We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Target Corp | NYSE:TGT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.38 | 0.24% | 158.50 | 160.31 | 157.81 | 159.00 | 3,802,183 | 00:22:58 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common stock, par value $0.0833 per share | TGT | New York Stock Exchange |
Large accelerated filer | x | Accelerated filer | o | ||||||||||||||
Non-accelerated filer | o | Smaller reporting company | o | ||||||||||||||
Emerging growth company | o |
TARGET CORPORATION | 2022 Form 10-K | 1 |
TARGET CORPORATION | 2022 Form 10-K | 2 |
TARGET CORPORATION | 2022 Form 10-K | 3 |
Owned Brands | ||||||||
A New Day™ | Goodfellow & Co™ | Room Essentials™ | ||||||
All in Motion™ | Hearth & Hand™ with Magnolia | Shade & Shore™ | ||||||
Art Class™ | Heyday™ | Smartly™ | ||||||
Auden™ | Hyde & EEK! Boutique™ | Smith & Hawken™ | ||||||
Ava & Viv™ | JoyLab™ | Sonia Kashuk™ | ||||||
Boots & Barkley™ | Kindfull™ | Spritz™ | ||||||
Brightroom™ | Knox Rose™ | Stars Above™ | ||||||
Bullseye's Playground™ | Kona Sol™ | Sun Squad™ | ||||||
Casaluna™ | Made By Design™ | Threshold™ | ||||||
Cat & Jack™ | Market Pantry™ | Universal Thread™ | ||||||
Cloud Island™ | Mondo Llama™ | up & up™ | ||||||
Colsie™ | More Than Magic™ | Wild Fable™ | ||||||
Embark™ | Opalhouse™ | Wondershop™ | ||||||
Everspring™ | Open Story™ | Xhilaration™ | ||||||
Favorite Day™ | Original Use™ | |||||||
Future Collective™ | Pillowfort™ | |||||||
Good & Gather™ | Project 62™ | |||||||
Exclusive Adult Beverage Brands | ||||||||
California Roots™ | Jingle & Mingle™ | SunPop™ | ||||||
Casa Cantina™ | Photograph™ | The Collection™ | ||||||
Headliner™ | Rosé Bae™ | Wine Cube™ |
TARGET CORPORATION | 2022 Form 10-K | 4 |
TARGET CORPORATION | 2022 Form 10-K | 5 |
TARGET CORPORATION | 2022 Form 10-K | 6 |
BUSINESS & RISK FACTORS | ||||||||
Name | Title and Recent Business Experience | Age | ||||||
Katie M. Boylan | Executive Vice President and Chief Communications Officer since February 2021. Senior Vice President and Chief Communications Officer from January 2019 to February 2021. Senior Vice President, Communications from June 2017 to January 2019. | 46 | ||||||
Brian C. Cornell | Chair of the Board and Chief Executive Officer since August 2014. | 64 | ||||||
Michael J. Fiddelke | Executive Vice President and Chief Financial Officer since November 2019. Senior Vice President, Operations from August 2018 to October 2019. Senior Vice President, Merchandising Capabilities from March 2017 to August 2018. | 46 | ||||||
A. Christina Hennington | Executive Vice President and Chief Growth Officer since February 2021. Executive Vice President and Chief Merchandising Officer, Hardlines, Essentials and Capabilities from January 2020 to February 2021. Senior Vice President, Group Merchandise Manager, Essentials, Beauty, Hardlines and Services from January 2019 to January 2020. Senior Vice President, Merchandising Essentials, Beauty and Wellness from April 2017 to January 2019. | 48 | ||||||
Melissa K. Kremer | Executive Vice President and Chief Human Resources Officer since January 2019. Senior Vice President, Talent and Organizational Effectiveness from October 2017 to January 2019. | 45 | ||||||
Don H. Liu | Executive Vice President, Chief Legal & Risk Officer and Corporate Secretary since October 2017. | 61 | ||||||
John J. Mulligan | Executive Vice President and Chief Operating Officer since September 2015. | 57 | ||||||
Cara A. Sylvester | Executive Vice President and Chief Guest Experience Officer since May 2022. Executive Vice President and Chief Marketing & Digital Officer from February 2021 to May 2022. Senior Vice President, Home from March 2019 to February 2021. Vice President, Beauty & Dermstore from June 2017 to March 2019. | 45 | ||||||
Laysha L. Ward | Executive Vice President and Chief External Engagement Officer since January 2017. | 55 |
TARGET CORPORATION | 2022 Form 10-K | 7 |
RISK FACTORS | ||||||||
TARGET CORPORATION | 2022 Form 10-K | 8 |
RISK FACTORS | ||||||||
TARGET CORPORATION | 2022 Form 10-K | 9 |
RISK FACTORS | ||||||||
TARGET CORPORATION | 2022 Form 10-K | 10 |
RISK FACTORS | ||||||||
TARGET CORPORATION | 2022 Form 10-K | 11 |
RISK FACTORS | ||||||||
TARGET CORPORATION | 2022 Form 10-K | 12 |
RISK FACTORS | ||||||||
TARGET CORPORATION | 2022 Form 10-K | 13 |
RISK FACTORS & UNRESOLVED STAFF COMMENTS | ||||||||
TARGET CORPORATION | 2022 Form 10-K | 14 |
Stores as of January 28, 2023 | Stores | Retail Square Feet (in thousands) | Stores as of January 28, 2023 | Stores | Retail Square Feet (in thousands) | |||||||||||||||
Alabama | 22 | 3,132 | Montana | 7 | 777 | |||||||||||||||
Alaska | 3 | 504 | Nebraska | 14 | 2,005 | |||||||||||||||
Arizona | 46 | 6,081 | Nevada | 18 | 2,262 | |||||||||||||||
Arkansas | 9 | 1,165 | New Hampshire | 10 | 1,236 | |||||||||||||||
California | 314 | 37,304 | New Jersey | 49 | 6,189 | |||||||||||||||
Colorado | 45 | 6,361 | New Mexico | 10 | 1,185 | |||||||||||||||
Connecticut | 21 | 2,732 | New York | 100 | 10,820 | |||||||||||||||
Delaware | 4 | 551 | North Carolina | 52 | 6,653 | |||||||||||||||
District of Columbia | 5 | 342 | North Dakota | 4 | 554 | |||||||||||||||
Florida | 127 | 17,225 | Ohio | 65 | 7,863 | |||||||||||||||
Georgia | 51 | 6,826 | Oklahoma | 15 | 2,167 | |||||||||||||||
Hawaii | 8 | 1,234 | Oregon | 22 | 2,353 | |||||||||||||||
Idaho | 7 | 725 | Pennsylvania | 78 | 9,260 | |||||||||||||||
Illinois | 100 | 12,171 | Rhode Island | 4 | 517 | |||||||||||||||
Indiana | 32 | 4,186 | South Carolina | 20 | 2,389 | |||||||||||||||
Iowa | 21 | 2,859 | South Dakota | 5 | 580 | |||||||||||||||
Kansas | 17 | 2,385 | Tennessee | 30 | 3,815 | |||||||||||||||
Kentucky | 14 | 1,575 | Texas | 154 | 21,176 | |||||||||||||||
Louisiana | 16 | 2,195 | Utah | 15 | 1,981 | |||||||||||||||
Maine | 6 | 741 | Vermont | 1 | 60 | |||||||||||||||
Maryland | 41 | 5,070 | Virginia | 61 | 7,789 | |||||||||||||||
