EX-12 7 tgt-20140802xexhibit12.htm EXHIBIT TGT-2014.08.02-Exhibit 12
Exhibit (12)


TARGET CORPORATION
Computations of Ratios of Earnings to Fixed Charges for the
Six Months Ended August 2, 2014 and August 3, 2013
and for the Most Recent Five Fiscal Years


Ratio of Earnings to Fixed Charges
Six Months Ended
 
Fiscal Year Ended
(dollars in millions)
Aug 2,
2014

Aug 3,
2013

 
Feb 1,
2014

Feb 2,
2013

Jan 28,
2012

Jan 29,
2011

Jan 30,
2010

Earnings from continuing operations before income taxes
$
1,007

$
1,739

 
$
3,103

$
4,609

$
4,456

$
4,495

$
3,872

Capitalized interest, net
(5
)
(7
)
 
(14
)
(12
)
5

2

(9
)
Adjusted earnings from continuing operations before income taxes
1,002

1,732

 
3,089

4,597

4,461

4,497

3,863

Fixed charges:
 
 
 
 
 
 
 
 
Interest expense (a)
353

374

 
718

799

797

776

830

Interest portion of rental expense
56

55

 
110

111

111

110

105

Total fixed charges
409

429

 
828

910

908

886

935

Earnings from continuing operations before income taxes and fixed charges (b)
$
1,411

$
2,161

 
$
3,917

$
5,507

$
5,369

$
5,383

$
4,798

Ratio of earnings to fixed charges
3.45

5.04

 
4.73

6.05

5.91

6.08

5.13

(a) Includes interest on debt and capital leases (including capitalized interest) and amortization of debt issuance costs. Excludes interest income, the loss on early retirement of debt and interest associated with uncertain tax positions, which is recorded within income tax expense.
(b) The six months ended August 2, 2014 and August 3, 2013, include the impact of a loss on early retirement of debt. The six months ended August 2, 2013 also includes the gain on sale of our U.S. credit card receivables portfolio.