Target (TGT) 10-Q 27 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Apr. 30, 2022	May 20, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2022
Document Transition Report	false
Entity File Number	1-6049
Entity Registrant Name	TARGET CORP
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-0215170
Entity Address, Address Line One	1000 Nicollet Mall
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55403
City Area Code	612
Local Phone Number	304-6073
Title of 12(b) Security	Common stock, par value $0.0833 per share
Trading Symbol	TGT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		463,696,413
Entity Central Index Key	0000027419
Amendment Flag	false
Current Fiscal Year End Date	--01-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Revenue	$ 25,170	$ 24,197
Selling, general and administrative expenses	4,762	4,509
Depreciation and amortization (exclusive of depreciation included in cost of sales)	601	598
Operating income	1,346	2,374
Net interest expense	112	108
Net other (income) / expense	(15)	(343)
Earnings before income taxes	1,249	2,609
Provision for income taxes	240	512
Net earnings	$ 1,009	$ 2,097
Basic earnings per share (in dollars per share)	$ 2.17	$ 4.20
Diluted earnings per share (in dollars per share)	$ 2.16	$ 4.17
Weighted average common shares outstanding
Basic (in shares)	464	498.6
Diluted (in shares)	467.8	503.4
Antidilutive shares (in shares)	0	0
Sales
Revenue	$ 24,830	$ 23,879
Cost of sales	18,461	16,716
Other revenue
Revenue	$ 340	$ 318

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Statement of Comprehensive Income [Abstract]
Net earnings	$ 1,009	$ 2,097
Other comprehensive income, net of tax
Pension benefit liabilities	11	22
Cash flow hedges and currency translation adjustment	190	9
Other comprehensive income	201	31
Comprehensive income	$ 1,210	$ 2,128

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Assets
Cash and cash equivalents	$ 1,112	$ 5,911	$ 7,816
Inventory	15,083	13,902	10,539
Other current assets	1,758	1,760	1,576
Total current assets	17,953	21,573	19,931
Property and equipment
Land	6,164	6,164	6,146
Buildings and improvements	33,300	32,985	31,710
Fixtures and equipment	6,459	6,407	5,496
Computer hardware and software	2,588	2,505	2,256
Construction-in-progress	1,444	1,257	973
Accumulated depreciation	(21,285)	(21,137)	(19,777)
Property and equipment, net	28,670	28,181	26,804
Operating lease assets	2,571	2,556	2,362
Other noncurrent assets	1,648	1,501	1,374
Total assets	50,842	53,811	50,471
Liabilities and shareholders’ investment
Accounts payable	14,053	15,478	11,637
Accrued and other current liabilities	5,582	6,098	5,788
Current portion of long-term debt and other borrowings	1,089	171	1,173
Total current liabilities	20,724	21,747	18,598
Long-term debt and other borrowings	13,379	13,549	11,509
Noncurrent operating lease liabilities	2,581	2,493	2,337
Deferred income taxes	1,752	1,566	1,169
Other noncurrent liabilities	1,632	1,629	1,899
Total noncurrent liabilities	19,344	19,237	16,914
Shareholders’ investment
Common stock	39	39	41
Additional paid-in capital	5,592	6,421	6,271
Retained earnings	5,495	6,920	9,372
Accumulated other comprehensive loss	(352)	(553)	(725)
Total shareholders’ investment	10,774	12,827	14,959
Total liabilities and shareholders’ investment	$ 50,842	$ 53,811	$ 50,471

