Target (TGT) 10-Q 25 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jul. 29, 2023	Aug. 18, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 29, 2023
Document Transition Report	false
Entity File Number	1-6049
Entity Registrant Name	TARGET CORPORATION
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		461,605,464
Entity Central Index Key	0000027419
Amendment Flag	false
Current Fiscal Year End Date	--02-03
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Revenue	$ 24,773	$ 26,037	$ 50,095	$ 51,207
Cost of sales	17,798	20,142	36,184	38,603
Selling, general and administrative expenses	5,184	5,002	10,209	9,764
Depreciation and amortization (exclusive of depreciation included in cost of sales)	594	572	1,177	1,173
Operating income	1,197	321	2,525	1,667
Net interest expense	141	112	288	224
Net other income	(16)	(8)	(39)	(23)
Earnings before income taxes	1,072	217	2,276	1,466
Provision for income taxes	237	34	491	274
Net earnings	$ 835	$ 183	$ 1,785	$ 1,192
Basic earnings per share (in dollars per share)	$ 1.81	$ 0.40	$ 3.87	$ 2.57
Diluted earnings per share (in dollars per share)	$ 1.80	$ 0.39	$ 3.86	$ 2.55
Weighted average common shares outstanding
Basic (in shares)	461.6	461.5	461.3	463.8
Diluted (in shares)	462.5	463.6	462.7	466.8
Antidilutive shares (in shares)	2.9	1.3	2.4	1
Sales
Revenue	$ 24,384	$ 25,653	$ 49,332	$ 50,483
Other revenue
Revenue	$ 389	$ 384	$ 763	$ 724

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 835	$ 183	$ 1,785	$ 1,192
Other comprehensive income, net of tax
Pension benefit liabilities	1	11	3	22
Cash flow hedges and currency translation adjustment	(4)	(28)	(9)	162
Other comprehensive income (loss)	(3)	(17)	(6)	184
Comprehensive income	$ 832	$ 166	$ 1,779	$ 1,376

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Millions	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Assets
Cash and cash equivalents	$ 1,617	$ 2,229	$ 1,117
Inventory	12,684	13,499	15,320
Other current assets	1,797	2,118	2,016
Total current assets	16,098	17,846	18,453
Property and equipment
Land	6,504	6,231	6,161
Buildings and improvements	35,889	34,746	33,694
Fixtures and equipment	7,936	7,439	6,744
Computer hardware and software	3,178	3,039	2,684
Construction-in-progress	2,641	2,688	2,245
Accumulated depreciation	(23,201)	(22,631)	(21,708)
Property and equipment, net	32,947	31,512	29,820
Operating lease assets	2,840	2,657	2,542
Other noncurrent assets	1,321	1,320	1,655
Total assets	53,206	53,335	52,470
Liabilities and shareholders’ investment
Accounts payable	12,278	13,487	14,891
Accrued and other current liabilities	5,948	5,883	5,905
Current portion of long-term debt and other borrowings	1,106	130	1,649
Total current liabilities	19,332	19,500	22,445
Long-term debt and other borrowings	14,926	16,009	13,453
Noncurrent operating lease liabilities	2,798	2,638	2,543
Deferred income taxes	2,334	2,196	1,862
Other noncurrent liabilities	1,826	1,760	1,575
Total noncurrent liabilities	21,884	22,603	19,433
Shareholders’ investment
Common stock	38	38	38
Additional paid-in capital	6,610	6,608	6,502
Retained earnings	5,767	5,005	4,421
Accumulated other comprehensive loss	(425)	(419)	(369)
Total shareholders’ investment	11,990	11,232	10,592
Total liabilities and shareholders’ investment	$ 53,206	$ 53,335	$ 52,470

