Target (TGT) 10-Q 31 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	May 04, 2019	May 24, 2019
Document and Entity Information
Entity Registrant Name	TARGET CORP
Entity Central Index Key	0000027419
Document Type	10-Q
Document Period End Date	May 4, 2019
Amendment Flag	false
Current Fiscal Year End Date	--02-01
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		512,334,476
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	May 04, 2019	May 05, 2018
Revenue	$ 17,627	$ 16,781
Cost of sales	12,248	11,625
Selling, general and administrative expenses	3,663	3,545
Depreciation and amortization (exclusive of depreciation included in cost of sales)	581	570
Operating income	1,135	1,041
Net interest expense	126	121
Net other (income) / expense	(12)	(7)
Earnings from continuing operations before income taxes	1,021	927
Provision for income taxes	229	210
Net earnings from continuing operations	792	717
Discontinued operations, net of tax	3	1
Net earnings	$ 795	$ 718
Basic earnings per share
Continuing operations (in dollars per share)	$ 1.54	$ 1.34
Discontinued operations (in dollars per share)	0	0
Net earnings per share (in dollars per share)	1.54	1.34
Diluted earnings per share
Continuing operations (in dollars per share)	1.53	1.33
Discontinued operations (in dollars per share)	0	0
Net earnings per share (in dollars per share)	$ 1.53	$ 1.33
Weighted average common shares outstanding
Basic (in shares)	515.7	536.9
Diluted (in shares)	519.5	541
Antidilutive shares (in shares)	0.1	2.2
Sales
Revenue	$ 17,401	$ 16,556
Other revenue
Revenue	$ 226	$ 225

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	May 04, 2019	May 05, 2018
Statement of Comprehensive Income [Abstract]
Net earnings	$ 795	$ 718
Other comprehensive income
Pension, net of tax	10	13
Currency translation adjustment and cash flow hedges, net of tax	3	(3)
Other comprehensive income	13	10
Comprehensive income	$ 808	$ 728

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Millions	May 04, 2019	Feb. 02, 2019	May 05, 2018
Assets
Cash and cash equivalents	$ 1,173	$ 1,556	$ 1,060
Inventory	9,060	9,497	8,652
Other current assets	1,374	1,466	1,164
Total current assets	11,607	12,519	10,876
Property and equipment
Land	6,061	6,064	6,090
Buildings and improvements	29,573	29,240	28,363
Fixtures and equipment	5,401	5,912	5,135
Computer hardware and software	2,553	2,544	2,511
Construction-in-progress	574	460	639
Accumulated depreciation	(18,456)	(18,687)	(17,971)
Property and equipment, net	25,706	25,533	24,767
Operating lease assets	2,019	1,965	1,958
Other noncurrent assets	1,287	1,273	1,328
Total assets	40,619	41,290	38,929
Liabilities and shareholders’ investment
Accounts payable	8,360	9,761	8,131
Accrued and other current liabilities	3,823	4,201	3,630
Current portion of long-term debt and other borrowings	1,056	1,052	283
Total current liabilities	13,239	15,014	12,044
Long-term debt and other borrowings	11,357	10,223	11,107
Noncurrent operating lease liabilities	2,064	2,004	2,007
Deferred income taxes	1,034	972	744
Other noncurrent liabilities	1,808	1,780	1,869
Total noncurrent liabilities	16,263	14,979	15,727
Shareholders’ investment
Common stock	43	43	44
Additional paid-in capital	5,908	6,042	5,664
Retained earnings	5,958	6,017	6,187
Accumulated other comprehensive loss	(792)	(805)	(737)
Total shareholders’ investment	11,117	11,297	11,158
Total liabilities and shareholders’ investment	$ 40,619	$ 41,290	$ 38,929

