10-Q 1 low-20220729.htm FORM 10-Q low-20220729
LOWES COMPANIES 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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 July 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
low-20220729_g1.jpg
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 8/23/2022
Common Stock, $0.50 par value620,700,567



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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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 7 - 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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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 EndedSix Months Ended
 July 29, 2022July 30, 2021July 29, 2022July 30, 2021
Current EarningsAmount% SalesAmount% SalesAmount% SalesAmount% Sales
Net sales$27,476 100.00 %$27,570 100.00 %$51,135 100.00 %$51,993 100.00 %
Cost of sales18,343 66.76 18,258 66.22 33,952 66.40 34,551 66.45 
Gross margin9,133 33.24 9,312 33.78 17,183 33.60 17,442 33.55 
Expenses:
Selling, general and administrative4,455 16.22 4,693 17.02 8,758 17.12 9,187 17.67 
Depreciation and amortization449 1.63 409 1.49 894 1.75 800 1.54 
Operating income4,229 15.39 4,210 15.27 7,531 14.73 7,455 14.34 
Interest – net264 0.96 216 0.78 507 0.99 427 0.82 
Pre-tax earnings3,965 14.43 3,994 14.49 7,024 13.74 7,028 13.52 
Income tax provision 973 3.54 976 3.54 1,699 3.33 1,688 3.25 
Net earnings$2,992 10.89 %$3,018 10.95 %$5,325 10.41 %$5,340 10.27 %
Weighted average common shares outstanding – basic638 705 649 711 
Basic earnings per common share$4.68 $4.27 $8.18 $7.48 
Weighted average common shares outstanding – diluted639 707 651 713 
Diluted earnings per common share$4.67 $4.25 $8.16 $7.46 
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 EndedSix Months Ended
 July 29, 2022July 30, 2021July 29, 2022July 30, 2021
 Amount% SalesAmount% SalesAmount% SalesAmount% Sales
Net earnings$2,992 10.89 %$3,018 10.95 %$5,325 10.41 %$5,340 10.27 %
Foreign currency translation adjustments – net of tax12 0.05 (44)(0.17)(5)(0.02)58 0.11 
Cash flow hedges – net of tax(38)(0.14)(9)(0.03)181 0.36 15 0.03 
Other(1) (1) (3)0.01 (2) 
Other comprehensive (loss)/income(27)(0.09)(54)(0.20)173 0.35 71 0.14 
Comprehensive income$2,965 10.80 %$2,964 10.75 %$5,498 10.76 %$5,411 10.41 %
See accompanying notes to the consolidated financial statements (unaudited).
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Lowe’s Companies, Inc.
Consolidated Balance Sheets (Unaudited)
In Millions, Except Par Value Data
July 29,
2022
July 30,
2021
January 28,
2022
Assets
Current assets:
Cash and cash equivalents$1,482 $4,835 $1,133 
Short-term investments 450 1,420 271 
Merchandise inventory – net19,329 17,322 17,605 
Other current assets1,406 1,506 1,051 
Total current assets22,667 25,083 20,060 
Property, less accumulated depreciation 18,713 19,031 19,071 
Operating lease right-of-use assets4,158 3,820 4,108 
Long-term investments 56 225 199 
Deferred income taxes – net104 221 164 
Other assets1,027 1,024 1,038 
Total assets$46,725 $49,404 $44,640 
Liabilities and shareholders' deficit
Current liabilities:
Short-term borrowings$ $1,000 $ 
Current maturities of long-term debt121 1,344 868 
Current operating lease liabilities652 557 636 
Accounts payable12,631 12,011 11,354 
Accrued compensation and employee benefits 1,227 1,331 1,561 
Deferred revenue1,968 2,041 1,914 
Other current liabilities3,767 3,380 3,335 
Total current liabilities20,366 21,664 19,668 
Long-term debt, excluding current maturities 28,763 21,967 23,859 
Noncurrent operating lease liabilities4,069 3,841 4,021 
Deferred revenue – Lowe's protection plans1,169 1,097 1,127 
Other liabilities 800 1,010 781 
Total liabilities55,167 49,579 49,456 
Shareholders' deficit:
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 – 631 million, 699 million, and 670 million shares, respectively
316 350 335 
Capital in excess of par value   
Accumulated deficit(8,895)(460)(5,115)
Accumulated other comprehensive income/(loss)137 (65)(36)
Total shareholders' deficit(8,442)(175)(4,816)
Total liabilities and shareholders' deficit$46,725 $49,404 $44,640 
See accompanying notes to the consolidated financial statements (unaudited).
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Lowe’s Companies, Inc.
