Exhibit 12
TARGET CORPORATION
Computations of Ratios of Earnings to Fixed Charges and
Ratios of Earnings to Fixed Charges and Preferred Stock Dividends for the
Twelve Months Ended January 31, 2004 and February 1, 2003
and for the Five Years Ended January 31, 2004
(Millions of Dollars)
| Fiscal Year Ended | ||||||||||||||||
| Jan. 31, 2004 | Feb. 1, 2003 | Feb. 2, 2002 | Feb. 3, 2001 | Jan. 29, 2000 | ||||||||||||
| Ratio of Earnings to Fixed Charges: | ||||||||||||||||
Earnings: | ||||||||||||||||
| Consolidated net earnings | $ | 1,841 | $ | 1,654 | $ | 1,368 | $ | 1,264 | $ | 1,144 | ||||||
| Income taxes | 1,119 | 1,022 | 839 | 789 | 725 | |||||||||||
| Total earnings | 2,960 | 2,676 | 2,207 | 2,053 | 1,869 | |||||||||||
Fixed charges: | ||||||||||||||||
| Interest expense | 572 | 614 | 519 | 467 | 482 | |||||||||||
| Interest portion of rental expense | 84 | 71 | 68 | 77 | 69 | |||||||||||
| Total fixed charges | 656 | 685 | 587 | 544 | 551 | |||||||||||
| Less: | ||||||||||||||||
| Capitalized interest | (8 | ) | (13 | ) | (33 | ) | (31 | ) | (16 | ) | ||||||
| Fixed charges in earnings | 648 | 672 | 554 | 513 | 535 | |||||||||||
| Earnings available for fixed charges | $ | 3,608 | $ | 3,348 | $ | 2,761 | $ | 2,566 | $ | 2,404 | ||||||
Ratio of earnings to fixed charges | 5.50 | 4.89 | 4.70 | 4.71 | 4.36 | |||||||||||
| Ratio of Earnings to Fixed Charges and Preferred Stock Dividends: | ||||||||||||||||
Total fixed charges, as above | $ | 656 | $ | 685 | $ | 587 | $ | 544 | $ | 551 | ||||||
| Dividends on preferred stock (pre-tax basis) | — | — | — | — | 29 | |||||||||||
| Total fixed charges and preferred stock dividends | $ | 656 | $ | 685 | $ | 587 | $ | 544 | $ | 580 | ||||||
| Earnings available for fixed charges and preferred stock dividends | $ | 3,608 | $ | 3,348 | $ | 2,761 | $ | 2,566 | $ | 2,404 | ||||||
| Ratio of earnings to fixed charges and preferred stock dividends | 5.50 | 4.89 | 4.70 | 4.71 | 4.15 | |||||||||||
