Target 2007 Annual Report Download - page 73

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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 February 2, 2008
Fiscal Year Ended
Ratio of Earnings to Fixed Charges
Feb. 2, Feb. 3, Jan. 28, Jan. 29, Jan. 31,
(dollars in millions) 2008 2007 2006 2005 2004
Earnings from continuing operations before
income taxes $4,625 $4,497 $3,860 $3,031 $2,603
Capitalized interest (66) (47) (42) (18) (8)
Adjusted earnings from continuing
operations before income taxes 4,559 4,450 3,818 3,013 2,595
Fixed charges:
Interest expense (a) 747 646 532 607 569
Interest portion of rental expense 94 88 84 85 68
Total fixed charges 841 734 616 692 637
Earnings from continuing operations
before income taxes and fixed charges $5,400 $5,184 $4,434 $3,705 $3,232
Ratio of earnings to fixed charges 6.42 7.06 7.21 5.35 5.07
Note: Computation is based on continuing operations.
(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 benefits, which is recorded within income tax expense.
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