EX-12 11 a11-14163_1ex12.htm EX-12

Exhibit (12)

 

TARGET CORPORATION

Computations of Ratios of Earnings to Fixed Charges for the

Six Months Ended July 30, 2011 and July 31, 2010

and for the Most Recent Five Fiscal Years

 

 

Six Months Ended

 

Fiscal Year Ended

 

 

 

Jul. 30,

 

Jul. 31,

 

 

Jan. 29,

 

Jan. 30,

 

Jan. 31,

 

Feb. 2,

 

Feb. 3,

 

(millions)

 

2011

 

2010

 

 

2011

 

2010

 

2009

 

2008

 

2007

 

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before income taxes

 

$

2,190

 

$

2,135

 

 

 $

4,495

 

$

3,872

 

$

3,536

 

$

4,625

 

$

4,497

 

Capitalized interest, net

 

2

 

2

 

 

2

 

(9

)

(48

)

(66

)

(47

)

Adjusted earnings from continuing operations before income taxes

 

2,192

 

2,137

 

 

4,497

 

3,863

 

3,488

 

4,559

 

4,450

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(a)

 

382

 

381

 

 

776

 

830

 

956

 

747

 

646

 

Interest portion of rental expense

 

58

 

55

 

 

110

 

105

 

103

 

94

 

88

 

Total fixed charges

 

440

 

436

 

 

886

 

935

 

1,059

 

841

 

734

 

Earnings from continuing operations before income taxes and fixed charges

 

$

2,632

 

$

2,573

 

 

 $

5,383

 

$

4,798

 

$

4,547

 

$

5,400

 

$

5,184

 

Ratio of earnings to fixed charges

 

5.98

 

5.90

 

 

6.08

 

5.13

 

4.29

 

6.42

 

7.06

 

(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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