Consolidated Statements of Shareholders’ Deficit (Unaudited)
In Millions
Three Months Ended July 29, 2022
Common StockCapital in Excess
of Par Value
Accumulated DeficitAccumulated Other
Comprehensive Income
Total
SharesAmount
Balance April 29, 2022652 $326 $ $(7,367)$164 $(6,877)
Net earnings— — — 2,992 — 2,992 
Other comprehensive loss— — — — (27)(27)
Cash dividends declared, $1.05 per share
— — — (666)— (666)
Share-based payment expense — — 65 — — 65 
Repurchases of common stock (22)(11)(137)(3,854)— (4,002)
Issuance of common stock under share-based payment plans1 1 72 — — 73 
Balance July 29, 2022631 $316 $ $(8,895)$137 $(8,442)
Six Months Ended July 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— — — 5,325 — 5,325 
Other comprehensive income— — — — 173 173 
Cash dividends declared, $1.85 per share
— — — (1,190)— (1,190)
Share-based payment expense — — 110 — — 110 
Repurchases of common stock (41)(20)(183)(7,915)— (8,118)
Issuance of common stock under share-based payment plans2 1 73 — — 74 
Balance July 29, 2022631 $316 $ $(8,895)$137 $(8,442)
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Three Months Ended July 30, 2021
Common StockCapital in Excess
of Par Value
Retained Earnings/(Accumulated Deficit)Accumulated Other
Comprehensive Loss
Total
SharesAmount
Balance April 30, 2021715 $358 $ $98 $(11)$445 
Net earnings— — — 3,018 — 3,018 
Other comprehensive loss— — — — (54)(54)
Cash dividends declared, $0.80 per share
— — — (563)— (563)
Share-based payment expense— — 63 — — 63 
Repurchases of common stock(16)(8)(117)(3,013)— (3,138)
Issuance of common stock under share-based payment plans  54 — — 54 
Balance July 30, 2021699 $350 $ $(460)$(65)$(175)
Six Months Ended July 30, 2021
Common StockCapital in Excess
of Par Value
Retained Earnings/(Accumulated Deficit)Accumulated Other
Comprehensive Loss
Total
SharesAmount
Balance January 29, 2021731 $366 $90 $1,117 $(136)$1,437 
Net earnings— — — 5,340 — 5,340 
Other comprehensive income— — — — 71 71 
Cash dividends declared, $1.40 per share
— — — (993)— (993)
Share-based payment expense— — 113 — — 113 
Repurchase of common stock(33)(17)(265)(5,924)— (6,206)
Issuance of common stock under share-based payment plans1 1 62 — — 63 
Balance July 30, 2021699 $350 $ $(460)$(65)$(175)
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
Six Months Ended
July 29, 2022July 30, 2021
Cash flows from operating activities:
Net earnings $5,325 $5,340 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization1,007 907 
Noncash lease expense273 252 
Deferred income taxes 110 
Loss on property and other assets – net32 1 
Share-based payment expense110 115 
Changes in operating assets and liabilities:
Merchandise inventory – net(1,728)(1,096)
Other operating assets(120)(203)
Accounts payable 1,279 1,115 
Deferred revenue97 511 
Other operating liabilities(263)(139)
Net cash provided by operating activities6,012 6,913 
Cash flows from investing activities:
Purchases of investments(330)(1,635)
Proceeds from sale/maturity of investments290 692 
Capital expenditures(687)(846)
Proceeds from sale of property and other long-term assets19 78 
Other – net(1)(134)
Net cash used in investing activities(709)(1,845)
Cash flows from financing activities:
Net proceeds from issuance of debt4,964 2,988 
Repayment of debt(799)(568)
Proceeds from issuance of common stock under share-based payment plans72 63 
Cash dividend payments(1,061)(870)
Repurchases of common stock(8,128)(6,174)
Other – net(2)(366)
Net cash used in financing activities(4,954)(4,927)
Effect of exchange rate changes on cash 4 
Net increase in cash and cash equivalents349 145 
Cash and cash equivalents, beginning of period1,133 4,690 
Cash and cash equivalents, end of period$1,482 $4,835 
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 July 29, 2022, and July 30, 2021, and the statements of earnings, comprehensive income, and shareholders’ deficit for the three and six months ended July 29, 2022, and July 30, 2021, and cash flows for the six months ended July 29, 2022, and July 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 EndedSix Months Ended
July 29, 2022July 30, 2021July 29, 2022July 30, 2021
Products $26,477 $26,365 $49,360 $49,887 
Services588 629 1,125 1,209 
Other411 576 650 897 
Net sales$27,476 $27,570 $51,135 $51,993 