Consolidated Statements of Fi_2

Consolidated Statements of Financial Position (Parenthetical) - $ / shares	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Statement of Financial Position [Abstract]
Common stock, shares authorized (in shares)	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 (in shares)	463,683,711	471,274,073	496,093,160
Common stock, shares outstanding (in shares)	463,683,711	471,274,073	496,093,160
Preferred stock, shares authorized (in shares)	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 (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	Jan. 29, 2022	Jul. 31, 2021	May 01, 2021
Operating activities
Net earnings	$ 1,009	$ 1,544	$ 1,817	$ 2,097
Adjustments to reconcile net earnings to cash (required for) provided by operating activities:
Depreciation and amortization	679			667
Share-based compensation expense	83			79
Deferred income taxes	115			170
Gain on Dermstore sale	0			(335)
Noncash losses / (gains) and other, net	52			(30)
Changes in operating accounts:
Inventory	(1,181)			114
Other assets	(86)			(5)
Accounts payable	(1,560)			(1,205)
Accrued and other liabilities	(505)			(413)
Cash (required for) provided by operating activities	(1,394)			1,139
Investing activities
Expenditures for property and equipment	(952)			(540)
Proceeds from disposal of property and equipment	2			12
Proceeds from Dermstore sale	0			356
Other investments	2			7
Cash required for investing activities	(948)			(165)
Financing activities
Change in commercial paper, net	945			0
Reductions of long-term debt	(48)			(21)
Dividends paid	(424)			(340)
Repurchase of stock	(181)			(1,310)
Accelerated share repurchase pending final settlement	(2,750)			0
Stock option exercises	1			2
Cash required for financing activities	(2,457)			(1,669)
Net decrease in cash and cash equivalents	(4,799)			(695)
Cash and cash equivalents at beginning of period	5,911		$ 7,816	8,511
Cash and cash equivalents at end of period	1,112	$ 5,911		7,816
Supplemental information
Leased assets obtained in exchange for new finance lease liabilities	62			69
Leased assets obtained in exchange for new operating lease liabilities	$ 59			$ 189

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Investment - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	Jan. 29, 2022	Oct. 30, 2021	Jul. 31, 2021	May 01, 2021
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	471,274,073			496,093,160
Beginning balance	$ 12,827	$ 13,803	$ 14,860	$ 14,959	$ 14,440
Net earnings	1,009	1,544	1,488	1,817	2,097
Other comprehensive income	201	134	26	12	31
Dividends declared	$ (426)	(428)	(439)	(445)	$ (343)
Repurchase of stock (in shares)	(100,000)				(6,100,000)
Repurchase of stock	$ (10)	(2,266)	(2,181)	(1,544)	$ (1,208)
Stock options and awards	(77)	$ 40	49	61	$ (58)
Accelerated share repurchase pending final settlement	$ (2,750)
Ending balance (in shares)	463,683,711	471,274,073			496,093,160
Ending balance	$ 10,774	$ 12,827	$ 13,803	$ 14,860	$ 14,959
Common Stock
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	471,300,000	480,900,000	489,700,000	496,100,000	500,900,000
Beginning balance	$ 39	$ 40	$ 41	$ 41	$ 42
Repurchase of stock (in shares)	(100,000)	(9,800,000)	(8,800,000)	(6,600,000)	(6,100,000)
Repurchase of stock		$ (1)	$ (1)		$ (1)
Stock options and awards (in shares)	1,400,000	200,000		200,000	1,300,000
Stock options and awards	$ 1
Accelerated share repurchase pending final settlement (in shares)	(8,900,000)
Accelerated share repurchase pending final settlement	$ (1)
Ending balance (in shares)	463,700,000	471,300,000	480,900,000	489,700,000	496,100,000
Ending balance	$ 39	$ 39	$ 40	$ 41	$ 41
Additional Paid-in Capital
Increase (Decrease) in Shareholders' Investment
Beginning balance	6,421	6,381	6,332	6,271	6,329
Stock options and awards	(78)	40	49	61	(58)
Accelerated share repurchase pending final settlement	(751)
Ending balance	5,592	6,421	6,381	6,332	6,271
Retained Earnings
Increase (Decrease) in Shareholders' Investment
Beginning balance	6,920	8,069	9,200	9,372	8,825
Net earnings	1,009	1,544	1,488	1,817	2,097
Dividends declared	(426)	(428)	(439)	(445)	(343)
Repurchase of stock	(10)	(2,265)	(2,180)	(1,544)	(1,207)
Accelerated share repurchase pending final settlement	(1,998)
Ending balance	5,495	6,920	8,069	9,200	9,372
Accumulated Other Comprehensive (Loss)/Income
Increase (Decrease) in Shareholders' Investment
Beginning balance	(553)	(687)	(713)	(725)	(756)
Other comprehensive income	201	134	26	12	31
Ending balance	$ (352)	$ (553)	$ (687)	$ (713)	$ (725)

