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UNITED ST ATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT T O SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 1, 2020 OR ☐ TRANSITION REPORT PURSUANT T O SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934... | 06-Target-10-K-Key-Extracts.pdf |
MANAGEMENT'S DISCUSSION AND ANALYSIS Table of Contents RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Index to Financial Statements Reconciliation of Non-GAAP Financial Measures to GAAP Measures To provide additional transparency, we have disclosed non-GAAP adjusted diluted earnings per share from continuing operations ... | 06-Target-10-K-Key-Extracts.pdf |
MANAGEMENT'S DISCUSSION AND ANALYSIS Table of Contents RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Index to Financial Statements We have also disclosed after-tax ROIC, which is a ratio based on GAAP information, with the exception of the add-back of operating lease interest to operating income. We believe this metric... | 06-Target-10-K-Key-Extracts.pdf |
FINANCIAL STATEMENTS Table of Contents Index to Financial Statements Consolidated Statements of Operations (millions, except per share data) 2019 2018 2017 Sales $ 77,130 $ 74,433 $ 71,786 Other revenue 982 923 928 Total revenue 78,112 75,356 72,714 Cost of sales 54,864 53,299 51,125 Selling, general and administrative... | 06-Target-10-K-Key-Extracts.pdf |
FINANCIAL STATEMENTS Table of Contents Index to Financial Statements Consolidated Statements of Financial Position (millions, except footnotes)February 1, 2020February 2, 2019 Assets Cash and cash equivalents $ 2,577 $ 1,556 Inventory 8,992 9,497 Other current assets 1,333 1,466 Total current assets 12,902 12,519 Prope... | 06-Target-10-K-Key-Extracts.pdf |
FINANCIAL STATEMENTS Table of Contents Index to Financial Statements Consolidated Statements of Cash Flows (millions) 2019 2018 2017 Operating activities Net earnings $ 3,281 $ 2,937 $ 2,914 Earnings from discontinued operations, net of tax 12 7 6 Net earnings from continuing operations 3,269 2,930 2,908 Adjustments to... | 06-Target-10-K-Key-Extracts.pdf |
FINANCIAL STATEMENTS Table of Contents NOTES Index to Financial Statements Significant Financial Instruments not Measured at Fair Value (a) As of February 1, 2020As of February 2, 2019 (millions)Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion (b) $ 9,992 $11,864 $10,247 $... | 06-Target-10-K-Key-Extracts.pdf |
FINANCIAL STATEMENTS Table of Contents NOTES Index to Financial Statements 13. Accrued and Other Current Liabilities Accrued and Other Current Liabilities (millions)February 1, 2020February 2, 2019 Wages and benefits $ 1,158 $ 1,229 Gift card liability, net of estimated breakage 935 840 Real estate, sales, and other ta... | 06-Target-10-K-Key-Extracts.pdf |
FINANCIAL STATEMENTS Table of Contents NOTES Index to Financial Statements 15. Commercial Paper and Long-Term Debt As of February 1, 2020, the carrying value and maturities of our debt portfolio were as follows: Debt Maturities February 1, 2020 (dollars in millions) Rate (a) Balance Due 2020-2024 3. 8 %$ 2,205 Due 2025... | 06-Target-10-K-Key-Extracts.pdf |
FINANCIAL STATEMENTS Table of Contents NOTES Index to Financial Statements 16. Derivative Financial Instruments Our derivative instruments consist of interest rate swaps used to mitigate interest rate risk. As a result, we have counterparty credit exposure to large global financial institutions, which we monitor on an ... | 06-Target-10-K-Key-Extracts.pdf |
FINANCIAL STATEMENTS Table of Contents NOTES Index to Financial Statements Leases (millions) Classification February 1, 2020February 2, 2019 Assets Operating Operating Lease Assets $ 2,236 $ 1,965 Finance Buildings and Improvements, net of Accumulated Depreciation (a) 1,180 872 Total leased assets $ 3,416 $ 2,837 Liabi... | 06-Target-10-K-Key-Extracts.pdf |
FINANCIAL STATEMENTS Table of Contents NOTES Index to Financial Statements 18. Income Taxes Earnings from continuing operations before income taxes were $4,190 million, $3,676 million, and $3,630 million during 2019, 2018, and 2017, respectively, including $653 million, $565 million, and $566 million earned by our fore... | 06-Target-10-K-Key-Extracts.pdf |
FINANCIAL STATEMENTS Table of Contents NOTES Index to Financial Statements Net Deferred Tax Asset / (Liability) (millions)February 1, 2020February 2, 2019 Gross deferred tax assets: Accrued and deferred compensation $ 264 $ 248 Accruals and reserves not currently deductible 169 181 Self-insured benefits 124 114 Deferre... | 06-Target-10-K-Key-Extracts.pdf |
FINANCIAL STATEMENTS Table of Contents NOTES Index to Financial Statements Compensation expense associated with share-based awards is recognized on a straight-line basis over the required service period and reflects estimated forfeitures. Share-based compensation expense recognized in Selling, General and Administrativ... | 06-Target-10-K-Key-Extracts.pdf |
FINANCIAL STATEMENTS Table of Contents NOTES Index to Financial Statements Performance Share Unit Activity Total Nonvested Units Performance Share Units (a)Grant Date Fair Value (b) February 2, 2019 3,623 $ 67. 47 Granted 1,447 86. 81 Forfeited (875) 66. 64 Vested (620) 72. 32 February 1, 2020 3,575 $ 72. 80 (a)Represe... | 06-Target-10-K-Key-Extracts.pdf |
FINANCIAL STATEMENTS Table of Contents NOTES Index to Financial Statements 22. Defined Contribution Plans Team members who meet eligibility requirements can participate in a defined contribution 401(k) plan by investing up to 80 percent of their eligible earnings, as limited by statute or regulation. We match 100 perce... | 06-Target-10-K-Key-Extracts.pdf |
FINANCIAL STATEMENTS Table of Contents NOTES Index to Financial Statements Estimated Future Benefit Payments (millions)Pension Benefits 2020 $ 304 2021 207 2022 216 2023 224 2024 232 2025-2029 1,266 Cost of Plans Net Pension Benefits Expense (millions) Classification 2019 2018 2017 Service cost benefits earned SG&A Exp... | 06-Target-10-K-Key-Extracts.pdf |
FINANCIAL STATEMENTS Table of Contents NOTES Index to Financial Statements Benefit Obligation Change in Projected Benefit Obligation Qualified Plan Nonqualified and International Plans (millions) 2019 2018 2019 2018 Benefit obligation at beginning of period $ 3,905 $ 4,061 $ 53 $ 63 Service cost 90 93 3 2 Interest cost... | 06-Target-10-K-Key-Extracts.pdf |
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