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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 163.73 | 60 | 11:13:26 |
|
|
Minnesota
|
|
41-0215170
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
1000 Nicollet Mall, Minneapolis, Minnesota
|
|
55403
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
|
||
|
|
|
|
||
|
Consolidated Statements of Operations
|
|
|
|
||||
|
Three Months Ended
|
||||||
(millions, except per share data) (unaudited)
|
April 30,
2016 |
|
|
May 2,
2015 |
|
||
Sales
|
$
|
16,196
|
|
|
$
|
17,119
|
|
Cost of sales
|
11,185
|
|
|
11,911
|
|
||
Gross margin
|
5,011
|
|
|
5,208
|
|
||
Selling, general and administrative expenses
|
3,153
|
|
|
3,514
|
|
||
Depreciation and amortization
|
546
|
|
|
540
|
|
||
Earnings from continuing operations before interest expense and income taxes
|
1,312
|
|
|
1,154
|
|
||
Net interest expense
|
415
|
|
|
155
|
|
||
Earnings from continuing operations before income taxes
|
897
|
|
|
999
|
|
||
Provision for income taxes
|
283
|
|
|
348
|
|
||
Net earnings from continuing operations
|
614
|
|
|
651
|
|
||
Discontinued operations, net of tax
|
18
|
|
|
(16
|
)
|
||
Net earnings
|
$
|
632
|
|
|
$
|
635
|
|
Basic earnings
/
(loss) per share
|
|
|
|
||||
Continuing operations
|
$
|
1.03
|
|
|
$
|
1.02
|
|
Discontinued operations
|
0.03
|
|
|
(0.03
|
)
|
||
Net earnings per share
|
$
|
1.06
|
|
|
$
|
0.99
|
|
Diluted earnings
/
(loss) per share
|
|
|
|
||||
Continuing operations
|
$
|
1.02
|
|
|
$
|
1.01
|
|
Discontinued operations
|
0.03
|
|
|
(0.03
|
)
|
||
Net earnings per share
|
$
|
1.05
|
|
|
$
|
0.98
|
|
Weighted average common shares outstanding
|
|
|
|
||||
Basic
|
598.3
|
|
|
640.9
|
|
||
Dilutive impact of share-based awards
|
5.5
|
|
|
5.5
|
|
||
Diluted
|
603.8
|
|
|
646.4
|
|
||
Antidilutive shares
|
—
|
|
|
—
|
|
Consolidated Statements of Comprehensive Income
|
|
||||||
|
Three Months Ended
|
||||||
(millions) (unaudited)
|
April 30,
2016 |
|
|
May 2,
2015 |
|
||
Net earnings
|
$
|
632
|
|
|
$
|
635
|
|
Other comprehensive income, net of tax
|
|
|
|
|
|
||
Pension and other benefit liabilities, net of taxes of $5 and $71
|
7
|
|
|
109
|
|
||
Currency translation adjustment and cash flow hedges, net of taxes of $1 and $0
|
5
|
|
|
—
|
|
||
Other comprehensive income
/
(loss)
|
12
|
|
|
109
|
|
||
Comprehensive income
|
$
|
644
|
|
|
$
|
744
|
|
Consolidated Statements of Financial Position
|
|
|
|
|
|
|
|
|
|||
(millions)
|
April 30,
2016 |
|
|
January 30,
2016 |
|
|
May 2,
2015 |
|
|||
Assets
|
(unaudited)
|
|
|
|
|
|
(unaudited)
|
|
|||
Cash and cash equivalents, including short term investments of $2,931, $3,008 and $2,073
|
$
|
4,036
|
|
|
$
|
4,046
|
|
|
$
|
2,768
|
|
Inventory
|
8,459
|
|
|
8,601
|
|
|
8,108
|
|
|||
Assets of discontinued operations
|
354
|
|
|
322
|
|
|
143
|
|
|||
Other current assets
|
1,099
|
|
|
1,161
|
|
|
2,037
|
|
|||
Total current assets
|
13,948
|
|
|
14,130
|
|
|
13,056
|
|
|||
Property and equipment