Consolidated Statements of Fi_2

Consolidated Statements of Financial Position (Parenthetical) - $ / shares	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
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)	461,600,640	460,346,947	460,236,393
Common stock, shares outstanding (in shares)	461,600,640	460,346,947	460,236,393
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	6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Operating activities
Net earnings	$ 1,785	$ 1,192
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization	1,350	1,329
Share-based compensation expense	107	122
Deferred income taxes	141	227
Noncash losses / (gains) and other, net	11	108
Changes in operating accounts:
Inventory	815	(1,418)
Other assets	62	(179)
Accounts payable	(1,137)	(784)
Accrued and other liabilities	264	(644)
Cash provided by (required for) operating activities	3,398	(47)
Investing activities
Expenditures for property and equipment	(2,825)	(2,523)
Proceeds from disposal of property and equipment	6	4
Other investments	(2)	1
Cash required for investing activities	(2,821)	(2,518)
Financing activities
Change in commercial paper, net	0	1,545
Reductions of long-term debt	(72)	(113)
Dividends paid	(996)	(842)
Repurchase of stock	0	(2,646)
Shares withheld for taxes on share-based compensation	(121)	(175)
Stock option exercises	0	2
Cash required for financing activities	(1,189)	(2,229)
Net decrease in cash and cash equivalents	(612)	(4,794)
Cash and cash equivalents at beginning of period	2,229	5,911
Cash and cash equivalents at end of period	1,617	1,117
Supplemental information
Leased assets obtained in exchange for new finance lease liabilities	20	107
Leased assets obtained in exchange for new operating lease liabilities	$ 337	$ 97

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Investment - USD ($) $ in Millions	3 Months Ended						6 Months Ended
	Jul. 29, 2023	Apr. 29, 2023	Jan. 28, 2023	Oct. 29, 2022	Jul. 30, 2022	Apr. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)		460,346,947		460,236,393			460,346,947
Beginning balance	$ 11,605	$ 11,232	$ 11,019	$ 10,592	$ 10,774	$ 12,827	$ 11,232	$ 12,827
Net earnings	835	950	876	712	183	1,009	1,785	1,192
Other comprehensive income (loss)	(3)	(3)	(211)	161	(17)	201	$ (6)	$ 184
Dividends declared	$ (516)	(507)	(502)	(502)	$ (502)	(426)
Repurchase of stock (in shares)	0				(12,500,000)		0	(12,500,000)
Repurchase of stock					$ 114	(10)
Accelerated share repurchase pending final settlement (in shares)							0
Accelerated share repurchase pending final settlement						(2,750)
Stock options and awards	$ 69	(67)	$ 50	56	$ 40	(77)
Ending balance (in shares)	461,600,640		460,346,947		460,236,393		461,600,640	460,236,393
Ending balance	$ 11,990	$ 11,605	$ 11,232	$ 11,019	$ 10,592	$ 10,774	$ 11,990	$ 10,592
Common Stock
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	461,600,000	460,300,000	460,300,000	460,200,000	463,700,000	471,300,000	460,300,000	471,300,000
Beginning balance	$ 38	$ 38	$ 38	$ 38	$ 39	$ 39	$ 38	$ 39
Repurchase of stock (in shares)					(3,600,000)	(100,000)
Repurchase of stock					$ (1)
Accelerated share repurchase pending final settlement (in shares)						(8,900,000)
Accelerated share repurchase pending final settlement						$ (1)
Stock options and awards (in shares)		1,300,000		100,000	100,000	1,400,000
Stock options and awards						$ 1
Ending balance (in shares)	461,600,000	461,600,000	460,300,000	460,300,000	460,200,000	463,700,000	461,600,000	460,200,000
Ending balance	$ 38	$ 38	$ 38	$ 38	$ 38	$ 39	$ 38	$ 38
Additional Paid-in Capital
Increase (Decrease) in Shareholders' Investment
Beginning balance	6,541	6,608	6,558	6,502	5,592	6,421	6,608	6,421
Repurchase of stock					870
Accelerated share repurchase pending final settlement						(751)
Stock options and awards	69	(67)	50	56	40	(78)
Ending balance	6,610	6,541	6,608	6,558	6,502	5,592	6,610	6,502
Retained Earnings
Increase (Decrease) in Shareholders' Investment
Beginning balance	5,448	5,005	4,631	4,421	5,495	6,920	5,005	6,920
Net earnings	835	950	876	712	183	1,009
Dividends declared	(516)	(507)	(502)	(502)	(502)	(426)
Repurchase of stock					(755)	(10)
Accelerated share repurchase pending final settlement						(1,998)
Ending balance	5,767	5,448	5,005	4,631	4,421	5,495	5,767	4,421
Accumulated Other Comprehensive (Loss)/Income
Increase (Decrease) in Shareholders' Investment
Beginning balance	(422)	(419)	(208)	(369)	(352)	(553)	(419)	(553)
Other comprehensive income (loss)	(3)	(3)	(211)	161	(17)	201
Ending balance	$ (425)	$ (422)	$ (419)	$ (208)	$ (369)	$ (352)	$ (425)	$ (369)

