EXHIBIT (12)
TARGET CORPORATION
Computations of Ratios of Earnings to Fixed Charges for the
Three Months Ended May 3, 2008 and May 5, 2007
and for the Most Recent Five Fiscal Years
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| Three Months Ended |
| Fiscal Year Ended |
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| May 3, |
| May 5, |
| Feb. 2, |
| Feb. 3, |
| Jan. 28, |
| Jan. 29, |
| Jan. 31, |
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(millions) |
| 2008 |
| 2007 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
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Ratio of Earnings to Fixed Charges |
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Earnings from continuing operations |
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before tax |
| $ | 957 |
| $ | 1,064 |
| $ | 4,625 |
| $ | 4,497 |
| $ | 3,860 |
| $ | 3,031 |
| $ | 2,603 |
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Capitalized Interest |
| (14 | ) | (21 | ) | (66 | ) | (47 | ) | (42 | ) | (18 | ) | (8 | ) | |||||||
Adjusted earnings from continuing |
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operations before income tax |
| 943 |
| 1,043 |
| 4,559 |
| 4,450 |
| 3,818 |
| 3,013 |
| 2,595 |
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Fixed charges: |
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Interest expense (a) |
| 226 |
| 159 |
| 747 |
| 646 |
| 532 |
| 607 |
| 569 |
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Interest portion of rental expense |
| 25 |
| 23 |
| 94 |
| 88 |
| 84 |
| 85 |
| 68 |
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Total fixed charges |
| 251 |
| 182 |
| 841 |
| 734 |
| 616 |
| 692 |
| 637 |
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Earnings from continuing operations |
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before income taxes and fixed |
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Charges |
| $ | 1,194 |
| $ | 1,225 |
| $ | 5,400 |
| $ | 5,184 |
| $ | 4,434 |
| $ | 3,705 |
| $ | 3,232 |
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Ratio of earnings to fixed charges |
| 4.75 |
| 6.72 |
| 6.42 |
| 7.06 |
| 7.21 |
| 5.35 |
| 5.07 |
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Note: Computation is based on continuing operations.
(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 benefits, which is recorded within income tax expense.