|
|
|
|
|
|
|
|
|
|||
Land
|
6,120
|
|
|
6,125
|
|
|
6,135
|
|
|||
Buildings and improvements
|
27,198
|
|
|
27,059
|
|
|
26,636
|
|
|||
Fixtures and equipment
|
5,112
|
|
|
5,347
|
|
|
5,004
|
|
|||
Computer hardware and software
|
2,437
|
|
|
2,617
|
|
|
2,394
|
|
|||
Construction-in-progress
|
242
|
|
|
315
|
|
|
576
|
|
|||
Accumulated depreciation
|
(16,060
|
)
|
|
(16,246
|
)
|
|
(14,966
|
)
|
|||
Property and equipment, net
|
25,049
|
|
|
25,217
|
|
|
25,779
|
|
|||
Noncurrent assets of discontinued operations
|
81
|
|
|
75
|
|
|
464
|
|
|||
Other noncurrent assets
|
830
|
|
|
840
|
|
|
969
|
|
|||
Total assets
|
$
|
39,908
|
|
|
$
|
40,262
|
|
|
$
|
40,268
|
|
Liabilities and shareholders’ investment
|
|
|
|
|
|
|
|
|
|||
Accounts payable
|
$
|
6,391
|
|
|
$
|
7,418
|
|
|
$
|
6,799
|
|
Accrued and other current liabilities
|
3,833
|
|
|
4,236
|
|
|
3,674
|
|
|||
Current portion of long-term debt and other borrowings
|
1,627
|
|
|
815
|
|
|
112
|
|
|||
Liabilities of discontinued operations
|
168
|
|
|
153
|
|
|
64
|
|
|||
Total current liabilities
|
12,019
|
|
|
12,622
|
|
|
10,649
|
|
|||
Long-term debt and other borrowings
|
12,596
|
|
|
11,945
|
|
|
12,585
|
|
|||
Deferred income taxes
|
841
|
|
|
823
|
|
|
1,249
|
|
|||
Noncurrent liabilities of discontinued operations
|
18
|
|
|
18
|
|
|
207
|
|
|||
Other noncurrent liabilities
|
1,889
|
|
|
1,897
|
|
|
1,404
|
|
|||
Total noncurrent liabilities
|
15,344
|
|
|
14,683
|
|
|
15,445
|
|
|||
Shareholders’ investment
|
|
|
|
|
|
|
|
|
|||
Common stock
|
49
|
|
|
50
|
|
|
53
|
|
|||
Additional paid-in capital
|
5,520
|
|
|
5,348
|
|
|
5,170
|
|
|||
Retained earnings
|
7,593
|
|
|
8,188
|
|
|
9,441
|
|
|||
Accumulated other comprehensive loss
|
|
|
|
|
|
|
|
|
|||
Pension and other benefit liabilities
|
(581
|
)
|
|
(588
|
)
|
|
(452
|
)
|
|||
Currency translation adjustment and cash flow hedges
|
(36
|
)
|
|
(41
|
)
|
|
(38
|
)
|
|||
Total shareholders’ investment
|
12,545
|
|
|
12,957
|
|
|
14,174
|
|
|||
Total liabilities and shareholders’ investment
|
$
|
39,908
|
|
|
$
|
40,262
|
|
|
$
|
40,268
|
|
Consolidated Statements of Cash Flows
|
|
|
|
||||
|
Three Months Ended
|
||||||
(millions) (unaudited)
|
April 30,
2016 |
|
|
May 2,
2015 |
|
||
Operating activities
|
|
|
|
|
|
||
Net earnings
|
$
|
632
|
|
|
$
|
635
|
|
Earnings / (losses) from discontinued operations, net of tax
|
18
|
|
|
(16
|
)
|
||
Net earnings from continuing operations
|
614
|
|
|
651
|
|
||
Adjustments to reconcile net earnings to cash provided by operations:
|
|
|
|
|
|
||
Depreciation and amortization
|
546
|
|
|
540
|
|
||
Share-based compensation expense
|
35
|
|
|
26
|
|
||
Deferred income taxes
|
12
|
|
|
18
|
|
||
Loss on debt extinguishment
|
261
|
|
|
—
|
|
||
Noncash (gains)
/
losses and other, net
|
(24
|
)
|
|
(19
|
)
|
||
Changes in operating accounts
|
|
|
|
|
|||
Inventory
|
142
|
|
|
180
|
|
||
Other assets
|
107
|
|
|
138
|
|
||
Accounts payable and accrued liabilities
