Target (TGT) 10-Q2010 Q3 Quarterly report

Filed: 4 Dec 09, 12:00am

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New words: agreement, alternative, Antitrust, arrangement, ASC, ASU, build, clearance, codified, compatible, compel, consecutive, consideration, Conversely, Court, criteria, Deliverable, diminished, easiest, eliminate, equipment, event, expedient, goal, harsh, identical, imposed, labor, larger, leaner, led, legislative, lie, lifting, meaningful, mid, modify, monthly, multiple, mutually, noncurrent, nondeductible, nontaxable, practical, pro, property, prorata, rata, regulatory, repaid, response, resume, resumption, shopping, simplify, staffing, surge, variety, weaker, York

Removed: adversely, ARB, center, chain, determination, effect, ending, favorable, feet, fluid, gas, generally, Noncontrolling, office, presentation, regulated, single, slightly, space, taxable, unfavorability, vacant, washer, windshield, yield

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Exhibit (12)

TARGET CORPORATION

Computations of Ratios of Earnings to Fixed Charges for the

Nine Months Ended October 31, 2009 and November 1, 2008

and for the Most Recent Five Fiscal Years

		Nine Months Ended						Fiscal Year Ended
		Oct. 31,			Nov. 1,			Jan. 31,			Feb. 2,			Feb. 3,			Jan. 28,			Jan. 29,
(millions)		2009			2008			2009			2008			2007			2006			2005
Ratio of Earnings to Fixed Charges
Earnings from continuing operations before income taxes		$	2,463		$	2,593		$	3,536		$	4,625		$	4,497		$	3,860		$	3,031
Capitalized interest		(14		)	(43		)	(48		)	(66		)	(47		)	(42		)	(18		)
Adjusted earnings from continuing operations before income taxes		2,449			2,550			3,488			4,559			4,450			3,818			3,013
Fixed charges:
Interest expense(a)		616			729			956			747			646			532			607
Interest portion of rental expense		78			77			103			94			88			84			85
Total fixed charges		694			806			1,059			841			734			616			692
Earnings from continuing operations before income taxes and fixed charges		$	3,143		$	3,356		$	4,547		$	5,400		$	5,184		$	4,434		$	3,705
Ratio of earnings to fixed charges		4.53			4.16			4.29			6.42			7.06			7.21			5.35
(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.

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