Consolidated Statements of Fi_2

Consolidated Statements of Financial Position (Parenthetical) - $ / shares	May 04, 2019	Feb. 02, 2019	May 05, 2018
Statement of Financial Position [Abstract]
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	512,312,434	517,761,600	532,916,612
Common stock, shares outstanding	512,312,434	517,761,600	532,916,612
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
	May 04, 2019	Feb. 02, 2019	Aug. 04, 2018	May 05, 2018
Operating activities
Net earnings	$ 795	$ 799	$ 799	$ 718
Earnings from discontinued operations, net of tax	3			1
Net earnings from continuing operations	792			717
Adjustments to reconcile net earnings to cash provided by operations
Depreciation and amortization	644			631
Share-based compensation expense	46			42
Deferred income taxes	59			48
Noncash losses / (gains) and other, net	10			40
Changes in operating accounts
Inventory	438			(55)
Other assets	17			26
Accounts payable	(1,402)			(604)
Accrued and other liabilities	(281)			(333)
Cash provided by operating activities—continuing operations	323			512
Cash provided by operating activities—discontinued operations	0			2
Cash provided by operations	323			514
Investing activities
Expenditures for property and equipment	(655)			(827)
Proceeds from disposal of property and equipment	5			4
Other investments	1			5
Cash required for investing activities	(649)			(818)
Financing activities
Additions to long-term debt	994			0
Reductions of long-term debt	(13)			(12)
Dividends paid	(330)			(334)
Repurchase of stock	(320)			(524)
Accelerated share repurchase pending final settlement	(400)			(425)
Stock option exercises	12			16
Cash required for financing activities	(57)			(1,279)
Net decrease in cash and cash equivalents	(383)			(1,583)
Cash and cash equivalents at beginning of period	1,556		$ 1,060	2,643
Cash and cash equivalents at end of period	1,173	$ 1,556		1,060
Supplemental information
Leased assets obtained in exchange for new finance lease liabilities	126			5
Leased assets obtained in exchange for new operating lease liabilities	$ 107			$ 113

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Investment - USD ($) $ in Millions	3 Months Ended					6 Months Ended
	May 04, 2019	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Aug. 04, 2018
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	517,761,600			532,916,612
Beginning balance	$ 11,297	$ 11,080	$ 11,167	$ 11,158	$ 11,651	$ 11,651
Net earnings	795	799	622	799	718
Other comprehensive income (loss)	13	(91)	9	14	10
Dividends declared	(330)	(336)	(338)	(341)	(333)
Repurchase of stock	(277)	(167)	(2)	(7)	(494)
Accelerated share repurchase pending final settlement	(400)		(450)	(525)	(425)
Stock options and awards	$ 19	$ 12	72	69	$ 31
Ending balance (in shares)	512,312,434	517,761,600			532,916,612
Ending balance	$ 11,117	$ 11,297	$ 11,080	$ 11,167	$ 11,158	$ 11,167
Common Stock
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	517,800,000	521,800,000	526,100,000	532,900,000	541,700,000	541,700,000
Beginning balance	$ 43	$ 43	$ 44	$ 44	$ 45	$ 45
Repurchase of stock (in shares)	(3,600,000)	(4,700,000)	(1,700,000)	(2,900,000)	(6,900,000)
Repurchase of stock			$ (1)		$ (1)
Accelerated share repurchase pending final settlement (in shares)	(3,000,000)		(3,500,000)	(4,600,000)	(2,900,000)
Stock options and awards (in shares)	1,100,000	700,000	900,000	700,000	1,000,000
Ending balance (in shares)	512,300,000	517,800,000	521,800,000	526,100,000	532,900,000	526,100,000
Ending balance	$ 43	$ 43	$ 43	$ 44	$ 44	$ 44
Additional Paid-in Capital
Increase (Decrease) in Shareholders' Investment
Beginning balance	6,042	5,867	5,788	5,664	5,858	5,858
Repurchase of stock		163	170	225
Accelerated share repurchase pending final settlement	(153)		(163)	(170)	(225)
Stock options and awards	19	12	72	69	31
Ending balance	5,908	6,042	5,867	5,788	5,664	5,788
Retained Earnings
Increase (Decrease) in Shareholders' Investment
Beginning balance	6,017	5,884	6,058	6,187	6,495	6,495
Net earnings	795	799	622	799	718
Dividends declared	(330)	(336)	(338)	(341)	(333)
Repurchase of stock	(277)	(330)	(171)	(232)	(493)
Accelerated share repurchase pending final settlement	(247)		(287)	(355)	(200)
Ending balance	5,958	6,017	5,884	6,058	6,187	6,058
Accumulated Other Comprehensive(Loss)/Income
Increase (Decrease) in Shareholders' Investment
Beginning balance	(805)	(714)	(723)	(737)	(747)	(747)
Other comprehensive income (loss)	13	(91)	9	14	10
Ending balance	$ (792)	$ (805)	$ (714)	$ (723)	$ (737)	$ (723)

