Analyzing an d Interpreting Leasing Footnote Lowe ‘s Companies, Inc. , reports the following…

Analyzing an d Interpreting Leasing Footnote

Lowe 's Companies, Inc. , reports the following footnote relating to its leased facilities in its fiscal 20 12 10-K report for the year ended February I, 2013.

a. Using your financial calculator or Excel spread sheet, confirm that Lowe 's capitalized its capital leases using a rate of 9.47%. Lowe's labels its capital leases “Lease Obligations.”

b. What effect does the failure to capitalize operating leases have on Lowe's balance sheet? Over the life of the lease, what effect does this classification have on net income?

c. Compute the present value of these operating leases using a discount rate of 9% and round the remaining lease term to the nearest whole year. How might we use this information in our analysis of the company?

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