Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Mar. 10, 2014 | Aug. 03, 2013 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'TARGET CORP | ' | ' |
Entity Central Index Key | '0000027419 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 1-Feb-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--02-01 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $45,036,171,526 |
Entity Common Stock, Shares Outstanding | ' | 633,174,692 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |||
Income Statement [Abstract] | ' | ' | ' | |||
Sales | $72,596 | $71,960 | $68,466 | |||
Credit card revenues | 0 | 1,341 | 1,399 | |||
Total revenues | 72,596 | 73,301 | 69,865 | |||
Cost of sales | 51,160 | 50,568 | 47,860 | |||
Selling, general and administrative expenses | 15,375 | 14,914 | 14,106 | |||
Credit card expenses | 0 | 467 | 446 | |||
Depreciation and amortization | 2,223 | 2,142 | 2,131 | |||
Gain on receivables transaction | -391 | -161 | 0 | |||
Earnings before interest expense and income taxes | 4,229 | 5,371 | 5,322 | |||
Net interest expense | 1,126 | 762 | 866 | |||
Earnings before income taxes | 3,103 | 4,609 | 4,456 | |||
Provision for income taxes | 1,132 | 1,610 | 1,527 | |||
Net earnings | $1,971 | $2,999 | $2,929 | |||
Basic earnings per share (in dollars per share) | $3.10 | $4.57 | $4.31 | |||
Diluted earnings per share (in dollars per share) | $3.07 | $4.52 | $4.28 | |||
Weighted average common shares outstanding | ' | ' | ' | |||
Basic (in shares) | 635.1 | 656.7 | 679.1 | |||
Dilutive effect of share-based awards (in shares) | 6.7 | [1] | 6.6 | [1] | 4.8 | [1] |
Diluted (in shares) | 641.8 | 663.3 | 683.9 | |||
Antidilutive stock options excluded from the calculation of weighted average shares for diluted EPS | 2.3 | 5 | 15.5 | |||
[1] | Excludes 2.3 million, 5.0 million and 15.5 million share-based awards for 2013, 2012 and 2011, respectively, because their effects were antidilutive. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net earnings | $1,971 | $2,999 | $2,929 |
Other comprehensive income/(loss), net of tax | ' | ' | ' |
Pension and other benefit liabilities, net of provision/(benefit) for taxes of $71, $58 and $(56) | 110 | 92 | -83 |
Currency translation adjustment and cash flow hedges, net of provision/(benefit) for taxes of $11, $8 and $(11) | -425 | 13 | -17 |
Other comprehensive income/(loss) | -315 | 105 | -100 |
Comprehensive income | $1,656 | $3,104 | $2,829 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Pension and other benefit liabilities, provision/(benefit) for taxes | $71 | $58 | ($56) |
Currency translation adjustment and cash flow hedges, provision/(benefit) for taxes | $11 | $8 | ($11) |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Position (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents, including short-term investments of $3 and $130 | $695 | $784 |
Credit card receivables, held for sale | 0 | 5,841 |
Inventory | 8,766 | 7,903 |
Other current assets | 2,112 | 1,860 |
Total current assets | 11,573 | 16,388 |
Property and equipment | ' | ' |
Land | 6,234 | 6,206 |
Buildings and improvements | 30,356 | 28,653 |
Fixtures and equipment | 5,583 | 5,362 |
Computer hardware and software | 2,764 | 2,567 |
Construction-in-progress | 843 | 1,176 |
Accumulated depreciation | -14,402 | -13,311 |
Property and equipment, net | 31,378 | 30,653 |
Other noncurrent assets | 1,602 | 1,122 |
Total assets | 44,553 | 48,163 |
Liabilities and shareholders' investment | ' | ' |
Accounts payable | 7,683 | 7,056 |
Accrued and other current liabilities | 3,934 | 3,981 |
Current portion of long-term debt and other borrowings | 1,160 | 2,994 |
Total current liabilities | 12,777 | 14,031 |
Long-term debt and other borrowings | 12,622 | 14,654 |
Deferred income taxes | 1,433 | 1,311 |
Other noncurrent liabilities | 1,490 | 1,609 |
Total noncurrent liabilities | 15,545 | 17,574 |
Shareholders' investment | ' | ' |
Common stock | 53 | 54 |
Additional paid-in capital | 4,470 | 3,925 |
Retained earnings | 12,599 | 13,155 |
Accumulated other comprehensive loss | ' | ' |
Pension and other benefit liabilities | -422 | -532 |
Currency translation adjustment and cash flow hedges | -469 | -44 |
Total shareholders' investment | 16,231 | 16,558 |
Total liabilities and shareholders' investment | $44,553 | $48,163 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Position (Parenthetical) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Cash and cash equivalents, short-term investments | $3 | $130 |
Common Stock, shares authorized | 6,000,000,000 | 6,000,000,000 |
Common Stock, par value (in dollars per share) | $0.08 | $0.08 |
Common Stock, shares issued | 632,930,740 | 645,294,423 |
Common Stock, shares outstanding | 632,930,740 | 645,294,423 |
Preferred Stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred Stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |||
Operating activities | ' | ' | ' | |||
Net earnings | $1,971 | $2,999 | $2,929 | |||
Adjustments to reconcile net earnings to cash provided by operations: | ' | ' | ' | |||
Depreciation and amortization | 2,223 | 2,142 | 2,131 | |||
Share-based compensation expense | 110 | 105 | 90 | |||
Deferred income taxes | -254 | -14 | 371 | |||
Bad debt expense | 41 | [1] | 206 | [1] | 154 | [1] |
Gain on receivables transaction | -391 | -161 | 0 | |||
Loss on debt extinguishment | 445 | 0 | 0 | |||
Noncash (gains)/losses and other, net | 82 | 14 | 22 | |||
Changes in operating accounts: | ' | ' | ' | |||
Accounts receivable originated at Target | 157 | -217 | -187 | |||
Proceeds on sale of accounts receivable originated at Target | 2,703 | 0 | 0 | |||
Inventory | -885 | 15 | -322 | |||
Other current assets | -267 | -123 | -150 | |||
Other noncurrent assets | 19 | -98 | 43 | |||
Accounts payable | 625 | 199 | 232 | |||
Accrued and other current liabilities | -9 | 138 | 218 | |||
Other noncurrent liabilities | -50 | 120 | -97 | |||
Cash provided by operations | 6,520 | 5,325 | 5,434 | |||
Investing activities | ' | ' | ' | |||
Expenditures for property and equipment | -3,453 | -3,277 | -4,368 | |||
Proceeds from disposal of property and equipment | 86 | 66 | 37 | |||
Change in accounts receivable originated at third parties | 121 | 254 | 259 | |||
Proceeds from sale of accounts receivable originated at third parties | 3,002 | 0 | 0 | |||
Cash paid for acquisitions, net of cash assumed | -157 | 0 | 0 | |||
Other investments | 130 | 102 | -108 | |||
Cash required for investing activities | -271 | -2,855 | -4,180 | |||
Financing activities | ' | ' | ' | |||
Change in commercial paper, net | -890 | 970 | 0 | |||
Additions to short-term debt | 0 | 0 | 1,500 | |||
Reductions of short-term debt | 0 | -1,500 | 0 | |||
Additions to long-term debt | 0 | 1,971 | 1,994 | |||
Reductions of long-term debt | -3,463 | -1,529 | -3,125 | |||
Dividends paid | -1,006 | -869 | -750 | |||
Repurchase of stock | -1,461 | -1,875 | -1,842 | |||
Stock option exercises and related tax benefit | 456 | 360 | 89 | |||
Other | 0 | -16 | -6 | |||
Cash required for financing activities | -6,364 | -2,488 | -2,140 | |||
Effect of exchange rate changes on cash and cash equivalents | 26 | 8 | -32 | |||
Net decrease in cash and cash equivalents | -89 | -10 | -918 | |||
Cash and cash equivalents at beginning of period | 784 | 794 | 1,712 | |||
Cash and cash equivalents at end of period | 695 | 784 | 794 | |||
Supplemental information | ' | ' | ' | |||
Interest paid, net of capitalized interest | 1,120 | 775 | 816 | |||
Income taxes paid | 1,386 | 1,603 | 1,109 | |||
Noncash financing activities | ' | ' | ' | |||
Property and equipment acquired through capital lease obligations | $211 | $282 | $1,388 | |||
[1] | Includes net write-offs of credit card receivables prior to the sale of our U.S. consumer credit card receivables on March 13, 2013, and bad debt expense on credit card receivables during the twelve months ended February 2, 2013. |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Investment (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Feb. 01, 2014 | 4-May-13 | Feb. 02, 2013 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Balance | ' | $16,558 | ' | $15,821 | $16,558 | $15,821 | $15,487 |
Balance (in shares) | ' | 645,294,423 | ' | ' | 645,294,423 | ' | ' |
Net earnings | 520 | 498 | 961 | 697 | 1,971 | 2,999 | 2,929 |
Other comprehensive income | ' | ' | ' | ' | -315 | 105 | -100 |
Dividends declared | ' | ' | ' | ' | -1,051 | -903 | -777 |
Repurchase of stock | ' | ' | ' | ' | -1,478 | -1,903 | -1,894 |
Repurchase of stock (in shares) | ' | ' | ' | ' | -21,900,000 | -32,200,000 | -37,200,000 |
Stock options and awards | ' | ' | ' | ' | 546 | 439 | 176 |
Balance | 16,231 | ' | 16,558 | ' | 16,231 | 16,558 | 15,821 |
Balance (in shares) | 632,930,740 | ' | 645,294,423 | ' | 632,930,740 | 645,294,423 | ' |
Common Stock | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Balance | ' | 54 | ' | 56 | 54 | 56 | 59 |
Balance (in shares) | ' | 645,300,000 | ' | 669,300,000 | 645,300,000 | 669,300,000 | 704,000,000 |
Repurchase of stock | ' | ' | ' | ' | -2 | -3 | -3 |
Repurchase of stock (in shares) | ' | ' | ' | ' | -21,900,000 | -32,200,000 | -37,200,000 |
Stock options and awards | ' | ' | ' | ' | 1 | 1 | 0 |
Stock options and awards (in shares) | ' | ' | ' | ' | 9,500,000 | 8,200,000 | 2,500,000 |
Balance | 53 | ' | 54 | ' | 53 | 54 | 56 |
Balance (in shares) | 632,900,000 | ' | 645,300,000 | ' | 632,900,000 | 645,300,000 | 669,300,000 |
Additional Paid-in Capital | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Balance | ' | 3,925 | ' | 3,487 | 3,925 | 3,487 | 3,311 |
Stock options and awards | ' | ' | ' | ' | 545 | 438 | 176 |
Balance | 4,470 | ' | 3,925 | ' | 4,470 | 3,925 | 3,487 |
Retained Earnings | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Balance | ' | 13,155 | ' | 12,959 | 13,155 | 12,959 | 12,698 |
Net earnings | ' | ' | ' | ' | 1,971 | 2,999 | 2,929 |
Dividends declared | ' | ' | ' | ' | -1,051 | -903 | -777 |
Repurchase of stock | ' | ' | ' | ' | -1,476 | -1,900 | -1,891 |
Balance | 12,599 | ' | 13,155 | ' | 12,599 | 13,155 | 12,959 |
Accumulated Other Comprehensive Income/(Loss) | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Balance | ' | -576 | ' | -681 | -576 | -681 | -581 |
Other comprehensive income | ' | ' | ' | ' | -315 | 105 | -100 |
Balance | ($891) | ' | ($576) | ' | ($891) | ($576) | ($681) |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Investment (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared per share (in dollars per share) | $0.43 | $0.43 | $0.43 | $0.36 | $0.36 | $0.36 | $0.36 | $0.30 | $1.65 | $1.38 | $1.15 |
Summary_of_Accounting_Policies
Summary of Accounting Policies | 12 Months Ended |
Feb. 01, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Accounting Policies | ' |
Summary of Accounting Policies | |
Organization    Target Corporation (Target, the Corporation, or the Company) operates two reportable segments: U.S. and Canadian. Our U.S. Segment includes all of our U.S. retail operations, including digital sales. The U.S. Segment also includes our U.S. credit card servicing activities and certain centralized operating and corporate activities not allocated to our Canadian Segment. In 2013, following the sale of our U.S. consumer credit card portfolio to TD Bank Group (TD), we combined our historical U.S. Retail Segment and U.S. Credit Card Segment into one U.S. Segment. Our Canadian Segment includes all of our Canadian retail operations, including 124 stores opened in 2013. We currently do not have a digital sales channel in Canada. | |
Consolidation    The consolidated financial statements include the balances of the Corporation and its subsidiaries after elimination of intercompany balances and transactions. All material subsidiaries are wholly owned. We consolidate variable interest entities where it has been determined that the Corporation is the primary beneficiary of those entities' operations. | |
Use of estimates    The preparation of our consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions affecting reported amounts in the consolidated financial statements and accompanying notes. Actual results may differ significantly from those estimates. | |
Fiscal year    Our fiscal year ends on the Saturday nearest January 31. Unless otherwise stated, references to years in this report relate to fiscal years, rather than to calendar years. Fiscal 2013 ended February 1, 2014 and consisted of 52 weeks. Fiscal 2012 ended February 2, 2013, and consisted of 53 weeks. Fiscal 2011 ended January 28, 2012, and consisted of 52 weeks. Fiscal 2014 will end January 31, 2015, and will consist of 52 weeks. | |
Accounting policies    Our accounting policies are disclosed in the applicable Notes to the Consolidated Financial Statements. |
Revenues
Revenues | 12 Months Ended |
Feb. 01, 2014 | |
Revenues [Abstract] | ' |
Revenues | ' |
Revenues | |
Our retail stores generally record revenue at the point of sale. Sales from our online and mobile applications include shipping revenue and are recorded upon delivery to the guest. Total revenues do not include sales tax because we are a pass-through conduit for collecting and remitting sales taxes. Generally, guests may return merchandise within 90 days of purchase. Revenues are recognized net of expected returns, which we estimate using historical return patterns as a percentage of sales. Commissions earned on sales generated by leased departments are included within sales and were $29 million, $25 million and $22 million in 2013, 2012 and 2011, respectively. | |
Revenue from gift card sales is recognized upon gift card redemption. Our gift cards do not expire. Based on historical redemption rates, a small and relatively stable percentage of gift cards will never be redeemed, referred to as "breakage." Estimated breakage revenue is recognized over time in proportion to actual gift card redemptions and was not material in any period presented. | |
Guests receive a 5 percent discount on virtually all purchases and receive free shipping at Target.com when they use their REDcard. The discounts associated with loyalty programs are included as reductions in sales in our Consolidated Statements of Operations and were $833 million, $583 million and $340 million in 2013, 2012 and 2011, respectively. |
Cost_of_Sales_and_Selling_Gene
Cost of Sales and Selling, General and Administrative Expenses | 12 Months Ended | |
Feb. 01, 2014 | ||
Cost of Sales and Selling, General and Administrative Expenses | ' | |
Cost of Sales and Selling, General and Administrative Expenses | ' | |
Cost of Sales and Selling, General and Administrative Expenses | ||
The following table illustrates the primary items classified in each major expense category: | ||
Cost of Sales | Selling, General and Administrative Expenses | |
Total cost of products sold including | Compensation and benefit costs including | |
•   Freight expenses associated with moving | •   Stores | |
    merchandise from our vendors to our | •   Headquarters | |
    distribution centers and our retail stores, and | Occupancy and operating costs of retail and | |
    among our distribution and retail facilities |     headquarters facilities | |
•   Vendor income that is not reimbursement of | Advertising, offset by vendor income that is a | |
    specific, incremental and identifiable costs |     reimbursement of specific, incremental and | |
Inventory shrink | Â Â Â Â identifiable costs | |
Markdowns | Pre-opening costs of stores and other facilities | |
Outbound shipping and handling expenses | U.S. credit cards servicing expenses and profit | |
    associated with sales to our guests |     sharing | |
Payment term cash discounts | Litigation and defense costs and related insurance | |
Distribution center costs, including compensation | Â Â Â Â recovery | |
    and benefits costs | Other administrative costs | |
Import costs | ||
    | ||
Note: The classification of these expenses varies across the retail industry. |
Consideration_Received_from_Ve
Consideration Received from Vendors | 12 Months Ended |
Feb. 01, 2014 | |
Consideration Received from Vendors | ' |
Consideration Received from Vendors | ' |
Consideration Received from Vendors | |
We receive consideration for a variety of vendor-sponsored programs, such as volume rebates, markdown allowances, promotions and advertising allowances and for our compliance programs, referred to as "vendor income." Vendor income reduces either our inventory costs or SG&A expenses based on the provisions of the arrangement. Under our compliance programs, vendors are charged for merchandise shipments that do not meet our requirements (violations), such as late or incomplete shipments. These allowances are recorded when violations occur. Substantially all consideration received is recorded as a reduction of cost of sales. | |
We establish a receivable for vendor income that is earned but not yet received. Based on provisions of the agreements in place, this receivable is computed by estimating the amount earned when we have completed our performance. We perform detailed analyses to determine the appropriate level of the receivable in the aggregate. The majority of year-end receivables associated with these activities are collected within the following fiscal quarter. We have not historically had significant write-offs for these receivables. |
Advertising_Costs
Advertising Costs | 12 Months Ended | |||||||||
Feb. 01, 2014 | ||||||||||
Advertising Costs | ' | |||||||||
Advertising Costs | ' | |||||||||
Advertising Costs | ||||||||||
Advertising costs, which primarily consist of newspaper circulars, internet advertisements and media broadcast, are expensed at first showing or distribution of the advertisement, and are recorded net of related vendor income. | ||||||||||
Advertising Costs | 2013 | 2012 | 2011 | |||||||
(millions) | ||||||||||
Gross advertising costs | $ | 1,744 | $ | 1,653 | $ | 1,589 | ||||
Vendor income (a) | 76 | 231 | 229 | |||||||
Net advertising costs | $ | 1,668 | $ | 1,422 | $ | 1,360 | ||||
(a)Â Â Â Â A 2013 change to certain merchandise vendor contracts resulted in more vendor funding being recognized as a reduction of our cost of sales rather than offsetting certain advertising expenses. |
Credit_Card_Receivables_Transa
Credit Card Receivables Transaction | 12 Months Ended |
Feb. 01, 2014 | |
Credit Card Receivables Transaction | ' |
Credit Card Receivables Transaction | ' |
Credit Card Receivables Transaction | |
In March 2013, we sold our entire U.S. consumer credit card portfolio to TD and recognized a gain of $391 million. This transaction was accounted for as a sale, and the receivables are no longer reported in our Consolidated Statements of Financial Position. 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. 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 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 $653 million of profit-sharing from TD during 2013. On a consolidated basis, this profit-sharing income is offset by a $98 million reduction in the beneficial interest asset, for a net $555 million impact. | |
The $225 million beneficial interest asset recognized at the close of the transaction effectively represents a receivable for the present value of future profit-sharing we expect to receive on the receivables sold. It was reduced during 2013 by $96 million of profit-sharing payments related to sold receivables and a $2 million revaluation adjustment. As of February 1, 2014, a $127 million 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 remaining beneficial interest asset will be reduced over the next three years. | |
Prior to the sale, credit card revenues were recognized according to the contractual provisions of each credit card agreement. When accounts were written off, uncollected finance charges and late fees were recorded as a reduction of credit card revenues. Target retail sales charged on our credit cards totaled $5,807 million and $4,686 million in 2012 and 2011, respectively. | |
Historically, our credit card receivables were recorded at par value less an allowance for doubtful accounts. As of February 2, 2013, our consumer credit card receivables were recorded at the lower of cost (par) or fair value because they were classified as held for sale. Lower of cost (par) or fair value was determined on a segmented basis using the delinquency and credit-quality segmentation we have historically used to determine the allowance for doubtful accounts. Many nondelinquent balances were recorded at cost (par) because fair value exceeded cost. Delinquent balances were generally recorded at fair value, which reflected our expectation of losses on these receivables. |
Canadian_Leasehold_Acquisition
Canadian Leasehold Acquisition | 12 Months Ended |
Feb. 01, 2014 | |
Canadian Leasehold Acquisition | ' |
Canadian Leasehold Acquisition | ' |
Canadian Leasehold Acquisition | |
During 2011, we purchased the leasehold interests in 189 sites operated by Zellers in Canada, in exchange for $1,861 million. In addition, we sold our right to acquire the leasehold interests in 54 of these sites to third-parties for a total of $225 million. These transactions resulted in a final net purchase price of $1,636 million, which was included in expenditures for property and equipment in the Consolidated Statements of Cash Flows. | |
As a result of the acquisition, the following net assets were recorded in our Canadian Segment: buildings and improvements of $2,887 million; finite-lived intangible assets of $23 million; unsecured debt and other borrowings of $1,274 million. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||
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 February 1, 2014 | Fair Value at February 2, 2013 | |||||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||
Short-term investments | $ | 3 | $ | — | $ | — | $ | 130 | $ | — | $ | — | ||||||||
Other current assets | ||||||||||||||||||||
Interest rate swaps (a) | — | 1 | — | — | 4 | — | ||||||||||||||
 Prepaid forward contracts | 73 | — | — | 73 | — | — | ||||||||||||||
 Beneficial interest asset (b) | — | — | 71 | — | — | — | ||||||||||||||
Other noncurrent assets | ||||||||||||||||||||
Interest rate swaps (a) | — | 62 | — | — | 85 | — | ||||||||||||||
Company-owned life insurance investments (c) | — | 305 | — | — | 269 | — | ||||||||||||||
 Beneficial interest asset (b) | — | — | 56 | — | — | — | ||||||||||||||
Total | $ | 76 | $ | 368 | $ | 127 | $ | 203 | $ | 358 | $ | — | ||||||||
Liabilities | ||||||||||||||||||||
Other current liabilities | ||||||||||||||||||||
Interest rate swaps (a) | $ | — | $ | — | $ | — | $ | — | $ | 2 | $ | — | ||||||||
Other noncurrent liabilities | ||||||||||||||||||||
Interest rate swaps (a) | $ | — | $ | 39 | $ | — | $ | — | $ | 54 | $ | — | ||||||||
Total | $ | — | $ | 39 | $ | — | $ | — | $ | 56 | $ | — | ||||||||
(a) | There was one interest rate swap designated as an accounting hedge at February 1, 2014 and February 2, 2013. See Note 19 for additional information on interest rate swaps. | |||||||||||||||||||
(b)Â | A rollforward of the Level 3 beneficial interest asset is included in Note 6. | |||||||||||||||||||
(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 were $790 million at February 1, 2014 and $817 million at February 2, 2013. | |||||||||||||||||||
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 that are 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 EBIT yield would impact our fair value estimate by approximately $20 million. A one percentage point change in the forecasted discount rate would impact our fair value estimate by approximately $4 million. As described in Note 6, 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 similar 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 $11,758 million and $13,184 million, respectively, at February 1, 2014, and $15,618 million and $18,143 million, respectively, at February 2, 2013. 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. These amounts exclude unamortized swap valuation adjustments and capital lease obligations. | ||||||||||||||||||||
As of February 2, 2013, our consumer credit card receivables were recorded at the lower of cost (par) or fair value because they were classified as held for sale. We estimated the fair value of our consumer credit card portfolio to be approximately $6.3 billion using a cash flow-based, economic-profit model using Level 3 inputs, including the forecasted performance of the portfolio and a market-based discount rate. We used internal data to forecast expected payment patterns and write-offs, revenue, and operating expenses (credit EBIT yield) related to the credit card portfolio. Refer to Note 6 for more information on our credit card receivables transaction. | ||||||||||||||||||||
The carrying amounts of accounts payable and certain accrued and other current liabilities approximate fair value due to their short terms. |
Cash_Equivalents
Cash Equivalents | 12 Months Ended |
Feb. 01, 2014 | |
Cash and Cash Equivalents [Abstract] | ' |
Cash Equivalents | ' |
Cash Equivalents | |
Cash equivalents include highly liquid investments with an original maturity of three months or less from the time of purchase. These investments were $3 million and $130 million at February 1, 2014 and February 2, 2013, respectively. Cash equivalents also include amounts due from third-party financial institutions for credit and debit card transactions. These receivables typically settle in less than five days and were $347 million and $371 million at February 1, 2014 and February 2, 2013, respectively. |
Inventory
Inventory | 12 Months Ended |
Feb. 01, 2014 | |
Inventory Disclosure [Abstract] | ' |
Inventory | ' |
Inventory | |
The majority of our inventory is accounted for under the retail inventory accounting method (RIM) using the last-in, first-out (LIFO) method. Inventory is stated at the lower of LIFO cost or market. The cost of our inventory includes the amount we pay to our suppliers to acquire inventory, freight costs incurred in connection with the delivery of product to our distribution centers and stores, and import costs, reduced by vendor income and cash discounts. The majority of our distribution center operating costs, including compensation and benefits, are expensed in the period incurred. Inventory is also reduced for estimated losses related to shrink and markdowns. The LIFO provision is calculated based on inventory levels, markup rates and internally measured retail price indices. | |
Under RIM, inventory cost and the resulting gross margins are calculated by applying a cost-to-retail ratio to the inventory retail value. RIM is an averaging method that has been widely used in the retail industry due to its practicality. The use of RIM will result in inventory being valued at the lower of cost or market because permanent markdowns are taken as a reduction of the retail value of inventory. | |
Certain other inventory is recorded at the lower of cost or market using the cost method. The valuation allowance for inventory valued under a cost method was not material to our Consolidated Financial Statements as of the end of fiscal 2013 or 2012. | |
We routinely enter into arrangements with vendors whereby we do not purchase or pay for merchandise until the merchandise is ultimately sold to a guest. Activity under this program is included in sales and cost of sales in the Consolidated Statements of Operations, but the merchandise received under the program is not included in inventory in our Consolidated Statements of Financial Position because of the virtually simultaneous purchase and sale of this inventory. Sales made under these arrangements totaled $1,833 million, $1,800 million and $1,736 million in 2013, 2012 and 2011, respectively. |
Other_Current_Assets
Other Current Assets | 12 Months Ended | ||||||
Feb. 01, 2014 | |||||||
Other Current Assets | ' | ||||||
Other Current Assets | ' | ||||||
Other Current Assets | |||||||
Other Current Assets | February 1, | February 2, | |||||
(millions) | 2014 | 2013 | |||||
Pharmacy, income tax and other receivables | $ | 792 | $ | 478 | |||