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)ClassificationJuly 29,
2022
July 30,
2021
January 28,
2022
Anticipated sales returnsOther current liabilities$302 $303 $245 
Right of return assetsOther current assets183 194 151 

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)July 29,
2022
July 30,
2021
January 28,
2022
Retail deferred revenue$1,397 $1,538 $1,285 
Stored-value cards deferred revenue571 503 629 
Deferred revenue$1,968 $2,041 $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)July 29,
2022
July 30,
2021
January 28,
2022
Deferred revenue - Lowe’s protection plans$1,169 $1,097 $1,127 

Three Months EndedSix Months Ended
(In millions)July 29, 2022July 30, 2021July 29, 2022July 30, 2021
Lowe’s protection plans deferred revenue recognized into sales$129 $120 $256 $237 
Lowe’s protection plans claim expenses48 44 93 97 

Disaggregation of Revenues

The following table presents the Company’s net sales disaggregated by merchandise division:
Three Months EndedSix Months Ended
July 29, 2022July 30, 2021July 29, 2022July 30, 2021
(In millions)Net Sales%Net Sales%Net Sales%Net Sales%
Home Décor 1
$9,073 33.0 %$9,159 33.2 %$17,372 34.0 %$17,466 33.6 %
Building Products 2
8,890 32.4 9,040 32.8 15,585 30.5 16,790 32.3 
Hardlines 3
8,810 32.1 8,690 31.5 16,981 33.2 16,632 32.0 
Other703 2.5 681 2.5 1,197 2.3 1,105 2.1 
Total$27,476 100.0 %$27,570 100.0 %$51,135 100.0 %$51,993 100.0 %
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 EndedSix Months Ended
July 29, 2022July 30, 2021July 29, 2022July 30, 2021
United States$25,817 $25,655 $48,243 $48,587 
Canada1,659 1,915 2,892 3,406 
Net Sales$27,476 $27,570 $51,135 $51,993 


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Note 3: Restricted Investments

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)July 29, 2022July 30, 2021January 28, 2022
Short-term restricted investments$450 $520 $271 
Long-term restricted investments56 225 199 
Total restricted investments$506 $745 $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 July 29, 2022, July 30, 2021, and January 28, 2022:
Fair Value Measurements at
(In millions)ClassificationMeasurement LevelJuly 29,
2022
July 30,
2021
January 28,
2022
Available-for-sale debt securities:
U.S. Treasury securitiesShort-term investmentsLevel 1$214 $139 $75 
Money market fundsShort-term investmentsLevel 1119 131 120 
Corporate debt securitiesShort-term investmentsLevel 254 50 8 
Commercial paperShort-term investmentsLevel 235 117 30 
Foreign government debt securitiesShort-term investmentsLevel 214 10 14 
Municipal obligationsShort-term investmentsLevel 210  10 
Certificates of depositShort-term investmentsLevel 1 4 959 14 
Agency securitiesShort-term investmentsLevel 2 14  
U.S. Treasury securitiesLong-term investmentsLevel 131 148 132 
Corporate debt securitiesLong-term investmentsLevel 223 49 50 
Municipal obligationsLong-term investmentsLevel 22 13 3 
Foreign government debt securitiesLong-term investmentsLevel 2 15 14 
Derivative instruments:
Forward interest rate swapsOther current assetsLevel 2$216 $ $66 
Fixed-to-floating interest rate swapsOther assetsLevel 2 3