Exhibit (12)
TARGET CORPORATION
Computations of Ratios of Earnings to Fixed Charges for the
Nine Months Ended October 29, 2011 and October 30, 2010
and for the Most Recent Five Fiscal Years
|
| Nine Months Ended |
|
| Fiscal Year Ended |
| |||||||||||||||||
|
| Oct. 29, |
| Oct. 30, |
|
| Jan. 29, |
| Jan. 30, |
| Jan. 31, |
| Feb. 2, |
| Feb. 3, |
| |||||||
(millions) |
| 2011 |
| 2010 |
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| |||||||
Ratio of Earnings to Fixed Charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Earnings from continuing operations before income taxes |
| $ | 3,048 |
| $ | 2,908 |
|
| $ | 4,495 |
| $ | 3,872 |
| $ | 3,536 |
| $ | 4,625 |
| $ | 4,497 |
|
Capitalized interest, net |
| 4 |
| 1 |
|
| 2 |
| (9 | ) | (48 | ) | (66 | ) | (47 | ) | |||||||
Adjusted earnings from continuing operations before income taxes |
| 3,052 |
| 2,909 |
|
| 4,497 |
| 3,863 |
| 3,488 |
| 4,559 |
| 4,450 |
| |||||||
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest expense(a) |
| 587 |
| 580 |
|
| 776 |
| 830 |
| 956 |
| 747 |
| 646 |
| |||||||
Interest portion of rental expense |
| 85 |
| 82 |
|
| 110 |
| 105 |
| 103 |
| 94 |
| 88 |
| |||||||
Total fixed charges |
| 672 |
| 662 |
|
| 886 |
| 935 |
| 1,059 |
| 841 |
| 734 |
| |||||||
Earnings from continuing operations before income taxes and fixed charges |
| $ | 3,724 |
| $ | 3,571 |
|
| $ | 5,383 |
| $ | 4,798 |
| $ | 4,547 |
| $ | 5,400 |
| $ | 5,184 |
|
Ratio of earnings to fixed charges |
| 5.54 |
| 5.40 |
|
| 6.08 |
| 5.13 |
| 4.29 |
| 6.42 |
| 7.06 |
| |||||||
(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.