Vendor income receivable | 555 | 621 | |||||
Prepaid expenses | 272 | 310 | |||||
Deferred taxes | 177 | 193 | |||||
Other | 316 | 258 | |||||
Total | $ | 2,112 | $ | 1,860 | |||
Property_and_Equipment
Property and Equipment | 12 Months Ended | |
Feb. 01, 2014 | ||
Property, Plant and Equipment [Abstract] | ' | |
Property and Equipment | ' | |
Property and Equipment | ||
Property and equipment is depreciated using the straight-line method over estimated useful lives or lease terms if shorter. We amortize leasehold improvements purchased after the beginning of the initial lease term over the shorter of the assets' useful lives or a term that includes the original lease term, plus any renewals that are reasonably assured at the date the leasehold improvements are acquired. Depreciation and capital lease amortization expense for 2013, 2012 and 2011 was $2,198 million, $2,120 million and $2,107 million, respectively. For income tax purposes, accelerated depreciation methods are generally used. Repair and maintenance costs are expensed as incurred. Facility pre-opening costs, including supplies and payroll, are expensed as incurred. | ||
Estimated Useful Lives | Life (Years) | |
Buildings and improvements | Aug-39 | |
Fixtures and equipment | 15-Feb | |
Computer hardware and software | 7-Feb | |
Long-lived assets are reviewed for impairment when events or changes in circumstances, such as a decision to relocate or close a store or make significant software changes, indicate that the asset's carrying value may not be recoverable. For asset groups classified as held for sale, the carrying value is compared to the fair value less cost to sell. We estimate fair value by obtaining market appraisals, valuations from third party brokers or other valuation techniques. Impairments of $77 million, $37 million and $43 million in 2013, 2012 and 2011, respectively, were recorded in selling, general and administrative expenses on the Consolidated Statements of Income, primarily from completed or planned store closures and software changes. |
Other_Noncurrent_Assets
Other Noncurrent Assets | 12 Months Ended | ||||||
Feb. 01, 2014 | |||||||
Other Assets, Noncurrent [Abstract] | ' | ||||||
Other Noncurrent Assets | ' | ||||||
Other Noncurrent Assets | |||||||
Other Noncurrent Assets | February 1, | February 2, | |||||
(millions) | 2014 | 2013 | |||||
Deferred taxes | $ | 469 | $ | 206 | |||
Goodwill and intangible assets | 357 | 224 | |||||
Company-owned life insurance investments (a) | 305 | 269 | |||||
Interest rate swaps (b) | 62 | 85 | |||||
Other | 409 | 338 | |||||
Total | $ | 1,602 | $ | 1,122 | |||
(a)Â | Company-owned life insurance policies on approximately 4,000 team members who have been designated highly compensated under the Internal Revenue Code and have given their consent to be insured. Amounts are presented net of loans that are secured by some of these policies. | ||||||
(b) | See Notes 8 and 19 for additional information relating to our interest rate swaps. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||||||
Goodwill and Intangible Assets | |||||||||||||||||||||
Goodwill increased to $151 million at February 1, 2014 from $59 million at February 2, 2013 due to three 2013 acquisitions. No impairments were recorded in 2013, 2012 or 2011 as a result of the goodwill impairment tests performed. | |||||||||||||||||||||
Intangible Assets | Leasehold | Other (a) | Total | ||||||||||||||||||
Acquisition Costs | |||||||||||||||||||||
(millions) | February 1, | February 2, | February 1, | February 2, | February 1, | February 2, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Gross asset | $ | 241 | $ | 237 | $ | 212 | $ | 149 | $ | 453 | $ | 386 | |||||||||
Accumulated amortization | (130 | ) | (120 | ) | (117 | ) | (101 | ) | (247 | ) | (221 | ) | |||||||||
Net intangible assets | $ | 111 | $ | 117 | $ | 95 | $ | 48 | $ | 206 | $ | 165 | |||||||||
(a)Â | Other intangible assets relate primarily to acquired customer lists and trademarks. | ||||||||||||||||||||
We use the straight-line method to amortize leasehold acquisition costs primarily over 9 to 39 years and other definite-lived intangibles over 3 to 15 years. The weighted average life of leasehold acquisition costs and other intangible assets was 26 years and 7 years, respectively, at February 1, 2014. Amortization expense was $25 million, $22 million, and $24 million in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
Estimated Amortization Expense | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||
(millions) | |||||||||||||||||||||
Amortization expense | $ | 27 | $ | 25 | $ | 22 | $ | 16 | $ | 11 | |||||||||||
Accounts_Payable
Accounts Payable | 12 Months Ended |
Feb. 01, 2014 | |
Accounts Payable, Current [Abstract] | ' |
Accounts Payable | ' |
Accounts Payable | |
At February 1, 2014 and February 2, 2013, we reclassified book overdrafts of $733 million and $564 million, respectively, to accounts payable and $81 million and $82 million to accrued and other current liabilities. |
Accrued_and_Other_Current_Liab
Accrued and Other Current Liabilities | 12 Months Ended | ||||||
Feb. 01, 2014 | |||||||
Accrued and Other Current Liabilities | ' | ||||||
Accrued and Other Current Liabilities | ' | ||||||
Accrued and Other Current Liabilities | |||||||
Accrued and Other Current Liabilities | February 1, | February 2, | |||||
(millions) | 2014 | 2013 | |||||
Wages and benefits | $ | 887 | $ | 938 | |||
Real estate, sales and other taxes payable | 669 | 624 | |||||
Gift card liability (a) | 521 | 503 | |||||
Dividends payable | 272 | 232 | |||||
Project costs accrual | 256 | 347 | |||||
Straight-line rent accrual (b) | 248 | 235 | |||||
Income tax payable | 221 | 272 | |||||
Workers' compensation and general liability (c) | 152 | 160 | |||||
Interest payable | 85 | 91 | |||||
Other | 623 | 579 | |||||
Total | $ | 3,934 | $ | 3,981 | |||
(a)Â | Gift card liability represents the amount of unredeemed gift cards, net of estimated breakage. | ||||||
(b)Â | Straight-line rent accrual represents the amount of rent expense recorded that exceeds cash payments remitted in connection with operating leases. | ||||||
(c) | See footnote (a) to the Other Noncurrent Liabilities table in Note 22 for additional detail. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 01, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Data Breach | |
In the fourth quarter of 2013, we experienced a data breach in which an intruder stole certain payment card and other guest information from our network (the Data Breach). Based on our investigation to date, we believe that the intruder accessed and stole payment card data from approximately 40 million credit and debit card accounts of guests who shopped at our U.S. stores between November 27 and December 15, 2013, through malware installed on our point-of-sale system in our U.S. stores. On December 15, we removed the malware from virtually all registers in our U.S. stores. Payment card data used in transactions made by 56 additional guests in the period between December 16 and December 17 was stolen prior to our disabling malware on one additional register that was disconnected from our system when we completed the initial malware removal on December 15. In addition, the intruder stole certain guest information, including names, mailing addresses, phone numbers or email addresses, for up to 70 million individuals. Our investigation of the matter is ongoing, and we are supporting law enforcement efforts to identify the responsible parties. | |
Expenses Incurred and Amounts Accrued  | |
In the fourth quarter of 2013, we recorded $61 million of pretax Data Breach-related expenses, and expected insurance proceeds of $44 million, for net expenses of $17 million ($11 million after tax), or $0.02 per diluted share. These expenses were included in our Consolidated Statements of Operations as Selling, General and Administrative Expenses (SG&A), but were not part of our segment results. Expenses include costs to investigate the Data Breach, provide credit-monitoring services to our guests, increase staffing in our call centers, and procure legal and other professional services. | |
The $61 million of fourth quarter expenses also include an accrual for the estimated probable loss related to the expected payment card networks’ claims by reason of the Data Breach. The ultimate amount of these claims will likely include amounts for incremental counterfeit fraud losses and non-ordinary course operating expenses (such as card reissuance costs) that the payment card networks believe they or their issuing banks have incurred. In order for us to have liability for such claims, we believe that a court would have to find among other things that (1) at the time of the Data Breach the portion of our network that handles payment card data was noncompliant with applicable data security standards in a manner that contributed to the Data Breach, and (2) the network operating rules around reimbursement of operating costs and counterfeit fraud losses are enforceable. While an independent third-party assessor found the portion of our network that handles payment card data to be compliant with applicable data security standards in the fall of 2013, we expect the forensic investigator working on behalf of the payment card networks nonetheless to claim that we were not in compliance with those standards at the time of the Data Breach. We base that expectation on our understanding that, in cases like ours where prior to a data breach the entity suffering the breach had been found by an independent third-party assessor to be fully compliant with those standards, the network-approved forensic investigator nonetheless regularly claims that the breached entity was not in fact compliant with those standards. As a result, we believe it is probable that the payment card networks will make claims against us. We expect to dispute the payment card networks’ anticipated claims, and we think it is probable that our disputes would lead to settlement negotiations consistent with the experience of other entities that have suffered similar payment card breaches. We believe such negotiations would effect a combined settlement of both the payment card networks' counterfeit fraud loss allegations and their non-ordinary course operating expense allegations. We based our year-end accrual on the expectation of reaching negotiated settlements of the payment card networks’ anticipated claims and not on any determination that it is probable we would be found liable on these claims were they to be litigated. Currently, we can only reasonably estimate a loss associated with settlements of the networks' expected claims for non-ordinary course operating expenses. The year-end accrual does not include any amounts associated with the networks' expected claims for alleged incremental counterfeit fraud losses because the loss associated with settling such claims, while probable in our judgment, is not reasonably estimable, in part because we have not yet received third-party fraud reporting from the payment card networks. We are not able to reasonably estimate a range of possible losses in excess of the year-end accrual related to the expected settlement of the payment card networks’ claims because the investigation into the matter is ongoing and there are significant factual and legal issues to be resolved. We believe that it is reasonably possible that the ultimate amount paid on payment card network claims could be material to our results of operations in future periods. | |
Litigation and Governmental Investigations | |
In addition, more than 80 actions have been filed in courts in many states and other claims have been or may be asserted against us on behalf of guests, payment card issuing banks, shareholders or others seeking damages or other related relief, allegedly arising out of the Data Breach. State and federal agencies, including the State Attorneys General, the Federal Trade Commission and the SEC are investigating events related to the Data Breach, including how it occurred, its consequences and our responses. Although we are cooperating in these investigations, we may be subject to fines or other obligations. While a loss from these matters is reasonably possible, we cannot reasonably estimate a range of possible losses because our investigation into the matter is ongoing, the proceedings remain in the early stages, alleged damages have not been specified, there is uncertainty as to the likelihood of a class or classes being certified or the ultimate size of any class if certified, and there are significant factual and legal issues to be resolved. Further, we do not believe that a loss from these matters is probable; therefore, we have not recorded a loss contingency liability for litigation, claims and governmental investigations in 2013. We will continue to evaluate information as it becomes known and will record an estimate for losses at the time or times when it is both probable that a loss has been incurred and the amount of the loss is reasonably estimable. | |
Future Costs | |
We expect to incur significant investigation, legal and professional services expenses associated with the Data Breach in future periods. We will recognize these expenses as services are received. We also expect to incur additional expenses associated with incremental fraud and reissuance costs on Target REDcards. | |
Insurance Coverage | |
To limit our exposure to Data Breach losses, we maintain $100 million of network-security insurance coverage, above a $10 million deductible. This coverage and certain other insurance coverage may reduce our exposure. We will pursue recoveries to the maximum extent available under the policies. As of February 1, 2014, we have recorded a $44 million receivable for costs we believe are reimbursable and probable of recovery under our insurance coverage, which partially offsets the $61 million of expense relating to the Data Breach. | |
Other Contingencies | |
We are exposed to other claims and litigation arising in the ordinary course of business and use various methods to resolve these matters in a manner that we believe serves the best interest of our shareholders and other constituents. We believe the recorded reserves in our consolidated financial statements are adequate in light of the probable and estimable liabilities. We do not believe that any of these identified claims or litigation will be material to our results of operations, cash flows or financial condition. | |
Commitments | |
Purchase obligations, which include all legally binding contracts such as firm commitments for inventory purchases, merchandise royalties, equipment purchases, marketing-related contracts, software acquisition/license commitments and service contracts, were $1,317 million and $1,472 million at February 1, 2014 and February 2, 2013, respectively. These purchase obligations are primarily due within three years and recorded as liabilities when inventory is received. We issue inventory purchase orders, which represent authorizations to purchase that are cancelable by their terms. We do not consider purchase orders to be firm inventory commitments. If we choose to cancel a purchase order, we may be obligated to reimburse the vendor for unrecoverable outlays incurred prior to cancellation. Real estate obligations, which include commitments for the purchase, construction or remodeling of real estate and facilities, were $449 million and $1,128 million at February 1, 2014 and February 2, 2013, respectively. These real estate obligations are primarily due within one year, a portion of which are recorded as liabilities. | |
We issue letters of credit and surety bonds in the ordinary course of business. Trade letters of credit totaled $1,441 million and $1,539 million at February 1, 2014 and February 2, 2013, respectively, a portion of which are reflected in accounts payable. Standby letters of credit and surety bonds, relating primarily to insurance and regulatory requirements, totaled $500 million and $486 million at February 1, 2014 and February 2, 2013, respectively. |
Notes_Payable_and_LongTerm_Deb
Notes Payable and Long-Term Debt | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Notes Payable and Long-Term Debt | ' | |||||||||||||||
Notes Payable and Long-Term Debt | ||||||||||||||||
At February 1, 2014, the carrying value and maturities of our debt portfolio were as follows: | ||||||||||||||||
Debt Maturities | February 1, 2014 | |||||||||||||||
(dollars in millions) | Rate (a) | Balance | ||||||||||||||
Due 2014-2018 | 4.5 | % | $ | 4,232 | ||||||||||||
Due 2019-2023 | 4 | 2,215 | ||||||||||||||
Due 2024-2028 | 6.7 | 252 | ||||||||||||||
Due 2029-2033 | 6.5 | 769 | ||||||||||||||
Due 2034-2038 | 6.8 | 2,740 | ||||||||||||||
Due 2039-2043 | 4 | 1,470 | ||||||||||||||
Total notes and debentures | 5.1 | 11,678 | ||||||||||||||
Swap valuation adjustments | 53 | |||||||||||||||
Capital lease obligations | 1,971 | |||||||||||||||
Less: Amounts due within one year | (1,080 | ) | ||||||||||||||
Long-term debt | $ | 12,622 | ||||||||||||||
(a)Â | Reflects the weighted average stated interest rate as of year-end. | |||||||||||||||
Required Principal Payments | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||
 (millions) | ||||||||||||||||
Total required principal payments | $ | 1,001 | $ | 27 | $ | 751 | $ | 2,251 | $ | 201 | ||||||
Concurrent with the sale of our U.S. consumer 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 periodically obtain short-term financing under our commercial paper program, a form of notes payable. | ||||||||||||||||
Commercial Paper | 2013 | 2012 | 2011 | |||||||||||||
(dollars in millions) | ||||||||||||||||
Maximum daily amount outstanding during the year | $ | 1,465 | $ | 970 | $ | 1,211 | ||||||||||
Average amount outstanding during the year | 408 | 120 | 244 | |||||||||||||
Amount outstanding at year-end | 80 | 970 | — | |||||||||||||
Weighted average interest rate | 0.13 | % | 0.16 | % | 0.11 | % | ||||||||||
In October 2011, we entered into a five-year $2.25 billion revolving credit facility, which was amended in 2013 to extend the expiration date to October 2018. No balances were outstanding at any time during 2013 or 2012. | ||||||||||||||||
In June 2012, we issued $1.5 billion of unsecured fixed rate debt at 4.0% that matures in July 2042. Proceeds from this issuance were used for general corporate purposes. | ||||||||||||||||
Substantially all of our outstanding borrowings are senior, unsecured obligations. Most of our long-term debt obligations contain covenants related to secured debt levels. In addition to a secured debt level covenant, our credit facility also contains a debt leverage covenant. We are, and expect to remain, in compliance with these covenants, which have no practical effect on our ability to pay dividends. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||
Derivative Financial Instruments | ||||||||||||||||
Our derivative instruments primarily consist of interest rate swaps, which are used to mitigate our interest rate risk. We have counterparty credit risk resulting from our derivative instruments, primarily with large global financial institutions. We monitor this concentration of counterparty credit risk on an ongoing basis. See Note 8 for a description of the fair value measurement of our derivative instruments and their classification on the Consolidated Statements of Financial Position. | ||||||||||||||||
As of February 1, 2014 and February 2, 2013, one swap was designated as a fair value hedge for accounting purposes, and no ineffectiveness was recognized in 2013 or 2012. | ||||||||||||||||
Outstanding Interest Rate Swap Summary | 1-Feb-14 | |||||||||||||||
Designated | De-Designated | |||||||||||||||
(dollars in millions) | Pay Floating | Pay Floating | Pay Fixed | |||||||||||||
Weighted average rate: | ||||||||||||||||
Pay | three-month LIBOR | one-month LIBOR | 3.8 | % | ||||||||||||
Receive | 1 | % | 5.7 | % | one-month LIBOR | |||||||||||
Weighted average maturity | 0.5 years | 2.5 years | 2.5 years | |||||||||||||
Notional | $ | 350 | $ | 500 | $ | 500 | ||||||||||
Classification and Fair Value | Assets | Liabilities | ||||||||||||||
(millions) | Classification | Feb 1, | Feb 2, | Classification | Feb 1, | Feb 2, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Designated: | Other current assets | $ | 1 | $ | — | N/A | $ | — | $ | — | ||||||
Other noncurrent assets | — | 3 | N/A | — | — | |||||||||||
De-designated: | Other current assets | — | 4 | Other current liabilities | — | 2 | ||||||||||
Other noncurrent assets | 62 | 82 | Other noncurrent liabilities | 39 | 54 | |||||||||||
Total | $ | 63 | $ | 89 | $ | 39 | $ | 56 | ||||||||
Periodic payments, valuation adjustments and amortization of gains or losses on our derivative contracts had the following impact on our Consolidated Statements of Operations: | ||||||||||||||||
Derivative Contracts – Effect on Results of Operations | ||||||||||||||||
(millions) | ||||||||||||||||
Type of Contract | Classification of Income/(Expense) | 2013 | 2012 | 2011 | ||||||||||||
Interest rate swaps | Net interest expense | $ | 29 | $ | 44 | $ | 41 | |||||||||
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 $52 million, $75 million and $111 million, at the end of 2013, 2012 and 2011, respectively. |
Leases
Leases | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Leases | ' | ||||||||||||
Leases | |||||||||||||
We lease certain retail locations, warehouses, distribution centers, office space, land, equipment and software. Assets held under capital leases are included in property and equipment. Operating lease rentals are expensed on a straight-line basis over the life of the lease beginning on the date we take possession of the property. At lease inception, we determine the lease term by assuming the exercise of those renewal options that are reasonably assured. The exercise of lease renewal options is at our sole discretion. The lease term is used to determine whether a lease is capital or operating and is used to calculate straight-line rent expense. Additionally, the depreciable life of leased assets and leasehold improvements is limited by the expected lease term. | |||||||||||||
Rent expense is included in SG&A expenses. Some of our lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Certain leases require us to pay real estate taxes, insurance, maintenance and other operating expenses associated with the leased premises. These expenses are classified in SG&A, consistent with similar costs for owned locations. Rent income received from tenants who rent properties is recorded as a reduction to SG&A expense. | |||||||||||||
Rent Expense | 2013 | 2012 | 2011 | ||||||||||
(millions) | |||||||||||||
Property and equipment | $ | 194 | $ | 194 | $ | 193 | |||||||
Software | 33 | 33 | 33 | ||||||||||
Rent income (a) | (12 | ) | (85 | ) | (61 | ) | |||||||
Total rent expense | $ | 215 | $ | 142 | $ | 165 | |||||||
(a) | Rent income in 2013, 2012, and 2011 includes $4 million, $75 million and $51 million, respectively, related to sites acquired in our Canadian leasehold acquisition that were being subleased back to Zellers for various terms, which all ended by March 31, 2013. | ||||||||||||
Total capital lease interest expense was $116 million, $109 million and $69 million in 2013, 2012 and 2011, respectively, including interest expense on Canadian capitalized leases of $77 million, $78 million and $44 million, respectively, and is included within net interest expense on the Consolidated Statements of Operations. | |||||||||||||
Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 50 years. Certain leases also include options to purchase the leased property. Assets recorded under capital leases as of February 1, 2014 and February 2, 2013 were $2,106 million and $2,038 million, respectively. | |||||||||||||
Future Minimum Lease Payments | Operating Leases (a) | Capital Leases (b) | Rent Income | Total | |||||||||
(millions) | |||||||||||||
2014 | $ | 187 | $ | 204 | $ | (6 | ) | $ | 385 | ||||
2015 | 185 | 198 | (5 | ) | 378 | ||||||||
2016 | 174 | 192 | (4 | ) | 362 | ||||||||
2017 | 168 | 157 | (4 | ) | 321 | ||||||||
2018 | 162 | 150 | (3 | ) | 309 | ||||||||
After 2018 | 3,227 | 4,412 | (14 | ) | 7,625 | ||||||||
Total future minimum lease payments | $ | 4,103 | $ | 5,313 | $ | (36 | ) | $ | 9,380 | ||||
Less: Interest (c) | (3,342 | ) | |||||||||||
Present value of future minimum capital lease payments (d) | $ | 1,971 | |||||||||||
(a)Â | Total contractual lease payments include $2,105 million related to options to extend lease terms that are reasonably assured of being exercised and also includes $135 million of legally binding minimum lease payments for stores that are expected to open in 2014 or later. | ||||||||||||
(b)Â | Capital lease payments include $3,740 million related to options to extend lease terms that are reasonably assured of being exercised and also includes $80 million of legally binding minimum payments for stores opening in 2014 or later. | ||||||||||||
(c)Â | Calculated using the interest rate at inception for each lease. | ||||||||||||
(d)Â | Includes the current portion of $77 million. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Feb. 01, 2014 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Income Taxes | ' | |||||||||
Income Taxes | ||||||||||
Earnings before income taxes were $3,103 million, $4,609 million and $4,456 million during 2013, 2012 and 2011, respectively, including losses incurred by our foreign entities of ($881) million, ($309) million, and ($11) million. Our foreign entities are subject to tax outside of the U.S. | ||||||||||
Tax Rate Reconciliation | 2013 | 2012 | 2011 | |||||||
Federal statutory rate | 35 | Â % | 35 | Â % | 35 | Â % | ||||
State income taxes, net of the federal tax benefit | 3.1 | 2 | 1 | |||||||
International | 0.3 | (0.6 | ) | (0.7 | ) | |||||
Other | (1.9 | ) | (1.5 | ) | (1.0 | ) | ||||
Effective tax rate | 36.5 | Â % | 34.9 | Â % | 34.3 | Â % | ||||
Certain discrete state income tax items reduced our effective tax rate by 0.5 percentage points, 1.0 percentage points, and 2.0 percentage points in 2013, 2012 and 2011, respectively. | ||||||||||
Provision for Income Taxes | 2013 | 2012 | 2011 | |||||||
(millions) | ||||||||||
Current: | ||||||||||
Federal | $ | 1,213 | $ | 1,471 | $ | 1,069 | ||||
State | 148 | 135 | 74 | |||||||
International | 25 | 18 | 13 | |||||||
Total current | 1,386 | 1,624 | 1,156 | |||||||
Deferred: | ||||||||||
Federal | 66 | 124 | 427 | |||||||
State | 2 | 14 | — | |||||||
International | (322 | ) | (152 | ) | (56 | ) | ||||
Total deferred | (254 | ) | (14 | ) | 371 | |||||
Total provision | $ | 1,132 | $ | 1,610 | $ | 1,527 | ||||
Net Deferred Tax Asset/(Liability) | February 1, | February 2, | ||||||||
(millions) | 2014 | 2013 | ||||||||
Gross deferred tax assets: | ||||||||||
Accrued and deferred compensation | $ | 509 | $ | 537 | ||||||
Foreign operating loss carryforward | 394 | 189 | ||||||||
Accruals and reserves not currently deductible | 348 | 352 | ||||||||
Self-insured benefits | 231 | 249 | ||||||||
Other | 193 | 123 | ||||||||
Allowance for doubtful accounts and lower of cost or fair value adjustment on credit card receivables held for sale | — | 67 | ||||||||
Total gross deferred tax assets | 1,675 | 1,517 | ||||||||
Gross deferred tax liabilities: | ||||||||||
Property and equipment | (2,062 | ) | (1,995 | ) | ||||||
Inventory | (270 | ) | (210 | ) | ||||||
Other | (130 | ) | (133 | ) | ||||||
Deferred credit card income | — | (91 | ) | |||||||
Total gross deferred tax liabilities | (2,462 | ) | (2,429 | ) | ||||||
Total net deferred tax asset/(liability) | $ | (787 | ) | $ | (912 | ) | ||||
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted income tax rates in effect for the year the temporary differences are expected to be recovered or settled. Tax rate changes affecting deferred tax assets and liabilities are recognized in income at the enactment date. | ||||||||||