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Investment (Parenthetical) - $ / shares	3 Months Ended		12 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jan. 28, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 1.10	$ 1.08	$ 4.14

Accounting Policies

Accounting Policies	6 Months Ended
	Jul. 29, 2023
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 most recent 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.

Revenue

Revenue	6 Months Ended
	Jul. 29, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue 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). Revenue Three Months Ended Six Months Ended (millions) July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Apparel & accessories (a) $ 4,101 $ 4,617 $ 8,068 $ 8,856 Beauty & household essentials (b) 7,513 7,208 15,195 14,261 Food & beverage (c) 5,392 5,268 11,389 10,773 Hardlines (d) 3,383 3,866 6,774 7,579 Home furnishings & décor (e) 3,955 4,647 7,810 8,918 Other 40 47 96 96 Sales 24,384 25,653 49,332 50,483 Credit card profit sharing 169 181 343 366 Other 220 203 420 358 Other revenue 389 384 763 724 Total revenue $ 24,773 $ 26,037 $ 50,095 $ 51,207 (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 July 29, 2023, January 28, 2023, and July 30, 2022, the accrual for estimated returns was $177 million, $174 million, and $175 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 28, Gift Cards Issued During Current Period But Not Redeemed (b) Revenue Recognized From Beginning Liability July 29, (millions) Gift card liability (a) $ 1,240 $ 399 $ (679) $ 960 (a) Included in Accrued and Other Current Liabilities. (b) Net of estimated breakage. Other Revenue 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 revenue, 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	6 Months Ended
	Jul. 29, 2023
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 July 29, 2023 January 28, 2023 July 30, 2022 Assets Short-term investments Cash and Cash Equivalents Level 1 $ 739 $ 1,343 $ 189 Prepaid forward contracts Other Current Assets Level 1 23 27 26 Interest rate swaps Other Current Assets Level 2 — — 34 Interest rate swaps Other Noncurrent Assets Level 2 — 7 290 Liabilities Interest rate swaps Other Current Liabilities Level 2 6 — — Interest rate swaps Other Noncurrent Liabilities Level 2 130 81 6 Significant Financial Instruments Not Measured at Fair Value (a) (millions) July 29, 2023 January 28, 2023 July 30, 2022 Carrying Fair Carrying Fair Carrying Fair Long-term debt, including current portion (b) $ 14,147 $ 13,344 $ 14,141 $ 13,688 $ 11,511 $ 11,529 (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, fair value hedge adjustments, and lease liabilities.

Supplier Finance Programs

Supplier Finance Programs	6 Months Ended
	Jul. 29, 2023
Payables and Accruals [Abstract]
Supplier Finance Programs	Supplier Finance Programs We have arrangements with several financial institutions to act as our paying agents to certain vendors. The arrangements also permit the financial institutions to provide vendors with an option, at our vendors' sole discretion, to sell their receivables from Target to the financial institutions. A vendor’s election to receive early payment at a discounted amount from the financial institutions does not change the amount that we must remit to the financial institutions or our payment date, which is up to 120 days from the invoice date. We do not pay any fees or pledge any security to these financial institutions under these arrangements. The arrangements can be terminated by either party with notice ranging up to 120 days.

