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TARGET CORPORATION
Computations of Ratios of Earnings to Fixed Charges for each of the
Five Years in the Period Ended January 28, 2012
| Fiscal Year Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ratio of Earnings to Fixed Charges | | | | | ||||||||||||
| ||||||||||||||||
(millions) | January 28, 2012 | January 29, 2011 | January 30, 2010 | January 31, 2009 | February 2, 2008 | |||||||||||
Earnings from continuing operations before income taxes | $ | 4,456 | $ | 4,495 | $ | 3,872 | $ | 3,536 | $ | 4,625 | ||||||
Capitalized interest, net | 5 | 2 | (9 | ) | (48 | ) | (66 | ) | ||||||||
Adjusted earnings from continuing operations before income taxes | 4,461 | 4,497 | 3,863 | 3,488 | 4,559 | |||||||||||
Fixed charges: | ||||||||||||||||
Interest expense (a) | 797 | 776 | 830 | 956 | 747 | |||||||||||
Interest portion of rental expense | 111 | 110 | 105 | 103 | 94 | |||||||||||
Total fixed charges | 908 | 886 | 935 | 1,059 | 841 | |||||||||||
Earnings from continuing operations before income taxes and fixed charges | $ | 5,369 | $ | 5,383 | $ | 4,798 | $ | 4,547 | $ | 5,400 | ||||||
Ratio of earnings to fixed charges | 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 unrecognized tax benefit liabilities, which is recorded within income tax expense.
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TARGET CORPORATION Computations of Ratios of Earnings to Fixed Charges for each of the Five Years in the Period Ended January 28, 2012