EX-12 4 tgt-20161029xexhibit12.htm EXHIBIT 12 Exhibit
Exhibit (12)


TARGET CORPORATION
Computations of Ratios of Earnings to Fixed Charges for the
Nine Months Ended October 29, 2016 and October 31, 2015
and for the Most Recent Five Fiscal Years


Ratio of Earnings to Fixed Charges
Nine Months Ended
 
Fiscal Year Ended
(dollars in millions)
Oct 29,
2016

Oct 31,
2015

 
Jan 30,
2016

Jan 31,
2015

Feb 1,
2014

Feb 2,
2013

Jan 28,
2012

Earnings from continuing operations before income taxes
$
2,757

$
2,906

 
$
4,923

$
3,653

$
4,121

$
5,056

$
4,621

Capitalized interest, net
15

11

 
16

(1
)
(14
)
(12
)
6

Adjusted earnings from continuing operations before income taxes
2,772

2,917

 
4,939

3,652

4,107

5,044

4,627

Fixed charges:
 
 
 
 
 
 
 
 
Interest expense (a)
449

461

 
616

619

641

721

750

Interest portion of rental expense
80

81

 
108

108

108

106

110

Total fixed charges
529

542

 
724

727

749

827

860

Earnings from continuing operations before income taxes and fixed charges
$
3,301

$
3,459

 
$
5,663

$
4,379

$
4,856

$
5,871

$
5,487

Ratio of earnings to fixed charges
6.24

6.38

 
7.82

6.02

6.48

7.10

6.38

(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.