Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Nov. 02, 2013 | Nov. 22, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'TARGET CORP | ' |
Entity Central Index Key | '0000027419 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 2-Nov-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--02-01 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 632,087,699 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | ||||
Income Statement [Abstract] | ' | ' | ' | ' | ||||
Sales | $17,258 | $16,601 | $51,081 | $49,589 | ||||
Credit card revenues | 0 | 328 | 0 | 986 | ||||
Total revenues | 17,258 | 16,929 | 51,081 | 50,575 | ||||
Cost of sales | 12,133 | 11,569 | 35,441 | 34,406 | ||||
Selling, general and administrative expenses | 3,853 | 3,704 | 11,140 | 10,686 | ||||
Credit card expenses | 0 | 106 | 0 | 333 | ||||
Depreciation and amortization | 569 | 542 | 1,648 | 1,603 | ||||
Gain on receivables transaction | 0 | [1] | -156 | [1] | -391 | [1] | -156 | [1] |
Earnings before interest expense and income taxes | 703 | 1,164 | 3,243 | 3,703 | ||||
Net interest expense | 165 | 192 | 965 | 558 | ||||
Earnings before income taxes | 538 | 972 | 2,278 | 3,145 | ||||
Provision for income taxes | 197 | 335 | 827 | 1,107 | ||||
Net earnings | $341 | $637 | $1,451 | $2,038 | ||||
Basic earnings per share (in dollars per share) | $0.54 | $0.97 | $2.28 | $3.09 | ||||
Diluted earnings per share (in dollars per share) | $0.54 | $0.96 | $2.26 | $3.06 | ||||
Weighted average common shares outstanding | ' | ' | ' | ' | ||||
Basic (in shares) | 631.3 | 654.8 | 636 | 659.3 | ||||
Dilutive impact of share-based awards (in shares) | 6.1 | [2] | 7.4 | [2] | 7 | [2] | 6.5 | [2] |
Diluted (in shares) | 637.4 | 662.2 | 643 | 665.8 | ||||
[1] | Refer to Note 2 for more information on our credit card receivables transaction. | |||||||
[2] | Excludes 2.4 million and 2.3 million share-based awards for the three and nine months ended November 2, 2013, respectively, and 0.6 million and 6.0 million share-based awards for the three and nine months ended October 27, 2012, respectively, because their effects were antidilutive. |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Unaudited) (Parenthetical) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Antidilutive share-based awards excluded from the calculation of weighted average shares for diluted EPS | 2.4 | 0.6 | 2.3 | 6 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net earnings | $341 | $637 | $1,451 | $2,038 |
Other comprehensive income/(loss), net of tax | ' | ' | ' | ' |
Pension and other benefit liabilities, net of taxes of $8, $9, $42 and $28 | 12 | 15 | 64 | 43 |
Currency translation adjustment and cash flow hedges, net of taxes of $0, $7, $7 and $7 | -12 | 11 | -141 | 12 |
Other comprehensive income/(loss) | 0 | 26 | -77 | 55 |
Comprehensive income | $341 | $663 | $1,374 | $2,093 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Pension and other benefit liabilities, taxes | $8 | $9 | $42 | $28 |
Currency translation adjustment and cash flow hedges, taxes | $0 | $7 | $7 | $7 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Position (Unaudited) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Millions, unless otherwise specified | |||
Assets | ' | ' | ' |
Cash and cash equivalents, including short-term investments of $3, $130 and $800 | $706 | $784 | $1,469 |
Inventory | 10,376 | 7,903 | 9,533 |
Other current assets | 2,071 | 1,860 | 1,846 |
Credit card receivables, held for sale | 0 | 5,841 | 5,647 |
Total current assets | 13,153 | 16,388 | 18,495 |
Property and equipment | ' | ' | ' |
Land | 6,241 | 6,206 | 6,188 |
Buildings and improvements | 30,257 | 28,653 | 27,800 |
Fixtures and equipment | 5,535 | 5,362 | 5,280 |
Computer hardware and software | 2,644 | 2,567 | 2,418 |
Construction-in-progress | 958 | 1,176 | 1,365 |
Accumulated depreciation | -13,909 | -13,311 | -12,982 |
Property and equipment, net | 31,726 | 30,653 | 30,069 |
Other noncurrent assets | 1,494 | 1,122 | 1,015 |
Total assets | 46,373 | 48,163 | 49,579 |
Liabilities and shareholders’ investment | ' | ' | ' |
Accounts payable | 8,806 | 7,056 | 8,050 |
Accrued and other current liabilities | 3,623 | 3,981 | 3,631 |
Current portion of long-term debt and other borrowings | 2,122 | 2,994 | 4,028 |
Total current liabilities | 14,551 | 14,031 | 15,709 |
Long-term debt and other borrowings | 12,665 | 14,654 | 14,526 |
Deferred income taxes | 1,466 | 1,311 | 1,279 |
Other noncurrent liabilities | 1,535 | 1,609 | 1,713 |
Total noncurrent liabilities | 15,666 | 17,574 | 17,518 |
Shareholders’ investment | ' | ' | ' |
Common stock | 53 | 54 | 55 |
Additional paid-in capital | 4,403 | 3,925 | 3,854 |
Retained earnings | 12,353 | 13,155 | 13,069 |
Accumulated other comprehensive loss | ' | ' | ' |
Pension and other benefit liabilities | -468 | -532 | -581 |
Currency translation adjustment and cash flow hedges | -185 | -44 | -45 |
Total shareholders’ investment | 16,156 | 16,558 | 16,352 |
Total liabilities and shareholders’ investment | $46,373 | $48,163 | $49,579 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Position (Unaudited) (Parenthetical) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
In Millions, except Share data, unless otherwise specified | |||
Statement of Financial Position [Abstract] | ' | ' | ' |
Cash and cash equivalents, short-term investments | $3 | $130 | $800 |
Common Stock, shares authorized | 6,000,000,000 | 6,000,000,000 | 6,000,000,000 |
Common Stock, par value (in dollars per share) | $0.08 | $0.08 | $0.08 |
Common Stock, shares issued | 631,759,510 | 645,294,423 | 654,465,209 |
Common Stock, shares outstanding | 631,759,510 | 645,294,423 | 654,465,209 |
Preferred Stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred Stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Preferred Stock, shares issued | 0 | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 | 0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | ||
Operating activities | ' | ' | ||
Net earnings | $1,451 | $2,038 | ||
Adjustments to reconcile net earnings to cash provided by operations | ' | ' | ||
Depreciation and amortization | 1,648 | 1,603 | ||
Share-based compensation expense | 81 | 74 | ||
Deferred income taxes | 0 | 73 | ||
Bad debt expense | 41 | [1] | 141 | [1] |
Gain on receivables transaction | -391 | [2] | -156 | [2] |
Loss on debt extinguishment | 445 | 0 | ||
Noncash losses/(gains) and other, net | 3 | -15 | ||
Changes in operating accounts: | ' | ' | ||
Accounts receivable originated at Target | 157 | 97 | ||
Proceeds on sale of accounts receivable originated at Target | 2,703 | 0 | ||
Inventory | -2,461 | -1,615 | ||
Other current assets | -210 | -98 | ||
Other noncurrent assets | 32 | 0 | ||
Accounts payable | 1,744 | 1,193 | ||
Accrued and other current liabilities | -463 | -109 | ||
Other noncurrent liabilities | -27 | 122 | ||
Cash provided by operations | 4,753 | 3,348 | ||
Investing activities | ' | ' | ||
Expenditures for property and equipment | -2,839 | -2,338 | ||
Proceeds from disposal of property and equipment | 73 | 35 | ||
Change in accounts receivable originated at third parties | 121 | 192 | ||
Proceeds from sale of accounts receivable originated at third parties | 3,002 | 0 | ||
Cash paid for acquisitions, net of cash assumed | -157 | 0 | ||
Other investments | 111 | 86 | ||
Cash provided by/(required for) investing activities | 311 | -2,025 | ||
Financing activities | ' | ' | ||
Change in commercial paper, net | 107 | 0 | ||
Additions to long-term debt | 0 | 1,971 | ||
Reductions of long-term debt | -3,453 | -1,024 | ||
Dividends paid | -734 | -635 | ||
Repurchase of stock | -1,461 | -1,230 | ||
Stock option exercises and related tax benefit | 395 | 279 | ||
Other | 0 | -16 | ||
Cash required for financing activities | -5,146 | -655 | ||
Effect of exchange rate changes on cash and cash equivalents | 4 | 7 | ||
Net (decrease)/increase in cash and cash equivalents | -78 | 675 | ||