Massachusetts | 50 | 5,546 | Washington | 40 | 4,424 | |||||||||||||||
Michigan | 54 | 6,300 | West Virginia | 6 | 755 | |||||||||||||||
Minnesota | 73 | 10,332 | Wisconsin | 38 | 4,614 | |||||||||||||||
Mississippi | 6 | 743 | Wyoming | 3 | 257 | |||||||||||||||
Missouri | 35 | 4,618 | ||||||||||||||||||
Total | 1,948 | 244,584 |
Stores and Supply Chain Facilities as of January 28, 2023 | Stores | Supply Chain Facilities (a) | ||||||
Owned | 1,530 | 37 | ||||||
Leased | 261 | 18 | ||||||
Owned buildings on leased land | 157 | — | ||||||
Total | 1,948 | 55 |
TARGET CORPORATION | 2022 Form 10-K | 15 |
LEGAL PROCEEDINGS & MINE SAFETY DISCLOSURES | ||||||||
TARGET CORPORATION | 2022 Form 10-K | 16 |
OTHER INFORMATION | ||||||||
TARGET CORPORATION | 2022 Form 10-K | 17 |
OTHER INFORMATION | ||||||||
Fiscal Years Ended | ||||||||||||||||||||
February 3, 2018 | February 2, 2019 | February 1, 2020 | January 30, 2021 | January 29, 2022 | January 28, 2023 | |||||||||||||||
Target | $ | 100.00 | $ | 100.82 | $ | 161.87 | $ | 270.17 | $ | 329.06 | $ | 260.13 | ||||||||
S&P 500 Index | 100.00 | 99.94 | 121.49 | 142.45 | 172.36 | 160.94 | ||||||||||||||
Peer Group | 100.00 | 104.28 | 126.36 | 175.31 | 183.63 | 156.02 | ||||||||||||||
TARGET CORPORATION | 2022 Form 10-K | 18 |
MANAGEMENT'S DISCUSSION AND ANALYSIS | ||||||||
EXECUTIVE OVERVIEW & FINANCIAL SUMMARY |
TARGET CORPORATION | 2022 Form 10-K | 19 |
MANAGEMENT'S DISCUSSION AND ANALYSIS | ||||||||
FINANCIAL SUMMARY & ANALYSIS OF OPERATIONS |
Earnings Per Share | Percent Change | ||||||||||||||||
2022 | 2021 | 2020 | 2022/2021 | 2021/2020 | |||||||||||||
GAAP diluted earnings per share | $ | 5.98 | $ | 14.10 | $ | 8.64 | (57.6) | % | 63.1 | % | |||||||
Adjustments | 0.03 | (0.53) | 0.78 | ||||||||||||||
Adjusted diluted earnings per share | $ | 6.02 | $ | 13.56 | $ | 9.42 | (55.7) | % | 44.0 | % |
TARGET CORPORATION | 2022 Form 10-K | 20 |
MANAGEMENT'S DISCUSSION AND ANALYSIS | ||||||||
ANALYSIS OF OPERATIONS |
Summary of Operating Income | Percent Change | ||||||||||||||||
(dollars in millions) | 2022 | 2021 | 2020 | 2022/2021 | 2021/2020 | ||||||||||||
Sales | $ | 107,588 | $ | 104,611 | $ | 92,400 | 2.8 | % | 13.2 | % | |||||||
Other revenue | 1,532 | 1,394 | 1,161 | 9.8 | 20.2 | ||||||||||||
Total revenue | 109,120 | 106,005 | 93,561 | 2.9 | 13.3 | ||||||||||||
Cost of sales | 82,229 | 74,963 | 66,177 | 9.7 | 13.3 | ||||||||||||
SG&A expenses | 20,658 | 19,752 | 18,615 | 4.6 | 6.1 | ||||||||||||
Depreciation and amortization (exclusive of depreciation included in cost of sales) | 2,385 | 2,344 | 2,230 | 1.8 | 5.1 | ||||||||||||
Operating income | $ | 3,848 | $ | 8,946 | $ | 6,539 | (57.0) | % | 36.8 | % |
Rate Analysis | 2022 | 2021 | 2020 | ||||||||
Gross margin rate | 23.6 | % | 28.3 | % | 28.4 | % | |||||
SG&A expense rate | 18.9 | 18.6 | 19.9 | ||||||||
Depreciation and amortization (exclusive of depreciation included in cost of sales) expense rate | 2.2 | 2.2 | 2.4 | ||||||||
Operating income margin rate | 3.5 | 8.4 | 7.0 |
Comparable Sales | 2022 | 2021 | 2020 | ||||||||
Comparable sales change | 2.2 | % | 12.7 | % | 19.3 | % | |||||
Drivers of change in comparable sales | |||||||||||
Number of transactions (traffic) | 2.1 | 12.3 | 3.7 | ||||||||
Average transaction amount | 0.1 | 0.4 | 15.0 |
TARGET CORPORATION | 2022 Form 10-K | 21 |
MANAGEMENT'S DISCUSSION AND ANALYSIS | ||||||||
ANALYSIS OF OPERATIONS |
Comparable Sales by Channel | 2022 | 2021 | 2020 | ||||||||
Stores originated comparable sales change | 2.4 | % | 11.0 | % | 7.2 | % | |||||
Digitally originated comparable sales change | 1.5 | 20.8 | 144.7 |
Sales by Channel | 2022 | 2021 | 2020 | ||||||||
Stores originated | 81.4 | % | 81.1 | % | 82.1 | % | |||||
Digitally originated | 18.6 | 18.9 | 17.9 | ||||||||
Total | 100 | % | 100 | % | 100 | % |
Sales by Fulfillment Channel | 2022 | 2021 | 2020 | ||||||||
Stores | 96.7 | % | 96.4 | % | 96.0 | % | |||||
Other | 3.3 | 3.6 | 4.0 | ||||||||
Total | 100 | % | 100 | % | 100 | % |
TARGET CORPORATION | 2022 Form 10-K | 22 |
MANAGEMENT'S DISCUSSION AND ANALYSIS | ||||||||
ANALYSIS OF OPERATIONS |
Change in Number of Stores | 2022 | 2021 | ||||||
Beginning store count | 1,926 | 1,897 | ||||||
Opened | 23 | 32 | ||||||
Closed | (1) | (3) | ||||||
Ending store count | 1,948 | 1,926 | ||||||
Number of Stores and Retail Square Feet | Number of Stores | Retail Square Feet (a) | |||||||||||||||
January 28, 2023 | January 29, 2022 | January 28, 2023 | January 29, 2022 | ||||||||||||||
170,000 or more sq. ft. | 274 | 274 | 48,985 | 49,071 | |||||||||||||
50,000 to 169,999 sq. ft. | 1,527 | 1,516 | 191,241 | 190,205 | |||||||||||||
49,999 or less sq. ft. | 147 | 136 | 4,358 | 4,008 | |||||||||||||
Total | 1,948 | 1,926 | 244,584 | 243,284 |
TARGET CORPORATION | 2022 Form 10-K | 23 |
MANAGEMENT'S DISCUSSION AND ANALYSIS | ||||||||
ANALYSIS OF OPERATIONS |
Reconciliation of Non-GAAP Adjusted EPS | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(millions, except per share data) | Pretax | Net of Tax | Per Share Amounts | Pretax | Net of Tax | Per Share Amounts | Pretax | Net of Tax | Per Share Amounts | |||||||||||||||||||||||||||||||||||||||||||||||
GAAP diluted earnings per share | $ | 5.98 | $ | 14.10 | $ | 8.64 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on Dermstore Sale | $ | — | $ | — | $ | — | $ | (335) | $ | (269) | $ | (0.55) | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||
Loss on debt extinguishment | — | — | — | — | — | — | 512 | 379 | 0.75 | |||||||||||||||||||||||||||||||||||||||||||||||
Loss on investment (a) | — | — | — | — | — | — | 19 | 14 | 0.03 | |||||||||||||||||||||||||||||||||||||||||||||||
Other (b) | 20 | 15 | 0.03 | 9 | 7 | 0.01 | 28 | 20 | 0.04 | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax matters (c) | — | — | — | — | — | — | — | (21) | (0.04) | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share | $ | 6.02 | $ | 13.56 | $ | 9.42 |