At February 1, 2014, we had foreign net operating loss carryforwards of $1,466 million which are available to offset future income. These carryforwards are primarily related to the start-up operations of the Canadian Segment and expire between 2031 and 2033. We have evaluated the positive and negative evidence and consider it more likely than not that these carryforwards will be fully utilized prior to expiration. | ||||||||||
We have not recorded deferred taxes when earnings from foreign operations are considered to be indefinitely invested outside the U.S. These accumulated net earnings relate to certain ongoing operations and were $77 million at February 1, 2014 and $52 million at February 2, 2013. It is not practicable to determine the income tax liability that would be payable if such earnings were repatriated. | ||||||||||
We file a U.S. federal income tax return and income tax returns in various states and foreign jurisdictions. The U.S. Internal Revenue Service has completed exams on the U.S. federal income tax returns for years 2010 and prior. With few exceptions, we are no longer subject to state and local or non-U.S. income tax examinations by tax authorities for years before 2003. | ||||||||||
Reconciliation of Liability for Unrecognized Tax Benefits | 2013 | 2012 | 2011 | |||||||
(millions) | ||||||||||
Balance at beginning of period | $ | 216 | $ | 236 | $ | 302 | ||||
Additions based on tax positions related to the current year | 15 | 10 | 12 | |||||||
Additions for tax positions of prior years | 28 | 19 | 31 | |||||||
Reductions for tax positions of prior years | (57 | ) | (42 | ) | (101 | ) | ||||
Settlements | (19 | ) | (7 | ) | (8 | ) | ||||
Balance at end of period | $ | 183 | $ | 216 | $ | 236 | ||||
If we were to prevail on all unrecognized tax benefits recorded, $120 million of the $183 million reserve would benefit the effective tax rate. In addition, the reversal of accrued penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. During the years ended February 1, 2014, February 2, 2013 and January 28, 2012, we recorded a net benefit from the reversal of accrued penalties and interest of $1 million, $16 million and $12 million, respectively. As of February 1, 2014, February 2, 2013 and January 28, 2012 total accrued interest and penalties were $58 million, $64 million and $82 million, respectively. | ||||||||||
It is reasonably possible that the amount of the unrecognized tax benefits with respect to our other unrecognized tax positions will increase or decrease during the next twelve months; however, an estimate of the amount or range of the change cannot be made at this time. |
Other_Noncurrent_Liabilities
Other Noncurrent Liabilities | 12 Months Ended | ||||||
Feb. 01, 2014 | |||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||
Other Noncurrent Liabilities | ' | ||||||
Other Noncurrent Liabilities | |||||||
Other Noncurrent Liabilities | February 1, | February 2, | |||||
(millions) | 2014 | 2013 | |||||
Deferred compensation | $ | 491 | $ | 479 | |||
Workers' compensation and general liability (a) | 424 | 467 | |||||
Income tax | 174 | 180 | |||||
Pension and postretirement health care benefits | 115 | 170 | |||||
Other | 286 | 313 | |||||
Total | $ | 1,490 | $ | 1,609 | |||
(a)Â | We retain a substantial portion of the risk related to general liability and workers' compensation claims. Liabilities associated with these losses include estimates of both claims filed and losses incurred but not yet reported. We estimate our ultimate cost based on analysis of historical data and actuarial estimates. General liability and workers' compensation liabilities are recorded at our estimate of their net present value. |
Share_Repurchase
Share Repurchase | 12 Months Ended | |||||||||
Feb. 01, 2014 | ||||||||||
Equity [Abstract] | ' | |||||||||
Share Repurchase | ' | |||||||||
Share Repurchase | ||||||||||
We repurchase shares primarily through open market transactions under a $5 billion share repurchase program authorized by our Board of Directors in January 2012. During the first quarter of 2012, we completed a $10 billion share repurchase program that was authorized by our Board of Directors in November 2007. | ||||||||||
Share Repurchases | 2013 | 2012 | 2011 | |||||||
(millions, except per share data) | ||||||||||
Total number of shares purchased | 21.9 | 32.2 | 37.2 | |||||||
Average price paid per share | $ | 67.41 | $ | 58.96 | $ | 50.89 | ||||
Total investment | $ | 1,474 | $ | 1,900 | $ | 1,894 | ||||
Of the shares reacquired, a portion was delivered upon settlement of prepaid forward contracts as follows: | ||||||||||
Settlement of Prepaid Forward Contracts (a) | 2013 | 2012 | 2011 | |||||||
(millions) | ||||||||||
Total number of shares purchased | 0.2 | 0.5 | 1 | |||||||
Total cash investment | $ | 14 | $ | 25 | $ | 52 | ||||
Aggregate market value (b) | $ | 17 | $ | 29 | $ | 52 | ||||
(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 have been provided in Note 25. | |||||||||
(b)Â | At their respective settlement dates. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||
Share-Based Compensation | ' | |||||||||||||||||
Share-Based Compensation | ||||||||||||||||||
We maintain a long-term incentive plan (the Plan) for key team members and non-employee members of our Board of Directors. The Plan allows us to grant equity-based compensation awards, including stock options, stock appreciation rights, performance share units, restricted stock units, restricted stock awards or a combination of awards (collectively, share-based awards). The number of unissued common shares reserved for future grants under the Plan was 18.7 million and 24.9 million at February 1, 2014 and February 2, 2013, respectively. | ||||||||||||||||||
Compensation expense associated with share-based awards is recognized on a straight-line basis over the shorter of the vesting period or the minimum required service period. Total share-based compensation expense recognized in the Consolidated Statements of Operations was $110 million, $105 million and $90 million in 2013, 2012 and 2011, respectively. The related income tax benefit was $43 million, $42 million and $35 million in 2013, 2012 and 2011, respectively. | ||||||||||||||||||
Stock Options | ||||||||||||||||||
Through 2013, we granted nonqualified stock options to certain team members that generally vest and become exercisable annually in equal amounts over a four-year period and expire 10 years after the grant date. We previously granted options with a ten-year term to the non-employee members of our Board of Directors that vest immediately, but are not exercisable until one year after the grant date. We used a Black-Scholes valuation model to estimate the fair value of the options at the grant date. | ||||||||||||||||||
Stock Option Activity | Stock Options | |||||||||||||||||
Total Outstanding | Exercisable | |||||||||||||||||
Number of | Exercise | Intrinsic | Number of | Exercise | Intrinsic | |||||||||||||
Options (a) | Price (b) | Value (c) | Options (a) | Price (b) | Value (c) | |||||||||||||
February 2, 2013 | 34,458 | $ | 50.6 | $ | 366 | 21,060 | $ | 48.25 | $ | 273 | ||||||||
Granted | 226 | 69.56 | ||||||||||||||||
Expired/forfeited | (745 | ) | 53.14 | |||||||||||||||
Exercised/issued | (9,085 | ) | 46.51 | |||||||||||||||
February 1, 2014 | 24,854 | $ | 52.19 | $ | 136 | 16,824 | $ | 50.64 | $ | 109 | ||||||||
(a)Â | In thousands. | |||||||||||||||||
(b)Â | Weighted average per share. | |||||||||||||||||
(c)Â | Represents stock price appreciation subsequent to the grant date, in millions. | |||||||||||||||||
Black-Scholes Model Valuation Assumptions | 2013 | 2012 | 2011 | |||||||||||||||
Dividend yield | 2.4 | % | 2.4 | % | 2.5 | % | ||||||||||||
Volatility (a) | 22 | % | 23 | % | 27 | % | ||||||||||||
Risk-free interest rate (b) | 1.4 | % | 1 | % | 1 | % | ||||||||||||
Expected life in years (c) | 5.5 | 5.5 | 5.5 | |||||||||||||||
Stock options grant date fair value | $11.14 | $9.70 | $9.20 | |||||||||||||||
(a)Â | Volatility represents an average of market estimates for implied volatility of Target common stock. | |||||||||||||||||
(b)Â | The risk-free interest rate is an interpolation of the relevant U.S. Treasury security maturities as of each applicable grant date. | |||||||||||||||||
(c)Â | The expected life is estimated based on an analysis of options already exercised and any foreseeable trends or changes in recipients' behavior. | |||||||||||||||||
Stock Option Exercises | 2013 | 2012 | 2011 | |||||||||||||||
(millions) | ||||||||||||||||||
Cash received for exercise price | $ | 422 | $ | 331 | $ | 93 | ||||||||||||
Intrinsic value | 197 | 139 | 27 | |||||||||||||||
Income tax benefit | 77 | 55 | 11 | |||||||||||||||
At February 1, 2014, there was $37 million of total unrecognized compensation expense related to nonvested stock options, which is expected to be recognized over a weighted average period of 1.1 years. The weighted average remaining life of exercisable options is 5.3 years, and the weighted average remaining life of all outstanding options is 6.2 years. The total fair value of options vested was $53 million, $68 million and $75 million in 2013, 2012 and 2011, respectively. | ||||||||||||||||||
Performance Share Units | ||||||||||||||||||
We issue performance share units to certain team members that represent shares potentially issuable in the future. Issuance is based upon our performance relative to a retail peer group over a three-year performance period on certain measures including domestic market share change, return on invested capital and EPS growth. The fair value of performance share units is calculated based on the stock price on the date of grant. The weighted average grant date fair value for performance share units was $57.22, $58.61 and $48.63 in 2013, 2012 and 2011, respectively. | ||||||||||||||||||
Performance Share Unit Activity | Total Nonvested Units | |||||||||||||||||
Performance | Grant Date | |||||||||||||||||
Share Units (a) | Fair Value (b) | |||||||||||||||||
February 2, 2013 | 1,256 | $ | 51.53 | |||||||||||||||
Granted | 2,036 | 57.22 | ||||||||||||||||
Forfeited | (145 | ) | 56.42 | |||||||||||||||
Vested | (277 | ) | 51.49 | |||||||||||||||
February 1, 2014 | 2,870 | $ | 55.37 | |||||||||||||||
(a) | Assumes attainment of maximum payout rates as set forth in the performance criteria based in thousands of share units. Applying actual or expected payout rates, the number of outstanding units at February 1, 2014 was 1,515 thousand. | |||||||||||||||||
(b)Â | Weighted average per unit. | |||||||||||||||||
The expense recognized each period is dependent upon our estimate of the number of shares that will ultimately be issued. Future compensation expense for unvested awards could reach a maximum of $127 million assuming payout of all unvested awards. The unrecognized expense is expected to be recognized over a weighted average period of 1.2 years. The fair value of performance share units vested and converted was $14 million in 2013, $16 million in 2012 and was not significant in 2011. | ||||||||||||||||||
Restricted Stock | ||||||||||||||||||
We issue restricted stock units and performance-based restricted stock units with three-year cliff vesting from the grant date (collectively restricted stock) to certain team members. The final number of shares issued under performance-based restricted stock units will be based on our total shareholder return relative to a retail peer group over a three-year performance period. We also regularly issue restricted stock units to our Board of Directors, which vest quarterly over a one-year period and are settled in shares of Target common stock upon departure from the Board. The fair value for restricted stock is calculated based on the stock price on the date of grant, incorporating an analysis of the total shareholder return performance measure where applicable. The weighted average grant date fair value for restricted stock was $62.76, $60.44 and $49.42 in 2013, 2012 and 2011, respectively. | ||||||||||||||||||
Restricted Stock Activity | Total Nonvested Units | |||||||||||||||||
Restricted | Grant Date | |||||||||||||||||
Stock (a) | Fair Value (b) | |||||||||||||||||
February 2, 2013 | 2,895 | $ | 56.12 | |||||||||||||||
Granted | 1,686 | 62.76 | ||||||||||||||||
Forfeited | (130 | ) | 57.19 | |||||||||||||||
Vested | (516 | ) | 54.26 | |||||||||||||||
February 1, 2014 | 3,935 | $ | 58.98 | |||||||||||||||
(a) | Represents the number of restricted stock units, in thousands. For performance-based restricted stock units, assumes attainment of maximum payout rates as set forth in the performance criteria based in thousands of share units. Applying actual or expected payout rates, the number of outstanding restricted stock units at February 1, 2014 was 3,551 thousand. | |||||||||||||||||
(b)Â | Weighted average per unit. | |||||||||||||||||
The expense recognized each period is partially dependent upon our estimate of the number of shares that will ultimately be issued. At February 1, 2014, there was $139 million of total unrecognized compensation expense related to restricted stock, which is expected to be recognized over a weighted average period of 1.3 years. The fair value of restricted stock vested and converted to shares of Target common stock was $28 million, $11 million and $9 million in 2013, 2012 and 2011, respectively. |
Defined_Contribution_Plans
Defined Contribution Plans | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Defined Contribution Plans | ' | |||||||||||
Defined Contribution Plans | ' | |||||||||||
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 compensation, as limited by statute or regulation. Generally, we match 100 percent of each team member's contribution up to 5 percent of total compensation. Company match contributions are made to funds designated by the participant. | ||||||||||||
In addition, we maintain a nonqualified, unfunded deferred compensation plan for approximately 3,000 current and retired team members whose participation in our 401(k) plan is limited by statute or regulation. These team members choose from a menu of crediting rate alternatives that are the same as the investment choices in our 401(k) plan, including Target common stock. We credit an additional 2 percent per year to the accounts of all active participants, excluding members of our management executive committee, in part to recognize the risks inherent to their participation in this plan. We also maintain a nonqualified, unfunded deferred compensation plan that was frozen during 1996, covering approximately 60 participants, most of whom are retired. In this plan, deferred compensation earns returns tied to market levels of interest rates plus an additional 6 percent return, with a minimum of 12 percent and a maximum of 20 percent, as determined by the plan's terms. Our total liability under these plans was $520 million and $505 million at February 1, 2014 and February 2, 2013, respectively. | ||||||||||||
We mitigate some of our risk of offering the nonqualified 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 pretax income/(loss) of $(5) million, $14 million and $(4) million in 2013, 2012 and 2011, respectively. During 2013 and 2012, | ||||||||||||
we invested $23 million and $19 million, respectively, in such investment instruments, and 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 23. The settlement dates of these instruments are regularly renegotiated with the counterparty. | ||||||||||||
Prepaid Forward Contracts on Target Common Stock | Number of Shares | Contractual Price Paid per Share | Contractual Fair Value | Total Cash Investment | ||||||||
(millions, except per share data) | ||||||||||||
2-Feb-13 | 1.2 | $ | 45.46 | $ | 73 | $ | 54 | |||||
1-Feb-14 | 1.3 | $ | 48.81 | $ | 73 | $ | 63 | |||||
Plan Expenses | ||||||||||||
(millions) | 2013 | 2012 | 2011 | |||||||||
401(k) plan matching contributions expense | $ | 229 | $ | 218 | $ | 197 | ||||||
Nonqualified deferred compensation plans | ||||||||||||
Benefits expense (a) | 41 | 78 | 38 | |||||||||
Related investment income (b) | (23 | ) | (43 | ) | (10 | ) | ||||||
Nonqualified plan net expense | $ | 18 | $ | 35 | $ | 28 | ||||||
(a)Â | Includes market-performance credits on accumulated participant account balances and annual crediting for additional benefits earned during the year. | |||||||||||
(b)Â | Includes investment returns and life-insurance proceeds received from company-owned life insurance policies and other investments used to economically hedge the cost of these plans. |
Pension_and_Postretirement_Hea
Pension and Postretirement Health Care Plans | 12 Months Ended | ||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Pension and Postretirement Health Care Plans | ' | ||||||||||||||||||||||||
Pension and Postretirement Health Care Plans | |||||||||||||||||||||||||
We have qualified defined benefit pension plans covering team members who meet age and service requirements, including in certain circumstances, date of hire. Effective January 1, 2009, our U.S. qualified defined benefit pension plan was closed to new participants, with limited exceptions. We also have unfunded nonqualified pension plans for team members with qualified plan compensation restrictions. Eligibility for, and the level of, these benefits varies depending on each team members' date of hire, length of service and/or team member compensation. Upon early retirement and prior to Medicare eligibility, team members also become eligible for certain health care benefits if they meet minimum age and service requirements and agree to contribute a portion of the cost. | |||||||||||||||||||||||||
Change in Projected Benefit Obligation | Pension Benefits | Postretirement | |||||||||||||||||||||||
Qualified Plans | Nonqualified Plans | Health Care Benefits | |||||||||||||||||||||||
(millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Benefit obligation at beginning of period | $ | 3,164 | $ | 3,015 | $ | 37 | $ | 38 | $ | 121 | $ | 100 | |||||||||||||
Service cost | 117 | 120 | 1 | 1 | 6 | 10 | |||||||||||||||||||
Interest cost | 136 | 137 | 1 | 2 | 2 | 3 | |||||||||||||||||||
Actuarial (gain)/loss | (125 | ) | 107 | — | — | (3 | ) | 18 | |||||||||||||||||
Participant contributions | 1 | 1 | — | — | 5 | 5 | |||||||||||||||||||
Benefits paid | (122 | ) | (126 | ) | (4 | ) | (3 | ) | (14 | ) | (12 | ) | |||||||||||||
Plan amendments | 2 | (90 | ) | — | (1 | ) | (44 | ) | (3 | ) | |||||||||||||||
Benefit obligation at end of period | $ | 3,173 | $ | 3,164 | $ | 35 | $ | 37 | $ | 73 | $ | 121 | |||||||||||||
Change in Plan Assets | Pension Benefits | Postretirement | |||||||||||||||||||||||
Qualified Plans | Nonqualified Plans | Health Care Benefits | |||||||||||||||||||||||
(millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 3,223 | $ | 2,921 | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Actual return on plan assets | 161 | 305 | — | — | — | — | |||||||||||||||||||
Employer contributions | 4 | 122 | 4 | 3 | 9 | 7 | |||||||||||||||||||
Participant contributions | 1 | 1 | — | — | 5 | 5 | |||||||||||||||||||
Benefits paid | (122 | ) | (126 | ) | (4 | ) | (3 | ) | (14 | ) | (12 | ) | |||||||||||||
Fair value of plan assets at end of period | 3,267 | 3,223 | — | — | — | — | |||||||||||||||||||
Benefit obligation at end of period | 3,173 | 3,164 | 35 | 37 | 73 | 121 | |||||||||||||||||||
Funded/(underfunded) status | $ | 94 | $ | 59 | $ | (35 | ) | $ | (37 | ) | $ | (73 | ) | $ | (121 | ) | |||||||||
Recognition of Funded/(Underfunded) Status | Qualified Plans | Nonqualified Plans (a) | |||||||||||||||||||||||
(millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Other noncurrent assets | $ | 112 | $ | 81 | $ | — | $ | — | |||||||||||||||||
Accrued and other current liabilities | (2 | ) | (1 | ) | (9 | ) | (9 | ) | |||||||||||||||||
Other noncurrent liabilities | (16 | ) | (21 | ) | (99 | ) | (149 | ) | |||||||||||||||||
Net amounts recognized | $ | 94 | $ | 59 | $ | (108 | ) | $ | (158 | ) | |||||||||||||||
(a)Â | Includes postretirement health care benefits. | ||||||||||||||||||||||||
The following table summarizes the amounts recorded in accumulated other comprehensive income, which have not yet been recognized as a component of net periodic benefit expense: | |||||||||||||||||||||||||
Amounts in Accumulated Other Comprehensive Income | Pension Plans | Postretirement | |||||||||||||||||||||||
Health Care Plans | |||||||||||||||||||||||||
(millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Net actuarial loss | $ | 792 | $ | 947 | $ | 49 | $ | 58 | |||||||||||||||||
Prior service credits | (80 | ) | (91 | ) | (62 | ) | (34 | ) | |||||||||||||||||
Amounts in accumulated other comprehensive income | $ | 712 | $ | 856 | $ | (13 | ) | $ | 24 | ||||||||||||||||
The following table summarizes the changes in accumulated other comprehensive income for the years ended February 1, 2014 and February 2, 2013, related to our pension and postretirement health care plans: | |||||||||||||||||||||||||
Change in Accumulated Other Comprehensive Income | Pension Benefits | Postretirement | |||||||||||||||||||||||
Health Care Benefits | |||||||||||||||||||||||||
(millions) | Pretax | Net of Tax | Pretax | Net of Tax | |||||||||||||||||||||
28-Jan-12 | $ | 1,027 | $ | 623 | $ | 3 | $ | 2 | |||||||||||||||||
Net actuarial loss | 23 | 13 | 18 | 11 | |||||||||||||||||||||
Amortization of net actuarial losses | (103 | ) | (63 | ) | (4 | ) | (2 | ) | |||||||||||||||||
Amortization of prior service costs and transition | — | — | 10 | 6 | |||||||||||||||||||||
Plan amendments | (91 | ) | (56 | ) | (3 | ) | (2 | ) | |||||||||||||||||
2-Feb-13 | 856 | 517 | 24 | 15 | |||||||||||||||||||||
Net actuarial gain | (52 | ) | (32 | ) | (3 | ) | (2 | ) | |||||||||||||||||
Amortization of net actuarial losses | (103 | ) | (62 | ) | (6 | ) | (4 | ) | |||||||||||||||||
Amortization of prior service costs and transition | 11 | 7 | 16 | 10 | |||||||||||||||||||||
Plan amendment | — | — | (44 | ) | (27 | ) | |||||||||||||||||||
1-Feb-14 | $ | 712 | $ | 430 | $ | (13 | ) | $ | (8 | ) | |||||||||||||||
The following table summarizes the amounts in accumulated other comprehensive income expected to be amortized and recognized as a component of net periodic benefit expense in 2014: | |||||||||||||||||||||||||
Expected Amortization of Amounts in Accumulated Other Comprehensive Income | Pretax | Net of Tax | |||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Net actuarial loss | $ | 70 | $ | 43 | |||||||||||||||||||||
Prior service credits | (27 | ) | (16 | ) | |||||||||||||||||||||
Total amortization expense | $ | 43 | $ | 27 | |||||||||||||||||||||
The following table summarizes our net pension and postretirement health care benefits expense for the years 2013, 2012 and 2011: | |||||||||||||||||||||||||
Net Pension and Postretirement Health Care | Pension Benefits | Postretirement | |||||||||||||||||||||||
Benefits Expense | Health Care Benefits | ||||||||||||||||||||||||
(millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Service cost benefits earned during the period | $ | 118 | $ | 121 | $ | 117 | $ | 6 | $ | 10 | $ | 10 | |||||||||||||
Interest cost on projected benefit obligation | 137 | 139 | 137 | 2 | 3 | 4 | |||||||||||||||||||
Expected return on assets | (235 | ) | (220 | ) | (206 | ) | — | — | — | ||||||||||||||||
Amortization of losses | 103 | 103 | 67 | 6 | 3 | 4 | |||||||||||||||||||
Amortization of prior service cost | (11 | ) | — | (2 | ) | (16 | ) | (10 | ) | (10 | ) | ||||||||||||||
Settlement and Special Termination Charges | 3 | — | — | — | — | — | |||||||||||||||||||
Total | $ | 115 | $ | 143 | $ | 113 | $ | (2 | ) | $ | 6 | $ | 8 | ||||||||||||
Prior service cost amortization is determined using the straight-line method over the average remaining service period of team members expected to receive benefits under the plan. | |||||||||||||||||||||||||
Defined Benefit Pension Plan Information | 2013 | 2012 | |||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Accumulated benefit obligation (ABO) for all plans (a) | $ | 3,149 | $ | 3,140 | |||||||||||||||||||||
Projected benefit obligation for pension plans with an ABO in excess of plan assets (b) | 54 | 59 | |||||||||||||||||||||||
Total ABO for pension plans with an ABO in excess of plan assets | 48 | 53 | |||||||||||||||||||||||
(a)Â | The present value of benefits earned to date assuming no future salary growth. | ||||||||||||||||||||||||
(b)Â | The present value of benefits earned to date by plan participants, including the effect of assumed future salary increases. | ||||||||||||||||||||||||
Assumptions | |||||||||||||||||||||||||
Benefit Obligation Weighted Average Assumptions | Pension Benefits | Postretirement | |||||||||||||||||||||||
Health Care Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate | 4.77 | % | 4.4 | % | 3.3 | % | 2.75 | % | |||||||||||||||||
Average assumed rate of compensation increase | 3 | 3 | n/a | n/a | |||||||||||||||||||||
Net Periodic Benefit Expense Weighted Average Assumptions | Â Pension Benefits | Postretirement | |||||||||||||||||||||||
Health Care Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Discount rate | 4.4 | % | 4.65 | % | 5.5 | % | 2.75 | % | 3.6 | % | 4.35 | % | |||||||||||||
Expected long-term rate of return on plan assets | 8 | 8 | 8 | n/a | n/a | n/a | |||||||||||||||||||
Average assumed rate of compensation increase | 3 | 3.5 | 4 | n/a | n/a | n/a | |||||||||||||||||||
The weighted average assumptions used to measure net periodic benefit expense each year are the rates as of the beginning of the year (i.e., the prior measurement date). Based on a stable asset allocation, our most recent compound annual rate of return on qualified plans' assets was 10.4 percent, 8.3 percent, 7.2 percent, and 9.2 percent for the 5-year, 10-year, 15-year and 20-year time periods, respectively. | |||||||||||||||||||||||||
The market-related value of plan assets, which is used in calculating expected return on assets in net periodic benefit cost, is determined each year by adjusting the previous year's value by expected return, benefit payments and cash contributions. The market-related value is adjusted for asset gains and losses in equal 20 percent adjustments over a five-year period. | |||||||||||||||||||||||||
We review the expected long-term rate of return on an annual basis, and revise it as appropriate. Additionally, we monitor the mix of investments in our portfolio to ensure alignment with our long-term strategy to manage pension cost and reduce volatility in our assets. Our expected annualized long-term rate of return assumptions as of February 1, 2014 were 8.0 percent for domestic and international equity securities, 5.0 percent for long-duration debt securities, 8.0 percent for balanced funds and 9.5 percent for other investments. These estimates are a judgmental matter in which we consider the composition of our asset portfolio, our historical long-term investment performance and current market conditions. | |||||||||||||||||||||||||
An increase in the cost of covered health care benefits of 7.5 percent was assumed for 2013 and 7.0 percent is assumed for 2014. The rate will be reduced to 5.0 percent in 2019 and thereafter. | |||||||||||||||||||||||||
Health Care Cost Trend Rates – 1% Change | 1% Increase | 1% Decrease | |||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Effect on total of service and interest cost components of net periodic postretirement health care benefit expense | $ | 1 | $ | (1 | ) | ||||||||||||||||||||
Effect on the health care component of the accumulated postretirement benefit obligation | 5 | (5 | ) | ||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||
Our asset allocation policy is designed to reduce the long-term cost of funding our pension obligations. The plan invests with both passive and active investment managers depending on the investment's asset class. The plan also seeks to reduce the risk associated with adverse movements in interest rates by employing an interest rate hedging program, which may include the use of interest rate swaps, total return swaps and other instruments. | |||||||||||||||||||||||||
