EX-12 2 a13-16907_1ex12.htm EX-12

Exhibit (12)

 

TARGET CORPORATION

Computations of Ratios of Earnings to Fixed Charges for the

Six Months Ended August 3, 2013 and July 28, 2012

and for the Most Recent Five Fiscal Years

 

Ratio of Earnings to Fixed Charges

 

Six Months Ended

 

Fiscal Year Ended

 

 

 

Aug 3,

 

Jul. 28,

 

Feb. 2,

 

Jan. 28,

 

Jan. 29,

 

Jan. 30,

 

Jan. 31,

 

(dollars in millions)

 

2013

 

2012

 

2013

 

2012

 

2011

 

2010

 

2009

 

Earnings from continuing operations before income taxes

 

$

1,739

 

$

2,173

 

$

4,609

 

$

4,456

 

$

4,495

 

$

3,872

 

$

3,536

 

Capitalized interest, net

 

(7

)

(4

)

(12

)

5

 

2

 

(9

)

(48

)

Adjusted earnings from continuing operations before income taxes

 

1,732

 

2,169

 

4,597

 

4,461

 

4,497

 

3,863

 

3,488

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(a)

 

374

 

383

 

799

 

797

 

776

 

830

 

956

 

Interest portion of rental expense

 

55

 

56

 

111

 

111

 

110

 

105

 

103

 

Total fixed charges

 

429

 

439

 

910

 

908

 

886

 

935

 

1,059

 

Earnings from continuing operations before income taxes and fixed charges(b)

 

$

2,161

 

$

2,608

 

$

5,507

 

$

5,369

 

$

5,383

 

$

4,798

 

$

4,547

 

Ratio of earnings to fixed charges

 

5.04

 

5.94

 

6.05

 

5.91

 

6.08

 

5.13

 

4.29

 

(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.

(b) Includes the impact of the loss on early retirement of debt and the gain on sale of our U.S. credit card receivables portfolio.

 

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