EX-12 3 a10-17636_1ex12.htm EX-12

Exhibit (12)

 

TARGET CORPORATION

Computations of Ratios of Earnings to Fixed Charges for the

Nine Months Ended October 30, 2010 and October 31, 2009

and for the Most Recent Five Fiscal Years

 

 

 

Nine Months Ended

 

 

 

Fiscal Year Ended

 

 

 

Oct. 30,

 

Oct. 31,

 

 

 

Jan. 30,

 

Jan. 31,

 

Feb. 2,

 

Feb. 3,

 

Jan. 28,

 

(millions)

 

2010

 

2009

 

 

 

2010

 

2009

 

2008

 

2007

 

2006

 

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before income taxes

 

$

2,908

 

$

2,463

 

 

 

$

3,872

 

$

3,536

 

$

4,625

 

$

4,497

 

$

3,860

 

Capitalized interest, net

 

1

 

(14

)

 

 

(9

)

(48

)

(66

)

(47

)

(42

)

Adjusted earnings from continuing operations before income taxes

 

2,909

 

2,449

 

 

 

3,863

 

3,488

 

4,559

 

4,450

 

3,818

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(a)

 

580

 

616

 

 

 

830

 

956

 

747

 

646

 

532

 

Interest portion of rental expense

 

82

 

78

 

 

 

105

 

103

 

94

 

88

 

84

 

Total fixed charges

 

662

 

694

 

 

 

935

 

1,059

 

841

 

734

 

616

 

Earnings from continuing operations before income taxes and fixed charges

 

$

3,571

 

$

3,143

 

 

 

$

4,798

 

$

4,547

 

$

5,400

 

$

5,184

 

$

4,434

 

Ratio of earnings to fixed charges

 

5.40

 

4.53

 

 

 

5.13

 

4.29

 

6.42

 

7.06

 

7.21

 

 

(a)

Includes interest on debt and capital leases (including capitalized interest) and amortization of debt issuance costs. Excludes interest income and interest associated with unrecognized tax benefit liabilities, which is recorded within income tax expense.

 

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