Target 2012 Annual Report Download - page 90

Download and view the complete annual report

Please find page 90 of the 2012 Target annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 94

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94

Exhibit 12
TARGET CORPORATION
Computations of Ratios of Earnings to Fixed Charges for each of the
Five Years in the Period Ended February 2, 2013
Ratio of Earnings to Fixed Charges Fiscal Year Ended
January 28, January 29, January 30, January 31,
February 2,
(millions) 2013 2012 2011 2010 2009
Earnings from continuing operations
before income taxes $4,609 $4,456 $4,495 $3,872 $3,536
Capitalized interest, net (12) 5 2 (9) (48)
Adjusted earnings from continuing
operations before income taxes 4,597 4,461 4,497 3,863 3,488
Fixed charges:
Interest expense (a) 799 797 776 830 956
Interest portion of rental expense 111 111 110 105 103
Total fixed charges 910 908 886 935 1,059
Earnings from continuing
operations before income taxes
and fixed charges $5,507 $5,369 $5,383 $4,798 $4,547
Ratio of earnings to fixed charges 6.05 5.91 6.08 5.13 4.29
(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.
74