|
(1,440
|
)
|
|
(757
|
)
|
||
Cash provided by operating activities—continuing operations
|
253
|
|
|
777
|
|
||
Cash (required for)
/
provided by operating activities—discontinued operations
|
(6
|
)
|
|
834
|
|
||
Cash provided by operations
|
247
|
|
|
1,611
|
|
||
Investing activities
|
|
|
|
|
|
||
Expenditures for property and equipment
|
(285
|
)
|
|
(352
|
)
|
||
Proceeds from disposal of property and equipment
|
3
|
|
|
6
|
|
||
Other investments
|
3
|
|
|
21
|
|
||
Cash required for investing activities—continuing operations
|
(279
|
)
|
|
(325
|
)
|
||
Cash provided by
investing activities—discontinued operations
|
—
|
|
|
19
|
|
||
Cash required for investing activities
|
(279
|
)
|
|
(306
|
)
|
||
Financing activities
|
|
|
|
|
|
||
Additions to long-term debt
|
1,979
|
|
|
—
|
|
||
Reductions of long-term debt
|
(863
|
)
|
|
(14
|
)
|
||
Dividends paid
|
(336
|
)
|
|
(333
|
)
|
||
Repurchase of stock
|
(898
|
)
|
|
(486
|
)
|
||
Prepayment of accelerated share repurchase
|
—
|
|
|
(120
|
)
|
||
Stock option exercises
|
140
|
|
|
206
|
|
||
Cash provided by
/
(required for) financing activities
|
22
|
|
|
(747
|
)
|
||
Net (decrease)
/
increase in cash and cash equivalents
|
(10
|
)
|
|
558
|
|
||
Cash and cash equivalents at beginning of period
|
4,046
|
|
|
2,210
|
|
||
Cash and cash equivalents at end of period
|
$
|
4,036
|
|
|
$
|
2,768
|
|
Fair Value Measurements - Recurring Basis
|
|
Fair Value at
|
||||||||||
(millions)
|
Pricing Category
|
April 30,
2016 |
|
|
January 30,
2016 |
|
|
May 2,
2015 |
|
|||
Assets
|
|
|
|
|
|
|
|
|
|
|||
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|||
Short-term investments
|
Level 1
|
$
|
2,931
|
|
|
$
|
3,008
|
|
|
$
|
2,073
|
|
Other current assets
|
|
|
|
|
|
|
|
|
|
|||
Interest rate swaps
(a)
|
Level 2
|
5
|
|
|
12
|
|
|
—
|
|
|||
Prepaid forward contracts
|
Level 1
|
35
|
|
|
32
|
|
|
35
|
|
|||
Beneficial interest asset
|
Level 3
|
16
|
|
|
19
|
|
|
35
|
|
|||
Other noncurrent assets
|
|
|
|
|
|
|
|
|
|
|||
Interest rate swaps
(a)
|
Level 2
|
26
|
|
|
27
|
|
|
46
|
|
|||
Beneficial interest asset
|
Level 3
|
9
|
|
|
12
|
|
|
25
|
|
|||
Liabilities
|
|
|
|
|
|
|
|
|
|
|||
Other current liabilities
|
|
|
|
|
|
|
|
|
|
|||
Interest rate swaps
(a)
|
Level 2
|
3
|
|
|
8
|
|
|
—
|
|
|||
Other noncurrent liabilities
|
|
|
|
|
|
|
|
|
|
|||
Interest rate swaps
(a)
|
Level 2
|
—
|
|
|
—
|
|
|
20
|
|
Significant Financial Instruments not Measured at Fair Value
(a)
(millions)
|
April 30, 2016
|
|
January 30, 2016
|
|
May 2, 2015
|
|||||||||||||||
Carrying
Amount
|
|
Fair
Value
|
|
|
Carrying
Amount
|
|
Fair
Value
|
|
|
Carrying
Amount
|
|
Fair
Value
|
|
|||||||
Debt
(b)
|
$
|
13,280
|
|
$
|
14,974
|
|
|
$
|
11,859
|
|
$
|
13,385
|
|
|
$
|
11,878
|
|
$
|
13,542
|
|
Data Breach Balance Sheet Rollforward
(millions)
|
Liabilities
|
|
|
Insurance Receivable
|
|
||
Balance at January 31, 2015
|
$
|
171
|
|
|
$
|
60
|
|
Expenses incurred
(a)
|
3
|
|
|
—
|
|
||
Payments made