Asset Category | Current Targeted | Actual Allocation | |||||||||||||||||||||||
Allocation | 2013 | 2012 | |||||||||||||||||||||||
Domestic equity securities (a) | 19 | % | 21 | % | 20 | % | |||||||||||||||||||
International equity securities | 12 | 12 | 11 | ||||||||||||||||||||||
Debt securities | 25 | 26 | 27 | ||||||||||||||||||||||
Balanced funds | 30 | 28 | 29 | ||||||||||||||||||||||
Other (b) | 14 | 13 | 13 | ||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||
(a) | Equity securities include our common stock in amounts substantially less than 1 percent of total plan assets as of February 1, 2014 and February 2, 2013. | ||||||||||||||||||||||||
(b)Â | Other assets include private equity, mezzanine and high-yield debt, natural resources and timberland funds, multi-strategy hedge funds, derivative instruments and a 5 percent allocation to real estate. | ||||||||||||||||||||||||
Fair Value Measurements | Fair Value at February 1, 2014 | Fair Value at February 2, 2013 | |||||||||||||||||||||||
(millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Cash and cash equivalents | $ | 150 | $ | 6 | $ | 144 | $ | — | $ | 174 | $ | 5 | $ | 169 | $ | — | |||||||||
Common collective trusts (a) | 1,000 | — | 1,000 | — | 878 | — | 878 | — | |||||||||||||||||
Government securities (b) | 282 | — | 282 | — | 296 | — | 296 | — | |||||||||||||||||
Fixed income (c) | 541 | — | 541 | — | 560 | — | 560 | — | |||||||||||||||||
Balanced funds (d) | 903 | — | 903 | — | 925 | — | 925 | — | |||||||||||||||||
Private equity funds (e) | 221 | — | — | 221 | 236 | — | — | 236 | |||||||||||||||||
Other (f) | 170 | — | 43 | 127 | 154 | — | 32 | 122 | |||||||||||||||||
Total plan assets | $ | 3,267 | $ | 6 | $ | 2,913 | $ | 348 | $ | 3,223 | $ | 5 | $ | 2,860 | $ | 358 | |||||||||
(a)Â | Passively managed index funds with holdings in domestic and international equities. | ||||||||||||||||||||||||
(b)Â | Investments in government securities and passively managed index funds with holdings in long-term government bonds. | ||||||||||||||||||||||||
(c)Â | Investments in corporate bonds, mortgage-backed securities and passively managed index funds with holdings in long-term corporate bonds. | ||||||||||||||||||||||||
(d)Â | Investments in equities, nominal and inflation-linked fixed income securities, commodities and public real estate. | ||||||||||||||||||||||||
(e)Â | Includes investments in venture capital, mezzanine and high-yield debt, natural resources and timberland funds. | ||||||||||||||||||||||||
(f)Â | Investments in multi-strategy hedge funds (including domestic and international equity securities, convertible bonds and other alternative investments), real estate and derivative investments. | ||||||||||||||||||||||||
Level 3 Reconciliation | Actual Return on Plan Assets (a) | ||||||||||||||||||||||||
(millions) | Balance at | Relating to | Relating to | Purchases, | Transfer in | Balance at | |||||||||||||||||||
Beginning of | Assets Still Held | Assets Sold | Sales and | and/or out | End of | ||||||||||||||||||||
Period | at the Reporting | During the | Settlements | of Level 3 | Period | ||||||||||||||||||||
Date | Period | ||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Private equity funds | $ | 283 | $ | 17 | $ | 25 | $ | (89 | ) | $ | — | $ | 236 | ||||||||||||
Other | 115 | 4 | — | 3 | — | 122 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Private equity funds | $ | 236 | $ | 7 | $ | 26 | $ | (48 | ) | $ | — | $ | 221 | ||||||||||||
Other | 122 | 14 | 1 | (10 | ) | — | 127 | ||||||||||||||||||
(a) | Represents realized and unrealized gains (losses) from changes in values of those financial instruments only for the period in which the instruments were classified as Level 3. | ||||||||||||||||||||||||
Position | Valuation Technique | ||||||||||||||||||||||||
Cash and cash equivalents | These investments are cash holdings and investment vehicles valued using the Net Asset Value (NAV) provided by the administrator of the fund. The NAV for the investment vehicles is based on the value of the underlying assets owned by the fund minus applicable costs and liabilities, and then divided by the number of shares outstanding. | ||||||||||||||||||||||||
Equity securities | Valued at the closing price reported on the major market on which the individual securities are traded. | ||||||||||||||||||||||||
Common collective trusts/ balanced funds/ certain multi-strategy hedge funds | Valued using the NAV provided by the administrator of the fund. The NAV is a quoted transactional price for participants in the fund, which do not represent an active market. | ||||||||||||||||||||||||
Fixed income and government securities | Valued using matrix pricing models and quoted prices of securities with similar characteristics. | ||||||||||||||||||||||||
Private equity/ real estate/ certain multi-strategy hedge funds/ other | Valued by deriving Target's proportionate share of equity investment from audited financial statements. Private equity and real estate investments require significant judgment on the part of the fund manager due to the absence of quoted market prices, inherent lack of liquidity, and the long term of such investments. Certain multi-strategy hedge funds represent funds of funds that include liquidity restrictions and for which timely valuation information is not available. | ||||||||||||||||||||||||
Contributions | |||||||||||||||||||||||||
Our obligations to plan participants can be met over time through a combination of company contributions to these plans and earnings on plan assets. In 2013 we made no contributions to our qualified defined benefit pension plans. In 2012, we made discretionary contributions of $122 million. We are not required to make any contributions in 2014. However, depending on investment performance and plan funded status, we may elect to make a contribution. We expect to make contributions in the range of $5 million to $6 million to our postretirement health care benefit plan in 2014. | |||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||
Benefit payments by the plans, which reflect expected future service as appropriate, are expected to be paid as follows: | |||||||||||||||||||||||||
Estimated Future Benefit Payments | Pension | Postretirement | |||||||||||||||||||||||
(millions) | Benefits | Health Care Benefits | |||||||||||||||||||||||
2014 | $ | 152 | $ | 6 | |||||||||||||||||||||
2015 | 159 | 6 | |||||||||||||||||||||||
2016 | 169 | 7 | |||||||||||||||||||||||
2017 | 178 | 8 | |||||||||||||||||||||||
2018 | 188 | 8 | |||||||||||||||||||||||
2019-2023 | 1,058 | 45 | |||||||||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
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 (loss)/income before reclassifications | — | (429 | ) | 60 | (369 | ) | ||||||||||
Amounts reclassified from AOCI | 4 | (a) | — | 50 | (b) | 54 | ||||||||||
February 1, 2014 | $ | (25 | ) | $ | (444 | ) | $ | (422 | ) | $ | (891 | ) | ||||
(a)Â | Represents gains and losses on cash flow hedges, net of $2 million of taxes, which are recorded in net interest expense on the Consolidated Statements of Operations. | |||||||||||||||
(b)Â | Represents amortization of pension and other benefit liabilities, net of $32 million of taxes, which is recorded in SG&A expenses on the Consolidated Statements of Operations. See Note 26 for additional information. |
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||||||||
Our segment measure of profit is used by management to evaluate the return on our investment and to make operating decisions. | ||||||||||||||||||||||||||||||
Business Segment Results | 2013 | 2012 (a) | 2011 | |||||||||||||||||||||||||||
(millions) | U.S. | Canadian | Total | U.S. | Canadian | Total | U.S. | Canadian | Total | |||||||||||||||||||||
Sales | $ | 71,279 | $ | 1,317 | $ | 72,596 | $ | 71,960 | $ | — | $ | 71,960 | $ | 68,466 | $ | — | $ | 68,466 | ||||||||||||
Cost of sales | 50,039 | 1,121 | 51,160 | 50,568 | — | 50,568 | 47,860 | — | 47,860 | |||||||||||||||||||||
Selling, general and administrative expenses (b) | 14,285 | 910 | 15,196 | 13,759 | 272 | 14,031 | 13,079 | 74 | 13,153 | |||||||||||||||||||||
Depreciation and amortization | 1,996 | 227 | 2,223 | 2,044 | 97 | 2,142 | 2,084 | 48 | 2,131 | |||||||||||||||||||||
Segment profit | $ | 4,959 | $ | (941 | ) | $ | 4,017 | $ | 5,589 | $ | (369 | ) | $ | 5,219 | $ | 5,443 | $ | (122 | ) | $ | 5,322 | |||||||||
Gain on receivables transaction (c) | 391 | 152 | — | |||||||||||||||||||||||||||
Reduction of beneficial interest asset (b) | (98 | ) | — | — | ||||||||||||||||||||||||||
Other (d) | (64 | ) | — | — | ||||||||||||||||||||||||||
Data Breach related costs, net of insurance receivable (e) | (17 | ) | — | — | ||||||||||||||||||||||||||
Earnings before interest expense and income taxes | 4,229 | 5,371 | 5,322 | |||||||||||||||||||||||||||
Net interest expense | 1,126 | 762 | 866 | |||||||||||||||||||||||||||
Earnings before income taxes | $ | 3,103 | $ | 4,609 | $ | 4,456 | ||||||||||||||||||||||||
Note: The sum of the segment amounts may not equal the total amounts due to rounding. | ||||||||||||||||||||||||||||||
Note: Certain operating expenses are incurred on behalf of our Canadian Segment, but are included in our U.S. Segment because those costs are not allocated internally and generally come under the responsibility of our U.S. management team. | ||||||||||||||||||||||||||||||
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 6, 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)Â | Consisted of 53Â weeks. | |||||||||||||||||||||||||||||
(b)Â | Our U.S. Segment includes all TD profit-sharing amounts in segment profit; 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. | |||||||||||||||||||||||||||||
(c)Â | Represents the gain on receivables transaction recorded in our Consolidated Statements of Operations, plus, for 2012, the difference between bad debt expense and net write-offs for the fourth quarter. Refer to Note 6 for more information on our credit card receivables transaction. | |||||||||||||||||||||||||||||
(d)Â | Includes a $23 million workforce-reduction charge primarily related to severance and benefits costs, a $22 million charge related to part-time team member health benefit changes, and $19 million in impairment charges related to certain parcels of undeveloped land. | |||||||||||||||||||||||||||||
(e)Â | Refer to Note 17 for more information on Data Breach related costs. | |||||||||||||||||||||||||||||
Total Assets by Segment | February 1, | February 2, | ||||||||||||||||||||||||||||
 (millions) | 2014 | 2013 | ||||||||||||||||||||||||||||
U.S. | $ | 38,128 | $ | 43,289 | ||||||||||||||||||||||||||
Canadian | 6,254 | 4,722 | ||||||||||||||||||||||||||||
Total segment assets | $ | 44,382 | $ | 48,011 | ||||||||||||||||||||||||||
Unallocated assets (a) | 171 | 152 | ||||||||||||||||||||||||||||
Total assets | $ | 44,553 | $ | 48,163 | ||||||||||||||||||||||||||
(a)Â | At February 1, 2014, represents the beneficial interest asset of $127 million and insurance receivable related to the Data Breach of $44 million. At February 2, 2013, 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. | |||||||||||||||||||||||||||||
Capital Expenditures by Segment | 2013 | 2012(a) | 2011 | |||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||
U.S. | $ | 1,886 | $ | 2,345 | $ | 2,476 | ||||||||||||||||||||||||
Canadian | 1,567 | 932 | 1,892 | |||||||||||||||||||||||||||
Total | $ | 3,453 | $ | 3,277 | $ | 4,368 | ||||||||||||||||||||||||
(a)Â | Consisted of 53Â weeks. |
Quarterly_Results_Unaudited
Quarterly Results (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Quarterly Results (Unaudited) | ' | ||||||||||||||||||||||||||||||||||
Quarterly Results (Unaudited) | |||||||||||||||||||||||||||||||||||
Due to the seasonal nature of our business, fourth quarter operating results typically represent a substantially larger share of total year revenues and earnings because they include our peak sales period from Thanksgiving through the end of December. We follow the same accounting policies for preparing quarterly and annual financial data. The table below summarizes quarterly results for 2013 and 2012: | |||||||||||||||||||||||||||||||||||
Quarterly Results | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total Year | ||||||||||||||||||||||||||||||
(millions, except per share data) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 (a) | 2013 | 2012 (a) | |||||||||||||||||||||||||
Sales | $ | 16,706 | $ | 16,537 | $ | 17,117 | $ | 16,451 | $ | 17,258 | $ | 16,601 | $ | 21,516 | $ | 22,370 | $ | 72,596 | $ | 71,960 | |||||||||||||||
Credit card revenues | — | 330 | — | 328 | — | 328 | — | 356 | — | 1,341 | |||||||||||||||||||||||||
Total revenues | 16,706 | 16,867 | 17,117 | 16,779 | 17,258 | 16,929 | 21,516 | 22,726 | 72,596 | 73,301 | |||||||||||||||||||||||||
Cost of sales | 11,563 | 11,541 | 11,745 | 11,297 | 12,133 | 11,569 | 15,719 | 16,160 | 51,160 | 50,568 | |||||||||||||||||||||||||
Selling, general and administrative expenses | 3,590 | 3,392 | 3,698 | 3,588 | 3,853 | 3,704 | 4,235 | 4,229 | 15,375 | 14,914 | |||||||||||||||||||||||||
Credit card expenses | — | 120 | — | 108 | — | 106 | — | 135 | — | 467 | |||||||||||||||||||||||||
Depreciation and amortization | 536 | 529 | 542 | 531 | 569 | 542 | 576 | 539 | 2,223 | 2,142 | |||||||||||||||||||||||||
Gain on receivables transaction | (391 | ) | — | — | — | — | (156 | ) | — | (5 | ) | (391 | ) | (161 | ) | ||||||||||||||||||||
Earnings before interest expense and income taxes | 1,408 | 1,285 | 1,132 | 1,255 | 703 | 1,164 | 986 | 1,668 | 4,229 | 5,371 | |||||||||||||||||||||||||
Net interest expense | 629 | 184 | 171 | 184 | 165 | 192 | 161 | 204 | 1,126 | 762 | |||||||||||||||||||||||||
Earnings before income taxes | 779 | 1,101 | 961 | 1,071 | 538 | 972 | 825 | 1,464 | 3,103 | 4,609 | |||||||||||||||||||||||||
Provision for income taxes | 281 | 404 | 350 | 367 | 197 | 335 | 305 | 503 | 1,132 | 1,610 | |||||||||||||||||||||||||
Net earnings | $ | 498 | $ | 697 | $ | 611 | $ | 704 | $ | 341 | $ | 637 | $ | 520 | $ | 961 | $ | 1,971 | $ | 2,999 | |||||||||||||||
Basic earnings per share | $ | 0.78 | $ | 1.05 | $ | 0.96 | $ | 1.07 | $ | 0.54 | $ | 0.97 | $ | 0.82 | $ | 1.48 | $ | 3.1 | $ | 4.57 | |||||||||||||||
Diluted earnings per share | 0.77 | 1.04 | 0.95 | 1.06 | 0.54 | 0.96 | 0.81 | 1.47 | 3.07 | 4.52 | |||||||||||||||||||||||||
Dividends declared per share | 0.36 | 0.3 | 0.43 | 0.36 | 0.43 | 0.36 | 0.43 | 0.36 | 1.65 | 1.38 | |||||||||||||||||||||||||
Closing common stock price: | |||||||||||||||||||||||||||||||||||
High | 70.67 | 58.86 | 73.32 | 61.95 | 71.99 | 65.44 | 66.89 | 64.48 | 73.32 | 65.44 | |||||||||||||||||||||||||
Low | 60.85 | 50.33 | 68.29 | 54.81 | 62.13 | 60.62 | 56.64 | 58.57 | 56.64 | 50.33 | |||||||||||||||||||||||||
Note: Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding and all other quarterly amounts may not equal the total year due to rounding. | |||||||||||||||||||||||||||||||||||
(a)Â | The fourth quarter and total year 2013 consisted of 13Â weeks and 52Â weeks, respectively, compared with 14Â weeks and 53Â weeks in the comparable prior-year periods. | ||||||||||||||||||||||||||||||||||
U.S. Sales by Product Category (a) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total Year | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Household essentials | 27 | % | 26 | % | 27 | % | 27 | % | 26 | % | 26 | % | 22 | % | 21 | % | 25 | % | 25 | % | |||||||||||||||
Hardlines | 15 | 16 | 15 | 15 | 15 | 14 | 24 | 24 | 18 | 18 | |||||||||||||||||||||||||
Apparel and accessories | 20 | 20 | 20 | 20 | 20 | 20 | 17 | 18 | 19 | 19 | |||||||||||||||||||||||||
Food and pet supplies | 22 | 21 | 20 | 20 | 21 | 21 | 19 | 18 | 21 | 20 | |||||||||||||||||||||||||
Home furnishings and décor | 16 | 17 | 18 | 18 | 18 | 19 | 18 | 19 | 17 | 18 | |||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||
(a)Â | As a percentage of sales. |
Summary_of_Accounting_Policies1
Summary of Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||
Organization | ' | |||||||||||||||||
Organization    Target Corporation (Target, the Corporation, or the Company) operates two reportable segments: U.S. and Canadian. Our U.S. Segment includes all of our U.S. retail operations, including digital sales. The U.S. Segment also includes our U.S. credit card servicing activities and certain centralized operating and corporate activities not allocated to our Canadian Segment. In 2013, following the sale of our U.S. consumer credit card portfolio to TD Bank Group (TD), we combined our historical U.S. Retail Segment and U.S. Credit Card Segment into one U.S. Segment. Our Canadian Segment includes all of our Canadian retail operations, including 124 stores opened in 2013. We currently do not have a digital sales channel in Canada. | ||||||||||||||||||
Consolidation | ' | |||||||||||||||||
Consolidation    The consolidated financial statements include the balances of the Corporation and its subsidiaries after elimination of intercompany balances and transactions. All material subsidiaries are wholly owned. We consolidate variable interest entities where it has been determined that the Corporation is the primary beneficiary of those entities' operations. | ||||||||||||||||||
Use of Estimates | ' | |||||||||||||||||
Use of estimates    The preparation of our consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions affecting reported amounts in the consolidated financial statements and accompanying notes. Actual results may differ significantly from those estimates. | ||||||||||||||||||
Fiscal Year | ' | |||||||||||||||||
Fiscal year    Our fiscal year ends on the Saturday nearest January 31. Unless otherwise stated, references to years in this report relate to fiscal years, rather than to calendar years. Fiscal 2013 ended February 1, 2014 and consisted of 52 weeks. Fiscal 2012 ended February 2, 2013, and consisted of 53 weeks. Fiscal 2011 ended January 28, 2012, and consisted of 52 weeks. Fiscal 2014 will end January 31, 2015, and will consist of 52 weeks. | ||||||||||||||||||
Accounting Policies | ' | |||||||||||||||||
Accounting policies    Our accounting policies are disclosed in the applicable Notes to the Consolidated Financial Statements. | ||||||||||||||||||
Revenues Policy | ' | |||||||||||||||||
The discounts associated with loyalty programs are included as reductions in sales in our Consolidated Statements of Operations | ||||||||||||||||||
Our retail stores generally record revenue at the point of sale. Sales from our online and mobile applications include shipping revenue and are recorded upon delivery to the guest. Total revenues do not include sales tax because we are a pass-through conduit for collecting and remitting sales taxes. Generally, guests may return merchandise within 90 days of purchase. Revenues are recognized net of expected returns, which we estimate using historical return patterns as a percentage of sales. Commissions earned on sales generated by leased departments are included within sales and were $29 million, $25 million and $22 million in 2013, 2012 and 2011, respectively. | ||||||||||||||||||
Revenue from gift card sales is recognized upon gift card redemption. Our gift cards do not expire. Based on historical redemption rates, a small and relatively stable percentage of gift cards will never be redeemed, referred to as "breakage." Estimated breakage revenue is recognized over time in proportion to actual gift card redemptions and was not material in any period presented. | ||||||||||||||||||
Cost of Sales | ' | |||||||||||||||||
Cost of Sales | ||||||||||||||||||
Total cost of products sold including | ||||||||||||||||||
•   Freight expenses associated with moving | ||||||||||||||||||
    merchandise from our vendors to our | ||||||||||||||||||
    distribution centers and our retail stores, and | ||||||||||||||||||
    among our distribution and retail facilities | ||||||||||||||||||
•   Vendor income that is not reimbursement of | ||||||||||||||||||
    specific, incremental and identifiable costs | ||||||||||||||||||
Inventory shrink | ||||||||||||||||||
Markdowns | ||||||||||||||||||
Outbound shipping and handling expenses | ||||||||||||||||||
    associated with sales to our guests | ||||||||||||||||||
Payment term cash discounts | ||||||||||||||||||
Distribution center costs, including compensation | ||||||||||||||||||
    and benefits costs | ||||||||||||||||||
Import costs | ||||||||||||||||||
    | ||||||||||||||||||
Selling, General and Administrative Expenses | ' | |||||||||||||||||
Selling, General and Administrative Expenses | ||||||||||||||||||
Compensation and benefit costs including | ||||||||||||||||||
•   Stores | ||||||||||||||||||
•   Headquarters | ||||||||||||||||||
Occupancy and operating costs of retail and | ||||||||||||||||||
    headquarters facilities | ||||||||||||||||||
Advertising, offset by vendor income that is a | ||||||||||||||||||
    reimbursement of specific, incremental and | ||||||||||||||||||
    identifiable costs | ||||||||||||||||||
Pre-opening costs of stores and other facilities | ||||||||||||||||||
U.S. credit cards servicing expenses and profit | ||||||||||||||||||
    sharing | ||||||||||||||||||
Litigation and defense costs and related insurance | ||||||||||||||||||
    recovery | ||||||||||||||||||
Other administrative costs | ||||||||||||||||||
Consideration Received from Vendors | ' | |||||||||||||||||
We receive consideration for a variety of vendor-sponsored programs, such as volume rebates, markdown allowances, promotions and advertising allowances and for our compliance programs, referred to as "vendor income." Vendor income reduces either our inventory costs or SG&A expenses based on the provisions of the arrangement. Under our compliance programs, vendors are charged for merchandise shipments that do not meet our requirements (violations), such as late or incomplete shipments. These allowances are recorded when violations occur. Substantially all consideration received is recorded as a reduction of cost of sales. | ||||||||||||||||||
We establish a receivable for vendor income that is earned but not yet received. Based on provisions of the agreements in place, this receivable is computed by estimating the amount earned when we have completed our performance. We perform detailed analyses to determine the appropriate level of the receivable in the aggregate. | ||||||||||||||||||
Advertising Costs | ' | |||||||||||||||||
Advertising costs, which primarily consist of newspaper circulars, internet advertisements and media broadcast, are expensed at first showing or distribution of the advertisement, and are recorded net of related vendor income. | ||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||
The carrying amounts of accounts payable and certain accrued and other current liabilities approximate fair value due to their short terms. | ||||||||||||||||||
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. These amounts exclude unamortized swap valuation adjustments and capital lease obligations. | ||||||||||||||||||
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). | ||||||||||||||||||
As of February 2, 2013, our consumer credit card receivables were recorded at the lower of cost (par) or fair value because they were classified as held for sale. | ||||||||||||||||||
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 that are 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 EBIT yield would impact our fair value estimate by approximately $20 million. A one percentage point change in the forecasted discount rate would impact our fair value estimate by approximately $4 million. As described in Note 6, 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 similar impact on the estimated fair value. | ||||||||||||||||||
Cash Equivalents | ' | |||||||||||||||||
Cash equivalents include highly liquid investments with an original maturity of three months or less from the time of purchase. | ||||||||||||||||||
Cash equivalents also include amounts due from third-party financial institutions for credit and debit card transactions. | ||||||||||||||||||
Inventory | ' | |||||||||||||||||
The majority of our inventory is accounted for under the retail inventory accounting method (RIM) using the last-in, first-out (LIFO) method. Inventory is stated at the lower of LIFO cost or market. The cost of our inventory includes the amount we pay to our suppliers to acquire inventory, freight costs incurred in connection with the delivery of product to our distribution centers and stores, and import costs, reduced by vendor income and cash discounts. The majority of our distribution center operating costs, including compensation and benefits, are expensed in the period incurred. Inventory is also reduced for estimated losses related to shrink and markdowns. The LIFO provision is calculated based on inventory levels, markup rates and internally measured retail price indices. | ||||||||||||||||||
Property and Equipment | ' | |||||||||||||||||
Repair and maintenance costs are expensed as incurred | ||||||||||||||||||
Property and equipment is depreciated using the straight-line method over estimated useful lives or lease terms if shorter. We amortize leasehold improvements purchased after the beginning of the initial lease term over the shorter of the assets' useful lives or a term that includes the original lease term, plus any renewals that are reasonably assured at the date the leasehold improvements are acquired. | ||||||||||||||||||
Long-lived assets are reviewed for impairment when events or changes in circumstances, such as a decision to relocate or close a store or make significant software changes, indicate that the asset's carrying value may not be recoverable. | ||||||||||||||||||
Intangible Assets | ' | |||||||||||||||||
We use the straight-line method to amortize leasehold acquisition costs | ||||||||||||||||||
Commitments and Contingencies | ' | |||||||||||||||||
We do not consider purchase orders to be firm inventory commitments | ||||||||||||||||||
Leases | ' | |||||||||||||||||
Assets held under capital leases are included in property and equipment. Operating lease rentals are expensed on a straight-line basis over the life of the lease beginning on the date we take possession of the property. At lease inception, we determine the lease term by assuming the exercise of those renewal options that are reasonably assured. The exercise of lease renewal options is at our sole discretion. The lease term is used to determine whether a lease is capital or operating and is used to calculate straight-line rent expense. Additionally, the depreciable life of leased assets and leasehold improvements is limited by the expected lease term. | ||||||||||||||||||
Rent expense is included in SG&A expenses. Some of our lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Certain leases require us to pay real estate taxes, insurance, maintenance and other operating expenses associated with the leased premises. These expenses are classified in SG&A, consistent with similar costs for owned locations. Rent income received from tenants who rent properties is recorded as a reduction to SG&A expense. | ||||||||||||||||||
Income Taxes | ' | |||||||||||||||||
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted income tax rates in effect for the year the temporary differences are expected to be recovered or settled. Tax rate changes affecting deferred tax assets and liabilities are recognized in income at the enactment date. | ||||||||||||||||||
We have not recorded deferred taxes when earnings from foreign operations are considered to be indefinitely invested outside the U.S. | ||||||||||||||||||
General Liability and Workers' Compensation Liabilities | ' | |||||||||||||||||
General liability and workers' compensation liabilities are recorded at our estimate of their net present value. | ||||||||||||||||||
Share-Based Compensation | ' | |||||||||||||||||
The risk-free interest rate is an interpolation of the relevant U.S. Treasury security maturities as of each applicable grant date. | ||||||||||||||||||