Property and Equipment

Property and Equipment	6 Months Ended
	Jul. 29, 2023
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 $33 million for the three and six months ended July 29, 2023. We recognized impairment charges of $27 million and $50 million for the three and six months ended July 30, 2022, 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	6 Months Ended
	Jul. 29, 2023
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 six months ended July 29, 2023 and July 30, 2022, the maximum amounts outstanding were $90 million and $1.5 billion, respectively, and the average daily amounts outstanding were $2 million and $538 million, respectively, at a weighted average annual interest rate of 4.9 percent and 1.1 percent, respectively. No balances were outstanding as of July 29, 2023. As of July 30, 2022, $1.5 billion was outstanding and is classified within Current Portion of Long-Term Debt and Other Borrowings on our Consolidated Statements of Financial Position.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jul. 29, 2023
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 3 to the Consolidated Financial Statements provides the fair value and classification of these instruments. We were party to interest rate swaps with notional amounts totaling $2.45 billion as of July 29, 2023 and January 28, 2023, and $2.25 billion as of July 30, 2022. 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 and six months ended July 29, 2023 and July 30, 2022. During 2023, we amended interest rate swaps with notional amounts totaling $1.5 billion to replace the London Interbank Offered Rate (LIBOR) with the daily Secured Overnight Financing Rate (SOFR) as part of our planned reference rate reform activities. These amendments did not result in any change to our application of hedge accounting or any impact to our consolidated financial statements. We were party to forward-starting interest rate swaps with notional amounts totaling $2.15 billion as of July 30, 2022. During 2022, we terminated all remaining forward-starting interest rate swap agreements. The resulting gains upon termination were recorded in Accumulated Other Comprehensive Loss and will be recognized as a reduction to Net Interest Expense over the respective term of the debt. Effect of Hedges on Debt (millions) July 29, 2023 January 28, 2023 July 30, 2022 Long-term debt and other borrowings Carrying amount of hedged debt $ 2,305 $ 2,366 $ 2,263 Cumulative hedging adjustments, included in carrying amount (136) (74) 22 Effect of Hedges on Net Interest Expense Three Months Ended Six Months Ended (millions) July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Gain (loss) on fair value hedges recognized in Net Interest Expense Interest rate swaps designated as fair value hedges $ (71) $ 49 $ (62) $ (55) Hedged debt 71 (49) 62 55 Gain on cash flow hedges recognized in Net Interest Expense 6 — 12 — Total $ 6 $ — $ 12 $ —

Share Repurchase

Share Repurchase	6 Months Ended
	Jul. 29, 2023
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. We did not repurchase any of our shares during the six months ended July 29, 2023. Share Repurchase Activity Three Months Ended Six Months Ended (millions, except per share data) July 29, 2023 July 30, 2022 (a) July 29, 2023 July 30, 2022 (a) Number of shares purchased — 12.5 — 12.5 Average price paid per share $ — $ 211.58 $ — $ 211.57 Total investment $ — $ 2,636 $ — $ 2,646 (a) Includes activity related to the ASR arrangement that we entered into during the first quarter of 2022 because final settlement occurred in the second quarter of 2022. Under the ASR arrangement, we repurchased 12.5 million shares for a total cash investment of $2.6 billion. We did not enter into an ASR arrangement during any other periods presented.

Pension Benefits

Pension Benefits	6 Months Ended
	Jul. 29, 2023
Retirement Benefits [Abstract]
Pension Benefits	Pension Benefits We provide pension plan benefits to eligible team members. Net Pension Benefits Expense Three Months Ended Six Months Ended (millions) Classification July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Service cost benefits earned SG&A $ 19 $ 23 $ 39 $ 46 Interest cost on projected benefit obligation Net Other Income 42 30 83 59 Expected return on assets Net Other Income (67) (58) (134) (117) Amortization of losses Net Other Income 1 15 1 30 Prior service cost Net Other Income 8 10 11 10 Total $ 3 $ 20 $ — $ 28

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jul. 29, 2023
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 Hedges Currency Translation Adjustment Pension Total (millions) January 28, 2023 $ 300 $ (23) $ (696) $ (419) Amounts reclassified from AOCI, net of tax (9) — 3 (6) July 29, 2023 $ 291 $ (23) $ (693) $ (425)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended						6 Months Ended
	Jul. 29, 2023	Apr. 29, 2023	Jan. 28, 2023	Oct. 29, 2022	Jul. 30, 2022	Apr. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Pay vs Performance Disclosure
Net earnings	$ 835	$ 950	$ 876	$ 712	$ 183	$ 1,009	$ 1,785	$ 1,192

