Exhibit (12)


TARGET CORPORATION
Computations of Ratios of Earnings to Fixed Charges for the
Six Months Ended August 1, 2015 and August 2, 2014
and for the Most Recent Five Fiscal Years


Ratio of Earnings to Fixed Charges
Six Months Ended
 
Fiscal Year Ended
(dollars in millions)
Aug 1,
2015

Aug 2,
2014

 
Jan 31,
2015

Feb 1,
2014

Feb 2,
2013

Jan 28,
2012

Jan 29,
2011

Earnings from continuing operations before income taxes
$
2,180

$
1,460

 
$
3,653

$
4,121

$
5,056

$
4,621

$
4,495

Capitalized interest, net
7

(6
)
 
(1
)
(14
)
(12
)
6

2

Adjusted earnings from continuing operations before income taxes
2,187

1,454

 
3,652

4,107

5,044

4,627

4,497

Fixed charges:
 
 
 
 
 
 
 
 
Interest expense (a)
309

315

 
619

641

721

750

776

Interest portion of rental expense
54

55

 
108

108

106

110

110

Total fixed charges
363

370

 
727

749

827

860

886

Earnings from continuing operations before income taxes and fixed charges
$
2,550

$
1,824

 
$
4,379

$
4,856

$
5,871

$
5,487

$
5,383

Ratio of earnings to fixed charges
7.02

4.93

 
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.