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Investment (Parenthetical) - $ / shares	3 Months Ended		12 Months Ended
	May 04, 2019	May 05, 2018	Feb. 02, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.64	$ 0.62	$ 2.54

Accounting Policies

Accounting Policies	3 Months Ended
	May 04, 2019
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies These unaudited condensed consolidated financial statements are prepared in accordance with the rules and regulations of the Securities and Exchange Commission (SEC) applicable to interim financial statements. While these statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by United States (U.S.) generally accepted accounting principles (U.S. GAAP) for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the financial statement disclosures in our 2018 Form 10-K. We use the same accounting policies in preparing quarterly and annual financial statements. Unless otherwise noted, amounts presented within the Notes to Consolidated Financial Statements refer to our continuing operations. 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 or through our digital channels. Nearly all of our revenues are generated in the U.S. The vast majority of our long-lived assets are located within the U.S. 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.

Revenues

Revenues	3 Months Ended
	May 04, 2019
Revenue from Contract with Customer [Abstract]
Revenues	Revenues General merchandise sales represent the vast majority of our revenues. We also earn revenues from a variety of other sources, most notably credit card profit sharing income from our arrangement with TD Bank Group (TD). Revenues Three Months Ended (millions) May 4, May 5, Apparel and accessories (a) $ 3,290 $ 3,113 Beauty and household essentials (a) 4,971 4,617 Food and beverage 3,722 3,587 Hardlines 2,385 2,313 Home furnishings and décor 3,001 2,903 Other 32 23 Sales 17,401 16,556 Credit card profit sharing 160 167 Other 66 58 Other revenue 226 225 Total revenue $ 17,627 $ 16,781 (a) For the three months ended May 4, 2019, and May 5, 2018, we reclassified certain non-apparel baby merchandise sales totaling $456 million and $390 million , respectively, from Apparel and Accessories to Beauty and Household Essentials. We record almost all retail store revenues at the point of sale. Digitally originated sales may include shipping revenue and are recorded upon delivery to the guest or upon guest pickup at the store. Sales are recognized net of expected returns, which we estimate using historical return patterns and our expectation of future returns. As of May 4, 2019 , February 2, 2019 , and May 5, 2018 , the accrual for estimated returns was $124 million , $116 million , and $119 million , respectively. We have not historically had material adjustments to our returns estimates. Revenue from Target gift card sales is recognized upon gift card redemption, which is typically within one year of issuance. (millions) February 2, Gift Cards Issued During Current Period But Not Redeemed (a) Revenue Recognized From Beginning Liability May 4, Gift card liability $ 840 $ 213 $ (322 ) $ 731 (a) Net of estimated breakage. Credit card profit sharing – We receive payments under a credit card program agreement with TD. Under the agreement, we receive a percentage of the profits generated by the Target Credit Card and Target MasterCard receivables in exchange for performing account servicing and primary marketing functions. TD underwrites, funds, and owns Target Credit Card and Target MasterCard receivables, controls risk management policies, and oversees regulatory compliance.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	May 04, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value measurements are reported in one of three levels reflecting the valuation techniques used to determine fair value. Fair Value Measurements - Recurring Basis Fair Value at (millions) Classification Pricing Category May 4, February 2, May 5, Assets Short-term investments Cash and Cash Equivalents Level 1 $ 419 $ 769 $ 311 Prepaid forward contracts Other Current Assets Level 1 21 19 21 Interest rate swaps Other Noncurrent Assets Level 2 23 10 — Liabilities Interest rate swaps Other Current Liabilities Level 2 1 3 — Interest rate swaps Other Noncurrent Liabilities Level 2 — — 10 Significant Financial Instruments not Measured at Fair Value (a) (millions) May 4, 2019 February 2, 2019 May 5, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion (b) $ 11,243 $ 12,015 $ 10,247 $ 10,808 $ 10,442 $ 10,782 (a) The carrying amounts of certain other current assets, commercial paper, accounts payable, and certain accrued and other current liabilities approximate fair value due to their short-term nature. (b) The fair value of debt is generally measured using a discounted cash flow analysis based on current market interest rates for the same or similar types of financial instruments and would be classified as Level 2. These amounts exclude commercial paper, unamortized swap valuation adjustments, and lease liabilities.