TARGET CORPORATION | 2022 Form 10-K | 24 |
MANAGEMENT'S DISCUSSION AND ANALYSIS | ||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
EBIT and EBITDA | Percent Change | ||||||||||||||||
(dollars in millions) | 2022 | 2021 | 2020 | 2022/2021 | 2021/2020 | ||||||||||||
Net earnings | $ | 2,780 | $ | 6,946 | $ | 4,368 | (60.0) | % | 59.0 | % | |||||||
+ Provision for income taxes | 638 | 1,961 | 1,178 | (67.5) | 66.5 | ||||||||||||
+ Net interest expense | 478 | 421 | 977 | 13.4 | (56.9) | ||||||||||||
EBIT | $ | 3,896 | $ | 9,328 | $ | 6,523 | (58.2) | % | 43.0 | % | |||||||
+ Total depreciation and amortization (a) | 2,700 | 2,642 | 2,485 | 2.2 | 6.3 | ||||||||||||
EBITDA | $ | 6,596 | $ | 11,970 | $ | 9,008 | (44.9) | % | 32.9 | % |
TARGET CORPORATION | 2022 Form 10-K | 25 |
MANAGEMENT'S DISCUSSION AND ANALYSIS | ||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
After-Tax Return on Invested Capital | ||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||
Trailing Twelve Months | ||||||||||||||||||||
Numerator | January 28, 2023 | January 29, 2022 | ||||||||||||||||||
Operating income | $ | 3,848 | $ | 8,946 | ||||||||||||||||
+ Net other income / (expense) | 48 | 382 | ||||||||||||||||||
EBIT | 3,896 | 9,328 | ||||||||||||||||||
+ Operating lease interest (a) | 93 | 87 | ||||||||||||||||||
- Income taxes (b) | 744 | 2,073 | ||||||||||||||||||
Net operating profit after taxes | $ | 3,245 | $ | 7,342 |
Denominator | January 28, 2023 | January 29, 2022 | January 30, 2021 | |||||||||||||||||
Current portion of long-term debt and other borrowings | $ | 130 | $ | 171 | $ | 1,144 | ||||||||||||||
+ Noncurrent portion of long-term debt | 16,009 | 13,549 | 11,536 | |||||||||||||||||
+ Shareholders' investment | 11,232 | 12,827 | 14,440 | |||||||||||||||||
+ Operating lease liabilities (c) | 2,934 | 2,747 | 2,429 | |||||||||||||||||
- Cash and cash equivalents | 2,229 | 5,911 | 8,511 | |||||||||||||||||
Invested capital | $ | 28,076 | $ | 23,383 | $ | 21,038 | ||||||||||||||
Average invested capital (d) | $ | 25,729 | $ | 22,210 |
After-tax return on invested capital | 12.6 | % | 33.1 | % |
TARGET CORPORATION | 2022 Form 10-K | 26 |
MANAGEMENT'S DISCUSSION AND ANALYSIS | ||||||||
ANALYSIS OF FINANCIAL CONDITION |
TARGET CORPORATION | 2022 Form 10-K | 27 |
MANAGEMENT'S DISCUSSION AND ANALYSIS | ||||||||
ANALYSIS OF FINANCIAL CONDITION |
TARGET CORPORATION | 2022 Form 10-K | 28 |
MANAGEMENT'S DISCUSSION AND ANALYSIS | ||||||||
ANALYSIS OF FINANCIAL CONDITION |
Credit Ratings | Moody's | Standard and Poor's | Fitch | ||||||||
Long-term debt | A2 | A | A | ||||||||
Commercial paper | P-1 | A-1 | F1 |
TARGET CORPORATION | 2022 Form 10-K | 29 |
MANAGEMENT'S DISCUSSION AND ANALYSIS | ||||||||
ANALYSIS OF FINANCIAL CONDITION |
TARGET CORPORATION | 2022 Form 10-K | 30 |
MANAGEMENT'S DISCUSSION AND ANALYSIS | ||||||||
ANALYSIS OF FINANCIAL CONDITION & NEW ACCOUNTING PRONOUNCEMENTS |
TARGET CORPORATION | 2022 Form 10-K | 31 |
MANAGEMENT'S DISCUSSION AND ANALYSIS | ||||||||
FORWARD LOOKING STATEMENTS & QUANTITATIVE AND QUALITATIVE DISCLOSURES |
TARGET CORPORATION | 2022 Form 10-K | 32 |
FINANCIAL STATEMENTS | ||||||||
INDEX |
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||
Reports of Independent Registered Public Accounting Firm | |||||||||||
TARGET CORPORATION | 2022 Form 10-K | 33 |
FINANCIAL STATEMENTS | ||||||||
REPORTS |
/s/ Brian C. Cornell | /s/ Michael J. Fiddelke | |||||||
Brian C. Cornell Chair of the Board and Chief Executive Officer March 8, 2023 | Michael J. Fiddelke Executive Vice President and Chief Financial Officer | |||||||
TARGET CORPORATION | 2022 Form 10-K | 34 |
FINANCIAL STATEMENTS | ||||||||
REPORTS |
TARGET CORPORATION | 2022 Form 10-K | 35 |
FINANCIAL STATEMENTS | ||||||||
REPORTS |
/s/ Brian C. Cornell | /s/ Michael J. Fiddelke | |||||||
Brian C. Cornell Chair of the Board and Chief Executive Officer March 8, 2023 | Michael J. Fiddelke Executive Vice President and Chief Financial Officer | |||||||
TARGET CORPORATION | 2022 Form 10-K | 36 |
FINANCIAL STATEMENTS | ||||||||
(millions, except per share data) | 2022 | 2021 | 2020 | ||||||||
Sales | $ | 107,588 | $ | 104,611 | $ | 92,400 | |||||
Other revenue | 1,532 | 1,394 | 1,161 | ||||||||
Total revenue | 109,120 | 106,005 | 93,561 | ||||||||
Cost of sales | 82,229 | 74,963 | 66,177 | ||||||||
Selling, general and administrative expenses | 20,658 | 19,752 | 18,615 | ||||||||
Depreciation and amortization (exclusive of depreciation included in cost of sales) | 2,385 | 2,344 | 2,230 | ||||||||
Operating income | 3,848 | 8,946 | 6,539 | ||||||||
Net interest expense | 478 | 421 | 977 | ||||||||
Net other (income) / expense | (48) | (382) | 16 | ||||||||
Earnings before income taxes | 3,418 | 8,907 | 5,546 | ||||||||
Provision for income taxes | 638 | 1,961 | 1,178 | ||||||||
Net earnings | $ | 2,780 | $ | 6,946 | $ | 4,368 | |||||
Basic earnings per share | $ | 6.02 | $ | 14.23 | $ | 8.72 | |||||
Diluted earnings per share | $ | 5.98 | $ | 14.10 | $ | 8.64 | |||||
Weighted average common shares outstanding | |||||||||||
Basic | 462.1 | 488.1 | 500.6 | ||||||||
Diluted | 464.7 | 492.7 | 505.4 | ||||||||
Antidilutive shares | 1.1 | — | — |
TARGET CORPORATION | 2022 Form 10-K | 37 |
FINANCIAL STATEMENTS | ||||||||
(millions) | 2022 | 2021 | 2020 | ||||||||
Net earnings | $ | 2,780 | $ | 6,946 | $ | 4,368 | |||||
Other comprehensive income / (loss), net of tax | |||||||||||
Pension benefit liabilities | (113) | 152 | 102 | ||||||||
Currency translation adjustment and cash flow hedges | 247 | 51 | 10 | ||||||||
Other comprehensive income | 134 | 203 | 112 | ||||||||
Comprehensive income | $ | 2,914 | $ | 7,149 | $ | 4,480 |
TARGET CORPORATION | 2022 Form 10-K | 38 |
FINANCIAL STATEMENTS | ||||||||
(millions, except footnotes) | January 28, 2023 | January 29, 2022 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 2,229 | $ | 5,911 | ||||
