EX-12 2 a12-8158_1ex12.htm EX-12

Exhibit (12)

 

TARGET CORPORATION

Computations of Ratios of Earnings to Fixed Charges for the

Three Months Ended April 28, 2012 and April 30, 2011

and for the Most Recent Five Fiscal Years

 

Ratio of Earnings to Fixed Charges

 

Three Months Ended

 

Fiscal Year Ended

 

 

 

Apr. 28,

 

Apr. 30,

 

Jan. 28,

 

Jan. 29,

 

Jan. 30,

 

Jan. 31,

 

Feb. 2,

 

(millions)

 

2012

 

2011

 

2012

 

2011

 

2010

 

2009

 

2008

 

Earnings from continuing operations before income taxes

 

$

1,101

 

$

1,081

 

$

4,456

 

$

4,495

 

$

3,872

 

$

3,536

 

$

4,625

 

Capitalized interest, net

 

(2

)

2

 

5

 

2

 

(9

)

(48

)

(66

)

Adjusted earnings from continuing operations before income taxes

 

1,099

 

1,083

 

4,461

 

4,497

 

3,863

 

3,488

 

4,559

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(a)

 

190

 

186

 

797

 

776

 

830

 

956

 

747

 

Interest portion of rental expense

 

28

 

30

 

111

 

110

 

105

 

103

 

94

 

Total fixed charges

 

218

 

216

 

908

 

886

 

935

 

1,059

 

841

 

Earnings from continuing operations before income taxes and fixed charges

 

$

1,317

 

$

1,299

 

$

5,369

 

$

5,383

 

$

4,798

 

$

4,547

 

$

5,400

 

Ratio of earnings to fixed charges

 

6.04

 

6.01

 

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 uncertain tax positions, which is recorded within income tax expense.

 

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