.42 
Income tax provision 726 3.07 713 2.92 
Net earnings$2,333 9.86 %$2,321 9.50 %
Weighted average common shares outstanding – basic660 718 
Basic earnings per common share$3.52 $3.22 
Weighted average common shares outstanding – diluted662 720 
Diluted earnings per common share$3.51 $3.21 
See accompanying notes to the consolidated financial statements (unaudited).



Lowe’s Companies, Inc.
Consolidated Statements of Comprehensive Income (Unaudited)
In Millions, Except Percentage Data
 Three Months Ended
 April 29, 2022April 30, 2021
 Amount% SalesAmount% Sales
Net earnings$2,333 9.86 %$2,321 9.50 %
Foreign currency translation adjustments – net of tax(17)(0.07)102 0.41 
Cash flow hedges – net of tax219 0.93 24 0.10 
Other(2)(0.01)(1) 
Other comprehensive income200 0.85 125 0.51 
Comprehensive income$2,533 10.71 %$2,446 10.01 %
See accompanying notes to the consolidated financial statements (unaudited).
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1

Lowe’s Companies, Inc.
Consolidated Balance Sheets (Unaudited)
In Millions, Except Par Value Data
April 29,
2022
April 30,
2021
January 28,
2022
Assets
Current assets:
Cash and cash equivalents$3,414 $6,692 $1,133 
Short-term investments 368 454 271 
Merchandise inventory – net20,239 18,382 17,605 
Other current assets1,590 1,288 1,051 
Total current assets25,611 26,816 20,060 
Property, less accumulated depreciation 18,890 19,059 19,071 
Operating lease right-of-use assets4,131 3,886 4,108 
Long-term investments 76 197 199 
Deferred income taxes – net33 213 164 
Other assets984 1,029 1,038 
Total assets$49,725 $51,200 $44,640 
Liabilities and shareholders' (deficit)/equity
Current liabilities:
Current maturities of long-term debt$121 $1,338 $868 
Current operating lease liabilities639 551 636 
Accounts payable13,831 13,964 11,354 
Accrued compensation and employee benefits 1,190 1,312 1,561 
Deferred revenue2,094 2,022 1,914 
Other current liabilities3,956 3,705 3,335 
Total current liabilities21,831 22,892 19,668 
Long-term debt, excluding current maturities 28,776 21,906 23,859 
Noncurrent operating lease liabilities4,061 3,925 4,021 
Deferred revenue – Lowe's protection plans1,137 1,050 1,127 
Other liabilities 797 982 781 
Total liabilities56,602 50,755 49,456 
Shareholders' (deficit)/equity:
Preferred stock, $5 par value: Authorized – 5.0 million shares; Issued and outstanding – none
   
Common stock, $0.50 par value: Authorized – 5.6 billion shares; Issued and outstanding – 652 million, 715 million, and 670 million shares, respectively
326 358 335 
Capital in excess of par value   
(Accumulated deficit)/retained earnings(7,367)98 (5,115)
Accumulated other comprehensive income/(loss)164 (11)(36)
Total shareholders' (deficit)/equity(6,877)445 (4,816)
Total liabilities and shareholders' (deficit)/equity$49,725 $51,200 $44,640 
See accompanying notes to the consolidated financial statements (unaudited).
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Lowe’s Companies, Inc.
Consolidated Statements of Shareholders’ (Deficit)/Equity (Unaudited)
In Millions
Three Months Ended April 29, 2022
Common StockCapital in Excess
of Par Value
Accumulated DeficitAccumulated Other
Comprehensive (Loss)/Income
Total
SharesAmount
Balance January 28, 2022670 $335 $ $(5,115)$(36)$(4,816)
Net earnings— — — 2,333 — 2,333 
Other comprehensive income— — — — 200 200 
Cash dividends declared, $0.80 per share
— — — (524)— (524)
Share-based payment expense — — 46 — — 46 
Repurchases of common stock (19)(9)(47)(4,061)— (4,117)
Issuance of common stock under share-based payment plans1 — 1 — — 1 
Balance April 29, 2022652 $326 $ $(7,367)$164 $(6,877)
Three Months Ended April 30, 2021
Common StockCapital in Excess
of Par Value
Retained EarningsAccumulated Other
Comprehensive Loss
Total
SharesAmount
Balance January 29, 2021731 $366 $90 $1,117 $(136)$1,437 
Net earnings— — — 2,321 — 2,321 
Other comprehensive income— — — — 125 125 
Cash dividends declared, $0.60 per share
— — — (430)— (430)
Share-based payment expense— — 50 — — 50 
Repurchases of common stock(17)(9)(148)(2,910)— (3,067)
Issuance of common stock under share-based payment plans1 1 8 — — 9 
Balance April 30, 2021715 $358 $ $98 $(11)$445 
See accompanying notes to the consolidated financial statements (unaudited).