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jul. 29, 2023 shares	Jul. 29, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Brian C. Cornell [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 31, 2023, Brian C. Cornell, Target’s Chair of the Board and Chief Executive Officer, terminated a written plan for the sale of Target common stock that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act as they existed at the time of adoption. This written plan was adopted on December 2, 2022, was scheduled to expire on August 18, 2023, and provided for the sale of 105,000 shares of Target common stock in the aggregate. 35,000 shares of Target common stock were sold pursuant to the written plan prior to its termination.
Name	Brian C. Cornell
Title	Chair of the Board and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	false
Adoption Date	December 2, 2022
Rule 10b5-1 Arrangement Terminated	true
Termination Date	May 31, 2023
Brian C. Cornell, Trading Arrangement, Common Stock Sold In Aggregate [Member] | Brian C. Cornell [Member]
Trading Arrangements, by Individual
Aggregate Available	105,000	105,000
Brian C. Cornell, Trading Arrangement, Common Stock Sold Pursuant To Written Plan Of Termination [Member] | Brian C. Cornell [Member]
Trading Arrangements, by Individual
Aggregate Available	35,000	35,000

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jul. 29, 2023
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 revenue, Shipt membership and service revenues, commissions earned on third-party sales through Target.com, rental income, and other miscellaneous revenues.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jul. 29, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Revenue	Revenue Three Months Ended Six Months Ended (millions) July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Apparel & accessories (a) $ 4,101 $ 4,617 $ 8,068 $ 8,856 Beauty & household essentials (b) 7,513 7,208 15,195 14,261 Food & beverage (c) 5,392 5,268 11,389 10,773 Hardlines (d) 3,383 3,866 6,774 7,579 Home furnishings & décor (e) 3,955 4,647 7,810 8,918 Other 40 47 96 96 Sales 24,384 25,653 49,332 50,483 Credit card profit sharing 169 181 343 366 Other 220 203 420 358 Other revenue 389 384 763 724 Total revenue $ 24,773 $ 26,037 $ 50,095 $ 51,207 (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 28, Gift Cards Issued During Current Period But Not Redeemed (b) Revenue Recognized From Beginning Liability July 29, (millions) Gift card liability (a) $ 1,240 $ 399 $ (679) $ 960 (a) Included in Accrued and Other Current Liabilities. (b) Net of estimated breakage.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 29, 2023
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 July 29, 2023 January 28, 2023 July 30, 2022 Assets Short-term investments Cash and Cash Equivalents Level 1 $ 739 $ 1,343 $ 189 Prepaid forward contracts Other Current Assets Level 1 23 27 26 Interest rate swaps Other Current Assets Level 2 — — 34 Interest rate swaps Other Noncurrent Assets Level 2 — 7 290 Liabilities Interest rate swaps Other Current Liabilities Level 2 6 — — Interest rate swaps Other Noncurrent Liabilities Level 2 130 81 6
Schedule of Significant Financial Instruments Not Measured at Fair Value	Significant Financial Instruments Not Measured at Fair Value (a) (millions) July 29, 2023 January 28, 2023 July 30, 2022 Carrying Fair Carrying Fair Carrying Fair Long-term debt, including current portion (b) $ 14,147 $ 13,344 $ 14,141 $ 13,688 $ 11,511 $ 11,529 (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, fair value hedge adjustments, and lease liabilities.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jul. 29, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Effect of Hedges on Debt and Net Interest Expense	Effect of Hedges on Debt (millions) July 29, 2023 January 28, 2023 July 30, 2022 Long-term debt and other borrowings Carrying amount of hedged debt $ 2,305 $ 2,366 $ 2,263 Cumulative hedging adjustments, included in carrying amount (136) (74) 22 Effect of Hedges on Net Interest Expense Three Months Ended Six Months Ended (millions) July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Gain (loss) on fair value hedges recognized in Net Interest Expense Interest rate swaps designated as fair value hedges $ (71) $ 49 $ (62) $ (55) Hedged debt 71 (49) 62 55 Gain on cash flow hedges recognized in Net Interest Expense 6 — 12 — Total $ 6 $ — $ 12 $ —

Share Repurchase (Tables)

Share Repurchase (Tables)	6 Months Ended
	Jul. 29, 2023
Equity [Abstract]
Schedule of Share Repurchase Activity (excluding ASR)	Share Repurchase Activity Three Months Ended Six Months Ended (millions, except per share data) July 29, 2023 July 30, 2022 (a) July 29, 2023 July 30, 2022 (a) Number of shares purchased — 12.5 — 12.5 Average price paid per share $ — $ 211.58 $ — $ 211.57 Total investment $ — $ 2,636 $ — $ 2,646 (a) Includes activity related to the ASR arrangement that we entered into during the first quarter of 2022 because final settlement occurred in the second quarter of 2022. Under the ASR arrangement, we repurchased 12.5 million shares for a total cash investment of $2.6 billion. We did not enter into an ASR arrangement during any other periods presented.

