EX-12 5 a12-16067_1ex12.htm EX-12

Exhibit (12)

 

TARGET CORPORATION

Computations of Ratios of Earnings to Fixed Charges for the

Six Months Ended July 28, 2012 and July 30, 2011

and for the Most Recent Five Fiscal Years

 

Ratio of Earnings to Fixed Charges

 

Six Months Ended

 

 

Fiscal Year Ended

 

 

 

Jul. 28,

 

Jul. 30,

 

 

Jan. 28,

 

Jan. 29,

 

Jan. 30,

 

Jan. 31,

 

Feb. 2,

 

(dollars in millions)

 

2012

 

2011

 

 

2012

 

2011

 

2010

 

2009

 

2008

 

Earnings from continuing operations before income taxes

 

$

2,173

 

$

2,190

 

 

$

4,456

 

$

4,495

 

$

3,872

 

$

3,536

 

$

4,625

 

Capitalized interest, net

 

(4

)

2

 

 

5

 

2

 

(9

)

(48

)

(66

)

Adjusted earnings from continuing operations before income taxes

 

2,169

 

2,192

 

 

4,461

 

4,497

 

3,863

 

3,488

 

4,559

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(a)

 

383

 

382

 

 

797

 

776

 

830

 

956

 

747

 

Interest portion of rental expense

 

56

 

58

 

 

111

 

110

 

105

 

103

 

94

 

Total fixed charges

 

439

 

440

 

 

908

 

886

 

935

 

1,059

 

841

 

Earnings from continuing operations before income taxes and fixed charges

 

$

2,608

 

$

2,632

 

 

$

5,369

 

$

5,383

 

$

4,798

 

$

4,547

 

$

5,400

 

Ratio of earnings to fixed charges

 

5.94

 

5.98

 

 

5.91

 

6.08

 

5.13

 

4.29

 

6.42

 

 

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

 

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