Target 2009 Annual Report Download - page 84

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Exhibit 12
TARGET CORPORATION
Computations of Ratios of Earnings to Fixed Charges for each of the
Five Years in the Period Ended January 30, 2010
Ratio of Earnings to Fixed Charges Fiscal Year Ended
Jan. 31, Feb. 2, Feb. 3, Jan. 28,
Jan. 30,
(millions) 2010 2009 2008 2007 2006
Earnings from continuing operations before
income taxes $3,872 $3,536 $4,625 $4,497 $3,860
Capitalized interest (9) (48) (66) (47) (42)
Adjusted earnings from continuing
operations before income taxes 3,863 3,488 4,559 4,450 3,818
Fixed charges:
Interest expense (a) 830 956 747 646 532
Interest portion of rental expense 105 103 94 88 84
Total fixed charges 935 1,059 841 734 616
Earnings from continuing operations
before income taxes and fixed charges $4,798 $4,547 $5,400 $5,184 $4,434
Ratio of earnings to fixed charges 5.13 4.29 6.42 7.06 7.21
(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 benefit liabilities, which is recorded within income tax expense.
63