Inventory | 13,499 | 13,902 | ||||||
Other current assets | 2,118 | 1,760 | ||||||
Total current assets | 17,846 | 21,573 | ||||||
Property and equipment | ||||||||
Land | 6,231 | 6,164 | ||||||
Buildings and improvements | 34,746 | 32,985 | ||||||
Fixtures and equipment | 7,439 | 6,407 | ||||||
Computer hardware and software | 3,039 | 2,505 | ||||||
Construction-in-progress | 2,688 | 1,257 | ||||||
Accumulated depreciation | (22,631) | (21,137) | ||||||
Property and equipment, net | 31,512 | 28,181 | ||||||
Operating lease assets | 2,657 | 2,556 | ||||||
Other noncurrent assets | 1,320 | 1,501 | ||||||
Total assets | $ | 53,335 | $ | 53,811 | ||||
Liabilities and shareholders' investment | ||||||||
Accounts payable | $ | 13,487 | $ | 15,478 | ||||
Accrued and other current liabilities | 5,883 | 6,098 | ||||||
Current portion of long-term debt and other borrowings | 130 | 171 | ||||||
Total current liabilities | 19,500 | 21,747 | ||||||
Long-term debt and other borrowings | 16,009 | 13,549 | ||||||
Noncurrent operating lease liabilities | 2,638 | 2,493 | ||||||
Deferred income taxes | 2,196 | 1,566 | ||||||
Other noncurrent liabilities | 1,760 | 1,629 | ||||||
Total noncurrent liabilities | 22,603 | 19,237 | ||||||
Shareholders' investment | ||||||||
Common stock | 38 | 39 | ||||||
Additional paid-in capital | 6,608 | 6,421 | ||||||
Retained earnings | 5,005 | 6,920 | ||||||
Accumulated other comprehensive loss | (419) | (553) | ||||||
Total shareholders' investment | 11,232 | 12,827 | ||||||
Total liabilities and shareholders' investment | $ | 53,335 | $ | 53,811 |
TARGET CORPORATION | 2022 Form 10-K | 39 |
FINANCIAL STATEMENTS | ||||||||
(millions) | 2022 | 2021 | 2020 | ||||||||
Operating activities | |||||||||||
Net earnings | $ | 2,780 | $ | 6,946 | $ | 4,368 | |||||
Adjustments to reconcile net earnings to cash provided by operations: | |||||||||||
Depreciation and amortization | 2,700 | 2,642 | 2,485 | ||||||||
Share-based compensation expense | 220 | 228 | 200 | ||||||||
Deferred income taxes | 582 | 522 | (184) | ||||||||
Gain on Dermstore sale | — | (335) | — | ||||||||
Loss on debt extinguishment | — | — | 512 | ||||||||
Noncash losses / (gains) and other, net | 172 | 67 | 86 | ||||||||
Changes in operating accounts: | |||||||||||
Inventory | 403 | (3,249) | (1,661) | ||||||||
Other assets | 22 | (78) | (137) | ||||||||
Accounts payable | (2,237) | 2,628 | 2,925 | ||||||||
Accrued and other liabilities | (624) | (746) | 1,931 | ||||||||
Cash provided by operating activities | 4,018 | 8,625 | 10,525 | ||||||||
Investing activities | |||||||||||
Expenditures for property and equipment | (5,528) | (3,544) | (2,649) | ||||||||
Proceeds from disposal of property and equipment | 8 | 27 | 42 | ||||||||
Proceeds from Dermstore sale | — | 356 | — | ||||||||
Other investments | 16 | 7 | 16 | ||||||||
Cash required for investing activities | (5,504) | (3,154) | (2,591) | ||||||||
Financing activities | |||||||||||
Additions to long-term debt | 2,625 | 1,972 | 2,480 | ||||||||
Reductions of long-term debt | (163) | (1,147) | (2,415) | ||||||||
Dividends paid | (1,836) | (1,548) | (1,343) | ||||||||
Repurchase of stock | (2,826) | (7,356) | (745) | ||||||||
Stock option exercises | 4 | 8 | 23 | ||||||||
Cash required for financing activities | (2,196) | (8,071) | (2,000) | ||||||||
Net (decrease) / increase in cash and cash equivalents | (3,682) | (2,600) | 5,934 | ||||||||
Cash and cash equivalents at beginning of period | 5,911 | 8,511 | 2,577 | ||||||||
Cash and cash equivalents at end of period | $ | 2,229 | $ | 5,911 | $ | 8,511 | |||||
Supplemental information | |||||||||||
Interest paid, net of capitalized interest | $ | 449 | $ | 414 | $ | 939 | |||||
Income taxes paid | 213 | 2,063 | 1,031 | ||||||||
Leased assets obtained in exchange for new finance lease liabilities | 224 | 288 | 428 | ||||||||
Leased assets obtained in exchange for new operating lease liabilities | 329 | 580 | 262 |
TARGET CORPORATION | 2022 Form 10-K | 40 |
FINANCIAL STATEMENTS | ||||||||
(millions) | Common Stock Shares | Stock Par Value | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) / Income | Total | ||||||||||||||
February 1, 2020 | 504.2 | $ | 42 | $ | 6,226 | $ | 6,433 | $ | (868) | $ | 11,833 | |||||||||
Net earnings | — | — | — | 4,368 | — | 4,368 | ||||||||||||||
Other comprehensive income | — | — | — | — | 112 | 112 | ||||||||||||||
Dividends declared | — | — | — | (1,367) | — | (1,367) | ||||||||||||||
Repurchase of stock | (5.7) | — | — | (609) | — | (609) | ||||||||||||||
Stock options and awards | 2.4 | — | 103 | — | — | 103 | ||||||||||||||
January 30, 2021 | 500.9 | $ | 42 | $ | 6,329 | $ | 8,825 | $ | (756) | $ | 14,440 | |||||||||
Net earnings | — | — | — | 6,946 | — | 6,946 | ||||||||||||||
Other comprehensive income | — | — | — | — | 203 | 203 | ||||||||||||||
Dividends declared | — | — | — | (1,655) | — | (1,655) | ||||||||||||||
Repurchase of stock | (31.3) | (3) | — | (7,196) | — | (7,199) | ||||||||||||||
Stock options and awards | 1.7 | — | 92 | — | — | 92 | ||||||||||||||
January 29, 2022 | 471.3 | $ | 39 | $ | 6,421 | $ | 6,920 | $ | (553) | $ | 12,827 | |||||||||
Net earnings | — | — | — | 2,780 | — | 2,780 | ||||||||||||||
Other comprehensive income | — | — | — | — | 134 | 134 | ||||||||||||||
Dividends declared | — | — | — | (1,931) | — | (1,931) | ||||||||||||||
Repurchase of stock | (12.5) | (1) | 119 | (2,764) | — | (2,646) | ||||||||||||||
Stock options and awards | 1.5 | — | 68 | — | — | 68 | ||||||||||||||
January 28, 2023 | 460.3 | $ | 38 | $ | 6,608 | $ | 5,005 | $ | (419) | $ | 11,232 |
TARGET CORPORATION | 2022 Form 10-K | 41 |
FINANCIAL STATEMENTS | ||||||||
NOTES |
TARGET CORPORATION | 2022 Form 10-K | 42 |
FINANCIAL STATEMENTS | ||||||||
NOTES |
Revenues (millions) | 2022 | 2021 | 2020 | ||||||||
Apparel and accessories (a) | $ | 17,646 | $ | 17,931 | $ | 14,772 | |||||
