EX-12 9 tgt-20160130xexhibit_12.htm EXHIBIT 12

Exhibit

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.