Attached files

file filename
EX-32.A - EXHIBIT 32.A - TARGET CORPtgt-20151031xexhibit32a.htm
EX-32.B - EXHIBIT 32.B - TARGET CORPtgt-20151031xexhibit32b.htm
EX-31.A - EXHIBIT 31.A - TARGET CORPtgt-20151031xexhibit31a.htm
EX-31.B - EXHIBIT 31.B - TARGET CORPtgt-20151031xexhibit31b.htm
10-Q - 10-Q - TARGET CORPtgt-20151031x10xq.htm
Exhibit (12)


TARGET CORPORATION
Computations of Ratios of Earnings to Fixed Charges for the
Nine Months Ended October 31, 2015 and November 1, 2014
and for the Most Recent Five Fiscal Years


Ratio of Earnings to Fixed Charges
Nine Months Ended
 
Fiscal Year Ended
(dollars in millions)
Oct 31,
2015

Nov 1,
2014

 
Jan 31,
2015

Feb 1,
2014

Feb 2,
2013

Jan 28,
2012

Jan 29,
2011

Earnings from continuing operations before income taxes
$
2,906

$
2,219

 
$
3,653

$
4,121

$
5,056

$
4,621

$
4,495

Capitalized interest, net
11

(4
)
 
(1
)
(14
)
(12
)
6

2

Adjusted earnings from continuing operations before income taxes
2,917

2,215

 
3,652

4,107

5,044

4,627

4,497

Fixed charges:
 
 
 
 
 
 
 
 
Interest expense (a)
461

465

 
619

641

721

750

776

Interest portion of rental expense
81

83

 
108

108

106

110

110

Total fixed charges
542

548

 
727

749

827

860

886

Earnings from continuing operations before income taxes and fixed charges
$
3,459

$
2,763

 
$
4,379

$
4,856

$
5,871

$
5,487

$
5,383

Ratio of earnings to fixed charges
6.38

5.05

 
6.02

6.48

7.10

6.38

6.08

(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.