Beauty and household essentials (b) | 29,575 | 27,268 | 24,461 | ||||||||
Food and beverage (c) | 22,918 | 20,306 | 18,135 | ||||||||
Hardlines (d) | 17,739 | 18,614 | 16,626 | ||||||||
Home furnishings and décor (e) | 19,463 | 20,255 | 18,231 | ||||||||
Other | 247 | 237 | 175 | ||||||||
Sales | 107,588 | 104,611 | 92,400 | ||||||||
Credit card profit sharing | 734 | 710 | 666 | ||||||||
Other | 798 | 684 | 495 | ||||||||
Other revenue | 1,532 | 1,394 | 1,161 | ||||||||
Total revenue | $ | 109,120 | $ | 106,005 | $ | 93,561 |
TARGET CORPORATION | 2022 Form 10-K | 43 |
FINANCIAL STATEMENTS | ||||||||
NOTES |
Gift Card Liability Activity (millions) | January 29, 2022 | Gift Cards Issued During Current Period But Not Redeemed (b) | Revenue Recognized From Beginning Liability | January 28, 2023 | |||||||||||||||||||
Gift card liability (a) | $ | 1,202 | $ | 927 | $ | (889) | $ | 1,240 |
Cost of Sales | Selling, General and Administrative Expenses | ||||
Total cost of products sold including • Freight expenses associated with moving merchandise from our vendors to and between our distribution centers and our retail stores • Vendor income that is not reimbursement of specific, incremental, and identifiable costs Inventory shrink Markdowns Outbound shipping and handling expenses associated with sales to our guests Payment term cash discounts Distribution center costs, including compensation and benefits costs and depreciation Compensation and benefit costs associated with shipment of merchandise from stores Import costs | Compensation and benefit costs for stores and headquarters, except ship from store costs classified as cost of sales Occupancy and operating costs of retail and headquarters facilities Advertising, offset by vendor income that is a reimbursement of specific, incremental, and identifiable costs Pre-opening and exit costs of stores and other facilities Credit cards servicing expenses Costs associated with accepting third-party bank issued payment cards Litigation and defense costs and related insurance recoveries Other administrative costs |
TARGET CORPORATION | 2022 Form 10-K | 44 |
FINANCIAL STATEMENTS | ||||||||
NOTES |
Fair Value Measurements - Recurring Basis | Fair Value as of | |||||||||||||||||||
(millions) | Classification | Measurement Level | January 28, 2023 | January 29, 2022 | ||||||||||||||||
Assets | ||||||||||||||||||||
Short-term investments (a) | Cash and Cash Equivalents | Level 1 | $ | 1,343 | $ | 4,985 | ||||||||||||||
Prepaid forward contracts (b) | Other Current Assets | Level 1 | 27 | 35 | ||||||||||||||||
Interest rate swaps (c) | Other Current Assets | Level 2 | — | 17 | ||||||||||||||||
Interest rate swaps (c) | Other Noncurrent Assets | Level 2 | 7 | 135 | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Interest rate swaps (c) | Other Noncurrent Liabilities | Level 2 | 81 | — |
Significant Financial Instruments Not Measured at Fair Value (a) | As of January 28, 2023 | As of January 29, 2022 | |||||||||||||||
(millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
Long-term debt, including current portion (b) | $ | 14,141 | $ | 13,688 | $ | 11,568 | $ | 12,808 |
TARGET CORPORATION | 2022 Form 10-K | 45 |
FINANCIAL STATEMENTS | ||||||||
NOTES |
Cash and Cash Equivalents (millions) | January 28, 2023 | January 29, 2022 | ||||||
Cash | $ | 286 | $ | 349 | ||||
Receivables from third-party financial institutions for credit and debit card transactions | 600 | 577 | ||||||
Short-term investments | 1,343 | 4,985 | ||||||
Cash and Cash Equivalents (a) | $ | 2,229 | $ | 5,911 | ||||
Other Current Assets (millions) | January 28, 2023 | January 29, 2022 | ||||||
Accounts and other receivables | $ | 1,169 | $ | 835 | ||||
Vendor income receivable | 526 | 518 | ||||||
Prepaid expenses | 188 | 170 | ||||||
Other | 235 | 237 | ||||||
Other Current Assets | $ | 2,118 | $ | 1,760 |
TARGET CORPORATION | 2022 Form 10-K | 46 |
FINANCIAL STATEMENTS | ||||||||
NOTES |
Estimated Useful Lives | Life (Years) | ||||
Buildings and improvements | 8-39 | ||||
Fixtures and equipment | 2-15 | ||||
Computer hardware and software | 2-7 |
Other Noncurrent Assets (millions) | January 28, 2023 | January 29, 2022 | ||||||
Goodwill and intangible assets (a) | $ | 645 | $ | 656 | ||||
Company-owned life insurance investments, net of loans (b) | 440 | 470 | ||||||
Other | 235 | 375 | ||||||
Other Noncurrent Assets | $ | 1,320 | $ | 1,501 |
TARGET CORPORATION | 2022 Form 10-K | 47 |
FINANCIAL STATEMENTS | ||||||||
NOTES |
Accrued and Other Current Liabilities (millions) | January 28, 2023 | January 29, 2022 | ||||||
Wages and benefits | $ | 1,319 | $ | 1,620 | ||||
Gift card liability, net of estimated breakage | 1,240 | 1,202 | ||||||
Real estate, sales, and other taxes payable | 772 | 1,042 | ||||||
Dividends payable | 497 | 424 | ||||||
Current portion of operating lease liabilities | 296 | 254 | ||||||
Workers' compensation and general liability (a) | 173 | 169 | ||||||
Interest payable | 94 | 77 | ||||||
Other | 1,492 | 1,310 | ||||||
Accrued and Other Current Liabilities | $ | 5,883 | $ | 6,098 |
TARGET CORPORATION | 2022 Form 10-K | 48 |
FINANCIAL STATEMENTS | ||||||||
NOTES |
Debt Maturities | |||||||||||||||||
(dollars in millions) | Weighted-Average Interest Rate at January 28, 2023 | January 28, 2023 | January 29, 2022 | ||||||||||||||
Due 2022 | — | % | $ | — | $ | 63 | |||||||||||
Due 2023-2027 | 2.6 | 4,582 | 4,578 | ||||||||||||||
Due 2028-2032 | 4.6 | 4,297 | 2,807 | ||||||||||||||
Due 2033-2037 | 6.8 | 937 | 937 | ||||||||||||||
Due 2038-2042 | 4.0 | 1,087 | 1,085 | ||||||||||||||
Due 2043-2047 | 3.8 | 1,119 | 1,118 | ||||||||||||||
Due 2048-2052 | 3.9 | 2,119 | 980 | ||||||||||||||
Total notes and debentures | 14,141 | 11,568 | |||||||||||||||
Swap valuation adjustments | (74) | 77 | |||||||||||||||
Finance lease liabilities | 2,072 | 2,075 | |||||||||||||||