Commercial Paper and Long-Term

Commercial Paper and Long-Term Debt	3 Months Ended
	May 04, 2019
Debt Disclosure [Abstract]
Commercial Paper and Long-Term Debt	Commercial Paper and Long-Term Debt During the three months ended May 4, 2019 , we issued $1,000 million of 10 -year unsecured fixed rate debt at 3.375 percent, in advance of the June 2019 maturity of $1,000 million of 2.3 percent unsecured fixed rate debt. We obtain short-term financing from time to time under our commercial paper program. For the three months ended May 4, 2019 , the maximum amount outstanding was $744 million , and the average daily amount outstanding was $140 million at a weighted average annual interest rate of 2.4 percent . For the three months ended May 5, 2018, the maximum amount outstanding was $658 million , and the average daily amount outstanding was $127 million at a weighted average annual interest rate of 1.8 percent . As of May 4, 2019 , and May 5, 2018, no balances were outstanding.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	May 04, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments As required, we adopted Accounting Standards Update (ASU) No. 2017-12— Targeted Improvements to Accounting for Hedging Activities (Topic 815) , as of February 3, 2019. The new standard did not affect our consolidated net earnings, financial position, or cash flows. Our derivative instruments consist of interest rate swaps used to mitigate interest rate risk. As a result, we have counterparty credit exposure to large global financial institutions, which we monitor on an ongoing basis. Note 3 provides the fair value and classification of these instruments. In March 2019, we entered into interest rate swaps with a total notional amount of $1,000 million . With the addition of these swaps, as of May 4, 2019, we were party to seven interest rate swaps with notional amounts totaling $2,500 million , compared with three interest rate swaps with notional amounts totaling $1,250 million as of May 5, 2018. We pay a variable rate and receive a fixed rate under each of these agreements. All of the agreements are designated as fair value hedges, and all were perfectly effective during the three months ended May 4, 2019, and May 5, 2018. The gains and losses on the interest rate swaps and underlying debt recognized in Net Interest Expense were immaterial for each period presented. The notional amounts of our interest rate swaps approximate the carrying amount of the associated debt primarily because the cumulative hedging adjustments included in the debt carrying amount were immaterial in each period presented.

Share Repurchase

Share Repurchase	3 Months Ended
	May 04, 2019
Equity [Abstract]
Share Repurchase	Share Repurchase We periodically repurchase shares of our common stock under a board-authorized repurchase program through a combination of open market transactions, accelerated share repurchase (ASR) arrangements and other privately negotiated transactions with financial institutions. Three Months Ended (millions, except per share data) May 4, May 5, Total number of shares purchased 3.6 6.9 Average price paid per share $ 76.98 $ 71.24 Total investment $ 277 $ 494 Note: Activity related to the first quarter 2019 and 2018 ASR arrangements described below is omitted because the transactions were not fully settled as of May 4, 2019, and May 5, 2018, respectively. During the first quarter of 2019, we entered into an ASR to repurchase $275 to $400 million of our common stock under the existing $5 billion share repurchase program. Under the agreement, we paid $400 million and received an initial delivery of 3.0 million shares, which were retired, resulting in a $247 million reduction to Retained Earnings. As of May 4, 2019, $153 million is included as a reduction to Additional Paid-in Capital. During the first quarter of 2018, we entered into an ASR to repurchase $225 to $425 million of our common stock. Under the agreement, we paid $425 million and received an initial delivery of 2.9 million shares, which were retired, resulting in a $200 million reduction to Retained Earnings. As of May 5, 2018, $225 million was included as a reduction to Additional Paid-in Capital. Upon settlement in the second quarter of 2018, we received an additional 0.2 million shares, which were retired, and $200 million for the remaining amount not settled in shares. In total, we repurchased 3.1 million shares under the ASR for a total cash investment of $225 million ( $73.06 per share).