/
received
|
(7
|
)
|
|
(5
|
)
|
||
Balance at May 2, 2015
|
$
|
167
|
|
|
$
|
55
|
|
Balance at January 30, 2016
|
$
|
80
|
|
|
$
|
20
|
|
Expenses incurred
|
—
|
|
|
—
|
|
||
Payments made
/
received
|
(1
|
)
|
|
(4
|
)
|
||
Balance at April 30, 2016
|
$
|
79
|
|
|
$
|
16
|
|
Net Pension Benefits Expense
|
Three Months Ended
|
||||||
(millions)
|
Apr 30,
2016 |
|
|
May 2,
2015 |
|
||
Service cost
|
$
|
21
|
|
|
$
|
28
|
|
Interest cost
|
34
|
|
|
38
|
|
||
Expected return on assets
|
(64
|
)
|
|
(65
|
)
|
||
Amortization of losses
|
12
|
|
|
23
|
|
||
Amortization of prior service cost
|
(3
|
)
|
|
(3
|
)
|
||
Settlement charges
|
—
|
|
|
2
|
|
||
Total
|
$
|
—
|
|
|
$
|
23
|
|
(millions)
|
Cash Flow
Hedges
|
|
|
Currency
Translation
Adjustment
|
|
|
Pension and
Other
Benefits
|
|
|
Total
|
|
||||
January 30, 2016
|
$
|
(19
|
)
|
|
$
|
(22
|
)
|
|
$
|
(588
|
)
|
|
$
|
(629
|
)
|
Other comprehensive income before reclassifications
|
—
|
|
|
4
|
|
|
3
|
|
|
7
|
|
||||
Amounts reclassified from AOCI
|
1
|
|
(a)
|
—
|
|
|
4
|
|
(b)
|
5
|
|
||||
April 30, 2016
|
$
|
(18
|
)
|
|
$
|
(18
|
)
|
|
$
|
(581
|
)
|
|
$
|
(617
|
)
|
Business Segment Results
|
Three Months Ended
|
||||||
(millions)
|
April 30,
2016 |
|
|
May 2,
2015 |
|
||
Sales
|
$
|
16,196
|
|
|
$
|
17,119
|
|
Cost of sales
|
11,185
|
|
|
11,911
|
|
||
Gross margin
|
5,011
|
|
|
5,208
|
|
||
Selling, general, and administrative expenses
(d)
|
3,142
|
|
|
3,407
|
|
||
Depreciation and amortization
|
546
|
|
|
540
|
|
||
Segment profit
|
$
|
1,323
|
|
|
$
|
1,261
|
|
Restructuring costs
(a)(d)
|
—
|
|
|
(103
|
)
|
||
Pharmacy transaction-related costs
(b)(d)
|
(11
|
)
|
|
—
|
|
||
Data Breach-related costs
(c)(d)
|
—
|
|
|
(3
|
)
|
||
Earnings from continuing operations before interest expense and income taxes
|
1,312
|
|
|
1,154
|
|
||
Net interest expense
|
415
|
|
|
155
|
|
||
Earnings from continuing operations before income taxes
|
$
|
897
|
|
|
$
|
999
|
|
Reconciliation of Segment Assets to Total Assets
(millions)
|
April 30,
2016 |
|
|
January 30,
2016 |
|
|
May 2,
2015 |
|
|||
Segment assets
|
$
|
39,457
|
|
|
$
|
39,845
|
|
|
$
|
39,606
|
|
Assets of discontinued operations
|
435
|
|
|
397
|
|
|
607
|
|
|||
Unallocated assets
(a)
|
16
|
|
|
20
|
|
|
55
|
|
|||
Total assets
|
$
|
39,908
|
|
|
$
|
40,262
|
|
|
$
|
40,268
|
|
•
|
GAAP earnings per share were
$1.05
, including
$0.03
related to discontinued operations.
|
•
|
Adjusted earnings per share from continuing operations were
$1.29
.
|
•
|
GAAP earnings per share includes a loss on early retirement of debt of $0.26.
|
•
|
First quarter comparable sales grew
1.2
percent, driven by traffic growth of
0.3
percent and a 0.9 percent increase in average transaction amount.
|
•
|
Digital channel comparable sales increased by 23 percent, contributing
0.6
percentage points to comparable sales growth.
|
•
|
We returned $1.2 billion to shareholders in the first quarter through dividends and share repurchase.