Pension Benefits (Tables)

Pension Benefits (Tables)	6 Months Ended
	Jul. 29, 2023
Retirement Benefits [Abstract]
Schedule of Pension Plan Benefits	Net Pension Benefits Expense Three Months Ended Six Months Ended (millions) Classification July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Service cost benefits earned SG&A $ 19 $ 23 $ 39 $ 46 Interest cost on projected benefit obligation Net Other Income 42 30 83 59 Expected return on assets Net Other Income (67) (58) (134) (117) Amortization of losses Net Other Income 1 15 1 30 Prior service cost Net Other Income 8 10 11 10 Total $ 3 $ 20 $ — $ 28

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jul. 29, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Summary of the Changes in Accumulated Other Comprehensive Income (Loss)	Change in Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Currency Translation Adjustment Pension Total (millions) January 28, 2023 $ 300 $ (23) $ (696) $ (419) Amounts reclassified from AOCI, net of tax (9) — 3 (6) July 29, 2023 $ 291 $ (23) $ (693) $ (425)

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 24,773	$ 26,037	$ 50,095	$ 51,207
Apparel & accessories
Disaggregation of Revenue [Line Items]
Revenue	4,101	4,617	8,068	8,856
Beauty & household essentials
Disaggregation of Revenue [Line Items]
Revenue	7,513	7,208	15,195	14,261
Food & beverage
Disaggregation of Revenue [Line Items]
Revenue	5,392	5,268	11,389	10,773
Hardlines
Disaggregation of Revenue [Line Items]
Revenue	3,383	3,866	6,774	7,579
Home furnishings and decor
Disaggregation of Revenue [Line Items]
Revenue	3,955	4,647	7,810	8,918
Other
Disaggregation of Revenue [Line Items]
Revenue	40	47	96	96
Sales
Disaggregation of Revenue [Line Items]
Revenue	24,384	25,653	49,332	50,483
Credit card profit sharing
Disaggregation of Revenue [Line Items]
Revenue	169	181	343	366
Other
Disaggregation of Revenue [Line Items]
Revenue	220	203	420	358
Other revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 389	$ 384	$ 763	$ 724

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Revenue from Contract with Customer [Abstract]
Accrual for estimated returns	$ 177	$ 174	$ 175

Revenue - Gift Card Liability (

Revenue - Gift Card Liability (Details) $ in Millions	6 Months Ended
	Jul. 29, 2023 USD ($)
Change in Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 1,240
Gift Cards Issued During Current Period But Not Redeemed	399
Revenue Recognized From Beginning Liability	(679)
Ending balance	$ 960

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Millions	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Assets
Prepaid forward contracts and interest rate swaps classified as Other Current Assets	$ 1,797	$ 2,118	$ 2,016
Interest rate swaps classified as Other Noncurrent Assets	1,321	1,320	1,655
Liabilities
Interest rate swaps classified as Other Noncurrent Liabilities	1,826	1,760	1,575
Fair value measured on recurring basis | Level 1 | Prepaid forward contracts
Assets
Prepaid forward contracts and interest rate swaps classified as Other Current Assets	23	27	26
Fair value measured on recurring basis | Level 1 | Short-term investments
Assets
Short-term investments classified as Cash and Cash Equivalents	739	1,343	189
Fair value measured on recurring basis | Level 2 | Interest rate swaps
Assets
Prepaid forward contracts and interest rate swaps classified as Other Current Assets	0	0	34
Interest rate swaps classified as Other Noncurrent Assets	0	7	290
Liabilities
Interest rate swaps classified as Other Current Liabilities	6	0	0
Interest rate swaps classified as Other Noncurrent Liabilities	$ 130	$ 81	$ 6