We used a Black-Scholes valuation model to estimate the fair value of the options at the grant date. | ||||||||||||||||||
Stock Option Activity | Stock Options | |||||||||||||||||
Total Outstanding | Exercisable | |||||||||||||||||
Number of | Exercise | Intrinsic | Number of | Exercise | Intrinsic | |||||||||||||
Options (a) | Price (b) | Value (c) | Options (a) | Price (b) | Value (c) | |||||||||||||
February 2, 2013 | 34,458 | $ | 50.6 | $ | 366 | 21,060 | $ | 48.25 | $ | 273 | ||||||||
Granted | 226 | 69.56 | ||||||||||||||||
Expired/forfeited | (745 | ) | 53.14 | |||||||||||||||
Exercised/issued | (9,085 | ) | 46.51 | |||||||||||||||
February 1, 2014 | 24,854 | $ | 52.19 | $ | 136 | 16,824 | $ | 50.64 | $ | 109 | ||||||||
Compensation expense associated with share-based awards is recognized on a straight-line basis over the shorter of the vesting period or the minimum required service period. | ||||||||||||||||||
The expected life is estimated based on an analysis of options already exercised and any foreseeable trends or changes in recipients' behavior. | ||||||||||||||||||
The expense recognized each period is partially dependent upon our estimate of the number of shares that will ultimately be issued. | ||||||||||||||||||
The fair value for restricted stock is calculated based on the stock price on the date of grant, incorporating an analysis of the total shareholder return performance measure where applicable. | ||||||||||||||||||
Volatility represents an average of market estimates for implied volatility of Target common stock. | ||||||||||||||||||
The expense recognized each period is dependent upon our estimate of the number of shares that will ultimately be issued. | ||||||||||||||||||
The fair value of performance share units is calculated based on the stock price on the date of grant. | ||||||||||||||||||
Pension and Postretirement Health Care Plans | ' | |||||||||||||||||
The market-related value of plan assets, which is used in calculating expected return on assets in net periodic benefit cost, is determined each year by adjusting the previous year's value by expected return, benefit payments and cash contributions. The market-related value is adjusted for asset gains and losses in equal 20 percent adjustments over a five-year period. | ||||||||||||||||||
Position | Valuation Technique | |||||||||||||||||
Cash and cash equivalents | These investments are cash holdings and investment vehicles valued using the Net Asset Value (NAV) provided by the administrator of the fund. The NAV for the investment vehicles is based on the value of the underlying assets owned by the fund minus applicable costs and liabilities, and then divided by the number of shares outstanding. | |||||||||||||||||
Equity securities | Valued at the closing price reported on the major market on which the individual securities are traded. | |||||||||||||||||
Common collective trusts/ balanced funds/ certain multi-strategy hedge funds | Valued using the NAV provided by the administrator of the fund. The NAV is a quoted transactional price for participants in the fund, which do not represent an active market. | |||||||||||||||||
Fixed income and government securities | Valued using matrix pricing models and quoted prices of securities with similar characteristics. | |||||||||||||||||
Private equity/ real estate/ certain multi-strategy hedge funds/ other | Valued by deriving Target's proportionate share of equity investment from audited financial statements. Private equity and real estate investments require significant judgment on the part of the fund manager due to the absence of quoted market prices, inherent lack of liquidity, and the long term of such investments. Certain multi-strategy hedge funds represent funds of funds that include liquidity restrictions and for which timely valuation information is not available. | |||||||||||||||||
The weighted average assumptions used to measure net periodic benefit expense each year are the rates as of the beginning of the year (i.e., the prior measurement date). | ||||||||||||||||||
Prior service cost amortization is determined using the straight-line method over the average remaining service period of team members expected to receive benefits under the plan. | ||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||
Our segment measure of profit is used by management to evaluate the return on our investment and to make operating decisions. | ||||||||||||||||||
Our segment measure of profit is used by management to evaluate the return on our investment and to make operating decisions. |
Advertising_Costs_Tables
Advertising Costs (Tables) | 12 Months Ended | |||||||||
Feb. 01, 2014 | ||||||||||
Advertising Costs | ' | |||||||||
Schedule of advertising costs | ' | |||||||||
Advertising Costs | 2013 | 2012 | 2011 | |||||||
(millions) | ||||||||||
Gross advertising costs | $ | 1,744 | $ | 1,653 | $ | 1,589 | ||||
Vendor income (a) | 76 | 231 | 229 | |||||||
Net advertising costs | $ | 1,668 | $ | 1,422 | $ | 1,360 | ||||
(a)Â Â Â Â A 2013 change to certain merchandise vendor contracts resulted in more vendor funding being recognized as a reduction of our cost of sales rather than offsetting certain advertising expenses. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements - Recurring Basis | ' | |||||||||||||||||||
Fair Value Measurements – Recurring Basis | ||||||||||||||||||||
Fair Value at February 1, 2014 | Fair Value at February 2, 2013 | |||||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||
Short-term investments | $ | 3 | $ | — | $ | — | $ | 130 | $ | — | $ | — | ||||||||
Other current assets | ||||||||||||||||||||
Interest rate swaps (a) | — | 1 | — | — | 4 | — | ||||||||||||||
 Prepaid forward contracts | 73 | — | — | 73 | — | — | ||||||||||||||
 Beneficial interest asset (b) | — | — | 71 | — | — | — | ||||||||||||||
Other noncurrent assets | ||||||||||||||||||||
Interest rate swaps (a) | — | 62 | — | — | 85 | — | ||||||||||||||
Company-owned life insurance investments (c) | — | 305 | — | — | 269 | — | ||||||||||||||
 Beneficial interest asset (b) | — | — | 56 | — | — | — | ||||||||||||||
Total | $ | 76 | $ | 368 | $ | 127 | $ | 203 | $ | 358 | $ | — | ||||||||
Liabilities | ||||||||||||||||||||
Other current liabilities | ||||||||||||||||||||
Interest rate swaps (a) | $ | — | $ | — | $ | — | $ | — | $ | 2 | $ | — | ||||||||
Other noncurrent liabilities | ||||||||||||||||||||
Interest rate swaps (a) | $ | — | $ | 39 | $ | — | $ | — | $ | 54 | $ | — | ||||||||
Total | $ | — | $ | 39 | $ | — | $ | — | $ | 56 | $ | — | ||||||||
(a) | There was one interest rate swap designated as an accounting hedge at February 1, 2014 and February 2, 2013. See Note 19 for additional information on interest rate swaps. | |||||||||||||||||||
(b)Â | A rollforward of the Level 3 beneficial interest asset is included in Note 6. | |||||||||||||||||||
(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 were $790 million at February 1, 2014 and $817 million at February 2, 2013. |
Other_Current_Assets_Tables
Other Current Assets (Tables) | 12 Months Ended | ||||||
Feb. 01, 2014 | |||||||
Other Current Assets | ' | ||||||
Other Current Assets | ' | ||||||
Other Current Assets | February 1, | February 2, | |||||
(millions) | 2014 | 2013 | |||||
Pharmacy, income tax and other receivables | $ | 792 | $ | 478 | |||
Vendor income receivable | 555 | 621 | |||||
Prepaid expenses | 272 | 310 | |||||
Deferred taxes | 177 | 193 | |||||
Other | 316 | 258 | |||||
Total | $ | 2,112 | $ | 1,860 | |||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |
Feb. 01, 2014 | ||
Property, Plant and Equipment [Abstract] | ' | |
Estimated Useful Lives of Property and Equipment | ' | |
Estimated Useful Lives | Life (Years) | |
Buildings and improvements | Aug-39 | |
Fixtures and equipment | 15-Feb | |
Computer hardware and software | 7-Feb |
Other_Noncurrent_Assets_Tables
Other Noncurrent Assets (Tables) | 12 Months Ended | ||||||
Feb. 01, 2014 | |||||||
Other Assets, Noncurrent [Abstract] | ' | ||||||
Other Noncurrent Assets | ' | ||||||
Other Noncurrent Assets | February 1, | February 2, | |||||
(millions) | 2014 | 2013 | |||||
Deferred taxes | $ | 469 | $ | 206 | |||
Goodwill and intangible assets | 357 | 224 | |||||
Company-owned life insurance investments (a) | 305 | 269 | |||||
Interest rate swaps (b) | 62 | 85 | |||||
Other | 409 | 338 | |||||
Total | $ | 1,602 | $ | 1,122 | |||
(a)Â | Company-owned life insurance policies on approximately 4,000 team members who have been designated highly compensated under the Internal Revenue Code and have given their consent to be insured. Amounts are presented net of loans that are secured by some of these policies. | ||||||
(b) | See Notes 8 and 19 for additional information relating to our interest rate swaps. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Intangible assets by major classes | ' | ||||||||||||||||||||
Intangible Assets | Leasehold | Other (a) | Total | ||||||||||||||||||
Acquisition Costs | |||||||||||||||||||||
(millions) | February 1, | February 2, | February 1, | February 2, | February 1, | February 2, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Gross asset | $ | 241 | $ | 237 | $ | 212 | $ | 149 | $ | 453 | $ | 386 | |||||||||
Accumulated amortization | (130 | ) | (120 | ) | (117 | ) | (101 | ) | (247 | ) | (221 | ) | |||||||||
Net intangible assets | $ | 111 | $ | 117 | $ | 95 | $ | 48 | $ | 206 | $ | 165 | |||||||||
(a)Â | Other intangible assets relate primarily to acquired customer lists and trademarks. | ||||||||||||||||||||
Estimated amortization expense | ' | ||||||||||||||||||||
Estimated Amortization Expense | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||
(millions) | |||||||||||||||||||||
Amortization expense | $ | 27 | $ | 25 | $ | 22 | $ | 16 | $ | 11 | |||||||||||
Accrued_and_Other_Current_Liab1
Accrued and Other Current Liabilities (Tables) | 12 Months Ended | ||||||
Feb. 01, 2014 | |||||||
Accrued and Other Current Liabilities | ' | ||||||
Accrued and Other Current Liabilities | ' | ||||||
Accrued and Other Current Liabilities | February 1, | February 2, | |||||
(millions) | 2014 | 2013 | |||||
Wages and benefits | $ | 887 | $ | 938 | |||
Real estate, sales and other taxes payable | 669 | 624 | |||||
Gift card liability (a) | 521 | 503 | |||||
Dividends payable | 272 | 232 | |||||
Project costs accrual | 256 | 347 | |||||
Straight-line rent accrual (b) | 248 | 235 | |||||
Income tax payable | 221 | 272 | |||||
Workers' compensation and general liability (c) | 152 | 160 | |||||
Interest payable | 85 | 91 | |||||
Other | 623 | 579 | |||||
Total | $ | 3,934 | $ | 3,981 | |||
(a)Â | Gift card liability represents the amount of unredeemed gift cards, net of estimated breakage. | ||||||
(b)Â | Straight-line rent accrual represents the amount of rent expense recorded that exceeds cash payments remitted in connection with operating leases. | ||||||
(c) | See footnote (a) to the Other Noncurrent Liabilities table in Note 22 for additional detail. |
Notes_Payable_and_LongTerm_Deb1
Notes Payable and Long-Term Debt (Tables) | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Carrying value and maturities of Long-term debt | ' | |||||||||||||||
At February 1, 2014, the carrying value and maturities of our debt portfolio were as follows: | ||||||||||||||||
Debt Maturities | February 1, 2014 | |||||||||||||||
(dollars in millions) | Rate (a) | Balance | ||||||||||||||
Due 2014-2018 | 4.5 | % | $ | 4,232 | ||||||||||||
Due 2019-2023 | 4 | 2,215 | ||||||||||||||
Due 2024-2028 | 6.7 | 252 | ||||||||||||||
Due 2029-2033 | 6.5 | 769 | ||||||||||||||
Due 2034-2038 | 6.8 | 2,740 | ||||||||||||||
Due 2039-2043 | 4 | 1,470 | ||||||||||||||
Total notes and debentures | 5.1 | 11,678 | ||||||||||||||
Swap valuation adjustments | 53 | |||||||||||||||
Capital lease obligations | 1,971 | |||||||||||||||
Less: Amounts due within one year | (1,080 | ) | ||||||||||||||
Long-term debt | $ | 12,622 | ||||||||||||||
(a)Â | Reflects the weighted average stated interest rate as of year-end. | |||||||||||||||
Principal payments on notes and debentures over next five years | ' | |||||||||||||||
Required Principal Payments | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||
 (millions) | ||||||||||||||||
Total required principal payments | $ | 1,001 | $ | 27 | $ | 751 | $ | 2,251 | $ | 201 | ||||||
Commercial Paper Program | ' | |||||||||||||||
Commercial Paper | 2013 | 2012 | 2011 | |||||||||||||
(dollars in millions) | ||||||||||||||||
Maximum daily amount outstanding during the year | $ | 1,465 | $ | 970 | $ | 1,211 | ||||||||||
Average amount outstanding during the year | 408 | 120 | 244 | |||||||||||||
Amount outstanding at year-end | 80 | 970 | — | |||||||||||||
Weighted average interest rate | 0.13 | % | 0.16 | % | 0.11 | % | ||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Outstanding Interest Rate Swaps | ' | |||||||||||||||
Outstanding Interest Rate Swap Summary | 1-Feb-14 | |||||||||||||||
Designated | De-Designated | |||||||||||||||
(dollars in millions) | Pay Floating | Pay Floating | Pay Fixed | |||||||||||||
Weighted average rate: | ||||||||||||||||
Pay | three-month LIBOR | one-month LIBOR | 3.8 | % | ||||||||||||
Receive | 1 | % | 5.7 | % | one-month LIBOR | |||||||||||
Weighted average maturity | 0.5 years | 2.5 years | 2.5 years | |||||||||||||
Notional | $ | 350 | $ | 500 | $ | 500 | ||||||||||
Derivative Contracts - Type, Statement of Financial Position Classification and Fair Value | ' | |||||||||||||||
Classification and Fair Value | Assets | Liabilities | ||||||||||||||
(millions) | Classification | Feb 1, | Feb 2, | Classification | Feb 1, | Feb 2, | ||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Designated: | Other current assets | $ | 1 | $ | — | N/A | $ | — | $ | — | ||||||
Other noncurrent assets | — | 3 | N/A | — | — | |||||||||||
De-designated: | Other current assets | — | 4 | Other current liabilities | — | 2 | ||||||||||
Other noncurrent assets | 62 | 82 | Other noncurrent liabilities | 39 | 54 | |||||||||||
Total | $ | 63 | $ | 89 | $ | 39 | $ | 56 | ||||||||
Derivative Contracts - Effect on Results of Operations | ' | |||||||||||||||
Periodic payments, valuation adjustments and amortization of gains or losses on our derivative contracts had the following impact on our Consolidated Statements of Operations: | ||||||||||||||||
Derivative Contracts – Effect on Results of Operations | ||||||||||||||||
(millions) | ||||||||||||||||
Type of Contract | Classification of Income/(Expense) | 2013 | 2012 | 2011 | ||||||||||||
Interest rate swaps | Net interest expense | $ | 29 | $ | 44 | $ | 41 | |||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||||||
Feb. 01, 2014 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Schedule of rent expense | ' | ||||||||||||
Rent Expense | 2013 | 2012 | 2011 | ||||||||||
(millions) | |||||||||||||
Property and equipment | $ | 194 | $ | 194 | $ | 193 | |||||||
Software | 33 | 33 | 33 | ||||||||||
Rent income (a) | (12 | ) | (85 | ) | (61 | ) | |||||||
Total rent expense | $ | 215 | $ | 142 | $ | 165 | |||||||
(a) | Rent income in 2013, 2012, and 2011 includes $4 million, $75 million and $51 million, respectively, related to sites acquired in our Canadian leasehold acquisition that were being subleased back to Zellers for various terms, which all ended by March 31, 2013. | ||||||||||||
Future Minimum Lease Payments | ' | ||||||||||||
Future Minimum Lease Payments | Operating Leases (a) | Capital Leases (b) | Rent Income | Total | |||||||||
(millions) | |||||||||||||
2014 | $ | 187 | $ | 204 | $ | (6 | ) | $ | 385 | ||||
2015 | 185 | 198 | (5 | ) | 378 | ||||||||
2016 | 174 | 192 | (4 | ) | 362 | ||||||||
2017 | 168 | 157 | (4 | ) | 321 | ||||||||
2018 | 162 | 150 | (3 | ) | 309 | ||||||||
After 2018 | 3,227 | 4,412 | (14 | ) | 7,625 | ||||||||
Total future minimum lease payments | $ | 4,103 | $ | 5,313 | $ | (36 | ) | $ | 9,380 | ||||
Less: Interest (c) | (3,342 | ) | |||||||||||
Present value of future minimum capital lease payments (d) | $ | 1,971 | |||||||||||
(a)Â | Total contractual lease payments include $2,105 million related to options to extend lease terms that are reasonably assured of being exercised and also includes $135 million of legally binding minimum lease payments for stores that are expected to open in 2014 or later. | ||||||||||||
(b)Â | Capital lease payments include $3,740 million related to options to extend lease terms that are reasonably assured of being exercised and also includes $80 million of legally binding minimum payments for stores opening in 2014 or later. | ||||||||||||
(c)Â | Calculated using the interest rate at inception for each lease. | ||||||||||||
(d)Â | Includes the current portion of $77 million. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Feb. 01, 2014 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Tax Rate Reconciliation | ' | |||||||||
Tax Rate Reconciliation | 2013 | 2012 | 2011 | |||||||
Federal statutory rate | 35 | Â % | 35 | Â % | 35 | Â % | ||||
State income taxes, net of the federal tax benefit | 3.1 | 2 | 1 | |||||||
International | 0.3 | (0.6 | ) | (0.7 | ) | |||||
Other | (1.9 | ) | (1.5 | ) | (1.0 | ) | ||||
Effective tax rate | 36.5 | Â % | 34.9 | Â % | 34.3 | Â % | ||||
Provision for Income Taxes | ' | |||||||||
Provision for Income Taxes | 2013 | 2012 | 2011 | |||||||
(millions) | ||||||||||
Current: | ||||||||||
Federal | $ | 1,213 | $ | 1,471 | $ | 1,069 | ||||
State | 148 | 135 | 74 | |||||||
International | 25 | 18 | 13 | |||||||
Total current | 1,386 | 1,624 | 1,156 | |||||||
Deferred: | ||||||||||
Federal | 66 | 124 | 427 | |||||||
State | 2 | 14 | — | |||||||
International | (322 | ) | (152 | ) | (56 | ) | ||||
Total deferred | (254 | ) | (14 | ) | 371 | |||||
Total provision | $ | 1,132 | $ | 1,610 | $ | 1,527 | ||||
Net Deferred Tax Asset (Liability) | ' | |||||||||
Net Deferred Tax Asset/(Liability) | February 1, | February 2, | ||||||||
(millions) | 2014 | 2013 | ||||||||
Gross deferred tax assets: | ||||||||||
Accrued and deferred compensation | $ | 509 | $ | 537 | ||||||
Foreign operating loss carryforward | 394 | 189 | ||||||||
Accruals and reserves not currently deductible | 348 | 352 | ||||||||
Self-insured benefits | 231 | 249 | ||||||||
Other | 193 | 123 | ||||||||
Allowance for doubtful accounts and lower of cost or fair value adjustment on credit card receivables held for sale | — | 67 | ||||||||
Total gross deferred tax assets | 1,675 | 1,517 | ||||||||
Gross deferred tax liabilities: | ||||||||||
Property and equipment | (2,062 | ) | (1,995 | ) | ||||||
Inventory | (270 | ) | (210 | ) | ||||||
Other | (130 | ) | (133 | ) | ||||||
Deferred credit card income | — | (91 | ) | |||||||
Total gross deferred tax liabilities | (2,462 | ) | (2,429 | ) | ||||||
Total net deferred tax asset/(liability) | $ | (787 | ) | $ | (912 | ) | ||||
Reconciliation of Liability for Unrecognized Tax Benefits | ' | |||||||||
Reconciliation of Liability for Unrecognized Tax Benefits | 2013 | 2012 | 2011 | |||||||
(millions) | ||||||||||
Balance at beginning of period | $ | 216 | $ | 236 | $ | 302 | ||||
Additions based on tax positions related to the current year | 15 | 10 | 12 | |||||||
Additions for tax positions of prior years | 28 | 19 | 31 | |||||||
Reductions for tax positions of prior years | (57 | ) | (42 | ) | (101 | ) | ||||
Settlements | (19 | ) | (7 | ) | (8 | ) | ||||
Balance at end of period | $ | 183 | $ | 216 | $ | 236 | ||||
Other_Noncurrent_Liabilities_T
Other Noncurrent Liabilities (Tables) | 12 Months Ended | ||||||
Feb. 01, 2014 | |||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||
Other Noncurrent Liabilities | ' | ||||||
Other Noncurrent Liabilities | February 1, | February 2, | |||||
(millions) | 2014 | 2013 | |||||
Deferred compensation | $ | 491 | $ | 479 | |||
Workers' compensation and general liability (a) | 424 | 467 | |||||
Income tax | 174 | 180 | |||||
Pension and postretirement health care benefits | 115 | 170 | |||||
Other | 286 | 313 | |||||
Total | $ | 1,490 | $ | 1,609 | |||
(a)Â | We retain a substantial portion of the risk related to general liability and workers' compensation claims. Liabilities associated with these losses include estimates of both claims filed and losses incurred but not yet reported. We estimate our ultimate cost based on analysis of historical data and actuarial estimates. General liability and workers' compensation liabilities are recorded at our estimate of their net present value. |
Share_Repurchase_Tables
Share Repurchase (Tables) | 12 Months Ended | |||||||||
Feb. 01, 2014 | ||||||||||
Equity [Abstract] | ' | |||||||||
Share repurchases through open market transactions | ' | |||||||||
Share Repurchases | 2013 | 2012 | 2011 | |||||||
(millions, except per share data) | ||||||||||
Total number of shares purchased | 21.9 | 32.2 | 37.2 | |||||||
Average price paid per share | $ | 67.41 | $ | 58.96 | $ | 50.89 | ||||
Total investment | $ | 1,474 | $ | 1,900 | $ | 1,894 | ||||
Summary of shares reacquired upon 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) | 2013 | 2012 | 2011 | |||||||
(millions) | ||||||||||
Total number of shares purchased | 0.2 | 0.5 | 1 | |||||||
Total cash investment | $ | 14 | $ | 25 | $ | 52 | ||||
Aggregate market value (b) | $ | 17 | $ | 29 | $ | 52 | ||||
(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 have been provided in Note 25. | |||||||||
(b)Â | At their respective settlement dates. |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||
Summary of stock option activity | ' | |||||||||||||||||
Stock Option Activity | Stock Options | |||||||||||||||||
Total Outstanding | Exercisable | |||||||||||||||||
Number of | Exercise | Intrinsic | Number of | Exercise | Intrinsic | |||||||||||||
Options (a) | Price (b) | Value (c) | Options (a) | Price (b) | Value (c) | |||||||||||||
February 2, 2013 | 34,458 | $ | 50.6 | $ | 366 | 21,060 | $ | 48.25 | $ | 273 | ||||||||
Granted | 226 | 69.56 | ||||||||||||||||
Expired/forfeited | (745 | ) | 53.14 | |||||||||||||||
Exercised/issued | (9,085 | ) | 46.51 | |||||||||||||||
February 1, 2014 | 24,854 | $ | 52.19 | $ | 136 | 16,824 | $ | 50.64 | $ | 109 | ||||||||
(a)Â | In thousands. | |||||||||||||||||
(b)Â | Weighted average per share. | |||||||||||||||||
(c)Â | Represents stock price appreciation subsequent to the grant date, in millions. | |||||||||||||||||
Black Scholes model valuation assumptions | ' | |||||||||||||||||
Black-Scholes Model Valuation Assumptions | 2013 | 2012 | 2011 | |||||||||||||||
Dividend yield | 2.4 | % | 2.4 | % | 2.5 | % | ||||||||||||
Volatility (a) | 22 | % | 23 | % | 27 | % | ||||||||||||
Risk-free interest rate (b) | 1.4 | % | 1 | % | 1 | % | ||||||||||||
Expected life in years (c) | 5.5 | 5.5 | 5.5 | |||||||||||||||
Stock options grant date fair value | $11.14 | $9.70 | $9.20 | |||||||||||||||
(a)Â | Volatility represents an average of market estimates for implied volatility of Target common stock. | |||||||||||||||||
(b)Â | The risk-free interest rate is an interpolation of the relevant U.S. Treasury security maturities as of each applicable grant date. | |||||||||||||||||
(c)Â | The expected life is estimated based on an analysis of options already exercised and any foreseeable trends or changes in recipients' behavior. | |||||||||||||||||
Stock Option Exercises | ' | |||||||||||||||||
Stock Option Exercises | 2013 | 2012 | 2011 | |||||||||||||||
(millions) | ||||||||||||||||||
Cash received for exercise price | $ | 422 | $ | 331 | $ | 93 | ||||||||||||
Intrinsic value | 197 | 139 | 27 | |||||||||||||||
Income tax benefit | 77 | 55 | 11 | |||||||||||||||
Performance Share Unit Activity | ' | |||||||||||||||||
Performance Share Unit Activity | Total Nonvested Units | |||||||||||||||||
Performance | Grant Date | |||||||||||||||||
Share Units (a) | Fair Value (b) | |||||||||||||||||
February 2, 2013 | 1,256 | $ | 51.53 | |||||||||||||||
Granted | 2,036 | 57.22 | ||||||||||||||||
Forfeited | (145 | ) | 56.42 | |||||||||||||||
Vested | (277 | ) | 51.49 | |||||||||||||||
February 1, 2014 | 2,870 | $ | 55.37 | |||||||||||||||
(a) | Assumes attainment of maximum payout rates as set forth in the performance criteria based in thousands of share units. Applying actual or expected payout rates, the number of outstanding units at February 1, 2014 was 1,515 thousand. | |||||||||||||||||
(b)Â | Weighted average per unit. | |||||||||||||||||
Restricted stock activity | ' | |||||||||||||||||
Restricted Stock Activity | Total Nonvested Units | |||||||||||||||||
Restricted | Grant Date | |||||||||||||||||
Stock (a) | Fair Value (b) | |||||||||||||||||
February 2, 2013 | 2,895 | $ | 56.12 | |||||||||||||||
Granted | 1,686 | 62.76 | ||||||||||||||||
Forfeited | (130 | ) | 57.19 | |||||||||||||||
Vested | (516 | ) | 54.26 | |||||||||||||||
February 1, 2014 | 3,935 | $ | 58.98 | |||||||||||||||
(a) | Represents the number of restricted stock units, in thousands. For performance-based restricted stock units, assumes attainment of maximum payout rates as set forth in the performance criteria based in thousands of share units. Applying actual or expected payout rates, the number of outstanding restricted stock units at February 1, 2014 was 3,551 thousand. | |||||||||||||||||
(b)Â | Weighted average per unit. |
Defined_Contribution_Plans_Tab
Defined Contribution Plans (Tables) | 12 Months Ended | |||||||||||
Feb. 01, 2014 | ||||||||||||
Defined Contribution Plans | ' | |||||||||||
Prepaid Forward Contracts on Target Common Stock | ' | |||||||||||
Prepaid Forward Contracts on Target Common Stock | Number of Shares | Contractual Price Paid per Share | Contractual Fair Value | Total Cash Investment | ||||||||
(millions, except per share data) | ||||||||||||
2-Feb-13 | 1.2 | $ | 45.46 | $ | 73 | $ | 54 | |||||
1-Feb-14 | 1.3 | $ | 48.81 | $ | 73 | $ | 63 | |||||
Defined contribution plan expenses | ' | |||||||||||
Plan Expenses | ||||||||||||
(millions) | 2013 | 2012 | 2011 | |||||||||
401(k) plan matching contributions expense | $ | 229 | $ | 218 | $ | 197 | ||||||
Nonqualified deferred compensation plans | ||||||||||||
Benefits expense (a) | 41 | 78 | 38 | |||||||||
Related investment income (b) | (23 | ) | (43 | ) | (10 | ) | ||||||
Nonqualified plan net expense | $ | 18 | $ | 35 | $ | 28 | ||||||
(a)Â | Includes market-performance credits on accumulated participant account balances and annual crediting for additional benefits earned during the year. | |||||||||||
(b)Â | Includes investment returns and life-insurance proceeds received from company-owned life insurance policies and other investments used to economically hedge the cost of these plans. |
Pension_and_Postretirement_Hea1
Pension and Postretirement Health Care Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of change in projected benefit obligation | ' | ||||||||||||||||||||||||
Change in Projected Benefit Obligation | Pension Benefits | Postretirement | |||||||||||||||||||||||
Qualified Plans | Nonqualified Plans | Health Care Benefits | |||||||||||||||||||||||
(millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Benefit obligation at beginning of period | $ | 3,164 | $ | 3,015 | $ | 37 | $ | 38 | $ | 121 | $ | 100 | |||||||||||||
Service cost | 117 | 120 | 1 | 1 | 6 | 10 | |||||||||||||||||||
Interest cost | 136 | 137 | 1 | 2 | 2 | 3 | |||||||||||||||||||
Actuarial (gain)/loss | (125 | ) | 107 | — | — | (3 | ) | 18 | |||||||||||||||||
Participant contributions | 1 | 1 | — | — | 5 | 5 | |||||||||||||||||||
Benefits paid | (122 | ) | (126 | ) | (4 | ) | (3 | ) | (14 | ) | (12 | ) | |||||||||||||
Plan amendments | 2 | (90 | ) | — | (1 | ) | (44 | ) | (3 | ) | |||||||||||||||
Benefit obligation at end of period | $ | 3,173 | $ | 3,164 | $ | 35 | $ | 37 | $ | 73 | $ | 121 | |||||||||||||
Schedule of change in plan assets | ' | ||||||||||||||||||||||||
Change in Plan Assets | Pension Benefits | Postretirement | |||||||||||||||||||||||
Qualified Plans | Nonqualified Plans | Health Care Benefits | |||||||||||||||||||||||
(millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 3,223 | $ | 2,921 | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Actual return on plan assets | 161 | 305 | — | — | — | — | |||||||||||||||||||