Pension Benefits

Pension Benefits	3 Months Ended
	May 04, 2019
Retirement Benefits [Abstract]
Pension Benefits	Pension Benefits We provide pension plan benefits to eligible team members. Net Pension Benefits Expense Three Months Ended (millions) Classification May 4, May 5, Service cost benefits earned SG&A Expenses $ 23 $ 24 Interest cost on projected benefit obligation Net Other (Income) / Expense 37 37 Expected return on assets Net Other (Income) / Expense (62 ) (62 ) Amortization of losses Net Other (Income) / Expense 16 21 Amortization of prior service cost Net Other (Income) / Expense (3 ) (3 ) Total $ 11 $ 17

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) / Income	3 Months Ended
	May 04, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive (Loss) / Income	Accumulated Other Comprehensive (Loss) / Income (millions) Cash Flow Hedges Currency Translation Adjustment Pension Total February 2, 2019 $ (13 ) $ (20 ) $ (772 ) $ (805 ) Other comprehensive income before reclassifications, net of tax — 3 — 3 Amounts reclassified from AOCI, net of tax — — 10 10 May 4, 2019 $ (13 ) $ (17 ) $ (762 ) $ (792 )

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	May 04, 2019
Revenue from Contract with Customer [Abstract]
Schedule of Revenue	Revenues Three Months Ended (millions) May 4, May 5, Apparel and accessories (a) $ 3,290 $ 3,113 Beauty and household essentials (a) 4,971 4,617 Food and beverage 3,722 3,587 Hardlines 2,385 2,313 Home furnishings and décor 3,001 2,903 Other 32 23 Sales 17,401 16,556 Credit card profit sharing 160 167 Other 66 58 Other revenue 226 225 Total revenue $ 17,627 $ 16,781 (a) For the three months ended May 4, 2019, and May 5, 2018, we reclassified certain non-apparel baby merchandise sales totaling $456 million and $390 million , respectively, from Apparel and Accessories to Beauty and Household Essentials.
Schedule of Gift Card Liability	Revenue from Target gift card sales is recognized upon gift card redemption, which is typically within one year of issuance. (millions) February 2, Gift Cards Issued During Current Period But Not Redeemed (a) Revenue Recognized From Beginning Liability May 4, Gift card liability $ 840 $ 213 $ (322 ) $ 731 (a) Net of estimated breakage.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	May 04, 2019
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements - Recurring Basis	Fair value measurements are reported in one of three levels reflecting the valuation techniques used to determine fair value. Fair Value Measurements - Recurring Basis Fair Value at (millions) Classification Pricing Category May 4, February 2, May 5, Assets Short-term investments Cash and Cash Equivalents Level 1 $ 419 $ 769 $ 311 Prepaid forward contracts Other Current Assets Level 1 21 19 21 Interest rate swaps Other Noncurrent Assets Level 2 23 10 — Liabilities Interest rate swaps Other Current Liabilities Level 2 1 3 — Interest rate swaps Other Noncurrent Liabilities Level 2 — — 10
Schedule of Significant Financial Instruments not Measured at Fair Value	Significant Financial Instruments not Measured at Fair Value (a) (millions) May 4, 2019 February 2, 2019 May 5, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion (b) $ 11,243 $ 12,015 $ 10,247 $ 10,808 $ 10,442 $ 10,782 (a) The carrying amounts of certain other current assets, commercial paper, accounts payable, and certain accrued and other current liabilities approximate fair value due to their short-term nature. (b) The fair value of debt is generally measured using a discounted cash flow analysis based on current market interest rates for the same or similar types of financial instruments and would be classified as Level 2. These amounts exclude commercial paper, unamortized swap valuation adjustments, and lease liabilities.

