EX-12 3 tgt-20150502xexhibit12.htm EXHIBIT 12
Exhibit (12)
TARGET CORPORATION
Computations of Ratios of Earnings to Fixed Charges for the
Three Months Ended May 2, 2015 and May 3, 2014
and for the Most Recent Five Fiscal Years

Ratio of Earnings to Fixed Charges | Three Months Ended |  | Fiscal Year Ended
(dollars in millions) | May 2, 2015 |  | May 3, 2014 |  |  | Jan 31, 2015 |  | Feb 1, 2014 |  | Feb 2, 2013 |  | Jan 28, 2012 |  | Jan 29, 2011 |
Earnings from continuing operations before income taxes | $ | 1,154 |  | $ | 1,022 |  |  | $ | 3,653 |  | $ | 4,121 |  | $ | 5,056 |  | $ | 4,621 |  | $ | 4,495 |
Capitalized interest, net | 3 |  | (4 | ) |  | (1 | ) | (14 | ) | (12 | ) | 6 |  | 2 |
Adjusted earnings from continuing operations before income taxes | 1,157 |  | 1,018 |  |  | 3,652 |  | 4,107 |  | 5,044 |  | 4,627 |  | 4,497 |
Fixed charges: |  |  |  |  |  |  |  |
Interest expense (a) | 157 |  | 160 |  |  | 619 |  | 641 |  | 721 |  | 750 |  | 776 |
Interest portion of rental expense | 27 |  | 28 |  |  | 108 |  | 108 |  | 106 |  | 110 |  | 110 |
Total fixed charges | 184 |  | 188 |  |  | 727 |  | 749 |  | 827 |  | 860 |  | 886 |
Earnings from continuing operations before income taxes and fixed charges | $ | 1,341 |  | $ | 1,206 |  |  | $ | 4,379 |  | $ | 4,856 |  | $ | 5,871 |  | $ | 5,487 |  | $ | 5,383 |
Ratio of earnings to fixed charges | 7.29 |  | 6.41 |  |  | 6.02 |  | 6.48 |  | 7.10 |  | 6.38 |  | 6.08 |

(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.