|
Earnings Per Share from Continuing Operations
|
Three Months Ended
|
|
|
|
||||||
April 30,
2016 |
|
|
May 2,
2015 |
|
|
Change
|
|
|||
GAAP diluted earnings per share
|
$
|
1.02
|
|
|
$
|
1.01
|
|
|
0.9
|
%
|
Adjustments
|
0.27
|
|
|
0.10
|
|
|
|
|||
Adjusted diluted earnings per share
|
$
|
1.29
|
|
|
$
|
1.10
|
|
|
16.5
|
%
|
|
Three Months Ended
|
|
|
|
||||||
(dollars in millions)
|
April 30,
2016 |
|
|
May 2,
2015
(a)
|
|
|
Percent
Change
|
|
||
Sales
|
$
|
16,196
|
|
|
$
|
17,119
|
|
|
(5.4
|
)%
|
Cost of sales
|
11,185
|
|
|
11,911
|
|
|
(6.1
|
)
|
||
Gross margin
|
5,011
|
|
|
5,208
|
|
|
(3.8
|
)
|
||
SG&A expenses
(b)
|
3,142
|
|
|
3,407
|
|
|
(7.8
|
)
|
||
EBITDA
|
1,869
|
|
|
1,801
|
|
|
3.8
|
|
||
Depreciation and amortization
|
546
|
|
|
540
|
|
|
1.2
|
|
||
EBIT
|
$
|
1,323
|
|
|
$
|
1,261
|
|
|
4.9
|
%
|
Rate Analysis
|
Three Months Ended
|
||||
|
April 30,
2016 |
|
|
May 2,
2015 |
|
Gross margin rate
|
30.9
|
%
|
|
30.4
|
%
|
SG&A expense rate
|
19.4
|
|
|
19.9
|
|
EBITDA margin rate
(a)
|
11.5
|
|
|
10.5
|
|
Depreciation and amortization expense rate
|
3.4
|
|
|
3.2
|
|
EBIT margin rate
(a)
|
8.2
|
|
|
7.4
|
|
Sales by Channel
|
Three Months Ended
|
||||
|
April 30,
2016 |
|
|
May 2,
2015
(a)
|
|
Stores
|
96.5
|
%
|
|
97.2
|
%
|
Digital
|
3.5
|
|
|
2.8
|
|
Total
|
100
|
%
|
|
100
|
%
|
Comparable Sales
|
Three Months Ended
|
||||
|
April 30,
2016 |
|
|
May 2,
2015 |
|
Comparable sales change
|
1.2
|
%
|
|
2.3
|
%
|
Drivers of change in comparable sales
|
|
|
|
|
|
Number of transactions
|
0.3
|
|
|
0.9
|
|
Average transaction amount
|
0.9
|
|
|
1.4
|
|
Selling price per unit
|
2.9
|
|
|
5.1
|
|
Units per transaction
|
(2.0
|
)
|
|
(3.6
|
)
|
Contribution to Comparable Sales Change
|
Three Months Ended
|
||||
|
April 30,
2016 |
|
|
May 2,
2015 |
|
Stores channel comparable sales change
|
0.6
|
%
|
|
1.5
|
%
|
Digital channel contribution to comparable sales change
|
0.6
|
|
|
0.8
|
|
Total comparable sales change
|
1.2
|
%
|
|
2.3
|
%
|
REDcard Penetration
|
Three Months Ended
|
||||
|
April 30,
2016 |
|
|
May 2,
2015 |
|
Target Debit Card
|
13.0
|
%
|
|
12.0
|
%
|
Target Credit Cards
|
10.4
|
|
|
9.4
|
|
Total REDcard Penetration
|
23.4
|
%
|
|
21.5
|
%
|
Change in Number of Stores
|
Three Months Ended
|
||||
|
April 30,
2016 |
|
|
May 2,
2015 |
|
Beginning store count
|
1,792
|
|
|
1,790
|
|
Opened
|
1
|
|
|
5
|
|
Closed
|
—
|
|
|
—
|
|
Ending store count
|
1,793
|
|
|
1,795
|
|
Number of Stores and
Retail Square Feet |
Number of Stores
|
|
Retail Square Feet
(a)
|
||||||||||
April 30,
2016 |
|
January 30,
2016 |
|
May 2,
2015 |
|
|
April 30,
2016 |
|
January 30,
2016 |
|
May 2,
2015 |
|
|
170,000 or more sq. ft.