Share Repurchase (Tables)

Share Repurchase (Tables)	3 Months Ended
	May 04, 2019
Equity [Abstract]
Schedule of Share Repurchase (excluding ASR)	Three Months Ended (millions, except per share data) May 4, May 5, Total number of shares purchased 3.6 6.9 Average price paid per share $ 76.98 $ 71.24 Total investment $ 277 $ 494 Note: Activity related to the first quarter 2019 and 2018 ASR arrangements described below is omitted because the transactions were not fully settled as of May 4, 2019, and May 5, 2018, respectively.

Pension Benefits (Tables)

Pension Benefits (Tables)	3 Months Ended
	May 04, 2019
Retirement Benefits [Abstract]
Schedule of Pension Plan Benefits	Net Pension Benefits Expense Three Months Ended (millions) Classification May 4, May 5, Service cost benefits earned SG&A Expenses $ 23 $ 24 Interest cost on projected benefit obligation Net Other (Income) / Expense 37 37 Expected return on assets Net Other (Income) / Expense (62 ) (62 ) Amortization of losses Net Other (Income) / Expense 16 21 Amortization of prior service cost Net Other (Income) / Expense (3 ) (3 ) Total $ 11 $ 17

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) / Income (Tables)	3 Months Ended
	May 04, 2019
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 Total February 2, 2019 $ (13 ) $ (20 ) $ (772 ) $ (805 ) Other comprehensive income before reclassifications, net of tax — 3 — 3 Amounts reclassified from AOCI, net of tax — — 10 10 May 4, 2019 $ (13 ) $ (17 ) $ (762 ) $ (792 )

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	May 04, 2019	May 05, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 17,627	$ 16,781
Apparel and accessories
Disaggregation of Revenue [Line Items]
Revenue	3,290	3,113
Apparel and accessories | Reclassified Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	(456)	(390)
Beauty and household essentials
Disaggregation of Revenue [Line Items]
Revenue	4,971	4,617
Beauty and household essentials | Reclassified Revenue from Contract with Customer
Disaggregation of Revenue [Line Items]
Revenue	456	390
Food and beverage
Disaggregation of Revenue [Line Items]
Revenue	3,722	3,587
Hardlines
Disaggregation of Revenue [Line Items]
Revenue	2,385	2,313
Home furnishings and décor
Disaggregation of Revenue [Line Items]
Revenue	3,001	2,903
Other
Disaggregation of Revenue [Line Items]
Revenue	32	23
Sales
Disaggregation of Revenue [Line Items]
Revenue	17,401	16,556
Credit card profit sharing
Disaggregation of Revenue [Line Items]
Revenue	160	167
Other
Disaggregation of Revenue [Line Items]
Revenue	66	58
Other revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 226	$ 225

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	May 04, 2019	Feb. 02, 2019	May 05, 2018
Revenue from Contract with Customer [Abstract]
Reserve	$ 124	$ 116	$ 119

Revenues - Gift Card Liability

Revenues - Gift Card Liability (Details) $ in Millions	3 Months Ended
	May 04, 2019USD ($)
Change in Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 840
Gift Cards Issued During Current Period But Not Redeemed	213
Revenue Recognized From Beginning Liability	(322)
Ending balance	$ 731

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Millions	May 04, 2019	Feb. 02, 2019	May 05, 2018
Assets
Prepaid forward contracts classified as Other Current Assets	$ 1,374	$ 1,466	$ 1,164
Interest rate swaps classified as Other Noncurrent Assets	1,287	1,273	1,328
Liabilities
Interest rate swaps classified as Other Noncurrent Liabilities	1,808	1,780	1,869
Fair value measured on recurring basis | Level 1 | Prepaid forward contracts
Assets
Prepaid forward contracts classified as Other Current Assets	21	19	21
Fair value measured on recurring basis | Level 1 | Short-term investments
Assets
Short-term investments classified as Cash and Cash Equivalents	419	769	311
Fair value measured on recurring basis | Level 2 | Interest rate swaps
Assets
Interest rate swaps classified as Other Noncurrent Assets	23	10	0
Liabilities
Interest rate swaps classified as Other Current Liabilities	1	3	0
Interest rate swaps classified as Other Noncurrent Liabilities	$ 0	$ 0	$ 10