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Lowe’s Companies, Inc.
Consolidated Statements of Cash Flows (Unaudited)
In Millions
Three Months Ended
April 29, 2022April 30, 2021
Cash flows from operating activities:
Net earnings $2,333 $2,321 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization503 443 
Noncash lease expense135 124 
Deferred income taxes59 110 
Loss/(gain) on property and other assets – net4 (15)
Share-based payment expense50 54 
Changes in operating assets and liabilities:
Merchandise inventory – net(2,646)(2,123)
Other operating assets(212)(343)
Accounts payable 2,479 3,058 
Deferred revenue191 442 
Other operating liabilities81 421 
Net cash provided by operating activities2,977 4,492 
Cash flows from investing activities:
Purchases of investments(109)(293)
Proceeds from sale/maturity of investments132 347 
Capital expenditures(343)(461)
Proceeds from sale of property and other long-term assets10 64 
Other – net (134)
Net cash used in investing activities(310)(477)
Cash flows from financing activities:
Net proceeds from issuance of debt4,964 1,988 
Repayment of debt(773)(543)
Proceeds from issuance of common stock under share-based payment plans1 9 
Cash dividend payments(537)(440)
Repurchases of common stock(4,037)(3,038)
Other – net(4)4 
Net cash used in financing activities(386)(2,020)
Effect of exchange rate changes on cash 7 
Net increase in cash and cash equivalents2,281 2,002 
Cash and cash equivalents, beginning of period1,133 4,690 
Cash and cash equivalents, end of period$3,414 $6,692 
See accompanying notes to the consolidated financial statements (unaudited).
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Lowe’s Companies, Inc.
Notes to Consolidated Financial Statements (Unaudited)

Note 1: Summary of Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements (unaudited) and notes to the condensed consolidated financial statements (unaudited) are presented in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed consolidated financial statements (unaudited), in the opinion of management, contain all normal recurring adjustments necessary to present fairly the consolidated balance sheets as of April 29, 2022, and April 30, 2021, and the statements of earnings, comprehensive income, shareholders’ (deficit)/equity, and cash flows for the three months ended April 29, 2022, and April 30, 2021. The January 28, 2022 consolidated balance sheet was derived from the audited financial statements.

These interim condensed consolidated financial statements (unaudited) should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Lowe’s Companies, Inc. (the Company) Annual Report on Form 10-K for the fiscal year ended January 28, 2022 (the Annual Report). The financial results for the interim periods may not be indicative of the financial results for the entire fiscal year.

Accounting Pronouncements Not Yet Adopted

Recent accounting pronouncements pending adoption not discussed in this Form 10-Q or in the 2021 Form 10-K are either not applicable to the Company or are not expected to have a material impact on the Company.

Note 2: Revenue

Net sales consists primarily of revenue, net of sales tax, associated with contracts with customers for the sale of goods and services in amounts that reflect consideration the Company is entitled to in exchange for those goods and services.

The following table presents the Company’s sources of revenue:
(In millions)Three Months Ended
April 29, 2022April 30, 2021
Products $22,884 $23,522 
Services536 579 
Other239 321 
Net sales$23,659 $24,422 

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.  The merchandise return reserve is presented on a gross basis, with a separate asset and liability included in the consolidated balance sheets. The balances and classification within the consolidated balance sheets for anticipated sales returns and the associated right of return assets are as follows:
(In millions)ClassificationApril 29,
2022
April 30,
2021
January 28,
2022
Anticipated sales returnsOther current liabilities$363 $374 $245 
Right of return assetsOther current assets218 240 151 

Deferred revenue - retail and stored-value cards
Retail deferred revenue consists of amounts received for which customers have not yet taken possession of the merchandise or for which installation has not yet been completed. The majority of revenue for goods and services is recognized in the quarter following revenue deferral. Stored-value cards deferred revenue includes outstanding stored-value cards such as gift cards and
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returned merchandise credits that have not yet been redeemed. Deferred revenue for retail and stored-value cards are as follows:
(In millions)April 29,
2022
April 30,
2021
January 28,
2022
Retail deferred revenue$1,521 $1,525 $1,285 
Stored-value cards deferred revenue573 497 629 
Deferred revenue$2,094 $2,022 $1,914 

Deferred revenue - Lowe’s protection plans
The Company defers revenues for its separately-priced long-term extended protection plan contracts (Lowe’s protection plans) and recognizes revenue on a straight-line basis over the respective contract term. Expenses for claims are recognized in cost of sales when incurred.