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Investment (Parenthetical) - $ / shares	3 Months Ended		12 Months Ended
	Apr. 30, 2022	May 01, 2021	Jan. 29, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.90	$ 0.68	$ 3.38

Accounting Policies

Accounting Policies	3 Months Ended
	Apr. 30, 2022
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 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 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 2021 Form 10-K. We use the same accounting policies in preparing quarterly and annual financial statements. We operate as a single segment that is 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.

Dermstore Sale

Dermstore Sale	3 Months Ended
	Apr. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Dermstore Sale	Dermstore SaleIn February 2021, we sold our wholly owned subsidiary Dermstore LLC (Dermstore) for $356 million in cash and recognized a $335 million pretax gain, which is included in Net Other (Income) / Expense. Dermstore represented less than 1 percent of our consolidated revenues, operating income and net assets.

Revenues

Revenues	3 Months Ended
	Apr. 30, 2022
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) April 30, 2022 May 1, 2021 Apparel and accessories (a) $ 4,239 $ 4,269 Beauty and household essentials (b) 7,053 6,364 Food and beverage (c) 5,505 4,856 Hardlines (d) 3,713 3,946 Home furnishings and décor (e) 4,271 4,410 Other 49 34 Sales 24,830 23,879 Credit card profit sharing 185 171 Other 155 147 Other revenue 340 318 Total revenue $ 25,170 $ 24,197 (a) Includes apparel for women, men, boys, girls, toddlers, infants and newborns, as well as jewelry, accessories, and shoes. (b) Includes beauty and personal care, baby gear, cleaning, paper products, and pet supplies. (c) Includes dry grocery, dairy, frozen food, beverages, candy, snacks, deli, bakery, meat, produce, and food service in our stores. (d) Includes electronics (including video game hardware and software), toys, entertainment, sporting goods, and luggage. (e) Includes furniture, lighting, storage, kitchenware, small appliances, home décor, bed and bath, home improvement, school/office supplies, greeting cards and party supplies, and other seasonal merchandise. Merchandise sales — 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 April 30, 2022, January 29, 2022, and May 1, 2021, the accrual for estimated returns was $204 million, $165 million, and $196 million, respectively. Revenue from Target gift card sales is recognized upon gift card redemption, which is typically within one year of issuance. Gift Card Liability Activity January 29, Gift Cards Issued During Current Period But Not Redeemed (b) Revenue Recognized From Beginning Liability April 30, (millions) Gift card liability (a) $ 1,202 $ 276 $ (465) $ 1,013 (a) Included in Accrued and Other Current Liabilities. (b) 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. Other — Includes advertising, Shipt membership and service revenues, commissions earned on third-party sales through Target.com, rental income, and other miscellaneous revenues.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value measurements are reported in one of three levels reflecting the significant inputs used to determine fair value. Financial Instruments Measured On a Recurring Basis Fair Value (millions) Classification Measurement Level April 30, 2022 January 29, 2022 May 1, 2021 Assets Short-term investments Cash and Cash Equivalents Level 1 $ 182 $ 4,985 $ 6,895 Prepaid forward contracts Other Current Assets Level 1 37 35 37 Interest rate swaps Other Current Assets Level 2 41 17 — Interest rate swaps Other Noncurrent Assets Level 2 292 135 149 Liabilities Interest rate swaps Other Noncurrent Liabilities Level 2 27 — — Significant Financial Instruments Not Measured at Fair Value (a) (millions) April 30, 2022 January 29, 2022 May 1, 2021 Carrying Fair Carrying Fair Carrying Fair Long-term debt, including current portion (b) $ 11,549 $ 11,466 $ 11,568 $ 12,808 $ 10,646 $ 12,335 (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.

