Target 2013 Annual Report Download - page 79

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Exhibit (12)
74
TARGET CORPORATION
Computations of Ratios of Earnings to Fixed Charges for each of the
Five Years in the Period Ended February 1, 2014
Ratio of Earnings to Fixed Charges Fiscal Year Ended
(dollars in millions) February 1,
2014 February 2,
2013 January 28,
2012 January 29,
2011 January 30,
2010
Earnings from continuing operations
before income taxes $3,103 $4,609 $4,456 $4,495 $3,872
Capitalized interest, net (14) (12) 5 2 (9)
Adjusted earnings from continuing
operations before income taxes 3,089 4,597 4,461 4,497 3,863
Fixed charges:
Interest expense (a) 718 799 797 776 830
Interest portion of rental expense 110 111 111 110 105
Total fixed charges 828 910 908 886 935
Earnings from continuing operations
before income taxes and fixed
charges (b) $3,917 $5,507 $5,369 $5,383 $4,798
Ratio of earnings to fixed charges 4.73 6.05 5.91 6.08 5.13
(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.
(b) Includes the impact of the loss on early retirement of debt and the gain on sale of our U.S. credit card receivables portfolio.