Cash and cash equivalents at beginning of period | 784 | 794 | ||
Cash and cash equivalents at end of period | $706 | $1,469 | ||
[1] | Includes net write-offs of credit card receivables prior to the sale of receivables on March 13, 2013, and bad debt expense on credit card receivables during the nine months ended October 27, 2012. | |||
[2] | Refer to Note 2 for more information on our credit card receivables transaction. |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Investment (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Nov. 02, 2013 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 |
Increase (Decrease) in Shareholders' Investment | ' | ' | ' | ' |
Balance | ' | $16,558 | $15,821 | $15,821 |
Balance (in shares) | ' | 645,294,423 | ' | ' |
Net earnings | 341 | 1,451 | 2,038 | 2,999 |
Other comprehensive income | 0 | -77 | 55 | 105 |
Dividends declared | ' | -777 | ' | -903 |
Repurchase of stock | ' | -1,478 | ' | -1,903 |
Repurchase of stock (in shares) | 0 | -21,900,000 | -21,800,000 | ' |
Stock options and awards | ' | 479 | ' | 439 |
Balance | 16,156 | 16,156 | 16,352 | 16,558 |
Balance (in shares) | 631,759,510 | 631,759,510 | 654,465,209 | 645,294,423 |
Common Stock | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Investment | ' | ' | ' | ' |
Balance | ' | 54 | 56 | 56 |
Balance (in shares) | ' | 645,300,000 | 669,300,000 | 669,300,000 |
Repurchase of stock | ' | -2 | ' | -3 |
Repurchase of stock (in shares) | ' | -21,900,000 | ' | -32,200,000 |
Stock options and awards | ' | 1 | ' | 1 |
Stock options and awards (in shares) | ' | 8,400,000 | ' | 8,200,000 |
Balance | 53 | 53 | ' | 54 |
Balance (in shares) | 631,800,000 | 631,800,000 | ' | 645,300,000 |
Additional Paid-in Capital | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Investment | ' | ' | ' | ' |
Balance | ' | 3,925 | 3,487 | 3,487 |
Stock options and awards | ' | 478 | ' | 438 |
Balance | 4,403 | 4,403 | ' | 3,925 |
Retained Earnings | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Investment | ' | ' | ' | ' |
Balance | ' | 13,155 | 12,959 | 12,959 |
Net earnings | ' | 1,451 | ' | 2,999 |
Dividends declared | ' | -777 | ' | -903 |
Repurchase of stock | ' | -1,476 | ' | -1,900 |
Balance | 12,353 | 12,353 | ' | 13,155 |
Accumulated Other Comprehensive Income/(Loss) | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Investment | ' | ' | ' | ' |
Balance | ' | -576 | -681 | -681 |
Other comprehensive income | ' | -77 | ' | 105 |
Balance | ($653) | ($653) | ' | ($576) |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Investment (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | |
Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Dividends declared per share (in dollars per share) | $1.22 | $1.02 | $1.38 |
Accounting_Policies
Accounting Policies | 9 Months Ended |
Nov. 02, 2013 | |
Accounting Policies [Abstract] | ' |
Accounting Policies | ' |
Accounting Policies | |
These financial statements should be read in conjunction with the financial statement disclosures in our 2012 Form 10-K. The same accounting policies are followed in preparing quarterly and annual financial data. All adjustments necessary for a fair presentation of quarterly operating results are reflected herein and are of a normal, recurring nature. | |
Due to the seasonal nature of our business, quarterly revenues, expenses, earnings and cash flows are not necessarily indicative of the results that may be expected for the full year. |
Credit_Card_Receivables_Transa
Credit Card Receivables Transaction | 9 Months Ended |
Nov. 02, 2013 | |
Credit Card Receivables Transaction | ' |
Credit Card Receivables Transaction | ' |
Credit Card Receivables Transaction | |
On March 13, 2013, we sold our entire U.S. consumer credit card portfolio to TD Bank Group (TD) and recognized a gain of $391 million. Consideration received included cash of $5.7 billion, equal to the gross (par) value of the outstanding receivables at the time of closing, and a $225 million beneficial interest asset. This transaction was accounted for as a sale, and the receivables are no longer reported in our Consolidated Statements of Financial Position. The beneficial interest asset effectively represents a receivable for the present value of future profit-sharing we expect to receive on the receivables sold. Concurrent with the sale of the portfolio, we repaid the nonrecourse debt collateralized by credit card receivables (2006/2007 Series Variable Funding Certificate) at par of $1.5 billion, resulting in net cash proceeds of $4.2 billion. | |
TD now underwrites, funds and owns Target Credit Card and Target Visa consumer receivables in the U.S. TD controls risk management policies and oversees regulatory compliance, and we perform account servicing and primary marketing functions. We earn a substantial portion of the profits generated by the Target Credit Card and Target Visa portfolios. Income from the TD profit-sharing arrangement and our related account servicing expenses are classified within SG&A expenses in the U.S. Segment. | |
The U.S. Segment earned credit card revenues prior to the close of the transaction, and earned $184 million and $471 million, respectively, of profit-sharing income from TD during the three and nine months ended November 2, 2013. On a consolidated basis, this profit-sharing income is offset by a $36 million and $82 million reduction in the beneficial interest asset, for a net $148 million and $389 million impact for the three and nine months ended November 2, 2013, respectively. These amounts are classified within SG&A expenses in the Consolidated Statements of Operations. | |
The $225 million beneficial interest asset recognized at the close of the transaction was reduced during the three and nine months ended November 2, 2013 by $28 million and $74 million, respectively, of profit-sharing payments related to sold receivables. The beneficial interest asset was also reduced by an $8 million revaluation adjustment during the three and nine months ended November 2, 2013. As of November 2, 2013, $143 million of a beneficial interest asset remains and is recorded within other current assets and other noncurrent assets in our Consolidated Statements of Financial Position. Based on historical payment patterns, we estimate that the beneficial interest asset will be reduced over a four-year period following the close of the transaction, with larger reductions in the early years. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||||||
Fair value measurements are categorized into one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs available at the measurement date, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data). | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements - Recurring Basis | ||||||||||||||||||||||||||||||||||||
Fair Value at | Fair Value at | Fair Value at | ||||||||||||||||||||||||||||||||||
November 2, 2013 | February 2, 2013 | October 27, 2012 | ||||||||||||||||||||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||||||||||
Short-term investments | $ | 3 | $ | — | $ | — | $ | 130 | $ | — | $ | — | $ | 800 | $ | — | $ | — | ||||||||||||||||||
Other current assets | ||||||||||||||||||||||||||||||||||||
Interest rate swaps(a) | — | 2 | — | — | 4 | — | — | 11 | — | |||||||||||||||||||||||||||
Prepaid forward contracts | 72 | — | — | 73 | — | — | 76 | — | — | |||||||||||||||||||||||||||
Beneficial interest asset(b) | — | — | 76 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other noncurrent assets | ||||||||||||||||||||||||||||||||||||
Interest rate swaps(a) | — | 68 | — | — | 85 | — | — | 90 | — | |||||||||||||||||||||||||||
Company-owned life insurance investments(c) | — | 302 | — | — | 269 | — | — | 258 | — | |||||||||||||||||||||||||||
Beneficial interest asset(b) | — | — | 67 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 75 | $ | 372 | $ | 143 | $ | 203 | $ | 358 | $ | — | $ | 876 | $ | 359 | $ | — | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Other current liabilities | ||||||||||||||||||||||||||||||||||||