Property and Equipment

Property and Equipment	3 Months Ended
	Apr. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and EquipmentWe review long-lived assets for impairment when store performance expectations, events, or changes in circumstances—such as a decision to relocate or close a store, office, or distribution center, discontinue a project, or make significant software changes—indicate that the asset’s carrying value may not be recoverable. We recognized impairment charges of $23 million and $41 million during the three months ended April 30, 2022, and May 1, 2021, respectively. These impairment charges are included in Selling, General and Administrative Expenses (SG&A).

Commercial Paper and Long-Term

Commercial Paper and Long-Term Debt	3 Months Ended
	Apr. 30, 2022
Debt Disclosure [Abstract]
Commercial Paper and Long-Term Debt	Commercial Paper and Long-Term Debt We obtain short-term financing from time to time under our commercial paper program. For the three months ended April 30, 2022 , the maximum amount outstanding was $1.1 billion, and the average daily amount outstanding was $291 million, at a weighted average annual interest rate of 0.4 percent. As of April 30, 2022, $945 million was outstanding and is classified within Current Portion of Long-Term Debt and Other Borrowings on our Consolidated Statement of Financial Position. No balances were outstanding at any time during the three months ended May 1, 2021.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Apr. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Our derivative instruments consist of interest rate swaps used to mitigate interest rate risk. As a result, we have counterparty credit exposure to large global financial institutions, which we monitor on an ongoing basis. Note 4 to the Consolidated Financial Statements provides the fair value and classification of these instruments. As of April 30, 2022, January 29, 2022, and May 1, 2021, we were party to interest rate swaps with notional amounts totaling $1.5 billion. We pay a floating rate and receive a fixed rate under each of these agreements. All of the agreements are designated as fair value hedges, and all were considered to be perfectly effective under the shortcut method during the three months ended April 30, 2022, and May 1, 2021. We were party to forward-starting interest rate swaps with notional amounts totaling $2.15 billion as of April 30, 2022, and January 29, 2022, and $250 million as of May 1, 2021. We use these derivative financial instruments, which have been designated as cash flow hedges, to hedge the interest rate exposure of anticipated future debt issuances during the next three years. Based on the fair value of these swaps as of April 30, 2022, Accumulated Other Comprehensive Loss (AOCI) included an unrealized gain of $333 million. Any unrealized gain or loss at the time of debt issuance will be reclassified and reduce Net Interest Expense as we record interest expense on the associated debt. Effect of Hedges on Debt (millions) April 30, 2022 January 29, 2022 May 1, 2021 Long-term debt and other borrowings Carrying amount of hedged debt $ 1,468 $ 1,572 $ 1,627 Cumulative hedging adjustments, included in carrying amount (27) 77 132 Effect of Hedges on Net Interest Expense Three Months Ended (millions) April 30, 2022 May 1, 2021 Gain (loss) on fair value hedges recognized in Net Interest Expense Interest rate swap designated as fair value hedges $ (104) $ (51) Hedged debt 104 51 Total $ — $ —

Share Repurchase

Share Repurchase	3 Months Ended
	Apr. 30, 2022
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. Share Repurchase Activity Three Months Ended (millions, except per share data) April 30, 2022 May 1, 2021 Number of shares purchased 0.1 6.1 Average price paid per share $ 208.60 $ 190.77 Total investment $ 10 $ 1,165 Note: This table excludes activity related to the ASR arrangements described below because final settlement had not occurred as of April 30, 2022. During the first quarter of 2022, we entered into an ASR arrangement to repurchase up to $2.75 billion of our common stock. Under the agreement, we paid $2.75 billion and received an initial delivery of 8.9 million shares, which were retired, resulting in a $2 billion reduction to Retained Earnings. As of April 30, 2022, $751 million is included in the Consolidated Statement of Financial Position as a reduction to Additional Paid-in Capital.