Employer contributions | 4 | 122 | 4 | 3 | 9 | 7 | |||||||||||||||||||
Participant contributions | 1 | 1 | — | — | 5 | 5 | |||||||||||||||||||
Benefits paid | (122 | ) | (126 | ) | (4 | ) | (3 | ) | (14 | ) | (12 | ) | |||||||||||||
Fair value of plan assets at end of period | 3,267 | 3,223 | — | — | — | — | |||||||||||||||||||
Benefit obligation at end of period | 3,173 | 3,164 | 35 | 37 | 73 | 121 | |||||||||||||||||||
Funded/(underfunded) status | $ | 94 | $ | 59 | $ | (35 | ) | $ | (37 | ) | $ | (73 | ) | $ | (121 | ) | |||||||||
Amounts recognized in Balance Sheet | ' | ||||||||||||||||||||||||
Recognition of Funded/(Underfunded) Status | Qualified Plans | Nonqualified Plans (a) | |||||||||||||||||||||||
(millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Other noncurrent assets | $ | 112 | $ | 81 | $ | — | $ | — | |||||||||||||||||
Accrued and other current liabilities | (2 | ) | (1 | ) | (9 | ) | (9 | ) | |||||||||||||||||
Other noncurrent liabilities | (16 | ) | (21 | ) | (99 | ) | (149 | ) | |||||||||||||||||
Net amounts recognized | $ | 94 | $ | 59 | $ | (108 | ) | $ | (158 | ) | |||||||||||||||
(a)Â | Includes postretirement health care benefits. | ||||||||||||||||||||||||
Amounts recorded in accumulated other comprehensive income, not yet recognized as component of net periodic benefit expense | ' | ||||||||||||||||||||||||
The following table summarizes the amounts recorded in accumulated other comprehensive income, which have not yet been recognized as a component of net periodic benefit expense: | |||||||||||||||||||||||||
Amounts in Accumulated Other Comprehensive Income | Pension Plans | Postretirement | |||||||||||||||||||||||
Health Care Plans | |||||||||||||||||||||||||
(millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Net actuarial loss | $ | 792 | $ | 947 | $ | 49 | $ | 58 | |||||||||||||||||
Prior service credits | (80 | ) | (91 | ) | (62 | ) | (34 | ) | |||||||||||||||||
Amounts in accumulated other comprehensive income | $ | 712 | $ | 856 | $ | (13 | ) | $ | 24 | ||||||||||||||||
Changes in AOCI, Pension and Other Post Retirement Plans | ' | ||||||||||||||||||||||||
The following table summarizes the changes in accumulated other comprehensive income for the years ended February 1, 2014 and February 2, 2013, related to our pension and postretirement health care plans: | |||||||||||||||||||||||||
Change in Accumulated Other Comprehensive Income | Pension Benefits | Postretirement | |||||||||||||||||||||||
Health Care Benefits | |||||||||||||||||||||||||
(millions) | Pretax | Net of Tax | Pretax | Net of Tax | |||||||||||||||||||||
28-Jan-12 | $ | 1,027 | $ | 623 | $ | 3 | $ | 2 | |||||||||||||||||
Net actuarial loss | 23 | 13 | 18 | 11 | |||||||||||||||||||||
Amortization of net actuarial losses | (103 | ) | (63 | ) | (4 | ) | (2 | ) | |||||||||||||||||
Amortization of prior service costs and transition | — | — | 10 | 6 | |||||||||||||||||||||
Plan amendments | (91 | ) | (56 | ) | (3 | ) | (2 | ) | |||||||||||||||||
2-Feb-13 | 856 | 517 | 24 | 15 | |||||||||||||||||||||
Net actuarial gain | (52 | ) | (32 | ) | (3 | ) | (2 | ) | |||||||||||||||||
Amortization of net actuarial losses | (103 | ) | (62 | ) | (6 | ) | (4 | ) | |||||||||||||||||
Amortization of prior service costs and transition | 11 | 7 | 16 | 10 | |||||||||||||||||||||
Plan amendment | — | — | (44 | ) | (27 | ) | |||||||||||||||||||
1-Feb-14 | $ | 712 | $ | 430 | $ | (13 | ) | $ | (8 | ) | |||||||||||||||
Amounts in accumulated other comprehensive income expected to be amortized and recognized as a component of net periodic benefit expense in 2013 | ' | ||||||||||||||||||||||||
The following table summarizes the amounts in accumulated other comprehensive income expected to be amortized and recognized as a component of net periodic benefit expense in 2014: | |||||||||||||||||||||||||
Expected Amortization of Amounts in Accumulated Other Comprehensive Income | Pretax | Net of Tax | |||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Net actuarial loss | $ | 70 | $ | 43 | |||||||||||||||||||||
Prior service credits | (27 | ) | (16 | ) | |||||||||||||||||||||
Total amortization expense | $ | 43 | $ | 27 | |||||||||||||||||||||
Net Pension and Postretirement Health Care Benefits Expense | ' | ||||||||||||||||||||||||
The following table summarizes our net pension and postretirement health care benefits expense for the years 2013, 2012 and 2011: | |||||||||||||||||||||||||
Net Pension and Postretirement Health Care | Pension Benefits | Postretirement | |||||||||||||||||||||||
Benefits Expense | Health Care Benefits | ||||||||||||||||||||||||
(millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Service cost benefits earned during the period | $ | 118 | $ | 121 | $ | 117 | $ | 6 | $ | 10 | $ | 10 | |||||||||||||
Interest cost on projected benefit obligation | 137 | 139 | 137 | 2 | 3 | 4 | |||||||||||||||||||
Expected return on assets | (235 | ) | (220 | ) | (206 | ) | — | — | — | ||||||||||||||||
Amortization of losses | 103 | 103 | 67 | 6 | 3 | 4 | |||||||||||||||||||
Amortization of prior service cost | (11 | ) | — | (2 | ) | (16 | ) | (10 | ) | (10 | ) | ||||||||||||||
Settlement and Special Termination Charges | 3 | — | — | — | — | — | |||||||||||||||||||
Total | $ | 115 | $ | 143 | $ | 113 | $ | (2 | ) | $ | 6 | $ | 8 | ||||||||||||
Defined Benefit Pension Plan Information | ' | ||||||||||||||||||||||||
Defined Benefit Pension Plan Information | 2013 | 2012 | |||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Accumulated benefit obligation (ABO) for all plans (a) | $ | 3,149 | $ | 3,140 | |||||||||||||||||||||
Projected benefit obligation for pension plans with an ABO in excess of plan assets (b) | 54 | 59 | |||||||||||||||||||||||
Total ABO for pension plans with an ABO in excess of plan assets | 48 | 53 | |||||||||||||||||||||||
(a)Â | The present value of benefits earned to date assuming no future salary growth. | ||||||||||||||||||||||||
(b)Â | The present value of benefits earned to date by plan participants, including the effect of assumed future salary increases. | ||||||||||||||||||||||||
Benefit Obligation Weighted Average Assumptions | ' | ||||||||||||||||||||||||
Benefit Obligation Weighted Average Assumptions | Pension Benefits | Postretirement | |||||||||||||||||||||||
Health Care Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate | 4.77 | % | 4.4 | % | 3.3 | % | 2.75 | % | |||||||||||||||||
Average assumed rate of compensation increase | 3 | 3 | n/a | n/a | |||||||||||||||||||||
Net Periodic Benefit Expense Weighted Average Assumptions | ' | ||||||||||||||||||||||||
Net Periodic Benefit Expense Weighted Average Assumptions | Â Pension Benefits | Postretirement | |||||||||||||||||||||||
Health Care Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Discount rate | 4.4 | % | 4.65 | % | 5.5 | % | 2.75 | % | 3.6 | % | 4.35 | % | |||||||||||||
Expected long-term rate of return on plan assets | 8 | 8 | 8 | n/a | n/a | n/a | |||||||||||||||||||
Average assumed rate of compensation increase | 3 | 3.5 | 4 | n/a | n/a | n/a | |||||||||||||||||||
Effect of a one percent change in assumed health care cost trend rates | ' | ||||||||||||||||||||||||
Health Care Cost Trend Rates – 1% Change | 1% Increase | 1% Decrease | |||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Effect on total of service and interest cost components of net periodic postretirement health care benefit expense | $ | 1 | $ | (1 | ) | ||||||||||||||||||||
Effect on the health care component of the accumulated postretirement benefit obligation | 5 | (5 | ) | ||||||||||||||||||||||
Target and actual allocation of defined benefit Plan Assets | ' | ||||||||||||||||||||||||
Asset Category | Current Targeted | Actual Allocation | |||||||||||||||||||||||
Allocation | 2013 | 2012 | |||||||||||||||||||||||
Domestic equity securities (a) | 19 | % | 21 | % | 20 | % | |||||||||||||||||||
International equity securities | 12 | 12 | 11 | ||||||||||||||||||||||
Debt securities | 25 | 26 | 27 | ||||||||||||||||||||||
Balanced funds | 30 | 28 | 29 | ||||||||||||||||||||||
Other (b) | 14 | 13 | 13 | ||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||
(a) | Equity securities include our common stock in amounts substantially less than 1 percent of total plan assets as of February 1, 2014 and February 2, 2013. | ||||||||||||||||||||||||
(b)Â | Other assets include private equity, mezzanine and high-yield debt, natural resources and timberland funds, multi-strategy hedge funds, derivative instruments and a 5 percent allocation to real estate. | ||||||||||||||||||||||||
Fair value of pension plan assets, by asset category | ' | ||||||||||||||||||||||||
Fair Value Measurements | Fair Value at February 1, 2014 | Fair Value at February 2, 2013 | |||||||||||||||||||||||
(millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Cash and cash equivalents | $ | 150 | $ | 6 | $ | 144 | $ | — | $ | 174 | $ | 5 | $ | 169 | $ | — | |||||||||
Common collective trusts (a) | 1,000 | — | 1,000 | — | 878 | — | 878 | — | |||||||||||||||||
Government securities (b) | 282 | — | 282 | — | 296 | — | 296 | — | |||||||||||||||||
Fixed income (c) | 541 | — | 541 | — | 560 | — | 560 | — | |||||||||||||||||
Balanced funds (d) | 903 | — | 903 | — | 925 | — | 925 | — | |||||||||||||||||
Private equity funds (e) | 221 | — | — | 221 | 236 | — | — | 236 | |||||||||||||||||
Other (f) | 170 | — | 43 | 127 | 154 | — | 32 | 122 | |||||||||||||||||
Total plan assets | $ | 3,267 | $ | 6 | $ | 2,913 | $ | 348 | $ | 3,223 | $ | 5 | $ | 2,860 | $ | 358 | |||||||||
(a)Â | Passively managed index funds with holdings in domestic and international equities. | ||||||||||||||||||||||||
(b)Â | Investments in government securities and passively managed index funds with holdings in long-term government bonds. | ||||||||||||||||||||||||
(c)Â | Investments in corporate bonds, mortgage-backed securities and passively managed index funds with holdings in long-term corporate bonds. | ||||||||||||||||||||||||
(d)Â | Investments in equities, nominal and inflation-linked fixed income securities, commodities and public real estate. | ||||||||||||||||||||||||
(e)Â | Includes investments in venture capital, mezzanine and high-yield debt, natural resources and timberland funds. | ||||||||||||||||||||||||
(f)Â | Investments in multi-strategy hedge funds (including domestic and international equity securities, convertible bonds and other alternative investments), real estate and derivative investments. | ||||||||||||||||||||||||
Reconciliation of assets' fair value using significant unobservable inputs (Level 3) | ' | ||||||||||||||||||||||||
Level 3 Reconciliation | Actual Return on Plan Assets (a) | ||||||||||||||||||||||||
(millions) | Balance at | Relating to | Relating to | Purchases, | Transfer in | Balance at | |||||||||||||||||||
Beginning of | Assets Still Held | Assets Sold | Sales and | and/or out | End of | ||||||||||||||||||||
Period | at the Reporting | During the | Settlements | of Level 3 | Period | ||||||||||||||||||||
Date | Period | ||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Private equity funds | $ | 283 | $ | 17 | $ | 25 | $ | (89 | ) | $ | — | $ | 236 | ||||||||||||
Other | 115 | 4 | — | 3 | — | 122 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Private equity funds | $ | 236 | $ | 7 | $ | 26 | $ | (48 | ) | $ | — | $ | 221 | ||||||||||||
Other | 122 | 14 | 1 | (10 | ) | — | 127 | ||||||||||||||||||
(a) | Represents realized and unrealized gains (losses) from changes in values of those financial instruments only for the period in which the instruments were classified as Level 3. | ||||||||||||||||||||||||
Estimated Future Benefit Payments | ' | ||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||
Benefit payments by the plans, which reflect expected future service as appropriate, are expected to be paid as follows: | |||||||||||||||||||||||||
Estimated Future Benefit Payments | Pension | Postretirement | |||||||||||||||||||||||
(millions) | Benefits | Health Care Benefits | |||||||||||||||||||||||
2014 | $ | 152 | $ | 6 | |||||||||||||||||||||
2015 | 159 | 6 | |||||||||||||||||||||||
2016 | 169 | 7 | |||||||||||||||||||||||
2017 | 178 | 8 | |||||||||||||||||||||||
2018 | 188 | 8 | |||||||||||||||||||||||
2019-2023 | 1,058 | 45 | |||||||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||
Feb. 01, 2014 | ||||||||||||||||
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 (loss)/income before reclassifications | — | (429 | ) | 60 | (369 | ) | ||||||||||
Amounts reclassified from AOCI | 4 | (a) | — | 50 | (b) | 54 | ||||||||||
February 1, 2014 | $ | (25 | ) | $ | (444 | ) | $ | (422 | ) | $ | (891 | ) | ||||
(a)Â | Represents gains and losses on cash flow hedges, net of $2 million of taxes, which are recorded in net interest expense on the Consolidated Statements of Operations. | |||||||||||||||
(b)Â | Represents amortization of pension and other benefit liabilities, net of $32 million of taxes, which is recorded in SG&A expenses on the Consolidated Statements of Operations. See Note 26 for additional information. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Feb. 01, 2014 | ||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||
Business Segment Results and Total Assets by Segment | ' | |||||||||||||||||||||||||||||
Business Segment Results | 2013 | 2012 (a) | 2011 | |||||||||||||||||||||||||||
(millions) | U.S. | Canadian | Total | U.S. | Canadian | Total | U.S. | Canadian | Total | |||||||||||||||||||||
Sales | $ | 71,279 | $ | 1,317 | $ | 72,596 | $ | 71,960 | $ | — | $ | 71,960 | $ | 68,466 | $ | — | $ | 68,466 | ||||||||||||
Cost of sales | 50,039 | 1,121 | 51,160 | 50,568 | — | 50,568 | 47,860 | — | 47,860 | |||||||||||||||||||||
Selling, general and administrative expenses (b) | 14,285 | 910 | 15,196 | 13,759 | 272 | 14,031 | 13,079 | 74 | 13,153 | |||||||||||||||||||||
Depreciation and amortization | 1,996 | 227 | 2,223 | 2,044 | 97 | 2,142 | 2,084 | 48 | 2,131 | |||||||||||||||||||||
Segment profit | $ | 4,959 | $ | (941 | ) | $ | 4,017 | $ | 5,589 | $ | (369 | ) | $ | 5,219 | $ | 5,443 | $ | (122 | ) | $ | 5,322 | |||||||||
Gain on receivables transaction (c) | 391 | 152 | — | |||||||||||||||||||||||||||
Reduction of beneficial interest asset (b) | (98 | ) | — | — | ||||||||||||||||||||||||||
Other (d) | (64 | ) | — | — | ||||||||||||||||||||||||||
Data Breach related costs, net of insurance receivable (e) | (17 | ) | — | — | ||||||||||||||||||||||||||
Earnings before interest expense and income taxes | 4,229 | 5,371 | 5,322 | |||||||||||||||||||||||||||
Net interest expense | 1,126 | 762 | 866 | |||||||||||||||||||||||||||
Earnings before income taxes | $ | 3,103 | $ | 4,609 | $ | 4,456 | ||||||||||||||||||||||||
Note: The sum of the segment amounts may not equal the total amounts due to rounding. | ||||||||||||||||||||||||||||||
Note: Certain operating expenses are incurred on behalf of our Canadian Segment, but are included in our U.S. Segment because those costs are not allocated internally and generally come under the responsibility of our U.S. management team. | ||||||||||||||||||||||||||||||
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 6, 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)Â | Consisted of 53Â weeks. | |||||||||||||||||||||||||||||
(b)Â | Our U.S. Segment includes all TD profit-sharing amounts in segment profit; 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. | |||||||||||||||||||||||||||||
(c)Â | Represents the gain on receivables transaction recorded in our Consolidated Statements of Operations, plus, for 2012, the difference between bad debt expense and net write-offs for the fourth quarter. Refer to Note 6 for more information on our credit card receivables transaction. | |||||||||||||||||||||||||||||
(d)Â | Includes a $23 million workforce-reduction charge primarily related to severance and benefits costs, a $22 million charge related to part-time team member health benefit changes, and $19 million in impairment charges related to certain parcels of undeveloped land. | |||||||||||||||||||||||||||||
(e)Â | Refer to Note 17 for more information on Data Breach related costs. | |||||||||||||||||||||||||||||
Total Assets by Segment | February 1, | February 2, | ||||||||||||||||||||||||||||
 (millions) | 2014 | 2013 | ||||||||||||||||||||||||||||
U.S. | $ | 38,128 | $ | 43,289 | ||||||||||||||||||||||||||
Canadian | 6,254 | 4,722 | ||||||||||||||||||||||||||||
Total segment assets | $ | 44,382 | $ | 48,011 | ||||||||||||||||||||||||||
Unallocated assets (a) | 171 | 152 | ||||||||||||||||||||||||||||
Total assets | $ | 44,553 | $ | 48,163 | ||||||||||||||||||||||||||
(a)Â | At February 1, 2014, represents the beneficial interest asset of $127 million and insurance receivable related to the Data Breach of $44 million. At February 2, 2013, 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. | |||||||||||||||||||||||||||||
Capital Expenditures by Segment | ' | |||||||||||||||||||||||||||||
Capital Expenditures by Segment | 2013 | 2012(a) | 2011 | |||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||
U.S. | $ | 1,886 | $ | 2,345 | $ | 2,476 | ||||||||||||||||||||||||
Canadian | 1,567 | 932 | 1,892 | |||||||||||||||||||||||||||
Total | $ | 3,453 | $ | 3,277 | $ | 4,368 | ||||||||||||||||||||||||
(a)Â | Consisted of 53Â weeks. |
Quarterly_Results_Unaudited_Ta
Quarterly Results (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Feb. 01, 2014 | |||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Quarterly Results | ' | ||||||||||||||||||||||||||||||||||
Quarterly Results | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total Year | ||||||||||||||||||||||||||||||
(millions, except per share data) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 (a) | 2013 | 2012 (a) | |||||||||||||||||||||||||
Sales | $ | 16,706 | $ | 16,537 | $ | 17,117 | $ | 16,451 | $ | 17,258 | $ | 16,601 | $ | 21,516 | $ | 22,370 | $ | 72,596 | $ | 71,960 | |||||||||||||||
Credit card revenues | — | 330 | — | 328 | — | 328 | — | 356 | — | 1,341 | |||||||||||||||||||||||||
Total revenues | 16,706 | 16,867 | 17,117 | 16,779 | 17,258 | 16,929 | 21,516 | 22,726 | 72,596 | 73,301 | |||||||||||||||||||||||||
Cost of sales | 11,563 | 11,541 | 11,745 | 11,297 | 12,133 | 11,569 | 15,719 | 16,160 | 51,160 | 50,568 | |||||||||||||||||||||||||
Selling, general and administrative expenses | 3,590 | 3,392 | 3,698 | 3,588 | 3,853 | 3,704 | 4,235 | 4,229 | 15,375 | 14,914 | |||||||||||||||||||||||||
Credit card expenses | — | 120 | — | 108 | — | 106 | — | 135 | — | 467 | |||||||||||||||||||||||||
Depreciation and amortization | 536 | 529 | 542 | 531 | 569 | 542 | 576 | 539 | 2,223 | 2,142 | |||||||||||||||||||||||||
Gain on receivables transaction | (391 | ) | — | — | — | — | (156 | ) | — | (5 | ) | (391 | ) | (161 | ) | ||||||||||||||||||||
Earnings before interest expense and income taxes | 1,408 | 1,285 | 1,132 | 1,255 | 703 | 1,164 | 986 | 1,668 | 4,229 | 5,371 | |||||||||||||||||||||||||
Net interest expense | 629 | 184 | 171 | 184 | 165 | 192 | 161 | 204 | 1,126 | 762 | |||||||||||||||||||||||||
Earnings before income taxes | 779 | 1,101 | 961 | 1,071 | 538 | 972 | 825 | 1,464 | 3,103 | 4,609 | |||||||||||||||||||||||||
Provision for income taxes | 281 | 404 | 350 | 367 | 197 | 335 | 305 | 503 | 1,132 | 1,610 | |||||||||||||||||||||||||
Net earnings | $ | 498 | $ | 697 | $ | 611 | $ | 704 | $ | 341 | $ | 637 | $ | 520 | $ | 961 | $ | 1,971 | $ | 2,999 | |||||||||||||||
Basic earnings per share | $ | 0.78 | $ | 1.05 | $ | 0.96 | $ | 1.07 | $ | 0.54 | $ | 0.97 | $ | 0.82 | $ | 1.48 | $ | 3.1 | $ | 4.57 | |||||||||||||||
Diluted earnings per share | 0.77 | 1.04 | 0.95 | 1.06 | 0.54 | 0.96 | 0.81 | 1.47 | 3.07 | 4.52 | |||||||||||||||||||||||||
Dividends declared per share | 0.36 | 0.3 | 0.43 | 0.36 | 0.43 | 0.36 | 0.43 | 0.36 | 1.65 | 1.38 | |||||||||||||||||||||||||
Closing common stock price: | |||||||||||||||||||||||||||||||||||
High | 70.67 | 58.86 | 73.32 | 61.95 | 71.99 | 65.44 | 66.89 | 64.48 | 73.32 | 65.44 | |||||||||||||||||||||||||
Low | 60.85 | 50.33 | 68.29 | 54.81 | 62.13 | 60.62 | 56.64 | 58.57 | 56.64 | 50.33 | |||||||||||||||||||||||||
Note: Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding and all other quarterly amounts may not equal the total year due to rounding. | |||||||||||||||||||||||||||||||||||
(a)Â | The fourth quarter and total year 2013 consisted of 13Â weeks and 52Â weeks, respectively, compared with 14Â weeks and 53Â weeks in the comparable prior-year periods. | ||||||||||||||||||||||||||||||||||
Summary of Sales by Product Category | ' | ||||||||||||||||||||||||||||||||||
U.S. Sales by Product Category (a) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total Year | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Household essentials | 27 | % | 26 | % | 27 | % | 27 | % | 26 | % | 26 | % | 22 | % | 21 | % | 25 | % | 25 | % | |||||||||||||||
Hardlines | 15 | 16 | 15 | 15 | 15 | 14 | 24 | 24 | 18 | 18 | |||||||||||||||||||||||||
Apparel and accessories | 20 | 20 | 20 | 20 | 20 | 20 | 17 | 18 | 19 | 19 | |||||||||||||||||||||||||
Food and pet supplies | 22 | 21 | 20 | 20 | 21 | 21 | 19 | 18 | 21 | 20 | |||||||||||||||||||||||||
Home furnishings and décor | 16 | 17 | 18 | 18 | 18 | 19 | 18 | 19 | 17 | 18 | |||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||
(a)Â | As a percentage of sales. |
Summary_of_Accounting_Policies2
Summary of Accounting Policies (Details) | 12 Months Ended | |||
Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
store | week | week | week | |
segment | segment | |||
week | ||||
Accounting Policies [Abstract] | ' | ' | ' | ' |
Number of reportable segments | 2 | ' | 3 | ' |
Number of stores opened | 124 | ' | ' | ' |
Number of weeks in fiscal year | 52 | 52 | 53 | 52 |
Revenues_Details
Revenues (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Revenues [Abstract] | ' | ' | ' |
Returns under merchandise arrangement period, maximum | '90 days | ' | ' |
Commissions earned on sales generated by leased departments | $29 | $25 | $22 |
New Discount percentage for REDcard Program beginning October 2010 | 5.00% | ' | ' |
Discounts associated with REDcard rewards program | $833 | $583 | $340 |
Advertising_Costs_Details
Advertising Costs (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Advertising Costs | ' | ' | ' |
Gross advertising costs | $1,744 | $1,653 | $1,589 |
Vendor income | 76 | 231 | 229 |
Net advertising costs | $1,668 | $1,422 | $1,360 |
Credit_Card_Receivables_Transa1
Credit Card Receivables Transaction (Details) (USD $) | 11 Months Ended | 12 Months Ended | 0 Months Ended | |||
Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Mar. 13, 2013 | Mar. 13, 2013 | |
Credit card receivables | Credit card receivables | |||||
Nonrecourse | ||||||
Accounts, Notes, Loans and Financing Receivable | ' | ' | ' | ' | ' | ' |
Gains (losses) on sales of credit card portfolio | ' | ' | ' | ' | $391,000,000 | ' |
Consideration from sale of consumer credit card portfolio | ' | ' | ' | ' | 5,700,000,000 | ' |
Transfers of financial assets accounted for as sale, initial fair value of assets obtained as proceeds | ' | ' | ' | ' | 225,000,000 | ' |
Repayment of 2006/2007 Series Variable Funding Certificate at par | ' | 0 | 1,500,000,000 | 0 | ' | 1,500,000,000 |
Net cash proceeds from sale of consumer credit card portfolio | ' | ' | ' | ' | 4,200,000,000 | ' |
Income from profit sharing arrangement associated with credit card portfolio sale | 653,000,000 | ' | ' | ' | ' | ' |
Reduction of beneficial interest asset | 98,000,000 | ' | ' | ' | ' | ' |
Income from profit sharing arrangement associated with credit card portfolio sale net of offsetting | 555,000,000 | ' | ' | ' | ' | ' |
Increase decrease in beneficial interest asset related to profit sharing payments related to sold receivables | 96,000,000 | ' | ' | ' | ' | ' |
Beneficial interest asset revaluation adjustment amount | 2,000,000 | ' | ' | ' | ' | ' |
Retained interest, fair value disclosure | 127,000,000 | 127,000,000 | ' | ' | ' | ' |
Beneficial interest asset, useful life | '3 years | '3 years | ' | ' | ' | ' |
Sales revenue on target credit cards | ' | ' | $5,807,000,000 | $4,686,000,000 | ' | ' |
Canadian_Leasehold_Acquisition1
Canadian Leasehold Acquisition (Details) (Canadian Leasehold Acquisition, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jan. 28, 2012 |
site | |
Leasehold acquisition | ' |
Arrangement to purchase leasehold interests, maximum number of leasehold sites | 189 |
Price paid for leasehold interests acquisition before sale of leasehold interests' right | $1,861 |
Number of leasehold sites under sale of right to acquire the leasehold interests | 54 |
Proceeds from sale of right to acquire the leasehold interests | 225 |
Price paid for leasehold interests' acquisition | 1,636 |
Canadian | ' |
Assets acquired | ' |
Buildings and improvements | 2,887 |
Finite-lived intangible assets | 23 |
Liabilities | ' |
Unsecured debt and other borrowings | $1,274 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | instrument | instrument |
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' |
Cash and cash equivalents | $3 | $130 |
Other current assets | 2,112 | 1,860 |
Other noncurrent assets | 1,602 | 1,122 |
Other noncurrent liabilities | 1,490 | 1,609 |
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 | 790 | 817 |
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 | 76 | 203 |
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 |
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 | 73 | 73 |
Level 2 | Fair value measured on recurring basis | ' | ' |
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' |
Total | 368 | 358 |
Total | 39 | 56 |
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 | 305 | 269 |
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 | 1 | 4 |
Other noncurrent assets | 62 | 85 |
Other current liabilities | 0 | 2 |
Other noncurrent liabilities | 39 | 54 |
Level 3 | Fair value measured on recurring basis | ' | ' |
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' |
Total | 127 | 0 |
Level 3 | Beneficial Interest Asset [Member] | Fair value measured on recurring basis | ' | ' |
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' |
Other current assets | 71 | 0 |
Other noncurrent assets | $56 | $0 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | 12 Months Ended | ||||
Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | |
Carrying amount | Carrying amount | Estimate of fair value | Estimate of fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Effect of one percentage point change in forecasted credit EBIT yield on estimated fair value | $20,000,000 | ' | ' | ' | ' |
Effect of one percentage point change in forecasted discount rate on estimated fair value | 4,000,000 | ' | ' | ' | ' |
Debt instrument, fair value disclosure | ' | 11,758,000,000 | 15,618,000,000 | 13,184,000,000 | 18,143,000,000 |
Estimated fair value consumer credit card portfolio | $6,300,000,000 | ' | ' | ' | ' |
Cash_Equivalents_Details
Cash Equivalents (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Cash Equivalents. | ' | ' |
Cash and cash equivalents, short-term investments | $3 | $130 |
Credit and debit card transactions to be included in cash equivalents, maximum settlement period | '5 days | ' |
Receivables from third-party credit and debit card sales within Retail Segment, included in cash equivalents | $347 | $371 |
Inventory_Details
Inventory (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Inventory Disclosure [Abstract] | ' | ' | ' |
Sales revenue under merchandise arrangement | $1,833 | $1,800 | $1,736 |
Other_Current_Assets_Details
Other Current Assets (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Other Current Assets | ' | ' |
Pharmacy, income tax and other receivables | $792 | $478 |
Vendor income receivable | 555 | 621 |
Prepaid expenses | 272 | 310 |
Deferred taxes | 177 | 193 |
Other | 316 | 258 |
Total | $2,112 | $1,860 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation and amortization | $2,198 | $2,120 | $2,107 |
Estimated Useful Lives | ' | ' | ' |
