Exhibit (12)
TARGET CORPORATION
Computations of Ratios of Earnings to Fixed Charges for the
Nine Months Ended October 28, 2017 and October 29, 2016
and for the Most Recent Five Fiscal Years
| Ratio of Earnings to Fixed Charges | Nine Months Ended | Fiscal Year Ended | ||||||||||||||||||||
| (dollars in millions) | Oct 28, 2017 | Oct 29, 2016 | Jan 28, 2017 | Jan 30, 2016 | Jan 31, 2015 | Feb 1, 2014 | Feb 2, 2013 | |||||||||||||||
| Earnings from continuing operations before income taxes | $ | 2,628 | $ | 2,757 | $ | 3,965 | $ | 4,923 | $ | 3,653 | $ | 4,121 | $ | 5,056 | ||||||||
| Capitalized interest, net | 13 | 15 | 20 | 16 | (1 | ) | (14 | ) | (12 | ) | ||||||||||||
| Adjusted earnings from continuing operations before income taxes | 2,641 | 2,772 | 3,985 | 4,939 | 3,652 | 4,107 | 5,044 | |||||||||||||||
| Fixed charges: | ||||||||||||||||||||||
Interest expense (a) | 423 | 449 | 591 | 616 | 619 | 641 | 721 | |||||||||||||||
| Interest portion of rental expense | 83 | 80 | 107 | 108 | 108 | 108 | 106 | |||||||||||||||
| Total fixed charges | 506 | 529 | 698 | 724 | 727 | 749 | 827 | |||||||||||||||
| Earnings from continuing operations before income taxes and fixed charges | $ | 3,147 | $ | 3,301 | $ | 4,683 | $ | 5,663 | $ | 4,379 | $ | 4,856 | $ | 5,871 | ||||||||
| Ratio of earnings to fixed charges | 6.22 | 6.24 | 6.71 | 7.82 | 6.02 | 6.48 | 7.10 | |||||||||||||||
(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.