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Significant Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions	May 04, 2019	Feb. 02, 2019	May 05, 2018
Carrying Amount
Financial Instruments, Balance Sheet Groupings
Long-term debt, including current portion	$ 11,243	$ 10,247	$ 10,442
Fair Value
Financial Instruments, Balance Sheet Groupings
Long-term debt, including current portion	$ 12,015	$ 10,808	$ 10,782

Commercial Paper and Long-Ter_2

Commercial Paper and Long-Term Debt (Details) - USD ($)	3 Months Ended
	May 04, 2019	May 05, 2018
Commercial Paper
Debt Instrument [Line Items]
Maximum amount outstanding during period	$ 744,000,000	$ 658,000,000
Average daily amount outstanding	$ 140,000,000	$ 127,000,000
Weighted average interest rate	2.40%	1.80%
Amount outstanding	$ 0	$ 0
Unsecured Fixed Rate 3.375 Percent Debt, Maturing 2029 | Unsecured Debt
Debt Instrument [Line Items]
Face amount	$ 1,000,000,000
Term of debt	10 years
Interest rate	3.375%
Unsecured Fixed Rate 2.3 Percent Debt, Maturing June 2019 | Unsecured Debt
Debt Instrument [Line Items]
Face amount	$ 1,000,000,000
Interest rate	2.30%

Derivative Financial Instrume_2

Derivative Financial Instruments - Narrative (Details) - Designated as Hedging Instrument - Interest Rate Swaps $ in Millions	1 Months Ended
	Mar. 31, 2019USD ($)	May 04, 2019USD ($)swap	May 05, 2018USD ($)swap
Derivative Contracts - Effect on Results of Operations (millions)
Notional amount of derivatives acquired	$ 1,000
Number of interest rate swaps | swap		7	3
Notional amount		$ 2,500	$ 1,250

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
	May 04, 2019	May 05, 2018
Equity [Abstract]
Total number of shares purchased	3.6	6.9
Average price paid per share (in dollars per share)	$ 76.98	$ 71.24
Total investment	$ 277	$ 494

Share Repurchase - Narrative (D

Share Repurchase - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions	May 05, 2018	May 04, 2019	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Aug. 04, 2018
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired		$ 277,000,000	$ 167,000,000	$ 2,000,000	$ 7,000,000	$ 494,000,000
Share Repurchase Program 2017
Equity, Class of Treasury Stock [Line Items]
Authorized shares for accelerated stock repurchase, low end	$ 225,000,000	275,000,000				225,000,000
Authorized shares for accelerated stock repurchase, high end	425,000,000	400,000,000				425,000,000
Settlement of purchase agreement	425,000,000	400,000,000			$ 200,000,000	$ 425,000,000	$ 200,000,000
Authorized repurchase amount		$ 5,000,000,000
Repurchase of stock (in shares)		3			0.2	2.9	3.1
Stock repurchased and retired	$ 225,000,000	$ 247,000,000				$ 200,000,000
Shares receivable		$ 153,000,000
Prepaid repurchase amount							$ 225,000,000
Price paid per share (in dollars per share)							$ 73.06

Pension Benefits - Schedule of

Pension Benefits - Schedule of Pension Plan Benefits (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended
	May 04, 2019	May 05, 2018
Net Pension Benefits Expense
Service cost benefits earned	$ 23	$ 24
Interest cost on projected benefit obligation	37	37
Expected return on assets	(62)	(62)
Amortization of losses	16	21
Amortization of prior service cost	(3)	(3)
Total	$ 11	$ 17

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) / Income (Details) $ in Millions	3 Months Ended
	May 04, 2019USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 11,297
Ending balance	11,117
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(13)
Other comprehensive income before reclassifications, net of tax	0
Amounts reclassified from AOCI, net of tax	0
Ending balance	(13)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(20)
Other comprehensive income before reclassifications, net of tax	3
Amounts reclassified from AOCI, net of tax	0
Ending balance	(17)
Pension
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(772)
Other comprehensive income before reclassifications, net of tax	0
Amounts reclassified from AOCI, net of tax	10
Ending balance	(762)
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(805)
Other comprehensive income before reclassifications, net of tax	3
Amounts reclassified from AOCI, net of tax	10
Ending balance	$ (792)