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Significant Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Carrying Amount
Financial Instruments, Balance Sheet Groupings
Long-term debt, including current portion	$ 14,147	$ 14,141	$ 11,511
Fair Value
Financial Instruments, Balance Sheet Groupings
Long-term debt, including current portion	$ 13,344	$ 13,688	$ 11,529

Supplier Finance Programs (Deta

Supplier Finance Programs (Details) - USD ($) $ in Billions	6 Months Ended
	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Payables and Accruals [Abstract]
Payment timing (in days)	120 days
Maximum days for termination notice (in days)	120 days
Outstanding obligation	$ 3.7	$ 3.4	$ 4.6

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Property, Plant and Equipment [Abstract]
Impairment charges	$ 33	$ 27	$ 33	$ 50

Commercial Paper and Long-Ter_2

Commercial Paper and Long-Term Debt (Details) - USD ($)	6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Debt Instrument [Line Items]
Maximum amount outstanding during period	$ 90,000,000	$ 1,500,000,000
Average daily amount outstanding	$ 2,000,000	$ 538,000,000
Weighted average interest rate (in percent)	4.90%	1.10%
Commercial Paper
Debt Instrument [Line Items]
Long-term debt, current maturity	$ 0	$ 1,500,000,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Interest Rate Swaps
Derivative Contracts - Effect on Results of Operations (millions)
Notional amount	$ 2,450	$ 2,450	$ 2,250
Interest Rate Swaps | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivative Contracts - Effect on Results of Operations (millions)
Notional amount	$ 1,500
Forward-Starting Interest Rate Swap
Derivative Contracts - Effect on Results of Operations (millions)
Notional amount			$ 2,150

Derivative Financial Instrume_4

Derivative Financial Instruments - Effect of Hedges on Debt (Details) - USD ($) $ in Millions	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying amount of hedged debt	$ 2,305	$ 2,366	$ 2,263
Cumulative hedging adjustments, included in carrying amount	$ (136)	$ (74)	$ 22
Hedged Liability, Statement of Financial Position [Extensible Enumeration]	Long-term debt and other borrowings	Long-term debt and other borrowings	Long-term debt and other borrowings

Derivative Financial Instrume_5

Derivative Financial Instruments - Effect of Hedges on Net Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Gain (loss) on fair value hedges recognized in Net Interest Expense
Interest rate swaps designated as fair value hedges	$ (71)	$ 49	$ (62)	$ (55)
Hedged debt	71	(49)	62	55
Gain on cash flow hedges recognized in Net Interest Expense	6	0	12	0
Total	$ 6	$ 0	$ 12	$ 0

Share Repurchase - Schedule of

Share Repurchase - Schedule of Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Equity, Class of Treasury Stock [Line Items]
Accelerated share repurchase pending final settlement (in shares)			0
Number of shares purchased (in shares)	0	12,500,000	0	12,500,000
Average price paid per share (in dollars per share)	$ 0	$ 211.58	$ 0	$ 211.57
Total investment	$ 0	$ 2,636	$ 0	$ 2,646
Share Repurchase Program 2022
Equity, Class of Treasury Stock [Line Items]
Accelerated share repurchase pending final settlement (in shares)				12,500,000
Total investment				$ 2,600

Pension Benefits (Details)

Pension Benefits (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Net Pension Benefits Expense
Service cost benefits earned	$ 19	$ 23	$ 39	$ 46
Interest cost on projected benefit obligation	42	30	83	59
Expected return on assets	(67)	(58)	(134)	(117)
Amortization of losses	1	15	1	30
Prior service cost	8	10	11	10
Total	$ 3	$ 20	$ 0	$ 28

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) $ in Millions	6 Months Ended
	Jul. 29, 2023 USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 11,232
Amounts reclassified from AOCI, net of tax	(6)
Ending balance	11,990
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(419)
Ending balance	(425)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	300
Amounts reclassified from AOCI, net of tax	(9)
Ending balance	291
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(23)
Amounts reclassified from AOCI, net of tax	0
Ending balance	(23)
Pension
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(696)
Amounts reclassified from AOCI, net of tax	3
Ending balance	$ (693)