Impairment charges on reviews of asset | $77 | $37 | $43 |
Buildings and improvements | Minimum | ' | ' | ' |
Estimated Useful Lives | ' | ' | ' |
Estimated Useful Lives | '8 years | ' | ' |
Buildings and improvements | Maximum | ' | ' | ' |
Estimated Useful Lives | ' | ' | ' |
Estimated Useful Lives | '39 years | ' | ' |
Fixtures and equipment | Minimum | ' | ' | ' |
Estimated Useful Lives | ' | ' | ' |
Estimated Useful Lives | '2 years | ' | ' |
Fixtures and equipment | Maximum | ' | ' | ' |
Estimated Useful Lives | ' | ' | ' |
Estimated Useful Lives | '15 years | ' | ' |
Computer hardware and software | Minimum | ' | ' | ' |
Estimated Useful Lives | ' | ' | ' |
Estimated Useful Lives | '2 years | ' | ' |
Computer hardware and software | Maximum | ' | ' | ' |
Estimated Useful Lives | ' | ' | ' |
Estimated Useful Lives | '7 years | ' | ' |
Other_Noncurrent_Assets_Detail
Other Noncurrent Assets (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | member | |
Other Assets, Noncurrent [Abstract] | ' | ' |
Deferred taxes | $469 | $206 |
Goodwill and intangible assets | 357 | 224 |
Company-owned life insurance investments | 305 | 269 |
Interest rate swaps | 62 | 85 |
Other | 409 | 338 |
Total | $1,602 | $1,122 |
Company-owned life insurance policies, number of team members | 4,000 | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
business | |||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Goodwill | $151 | $59 | ' |
Number of businesses acquired | 3 | ' | ' |
Goodwill impairment charges | 0 | 0 | 0 |
Definite-Lived Intangible Assets | ' | ' | ' |
Gross asset | 453 | 386 | ' |
Accumulated amortization | -247 | -221 | ' |
Net intangible assets | 206 | 165 | ' |
Amortization expense | 25 | 22 | 24 |
Estimated Amortization Expense | ' | ' | ' |
2014 | 27 | ' | ' |
2015 | 25 | ' | ' |
2016 | 22 | ' | ' |
2017 | 16 | ' | ' |
2018 | 11 | ' | ' |
Leasehold Acquisition Costs | ' | ' | ' |
Definite-Lived Intangible Assets | ' | ' | ' |
Gross asset | 241 | 237 | ' |
Accumulated amortization | -130 | -120 | ' |
Net intangible assets | 111 | 117 | ' |
Leasehold Acquisition Costs | Minimum | ' | ' | ' |
Definite-Lived Intangible Assets | ' | ' | ' |
Estimated useful life | '9 years | ' | ' |
Leasehold Acquisition Costs | Maximum | ' | ' | ' |
Definite-Lived Intangible Assets | ' | ' | ' |
Estimated useful life | '39 years | ' | ' |
Leasehold Acquisition Costs | Weighted Average | ' | ' | ' |
Definite-Lived Intangible Assets | ' | ' | ' |
Estimated useful life | '26 years | ' | ' |
Other | ' | ' | ' |
Definite-Lived Intangible Assets | ' | ' | ' |
Gross asset | 212 | 149 | ' |
Accumulated amortization | -117 | -101 | ' |
Net intangible assets | $95 | $48 | ' |
Other | Minimum | ' | ' | ' |
Definite-Lived Intangible Assets | ' | ' | ' |
Estimated useful life | '3 years | ' | ' |
Other | Maximum | ' | ' | ' |
Definite-Lived Intangible Assets | ' | ' | ' |
Estimated useful life | '15 years | ' | ' |
Other | Weighted Average | ' | ' | ' |
Definite-Lived Intangible Assets | ' | ' | ' |
Estimated useful life | '7 years | ' | ' |
Accounts_Payable_Details
Accounts Payable (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Accounts Payable, Current [Abstract] | ' | ' |
Overdrafts reclassified to accounts payable | $733 | $564 |
Overdrafts reclassified to accrued and other current liabilities | $81 | $82 |
Accrued_and_Other_Current_Liab2
Accrued and Other Current Liabilities (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Accrued and Other Current Liabilities | ' | ' |
Wages and benefits | $887 | $938 |
Real estate, sales and other taxes payable | 669 | 624 |
Gift card liability | 521 | 503 |
Dividends payable | 272 | 232 |
Project costs accrual | 256 | 347 |
Straight-line rent accrual | 248 | 235 |
Income tax payable | 221 | 272 |
Workers' compensation and general liability | 152 | 160 |
Interest payable | 85 | 91 |
Other | 623 | 579 |
Total | $3,934 | $3,981 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
In Millions, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 02, 2013 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 |
Real Estate Obligations | Real Estate Obligations | Purchase Obligations | Purchase Obligations | Data Breach | Standby Letters of Credit and Surety Bonds | Standby Letters of Credit and Surety Bonds | ||||
account | ||||||||||
guest | ||||||||||
individual | ||||||||||
action | ||||||||||
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Data breach, number of credit and debit card accounts stolen | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' |
Data breach, number of additional guests whose debit and credit card accounts were stolen | ' | ' | ' | ' | ' | ' | ' | 56 | ' | ' |
Data breach, number of individuals whose personal information was stolen | ' | ' | ' | ' | ' | ' | ' | 70,000,000 | ' | ' |
Data breach expense | $17 | $0 | $0 | ' | ' | ' | ' | $61 | ' | ' |
Data breach, insurance recovery | ' | ' | ' | ' | ' | ' | ' | 44 | ' | ' |
Data breach net expense | ' | ' | ' | ' | ' | ' | ' | 17 | ' | ' |
Data breach net expense, after tax | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' |
Data breach net expense, after tax, amount per diluted share | ' | ' | ' | ' | ' | ' | ' | $0.02 | ' | ' |
Data breach, number of actions filed seeking damages | ' | ' | ' | ' | ' | ' | ' | 80 | ' | ' |
Data breach, network security insurance coverage | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' |
Data breach, network security insurance coverage, deductible | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' |
Data breach, insurance receivable | ' | ' | ' | ' | ' | ' | ' | 44 | ' | ' |
Purchase obligations | ' | ' | ' | ' | ' | 1,317 | 1,472 | ' | ' | ' |
Period within which purchase obligations are primarily due | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' |
Recorded and unrecorded unconditional purchase obligation | ' | ' | ' | 449 | 1,128 | ' | ' | ' | ' | ' |
Recorded and unrecorded unconditional purchase obligation, term | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' |
Letters of credit and surety bonds, outstanding amount | $1,441 | $1,539 | ' | ' | ' | ' | ' | ' | $500 | $486 |
Notes_Payable_and_LongTerm_Deb2
Notes Payable and Long-Term Debt (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Notes Payable and Long-Term Debt | ' | ' |
Rate (as a percent) | 5.10% | ' |
Balance | $11,678 | ' |
Swap valuation adjustments | 53 | ' |
Capital lease obligations | 1,971 | ' |
Less: Amounts due within one year | -1,080 | ' |
Long-term debt and other borrowings | 12,622 | 14,654 |
Due 2014-2018 | ' | ' |
Notes Payable and Long-Term Debt | ' | ' |
Rate (as a percent) | 4.50% | ' |
Balance | 4,232 | ' |
Due 2019-2023 | ' | ' |
Notes Payable and Long-Term Debt | ' | ' |
Rate (as a percent) | 4.00% | ' |
Balance | 2,215 | ' |
Due 2024-2028 | ' | ' |
Notes Payable and Long-Term Debt | ' | ' |
Rate (as a percent) | 6.70% | ' |
Balance | 252 | ' |
Due 2029-2033 | ' | ' |
Notes Payable and Long-Term Debt | ' | ' |
Rate (as a percent) | 6.50% | ' |
Balance | 769 | ' |
Due 2034-2038 | ' | ' |
Notes Payable and Long-Term Debt | ' | ' |
Rate (as a percent) | 6.80% | ' |
Balance | 2,740 | ' |
Due 2039-2043 | ' | ' |
Notes Payable and Long-Term Debt | ' | ' |
Rate (as a percent) | 4.00% | ' |
Balance | $1,470 | ' |
Notes_Payable_and_LongTerm_Deb3
Notes Payable and Long-Term Debt (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||
4-May-13 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jun. 30, 2012 | Mar. 20, 2013 | Mar. 13, 2013 | |
Fixed rate debt | Credit card receivables | Nonrecourse | |||||
Subsequent event | Credit card receivables | ||||||
Maximum | |||||||
Required Principal Payments | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | $1,001,000,000 | ' | ' | ' | ' | ' |
2015 | ' | 27,000,000 | ' | ' | ' | ' | ' |
2016 | ' | 751,000,000 | ' | ' | ' | ' | ' |
2017 | ' | 2,251,000,000 | ' | ' | ' | ' | ' |
2018 | ' | 201,000,000 | ' | ' | ' | ' | ' |
Repayment of 2006/2007 Series Variable Funding Certificate at par | ' | 0 | 1,500,000,000 | 0 | 1,500,000,000 | ' | 1,500,000,000 |
Open tender offers to use cash proceeds from the sale to repurchase outstanding debt | ' | ' | ' | ' | ' | 1,400,000,000 | ' |
Repurchase of long-term debt | $970,000,000 | $3,463,000,000 | $1,529,000,000 | $3,125,000,000 | ' | ' | ' |
Notes_Payable_and_LongTerm_Deb4
Notes Payable and Long-Term Debt (Details 3) (USD $) | 1 Months Ended | 1 Months Ended | 12 Months Ended | |||
Oct. 29, 2011 | Feb. 02, 2013 | Jun. 30, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Fixed rate debt | Commercial paper | Commercial paper | Commercial paper | |||
Notes Payable and Long-Term Debt | ' | ' | ' | ' | ' | ' |
Maximum daily amount outstanding during the year | ' | ' | ' | $1,465,000,000 | $970,000,000 | $1,211,000,000 |
Average amount outstanding during the year | ' | ' | ' | 408,000,000 | 120,000,000 | 244,000,000 |
Amount outstanding at year-end | ' | 970,000,000 | ' | 80,000,000 | ' | 0 |
Weighted average interest rate (as a percent) | ' | ' | ' | 0.13% | 0.16% | 0.11% |
Period of unsecured revolving credit facility | '5 years | ' | ' | ' | ' | ' |
Revolving credit facility | 2,250,000,000 | ' | ' | ' | ' | ' |
Debt, amount issued | ' | ' | $1,500,000,000 | ' | ' | ' |
Debt, fixed interest rate (as a percent) | ' | ' | 4.00% | ' | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Derivative Contracts - Types, Statements of Financial Position Classification and Fair Values | ' | ' | ' |
Number of derivative instruments designated as accounting hedge | 1 | 1 | ' |
Amount of ineffectiveness recognized | $0 | $0 | ' |
Derivative Contracts - Effect on Results of Operations | ' | ' | ' |
Unamortized hedged debt valuation gains from terminated and de-designated interest rate swaps | 52,000,000 | 75,000,000 | 111,000,000 |
Interest rate swaps | ' | ' | ' |
Derivative asset | ' | ' | ' |
Derivative asset | 63,000,000 | 89,000,000 | ' |
Derivative liability | ' | ' | ' |
Derivative liability | 39,000,000 | 56,000,000 | ' |
Derivative Contracts - Effect on Results of Operations | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 29,000,000 | 44,000,000 | 41,000,000 |
Designated as hedging instrument | ' | ' | ' |
Weighted average rate | ' | ' | ' |
Interest rate swap pay variable weighted average rate, pay floating | 'three-month LIBOR | ' | ' |
Interest rate derivatives receive fixed weighted average rate, pay floating (as a percent) | 1.00% | ' | ' |
Weighted average maturity, pay floating | '6 months | ' | ' |
Notional amount, pay floating | 350,000,000 | ' | ' |
Designated as hedging instrument | Other current assets | Interest rate swaps | ' | ' | ' |
Derivative asset | ' | ' | ' |
Derivative asset | 1,000,000 | 0 | ' |
Designated as hedging instrument | Other noncurrent assets | Interest rate swaps | ' | ' | ' |
Derivative asset | ' | ' | ' |
Derivative asset | 0 | 3,000,000 | ' |
Designated as hedging instrument | Other current liabilities | Interest rate swaps | ' | ' | ' |
Derivative liability | ' | ' | ' |
Derivative liability | 0 | 0 | ' |
Designated as hedging instrument | Other noncurrent liabilities | Interest rate swaps | ' | ' | ' |
Derivative liability | ' | ' | ' |
Derivative liability | 0 | 0 | ' |
Not designated as hedging instruments | ' | ' | ' |
Weighted average rate | ' | ' | ' |
Interest rate swap pay variable weighted average rate, pay floating | 'one-month LIBOR | ' | ' |
Interest rate derivatives pay fixed weighted average rate, pay fixed (as a percent) | 3.80% | ' | ' |
Interest rate derivatives receive fixed weighted average rate, pay floating (as a percent) | 5.70% | ' | ' |
Interest rate derivatives receive variable weighted average rate, pay fixed | 'one-month LIBOR | ' | ' |
Weighted average maturity, pay floating | '2 years 6 months 0 days | ' | ' |
Weighted average maturity, pay fixed | '2 years 6 months 0 days | ' | ' |
Notional amount, pay floating | 500,000,000 | ' | ' |
Notional amount, pay fixed | 500,000,000 | ' | ' |
Not designated as hedging instruments | Other current assets | Interest rate swaps | ' | ' | ' |
Derivative asset | ' | ' | ' |
Derivative asset | 0 | 4,000,000 | ' |
Not designated as hedging instruments | Other noncurrent assets | Interest rate swaps | ' | ' | ' |
Derivative asset | ' | ' | ' |
Derivative asset | 62,000,000 | 82,000,000 | ' |
Not designated as hedging instruments | Other current liabilities | Interest rate swaps | ' | ' | ' |
Derivative liability | ' | ' | ' |
Derivative liability | 0 | 2,000,000 | ' |
Not designated as hedging instruments | Other noncurrent liabilities | Interest rate swaps | ' | ' | ' |
Derivative liability | ' | ' | ' |
Derivative liability | $39,000,000 | $54,000,000 | ' |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
option | |||
Rent Expense | ' | ' | ' |
Property and equipment | $194 | $194 | $193 |
Software | 33 | 33 | 33 |
Rent income | -12 | -85 | -61 |
Total rent expense | 215 | 142 | 165 |
Operating Leases, Future Minimum Payments | ' | ' | ' |
2014 | 187 | ' | ' |
2015 | 185 | ' | ' |
2016 | 174 | ' | ' |
2017 | 168 | ' | ' |
2018 | 162 | ' | ' |
After 2018 | 3,227 | ' | ' |
Total future minimum lease payments | 4,103 | ' | ' |
Operating Leases options to extend lease terms that are reasonably assured of being exercised | 2,105 | ' | ' |
Operating leases legally binding minimum lease payments for stores expected to open in 2014 or later | 135 | ' | ' |
Capital Leases, Future Minimum Payments | ' | ' | ' |
2014 | 204 | ' | ' |
2015 | 198 | ' | ' |
2016 | 192 | ' | ' |
2017 | 157 | ' | ' |
2018 | 150 | ' | ' |
After 2018 | 4,412 | ' | ' |
Total future minimum lease payments | 5,313 | ' | ' |
Less: Interest | -3,342 | ' | ' |
Total present value of future minimum capital lease payments | 1,971 | ' | ' |
Capital Leases options to extend lease terms that are reasonably assured of being exercised | 3,740 | ' | ' |
Capital leases legally binding minimum lease payments for stores that will open in 2014 or later | 80 | ' | ' |
Current portion of present value of future minimum capital leases payments | 77 | ' | ' |
Rent Income, Future Minimum Payments | ' | ' | ' |
2014 | -6 | ' | ' |
2015 | -5 | ' | ' |
2016 | -4 | ' | ' |
2017 | -4 | ' | ' |
2018 | -3 | ' | ' |
After 2018 | -14 | ' | ' |
Total future sublease income | -36 | ' | ' |
Future minimum lease payment | ' | ' | ' |
2014 | 385 | ' | ' |
2015 | 378 | ' | ' |
2016 | 362 | ' | ' |
2017 | 321 | ' | ' |
2018 | 309 | ' | ' |
After 2018 | 7,625 | ' | ' |
Total future minimum lease payment | 9,380 | ' | ' |
Leased assets | ' | ' | ' |
Capital lease interest expense | 116 | 109 | 69 |
Number of renewal lease options, minimum | 1 | ' | ' |
Asset values under capital leases | 2,106 | 2,038 | ' |
Rent income | -12 | -85 | -61 |
Minimum | ' | ' | ' |
Leased assets | ' | ' | ' |
Period for which each option to extend the lease term is available | '1 year | ' | ' |
Maximum | ' | ' | ' |
Leased assets | ' | ' | ' |
Period for which each option to extend the lease term is available | '50 years | ' | ' |
Canadian Leasehold Acquisition | ' | ' | ' |
Rent Expense | ' | ' | ' |
Rent income | -4 | -75 | -51 |
Leased assets | ' | ' | ' |
Capital lease interest expense | 77 | 78 | 44 |
Rent income | ($4) | ($75) | ($51) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings before income taxes | $825 | $538 | $961 | $779 | $1,464 | $972 | $1,071 | $1,101 | $3,103 | $4,609 | $4,456 |
Income (loss) from continuing operations before income taxes, foreign | ' | ' | ' | ' | ' | ' | ' | ' | -881 | -309 | -11 |
Tax Rate Reconciliation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal statutory rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 35.00% | 35.00% |
State income tax, net of federal tax benefit (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 3.10% | 2.00% | 1.00% |
International (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | -0.60% | -0.70% |
Other (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | -1.90% | -1.50% | -1.00% |
Effective tax rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 36.50% | 34.90% | 34.30% |
Reduction in effective tax rate, in percentage points | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | 2.00% |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 1,213 | 1,471 | 1,069 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 148 | 135 | 74 |
International | ' | ' | ' | ' | ' | ' | ' | ' | 25 | 18 | 13 |
Total current | ' | ' | ' | ' | ' | ' | ' | ' | 1,386 | 1,624 | 1,156 |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 66 | 124 | 427 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 14 | 0 |
International | ' | ' | ' | ' | ' | ' | ' | ' | -322 | -152 | -56 |
Total deferred | ' | ' | ' | ' | ' | ' | ' | ' | -254 | -14 | 371 |
Total provision | 305 | 197 | 350 | 281 | 503 | 335 | 367 | 404 | 1,132 | 1,610 | 1,527 |
Gross deferred tax assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued and deferred compensation | 509 | ' | ' | ' | 537 | ' | ' | ' | 509 | 537 | ' |
Foreign operating loss carryforward | 394 | ' | ' | ' | 189 | ' | ' | ' | 394 | 189 | ' |
Accruals and reserves not currently deductible | 348 | ' | ' | ' | 352 | ' | ' | ' | 348 | 352 | ' |
Self-insured benefits | 231 | ' | ' | ' | 249 | ' | ' | ' | 231 | 249 | ' |
Other | 193 | ' | ' | ' | 123 | ' | ' | ' | 193 | 123 | ' |
Allowance for doubtful accounts and lower of cost or fair value adjustment on credit card receivables held for sale | 0 | ' | ' | ' | 67 | ' | ' | ' | 0 | 67 | ' |
Total gross deferred tax assets | 1,675 | ' | ' | ' | 1,517 | ' | ' | ' | 1,675 | 1,517 | ' |
Gross deferred tax liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment | -2,062 | ' | ' | ' | -1,995 | ' | ' | ' | -2,062 | -1,995 | ' |
Inventory | -270 | ' | ' | ' | -210 | ' | ' | ' | -270 | -210 | ' |
Other | -130 | ' | ' | ' | -133 | ' | ' | ' | -130 | -133 | ' |
Deferred credit card income | 0 | ' | ' | ' | -91 | ' | ' | ' | 0 | -91 | ' |
Total gross deferred tax liabilities | -2,462 | ' | ' | ' | -2,429 | ' | ' | ' | -2,462 | -2,429 | ' |
Total net deferred tax asset/(liability) | -787 | ' | ' | ' | -912 | ' | ' | ' | -787 | -912 | ' |
Foreign net operating loss carryforwards | 1,466 | ' | ' | ' | ' | ' | ' | ' | 1,466 | ' | ' |
Accumulated net earnings relate to ongoing operations | ' | ' | ' | ' | ' | ' | ' | ' | 77 | 52 | ' |
Reconciliation of Liability for Unrecognized Tax Benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | 216 | ' | ' | ' | 236 | 216 | 236 | 302 |
Additions based on tax positions related to the current year | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 10 | 12 |
Additions for tax positions of prior years | ' | ' | ' | ' | ' | ' | ' | ' | 28 | 19 | 31 |
Reductions for tax positions of prior years | ' | ' | ' | ' | ' | ' | ' | ' | -57 | -42 | -101 |
Settlements | ' | ' | ' | ' | ' | ' | ' | ' | -19 | -7 | -8 |
Balance at end of period | 183 | ' | ' | ' | 216 | ' | ' | ' | 183 | 216 | 236 |
Unrecognized tax benefits that would impact effective tax rates | 120 | ' | ' | ' | ' | ' | ' | ' | 120 | ' | ' |
Unrecognized tax (benefits) expenses, income tax penalties and interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -16 | -12 |
Unrecognized tax benefits, income tax penalties and interest accrued | $58 | ' | ' | ' | $64 | ' | ' | ' | $58 | $64 | $82 |
Period of time, increase (decrease) in unrecognized tax benefit liability resulting from other unrecognized tax positions | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' |
Other_Noncurrent_Liabilities_D
Other Noncurrent Liabilities (Details) (USD $) | Feb. 01, 2014 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||
Other Noncurrent Liabilities | ' | ' |
Deferred compensation | $491 | $479 |
Workers' compensation and general liability | 424 | 467 |
Income tax | 174 | 180 |
Pension and postretirement health care benefits | 115 | 170 |
Other | 286 | 313 |
Total | $1,490 | $1,609 |
Share_Repurchase_Details
Share Repurchase (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||
Share data in Millions, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Jan. 28, 2012 | Nov. 30, 2007 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
2012 Share Repurchase Program | 2007 Share Repurchase Program | Cash investment | Cash investment | Cash investment | Prepaid forward contracts market value | Prepaid forward contracts market value | Prepaid forward contracts market value | ||||
Share Repurchase Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount approved by board of directors for share repurchase program | ' | ' | ' | $5,000,000,000 | $10,000,000,000 | ' | ' | ' | ' | ' | ' |
Total number of shares purchased | 21.9 | 32.2 | 37.2 | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of stock, average price per share (in dollars per share) | $67.41 | $58.96 | $50.89 | ' | ' | ' | ' | ' | ' | ' | ' |
Total investment | 1,474,000,000 | 1,900,000,000 | 1,894,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total number of shares purchased | 0.2 | 0.5 | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Total cash investment | 1,478,000,000 | 1,903,000,000 | 1,894,000,000 | ' | ' | 14,000,000 | 25,000,000 | 52,000,000 | ' | ' | ' |
Aggregate market value | ' | ' | ' | ' | ' | ' | ' | ' | $17,000,000 | $29,000,000 | $52,000,000 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' |
Unissued common shares reserved for future grants | 18,700,000 | 24,900,000 | ' |
Total share-based compensation expense | $110 | $105 | $90 |
Income tax benefit recognized in net income | 43 | 42 | 35 |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' |
Vesting period | '4 years | ' | ' |
Contractual term | '10 years | ' | ' |
Exercisable period | '1 year | ' | ' |
Stock options Outstanding and Exercisable | ' | ' | ' |
Stock Options outstanding, balance at the beginning of the period (in shares) | 34,458,000 | ' | ' |
Stock Options, granted (in shares) | 226,000 | ' | ' |
Stock Options, expired/ forfeited (in shares) | -745,000 | ' | ' |
Stock Options, exercised/issued (in shares) | -9,085,000 | ' | ' |
Stock Options outstanding, balance at the end of the period (in shares) | 24,854,000 | 34,458,000 | ' |
Weighted Average Exercise Price | ' | ' | ' |
Weighted-average exercise price of shares outstanding, balance at the beginning of the period (in dollars per share) | $50.60 | ' | ' |
Weighted-average exercise price of shares, granted (in dollars per share) | $69.56 | ' | ' |
Weighted-average exercise price of shares, expired/forfeited (in dollars per share) | $53.14 | ' | ' |
Weighted-average exercise price of shares, exercised/issued (in dollars per share) | $46.51 | ' | ' |
Weighted-average exercise price of shares outstanding, balance at the end of the period (in dollars per share) | $52.19 | $50.60 | ' |
Aggregate intrinsic value of shares outstanding | 136 | 366 | ' |
Stock Options exercisable (in shares) | 16,824,000 | 21,060,000 | ' |
Weighted-average exercise price of shares exercisable (in dollars per share) | $50.64 | $48.25 | ' |
Aggregate intrinsic value of shares exercisable | 109 | 273 | ' |
Stock option grants, weighted average valuation assumptions | ' | ' | ' |
Dividend yield (as a percent) | 2.40% | 2.40% | 2.50% |
Volatility (as a percent) | 22.00% | 23.00% | 27.00% |
Risk-free interest rate (as a percent) | 1.40% | 1.00% | 1.00% |
Expected life | '5 years 6 months | '5 years 6 months | '5 years 6 months |
Stock options grant date fair value (in dollars per share) | $11.14 | $9.70 | $9.20 |
Share Based Compensation Detail | ' | ' | ' |
Cash received for exercise price | 422 | 331 | 93 |
Intrinsic value | 197 | 139 | 27 |
Income tax benefit | 77 | 55 | 11 |
Unrecognized compensation expenses | 37 | ' | ' |
Weighted-average period during which unrecognized compensation is expected to be recognized | '1 year 1 month 6 days | ' | ' |
Weighted-average remaining life of currently exercisable options | '5 years 3 months 18 days | ' | ' |
Weighted-average remaining life of outstanding options | '6 years 2 months 12 days | ' | ' |
Total fair value of stock options vested | 53 | 68 | 75 |
Performance share units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' |
Expiration period / Performance period | '3 years | ' | ' |
Share Based Compensation Detail | ' | ' | ' |
Weighted-average period during which unrecognized compensation is expected to be recognized | '1 year 2 months 18 days | ' | ' |
Total fair value of stock options vested | 14 | 16 | ' |
Grant date weighted average fair value (in dollars per share) | $57.22 | $58.61 | $48.63 |
Performance Share Units and Restricted Stock Units | ' | ' | ' |
Non-vested awards outstanding, balance at the beginning of the period (in shares) | 1,256,000 | ' | ' |
Granted (in shares) | 2,036,000 | ' | ' |
Forfeited (in shares) | -145,000 | ' | ' |
Vested (in shares) | -277,000 | ' | ' |
Non-vested awards outstanding, balance at the end of the period (in shares) | 2,870,000 | 1,256,000 | ' |
Grant Date Price | ' | ' | ' |
Beginning of period (in dollars per share) | $51.53 | ' | ' |
Granted (in dollars per share) | $57.22 | $58.61 | $48.63 |
Forfeited (in dollars per share) | $56.42 | ' | ' |
Vested (in dollars per share) | $51.49 | ' | ' |
Ending of period (in dollars per share) | $55.37 | $51.53 | ' |
Number of outstanding units after applying actual or expected payout rates | 1,515,000 | ' | ' |
Future maximum compensation expense | 127 | ' | ' |
Restricted stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Exercisable period | '1 year | ' | ' |
Share Based Compensation Detail | ' | ' | ' |
Unrecognized compensation expenses | 139 | ' | ' |
Weighted-average period during which unrecognized compensation is expected to be recognized | '1 year 3 months 18 days | ' | ' |
Grant date weighted average fair value (in dollars per share) | $62.76 | $60.44 | $49.42 |
Performance Share Units and Restricted Stock Units | ' | ' | ' |
Non-vested awards outstanding, balance at the beginning of the period (in shares) | 2,895,000 | ' | ' |
Granted (in shares) | 1,686,000 | ' | ' |
Forfeited (in shares) | -130,000 | ' | ' |
Vested (in shares) | -516,000 | ' | ' |
Non-vested awards outstanding, balance at the end of the period (in shares) | 3,935,000 | 2,895,000 | ' |
Grant Date Price | ' | ' | ' |
Beginning of period (in dollars per share) | $56.12 | ' | ' |
Granted (in dollars per share) | $62.76 | $60.44 | $49.42 |
Forfeited (in dollars per share) | $57.19 | ' | ' |
Vested (in dollars per share) | $54.26 | ' | ' |
Ending of period (in dollars per share) | $58.98 | $56.12 | ' |
Number of outstanding units after applying actual or expected payout rates | 3,551,000 | ' | ' |
Fair value | $28 | $11 | $9 |
Defined_Contribution_Plans_Det
Defined Contribution Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
individual | |||
Defined Contribution Plans | ' | ' | ' |
Maximum invested percentage of compensation by participants in defined contribution 401(k) plan | 80.00% | ' | ' |
Percentage match by company to team member's contribution | 100.00% | ' | ' |
Maximum employer contribution match, percentage of total compensation | 5.00% | ' | ' |
Nonqualified unfunded deferred compensation plan for members whose participation in 401(k) plan is limited, number of employees (in number of individuals) | 3,000 | ' | ' |
Unfunded nonqualified deferred compensation plan for members whose participation in 401(k) plan is limited, percent credited to accounts of active participants | 2.00% | ' | ' |
Nonqualified unfunded deferred compensation plan frozen in 1996, number of current active and retired participants (in number of individuals) | 60 | ' | ' |
Nonqualified unfunded deferred compensation plan frozen in 1996, additional rate of return above market levels (as a percent) | 6.00% | ' | ' |
Nonqualified unfunded deferred compensation plan frozen in 1996, minimum rate of return (as a percent) | 12.00% | ' | ' |
Nonqualified unfunded deferred compensation plan frozen in 1996, maximum rate of return (as a percent) | 20.00% | ' | ' |
Total liability under the plans | $520 | $505 | ' |
Change in fair value for contracts indexed to Target common stock, recognized in earnings, pretax | -5 | 14 | -4 |
