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EXHIBIT (12)
DAYTON HUDSON CORPORATION AND SUBSIDIARIES
Computations of Ratios of Earnings to Fixed Charges and
Ratios of Earnings to Fixed Charges and Preferred Stock Dividends for the
Nine Months Ended October 30, 1999 and October 31, 1998
and for the Five Years Ended January 30, 1999
(Millions of Dollars)
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Nine Months Ended |
Fiscal Year Ended |
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Oct. 30, 1999 |
Oct. 31, 1998 |
Jan. 30, 1999 |
Jan. 31, 1998 |
Feb. 1, 1997 |
Feb. 3, 1996 |
Jan. 28, 1995 |
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| Ratio of Earnings to Fixed Charges: | ||||||||||||||||||||||
| Earnings: |
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| Consolidated net earnings before extraordinary charges | $ | 663 | $ | 515 | $ | 962 | $ | 802 | $ | 474 | $ | 311 | $ | 434 | ||||||||
| Income taxes | 420 | 336 | 594 | 524 | 309 | 190 | 280 | |||||||||||||||
| Total earnings before extraordinary charges | 1,083 | 851 | 1,556 | 1,326 | 783 | 501 | 714 | |||||||||||||||
| Fixed charges: |
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| Interest expense | 309 | 316 | 421 | 437 | 464 | 461 | 439 | |||||||||||||||
| Interest portion of rental expense | 51 | 45 | 63 | 59 | 59 | 59 | 56 | |||||||||||||||
| Total fixed charges | 360 | 361 | 484 | 496 | 523 | 520 | 495 | |||||||||||||||
| Less: |
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| Capitalized interest | (13 | ) | (14 | ) | (16 | ) | (16 | ) | (16 | ) | (14 | ) | (7 | ) | ||||||||
| Fixed charges in earnings | 347 | 347 | 468 | 480 | 507 | 506 | 488 | |||||||||||||||
| Earnings available for fixed charges | $ | 1,430 | $ | 1,198 | $ | 2,024 | $ | 1,806 | $ | 1,290 | $ | 1,007 | $ | 1,202 | ||||||||
| Ratio of earnings before extraordinary charges to fixed charges |
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3.98 |
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3.32 |
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4.18 |
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3.65 |
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2.46 |
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1.94 |
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2.43 |
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| Ratio of Earnings to Fixed Charges and Preferred Stock Dividends: | ||||||||||||||||||||||
| Total fixed charges, as above |
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$ |
360 |
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$ |
361 |
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$ |
484 |
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$ |
496 |
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$ |
523 |
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$ |
520 |
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$ |
495 |
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| Dividends on preferred stock (pre-tax basis) | 22 | 25 | 32 | 35 | 37 | 37 | 39 | |||||||||||||||
| Total fixed charges and preferred stock dividends | 382 | 386 | 516 | 531 | 560 | 557 | 534 | |||||||||||||||
| Earnings available for fixed charges and preferred stock dividends | $ | 1,430 | $ | 1,198 | $ | 2,024 | $ | 1,806 | $ | 1,290 | $ | 1,007 | $ | 1,202 | ||||||||
| Ratio of earnings before extraordinary charges to fixed charges and preferred stock dividends | 3.74 | 3.10 | 3.92 | 3.40 | 2.30 | 1.81 | 2.25 | |||||||||||||||
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