Interest rate swaps(a) | $ | — | $ | — | $ | — | $ | — | $ | 2 | $ | — | $ | — | $ | 4 | $ | — | ||||||||||||||||||
Other noncurrent liabilities | ||||||||||||||||||||||||||||||||||||
Interest rate swaps(a) | — | 43 | — | — | 54 | — | — | 59 | — | |||||||||||||||||||||||||||
Total | $ | — | $ | 43 | $ | — | $ | — | $ | 56 | $ | — | $ | — | $ | 63 | $ | — | ||||||||||||||||||
(a) See Note 5 for additional information on interest rate swaps. | ||||||||||||||||||||||||||||||||||||
(b) A rollforward of the Level 3 beneficial interest asset is included in Note 2. | ||||||||||||||||||||||||||||||||||||
(c) Company-owned life insurance investments consist of equity index funds and fixed income assets. Amounts are presented net of nonrecourse loans that are secured by some of these policies. These loan amounts totaled $794 million at November 2, 2013, $817 million at February 2, 2013 and $807 million at October 27, 2012. | ||||||||||||||||||||||||||||||||||||
Valuation Technique | ||||||||||||||||||||||||||||||||||||
Short-term investments - Carrying value approximates fair value because maturities are less than three months. | ||||||||||||||||||||||||||||||||||||
Prepaid forward contracts - Initially valued at transaction price. Subsequently valued by reference to the market price of Target common stock. | ||||||||||||||||||||||||||||||||||||
Interest rate swaps - Valuation models are calibrated to initial trade price. Subsequent valuations are based on observable inputs to the valuation model (e.g., interest rates and credit spreads). | ||||||||||||||||||||||||||||||||||||
Company-owned life insurance investments - Includes investments in separate accounts valued based on market rates credited by the insurer. | ||||||||||||||||||||||||||||||||||||
Beneficial interest asset - Valued using a cash-flow based economic-profit model, which includes inputs of the forecasted performance of the receivables portfolio and a market-based discount rate. Internal data is used to forecast expected payment patterns and write-offs, revenue, and operating expenses (credit EBIT yield) related to the credit card portfolio. Changes in macroeconomic conditions in the United States could affect the estimated fair value. A one percentage point change in the forecasted credit EBIT yield would impact our fair value estimate by approximately $23 million. A one percentage point change in the forecasted discount rate would impact our fair value estimate by approximately $5 million. As described in Note 2, this beneficial interest asset effectively represents a receivable for the present value of future profit-sharing we expect to receive on the receivables sold. As a result, a portion of the profit-sharing payments we receive from TD will reduce the beneficial interest asset. As the asset is reduced over time, changes in the forecasted credit EBIT yield and the forecasted discount rate will have a smaller impact on the estimated fair value. | ||||||||||||||||||||||||||||||||||||
The carrying amount and estimated fair value of debt, a significant financial instrument not measured at fair value in the Consolidated Statements of Financial Position, was $12,754 million and $14,155 million, respectively, at November 2, 2013, $15,618 million and $18,143 million, respectively, at February 2, 2013, and $16,647 million and $19,796 million, respectively at October 27, 2012. The fair value of debt is generally measured using a discounted cash flow analysis based on current market interest rates for similar types of financial instruments and would be classified as Level 2. The carrying amount and estimated fair value of debt excludes unamortized swap valuation adjustments and capital lease obligations. | ||||||||||||||||||||||||||||||||||||
The carrying amounts of accounts payable and certain accrued and other current liabilities approximate fair value due to their short-term nature. |
Notes_Payable_and_LongTerm_Deb
Notes Payable and Long-Term Debt | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Notes Payable and Long-Term Debt | ' | |||||||||||||||
Notes Payable and Long-Term Debt | ||||||||||||||||
We obtain short-term financing from time to time under our commercial paper program, a form of notes payable. | ||||||||||||||||
Commercial Paper | Three Months Ended | Nine Months Ended | ||||||||||||||
(dollars in millions) | November 2, | October 27, | November 2, | October 27, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Maximum daily amount outstanding during the period | $ | 1,173 | $ | — | $ | 1,465 | $ | 620 | ||||||||
Average daily amount outstanding during the period | 528 | — | 439 | 134 | ||||||||||||
Amount outstanding at period-end | 1,077 | — | 1,077 | — | ||||||||||||
Weighted average interest rate | 0.13 | % | n/a | 0.14 | % | 0.16 | % | |||||||||
Concurrent with the sale of our credit card receivables portfolio, we repaid $1.5 billion of nonrecourse debt collateralized by credit card receivables (the 2006/2007 Series Variable Funding Certificate). We also used $1.4 billion of proceeds from the transaction to repurchase at market value an additional $970 million of debt during the first quarter of 2013. We recognized a loss on this early retirement of $445 million, which was recorded in net interest expense in our Consolidated Statements of Operations. Refer to Note 2 for more information on our credit card receivables transaction. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||
We use interest rate swaps to mitigate interest-rate risk. As a result of our use of derivative instruments, we have counterparty credit risk with large global financial institutions. We monitor this concentration of counterparty credit risk on an ongoing basis. See Note 3 for a description of the fair value measurement of our derivative instruments and their classification on the Consolidated Statements of Financial Position. | ||||||||||||||||||
As of November 2, 2013 and October 27, 2012, one swap was designated as a fair value hedge for accounting purposes, and no ineffectiveness was recognized during the three and nine months ended November 2, 2013 or October 27, 2012. | ||||||||||||||||||
Periodic payments, valuation adjustments and amortization of gains or losses on our derivative contracts had the following effect on our Consolidated Statements of Operations: | ||||||||||||||||||
Derivative Contracts - Effect on Results of Operations | Three Months Ended | Nine Months Ended | ||||||||||||||||
(millions) | ||||||||||||||||||
Type of Contract | Classification of Income/(Expense) | November 2, | October 27, | November 2, | October 27, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Interest rate swaps | Net interest expense | $ | 6 | $ | 12 | $ | 21 | $ | 32 | |||||||||
The amount remaining on unamortized hedged debt valuation gains from terminated or de-designated interest rate swaps that will be amortized into earnings over the remaining lives of the underlying debt totaled $59 million, $75 million and $84 million, at November 2, 2013, February 2, 2013 and October 27, 2012, respectively. |
Share_Repurchase
Share Repurchase | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Share Repurchase | ' | |||||||||||||||
Share Repurchase | ||||||||||||||||
Share Repurchases | Three Months Ended | Nine Months Ended | ||||||||||||||
(millions, except per share data) | November 2, | October 27, | November 2, | October 27, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Total number of shares purchased | — | 1.7 | 21.9 | 21.8 | ||||||||||||
Average price paid per share | $ | — | $ | 62.9 | $ | 67.41 | $ | 57.53 | ||||||||
Total investment | $ | — | $ | 104 | $ | 1,474 | $ | 1,255 | ||||||||
Of the shares reacquired, a portion was delivered upon settlement of prepaid forward contracts as follows: | ||||||||||||||||
