EX-12 9 tgt-20160130xexhibit_12.htm EXHIBIT 12
Exhibit (12)
TARGET CORPORATION
Computations of Ratios of Earnings to Fixed Charges for each of the
Five Years in the Period Ended January 30, 2016

Ratio of Earnings to Fixed Charges |  | Fiscal Year Ended
(dollars in millions) |  | January 30, 2016 |  | January 31, 2015 |  | February 1, 2014 |  | February 2, 2013 |  | January 28, 2012 |
Earnings from continuing operations before income taxes |  | $4,923 | $3,653 | $4,121 | $5,056 | $4,621
Capitalized interest, net |  | 16 |  | (1 | ) | (14 | ) | (12 | ) | 6 |
Adjusted earnings from continuing operations before income taxes |  | 4,939 |  | 3,652 |  | 4,107 |  | 5,044 |  | 4,627 |
Fixed charges: |  |  |  |  |  |
Interest expense (a) |  | 616 |  | 619 |  | 641 |  | 721 |  | 750 |
Interest portion of rental expense |  | 108 |  | 108 |  | 108 |  | 106 |  | 110 |
Total fixed charges |  | 724 |  | 727 |  | 749 |  | 827 |  | 860 |
Earnings from continuing operations before income taxes and fixed charges |  | $5,663 | $4,379 | $4,856 | $5,871 | $5,487
Ratio of earnings to fixed charges |  | 7.82 |  | 6.02 |  | 6.48 |  | 7.10 |  | 6.38 |

(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.