(In millions)April 29,
2022
April 30,
2021
January 28,
2022
Deferred revenue - Lowe’s protection plans$1,137 $1,050 $1,127 

Three Months Ended
(In millions)April 29, 2022April 30, 2021
Lowe’s protection plans deferred revenue recognized into sales$127 $116 
Lowe’s protection plans claim expenses45 54 

Disaggregation of Revenues

The following table presents the Company’s net sales disaggregated by merchandise division:
Three Months Ended
April 29, 2022April 30, 2021
(In millions)Net Sales%Net Sales%
Home Décor 1
$8,298 35.1 %$8,307 34.0 %
Building Products 2
8,171 34.5 7,942 32.5 
Hardlines 3
6,695 28.3 7,750 31.8 
Other495 2.1 423 1.7 
Total$23,659 100.0 %$24,422 100.0 %
Note: Merchandise division net sales for the prior period have been reclassified to conform to the current period presentation.
1    Home Décor includes the following product categories: Appliances, Décor, Flooring, Kitchens & Bath, and Paint
2    Building Products includes the following product categories: Building Materials, Electrical, Lighting, Lumber, Millwork, and Rough Plumbing
3    Hardlines includes the following product categories: Hardware, Lawn & Garden, Seasonal & Outdoor Living, and Tools

The following table presents the Company’s net sales disaggregated by geographical area:
(In millions)Three Months Ended
April 29, 2022April 30, 2021
United States$22,426 $22,932 
Canada1,233 1,490 
Net Sales$23,659 $24,422 

Note 3: Restricted Investments
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Short-term and long-term investments include restricted balances pledged as collateral primarily for the Lowe’s protection plans program and are as follows:
(In millions)April 29, 2022April 30, 2021January 28, 2022
Short-term restricted investments$368 $454 $271 
Long-term restricted investments76 197 199 
Total restricted investments$444 $651 $470 

Note 4: 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 table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of April 29, 2022, April 30, 2021, and January 28, 2022:
Fair Value Measurements at
(In millions)ClassificationMeasurement LevelApril 29,
2022
April 30,
2021
January 28,
2022
Available-for-sale debt securities:
U.S. Treasury securitiesShort-term investmentsLevel 1$176 $190 $75 
Money market fundsShort-term investmentsLevel 1135 86 120 
Foreign government debt securitiesShort-term investmentsLevel 228  14 
Corporate debt securitiesShort-term investmentsLevel 215 148 8 
Municipal obligationsShort-term investmentsLevel 210  10 
Certificates of depositShort-term investmentsLevel 1 4  14 
Agency securitiesShort-term investmentsLevel 2 30  
Commercial paperShort-term investmentsLevel 2  30 
Corporate debt securitiesLong-term investmentsLevel 243 50 50 
U.S. Treasury securitiesLong-term investmentsLevel 131 128 132 
Municipal obligationsLong-term investmentsLevel 22 13 3 
Agency securitiesLong-term investmentsLevel 2 6  
Foreign government debt securitiesLong-term investmentsLevel 2  14 
Derivative instruments:
Forward interest rate swapsOther current assetsLevel 2$261 $22 $66 
Forward interest rate swapsOther assetsLevel 2  48 
Fixed-to-floating interest rate swapsOther liabilitiesLevel 265  21 

There were no transfers between Levels 1, 2, or 3 during any of the periods presented.

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
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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

During the three months ended April 29, 2022, and April 30, 2021, the Company had no material measurements of assets and liabilities at fair value on a nonrecurring basis subsequent to their initial recognition.

