EX-12 4 a12-21775_1ex12.htm EX-12

Exhibit (12)

 

TARGET CORPORATION

Computations of Ratios of Earnings to Fixed Charges for the

Nine Months Ended October 27, 2012 and October 29, 2011

and for the Most Recent Five Fiscal Years

 

Ratio of Earnings to Fixed Charges

 

Nine Months Ended

 

Fiscal Year Ended

 

 

 

Oct. 27,

 

Oct. 29,

 

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

 

$

3,145

 

$

3,048

 

$

4,456

 

$

4,495

 

$

3,872

 

$

3,536

 

$

4,625

 

Capitalized interest, net

 

(7

)

4

 

5

 

2

 

(9

)

(48

)

(66

)

Adjusted earnings from continuing operations before income taxes

 

3,138

 

3,052

 

4,461

 

4,497

 

3,863

 

3,488

 

4,559

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(a)

 

585

 

587

 

797

 

776

 

830

 

956

 

747

 

Interest portion of rental expense

 

84

 

85

 

111

 

110

 

105

 

103

 

94

 

Total fixed charges

 

669

 

672

 

908

 

886

 

935

 

1,059

 

841

 

Earnings from continuing operations before income taxes and fixed charges

 

$

3,807

 

$

3,724

 

$

5,369

 

$

5,383

 

$

4,798

 

$

4,547

 

$

5,400

 

Ratio of earnings to fixed charges

 

5.69

 

5.54

 

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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