Target 2014 Annual Report Download - page 78

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Ratio of Earnings to Fixed Charges - Fiscal Year Ended
January 31, February 1, February 2, January 28, January 29,
(dollars in millions) 2015 2014 2013 2012 2011
Earnings from continuing operations
before income taxes $3,653 $4,121 $5,056 $4,621 $4,495
Capitalized interest, net (1) (14) (12) 6 2
Adjusted earnings from continuing
operations before income taxes 3,652 4,107 5,044 4,627 4,497
Fixed charges:
Interest expense (a) 619 641 721 750 776
Interest portion of rental expense 108 108 106 110 110
Total fixed charges 727 749 827 860 886
Earnings from continuing operations
before income taxes and fixed
charges (b) - $4,379 $4,856 $5,871 $5,487 $5,383
Ratio of earnings to fixed charges 6.02 6.48 7.10 6.38 6.08
Exhibit (12)
TARGET CORPORATION -
Computations of Ratios of Earnings to Fixed Charges for each of the -
Five Years in the Period Ended January 31, 2015 -
(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.