Less: Amounts due within one year | (130) | (171) | |||||||||||||||
Long-term debt and other borrowings | $ | 16,009 | $ | 13,549 |
Required Principal Payments (millions) | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | ||||||||||||||
Total required principal payments | $ | — | $ | 1,000 | $ | 1,500 | $ | 2,000 | $ | 97 | $ | 9,655 |
TARGET CORPORATION | 2022 Form 10-K | 49 |
FINANCIAL STATEMENTS | ||||||||
NOTES |
Effect of Hedges on Debt (millions) | January 28, 2023 | January 29, 2022 | ||||||
Long-term debt and other borrowings | ||||||||
Carrying amount of hedged debt | $ | 2,366 | $ | 1,572 | ||||
Cumulative hedging adjustments, included in carrying amount | (74) | 77 |
Effect of Hedges on Net Interest Expense (millions) | 2022 | 2021 | 2020 | ||||||||
Gain (loss) on fair value hedges recognized in Net Interest Expense | |||||||||||
Interest rate swap designated as fair value hedges | $ | (151) | $ | (106) | $ | 46 | |||||
Hedged debt | 151 | 106 | (46) | ||||||||
Gain on cash flow hedges recognized in Net Interest Expense | 4 | — | — | ||||||||
Total | $ | 4 | $ | — | $ | — |
TARGET CORPORATION | 2022 Form 10-K | 50 |
FINANCIAL STATEMENTS | ||||||||
NOTES |
Leases (millions) | Classification | January 28, 2023 | January 29, 2022 | ||||||||
Assets | |||||||||||
Operating | Operating Lease Assets | $ | 2,657 | $ | 2,556 | ||||||
Finance | 1,673 | 1,652 | |||||||||
Total leased assets | $ | 4,330 | $ | 4,208 | |||||||
Liabilities | |||||||||||
Current | |||||||||||
Operating | $ | 296 | $ | 254 | |||||||
Finance | 129 | 108 | |||||||||
Noncurrent | |||||||||||
Operating | Noncurrent Operating Lease Liabilities | 2,638 | 2,493 | ||||||||
Finance | 1,943 | 1,967 | |||||||||
Total lease liabilities | $ | 5,006 | $ | 4,822 |
Lease Cost (millions) | Classification | 2022 | 2021 | 2020 | ||||||||||
Operating lease cost (a) | SG&A Expenses | $ | 467 | $ | 387 | $ | 332 | |||||||
Finance lease cost | ||||||||||||||
Amortization of leased assets | Depreciation and Amortization (b) | 133 | 127 | 105 | ||||||||||
Interest on lease liabilities | Net Interest Expense | 68 | 68 | 62 | ||||||||||
Sublease income (c) | Other Revenue | (19) | (18) | (15) | ||||||||||
Net lease cost | $ | 649 | $ | 564 | $ | 484 |
TARGET CORPORATION | 2022 Form 10-K | 51 |
FINANCIAL STATEMENTS | ||||||||
NOTES |
Maturity of Lease Liabilities | Operating | Finance | |||||||||
(millions) | Leases (a) | Leases (b) | Total | ||||||||
2023 | $ | 386 | $ | 194 | $ | 580 | |||||
2024 | 379 | 175 | 554 | ||||||||
2025 | 362 | 174 | 536 | ||||||||
2026 | 345 | 175 | 520 | ||||||||
2027 | 331 | 175 | 506 | ||||||||
Thereafter | 1,826 | 1,847 | 3,673 | ||||||||
Total lease payments | $ | 3,629 | $ | 2,740 | $ | 6,369 | |||||
Less: Interest | 695 | 668 | |||||||||
Present value of lease liabilities | $ | 2,934 | $ | 2,072 |
Lease Term and Discount Rate | January 28, 2023 | January 29, 2022 | ||||||
Weighted average remaining lease term (years) | ||||||||
Operating leases | 11.4 | 12.2 | ||||||
Finance leases | 15.4 | 15.2 | ||||||
Weighted average discount rate | ||||||||
Operating leases | 3.52 | % | 3.28 | % | ||||
Finance leases | 3.56 | % | 3.49 | % |
Other Information (millions) | 2022 | 2021 | 2020 | ||||||||
Cash paid for amounts included in the measurement of lease liabilities | |||||||||||
Operating cash flows from operating leases | $ | 364 | $ | 316 | $ | 284 | |||||
Operating cash flows from finance leases | 63 | 64 | 59 | ||||||||
Financing cash flows from finance leases | 100 | 91 | 70 | ||||||||
TARGET CORPORATION | 2022 Form 10-K | 52 |
FINANCIAL STATEMENTS | ||||||||
NOTES |
Tax Rate Reconciliation | 2022 | 2021 | 2020 | ||||||||
Federal statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||
State income taxes, net of the federal tax benefit | 3.0 | 3.9 | 3.3 | ||||||||
International | (2.1) | (1.3) | (1.2) | ||||||||
Excess tax benefit related to share-based payments | (1.6) | (0.8) | (1.0) | ||||||||
Federal tax credits | (1.5) | (0.5) | (0.6) | ||||||||
Other | (0.1) | (0.3) | (0.3) | ||||||||
Effective tax rate | 18.7 | % | 22.0 | % | 21.2 | % |
Provision for Income Taxes (millions) | 2022 | 2021 | 2020 | ||||||||
Current: | |||||||||||
Federal | $ | (84) | $ | 1,111 | $ | 1,013 | |||||
State | 33 | 325 | 281 | ||||||||
International | 107 | 3 | 68 | ||||||||
Total current | 56 | 1,439 | 1,362 | ||||||||
Deferred: | |||||||||||
Federal | 501 | 423 | (118) | ||||||||
State | 82 | 98 | (64) | ||||||||
International | (1) | 1 | (2) | ||||||||
Total deferred | 582 | 522 | (184) | ||||||||
Total provision | $ | 638 | $ | 1,961 | $ | 1,178 |
TARGET CORPORATION | 2022 Form 10-K | 53 |
FINANCIAL STATEMENTS | ||||||||
NOTES |
Net Deferred Tax Asset / (Liability) (millions) | January 28, 2023 | January 29, 2022 | ||||||
Gross deferred tax assets: | ||||||||
Accrued and deferred compensation | $ | 365 | $ | 441 | ||||
Accruals and reserves not currently deductible | 233 | 211 | ||||||
Self-insured benefits | 156 | 141 | ||||||
Deferred occupancy income | 125 | 133 | ||||||
Lease liabilities | 1,316 | 1,245 | ||||||
Other | 142 | 18 | ||||||
Total gross deferred tax assets | 2,337 | 2,189 | ||||||
Gross deferred tax liabilities: | ||||||||
Property and equipment | (2,613) | (2,265) | ||||||
Leased assets | (1,115) | (1,089) | ||||||
Inventory | (594) | (266) | ||||||
Other | (205) | (130) | ||||||
Total gross deferred tax liabilities | (4,527) | (3,750) | ||||||
Total net deferred tax liability (a) | $ | (2,190) | $ | (1,561) |
Reconciliation of Gross Unrecognized Tax Benefits (millions) | 2022 | 2021 | 2020 | ||||||||
Balance at beginning of period | $ | 125 | $ | 181 | $ | 160 | |||||
Additions based on tax positions related to the current year | 115 | 32 | 35 | ||||||||
Additions for tax positions of prior years | 21 | 11 | 32 | ||||||||
Reductions for tax positions of prior years | (23) | (95) | (36) | ||||||||
Settlements | (5) | (4) | (10) | ||||||||
