EX-12 3 a09-18121_1ex12.htm EX-12

Exhibit (12)

 

TARGET CORPORATION

Computations of Ratios of Earnings to Fixed Charges for the

Six Months Ended August 1, 2009 and August 2, 2008

and for the Most Recent Five Fiscal Years

 

 

 

Six Months Ended

 

Fiscal Year Ended

 

 

 

August 1,

 

August 2,

 

 

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

 

$

1,780

 

$

1,961

 

 

$

3,536

 

$

4,625

 

$

4,497

 

$

3,860

 

$

3,031

 

Capitalized interest

 

(11

)

(31

)

 

(48

)

(66

)

(47

)

(42

)

(18

)

Adjusted earnings from continuing operations before income tax

 

1,769

 

1,930

 

 

3,488

 

4,559

 

4,450

 

3,818

 

3,013

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(a)

 

419

 

474

 

 

956

 

747

 

646

 

532

 

607

 

Interest portion of rental expense

 

52

 

51

 

 

103

 

94

 

88

 

84

 

85

 

Total fixed charges

 

471

 

525

 

 

1,059

 

841

 

734

 

616

 

692

 

Earnings from continuing operations before income taxes and fixed charges

 

$

2,240

 

$

2,455

 

 

$

4,547

 

$

5,400

 

$

5,184

 

$

4,434

 

$

3,705

 

Ratio of earnings to fixed charges

 

4.76

 

4.67

 

 

4.29

 

6.42

 

7.06

 

7.21

 

5.35

 

Note: Computations are 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.