Target 2008 Annual Report Download - page 80

Download and view the complete annual report

Please find page 80 of the 2008 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 84

  • 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

Exhibit 12
TARGET CORPORATION
Computations of Ratios of Earnings to Fixed Charges for each of the
Five Years in the Period Ended January 31, 2009
Fiscal Year Ended
Ratio of Earnings to Fixed Charges
Jan. 31, Feb. 2, Feb. 3, Jan. 28, Jan. 29,
(millions) 2009 2008 2007 2006 2005
Earnings from continuing operations before
income taxes $3,536 $4,625 $4,497 $3,860 $3,031
Capitalized interest (48) (66) (47) (42) (18)
Adjusted earnings from continuing
operations before income taxes 3,488 4,559 4,450 3,818 3,013
Fixed charges:
Interest expense (a) 956 747 646 532 607
Interest portion of rental expense 103 94 88 84 85
Total fixed charges 1,059 841 734 616 692
Earnings from continuing operations
before income taxes and fixed charges $4,547 $5,400 $5,184 $4,434 $3,705
Ratio of earnings to fixed charges 4.29 6.42 7.06 7.21 5.35
(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.
Note: Computations are based on continuing operations.
60