Pension Benefits

Pension Benefits	3 Months Ended
	Apr. 30, 2022
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 April 30, 2022 May 1, 2021 Service cost benefits earned SG&A $ 23 $ 24 Interest cost on projected benefit obligation Net Other (Income) / Expense 29 24 Expected return on assets Net Other (Income) / Expense (59) (59) Amortization of losses Net Other (Income) / Expense 15 29 Total $ 8 $ 18

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Apr. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Change in Accumulated Other Comprehensive Income (Loss) Cash Flow Currency Translation Adjustment Pension Total (millions) January 29, 2022 $ 49 $ (19) $ (583) $ (553) Other comprehensive income (loss) before reclassifications, net of tax 190 — — 190 Amounts reclassified from AOCI, net of tax — — 11 11 April 30, 2022 $ 239 $ (19) $ (572) $ (352)

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Apr. 30, 2022
Accounting Policies [Abstract]
Revenues	Merchandise sales — 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. 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. Other — Includes advertising, Shipt membership and service revenues, commissions earned on third-party sales through Target.com, rental income, and other miscellaneous revenues.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Apr. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Revenue	Revenues Three Months Ended (millions) April 30, 2022 May 1, 2021 Apparel and accessories (a) $ 4,239 $ 4,269 Beauty and household essentials (b) 7,053 6,364 Food and beverage (c) 5,505 4,856 Hardlines (d) 3,713 3,946 Home furnishings and décor (e) 4,271 4,410 Other 49 34 Sales 24,830 23,879 Credit card profit sharing 185 171 Other 155 147 Other revenue 340 318 Total revenue $ 25,170 $ 24,197 (a) Includes apparel for women, men, boys, girls, toddlers, infants and newborns, as well as jewelry, accessories, and shoes. (b) Includes beauty and personal care, baby gear, cleaning, paper products, and pet supplies. (c) Includes dry grocery, dairy, frozen food, beverages, candy, snacks, deli, bakery, meat, produce, and food service in our stores. (d) Includes electronics (including video game hardware and software), toys, entertainment, sporting goods, and luggage. (e) Includes furniture, lighting, storage, kitchenware, small appliances, home décor, bed and bath, home improvement, school/office supplies, greeting cards and party supplies, and other seasonal merchandise.
Schedule of Gift Card Liability	Gift Card Liability Activity January 29, Gift Cards Issued During Current Period But Not Redeemed (b) Revenue Recognized From Beginning Liability April 30, (millions) Gift card liability (a) $ 1,202 $ 276 $ (465) $ 1,013 (a) Included in Accrued and Other Current Liabilities. (b) Net of estimated breakage.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured On a Recurring Basis	Fair value measurements are reported in one of three levels reflecting the significant inputs used to determine fair value. Financial Instruments Measured On a Recurring Basis Fair Value (millions) Classification Measurement Level April 30, 2022 January 29, 2022 May 1, 2021 Assets Short-term investments Cash and Cash Equivalents Level 1 $ 182 $ 4,985 $ 6,895 Prepaid forward contracts Other Current Assets Level 1 37 35 37 Interest rate swaps Other Current Assets Level 2 41 17 — Interest rate swaps Other Noncurrent Assets Level 2 292 135 149 Liabilities Interest rate swaps Other Noncurrent Liabilities Level 2 27 — —
Schedule of Significant Financial Instruments Not Measured at Fair Value	Significant Financial Instruments Not Measured at Fair Value (a) (millions) April 30, 2022 January 29, 2022 May 1, 2021 Carrying Fair Carrying Fair Carrying Fair Long-term debt, including current portion (b) $ 11,549 $ 11,466 $ 11,568 $ 12,808 $ 10,646 $ 12,335 (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.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Apr. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Effect of Hedges on Debt and Net Interest Expense	Effect of Hedges on Debt (millions) April 30, 2022 January 29, 2022 May 1, 2021 Long-term debt and other borrowings Carrying amount of hedged debt $ 1,468 $ 1,572 $ 1,627 Cumulative hedging adjustments, included in carrying amount (27) 77 132 Effect of Hedges on Net Interest Expense Three Months Ended (millions) April 30, 2022 May 1, 2021 Gain (loss) on fair value hedges recognized in Net Interest Expense Interest rate swap designated as fair value hedges $ (104) $ (51) Hedged debt 104 51 Total $ — $ —

Share Repurchase (Tables)

Share Repurchase (Tables)	3 Months Ended
	Apr. 30, 2022
Equity [Abstract]
Schedule of Share Repurchase Activity (excluding ASR)	Share Repurchase Activity Three Months Ended (millions, except per share data) April 30, 2022 May 1, 2021 Number of shares purchased 0.1 6.1 Average price paid per share $ 208.60 $ 190.77 Total investment $ 10 $ 1,165 Note: This table excludes activity related to the ASR arrangements described below because final settlement had not occurred as of April 30, 2022.