Other Fair Value Disclosures

The Company’s financial assets and liabilities not measured at fair value on a recurring basis include cash and cash equivalents, accounts receivable, accounts payable, 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. As further described in Note 6, certain long-term debt is associated with a fair value hedge and the changes in fair value of the hedged debt is included in the carrying value of long-term debt on the consolidated balance sheets. The fair values of the Company’s unsecured notes were estimated using quoted market prices. The fair values of the Company’s mortgage notes 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 finance lease obligations, are as follows:
April 29, 2022April 30, 2021January 28, 2022
(In millions)Carrying AmountFair ValueCarrying AmountFair ValueCarrying AmountFair Value
Unsecured notes (Level 1)$28,224 $26,095 $22,585 $24,774 $24,056 $25,425 
Mortgage notes (Level 2)4 5 5 5 5 5 
Long-term debt (excluding finance lease obligations)
$28,228 $26,100 $22,590 $24,779 $24,061 $25,430 

Note 5: Debt
Commercial Paper Program
The $2.0 billion five-year unsecured revolving credit agreement entered into in March 2020, and amended in December 2021, (2020 Credit Agreement) and the $2.0 billion five-year unsecured third amended and restated credit agreement (Third Amended and Restated Credit Agreement) entered into in December 2021 support the Company’s commercial paper program.  The amounts available to be drawn under the 2020 Credit Agreement and the Third Amended and Restated Credit Agreement are reduced by the amount of borrowings under the commercial paper program. As of April 29, 2022, April 30, 2021, and January 28, 2022, there were no outstanding borrowings under the Company’s commercial paper program, the 2020 Credit Agreement, or the Third Amended and Restated Credit Agreement. Total combined availability under the 2020 Credit Agreement and the Third Amended and Restated Credit Agreement was $4.0 billion as of April 29, 2022.
Long-Term Debt

On March 24, 2022, the Company issued $5.0 billion of unsecured fixed rate notes (March 2022 Notes) as follows:
Principal Amount
(in millions)
Maturity DateInterest RateDiscount
(in millions)
$750 April 20273.350%$3 
$1,500 April 20323.750%$7 
$1,500 April 20524.250%$14 
$1,250 April 20624.450%$12 

Interest on the March 2022 Notes is payable semiannually in arrears in April and October of each year until maturity.

The indenture governing the March 2022 Notes contains a provision that allows the Company to redeem these notes at any time, in whole or in part, at specified redemption prices, plus accrued and unpaid interest, if any, up to, but excluding, the date
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of redemption. The indenture also contains a provision that allows the holders of the notes to require the Company to repurchase all or any part of their notes if a change of control triggering event occurs. If elected under the change of control provisions, the repurchase of the notes will occur at a purchase price of 101% of the principal amount, plus accrued and unpaid interest, if any, on such notes up to, but excluding, the date of purchase. The indenture governing the March 2022 Notes does not limit the aggregate principal amount of debt securities that the Company may issue and does not require the Company to maintain specified financial ratios or levels of net worth or liquidity.

Note 6: Derivative Instruments

The Company utilizes forward interest rate swap agreements to hedge its exposure to changes in benchmark interest rates on forecasted debt issuances. The Company also utilizes fixed-to-floating interest rate swap agreements as fair value hedges on certain debt. The notional amounts for the Company’s material derivative instruments are as follows:

(In millions)April 29,
2022
April 30,
2021
January 28,
2022
Cash flow hedges:
Forward interest rate swap agreement notional amounts$1,760 $375 $2,560 
Fair value hedges:
Fixed-to-floating interest rate swap agreement notional amounts$850 $ $850 

See Note 4 for the gross fair values of the Company’s outstanding derivative financial instruments and corresponding fair value classifications. The cash flows related to settlement of the Company’s hedging derivative financial instruments are classified in the consolidated statements of cash flows based on the nature of the underlying hedged items.

The Company accounts for the forward interest rate swap contracts as cash flow hedges, thus the effective portion of gains and losses resulting from changes in fair value are recognized in other comprehensive income, net of tax effects, in the consolidated statements of comprehensive income and is amortized to interest expense over the term of the respective debt. During the three months ended April 29, 2022, in connection with the issuance of our March 2022 Notes, we settled forward interest rate swap contracts with a combined notional amount of $1.5 billion and received a payment of $143 million. The gain/(loss) from forward interest rate swap agreements, both settled and outstanding, designated as cash flow hedges recorded in other comprehensive income and earnings for the three months ended April 29, 2022, and April 30, 2021, including its line item in the financial statements, is as follows:
(In millions)Three Months Ended
April 29, 2022April 30, 2021
Other comprehensive income:
Cash flow hedges – net of tax expense of $73 million and $9 million, respectively
$218 $27 
Net earnings:
Interest – net$(1)$(3)

The Company accounts for the fixed-to-floating interest rate swap agreements as fair value hedges using the shortcut method of accounting under which the hedges are assumed to be perfectly effective. Thus, the change in fair value of the derivative instruments offsets the change in fair value on the hedged debt, and there is no net impact in the consolidated statements of earnings from the fair value of the derivatives.

