EX-12 8 tgt-20140201xexhibit_12.htm EX-12
Exhibit (12)
TARGET CORPORATION
Computations of Ratios of Earnings to Fixed Charges for each of the
Five Years in the Period Ended February 1, 2014

Ratio of Earnings to Fixed Charges |  | Fiscal Year Ended
(dollars in millions) |  | February 1, 2014 |  | February 2, 2013 |  | January 28, 2012 |  | January 29, 2011 |  | January 30, 2010 |
Earnings from continuing operations before income taxes |  | $3,103 | $4,609 | $4,456 | $4,495 | $3,872
Capitalized interest, net |  | (14 | ) | (12 | ) | 5 |  | 2 |  | (9 | )
Adjusted earnings from continuing operations before income taxes |  | 3,089 |  | 4,597 |  | 4,461 |  | 4,497 |  | 3,863 |
Fixed charges: |  |  |  |  |  |
Interest expense (a) |  | 718 |  | 799 |  | 797 |  | 776 |  | 830 |
Interest portion of rental expense |  | 110 |  | 111 |  | 111 |  | 110 |  | 105 |
Total fixed charges |  | 828 |  | 910 |  | 908 |  | 886 |  | 935 |
Earnings from continuing operations before income taxes and fixed charges (b) |  | $3,917 | $5,507 | $5,369 | $5,383 | $4,798
Ratio of earnings to fixed charges |  | 4.73 |  | 6.05 |  | 5.91 |  | 6.08 |  | 5.13 |

(a) Includes interest on debt and capital leases (including capitalized interest) and amortization of debt issuance costs. Excludes interest income, the loss on early retirement of debt and interest associated with uncertain tax positions, which is recorded within income tax expense.
(b) Includes the impact of the loss on early retirement of debt and the gain on sale of our U.S. credit card receivables portfolio.
74