Settlement of Prepaid Forward Contracts(a) | Three Months Ended | Nine Months Ended | ||||||||||||||
(millions) | November 2, | October 27, | November 2, | October 27, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Total number of shares purchased | — | 0.1 | 0.2 | 0.5 | ||||||||||||
Total cash investment | $ | — | $ | 4 | $ | 14 | $ | 25 | ||||||||
Aggregate market value(b) | $ | — | $ | 5 | $ | 17 | $ | 29 | ||||||||
(a) These contracts are among the investment vehicles used to reduce our economic exposure related to our nonqualified deferred compensation plans. The details of our positions in prepaid forward contracts are provided in Note 7. | ||||||||||||||||
(b) At their respective settlement dates. |
Pension_Postretirement_Health_
Pension, Postretirement Health Care and Other Benefits | 9 Months Ended | |||||||||||||||||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Pension, Postretirement Health Care and Other Benefits | ' | |||||||||||||||||||||||||||||||
Pension, Postretirement Health Care and Other Benefits | ||||||||||||||||||||||||||||||||
Pension and Postretirement Health Care Benefits | ||||||||||||||||||||||||||||||||
We have qualified defined benefit pension plans, unfunded nonqualified pension plans and provide certain postretirement health care benefits to eligible team members. | ||||||||||||||||||||||||||||||||
Net Pension and Postretirement | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||||||||||||||||||
Health Care Benefits Expense | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
(millions) | Nov 2, | Oct 27, | Nov 2, | Oct 27, | Nov 2, | Oct 27, | Nov 2, | Oct 27, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Service cost | $ | 29 | $ | 30 | $ | 88 | $ | 90 | $ | 2 | $ | 3 | $ | 5 | $ | 7 | ||||||||||||||||
Interest cost | 35 | 35 | 104 | 105 | — | 1 | 1 | 2 | ||||||||||||||||||||||||
Expected return on assets | (59 | ) | (55 | ) | (176 | ) | (165 | ) | — | — | — | — | ||||||||||||||||||||
Amortization of losses | 26 | 26 | 76 | 78 | 1 | — | 4 | 2 | ||||||||||||||||||||||||
Amortization of prior service cost | (3 | ) | — | (8 | ) | — | (4 | ) | (3 | ) | (12 | ) | (7 | ) | ||||||||||||||||||
Total | $ | 28 | $ | 36 | $ | 84 | $ | 108 | $ | (1 | ) | $ | 1 | $ | (2 | ) | $ | 4 | ||||||||||||||
Other Benefits | ||||||||||||||||||||||||||||||||
We offer unfunded nonqualified deferred compensation plans to certain team members. We mitigate some of our risk of these plans through investing in vehicles, including company-owned life insurance and prepaid forward contracts in our own common stock, that offset a substantial portion of our economic exposure to the returns of these plans. These investment vehicles are general corporate assets and are marked to market with the related gains and losses recognized in the Consolidated Statements of Operations in the period they occur. | ||||||||||||||||||||||||||||||||
The total change in fair value for contracts indexed to our own common stock recognized in earnings was a pretax loss of $7 million and pretax income of $3 million for the three months ended November 2, 2013 and October 27, 2012, respectively, and pretax income of $5 million and $18 million for the nine months ended November 2, 2013 and October 27, 2012, respectively. For the nine months ended November 2, 2013 and October 27, 2012, we invested $11 million and $19 million, respectively, in such investment instruments. This activity is included in the Consolidated Statements of Cash Flows within other investing activities. Adjusting our position in these investment vehicles may involve repurchasing shares of Target common stock when settling the forward contracts as described in Note 6. The settlement dates of these instruments are regularly renegotiated with the counterparty. | ||||||||||||||||||||||||||||||||
Prepaid Forward Contracts on Target Common Stock | Number of | Contractual | Fair Value | Total Cash | ||||||||||||||||||||||||||||
Shares | Price Paid | Investment | ||||||||||||||||||||||||||||||
(millions, except per share data) | per Share | |||||||||||||||||||||||||||||||
27-Oct-12 | 1.2 | $ | 45.46 | $ | 76 | $ | 54 | |||||||||||||||||||||||||
2-Feb-13 | 1.2 | 45.46 | 73 | 54 | ||||||||||||||||||||||||||||
2-Nov-13 | 1.1 | 46.52 | 72 | 52 | ||||||||||||||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||
(millions) | Cash Flow | Currency | Pension and | Total | ||||||||||||
Hedges | Translation | Other | ||||||||||||||
Adjustment | Benefit | |||||||||||||||
February 2, 2013 | $ | (29 | ) | $ | (15 | ) | $ | (532 | ) | $ | (576 | ) | ||||
Other comprehensive income before reclassifications | — | (30 | ) | 28 | (2 | ) | ||||||||||
Amounts reclassified from AOCI | 1 | (a) | — | 12 | (b) | 13 | ||||||||||
4-May-13 | $ | (28 | ) | $ | (45 | ) | $ | (492 | ) | $ | (565 | ) | ||||
Other comprehensive income before reclassifications | — | (101 | ) | — | (101 | ) | ||||||||||
Amounts reclassified from AOCI | 1 | (a) | — | 12 | (b) | 13 | ||||||||||
3-Aug-13 | $ | (27 | ) | $ | (146 | ) | $ | (480 | ) | $ | (653 | ) | ||||
Other comprehensive income before reclassifications | — | (13 | ) | — | (13 | ) | ||||||||||
Amounts reclassified from AOCI | 1 | (a) | — | 12 | (b) | 13 | ||||||||||
November 2, 2013 | $ | (26 | ) | $ | (159 | ) | $ | (468 | ) | $ | (653 | ) | ||||
(a) Represents gains and losses on cash flow hedges, net of $1 million of taxes, which is recorded in net interest expense on the Consolidated Statements of Operations. | ||||||||||||||||
(b) Represents amortization of pension and other benefit liabilities, net of $8 million of taxes, which is recorded in SG&A expenses on the Consolidated Statements of Operations. See Note 7 for additional information. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||
We operate as two segments: U.S. and Canadian. Our segment measure of profit is used by management to evaluate the return on our investment and to make operating decisions. | ||||||||||||||||||||||||
Business Segment Results | Three Months Ended November 2, 2013 | Three Months Ended October 27, 2012 | ||||||||||||||||||||||
(millions) | U.S. | Canadian | Total | U.S. | Canadian | Total | ||||||||||||||||||
Sales | $ | 16,925 | $ | 333 | $ | 17,258 | $ | 16,601 | $ | — | $ | 16,601 | ||||||||||||
Cost of sales | 11,849 | 284 | 12,133 | 11,569 | — | 11,569 | ||||||||||||||||||
Selling, general and administrative expenses(a) | 3,595 | 221 | 3,817 | 3,409 | 72 | 3,482 | ||||||||||||||||||
Depreciation and amortization | 504 | 66 | 569 | 519 | 24 | 542 | ||||||||||||||||||
Segment profit | $ | 977 | $ | (238 | ) | $ | 739 | $ | 1,104 | $ | (96 | ) | $ | 1,008 | ||||||||||
Gain on receivables transaction(b) | — | 156 | ||||||||||||||||||||||
Reduction of beneficial interest asset(a) | (36 | ) | — | |||||||||||||||||||||
Earnings before interest expense and income taxes | 703 | 1,164 | ||||||||||||||||||||||
Net interest expense | 165 | 192 | ||||||||||||||||||||||
Earnings before income taxes | $ | 538 | $ | 972 | ||||||||||||||||||||
Business Segment Results | Nine Months Ended November 2, 2013 | Nine Months Ended October 27, 2012 | ||||||||||||||||||||||
(millions) | U.S. | Canadian | Total | U.S. | Canadian | Total | ||||||||||||||||||
Sales | $ | 50,387 | $ | 694 | $ | 51,081 | $ | 49,589 | $ | — | $ | 49,589 | ||||||||||||
Cost of sales | 34,916 | 525 | 35,441 | 34,406 | — | 34,406 | ||||||||||||||||||
Selling, general and administrative expenses(a) | 10,437 | 621 | 11,058 | 9,879 | 154 | 10,033 | ||||||||||||||||||
Depreciation and amortization | 1,488 | 160 | 1,648 | 1,537 | 67 | 1,603 | ||||||||||||||||||
Segment profit | 3,546 | (612 | ) | 2,934 | 3,767 | (221 | ) | 3,547 | ||||||||||||||||
Gain on receivables transaction(b) | 391 | 156 | ||||||||||||||||||||||
Reduction of beneficial interest asset(a) | (82 | ) | — | |||||||||||||||||||||
Earnings before interest expense and income taxes | 3,243 | 3,703 | ||||||||||||||||||||||
Net interest expense | 965 | 558 | ||||||||||||||||||||||