|
278
|
|
278
|
|
280
|
|
|
49,688
|
|
49,688
|
|
50,036
|
|
50,000 to 169,999 sq. ft.
|
1,505
|
|
1,505
|
|
1,512
|
|
|
189,677
|
|
189,677
|
|
190,316
|
|
49,999 or less sq. ft.
|
10
|
|
9
|
|
3
|
|
|
211
|
|
174
|
|
62
|
|
Total
|
1,793
|
|
1,792
|
|
1,795
|
|
|
239,576
|
|
239,539
|
|
240,414
|
|
Adjusted EPS
|
|
Three Months Ended
|
||||||||||||||||||||||
|
|
April 30, 2016
|
|
May 2, 2015
|
||||||||||||||||||||
(millions, except per share data)
|
|
Pretax
|
|
|
Net of Tax
|
|
|
Per Share Amounts
|
|
|
Pretax
|
|
|
Net of Tax
|
|
|
Per Share Amounts
|
|
||||||
GAAP diluted earnings per share from continuing operations
|
|
|
|
|
|
$
|
1.02
|
|
|
|
|
|
|
$
|
1.01
|
|
||||||||
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loss on early retirement of debt
|
|
$
|
261
|
|
|
$
|
159
|
|
|
$
|
0.26
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restructuring costs
(a)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
103
|
|
|
64
|
|
|
0.10
|
|
||||||
Other
(b)
|
|
11
|
|
|
7
|
|
|
0.01
|
|
|
3
|
|
|
2
|
|
|
—
|
|
||||||
Resolution of income tax matters
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
||||||
Adjusted diluted earnings per share from continuing operations
|
|
|
|
|
|
$
|
1.29
|
|
|
|
|
|
|
$
|
1.10
|
|
After-Tax Return on Invested Capital
|
|
|
||||||||||
|
|
|
|
|
||||||||
Numerator
|
|
Trailing Twelve Months
|
|
|
||||||||
(dollars in millions)
|
|
April 30,
2016 |
|
|
May 2,
2015 |
|
|
|
||||
Earnings from continuing operations before interest expense and income taxes
|
|
$
|
5,688
|
|
|
$
|
4,667
|
|
|
|
||
+ Operating lease interest
(a)(b)
|
|
82
|
|
|
90
|
|
|
|
||||
Adjusted earnings from continuing operations before interest expense and income taxes
|
|
5,770
|
|
|
4,756
|
|
|
|
||||
- Income taxes
(c)
|
|
1,840
|
|
|
1,575
|
|
|
|
||||
Net operating profit after taxes
|
|
$
|
3,930
|
|
|
$
|
3,181
|
|
|
|
Denominator
(dollars in millions)
|
|
April 30,
2016 |
|
|
May 2,
2015 |
|
|
May 3,
2014 |
|
|||
Current portion of long-term debt and other borrowings
|
|
$
|
1,627
|
|
|
$
|
112
|
|
|
$
|
1,466
|
|
+ Noncurrent portion of long-term debt
|
|
12,596
|
|
|
12,585
|
|
|
11,315
|
|
|||
+ Shareholders' equity
|
|
12,545
|
|
|
14,174
|
|
|
16,486
|
|
|||
+ Capitalized operating lease obligations
(b)(d)
|
|
1,367
|
|
|
1,495
|
|
|
1,587
|
|
|||
- Cash and cash equivalents
|
|
4,036
|
|
|
2,768
|
|
|
677
|
|
|||
- Net assets of discontinued operations
|
|
249
|
|
|
335
|
|
|
4,573
|
|
|||
Invested capital
|
|
$
|
23,850
|
|
|
$
|
25,263
|
|
|
$
|
25,604
|
|
Average invested capital
(e)
|
|
$
|
24,556
|
|
|
$
|
25,434
|
|
|
|
After-tax return on invested capital
(f)
|
|
16.0
|
%
|
|
12.5
|
%
|
|
|
Reconciliation of Capitalized Operating Leases
|
|
Trailing Twelve Months
|
||||||||||||
(dollars in millions)
|
|
April 30,
2016 |
|
|
May 2,
2015 |
|
|
May 3,
2014 |
|
|||||
Total rent expense
|
|
$
|
171
|
|
|
$
|
187
|
|
|
$
|
199
|
|
||
Capitalized operating lease obligations (total rent expense x 8)
|
|
1,367
|
|
|
1,495
|
|
|
1,587
|
|
|||||
Operating lease interest (capitalized operating lease obligations x 6%)
|
|
82
|
|
|
90
|
|
|
n/a
|
|
Credit Ratings
|
Moody’s
|
Standard and Poor’s
|
Fitch
|
Long-term debt
|
A2
|
A
|
A-
|
Commercial paper
|
P-1
|
A-1
|
F2
|
Period
|
Total Number
of Shares
Purchased
|
|
|
Average
Price
Paid per
Share
|
|
|
Total Number of
Shares Purchased