Note 7: Shareholders’ (Deficit)/Equity

The Company has a share repurchase program that is executed through purchases made from time to time either in the open market, which may be made under pre-set trading plans meeting the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934, or through private off-market transactions. Shares purchased under the repurchase program are returned to authorized and unissued status. As of April 29, 2022, the Company had $15.7 billion remaining in its share repurchase program.

In February 2022, the Company entered into an Accelerated Share Repurchase (ASR) agreement with a third-party financial institution to repurchase $750 million of the Company’s common stock. The terms of the ASR agreement entered into during the three months ended April 29, 2022, are as follows (in millions):
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Agreement Execution
Date
Agreement Settlement
Date
ASR
Agreement Amount
Initial Shares Delivered at InceptionAdditional Shares Delivered at SettlementTotal Shares Delivered
Q1 2022Q1 2022$750 2.8 0.6 3.4

In addition, the Company repurchased shares of its common stock through the open market as follows:

Three Months Ended
April 29, 2022
(In millions)SharesCost
Open market share repurchases15.2 $3,251 

The Company also withholds shares from employees to satisfy either the exercise price of stock options exercised or the statutory withholding tax liability resulting from the vesting of share-based awards.

Total shares repurchased for the three months ended April 29, 2022, and April 30, 2021, were as follows:
Three Months Ended
April 29, 2022April 30, 2021
(In millions)Shares
Cost 1
Shares
Cost 1
Share repurchase program18.6 $4,001 16.5 $3,000 
Shares withheld from employees0.6 116 0.3 67 
Total share repurchases19.2 $4,117 16.8 $3,067 
1 Reductions of $4.1 billion and $2.9 billion were recorded to (accumulated deficit)/retained earnings, after capital in excess of par value was depleted, for the three months ended April 29, 2022, and April 30, 2021, respectively.

Note 8: Earnings Per Share - The Company calculates basic and diluted earnings per common share using the two-class method. The following table reconciles earnings per common share for the three months ended April 29, 2022, and April 30, 2021:
Three Months Ended
(In millions, except per share data)April 29, 2022April 30, 2021
Basic earnings per common share:
Net earnings
$2,333 $2,321 
Less: Net earnings allocable to participating securities
(8)(9)
Net earnings allocable to common shares, basic
$2,325 $2,312 
Weighted-average common shares outstanding
660 718 
Basic earnings per common share
$3.52 $3.22 
Diluted earnings per common share:
  
Net earnings
$2,333 $2,321 
Less: Net earnings allocable to participating securities
(8)(9)
Net earnings allocable to common shares, diluted
$2,325 $2,312 
Weighted-average common shares outstanding
660 718 
Dilutive effect of non-participating share-based awards
2 2 
Weighted-average common shares, as adjusted
662 720 
Diluted earnings per common share$3.51 $3.21 
Anti-dilutive securities excluded from diluted weighted-average common shares0.4 0.4 

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Note 9: Supplemental Disclosure

Net interest expense is comprised of the following:
Three Months Ended
(In millions)April 29, 2022April 30, 2021
Long-term debt$230 $200 
Lease obligations7 8 
Short-term borrowings1  
Interest income(2)(3)
Interest capitalized(1) 
Interest on tax uncertainties3  
Other5 6 
Interest – net$243 $211 

Supplemental disclosures of cash flow information:
Three Months Ended
(In millions)April 29, 2022April 30, 2021
Cash paid for interest, net of amount capitalized$375 $219 
Cash paid for income taxes – net$57 $115 
Non-cash investing and financing activities:
Leased assets obtained in exchange for new finance lease liabilities$2 $14 
Leased assets obtained in exchange for new operating lease liabilities 1
$174 $155 
Cash dividends declared but not paid$524 $430 
1 Excludes $637 million of leases signed but not yet commenced as of April 29, 2022.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of Lowe’s Companies, Inc.

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated balance sheets of Lowe’s Companies, Inc. and subsidiaries (the “Comp