Earnings before income taxes | $ | 2,278 | $ | 3,145 | ||||||||||||||||||||
Note: The sum of the segment amounts may not equal the total amounts due to rounding. | ||||||||||||||||||||||||
Note: Through fiscal 2012, we operated as three business segments: U.S. Retail, U.S. Credit Card and Canadian. Following the sale of our credit card receivables portfolio described in Note 2, we operate as two segments: U.S. and Canadian. Prior period segment results have been revised to reflect the combination of our historical U.S. Retail Segment and U.S. Credit Card Segment into one U.S. Segment. | ||||||||||||||||||||||||
(a) Our U.S. Segment includes all TD profit-sharing amounts in segment EBIT; however, under GAAP, some amounts received from TD reduce the beneficial interest asset and are not recorded in consolidated earnings. Segment SG&A expenses plus these amounts equal consolidated SG&A expenses. | ||||||||||||||||||||||||
(b) Refer to Note 2 for more information on our credit card receivables transaction. | ||||||||||||||||||||||||
Total Assets by Segment | November 2, | February 2, | October 27, | |||||||||||||||||||||
(millions) | 2013 | 2013 | 2012 | |||||||||||||||||||||
U.S. | $ | 39,747 | $ | 43,289 | $ | 45,453 | ||||||||||||||||||
Canadian | 6,483 | 4,722 | 3,970 | |||||||||||||||||||||
Total segment assets | 46,230 | 48,011 | 49,423 | |||||||||||||||||||||
Unallocated assets(a) | 143 | 152 | 156 | |||||||||||||||||||||
Total assets | $ | 46,373 | $ | 48,163 | $ | 49,579 | ||||||||||||||||||
Note: Prior period segment results have been revised to reflect the combination of our historical U.S. Retail Segment and U.S. Credit Card Segment into one U.S. Segment. | ||||||||||||||||||||||||
(a) Represents the beneficial interest asset for the period ended November 2, 2013. For the periods ended February 2, 2013, and October 27, 2012, represents the net adjustment to eliminate our allowance for doubtful accounts and record our credit card receivables at lower of cost (par) or fair value. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Fair Value Measurements - Recurring Basis | ' | |||||||||||||||||||||||||||||||||||
Fair Value Measurements - Recurring Basis | ||||||||||||||||||||||||||||||||||||
Fair Value at | Fair Value at | Fair Value at | ||||||||||||||||||||||||||||||||||
November 2, 2013 | February 2, 2013 | October 27, 2012 | ||||||||||||||||||||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||||||||||
Short-term investments | $ | 3 | $ | — | $ | — | $ | 130 | $ | — | $ | — | $ | 800 | $ | — | $ | — | ||||||||||||||||||
Other current assets | ||||||||||||||||||||||||||||||||||||
Interest rate swaps(a) | — | 2 | — | — | 4 | — | — | 11 | — | |||||||||||||||||||||||||||
Prepaid forward contracts | 72 | — | — | 73 | — | — | 76 | — | — | |||||||||||||||||||||||||||
Beneficial interest asset(b) | — | — | 76 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other noncurrent assets | ||||||||||||||||||||||||||||||||||||
Interest rate swaps(a) | — | 68 | — | — | 85 | — | — | 90 | — | |||||||||||||||||||||||||||
Company-owned life insurance investments(c) | — | 302 | — | — | 269 | — | — | 258 | — | |||||||||||||||||||||||||||
Beneficial interest asset(b) | — | — | 67 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 75 | $ | 372 | $ | 143 | $ | 203 | $ | 358 | $ | — | $ | 876 | $ | 359 | $ | — | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Other current liabilities | ||||||||||||||||||||||||||||||||||||
Interest rate swaps(a) | $ | — | $ | — | $ | — | $ | — | $ | 2 | $ | — | $ | — | $ | 4 | $ | — | ||||||||||||||||||
Other noncurrent liabilities | ||||||||||||||||||||||||||||||||||||
Interest rate swaps(a) | — | 43 | — | — | 54 | — | — | 59 | — | |||||||||||||||||||||||||||
Total | $ | — | $ | 43 | $ | — | $ | — | $ | 56 | $ | — | $ | — | $ | 63 | $ | — | ||||||||||||||||||
(a) See Note 5 for additional information on interest rate swaps. | ||||||||||||||||||||||||||||||||||||
(b) A rollforward of the Level 3 beneficial interest asset is included in Note 2. | ||||||||||||||||||||||||||||||||||||
(c) Company-owned life insurance investments consist of equity index funds and fixed income assets. Amounts are presented net of nonrecourse loans that are secured by some of these policies. These loan amounts totaled $794 million at November 2, 2013, $817 million at February 2, 2013 and $807 million at October 27, 2012. |
Notes_Payable_and_LongTerm_Deb1
Notes Payable and Long-Term Debt (Tables) | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Commercial Paper | ' | |||||||||||||||
Commercial Paper | Three Months Ended | Nine Months Ended | ||||||||||||||
(dollars in millions) | November 2, | October 27, | November 2, | October 27, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Maximum daily amount outstanding during the period | $ | 1,173 | $ | — | $ | 1,465 | $ | 620 | ||||||||
Average daily amount outstanding during the period | 528 | — | 439 | 134 | ||||||||||||
Amount outstanding at period-end | 1,077 | — | 1,077 | — | ||||||||||||
Weighted average interest rate | 0.13 | % | n/a | 0.14 | % | 0.16 | % | |||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Derivative Contracts - Effect on Results of Operations | ' | |||||||||||||||||
Periodic payments, valuation adjustments and amortization of gains or losses on our derivative contracts had the following effect on our Consolidated Statements of Operations: | ||||||||||||||||||
Derivative Contracts - Effect on Results of Operations | Three Months Ended | Nine Months Ended | ||||||||||||||||
(millions) | ||||||||||||||||||
Type of Contract | Classification of Income/(Expense) | November 2, | October 27, | November 2, | October 27, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Interest rate swaps | Net interest expense | $ | 6 | $ | 12 | $ | 21 | $ | 32 | |||||||||
Share_Repurchase_Tables
Share Repurchase (Tables) | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Share Repurchases | ' | |||||||||||||||
Share Repurchases | Three Months Ended | Nine Months Ended | ||||||||||||||
(millions, except per share data) | November 2, | October 27, | November 2, | October 27, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Total number of shares purchased | — | 1.7 | 21.9 | 21.8 | ||||||||||||
Average price paid per share | $ | — | $ | 62.9 | $ | 67.41 | $ | 57.53 | ||||||||
Total investment | $ | — | $ | 104 | $ | 1,474 | $ | 1,255 | ||||||||
Settlement of Prepaid Forward Contracts | ' | |||||||||||||||
Of the shares reacquired, a portion was delivered upon settlement of prepaid forward contracts as follows: | ||||||||||||||||
Settlement of Prepaid Forward Contracts(a) | Three Months Ended | Nine Months Ended | ||||||||||||||
(millions) | November 2, | October 27, | November 2, | October 27, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Total number of shares purchased | — | 0.1 | 0.2 | 0.5 | ||||||||||||
Total cash investment | $ | — | $ | 4 | $ | 14 | $ | 25 | ||||||||
Aggregate market value(b) | $ | — | $ | 5 | $ | 17 | $ | 29 | ||||||||
(a) These contracts are among the investment vehicles used to reduce our economic exposure related to our nonqualified deferred compensation plans. The details of our positions in prepaid forward contracts are provided in Note 7. | ||||||||||||||||
(b) At their respective settlement dates. |
Pension_Postretirement_Health_1
Pension, Postretirement Health Care and Other Benefits (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Net Pension and Postretirement Health Care Benefits Expense | ' | |||||||||||||||||||||||||||||||
Net Pension and Postretirement | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||||||||||||||||||
Health Care Benefits Expense | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
(millions) | Nov 2, | Oct 27, | Nov 2, | Oct 27, | Nov 2, | Oct 27, | Nov 2, | Oct 27, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Service cost | $ | 29 | $ | 30 | $ | 88 | $ | 90 | $ | 2 | $ | 3 | $ | 5 | $ | 7 | ||||||||||||||||
