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EXHIBIT (12)
TARGET CORPORATION
Computations of Ratios of Earnings to Fixed Charges and
Ratios of Earnings to Fixed Charges and Preferred Stock Dividends for the
Six Months Ended July 29, 2000 and July 31, 1999
and for the Five Years Ended January 29, 2000
(Millions of Dollars)
| |
Six Months Ended |
Fiscal Year Ended |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |
Jul. 29, 2000 |
Jul. 31, 1999 |
Jan. 29, 2000 |
Jan. 30, 1999 |
Jan. 31, 1998 |
Feb. 1, 1997 |
Feb. 3, 1996 |
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| Ratio of Earnings to Fixed Charges: | ||||||||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| Consolidated net earnings before extraordinary charges | $ | 496 | $ | 422 | $ | 1,185 | $ | 962 | $ | 802 | $ | 474 | $ | 311 | ||||||||||
| Income taxes | 311 | 269 | 751 | 594 | 524 | 309 | 190 | |||||||||||||||||
| Total earnings before extraordinary charges | 807 | 691 | 1,936 | 1,556 | 1,326 | 783 | 501 | |||||||||||||||||
| Fixed charges: |
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| Interest expense | 215 | 202 | 415 | 421 | 437 | 464 | 461 | |||||||||||||||||
| Interest portion of rental expense | 35 | 33 | 69 | 63 | 59 | 59 | 59 | |||||||||||||||||
| Total fixed charges | 250 | 235 | 484 | 484 | 496 | 523 | 520 | |||||||||||||||||
| Less: |
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| Capitalized interest | (14 | ) | (9 | ) | (16 | ) | (16 | ) | (16 | ) | (16 | ) | (14 | ) | ||||||||||
| Fixed charges in earnings | 236 | 226 | 468 | 468 | 480 | 507 | 506 | |||||||||||||||||
| Earnings available for fixed charges | $ | 1,043 | $ | 917 | $ | 2,404 | $ | 2,024 | $ | 1,806 | $ | 1,290 | $ | 1,007 | ||||||||||
| Ratio of earnings before extraordinary charges to fixed charges |
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4.18 |
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3.91 |
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4.96 |
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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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| Ratio of Earnings to Fixed Charges and Preferred Stock Dividends: |
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| Total fixed charges, as above |
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$ |
250 |
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$ |
235 |
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$ |
484 |
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$ |
484 |
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$ |
496 |
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$ |
523 |
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$ |
520 |
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| Dividends on preferred stock (pre-tax basis) | — | 15 | 29 | 32 | 35 | 37 | 37 | |||||||||||||||||
| Total fixed charges and preferred stock dividends | 250 | 250 | 513 | 516 | 531 | 560 | 557 | |||||||||||||||||
| Earnings available for fixed charges and preferred stock dividends | $ | 1,043 | $ | 917 | $ | 2,404 | $ | 2,024 | $ | 1,806 | $ | 1,290 | $ | 1,007 | ||||||||||
| Ratio of earnings before extraordinary charges to fixed charges and preferred stock dividends |
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4.18 |
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3.67 |
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4.69 |
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3.92 |
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3.40 |
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2.30 |
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1.81 |
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