Pension Benefits (Tables)

Pension Benefits (Tables)	3 Months Ended
	Apr. 30, 2022
Retirement Benefits [Abstract]
Schedule of Pension Plan Benefits	Net Pension Benefits Expense Three Months Ended (millions) Classification April 30, 2022 May 1, 2021 Service cost benefits earned SG&A $ 23 $ 24 Interest cost on projected benefit obligation Net Other (Income) / Expense 29 24 Expected return on assets Net Other (Income) / Expense (59) (59) Amortization of losses Net Other (Income) / Expense 15 29 Total $ 8 $ 18

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Apr. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Summary of the Changes in Accumulated Other Comprehensive Loss	Change in Accumulated Other Comprehensive Income (Loss) Cash Flow Currency Translation Adjustment Pension Total (millions) January 29, 2022 $ 49 $ (19) $ (583) $ (553) Other comprehensive income (loss) before reclassifications, net of tax 190 — — 190 Amounts reclassified from AOCI, net of tax — — 11 11 April 30, 2022 $ 239 $ (19) $ (572) $ (352)

Dermstore Sale (Details)

Dermstore Sale (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2021	Apr. 30, 2022	May 01, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Dermstore sale		$ 0	$ 356
Gain on Dermstore sale		$ 0	$ 335
Dermstore | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Dermstore sale	$ 356
Gain on Dermstore sale	$ 335

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 25,170	$ 24,197
Apparel and accessories
Disaggregation of Revenue [Line Items]
Revenue	4,239	4,269
Beauty and household essentials
Disaggregation of Revenue [Line Items]
Revenue	7,053	6,364
Food and beverage
Disaggregation of Revenue [Line Items]
Revenue	5,505	4,856
Hardlines
Disaggregation of Revenue [Line Items]
Revenue	3,713	3,946
Home furnishings and decor
Disaggregation of Revenue [Line Items]
Revenue	4,271	4,410
Other
Disaggregation of Revenue [Line Items]
Revenue	49	34
Sales
Disaggregation of Revenue [Line Items]
Revenue	24,830	23,879
Credit card profit sharing
Disaggregation of Revenue [Line Items]
Revenue	185	171
Other
Disaggregation of Revenue [Line Items]
Revenue	155	147
Other revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 340	$ 318

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Revenue from Contract with Customer [Abstract]
Accrual for estimated returns	$ 204	$ 165	$ 196

Revenues - Gift Card Liability

Revenues - Gift Card Liability (Details) $ in Millions	3 Months Ended
	Apr. 30, 2022USD ($)
Change in Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 1,202
Gift Cards Issued During Current Period But Not Redeemed	276
Revenue Recognized From Beginning Liability	(465)
Ending balance	$ 1,013

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Assets
Prepaid forward contracts and interest rate swaps classified as Other Current Assets	$ 1,758	$ 1,760	$ 1,576
Interest rate swaps classified as Other Noncurrent Assets	1,648	1,501	1,374
Liabilities
Interest rate swaps classified as Other Noncurrent Liabilities	1,632	1,629	1,899
Fair value measured on recurring basis | Level 1 | Prepaid forward contracts
Assets
Prepaid forward contracts and interest rate swaps classified as Other Current Assets	37	35	37
Fair value measured on recurring basis | Level 1 | Short-term investments
Assets
Short-term investments classified as Cash and Cash Equivalents	182	4,985	6,895
Fair value measured on recurring basis | Level 2 | Interest rate swaps
Assets
Prepaid forward contracts and interest rate swaps classified as Other Current Assets	41	17	0
Interest rate swaps classified as Other Noncurrent Assets	292	135	149
Liabilities
Interest rate swaps classified as Other Noncurrent Liabilities	$ 27	$ 0	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Significant Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Carrying Amount
Financial Instruments, Balance Sheet Groupings
Long-term debt, including current portion	$ 11,549	$ 11,568	$ 10,646
Fair Value
Financial Instruments, Balance Sheet Groupings
Long-term debt, including current portion	$ 11,466	$ 12,808	$ 12,335