Interest cost | 35 | 35 | 104 | 105 | — | 1 | 1 | 2 | ||||||||||||||||||||||||
Expected return on assets | (59 | ) | (55 | ) | (176 | ) | (165 | ) | — | — | — | — | ||||||||||||||||||||
Amortization of losses | 26 | 26 | 76 | 78 | 1 | — | 4 | 2 | ||||||||||||||||||||||||
Amortization of prior service cost | (3 | ) | — | (8 | ) | — | (4 | ) | (3 | ) | (12 | ) | (7 | ) | ||||||||||||||||||
Total | $ | 28 | $ | 36 | $ | 84 | $ | 108 | $ | (1 | ) | $ | 1 | $ | (2 | ) | $ | 4 | ||||||||||||||
Prepaid Forward Contracts on Target Common Stock | ' | |||||||||||||||||||||||||||||||
Prepaid Forward Contracts on Target Common Stock | Number of | Contractual | Fair Value | Total Cash | ||||||||||||||||||||||||||||
Shares | Price Paid | Investment | ||||||||||||||||||||||||||||||
(millions, except per share data) | per Share | |||||||||||||||||||||||||||||||
27-Oct-12 | 1.2 | $ | 45.46 | $ | 76 | $ | 54 | |||||||||||||||||||||||||
2-Feb-13 | 1.2 | 45.46 | 73 | 54 | ||||||||||||||||||||||||||||
2-Nov-13 | 1.1 | 46.52 | 72 | 52 | ||||||||||||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||
Nov. 02, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Summary of the changes in accumulated other comprehensive income (AOCI) by component | ' | |||||||||||||||
(millions) | Cash Flow | Currency | Pension and | Total | ||||||||||||
Hedges | Translation | Other | ||||||||||||||
Adjustment | Benefit | |||||||||||||||
February 2, 2013 | $ | (29 | ) | $ | (15 | ) | $ | (532 | ) | $ | (576 | ) | ||||
Other comprehensive income before reclassifications | — | (30 | ) | 28 | (2 | ) | ||||||||||
Amounts reclassified from AOCI | 1 | (a) | — | 12 | (b) | 13 | ||||||||||
4-May-13 | $ | (28 | ) | $ | (45 | ) | $ | (492 | ) | $ | (565 | ) | ||||
Other comprehensive income before reclassifications | — | (101 | ) | — | (101 | ) | ||||||||||
Amounts reclassified from AOCI | 1 | (a) | — | 12 | (b) | 13 | ||||||||||
3-Aug-13 | $ | (27 | ) | $ | (146 | ) | $ | (480 | ) | $ | (653 | ) | ||||
Other comprehensive income before reclassifications | — | (13 | ) | — | (13 | ) | ||||||||||
Amounts reclassified from AOCI | 1 | (a) | — | 12 | (b) | 13 | ||||||||||
November 2, 2013 | $ | (26 | ) | $ | (159 | ) | $ | (468 | ) | $ | (653 | ) | ||||
(a) Represents gains and losses on cash flow hedges, net of $1 million of taxes, which is recorded in net interest expense on the Consolidated Statements of Operations. | ||||||||||||||||
(b) Represents amortization of pension and other benefit liabilities, net of $8 million of taxes, which is recorded in SG&A expenses on the Consolidated Statements of Operations. See Note 7 for additional information. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||||||||||
Nov. 02, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Business Segment Results and Total Assets by Segment | ' | |||||||||||||||||||||||
Business Segment Results | Three Months Ended November 2, 2013 | Three Months Ended October 27, 2012 | ||||||||||||||||||||||
(millions) | U.S. | Canadian | Total | U.S. | Canadian | Total | ||||||||||||||||||
Sales | $ | 16,925 | $ | 333 | $ | 17,258 | $ | 16,601 | $ | — | $ | 16,601 | ||||||||||||
Cost of sales | 11,849 | 284 | 12,133 | 11,569 | — | 11,569 | ||||||||||||||||||
Selling, general and administrative expenses(a) | 3,595 | 221 | 3,817 | 3,409 | 72 | 3,482 | ||||||||||||||||||
Depreciation and amortization | 504 | 66 | 569 | 519 | 24 | 542 | ||||||||||||||||||
Segment profit | $ | 977 | $ | (238 | ) | $ | 739 | $ | 1,104 | $ | (96 | ) | $ | 1,008 | ||||||||||
Gain on receivables transaction(b) | — | 156 | ||||||||||||||||||||||
Reduction of beneficial interest asset(a) | (36 | ) | — | |||||||||||||||||||||
Earnings before interest expense and income taxes | 703 | 1,164 | ||||||||||||||||||||||
Net interest expense | 165 | 192 | ||||||||||||||||||||||
Earnings before income taxes | $ | 538 | $ | 972 | ||||||||||||||||||||
Business Segment Results | Nine Months Ended November 2, 2013 | Nine Months Ended October 27, 2012 | ||||||||||||||||||||||
(millions) | U.S. | Canadian | Total | U.S. | Canadian | Total | ||||||||||||||||||
Sales | $ | 50,387 | $ | 694 | $ | 51,081 | $ | 49,589 | $ | — | $ | 49,589 | ||||||||||||
Cost of sales | 34,916 | 525 | 35,441 | 34,406 | — | 34,406 | ||||||||||||||||||
Selling, general and administrative expenses(a) | 10,437 | 621 | 11,058 | 9,879 | 154 | 10,033 | ||||||||||||||||||
Depreciation and amortization | 1,488 | 160 | 1,648 | 1,537 | 67 | 1,603 | ||||||||||||||||||
Segment profit | 3,546 | (612 | ) | 2,934 | 3,767 | (221 | ) | 3,547 | ||||||||||||||||
Gain on receivables transaction(b) | 391 | 156 | ||||||||||||||||||||||
Reduction of beneficial interest asset(a) | (82 | ) | — | |||||||||||||||||||||
Earnings before interest expense and income taxes | 3,243 | 3,703 | ||||||||||||||||||||||
Net interest expense | 965 | 558 | ||||||||||||||||||||||
Earnings before income taxes | $ | 2,278 | $ | 3,145 | ||||||||||||||||||||
Note: The sum of the segment amounts may not equal the total amounts due to rounding. | ||||||||||||||||||||||||
Note: Through fiscal 2012, we operated as three business segments: U.S. Retail, U.S. Credit Card and Canadian. Following the sale of our credit card receivables portfolio described in Note 2, we operate as two segments: U.S. and Canadian. Prior period segment results have been revised to reflect the combination of our historical U.S. Retail Segment and U.S. Credit Card Segment into one U.S. Segment. | ||||||||||||||||||||||||
(a) Our U.S. Segment includes all TD profit-sharing amounts in segment EBIT; however, under GAAP, some amounts received from TD reduce the beneficial interest asset and are not recorded in consolidated earnings. Segment SG&A expenses plus these amounts equal consolidated SG&A expenses. | ||||||||||||||||||||||||
(b) Refer to Note 2 for more information on our credit card receivables transaction. | ||||||||||||||||||||||||
Total Assets by Segment | November 2, | February 2, | October 27, | |||||||||||||||||||||
(millions) | 2013 | 2013 | 2012 | |||||||||||||||||||||
U.S. | $ | 39,747 | $ | 43,289 | $ | 45,453 | ||||||||||||||||||
Canadian | 6,483 | 4,722 | 3,970 | |||||||||||||||||||||
Total segment assets | 46,230 | 48,011 | 49,423 | |||||||||||||||||||||
Unallocated assets(a) | 143 | 152 | 156 | |||||||||||||||||||||
Total assets | $ | 46,373 | $ | 48,163 | $ | 49,579 | ||||||||||||||||||
Note: Prior period segment results have been revised to reflect the combination of our historical U.S. Retail Segment and U.S. Credit Card Segment into one U.S. Segment. | ||||||||||||||||||||||||
(a) Represents the beneficial interest asset for the period ended November 2, 2013. For the periods ended February 2, 2013, and October 27, 2012, represents the net adjustment to eliminate our allowance for doubtful accounts and record our credit card receivables at lower of cost (par) or fair value. |
Credit_Card_Receivables_Transa1
Credit Card Receivables Transaction (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||||
Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Mar. 13, 2013 | 4-May-13 | Mar. 13, 2013 | |||||
Nonrecourse | Nonrecourse | Credit card receivables | |||||||||
Accounts, Notes, Loans and Financing Receivable | ' | ' | ' | ' | ' | ' | ' | ||||
Gain on sale of receivables | $0 | [1] | $156,000,000 | [1] | $391,000,000 | [1] | $156,000,000 | [1] | ' | ' | $391,000,000 |
Consideration from sale of consumer credit card portfolio | ' | ' | ' | ' | ' | ' | 5,700,000,000 | ||||
Consideration in form of beneficial interest asset | ' | ' | ' | ' | ' | ' | 225,000,000 | ||||
Repayment of 2006/2007 Series Variable Funding Certificate at par | ' | ' | ' | ' | 1,500,000,000 | 1,500,000,000 | ' | ||||
Net cash proceeds from sale of consumer credit card portfolio | ' | ' | ' | ' | ' | ' | 4,200,000,000 | ||||
Profit-sharing income recognized from credit card portfolio sale transaction | 184,000,000 | ' | 471,000,000 | ' | ' | ' | ' | ||||