Plan Expenses 401(k) plan | ' | ' | ' |
Matching contribution expense | 229 | 218 | 197 |
Nonqualified Deferred Compensation Plans | ' | ' | ' |
Benefits expense | 41 | 78 | 38 |
Related investment income | -23 | -43 | -10 |
Nonqualified plan net expense | 18 | 35 | 28 |
Prepaid forward contracts | ' | ' | ' |
Prepaid Forward Contracts on Target Common Stock | ' | ' | ' |
Investments in contracts indexed to Target common stock | 23 | 19 | ' |
Number of Shares | 1.3 | 1.2 | ' |
Contractual Price Paid per Share (in dollars per share) | 48.81 | 45.46 | ' |
Contractual Fair Value | 73 | 73 | ' |
Total Cash Investment | $63 | $54 | ' |
Pension_and_Postretirement_Hea2
Pension and Postretirement Health Care Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Change in Plan Assets | ' | ' | ' |
Fair value of plan assets at end of period | $3,267 | $3,223 | ' |
Recognition of Funded/Underfunded Status | ' | ' | ' |
Other noncurrent liabilities | -115 | -170 | ' |
Qualified Plans | ' | ' | ' |
Change in Plan Assets | ' | ' | ' |
Fair value of plan assets at beginning of period | 3,223 | ' | ' |
Recognition of Funded/Underfunded Status | ' | ' | ' |
Other noncurrent assets | 112 | 81 | ' |
Accrued and other current liabilities | -2 | -1 | ' |
Other noncurrent liabilities | -16 | -21 | ' |
Net amounts recognized | 94 | 59 | ' |
Net Periodic Benefit Expense Weighted Average Assumptions | ' | ' | ' |
Compound annual rate of return on plan assets for a 5-year period (as a percent) | 10.40% | ' | ' |
Compound annual rate of return on plan assets for a 10-year period (as a percent) | 8.30% | ' | ' |
Compound annual rate of return on plan assets for a 15-year period (as a percent) | 7.20% | ' | ' |
Compound annual rate of return on plan assets for a 20-year period (as a percent) | 9.20% | ' | ' |
Nonqualified Plans | ' | ' | ' |
Change in Plan Assets | ' | ' | ' |
Fair value of plan assets at end of period | ' | 0 | ' |
Recognition of Funded/Underfunded Status | ' | ' | ' |
Other noncurrent assets | 0 | 0 | ' |
Accrued and other current liabilities | -9 | -9 | ' |
Other noncurrent liabilities | -99 | -149 | ' |
Net amounts recognized | -108 | -158 | ' |
Pension Benefits | ' | ' | ' |
Change in Projected Benefit Obligation | ' | ' | ' |
Service cost | 118 | 121 | 117 |
Interest cost | 137 | 139 | 137 |
Amounts in Accumulated Other Comprehensive Income | ' | ' | ' |
Net actuarial loss | 792 | 947 | ' |
Prior service credits | -80 | -91 | ' |
Amounts in accumulated other comprehensive income | 712 | 856 | 1,027 |
Beginning balance | 856 | 1,027 | ' |
Net actuarial loss | -52 | 23 | ' |
Amortization of net actuarial losses | -103 | -103 | ' |
Amortization of prior service costs and transition | 11 | 0 | ' |
Plan amendments | 0 | -91 | ' |
Ending balance | 712 | 856 | 1,027 |
Beginning balance, net of tax | 517 | 623 | ' |
Net actuarial loss, net of tax | -32 | 13 | ' |
Amortization of net actuarial losses, net of tax | -62 | -63 | ' |
Amortization of prior service costs and transition, net of tax | 7 | 0 | ' |
Plan amendments, net of tax | 0 | -56 | ' |
Ending balance, net of tax | 430 | 517 | 623 |
Net Periodic Benefit Expense Weighted Average Assumptions | ' | ' | ' |
Discount rate (as a percent) | 4.40% | 4.65% | 5.50% |
Expected long-term rate of return on plan assets (as a percent) | 8.00% | 8.00% | 8.00% |
Average assumed rate of compensation increase (as a percent) | 3.00% | 3.50% | 4.00% |
Pension Benefits | Qualified Plans | ' | ' | ' |
Change in Projected Benefit Obligation | ' | ' | ' |
Benefit obligation at beginning of period | 3,164 | 3,015 | ' |
Service cost | 117 | 120 | ' |
Interest cost | 136 | 137 | ' |
Actuarial (gain)/loss | -125 | 107 | ' |
Participant contributions | 1 | 1 | ' |
Benefits paid | -122 | -126 | ' |
Plan amendments | 2 | -90 | ' |
Benefit obligation at end of period | 3,173 | 3,164 | ' |
Change in Plan Assets | ' | ' | ' |
Fair value of plan assets at beginning of period | 3,223 | 2,921 | ' |
Actual return on plan assets | 161 | 305 | ' |
Employer contributions | 4 | 122 | ' |
Participant contributions | 1 | 1 | ' |
Benefits paid | -122 | -126 | ' |
Fair value of plan assets at end of period | 3,267 | 3,223 | ' |
Benefit obligation at end of period | 3,173 | 3,164 | ' |
Funded/(underfunded) status | 94 | 59 | ' |
Pension Benefits | Nonqualified Plans | ' | ' | ' |
Change in Projected Benefit Obligation | ' | ' | ' |
Benefit obligation at beginning of period | 37 | 38 | ' |
Service cost | 1 | 1 | ' |
Interest cost | 1 | 2 | ' |
Actuarial (gain)/loss | 0 | 0 | ' |
Participant contributions | 0 | 0 | ' |
Benefits paid | -4 | -3 | ' |
Plan amendments | 0 | -1 | ' |
Benefit obligation at end of period | 35 | 37 | ' |
Change in Plan Assets | ' | ' | ' |
Fair value of plan assets at beginning of period | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Employer contributions | 4 | 3 | ' |
Participant contributions | 0 | 0 | ' |
Benefits paid | -4 | -3 | ' |
Fair value of plan assets at end of period | 0 | 0 | ' |
Benefit obligation at end of period | 35 | 37 | ' |
Funded/(underfunded) status | -35 | -37 | ' |
Postretirement Health Care Benefits | ' | ' | ' |
Change in Projected Benefit Obligation | ' | ' | ' |
Benefit obligation at beginning of period | 121 | 100 | ' |
Service cost | 6 | 10 | 10 |
Interest cost | 2 | 3 | 4 |
Actuarial (gain)/loss | -3 | 18 | ' |
Participant contributions | 5 | 5 | ' |
Benefits paid | -14 | -12 | ' |
Plan amendments | -44 | -3 | ' |
Benefit obligation at end of period | 73 | 121 | 100 |
Change in Plan Assets | ' | ' | ' |
Fair value of plan assets at beginning of period | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Employer contributions | 9 | 7 | ' |
Participant contributions | 5 | 5 | ' |
Benefits paid | -14 | -12 | ' |
Fair value of plan assets at end of period | 0 | 0 | 0 |
Benefit obligation at end of period | 73 | 121 | 100 |
Funded/(underfunded) status | -73 | -121 | ' |
Amounts in Accumulated Other Comprehensive Income | ' | ' | ' |
Net actuarial loss | 49 | 58 | ' |
Prior service credits | -62 | -34 | ' |
Amounts in accumulated other comprehensive income | -13 | 24 | 3 |
Beginning balance | 24 | 3 | ' |
Net actuarial loss | -3 | 18 | ' |
Amortization of net actuarial losses | -6 | -4 | ' |
Amortization of prior service costs and transition | 16 | 10 | ' |
Plan amendments | -44 | -3 | ' |
Ending balance | -13 | 24 | 3 |
Beginning balance, net of tax | 15 | 2 | ' |
Net actuarial loss, net of tax | -2 | 11 | ' |
Amortization of net actuarial losses, net of tax | -4 | -2 | ' |
Amortization of prior service costs and transition, net of tax | 10 | 6 | ' |
Plan amendments, net of tax | -27 | -2 | ' |
Ending balance, net of tax | ($8) | $15 | $2 |
Net Periodic Benefit Expense Weighted Average Assumptions | ' | ' | ' |
Discount rate (as a percent) | 2.75% | 3.60% | 4.35% |
Pension_and_Postretirement_Hea3
Pension and Postretirement Health Care Plans (Details 2) (USD $) | 12 Months Ended | ||
Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | |
Expected Amortization of Amounts in Accumulated Other Comprehensive Income | ' | ' | ' |
Net actuarial loss, pretax | $70,000,000 | ' | ' |
Prior service credits, pretax | -27,000,000 | ' | ' |
Total amortization expense, pretax | -43,000,000 | ' | ' |
Net actuarial loss, net of tax | 43,000,000 | ' | ' |
Prior service credits, net of tax | -16,000,000 | ' | ' |
Total amortization expense, net of tax | 27,000,000 | ' | ' |
Defined Benefit Pension Plan Information | ' | ' | ' |
Accumulated benefit obligation (ABO) for all plans | 3,149,000,000 | 3,140,000,000 | ' |
Projected benefit obligation for pension plans with an ABO in excess of plan assets | 54,000,000 | 59,000,000 | ' |
Total ABO for pension plans with an ABO in excess of plan assets | 48,000,000 | 53,000,000 | ' |
Amount of future salary growth assumed to determine present value of benefit earned to date | 0 | 0 | ' |
Benefit Obligation Weighted Average Assumptions | ' | ' | ' |
Expected Market-Related Value of Assets, adjustments (as a percent) | 20.00% | ' | ' |
Expected Market Value of Assets, adjustment period | '5 years | ' | ' |
Increase in the cost of covered health care benefits (as a percent) | 7.00% | 7.50% | ' |
Ultimate health care cost trend rate (as a percent) | 5.00% | ' | ' |
Health care cost trend rate in 2014 (as a percent) | 7.50% | ' | ' |
Effect of a one percent change in health care cost trend rates | ' | ' | ' |
Effect of a one percent increase on the total of service and interest cost components of net periodic postretirement health care benefit expense | 1,000,000 | ' | ' |
Effect of a one percent decrease on the total of service and interest cost components of net periodic postretirement health care benefit expense | -1,000,000 | ' | ' |
Effect of a one percent increase on the health care component of the accumulated postretirement benefit obligation | 5,000,000 | ' | ' |
Effect of a one percent decrease on the health care component of the accumulated postretirement benefit obligation | -5,000,000 | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Current targeted allocation | 100.00% | ' | ' |
Actual allocation (as a percent) | 100.00% | 100.00% | ' |
Total fair value of plan assets | 3,267,000,000 | 3,223,000,000 | ' |
Level 1 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 6,000,000 | 5,000,000 | ' |
Level 2 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 2,913,000,000 | 2,860,000,000 | ' |
Level 3 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 348,000,000 | 358,000,000 | ' |
Cash and cash equivalents | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 150,000,000 | 174,000,000 | ' |
Cash and cash equivalents | Level 1 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 6,000,000 | 5,000,000 | ' |
Cash and cash equivalents | Level 2 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 144,000,000 | 169,000,000 | ' |
Cash and cash equivalents | Level 3 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 0 | 0 | ' |
Common collective trusts | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 1,000,000,000 | 878,000,000 | ' |
Common collective trusts | Level 1 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 0 | 0 | ' |
Common collective trusts | Level 2 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 1,000,000,000 | 878,000,000 | ' |
Common collective trusts | Level 3 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 0 | 0 | ' |
Domestic equity securities | ' | ' | ' |
Benefit Obligation Weighted Average Assumptions | ' | ' | ' |
Expected annualized long-term rate of return on plan assets (as a percent) | 8.00% | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Current targeted allocation | 19.00% | ' | ' |
Actual allocation (as a percent) | 21.00% | 20.00% | ' |
Actual allocation of common stock of total plan assets included in equity securities (as a percent) | 1.00% | 1.00% | ' |
International equity securities | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Current targeted allocation | 12.00% | ' | ' |
Actual allocation (as a percent) | 12.00% | 11.00% | ' |
Government securities | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 282,000,000 | 296,000,000 | ' |
Government securities | Level 1 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 0 | 0 | ' |
Government securities | Level 2 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 282,000,000 | 296,000,000 | ' |
Government securities | Level 3 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 0 | 0 | ' |
Fixed income | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 541,000,000 | 560,000,000 | ' |
Fixed income | Level 1 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 0 | 0 | ' |
Fixed income | Level 2 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 541,000,000 | 560,000,000 | ' |
Fixed income | Level 3 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 0 | 0 | ' |
Debt securities | ' | ' | ' |
Benefit Obligation Weighted Average Assumptions | ' | ' | ' |
Expected annualized long-term rate of return on plan assets (as a percent) | 5.00% | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Current targeted allocation | 25.00% | ' | ' |
Actual allocation (as a percent) | 26.00% | 27.00% | ' |
Balanced funds | ' | ' | ' |
Benefit Obligation Weighted Average Assumptions | ' | ' | ' |
Expected annualized long-term rate of return on plan assets (as a percent) | 8.00% | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Current targeted allocation | 30.00% | ' | ' |
Actual allocation (as a percent) | 28.00% | 29.00% | ' |
Total fair value of plan assets | 903,000,000 | 925,000,000 | ' |
Balanced funds | Level 1 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 0 | 0 | ' |
Balanced funds | Level 2 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 903,000,000 | 925,000,000 | ' |
Balanced funds | Level 3 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 0 | 0 | ' |
Private equity funds | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 221,000,000 | 236,000,000 | ' |
Private equity funds | Level 1 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 0 | 0 | ' |
Private equity funds | Level 2 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 0 | 0 | ' |
Private equity funds | Level 3 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 221,000,000 | 236,000,000 | 283,000,000 |
Other assets | ' | ' | ' |
Benefit Obligation Weighted Average Assumptions | ' | ' | ' |
Expected annualized long-term rate of return on plan assets (as a percent) | 9.50% | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Current targeted allocation | 14.00% | ' | ' |
Actual allocation (as a percent) | 13.00% | 13.00% | ' |
Total fair value of plan assets | 170,000,000 | 154,000,000 | ' |
Other assets | Level 1 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 0 | 0 | ' |
Other assets | Level 2 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 43,000,000 | 32,000,000 | ' |
Other assets | Level 3 | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 127,000,000 | 122,000,000 | 115,000,000 |
Real Estate | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Actual allocation (as a percent) | 5.00% | ' | ' |
Pension Benefits | ' | ' | ' |
Net Pension and Postretirement Health Care Benefits Expense | ' | ' | ' |
Service cost benefits earned during the period | 118,000,000 | 121,000,000 | 117,000,000 |
Interest cost on projected benefit obligation | 137,000,000 | 139,000,000 | 137,000,000 |
Expected return on assets | -235,000,000 | -220,000,000 | -206,000,000 |
Amortization of losses | 103,000,000 | 103,000,000 | 67,000,000 |
Amortization of prior service cost | -11,000,000 | 0 | -2,000,000 |
Settlement and Special Termination Charges | 3,000,000 | 0 | 0 |
Total Net Pension and Postretirement Health Care Benefits Expense | 115,000,000 | 143,000,000 | 113,000,000 |
Benefit Obligation Weighted Average Assumptions | ' | ' | ' |
Discount rate (as a percent) | 4.77% | 4.40% | ' |
Average assumed rate of compensation increase (as a percent) | 3.00% | 3.00% | ' |
Defined Benefit Plan Information | ' | ' | ' |
Actual contributions by employer to their qualified defined benefit pension plans | ' | 122,000,000 | ' |
Postretirement Health Care Benefits | ' | ' | ' |
Net Pension and Postretirement Health Care Benefits Expense | ' | ' | ' |
Service cost benefits earned during the period | 6,000,000 | 10,000,000 | 10,000,000 |
Interest cost on projected benefit obligation | 2,000,000 | 3,000,000 | 4,000,000 |
Expected return on assets | 0 | 0 | 0 |
Amortization of losses | 6,000,000 | 3,000,000 | 4,000,000 |
Amortization of prior service cost | -16,000,000 | -10,000,000 | -10,000,000 |
Settlement and Special Termination Charges | 0 | 0 | 0 |
Total Net Pension and Postretirement Health Care Benefits Expense | -2,000,000 | 6,000,000 | 8,000,000 |
Benefit Obligation Weighted Average Assumptions | ' | ' | ' |
Discount rate (as a percent) | 3.30% | 2.75% | ' |
Defined Benefit Plan Information | ' | ' | ' |
Total fair value of plan assets | 0 | 0 | 0 |
Postretirement Health Care Benefits | Minimum | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Estimated contribution by employer in the next fiscal year | 5,000,000 | ' | ' |
Postretirement Health Care Benefits | Maximum | ' | ' | ' |
Defined Benefit Plan Information | ' | ' | ' |
Estimated contribution by employer in the next fiscal year | $6,000,000 | ' | ' |
Pension_and_Postretirement_Hea4
Pension and Postretirement Health Care Plans (Details 3) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 02, 2013 |
Actual return on plan assets | ' | ' |
Fair value of plan assets at end of period | $3,267 | $3,223 |
Level 3 | ' | ' |
Actual return on plan assets | ' | ' |
Fair value of plan assets at end of period | 348 | 358 |
Private equity funds | ' | ' |
Actual return on plan assets | ' | ' |
Fair value of plan assets at end of period | 221 | 236 |
Private equity funds | Level 3 | ' | ' |
Level 3 Reconciliation | ' | ' |
Fair value of plan assets at beginning of period | 236 | 283 |
Actual return on plan assets | ' | ' |
Assets held at reporting date | 7 | 17 |
Assets sold during the period | 26 | 25 |
Purchases, sales and settlements | -48 | -89 |
Fair value of plan assets at end of period | 221 | 236 |
Other assets | ' | ' |
Actual return on plan assets | ' | ' |
Fair value of plan assets at end of period | 170 | 154 |
Other assets | Level 3 | ' | ' |
Level 3 Reconciliation | ' | ' |
Fair value of plan assets at beginning of period | 122 | 115 |
Actual return on plan assets | ' | ' |
Assets held at reporting date | 14 | 4 |
Assets sold during the period | 1 | ' |
Purchases, sales and settlements | -10 | 3 |
Fair value of plan assets at end of period | $127 | $122 |
Pension_and_Postretirement_Hea5
Pension and Postretirement Health Care Plans (Details 4) (USD $) | Feb. 01, 2014 |
In Millions, unless otherwise specified | |
Pension Benefits | ' |
Estimated Future Benefit Payments | ' |
2014 | $152 |
2015 | 159 |
2016 | 169 |
2017 | 178 |
2018 | 188 |
2019-2023 | 1,058 |
Postretirement Health Care Benefits | ' |
Estimated Future Benefit Payments | ' |
2014 | 6 |
2015 | 6 |
2016 | 7 |
2017 | 8 |
2018 | 8 |
2019-2023 | $45 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | ($576) | ' | ' | ' | ' | ($576) | ' | ' |
Other comprehensive (loss)/income before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | -369 | ' | ' |
Amounts reclassified from AOCI | ' | ' | ' | ' | ' | ' | ' | ' | 54 | ' | ' |
Balance at end of period | -891 | ' | ' | ' | -576 | ' | ' | ' | -891 | -576 | ' |
Income tax expense (benefit) | 305 | 197 | 350 | 281 | 503 | 335 | 367 | 404 | 1,132 | 1,610 | 1,527 |
Cash Flow Hedges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Cash Flow Hedges | Amount reclassified from other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | -29 | ' | ' | ' | ' | -29 | ' | ' |
Other comprehensive (loss)/income before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Amounts reclassified from AOCI | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Balance at end of period | -25 | ' | ' | ' | ' | ' | ' | ' | -25 | ' | ' |
Currency Translation Adjustment | Amount reclassified from other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | -15 | ' | ' | ' | ' | -15 | ' | ' |
Other comprehensive (loss)/income before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | -429 | ' | ' |
Amounts reclassified from AOCI | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Balance at end of period | -444 | ' | ' | ' | ' | ' | ' | ' | -444 | ' | ' |
Pension and Other Benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 32 | ' | ' |
Pension and Other Benefit | Amount reclassified from other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | -532 | ' | ' | ' | ' | -532 | ' | ' |
Other comprehensive (loss)/income before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | 60 | ' | ' |
Amounts reclassified from AOCI | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' |
Balance at end of period | ($422) | ' | ' | ' | ' | ' | ' | ' | ($422) | ' | ' |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
week | week | segment | week | |||||||||
segment | week | |||||||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales/Credit card revenues | $21,516 | $17,258 | $17,117 | $16,706 | $22,370 | $16,601 | $16,451 | $16,537 | $72,596 | ' | $71,960 | $68,466 |
Cost of sales | 15,719 | 12,133 | 11,745 | 11,563 | 16,160 | 11,569 | 11,297 | 11,541 | 51,160 | ' | 50,568 | 47,860 |
Selling, general and administrative/Operations and marketing expenses | ' | ' | ' | ' | ' | ' | ' | ' | 15,196 | ' | 14,031 | 13,153 |
Depreciation and amortization | 576 | 569 | 542 | 536 | 539 | 542 | 531 | 529 | 2,223 | ' | 2,142 | 2,131 |
Segment Profit | ' | ' | ' | ' | ' | ' | ' | ' | 4,017 | ' | 5,219 | 5,322 |
Gain on receivables transaction | ' | ' | ' | ' | ' | ' | ' | ' | 391 | ' | 152 | 0 |
Reduction of beneficial interest asset | ' | ' | ' | ' | ' | ' | ' | ' | -98 | ' | 0 | 0 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -64 | ' | 0 | 0 |
Data breach related costs | ' | ' | ' | ' | ' | ' | ' | ' | -17 | ' | 0 | 0 |
Earnings before interest expense and income taxes | 986 | 703 | 1,132 | 1,408 | 1,668 | 1,164 | 1,255 | 1,285 | 4,229 | ' | 5,371 | 5,322 |
Net interest expense | 161 | 165 | 171 | 629 | 204 | 192 | 184 | 184 | 1,126 | ' | 762 | 866 |
Earnings before income taxes | 825 | 538 | 961 | 779 | 1,464 | 972 | 1,071 | 1,101 | 3,103 | ' | 4,609 | 4,456 |
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 3 | ' |
Number of weeks in fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | 52 | 52 | 53 | 52 |
Severance and benefits costs | ' | ' | ' | ' | ' | ' | ' | ' | 23 | ' | ' | ' |
Other expense, health benefit changes | ' | ' | ' | ' | ' | ' | ' | ' | 22 | ' | ' | ' |
Impairment of real estate | ' | ' | ' | ' | ' | ' | ' | ' | 19 | ' | ' | ' |
U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales/Credit card revenues | ' | ' | ' | ' | ' | ' | ' | ' | 71,279 | ' | 71,960 | 68,466 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 50,039 | ' | 50,568 | 47,860 |
Selling, general and administrative/Operations and marketing expenses | ' | ' | ' | ' | ' | ' | ' | ' | 14,285 | ' | 13,759 | 13,079 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,996 | ' | 2,044 | 2,084 |
Segment Profit | ' | ' | ' | ' | ' | ' | ' | ' | 4,959 | ' | 5,589 | 5,443 |
Canadian | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales/Credit card revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,317 | ' | 0 | 0 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,121 | ' | 0 | 0 |
Selling, general and administrative/Operations and marketing expenses | ' | ' | ' | ' | ' | ' | ' | ' | 910 | ' | 272 | 74 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 227 | ' | 97 | 48 |
Segment Profit | ' | ' | ' | ' | ' | ' | ' | ' | ($941) | ' | ($369) | ($122) |
Segment_Reporting_Details_2
Segment Reporting (Details 2) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
week | week | week | week | |
Segment Reporting Information | ' | ' | ' | ' |
Total assets | $44,553 | $44,553 | $48,163 | ' |
Beneficial interest asset | 127 | 127 | ' | ' |
Capital expenditures | 3,453 | ' | 3,277 | 4,368 |
Number of weeks in fiscal year | 52 | 52 | 53 | 52 |
Data Breach | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' |
Data breach, insurance receivable | 44 | 44 | ' | ' |
Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' |
Total assets | 44,382 | 44,382 | 48,011 | ' |
U.S. | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' |
Total assets | 38,128 | 38,128 | 43,289 | ' |
Capital expenditures | 1,886 | ' | 2,345 | 2,476 |
Canadian | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' |
Total assets | 6,254 | 6,254 | 4,722 | ' |
Capital expenditures | 1,567 | ' | 932 | 1,892 |
Unallocated assets | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' |
Total assets | $171 | $171 | $152 | ' |
Quarterly_Results_Unaudited_De
Quarterly Results (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, except Per Share data, unless otherwise specified | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 |
week | week | week | week | week | week | |||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $21,516 | $17,258 | $17,117 | $16,706 | $22,370 | $16,601 | $16,451 | $16,537 | $72,596 | ' | $71,960 | $68,466 |
Credit card revenues | 0 | 0 | 0 | 0 | 356 | 328 | 328 | 330 | 0 | ' | 1,341 | 1,399 |
Total revenues | 21,516 | 17,258 | 17,117 | 16,706 | 22,726 | 16,929 | 16,779 | 16,867 | 72,596 | ' | 73,301 | 69,865 |
Cost of sales | 15,719 | 12,133 | 11,745 | 11,563 | 16,160 | 11,569 | 11,297 | 11,541 | 51,160 | ' | 50,568 | 47,860 |
Selling, general and administrative expenses | 4,235 | 3,853 | 3,698 | 3,590 | 4,229 | 3,704 | 3,588 | 3,392 | 15,375 | ' | 14,914 | 14,106 |
Credit card expenses | 0 | 0 | 0 | 0 | 135 | 106 | 108 | 120 | 0 | ' | 467 | 446 |
Depreciation and amortization | 576 | 569 | 542 | 536 | 539 | 542 | 531 | 529 | 2,223 | ' | 2,142 | 2,131 |
Gain on receivables transaction | 0 | 0 | 0 | -391 | -5 | -156 | 0 | 0 | -391 | ' | -161 | 0 |
Earnings before interest expense and income taxes | 986 | 703 | 1,132 | 1,408 | 1,668 | 1,164 | 1,255 | 1,285 | 4,229 | ' | 5,371 | 5,322 |
Net interest expense | 161 | 165 | 171 | 629 | 204 | 192 | 184 | 184 | 1,126 | ' | 762 | 866 |
Earnings before income taxes | 825 | 538 | 961 | 779 | 1,464 | 972 | 1,071 | 1,101 | 3,103 | ' | 4,609 | 4,456 |
Provision for income taxes | 305 | 197 | 350 | 281 | 503 | 335 | 367 | 404 | 1,132 | ' | 1,610 | 1,527 |
Net earnings | $520 | $341 | $611 | $498 | $961 | $637 | $704 | $697 | $1,971 | ' | $2,999 | $2,929 |
Basic earnings per share (in dollars per share) | $0.82 | $0.54 | $0.96 | $0.78 | $1.48 | $0.97 | $1.07 | $1.05 | $3.10 | ' | $4.57 | $4.31 |
Diluted earnings per share (in dollars per share) | $0.81 | $0.54 | $0.95 | $0.77 | $1.47 | $0.96 | $1.06 | $1.04 | $3.07 | ' | $4.52 | $4.28 |
Dividends declared per share (in dollars per share) | $0.43 | $0.43 | $0.43 | $0.36 | $0.36 | $0.36 | $0.36 | $0.30 | $1.65 | ' | $1.38 | $1.15 |
Closing common stock price, High (in dollars per share) | $66.89 | $71.99 | $73.32 | $70.67 | $64.48 | $65.44 | $61.95 | $58.86 | $73.32 | ' | $65.44 | ' |
Closing common stock price, Low (in dollars per share) | $56.64 | $62.13 | $68.29 | $60.85 | $58.57 | $60.62 | $54.81 | $50.33 | $56.64 | ' | $50.33 | ' |
Number of weeks in fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | 52 | 52 | 53 | 52 |
Number of weeks in quarter | 13 | ' | ' | ' | 14 | ' | ' | ' | ' | ' | ' | ' |
Quarterly_Results_Unaudited_De1
Quarterly Results (Unaudited) (Details 2) | 3 Months Ended | 12 Months Ended | ||||||||
Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Feb. 02, 2013 | Oct. 27, 2012 | Jul. 28, 2012 | Apr. 28, 2012 | Feb. 01, 2014 | Feb. 02, 2013 | |
Quarterly Results (unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total sales | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
Household essentials | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Results (unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total sales | 22.00% | 26.00% | 27.00% | 27.00% | 21.00% | 26.00% | 27.00% | 26.00% | 25.00% | 25.00% |
Hardlines | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Results (unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total sales | 24.00% | 15.00% | 15.00% | 15.00% | 24.00% | 14.00% | 15.00% | 16.00% | 18.00% | 18.00% |
Apparel and accessories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Results (unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total sales | 17.00% | 20.00% | 20.00% | 20.00% | 18.00% | 20.00% | 20.00% | 20.00% | 19.00% | 19.00% |
Food and pet supplies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Results (unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total sales | 19.00% | 21.00% | 20.00% | 22.00% | 18.00% | 21.00% | 20.00% | 21.00% | 21.00% | 20.00% |
Home furnishings and decor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Results (unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total sales | 18.00% | 18.00% | 18.00% | 16.00% | 19.00% | 19.00% | 18.00% | 17.00% | 17.00% | 18.00% |