as Part of the
Current Program
|
|
|
Dollar Value of
Shares that May
Yet Be Purchased
Under the Program
|
|
|
||
January 31, 2016 through February 27, 2016
|
|
|
|
|
|
|
|
|
||||||
Open market and privately negotiated purchases
|
3,249,514
|
|
|
$
|
70.20
|
|
|
3,249,514
|
|
|
3,193,382,756
|
|
|
|
February 28, 2016 through April 2, 2016
|
|
|
|
|
|
|
|
|
||||||
Open market and privately negotiated purchases
|
4,256,025
|
|
|
81.30
|
|
|
4,256,025
|
|
|
2,847,374,831
|
|
|
||
April 3, 2016 through April 30, 2016
|
|
|
|
|
|
|
|
|
||||||
Open market and privately negotiated purchases
|
3,891,877
|
|
|
81.98
|
|
|
3,891,877
|
|
|
2,528,305,154
|
|
|
||
Total
|
11,397,416
|
|
|
$
|
78.37
|
|
|
11,397,416
|
|
|
$
|
2,528,305,154
|
|
|
|
|
TARGET CORPORATION
|
||
|
|
||
|
|
||
Dated: May 25, 2016
|
By:
|
/s/ Cathy R. Smith
|
|
|
|
Cathy R. Smith
|
|
|
|
Executive Vice President and
|
|
|
|
Chief Financial Officer
|
|
|
|
(Duly Authorized Officer and
|
|
|
|
Principal Financial Officer)
|
|
|
|
|
|
|
|
/s/ Robert M. Harrison
|
|
|
|
|
Robert M. Harrison
|
|
|
|
Senior Vice President, Chief Accounting Officer
|
|
|
|
and Controller
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
|
|
Description
|
|
Manner of Filing
|
|
|
|
|
|
(3)A
|
|
Amended and Restated Articles of Incorporation (as amended through June 9, 2010)
|
|
Incorporated by Reference
|
|
|
|
|
|
(3)B
|
|
Bylaws (as amended through November 11, 2015)
|
|
Incorporated by Reference
|
|
|
|
|
|
(10)C
|
|
Target Corporation SPP I (2016 Plan Statement) (as amended and restated effective April 3, 2016)
|
|
Filed Electronically
|
|
|
|
|
|
(10)D
|
|
Target Corporation SPP II (2016 Plan Statement) (as amended and restated effective April 3, 2016)
|
|
Filed Electronically
|
|
|
|
|
|
(10)G
|
|
Target Corporation Officer EDCP (2016 Plan Statement) (as amended and restated effective April 3, 2016)
|
|
Filed Electronically
|
|
|
|
|
|
(10)J
|
|
Target Corporation Officer Income Continuance Policy Statement (as amended and restated effective April 3, 2016)
|
|
Filed Electronically
|
|
|
|
|
|
(10)NN
|
|
Amendment to Target Corporation SPP III (2014 Plan Statement) (effective April 3, 2016)
|
|
Filed Electronically
|
|
|
|
|
|
(12)
|
|
Statements of Computations of Ratios of Earnings to Fixed Charges
|
|
Filed Electronically
|
|
|
|
|
|
(31)A
|
|
Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed Electronically
|
|
|
|
|
|
(31)B
|
|
Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed Electronically
|
|
|
|
|
|
(32)A
|
|
Certification of the Chief Executive Officer As Adopted Pursuant to 18 U.S.C. Section 1350 Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Filed Electronically
|
|
|
|
|
|
(32)B
|
|
Certification of the Chief Financial Officer As Adopted Pursuant to 18 U.S.C. Section 1350 Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Filed Electronically
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
Filed Electronically
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
|
Filed Electronically
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
Filed Electronically
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
|
Filed Electronically
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
|
|
Filed Electronically
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
Filed Electronically
|
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