Reduction in the beneficial interest asset related to the profit sharing agreement | 36,000,000 | [2] | 0 | [2] | 82,000,000 | [2] | 0 | [2] | ' | ' | ' |
Profit-sharing income recognized, net of offsetting, with reduction in beneficial interest asset | 148,000,000 | ' | 389,000,000 | ' | ' | ' | ' | ||||
Decrease in beneficial interest asset related to profit-sharing payments related to sold receivables | 28,000,000 | ' | 74,000,000 | ' | ' | ' | ' | ||||
Net revaluation adjustment in the beneficial interest asset | 8,000,000 | ' | ' | ' | ' | ' | ' | ||||
Beneficial interest asset | $143,000,000 | ' | $143,000,000 | ' | ' | ' | ' | ||||
Amortization period of beneficial interest asset | ' | ' | '4 years | ' | ' | ' | ' | ||||
[1] | Refer to Note 2 for more information on our credit card receivables transaction. | ||||||||||
[2] | Our U.S. Segment includes all TD profit-sharing amounts in segment EBIT; however, under GAAP, some amounts received from TD reduce the beneficial interest asset and are not recorded in consolidated earnings. Segment SG&A expenses plus these amounts equal consolidated SG&A expenses. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | |||
In Millions, unless otherwise specified | instrument | instrument | ||||
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ' | |||
Other current assets | $2,071 | $1,860 | $1,846 | |||
Other noncurrent assets | 1,494 | 1,122 | 1,015 | |||
Other noncurrent liabilities | 1,535 | 1,609 | 1,713 | |||
Number of derivative instruments designated as accounting hedge | 1 | ' | 1 | |||
Company-owned life insurance investments | Fair value measured on recurring basis | ' | ' | ' | |||
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ' | |||
Company-owned life insurance investments | 794 | 817 | 807 | |||
Interest Rate Swap | ' | ' | ' | |||
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ' | |||
Number of derivative instruments designated as accounting hedge | ' | 1 | 1 | |||
Level 1 | Fair value measured on recurring basis | ' | ' | ' | |||
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ' | |||
Total | 75 | 203 | 876 | |||
Level 1 | Short-term investments | Fair value measured on recurring basis | ' | ' | ' | |||
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ' | |||
Cash and cash equivalents | 3 | 130 | 800 | |||
Level 1 | Prepaid forward contracts | Fair value measured on recurring basis | ' | ' | ' | |||
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ' | |||
Other current assets | 72 | 73 | 76 | |||
Level 2 | Fair value measured on recurring basis | ' | ' | ' | |||
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ' | |||
Total | 372 | 358 | 359 | |||
Total | 43 | 56 | 63 | |||
Level 2 | Company-owned life insurance investments | Fair value measured on recurring basis | ' | ' | ' | |||
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ' | |||
Other noncurrent assets | 302 | [1] | 269 | [1] | 258 | [1] |
Level 2 | Prepaid forward contracts | Fair value measured on recurring basis | ' | ' | ' | |||
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ' | |||
Other current assets | 2 | ' | ' | |||
Level 2 | Interest Rate Swap | Fair value measured on recurring basis | ' | ' | ' | |||
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ' | |||
Other current assets | ' | 4 | [2] | 11 | [2] | |
Other noncurrent assets | 68 | [2] | 85 | [2] | 90 | [2] |
Other current liabilities | ' | 2 | [2] | 4 | [2] | |
Other noncurrent liabilities | 43 | [2] | 54 | [2] | 59 | [2] |
Level 3 | Fair value measured on recurring basis | ' | ' | ' | |||
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ' | |||
Total | 143 | ' | ' | |||
Level 3 | Beneficial interest asset | Fair value measured on recurring basis | ' | ' | ' | |||
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' | ' | |||
Other current assets | 76 | [3] | ' | ' | ||
Other noncurrent assets | $67 | [3] | ' | ' | ||
[1] | Company-owned life insurance investments consist of equity index funds and fixed income assets. Amounts are presented net of nonrecourse loans that are secured by some of these policies. These loan amounts totaled $794 million at November 2, 2013, $817 million at February 2, 2013 and $807 million at October 27, 2012. | |||||
[2] | See Note 5 for additional information on interest rate swaps. | |||||
[3] | A rollforward of the Level 3 beneficial interest asset is included in Note 2. |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Nov. 02, 2013 | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 |
Carrying amount | Carrying amount | Carrying amount | Fair Value | Fair Value | Fair Value | ||
Fair Value Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Effect of one percentage point change in forecasted credit EBIT yield on estimated fair value | $26 | ' | ' | ' | ' | ' | ' |
Effect of one percentage point change in forecasted discount rate on estimated fair value | 6 | ' | ' | ' | ' | ' | ' |
Financial liabilities | ' | ' | ' | ' | ' | ' | ' |
Total debt | ' | $12,754 | $15,618 | $16,647 | $14,155 | $18,143 | $19,796 |
Notes_Payable_and_LongTerm_Deb2
Notes Payable and Long-Term Debt (Details) (USD $) | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Nov. 02, 2013 | Oct. 27, 2012 | Mar. 13, 2013 | 4-May-13 | 4-May-13 | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | |
Secured | Secured | Unsecured | Commercial paper | Commercial paper | Commercial paper | Commercial paper | |||
Debt Instrument Line Items | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum daily amount outstanding during the period | ' | ' | ' | ' | ' | $1,173,000,000 | $0 | $1,465,000,000 | $620,000,000 |
Average daily amount outstanding during the period | ' | ' | ' | ' | ' | 528,000,000 | 0 | 439,000,000 | 134,000,000 |
Amount outstanding at period-end | ' | ' | ' | ' | ' | 1,077,000,000 | 0 | 1,077,000,000 | 0 |
Weighted average interest rate | ' | ' | ' | ' | ' | 0.13% | ' | 0.14% | 0.16% |
Debt amount repaid | ' | ' | 1,500,000,000 | 1,500,000,000 | ' | ' | ' | ' | ' |
Cash proceeds from the sale to repurchase additional debt | ' | ' | ' | ' | 1,400,000,000 | ' | ' | ' | ' |
Repurchase of additional debt | ' | ' | ' | ' | 970,000,000 | ' | ' | ' | ' |
Loss on early retirement | $445,000,000 | $0 | ' | ' | $445,000,000 | ' | ' | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 |
instrument | instrument | instrument | instrument | ||
Derivative Contracts - Types, Statements of Financial Position Classification and Fair Values | ' | ' | ' | ' | ' |
Number of derivative instruments designated as accounting hedge | 1 | 1 | 1 | 1 | ' |
Amount of ineffectiveness recognized | $0 | $0 | $0 | $0 | ' |
Derivative Contracts - Effect on Results of Operations | ' | ' | ' | ' | ' |
Unamortized hedged debt valuation gains from terminated and de-designated interest rate swaps | 59 | 84 | 59 | 84 | 75 |
Interest rate swaps | ' | ' | ' | ' | ' |
Derivative Contracts - Effect on Results of Operations | ' | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $6 | $12 | $21 | $32 | ' |
Share_Repurchase_Details
Share Repurchase (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | ||||
Share Repurchase Information | ' | ' | ' | ' | ||||
Total number of shares purchased | 0 | 1.7 | 21.9 | 21.8 | ||||
Repurchase of stock, average price per share (in dollars per share) | $0 | $62.90 | $67.41 | $57.53 | ||||
Total Investment | $0 | $104 | $1,474 | $1,255 | ||||
Total number of shares purchased | 0 | [1] | 0.1 | [1] | 0.2 | [1] | 0.5 | [1] |
Cash investment | ' | ' | ' | ' | ||||
Share Repurchase Information | ' | ' | ' | ' | ||||
Total Investment | 0 | [1] | 4 | [1] | 14 | [1] | 25 | [1] |
Prepaid forward contracts market value | ' | ' | ' | ' | ||||
Share Repurchase Information | ' | ' | ' | ' | ||||
Aggregate market value(b) | $0 | [1],[2] | $5 | [1],[2] | $17 | [1],[2] | $29 | [1],[2] |