Balance at end of period | $ | 233 | $ | 125 | $ | 181 |
TARGET CORPORATION | 2022 Form 10-K | 54 |
FINANCIAL STATEMENTS | ||||||||
NOTES |
Other Noncurrent Liabilities (millions) | January 28, 2023 | January 29, 2022 | ||||||
Deferred compensation | $ | 550 | $ | 572 | ||||
Deferred occupancy income (a) | 449 | 479 | ||||||
Workers' compensation and general liability | 387 | 350 | ||||||
Income and other taxes payable | 168 | 139 | ||||||
Pension benefits | 37 | 45 | ||||||
Other | 169 | 44 | ||||||
Other Noncurrent Liabilities | $ | 1,760 | $ | 1,629 |
Share Repurchase Activity (millions, except per share data) | 2022 | 2021 | 2020 | ||||||||
Total number of shares purchased | 12.5 | 31.3 | 5.7 | ||||||||
Average price paid per share | $ | 211.57 | $ | 230.07 | $ | 107.58 | |||||
Total investment | $ | 2,646 | $ | 7,190 | $ | 609 |
TARGET CORPORATION | 2022 Form 10-K | 55 |
FINANCIAL STATEMENTS | ||||||||
NOTES |
Restricted Stock Unit Activity | Total Nonvested Units | |||||||
Restricted Stock (a) | Grant Date Fair Value (b) | |||||||
January 29, 2022 | 3,599 | $ | 123.74 | |||||
Granted | 1,591 | 208.80 | ||||||
Forfeited | (291) | 161.64 | ||||||
Vested | (1,578) | 106.64 | ||||||
January 28, 2023 | 3,321 | $ | 167.25 |
Performance Share Unit Activity | Total Nonvested Units | |||||||
Performance Share Units (a) | Grant Date Fair Value (b) | |||||||
January 29, 2022 | 2,257 | $ | 111.82 | |||||
Granted | 524 | 216.63 | ||||||
Forfeited | (67) | 159.04 | ||||||
Vested | (827) | 78.32 | ||||||
January 28, 2023 | 1,887 | $ | 152.26 |
TARGET CORPORATION | 2022 Form 10-K | 56 |
FINANCIAL STATEMENTS | ||||||||
NOTES |
Stock Option Activity | Stock Options | ||||||||||
Total Outstanding & Exercisable | |||||||||||
Number of Options (a) | Exercise Price (b) | Intrinsic Value (c) | |||||||||
January 29, 2022 | 210 | $ | 58.17 | $ | 33 | ||||||
Exercised / issued | (88) | 61.07 | |||||||||
January 28, 2023 | 122 | $ | 56.07 | $ | 14 |
Stock Option Exercises (millions) | 2022 | 2021 | 2020 | ||||||||
Cash received for exercise price | $ | 4 | $ | 8 | $ | 23 | |||||
Intrinsic value | 11 | 45 | 161 | ||||||||
Income tax benefit | 2 | 11 | 41 |
TARGET CORPORATION | 2022 Form 10-K | 57 |
FINANCIAL STATEMENTS | ||||||||
NOTES |
Plan Expenses | |||||||||||
(millions) | 2022 | 2021 | 2020 | ||||||||
401(k) plan matching contributions expense | $ | 335 | $ | 307 | $ | 281 | |||||
Nonqualified deferred compensation plans | |||||||||||
Benefits (income) / expense | $ | (15) | $ | 59 | $ | 86 | |||||
Related investment (income) / expense | 40 | (27) | (58) | ||||||||
Nonqualified plans net expense | $ | 25 | $ | 32 | $ | 28 |
Funded Status | Qualified Plan | Nonqualified and International Plans | |||||||||||||||
(millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Projected benefit obligations | $ | 3,616 | $ | 4,305 | $ | 64 | $ | 72 | |||||||||
Fair value of plan assets | 3,691 | 4,433 | 17 | 16 | |||||||||||||
Funded / (underfunded) status | $ | 75 | $ | 128 | $ | (47) | $ | (56) |
Estimated Future Benefit Payments (millions) | Pension Benefits | ||||
2023 | $ | 330 | |||
2024 | 232 | ||||
2025 | 238 | ||||
2026 | 243 | ||||
2027 | 249 | ||||
2028 - 2032 | 1,310 |
TARGET CORPORATION | 2022 Form 10-K | 58 |
FINANCIAL STATEMENTS | ||||||||
NOTES |
Net Pension Benefits Expense | ||||||||||||||
(millions) | Classification | 2022 | 2021 | 2020 | ||||||||||
Service cost benefits earned | SG&A Expenses | $ | 94 | $ | 100 | $ | 103 | |||||||
Net Other (Income) / Expense | 117 | 96 | 118 | |||||||||||
Net Other (Income) / Expense | (234) | (238) | (242) | |||||||||||
Net Other (Income) / Expense | 61 | 113 | 127 | |||||||||||
Amortization of prior service cost | Net Other (Income) / Expense | 10 | — | (11) | ||||||||||
Settlement charges | Net Other (Income) / Expense | — | — | 1 | ||||||||||
Total | $ | 48 | $ | 71 | $ | 96 |
Benefit Obligation Weighted Average Assumptions | 2022 | 2021 | ||||||
Discount rate | 4.83 | % | 3.30 | % | ||||
Average assumed rate of compensation increase | 3.00 | 3.00 | ||||||
Cash balance plan interest crediting rate | 4.64 | 4.64 |
Net Periodic Benefit Expense Weighted Average Assumptions | 2022 | 2021 | 2020 | ||||||||
Discount rate | 3.30 | % | 2.84 | % | 3.13 | % | |||||
Expected long-term rate of return on plan assets | 5.60 | 5.80 | 6.10 | ||||||||
Average assumed rate of compensation increase | 3.00 | 3.00 | 3.00 | ||||||||
Cash balance plan interest crediting rate | 4.64 | 4.64 | 4.64 |
TARGET CORPORATION | 2022 Form 10-K | 59 |
FINANCIAL STATEMENTS | ||||||||
NOTES |
Change in Projected Benefit Obligation | Qualified Plan | Nonqualified and International Plans | |||||||||||||||
(millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Benefit obligation at beginning of period | $ | 4,305 | $ | 4,594 | $ | 72 | $ | 74 | |||||||||
Service cost | 89 | 94 | 5 | 6 | |||||||||||||
Interest cost | 116 | 95 | 2 | 1 | |||||||||||||
Actuarial gain (a) | (602) | (247) | (9) | (4) | |||||||||||||
Participant contributions | 2 | 5 | — | — | |||||||||||||
Benefits paid | (294) | (236) | (6) | (5) | |||||||||||||
Benefit obligation at end of period (b) | $ | 3,616 | $ | 4,305 | $ | 64 | $ | 72 |
Change in Plan Assets | Qualified Plan | Nonqualified and International Plans | |||||||||||||||
(millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Fair value of plan assets at beginning of period | $ | 4,433 | $ | 4,588 | $ | 16 | $ | 11 | |||||||||
Actual return on plan assets | (600) | 76 | (3) | — | |||||||||||||
Employer contributions | 150 | — | 10 | 10 | |||||||||||||
Participant contributions | 2 | 5 | — | — | |||||||||||||
Benefits paid | (294) | (236) | (6) | (5) | |||||||||||||
Fair value of plan assets at end of period | $ | 3,691 | $ | 4,433 | $ | 17 | $ | 16 |
Asset Category | Current Targeted Allocation | Actual Allocation | |||||||||
2022 | 2021 | ||||||||||