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Property, Plant and Equipment [Abstract]
Impairment charges	$ 23	$ 41

Commercial Paper and Long-Ter_2

Commercial Paper and Long-Term Debt (Details) - Commercial Paper - USD ($)	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Debt Instrument [Line Items]
Maximum amount outstanding during period	$ 1,100,000,000
Average daily amount outstanding	291,000,000
Long-term debt, current maturity	$ 945,000,000	$ 0
Weighted average interest rate	0.40%

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Interest Rate Swaps
Derivative Contracts - Effect on Results of Operations (millions)
Notional amount	$ 1,500	$ 1,500	$ 1,500
Forward-Starting Interest Rate Swap
Derivative Contracts - Effect on Results of Operations (millions)
Notional amount	2,150	$ 2,150	$ 250
Loss to be reclassified	$ 333

Derivative Financial Instrume_4

Derivative Financial Instruments - Effect of Hedges on Debt (Details) - Long-term debt and other borrowings - USD ($) $ in Millions	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amount of hedged debt	$ 1,468	$ 1,572	$ 1,627
Cumulative hedging adjustments, included in carrying amount	$ (27)	$ 77	$ 132

Derivative Financial Instrume_5

Derivative Financial Instruments - Effect of Hedges on Net Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Gain (loss) on fair value hedges recognized in Net Interest Expense
Interest rate swap designated as fair value hedges	$ (104)	$ (51)
Hedged debt	104	51
Total	$ 0	$ 0

Share Repurchase - Schedule of

Share Repurchase - Schedule of Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Equity [Abstract]
Number of shares purchased (in shares)	0.1	6.1
Average price paid per share (in dollars per share)	$ 208.60	$ 190.77
Total investment	$ 10	$ 1,165

Share Repurchase - Narrative (D

Share Repurchase - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Apr. 30, 2022	Jan. 29, 2022	Oct. 30, 2021	Jul. 31, 2021	May 01, 2021
Equity, Class of Treasury Stock [Line Items]
Number of shares purchased (in shares)	0.1				6.1
Stock repurchased and retired	$ 10	$ 2,266	$ 2,181	$ 1,544	$ 1,208
Share Repurchase Program 2022
Equity, Class of Treasury Stock [Line Items]
Authorized shares for accelerated stock repurchase, high end	2,750
Settlement (payment) of purchase agreement	$ 2,750
Number of shares purchased (in shares)	8.9
Shares receivable	$ 751
Retained Earnings
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired	10	$ 2,265	$ 2,180	$ 1,544	$ 1,207
Retained Earnings | Share Repurchase Program 2022
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired	$ 2,000

Pension Benefits (Details)

Pension Benefits (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Net Pension Benefits Expense
Service cost benefits earned	$ 23	$ 24
Interest cost on projected benefit obligation	29	24
Expected return on assets	(59)	(59)
Amortization of losses	15	29
Total	$ 8	$ 18

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) $ in Millions	3 Months Ended
	Apr. 30, 2022USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 12,827
Other comprehensive income (loss) before reclassifications, net of tax	190
Amounts reclassified from AOCI, net of tax	11
Ending balance	10,774
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	49
Other comprehensive income (loss) before reclassifications, net of tax	190
Amounts reclassified from AOCI, net of tax	0
Ending balance	239
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(19)
Other comprehensive income (loss) before reclassifications, net of tax	0
Amounts reclassified from AOCI, net of tax	0
Ending balance	(19)
Pension
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(583)
Other comprehensive income (loss) before reclassifications, net of tax	0
Amounts reclassified from AOCI, net of tax	11
Ending balance	(572)
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(553)
Ending balance	$ (352)