[1] | These contracts are among the investment vehicles used to reduce our economic exposure related to our nonqualified deferred compensation plans. The details of our positions in prepaid forward contracts are provided in Note 7. | |||||||
[2] | At their respective settlement dates. |
Pension_Postretirement_Health_2
Pension, Postretirement Health Care and Other Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 |
Pension Benefits | ' | ' | ' | ' |
Net Pension and Postretirement Health Care Benefits Expense | ' | ' | ' | ' |
Service cost | $29 | $30 | $88 | $90 |
Interest cost | 35 | 35 | 104 | 105 |
Expected return on assets | -59 | -55 | -176 | -165 |
Amortization of losses | 26 | 26 | 76 | 78 |
Amortization of prior service cost | -3 | 0 | -8 | 0 |
Total | 28 | 36 | 84 | 108 |
Postretirement Health Care Benefits | ' | ' | ' | ' |
Net Pension and Postretirement Health Care Benefits Expense | ' | ' | ' | ' |
Service cost | 2 | 3 | 5 | 7 |
Interest cost | 0 | 1 | 1 | 2 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization of losses | 1 | 0 | 4 | 2 |
Amortization of prior service cost | -4 | -3 | -12 | -7 |
Total | ($1) | $1 | ($2) | $4 |
Pension_Postretirement_Health_3
Pension, Postretirement Health Care and Other Benefits (Details 2) (Prepaid forward contracts, USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 |
Prepaid forward contracts | ' | ' | ' | ' | ' |
Prepaid Forward Contracts on Target Common Stock | ' | ' | ' | ' | ' |
Change in fair value for contracts indexed to Target common stock, recognized in earnings, pretax | $7 | ($3) | ($5) | ($18) | ' |
Investments in contracts indexed to Target common stock | ' | ' | 11 | 19 | ' |
Number of Shares | 1.1 | 1.2 | 1.1 | 1.2 | 1.2 |
Contractual Price Paid per Share (in dollars per share) | ' | ' | 46.52 | 45.46 | 45.46 |
Fair Value | 72 | 76 | 72 | 76 | 73 |
Total Cash Investment | $52 | $54 | $52 | $54 | $54 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | |||
Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | |||
Balance at beginning of period | ($653) | ($565) | ($576) | ' | ($576) | ' | |||
Other comprehensive income before reclassifications | -13 | -101 | -2 | ' | ' | ' | |||
Amounts reclassified from AOCI | -13 | -13 | -13 | ' | ' | ' | |||
Balance at end of period | -653 | -653 | -565 | ' | -653 | ' | |||
Income tax expense (benefit) | -197 | ' | ' | -335 | -827 | -1,107 | |||
Cash Flow Hedges | ' | ' | ' | ' | ' | ' | |||
Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | |||
Balance at beginning of period | -27 | -28 | -29 | ' | -29 | ' | |||
Other comprehensive income before reclassifications | 0 | 0 | 0 | ' | ' | ' | |||
Amounts reclassified from AOCI | -1 | [1] | -1 | [1] | -1 | [1] | ' | ' | ' |
Balance at end of period | -26 | -27 | -28 | ' | -26 | ' | |||
Cash Flow Hedges | Amount reclassified from other comprehensive income | ' | ' | ' | ' | ' | ' | |||
Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | |||
Income tax expense (benefit) | 1 | ' | ' | ' | ' | ' | |||
Currency Translation Adjustment | ' | ' | ' | ' | ' | ' | |||
Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | |||
Balance at beginning of period | -146 | -45 | -15 | ' | -15 | ' | |||
Other comprehensive income before reclassifications | -13 | -101 | -30 | ' | ' | ' | |||
Amounts reclassified from AOCI | 0 | 0 | 0 | ' | ' | ' | |||
Balance at end of period | -159 | -146 | -45 | ' | -159 | ' | |||
Pension and Other Benefit | ' | ' | ' | ' | ' | ' | |||
Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | |||
Balance at beginning of period | -480 | -492 | -532 | ' | -532 | ' | |||
Other comprehensive income before reclassifications | 0 | 0 | 28 | ' | ' | ' | |||
Amounts reclassified from AOCI | -12 | [2] | -12 | [2] | -12 | [2] | ' | ' | ' |
Balance at end of period | -468 | -480 | -492 | ' | -468 | ' | |||
Pension and Other Benefit | Amount reclassified from other comprehensive income | ' | ' | ' | ' | ' | ' | |||
Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | |||
Income tax expense (benefit) | $8 | ' | ' | ' | ' | ' | |||
[1] | Represents gains and losses on cash flow hedges, net of $1 million of taxes, which is recorded in net interest expense on the Consolidated Statements of Operations. | ||||||||
[2] | Represents amortization of pension and other benefit liabilities, net of $8 million of taxes, which is recorded in SG&A expenses on the Consolidated Statements of Operations. See Note 7 for additional information. |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Nov. 02, 2013 | Oct. 27, 2012 | Nov. 02, 2013 | Oct. 27, 2012 | Feb. 02, 2013 | ||||
segment | segment | ||||||||
Segment Reporting [Abstract] | ' | ' | ' | ' | ' | ||||
Number of business segments | ' | ' | 2 | ' | 3 | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Sales | $17,258 | $16,601 | $51,081 | $49,589 | ' | ||||
Cost of sales | 12,133 | 11,569 | 35,441 | 34,406 | ' | ||||
Selling, general and administrative expenses | 3,853 | 3,704 | 11,140 | 10,686 | ' | ||||
Depreciation and amortization | 569 | 542 | 1,648 | 1,603 | ' | ||||
Segment profit | 739 | 1,008 | 2,934 | 3,547 | ' | ||||
Gain on receivables transaction(b) | 0 | [1] | 156 | [1] | 391 | [1] | 156 | [1] | ' |
Reduction of beneficial interest asset | -36 | [2] | 0 | [2] | -82 | [2] | 0 | [2] | ' |
Earnings before interest expense and income taxes | 703 | 1,164 | 3,243 | 3,703 | ' | ||||
Net interest expense | 165 | 192 | 965 | 558 | ' | ||||
Earnings before income taxes | 538 | 972 | 2,278 | 3,145 | ' | ||||
U.S. | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Sales | 16,925 | 16,601 | 50,387 | 49,589 | ' | ||||
Cost of sales | 11,849 | 11,569 | 34,916 | 34,406 | ' | ||||
Depreciation and amortization | 504 | 519 | 1,488 | 1,537 | ' | ||||
Segment profit | 977 | 1,104 | 3,546 | 3,767 | ' | ||||
Canadian | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Sales | 333 | 0 | 694 | 0 | ' | ||||
Cost of sales | 284 | 0 | 525 | 0 | ' | ||||
Depreciation and amortization | 66 | 24 | 160 | 67 | ' | ||||
Segment profit | -238 | -96 | -612 | -221 | ' | ||||
Business segments | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Selling, general and administrative expenses | 3,817 | [2] | 3,482 | [2] | 11,058 | [2] | 10,033 | [2] | ' |
Business segments | U.S. | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Selling, general and administrative expenses | 3,595 | 3,409 | [2] | 10,437 | 9,879 | [2] | ' | ||
Business segments | Canadian | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Selling, general and administrative expenses | $221 | $72 | [2] | $621 | $154 | [2] | ' | ||
[1] | Refer to Note 2 for more information on our credit card receivables transaction. | ||||||||
[2] | Our U.S. Segment includes all TD profit-sharing amounts in segment EBIT; however, under GAAP, some amounts received from TD reduce the beneficial interest asset and are not recorded in consolidated earnings. Segment SG&A expenses plus these amounts equal consolidated SG&A expenses. |
Segment_Reporting_Details_2
Segment Reporting (Details 2) (USD $) | Nov. 02, 2013 | Feb. 02, 2013 | Oct. 27, 2012 | |||
In Millions, unless otherwise specified | ||||||
Segment Reporting Information | ' | ' | ' | |||
Total assets | $46,373 | $48,163 | $49,579 | |||
U.S. | ' | ' | ' | |||
Segment Reporting Information | ' | ' | ' | |||
Total assets | 39,747 | 43,289 | 45,453 | |||
Canadian | ' | ' | ' | |||
Segment Reporting Information | ' | ' | ' | |||
Total assets | 6,483 | 4,722 | 3,970 | |||
Total segment assets | ' | ' | ' | |||
Segment Reporting Information | ' | ' | ' | |||
Total assets | 46,230 | 48,011 | 49,423 | |||
Unallocated assets | ' | ' | ' | |||
Segment Reporting Information | ' | ' | ' | |||
Total assets | $143 | [1] | $152 | [1] | $156 | [1] |
[1] | Represents the beneficial interest asset for the period ended November 2, 2013. For the periods ended February 2, 2013, and October 27, 2012, represents the net adjustment to eliminate our allowance for doubtful accounts and record our credit card receivables at lower of cost (par) or fair value. |