Domestic equity securities (a) | 12 | % | 12 | % | 12 | % | |||||
International equity securities | 8 | 8 | 8 | ||||||||
Debt securities | 50 | 51 | 50 | ||||||||
Diversified funds | 25 | 23 | 25 | ||||||||
Other (b) | 5 | 6 | 5 | ||||||||
Total | 100 | % | 100 | % | 100 | % |
TARGET CORPORATION | 2022 Form 10-K | 60 |
FINANCIAL STATEMENTS | ||||||||
NOTES |
Fair Value Measurements | Fair Value as of | |||||||||||||
(millions) | Measurement Level | January 31, 2023 | January 31, 2022 | |||||||||||
Cash and cash equivalents | Level 1 | $ | 13 | $ | 8 | |||||||||
Derivatives | Level 2 | 6 | (9) | |||||||||||
Government securities (a) | Level 2 | 619 | 740 | |||||||||||
Fixed income (b) | Level 2 | 1,214 | 1,447 | |||||||||||
1,852 | 2,186 | |||||||||||||
Investments valued using NAV per share (c) | ||||||||||||||
Fixed income | 6 | 10 | ||||||||||||
Private equity funds | 64 | 68 | ||||||||||||
Cash and cash equivalents | 240 | 100 | ||||||||||||
Common collective trusts | 594 | 860 | ||||||||||||
Diversified funds | 844 | 1,105 | ||||||||||||
Other | 108 | 120 | ||||||||||||
Total plan assets | $ | 3,708 | $ | 4,449 |
Position | Valuation Technique | |||||||
Cash and cash equivalents | Carrying value approximates fair value. | |||||||
Derivatives | Swap derivatives - Valuations are based on observable inputs to the valuation model (e.g., interest rates and credit spreads). Model inputs are changed only when corroborated by market data. A credit risk adjustment is made on each swap using observable market credit spreads. Option derivatives - Initially valued at transaction price. Subsequent valuations are based on observable inputs to the valuation model (e.g., underlying investments). | |||||||
Government securities and fixed income | Valued using matrix pricing models and quoted prices of securities with similar characteristics. |
Amounts in Accumulated Other Comprehensive Loss | ||||||||
(millions) | 2022 | 2021 | ||||||
Net actuarial loss | $ | 937 | $ | 783 | ||||
Prior service credits | — | — | ||||||
Amounts in Accumulated Other Comprehensive Loss (a) | $ | 937 | $ | 783 |
TARGET CORPORATION | 2022 Form 10-K | 61 |
FINANCIAL STATEMENTS & SUPPLEMENTAL INFORMATION | ||||||||
NOTES |
Change in Accumulated Other Comprehensive Loss (millions) | Cash Flow Hedges | Currency Translation Adjustment | Pension | Total | |||||||||||||||||||
January 29, 2022 | $ | 49 | $ | (19) | $ | (583) | $ | (553) | |||||||||||||||
Other comprehensive income / (loss) before reclassifications, net of tax | 254 | (4) | (159) | 91 | |||||||||||||||||||
Amounts reclassified from AOCI, net of tax | (3) | (a) | — | 46 | (b) | 43 | |||||||||||||||||
January 28, 2023 | $ | 300 | $ | (23) | $ | (696) | $ | (419) |
TARGET CORPORATION | 2022 Form 10-K | 62 |
SUPPLEMENTAL INFORMATION | ||||||||
TARGET CORPORATION | 2022 Form 10-K | 63 |
SUPPLEMENTAL INFORMATION | ||||||||
Financial Statement Schedules | ||
None. | ||
Other schedules have not been included either because they are not applicable or because the information is included elsewhere in this Report. |
TARGET CORPORATION | 2022 Form 10-K | 64 |
SUPPLEMENTAL INFORMATION | ||||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
4.1.1 | ||||||||
4.2 | ||||||||
10.1 | * | |||||||
10.2 | * | |||||||
10.2.1 | * | |||||||
10.2.2 | * | |||||||
10.3 | * | |||||||
10.3.1 | * | |||||||
10.4 | * | |||||||
10.4.1 | * ** | |||||||
10.4.2 | * ** | |||||||
10.4.3 | * ** | |||||||
10.4.4 | * | |||||||
10.5 | * | |||||||
10.6 | * | |||||||
10.7 | * | |||||||
10.7.1 | * | |||||||
10.8 | * | |||||||
10.9 | * ** |
TARGET CORPORATION | 2022 Form 10-K | 65 |
SUPPLEMENTAL INFORMATION | ||||||||
10.10 | * | |||||||
10.11 | * | |||||||
10.12 | * | |||||||
10.13 | * | |||||||
10.14 | * | |||||||
10.15 | * | |||||||
10.15.1 | * | |||||||
10.15.2 | * | |||||||
10.15.3 | * | |||||||
10.16 | * | |||||||
10.17 | * ‡ | |||||||
10.18 | * | |||||||
10.19 | ||||||||
10.19.1 | ‡ | |||||||
10.20 | ‡ | |||||||
10.21 | + | |||||||
10.21.1 | + | |||||||
10.21.2 | + |
TARGET CORPORATION | 2022 Form 10-K | 66 |
SUPPLEMENTAL INFORMATION | ||||||||
10.21.3 | + | |||||||
10.22 | + | |||||||
10.22.1 | + | |||||||
10.22.2 | ||||||||
21.1 | ** | |||||||
23.1 | ** | |||||||
24.1 | ** | |||||||
31.1 | ** | |||||||
31.2 | ** | |||||||
32.1 | *** | |||||||
32.2 | *** | |||||||
101.INS | ** | Inline XBRL Instance Document | ||||||
101.SCH | ** | Inline XBRL Taxonomy Extension Schema | ||||||
101.CAL | ** | Inline XBRL Taxonomy Extension Calculation Linkbase | ||||||
101.DEF | ** | Inline XBRL Taxonomy Extension Definition Linkbase | ||||||
101.LAB | ** | Inline XBRL Taxonomy Extension Label Linkbase | ||||||
101.PRE | ** | Inline XBRL Taxonomy Extension Presentation Linkbase | ||||||
104 | ** | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
TARGET CORPORATION | 2022 Form 10-K | 67 |
SUPPLEMENTAL INFORMATION | ||||||||
TARGET CORPORATION | ||||||||
By: | /s/ Michael J. Fiddelke | |||||||
Date: March 8, 2023 | Michael J. Fiddelke Executive Vice President and Chief Financial Officer | |||||||
/s/ Brian C. Cornell | |||||
Date: March 8, 2023 | Brian C. Cornell Chair of the Board and Chief Executive Officer |
/s/ Michael J. Fiddelke | |||||
Date: March 8, 2023 | Michael J. Fiddelke Executive Vice President and Chief Financial Officer |
/s/ Matthew A. Liegel | |||||
Date: March 8, 2023 | Matthew A. Liegel Senior Vice President, Chief Accounting Officer and Controller |
DAVID P. ABNEY DOUGLAS M. BAKER, JR. GEORGE S. BARRETT GAIL K. BOUDREAUX ROBERT L. EDWARDS MELANIE L. HEALEY | DONALD R. KNAUSS CHRISTINE A. LEAHY MONICA C. LOZANO GRACE PUMA DERICA W. RICE DMITRI L. STOCKTON | Constituting a majority of the Board of Directors |
By: | /s/ Michael J. Fiddelke | |||||||
Date: March 8, 2023 | Michael J. Fiddelke Attorney-in-fact |
TARGET CORPORATION | 2022 Form 10-K | 68 |
1 Year Target Chart |
1 Month Target Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions