Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 30, 2016 | May. 19, 2016 | |
Document and Entity Information | ||
Entity Registrant Name | TARGET CORP | |
Entity Central Index Key | 27,419 | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-28 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 589,274,533 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Income Statement [Abstract] | ||
Sales | $ 16,196 | $ 17,119 |
Cost of sales | 11,185 | 11,911 |
Gross margin | 5,011 | 5,208 |
Selling, general and administrative expenses | 3,153 | 3,514 |
Depreciation and amortization | 546 | 540 |
Earnings from continuing operations before interest expense and income taxes | 1,312 | 1,154 |
Net interest expense | 415 | 155 |
Earnings from continuing operations before income taxes | 897 | 999 |
Provision for income taxes | 283 | 348 |
Net earnings from continuing operations | 614 | 651 |
Discontinued operations, net of tax | 18 | (16) |
Net earnings | $ 632 | $ 635 |
Basic earnings / (loss) per share | ||
Continuing operations (in dollars per share) | $ 1.03 | $ 1.02 |
Discontinued operations (in dollars per share) | 0.03 | (0.03) |
Net earnings per share (in dollars per share) | 1.06 | 0.99 |
Diluted earnings / (loss) per share | ||
Continuing operations (in dollars per share) | 1.02 | 1.01 |
Discontinued operations (in dollars per share) | 0.03 | (0.03) |
Net earnings per share (in dollars per share) | $ 1.05 | $ 0.98 |
Weighted average common shares outstanding | ||
Basic (in shares) | 598.3 | 640.9 |
Dilutive impact of share-based awards (in shares) | 5.5 | 5.5 |
Diluted (in shares) | 603.8 | 646.4 |
Antidilutive shares (in shares) | 0 | 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 632 | $ 635 |
Other comprehensive income, net of tax | ||
Pension and other benefit liabilities, net of taxes of $5 and $71 | 7 | 109 |
Currency translation adjustment and cash flow hedges, net of taxes of $1 and $0 | 5 | 0 |
Other comprehensive income / (loss) | 12 | 109 |
Comprehensive income | $ 644 | $ 744 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Pension and other benefit liabilities, taxes | $ 5 | $ 71 |
Currency translation adjustment and cash flow hedges, taxes | $ 1 | $ 0 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Millions | Apr. 30, 2016 | Jan. 30, 2016 | May. 02, 2015 |
Assets | |||
Cash and cash equivalents, including short term investments of $2,931, $3,008 and $2,073 | $ 4,036 | $ 4,046 | $ 2,768 |
Inventory | 8,459 | 8,601 | 8,108 |
Assets of discontinued operations | 354 | 322 | 143 |
Other current assets | 1,099 | 1,161 | 2,037 |
Total current assets | 13,948 | 14,130 | 13,056 |
Property and equipment | |||
Land | 6,120 | 6,125 | 6,135 |
Buildings and improvements | 27,198 | 27,059 | 26,636 |
Fixtures and equipment | 5,112 | 5,347 | 5,004 |
Computer hardware and software | 2,437 | 2,617 | 2,394 |
Construction-in-progress | 242 | 315 | 576 |
Accumulated depreciation | (16,060) | (16,246) | (14,966) |
Property and equipment, net | 25,049 | 25,217 | 25,779 |
Noncurrent assets of discontinued operations | 81 | 75 | 464 |
Other noncurrent assets | 830 | 840 | 969 |
Total assets | 39,908 | 40,262 | 40,268 |
Liabilities and shareholders’ investment | |||
Accounts payable | 6,391 | 7,418 | 6,799 |
Accrued and other current liabilities | 3,833 | 4,236 | 3,674 |
Current portion of long-term debt and other borrowings | 1,627 | 815 | 112 |
Liabilities of discontinued operations | 168 | 153 | 64 |
Total current liabilities | 12,019 | 12,622 | 10,649 |
Long-term debt and other borrowings | 12,596 | 11,945 | 12,585 |
Deferred income taxes | 841 | 823 | 1,249 |
Noncurrent liabilities of discontinued operations | 18 | 18 | 207 |
Other noncurrent liabilities | 1,889 | 1,897 | 1,404 |
Total noncurrent liabilities | 15,344 | 14,683 | 15,445 |
Shareholders’ investment | |||
Common stock | 49 | 50 | 53 |
Additional paid-in capital | 5,520 | 5,348 | 5,170 |
Retained earnings | 7,593 | 8,188 | 9,441 |
Accumulated other comprehensive loss | |||
Pension and other benefit liabilities | (581) | (588) | (452) |
Currency translation adjustment and cash flow hedges | (36) | (41) | (38) |
Total shareholders’ investment | 12,545 | 12,957 | 14,174 |
Total liabilities and shareholders’ investment | $ 39,908 | $ 40,262 | $ 40,268 |
Consolidated Statements of Fin6
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions | Apr. 30, 2016 | Jan. 30, 2016 | May. 02, 2015 |
Statement of Financial Position [Abstract] | |||
Cash and cash equivalents, short-term investments | $ 2,931 | $ 3,008 | $ 2,073 |
Common stock, shares authorized | 6,000,000,000 | 6,000,000,000 | 6,000,000,000 |
Common stock, par value (in dollars per share) | $ 0.0833 | $ 0.0833 | $ 0.0833 |
Common stock, shares issued | 593,583,619 | 602,226,517 | 638,408,643 |
Common stock, shares outstanding | 593,583,619 | 602,226,517 | 638,408,643 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | Jan. 30, 2016 | |
Operating activities | |||
Net earnings | $ 632 | $ 635 | $ 3,363 |
Earnings / (losses) from discontinued operations, net of tax | 18 | (16) | |
Net earnings from continuing operations | 614 | 651 | |
Adjustments to reconcile net earnings to cash provided by operations: | |||
Depreciation and amortization | 546 | 540 | |
Share-based compensation expense | 35 | 26 | |
Deferred income taxes | 12 | 18 | |
Loss on debt extinguishment | 261 | 0 | |
Noncash (gains) / losses and other, net | (24) | (19) | |
Changes in operating accounts | |||
Inventory | 142 | 180 | |
Other assets | 107 | 138 | |
Accounts payable and accrued liabilities | (1,440) | (757) | |
Cash provided by operating activities—continuing operations | 253 | 777 | |
Cash (required for) / provided by operating activities—discontinued operations | (6) | 834 | |
Cash provided by operations | 247 | 1,611 | |
Investing activities | |||
Expenditures for property and equipment | (285) | (352) | |
Proceeds from disposal of property and equipment | 3 | 6 | |
Other investments | 3 | 21 | |
Cash required for investing activities—continuing operations | (279) | (325) | |
Cash provided by investing activities—discontinued operations | 0 | 19 | |
Cash required for investing activities | (279) | (306) | |
Financing activities | |||
Additions to long-term debt | 1,979 | 0 | |
Reductions of long-term debt | (863) | (14) | |
Dividends paid | (336) | (333) | |
Repurchase of stock | (898) | (486) | |
Prepayment of accelerated share repurchase | 0 | (120) | |
Stock option exercises | 140 | 206 | |
Cash provided by / (required for) financing activities | 22 | (747) | |
Net (decrease) / increase in cash and cash equivalents | (10) | 558 | |
Cash and cash equivalents at beginning of period | 4,046 | 2,210 | 2,210 |
Cash and cash equivalents at end of period | $ 4,036 | $ 2,768 | $ 4,046 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Investment - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | Jan. 30, 2016 | |
Increase (Decrease) in Shareholders' Investment | |||
Beginning balance (in shares) | 602,226,517 | ||
Beginning balance | $ 12,957 | $ 13,997 | $ 13,997 |
Net earnings | 632 | 635 | 3,363 |
Other comprehensive income | 12 | $ 109 | (30) |
Dividends declared | (335) | (1,378) | |
Repurchase of stock | (893) | (3,445) | |
Stock options and awards | $ 172 | $ 450 | |
Ending balance (in shares) | 593,583,619 | 638,408,643 | 602,226,517 |
Ending balance | $ 12,545 | $ 14,174 | $ 12,957 |
Common Stock | |||
Increase (Decrease) in Shareholders' Investment | |||
Beginning balance (in shares) | 602,200,000 | 640,200,000 | 640,200,000 |
Beginning balance | $ 50 | $ 53 | $ 53 |
Repurchase of stock (in shares) | (11,400,000) | (44,700,000) | |
Repurchase of stock | $ (1) | $ (4) | |
Stock options and awards (in shares) | 2,800,000 | 6,700,000 | |
Stock options and awards | $ 0 | $ 1 | |
Ending balance (in shares) | 593,600,000 | 602,200,000 | |
Ending balance | $ 49 | $ 50 | |
Additional Paid-in Capital | |||
Increase (Decrease) in Shareholders' Investment | |||
Beginning balance | 5,348 | 4,899 | 4,899 |
Stock options and awards | 172 | 449 | |
Ending balance | 5,520 | 5,348 | |
Retained Earnings | |||
Increase (Decrease) in Shareholders' Investment | |||
Beginning balance | 8,188 | 9,644 | 9,644 |
Net earnings | 632 | 3,363 | |
Dividends declared | (335) | (1,378) | |
Repurchase of stock | (892) | (3,441) | |
Ending balance | 7,593 | 8,188 | |
Accumulated Other Comprehensive Income/(Loss) | |||
Increase (Decrease) in Shareholders' Investment | |||
Beginning balance | (629) | $ (599) | (599) |
Other comprehensive income | 12 | (30) | |
Ending balance | $ (617) | $ (629) |
Consolidated Statements of Sha9
Consolidated Statements of Shareholders' Investment (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | Jan. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared per share (in dollars per share) | $ 0.56 | $ 0.52 | $ 2.2 |
Accounting Policies
Accounting Policies | 3 Months Ended |
Apr. 30, 2016 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies These financial statements should be read in conjunction with the financial statement disclosures in our 2015 Form 10-K. We use the same accounting policies in preparing quarterly and annual financial statements. All adjustments necessary for a fair presentation of quarterly operating results are reflected herein and are of a normal, recurring nature. Certain prior-year amounts have been reclassified to conform to the current year presentation. Unless otherwise noted, amounts presented within the Notes to Consolidated Financial Statements refer to our continuing operations. Due to the seasonal nature of our business, quarterly revenues, expenses, earnings, and cash flows are not necessarily indicative of the results that may be expected for the full year. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Apr. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations As part of a March 2016 settlement between Target Canada Co. and certain other wholly owned subsidiaries of Target (collectively Canada Subsidiaries) and all of their former landlords, we have agreed to subordinate a portion of our intercompany claims and make certain cash contributions to the Target Canada Co. estate in exchange for a full release from our obligations under guarantees of certain leases of the Canada Subsidiaries. This agreement remains subject to creditor and Court approval. The net financial impact of this agreement is materially consistent with amounts recorded in our financial statements. If the agreement is not approved by the creditors and the Court, it is reasonably possible that future changes to our estimates of loss and the ultimate amount paid on these claims could be material to our results of operations in future periods. We are not able to reasonably estimate a range of possible losses in excess of the accrual because there would be significant factual and legal issues to be resolved if the agreement is not approved. Any such losses would be reported in discontinued operations. Assets and Liabilities of Discontinued Operations (millions) April 30, January 30, May 2, Income tax benefit $ 83 $ 77 $ 265 Receivables from Canada Subsidiaries 352 320 342 Total assets $ 435 $ 397 $ 607 Accrued liabilities $ 186 $ 171 $ 271 Total liabilities $ 186 $ 171 $ 271 |
Restructuring Initiatives
Restructuring Initiatives | 3 Months Ended |
Apr. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Initiatives | Restructuring Initiatives In 2015, we initiated a series of headquarters workforce reductions intended to increase organizational effectiveness and provide cost savings that can be reinvested in our growth initiatives. As a result, we recorded $103 million of severance and other benefits-related charges within selling, general, and administrative expenses (SG&A) during the three months ended May 2, 2015. The vast majority of these expenses required cash expenditures and were not included in our segment results. An accrual for restructuring costs of $71 million was included in other current liabilities as of May 2, 2015. No balance remained as of April 30, 2016. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value measurements are reported in 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, 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 (millions) Pricing Category April 30, January 30, May 2, Assets Cash and cash equivalents Short-term investments Level 1 $ 2,931 $ 3,008 $ 2,073 Other current assets Interest rate swaps (a) Level 2 5 12 — Prepaid forward contracts Level 1 35 32 35 Beneficial interest asset Level 3 16 19 35 Other noncurrent assets Interest rate swaps (a) Level 2 26 27 46 Beneficial interest asset Level 3 9 12 25 Liabilities Other current liabilities Interest rate swaps (a) Level 2 3 8 — Other noncurrent liabilities Interest rate swaps (a) Level 2 — — 20 (a) See Note 7 for additional information on interest rate swaps. Significant Financial Instruments not Measured at Fair Value (a) (millions) April 30, 2016 January 30, 2016 May 2, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Debt (b) $ 13,280 $ 14,974 $ 11,859 $ 13,385 $ 11,878 $ 13,542 (a) The carrying amounts of certain other current assets, accounts payable, and certain accrued and other current liabilities approximate fair value due to their short-term nature. (b) The carrying amount and estimated fair value of debt exclude unamortized swap valuation adjustments and capital lease obligations. |
Notes Payable and Long-Term Deb
Notes Payable and Long-Term Debt | 3 Months Ended |
Apr. 30, 2016 | |
Debt Disclosure [Abstract] | |
Notes Payable and Long-Term Debt | Notes Payable and Long-Term Debt We obtain short-term financing from time to time under our commercial paper program, a form of notes payable. No balances were outstanding at any time during 2016 or 2015. In April 2016, we issued unsecured fixed rate debt of $1 billion at 2.5% that matures in April 2026 and $1 billion at 3.625% that matures in April 2046. During the three months ended April 30, 2016, we used cash on hand and proceeds from these issuances to repurchase $565 million of debt before its maturity at a market value of $820 million . We recognized a loss on early retirement of $261 million , which was recorded in net interest expense in our Consolidated Statements of Operations. We used cash on hand and proceeds from the April issuances in May 2016 to repurchase an additional $824 million of debt before its maturity at a market value of $981 million . We recognized an additional loss on early retirement of approximately $160 million in the second quarter. The $824 million of debt repurchased during the second quarter of 2016 was classified as current in our Consolidated Statements of Financial Position at April 30, 2016. |
Data Breach
Data Breach | 3 Months Ended |
Apr. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Data Breach | Data Breach As previously reported, 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) which resulted in a number of claims against us, several of which have been finally or preliminarily resolved. Actions related to the Data Breach that remain pending are: (1) one action previously filed in Canada; (2) several putative class action suits brought on behalf of shareholders; and (3) ongoing investigations by State Attorneys General and the Federal Trade Commission. In connection with item (2), the special litigation committee (the Committee) charged with investigating the shareholder claims recently filed its report and recommendation with the court and has filed a motion to dismiss the claims which is currently pending. As reported in our Form 10-K for the fiscal year ended January 30, 2016, our settlement of the financial institutions class action remained subject to final court approval. That final approval was received in May 2016. Our accrual for estimated probable losses is based on actual settlements reached to date and the expectation of negotiated settlements in the pending actions. We have not based our accrual on any determination that it is probable we would be found liable for the losses we have accrued were these claims to be litigated. While our estimates may change as new information becomes available, we do not believe any adjustments will be material. Expenses Incurred and Amounts Accrued Data Breach Balance Sheet Rollforward (millions) Liabilities Insurance Receivable Balance at January 31, 2015 $ 171 $ 60 Expenses incurred (a) 3 — Payments made / received (7 ) (5 ) Balance at May 2, 2015 $ 167 $ 55 Balance at January 30, 2016 $ 80 $ 20 Expenses incurred — — Payments made / received (1 ) (4 ) Balance at April 30, 2016 $ 79 $ 16 (a) Amounts relate to legal and other professional services and are included in our Consolidated Statements of Operations as SG&A, but are not part of our segment results. Since the Data Breach, we have incurred $291 million of cumulative expenses, partially offset by expected insurance recoveries of $90 million , for net cumulative expenses of $201 million . |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Apr. 30, 2016 | |
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 interest rate risk. As a result of our use of derivative instruments, we have counterparty credit exposure to large global financial institutions. We monitor this concentration of counterparty credit risk on an ongoing basis. See Note 4 for a description of the fair value measurement of our derivative instruments and their classification on the Consolidated Statements of Financial Position. As of April 30, 2016 and May 2, 2015 , three interest rate swaps with notional amounts totaling $1,250 million were designated as fair value hedges. No ineffectiveness was recognized during the three months ended April 30, 2016 or May 2, 2015 . Periodic payments, valuation adjustments, and amortization of gains or losses on our derivative contracts had the following effect on our Consolidated Statements of Operations: Derivative Contracts - Effect on Results of Operations (millions) Three Months Ended Type of Contract Classification of (Income)/Expense April 30, May 2, Interest rate swaps Net interest expense $ (8 ) $ (9 ) 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 $11 million , $15 million , and $29 million , at April 30, 2016 , January 30, 2016 , and May 2, 2015 , respectively. |
Share Repurchase
Share Repurchase | 3 Months Ended |
Apr. 30, 2016 | |
Equity [Abstract] | |
Share Repurchase | Share Repurchase In June 2015, our Board of Directors authorized a $5 billion expansion of our existing share repurchase program to $10 billion . Under this program, we have repurchased 106.0 million shares of common stock through April 30, 2016 , at an average price of $70.51 , for a total investment of $7.5 billion . Share Repurchases (excluding ASR) Three Months Ended (a) (millions, except per share data) April 30, May 2, (b) Total number of shares purchased 11.4 3.7 Average price paid per share $ 78.37 $ 80.85 Total investment $ 893 $ 300 Note: Accelerated share repurchase (ASR) activity is omitted because the transaction initiated during the first quarter of 2015 was not fully settled as of May 2, 2015. (a) Excludes shares withheld to settle employee statutory tax withholding related to the vesting of share-based awards. (b) Includes 0.1 million shares delivered upon the noncash settlement of a prepaid contract, which had an original cash investment of $3 million and aggregate market value at its settlement date of $7 million . These contracts are among the investment vehicles used to reduce our economic exposure related to our nonqualified deferred compensation plans. Note 10 provides the details of our positions in prepaid forward contracts. During the first quarter of 2015, we entered into an ASR agreement to repurchase common stock. Under the agreement, we received deliveries of and retired 2.2 million and 1.1 million shares during the first and second quarters of 2015, respectively, for a total cash investment of $265 million ( $80.74 per share). |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Apr. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation During the first quarter of 2016, we adopted Accounting Standards Update (ASU) No. 2016-09, Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). As a result of adoption, we recognized $17 million of excess tax benefits related to share-based payments in our provision for income taxes for the three months ended April 30, 2016. These items were historically recorded in additional paid-in capital. In addition, for each period presented, cash flows related to excess tax benefits are now classified as an operating activity along with other income tax cash flows. Cash paid on employees' behalf related to shares withheld for tax purposes is now classified as a financing activity. Retrospective application of the cash flow presentation requirements resulted in increases to both net cash provided by operations and net cash required for financing activities of $60 million for the three months ended May 2, 2015. Our compensation expense each period continues to reflect estimated forfeitures. |
Pension and Other Benefits
Pension and Other Benefits | 3 Months Ended |
Apr. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Benefits | Pension and Other Benefits Pension Benefits We provide pension plan benefits to certain eligible team members. Net Pension Benefits Expense Three Months Ended (millions) Apr 30, May 2, Service cost $ 21 $ 28 Interest cost 34 38 Expected return on assets (64 ) (65 ) Amortization of losses 12 23 Amortization of prior service cost (3 ) (3 ) Settlement charges — 2 Total $ — $ 23 Beginning in 2016, we have used a spot rate approach to calculate pension interest cost. Prior to 2016, we used a single-weighted average discount rate in the calculation. The spot rate approach applies separate discount rates for each projected benefit payment in the calculation of pension interest cost. This calculation change is considered a change in accounting estimate and has been applied prospectively. The use of the spot rate approach is expected to result in a favorable impact to pension expense of $30 million in 2016 relative to the estimated pension expense had we not changed our approach. Other Benefits We offer unfunded nonqualified deferred compensation plans to certain team members. We mitigate some of our risk of these plans through investing in vehicles, including company-owned life insurance and prepaid forward contracts in our own common stock, that offset a substantial portion of our economic exposure to the returns of these plans. These investment vehicles are general corporate assets and are marked to market with the related gains and losses recognized in the Consolidated Statements of Operations in the period they occur. The total change in fair value for contracts indexed to our own common stock recognized in earnings was pretax income of $3 million for both the three months ended April 30, 2016 and May 2, 2015 . During the three months ended April 30, 2016 and May 2, 2015 , we made no investments in prepaid forward contracts in our own common stock. Adjusting our position in these investment vehicles may involve repurchasing shares of Target common stock when settling the forward contracts as described in Note 8. The settlement dates of these instruments are regularly renegotiated with the counterparty. At April 30, 2016 , January 30, 2016 and May 2, 2015, we held asset positions in prepaid forward contracts for 0.4 million shares of our common stock, for a total cash investment of $18 million ( $41.11 per share) and a contractual fair value of $35 million , $32 million and $35 million , respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Apr. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (millions) Cash Flow Hedges Currency Translation Adjustment Pension and Other Benefits Total January 30, 2016 $ (19 ) $ (22 ) $ (588 ) $ (629 ) Other comprehensive income before reclassifications — 4 3 7 Amounts reclassified from AOCI 1 (a) — 4 (b) 5 April 30, 2016 $ (18 ) $ (18 ) $ (581 ) $ (617 ) (a) Represents gains and losses on cash flow hedges, net of $1 million of taxes. (b) Represents amortization of pension and other benefit liabilities, net of $2 million of taxes. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Apr. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting Our segment measure of profit is used by management to evaluate performance and make operating decisions. We operate as a single segment that includes all of our continuing operations, which are designed to enable guests to purchase products seamlessly in stores, online or through mobile devices. Business Segment Results Three Months Ended (millions) April 30, May 2, Sales $ 16,196 $ 17,119 Cost of sales 11,185 11,911 Gross margin 5,011 5,208 Selling, general, and administrative expenses (d) 3,142 3,407 Depreciation and amortization 546 540 Segment profit $ 1,323 $ 1,261 Restructuring costs (a)(d) — (103 ) Pharmacy transaction-related costs (b)(d) (11 ) — Data Breach-related costs (c)(d) — (3 ) Earnings from continuing operations before interest expense and income taxes 1,312 1,154 Net interest expense 415 155 Earnings from continuing operations before income taxes $ 897 $ 999 Note: Amounts may not foot due to rounding. (a) Refer to Note 3 for more information on restructuring costs. (b) Represents contract termination charges, severance and other costs related to the December 2015 sale of our former pharmacy and clinic businesses to CVS. (c) Refer to Note 6 for more information on Data Breach-related costs. (d) The sum of segment SG&A expenses, restructuring costs, Pharmacy transaction-related costs, and Data Breach-related costs equal consolidated SG&A expenses. Reconciliation of Segment Assets to Total Assets (millions) April 30, January 30, May 2, Segment assets $ 39,457 $ 39,845 $ 39,606 Assets of discontinued operations 435 397 607 Unallocated assets (a) 16 20 55 Total assets $ 39,908 $ 40,262 $ 40,268 (a) Represents the insurance receivable related to the Data Breach. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Assets and Liabilities of Discontinued Operations | Assets and Liabilities of Discontinued Operations (millions) April 30, January 30, May 2, Income tax benefit $ 83 $ 77 $ 265 Receivables from Canada Subsidiaries 352 320 342 Total assets $ 435 $ 397 $ 607 Accrued liabilities $ 186 $ 171 $ 271 Total liabilities $ 186 $ 171 $ 271 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurements - Recurring Basis | Fair value measurements are reported in 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, 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 (millions) Pricing Category April 30, January 30, May 2, Assets Cash and cash equivalents Short-term investments Level 1 $ 2,931 $ 3,008 $ 2,073 Other current assets Interest rate swaps (a) Level 2 5 12 — Prepaid forward contracts Level 1 35 32 35 Beneficial interest asset Level 3 16 19 35 Other noncurrent assets Interest rate swaps (a) Level 2 26 27 46 Beneficial interest asset Level 3 9 12 25 Liabilities Other current liabilities Interest rate swaps (a) Level 2 3 8 — Other noncurrent liabilities Interest rate swaps (a) Level 2 — — 20 (a) See Note 7 for additional information on interest rate swaps. |
Schedule of Significant Financial Instruments not Measured at Fair Value | Significant Financial Instruments not Measured at Fair Value (a) (millions) April 30, 2016 January 30, 2016 May 2, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Debt (b) $ 13,280 $ 14,974 $ 11,859 $ 13,385 $ 11,878 $ 13,542 (a) The carrying amounts of certain other current assets, accounts payable, and certain accrued and other current liabilities approximate fair value due to their short-term nature. (b) The carrying amount and estimated fair value of debt exclude unamortized swap valuation adjustments and capital lease obligations. |
Data Breach (Tables)
Data Breach (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Data Breach Balance Sheet Rollforward | Expenses Incurred and Amounts Accrued Data Breach Balance Sheet Rollforward (millions) Liabilities Insurance Receivable Balance at January 31, 2015 $ 171 $ 60 Expenses incurred (a) 3 — Payments made / received (7 ) (5 ) Balance at May 2, 2015 $ 167 $ 55 Balance at January 30, 2016 $ 80 $ 20 Expenses incurred — — Payments made / received (1 ) (4 ) Balance at April 30, 2016 $ 79 $ 16 (a) Amounts relate to legal and other professional services and are included in our Consolidated Statements of Operations as SG&A, but are not part of our segment results. |
Derivative Financial Instrume25
Derivative Financial Instruments (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Contracts - Effect on Results of Operations | Periodic payments, valuation adjustments, and amortization of gains or losses on our derivative contracts had the following effect on our Consolidated Statements of Operations: Derivative Contracts - Effect on Results of Operations (millions) Three Months Ended Type of Contract Classification of (Income)/Expense April 30, May 2, Interest rate swaps Net interest expense $ (8 ) $ (9 ) |
Share Repurchase (Tables)
Share Repurchase (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Equity [Abstract] | |
Schedule of Share Repurchase (excluding ASR) | Share Repurchases (excluding ASR) Three Months Ended (a) (millions, except per share data) April 30, May 2, (b) Total number of shares purchased 11.4 3.7 Average price paid per share $ 78.37 $ 80.85 Total investment $ 893 $ 300 Note: Accelerated share repurchase (ASR) activity is omitted because the transaction initiated during the first quarter of 2015 was not fully settled as of May 2, 2015. (a) Excludes shares withheld to settle employee statutory tax withholding related to the vesting of share-based awards. (b) Includes 0.1 million shares delivered upon the noncash settlement of a prepaid contract, which had an original cash investment of $3 million and aggregate market value at its settlement date of $7 million . These contracts are among the investment vehicles used to reduce our economic exposure related to our nonqualified deferred compensation plans. Note 10 provides the details of our positions in prepaid forward contracts. |
Pension and Other Benefits (Tab
Pension and Other Benefits (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Pension and Postretirement Health Care Benefits Expense | We provide pension plan benefits to certain eligible team members. Net Pension Benefits Expense Three Months Ended (millions) Apr 30, May 2, Service cost $ 21 $ 28 Interest cost 34 38 Expected return on assets (64 ) (65 ) Amortization of losses 12 23 Amortization of prior service cost (3 ) (3 ) Settlement charges — 2 Total $ — $ 23 |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Summary of the Changes in Accumulated Other Comprehensive Income (AOCI) by Component | (millions) Cash Flow Hedges Currency Translation Adjustment Pension and Other Benefits Total January 30, 2016 $ (19 ) $ (22 ) $ (588 ) $ (629 ) Other comprehensive income before reclassifications — 4 3 7 Amounts reclassified from AOCI 1 (a) — 4 (b) 5 April 30, 2016 $ (18 ) $ (18 ) $ (581 ) $ (617 ) (a) Represents gains and losses on cash flow hedges, net of $1 million of taxes. (b) Represents amortization of pension and other benefit liabilities, net of $2 million of taxes. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Business Segment Results and Reconciliation of Segment Assets to Total Assets | We operate as a single segment that includes all of our continuing operations, which are designed to enable guests to purchase products seamlessly in stores, online or through mobile devices. Business Segment Results Three Months Ended (millions) April 30, May 2, Sales $ 16,196 $ 17,119 Cost of sales 11,185 11,911 Gross margin 5,011 5,208 Selling, general, and administrative expenses (d) 3,142 3,407 Depreciation and amortization 546 540 Segment profit $ 1,323 $ 1,261 Restructuring costs (a)(d) — (103 ) Pharmacy transaction-related costs (b)(d) (11 ) — Data Breach-related costs (c)(d) — (3 ) Earnings from continuing operations before interest expense and income taxes 1,312 1,154 Net interest expense 415 155 Earnings from continuing operations before income taxes $ 897 $ 999 Note: Amounts may not foot due to rounding. (a) Refer to Note 3 for more information on restructuring costs. (b) Represents contract termination charges, severance and other costs related to the December 2015 sale of our former pharmacy and clinic businesses to CVS. (c) Refer to Note 6 for more information on Data Breach-related costs. (d) The sum of segment SG&A expenses, restructuring costs, Pharmacy transaction-related costs, and Data Breach-related costs equal consolidated SG&A expenses. Reconciliation of Segment Assets to Total Assets (millions) April 30, January 30, May 2, Segment assets $ 39,457 $ 39,845 $ 39,606 Assets of discontinued operations 435 397 607 Unallocated assets (a) 16 20 55 Total assets $ 39,908 $ 40,262 $ 40,268 (a) Represents the insurance receivable related to the Data Breach. |
Discontinued Operations (Detail
Discontinued Operations (Details) - Canada Exit - USD ($) $ in Millions | Apr. 30, 2016 | Jan. 30, 2016 | May. 02, 2015 |
Assets and Liabilities of Discontinued Operations | |||
Income tax benefit | $ 83 | $ 77 | $ 265 |
Receivables from Canada Subsidiaries | 352 | 320 | 342 |
Total | 435 | 397 | 607 |
Accrued liabilities | 186 | 171 | 271 |
Total liabilities | $ 186 | $ 171 | $ 271 |
Restructuring Initiatives (Det
Restructuring Initiatives (Details) - USD ($) | 3 Months Ended | |
May. 02, 2015 | Apr. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring balance | $ 71,000,000 | $ 0 |
2015 Restructuring | SG&A | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance and other benefits-related charges | $ 103,000,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Millions | Apr. 30, 2016 | Jan. 30, 2016 | May. 02, 2015 |
Other current assets | |||
Other current assets | $ 1,099 | $ 1,161 | $ 2,037 |
Other noncurrent assets | |||
Other noncurrent assets | 830 | 840 | 969 |
Other noncurrent liabilities | |||
Interest rate swaps | 1,889 | 1,897 | 1,404 |
Fair value measured on recurring basis | Level 1 | Prepaid forward contracts | |||
Other current assets | |||
Other current assets | 35 | 32 | 35 |
Fair value measured on recurring basis | Level 1 | Short-term investments | |||
Cash and cash equivalents | |||
Short-term investments | 2,931 | 3,008 | 2,073 |
Fair value measured on recurring basis | Level 2 | Interest rate swaps | |||
Other current assets | |||
Other current assets | 5 | 12 | 0 |
Other noncurrent assets | |||
Other noncurrent assets | 26 | 27 | 46 |
Other current liabilities | |||
Interest rate swaps | 3 | 8 | 0 |
Other noncurrent liabilities | |||
Interest rate swaps | 0 | 0 | 20 |
Fair value measured on recurring basis | Level 3 | Beneficial interest asset | |||
Other current assets | |||
Other current assets | 16 | 19 | 35 |
Other noncurrent assets | |||
Other noncurrent assets | $ 9 | $ 12 | $ 25 |
Fair Value Measurements - Sch33
Fair Value Measurements - Schedule of Significant Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions | Apr. 30, 2016 | Jan. 30, 2016 | May. 02, 2015 |
Carrying Amount | |||
Financial Instruments, Balance Sheet Groupings | |||
Debt | $ 13,280 | $ 11,859 | $ 11,878 |
Fair Value | |||
Financial Instruments, Balance Sheet Groupings | |||
Debt | $ 14,974 | $ 13,385 | $ 13,542 |
Notes Payable and Long-Term D34
Notes Payable and Long-Term Debt (Details) - USD ($) | 1 Months Ended | |
May. 25, 2016 | Apr. 30, 2016 | |
Debt Instrument [Line Items] | ||
Repurchased amount | $ 565,000,000 | |
Loss on early retirement | 261,000,000 | |
Subsequent Event | ||
Debt Instrument [Line Items] | ||
Repurchased amount | $ 824,000,000 | |
Loss on early retirement | 160,000,000 | |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Market value | 820,000,000 | |
Amount of debt repurchased | 824,000,000 | |
Unsecured Debt | Subsequent Event | ||
Debt Instrument [Line Items] | ||
Market value | $ 981,000,000 | |
Unsecured Debt | Unsecured Fixed Rate 2.5 % Debt Maturing April 2026 | ||
Debt Instrument [Line Items] | ||
Unsecured fixed rate debt | $ 1,000,000,000 | |
Interest rate | 2.50% | |
Unsecured Debt | Unsecured Fixed Rate 3.625 % Debt Maturing April 2046 | ||
Debt Instrument [Line Items] | ||
Unsecured fixed rate debt | $ 1,000,000,000 | |
Interest rate | 3.625% |
Data Breach - Narrative (Detail
Data Breach - Narrative (Details) $ in Millions | 3 Months Ended | 30 Months Ended | |
Apr. 30, 2016USD ($)action | May. 02, 2015USD ($) | Apr. 30, 2016USD ($) | |
Loss Contingencies [Line Items] | |||
Cumulative expenses incurred | $ 0 | $ 3 | |
Data Breach | |||
Loss Contingencies [Line Items] | |||
Cumulative expenses incurred | $ 291 | ||
Expected insurance recoveries | 90 | ||
Net cumulative expense | $ 201 | ||
Data Breach | Canada | |||
Loss Contingencies [Line Items] | |||
Number of actions filed in court | action | 1 |
Data Breach - Schedule of Data
Data Breach - Schedule of Data Breach Balance Sheet Rollforward (Details) - Data Breach - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Liabilities | ||
Beginning balance | $ 80 | $ 171 |
Expenses incurred | 0 | 3 |
Payments made / received | (1) | (7) |
Ending balance | 79 | 167 |
Insurance Receivable | ||
Beginning balance | 20 | 60 |
Expenses incurred | 0 | 0 |
Payments made / received | (4) | (5) |
Ending balance | $ 16 | $ 55 |
Derivative Financial Instrume37
Derivative Financial Instruments - Narrative (Details) | 3 Months Ended | ||
Apr. 30, 2016USD ($)swap | May. 02, 2015USD ($)swap | Jan. 30, 2016USD ($) | |
Derivative Contracts - Effect on Results of Operations (millions) | |||
Amount of ineffectiveness recognized | $ 0 | $ 0 | |
Amount remaining on unamortized hedged debt valuation gains | 11,000,000 | 29,000,000 | $ 15,000,000 |
Interest Rate Swaps | |||
Derivative Contracts - Effect on Results of Operations (millions) | |||
Notional amount | $ 1,250,000,000 | $ 1,250,000,000 | |
Designated as Hedging Instrument | |||
Derivative Contracts - Effect on Results of Operations (millions) | |||
Number of interest rate swaps | swap | 3 | 3 |
Derivative Financial Instrume38
Derivative Financial Instruments - Derivative Contracts - Effect on Results of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Interest rate swaps | ||
Derivative Contracts - Effect on Results of Operations (millions) | ||
Net interest expense | $ (8) | $ (9) |
Share Repurchase - Narrative (D
Share Repurchase - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||
Apr. 30, 2016 | Aug. 01, 2015 | May. 02, 2015 | Aug. 01, 2015 | Apr. 30, 2016 | Jan. 30, 2016 | Jun. 30, 2015 | |
Loss Contingencies [Line Items] | |||||||
Cumulative shares of common stock repurchased (in shares) | 11.4 | 3.7 | |||||
Total investment | $ 893,000,000 | $ 300,000,000 | |||||
Shares delivered upon noncash settlement | 0.1 | ||||||
Total cash investment | $ 893,000,000 | $ 3,445,000,000 | |||||
Repurchase of Share Repurchase Program 2015 | |||||||
Loss Contingencies [Line Items] | |||||||
Authorized expansion amount of existing share repurchase program | $ 5,000,000,000 | ||||||
New amount of existing share repurchase program | $ 10,000,000,000 | ||||||
Cumulative shares of common stock repurchased (in shares) | 106 | ||||||
Price per share (in dollars per share) | $ 70.51 | ||||||
Total investment | $ 7,500,000,000 | ||||||
Cash Investment | |||||||
Loss Contingencies [Line Items] | |||||||
Total cash investment | $ 3,000,000 | ||||||
Prepaid Forward Contracts Market Value | |||||||
Loss Contingencies [Line Items] | |||||||
Aggregate market value | $ 7,000,000 | ||||||
Accelerated Share Repurchase | |||||||
Loss Contingencies [Line Items] | |||||||
Price per share (in dollars per share) | $ 80.74 | ||||||
Total cash investment | $ 265,000,000 | ||||||
Shares retired | 1.1 | 2.2 |
Share Repurchase - Schedule of
Share Repurchase - Schedule of Share Repurchases (excluding ASR) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Equity [Abstract] | ||
Total number of shares purchased | 11.4 | 3.7 |
Average price paid per share (in dollars per share) | $ 78.37 | $ 80.85 |
Total investment | $ 893 | $ 300 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Excess tax benefits | $ 17 | |
Increase in net cash provided by operations | 247 | $ 1,611 |
Increase in net cash required for financing activities | $ 22 | (747) |
Accounting Standards Update 2016-09, Statutory Tax Withholding Component | New Accounting Pronouncement, Early Adoption, Effect | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Increase in net cash provided by operations | 60 | |
Increase in net cash required for financing activities | $ 60 |
Pension and Other Benefits - Sc
Pension and Other Benefits - Schedule of Net Pension and Postretirement Health Care Benefits Expense (Details) - Pension Plan - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Net Pension Benefits Expense | ||
Service cost | $ 21 | $ 28 |
Interest cost | 34 | 38 |
Expected return on assets | (64) | (65) |
Amortization of losses | 12 | 23 |
Amortization of prior service cost | (3) | (3) |
Settlement charges | 0 | 2 |
Total | $ 0 | $ 23 |
Pension and Other Benefits - Na
Pension and Other Benefits - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | Jan. 30, 2016 | |
Forward Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pretax income | $ 3,000,000 | $ 3,000,000 | |
Investments | $ 0 | $ 0 | |
Shares of common stock | 0.4 | 0.4 | 0.4 |
Cash investment | $ 18,000,000 | $ 18,000,000 | $ 18,000,000 |
Share price (in dollars per share) | $ 41.11 | $ 41.11 | $ 41.11 |
Contractual fair value | $ 35,000,000 | $ 35,000,000 | $ 32,000,000 |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Favorable impact to pension expense | $ 30,000,000 |
Accumulated Other Comprehensi44
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | $ 12,957 | $ 13,997 |
Ending balance | 12,545 | 14,174 |
Net amount of taxes | 283 | 348 |
Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (19) | |
Other comprehensive income before reclassifications | 0 | |
Amounts reclassified from AOCI | 1 | |
Ending balance | (18) | |
Cash Flow Hedges | Amount reclassified from other comprehensive income | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Net amount of taxes | 1 | |
Currency Translation Adjustment | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (22) | |
Other comprehensive income before reclassifications | 4 | |
Amounts reclassified from AOCI | 0 | |
Ending balance | (18) | |
Pension and Other Benefits | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (588) | |
Other comprehensive income before reclassifications | 3 | |
Amounts reclassified from AOCI | 4 | |
Ending balance | (581) | |
Pension and Other Benefits | Amount reclassified from other comprehensive income | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Net amount of taxes | 2 | |
AOCI Attributable to Parent | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (629) | $ (599) |
Other comprehensive income before reclassifications | 7 | |
Amounts reclassified from AOCI | 5 | |
Ending balance | $ (617) |
Segment Reporting - Business Se
Segment Reporting - Business Segment Results (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2016 | May. 02, 2015 | |
Segment Reporting [Abstract] | ||
Sales | $ 16,196 | $ 17,119 |
Cost of sales | 11,185 | 11,911 |
Gross margin | 5,011 | 5,208 |
Selling, general and administrative expenses | 3,142 | 3,407 |
Depreciation and amortization | 546 | 540 |
Segment profit | 1,323 | 1,261 |
Restructuring costs | 0 | (103) |
Pharmacy transaction-related costs | (11) | 0 |
Data Breach-related costs | 0 | (3) |
Earnings from continuing operations before interest expense and income taxes | 1,312 | 1,154 |
Net interest expense | 415 | 155 |
Earnings from continuing operations before income taxes | $ 897 | $ 999 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Segment Assets to Total Assets (Details) - USD ($) $ in Millions | Apr. 30, 2016 | Jan. 30, 2016 | May. 02, 2015 |
Segment Reporting Information 2 [Line Items] | |||
Total assets | $ 39,908 | $ 40,262 | $ 40,268 |
Assets of discontinued operations | |||
Segment Reporting Information 2 [Line Items] | |||
Total assets | 435 | 397 | 607 |
Segment assets | |||
Segment Reporting Information 2 [Line Items] | |||
Total assets | 39,457 | 39,845 | 39,606 |
Unallocated assets | |||
Segment Reporting Information 2 [Line Items] | |||
Total assets | $ 16 | $ 20 | $ 55 |