Target (TGT) 10-K 12 Mar 10 2010 FY Annual report Financial data

Consolidated Statements of Oper

Consolidated Statements of Operations (USD $)
In Millions, except Per Share data	12 Months Ended Jan. 30, 2010	12 Months Ended Jan. 31, 2009	12 Months Ended Feb. 02, 2008
Consolidated Statements of Operations
Sales	$63,435	$62,884	$61,471
Credit card revenues	1,922	2,064	1,896
Total revenues	65,357	64,948	63,367
Cost of sales	44,062	44,157	42,929
Selling, general and administrative expenses	13,078	12,954	12,670
Credit card expenses	1,521	1,609	837
Depreciation and amortization	2,023	1,826	1,659
Earnings before interest expense and income taxes	4,673	4,402	5,272
Net interest expense
Nonrecourse debt collateralized by credit card receivables	97	167	133
Other interest expense	707	727	535
Interest income	(3)	(28)	(21)
Net interest expense	801	866	647
Earnings before income taxes	3,872	3,536	4,625
Provision for income taxes	1,384	1,322	1,776
Net earnings	$2,488	$2,214	$2,849
Basic earnings per share (in dollars per share)	3.31	2.87	3.37
Diluted earnings per share (in dollars per share)	3.3	2.86	3.33
Weighted average common shares outstanding
Basic (in shares)	752	770.4	845.4
Diluted (in shares)	754.8	773.6	850.8

Consolidated Statements of Fina

Consolidated Statements of Financial Position (USD $)
In Millions, except Share data	Jan. 30, 2010	Jan. 31, 2009
Assets
Cash and cash equivalents, including marketable securities of $1,617 and $302	$2,200	$864
Credit card receivables, net of allowance of $1,016 and $1,010	6,966	8,084
Inventory	7,179	6,705
Other current assets	2,079	1,835
Total current assets	18,424	17,488
Property and equipment
Land	5,793	5,767
Buildings and improvements	22,152	20,430
Fixtures and equipment	4,743	4,270
Computer hardware and software	2,575	2,586
Construction-in-progress	502	1,763
Accumulated depreciation	(10,485)	(9,060)
Property and equipment, net	25,280	25,756
Other noncurrent assets	829	862
Total assets	44,533	44,106
Liabilities and shareholders' investment
Accounts payable	6,511	6,337
Accrued and other current liabilities	3,120	2,913
Unsecured debt and other borrowings	796	1,262
Nonrecourse debt collateralized by credit card receivables	900
Total current liabilities	11,327	10,512
Unsecured debt and other borrowings	10,643	12,000
Nonrecourse debt collateralized by credit card receivables	4,475	5,490
Deferred income taxes	835	455
Other noncurrent liabilities	1,906	1,937
Total noncurrent liabilities	17,859	19,882
Shareholders' investment
Common stock	62	63
Additional paid-in capital	2,919	2,762
Retained earnings	12,947	11,443
Accumulated other comprehensive loss	(581)	(556)
Total shareholders' investment	15,347	13,712
Total liabilities and shareholders' investment	$44,533	$44,106
Common Stock, authorized shares (in shares)	6,000,000,000	6,000,000,000
Common stock, par value (in dollars per share)	0.0833	0.0833
Common Stock, shares issued (in shares)	744,644,454	752,712,464
Common Stock, shares outstanding (in shares)	744,644,454	752,712,464
Preferred stock, authorized shares (in shares)	5,000,000	5,000,000
Preferred stock, par value (in dollars per share)	0.01	0.01
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

1_Consolidated Statements of Fi

Consolidated Statements of Financial Position (Parenthetical) (USD $)
In Millions	Jan. 30, 2010	Jan. 31, 2009
Consolidated Statements of Financial Position
Cash and cash equivalents, marketable securities	$1,617	$302
Credit card receivables, allowance	$1,016	$1,010

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (USD $)
In Millions	12 Months Ended Jan. 30, 2010	12 Months Ended Jan. 31, 2009	12 Months Ended Feb. 02, 2008
Operating activities
Net earnings	$2,488	$2,214	$2,849
Reconciliation to cash flow
Depreciation and amortization	2,023	1,826	1,659
Share-based compensation expense	103	72	73
Deferred income taxes	364	91	(70)
Bad debt expense	1,185	1,251	481
Loss/impairment of property and equipment, net	97	33	28
Other non-cash items affecting earnings	103	222	52
Changes in operating accounts providing/(requiring) cash:
Accounts receivable originated at Target	(57)	(458)	(602)
Inventory	(474)	77	(525)
Other current assets	(280)	(224)	(139)
Other noncurrent assets	(127)	(76)	101
Accounts payable	174	(389)	111
Accrued and other current liabilities	257	(230)	62
Other noncurrent liabilities	25	(139)	124
Other		160	(79)
Cash flow provided by operations	5,881	4,430	4,125
Investing activities
Expenditures for property and equipment	(1,729)	(3,547)	(4,369)
Proceeds from disposal of property and equipment	33	39	95
Change in accounts receivable originated at third parties	(10)	(823)	(1,739)
Other investments	3	(42)	(182)
Cash flow required for investing activities	(1,703)	(4,373)	(6,195)
Financing activities
Additions to short-term notes payable			1,000
Reductions of short-term notes payable		(500)	(500)
Additions to long-term debt		3,557	7,617
Reductions of long-term debt	(1,970)	(1,455)	(1,326)
Dividends paid	(496)	(465)	(442)
Repurchase of stock	(423)	(2,815)	(2,477)
Premiums on call options			(331)
Stock option exercises and related tax benefit	47	43	210
Other		(8)	(44)
Cash flow provided by/(required for) financing activities	(2,842)	(1,643)	3,707
Net increase/(decrease) in cash and cash equivalents	1,336	(1,586)	1,637
Cash and cash equivalents at beginning of year	864	2,450	813
Cash and cash equivalents at end of year	2,200	864	2,450
Cash paid for income taxes	1,040	1,399	1,734
Cash paid for interest (net of interest capitalized)	$805	$873	$633

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (USD $)
In Millions	Common Stock	Additional Paid-in Capital	Retained Earnings		Pension and Other Benefit Liability Adjustments	Derivative Instruments, Foreign Currency and Other	Comprehensive Income	Total
Beginning balance (in shares) at Feb. 03, 2007	859.8
Shareholders' investment beginning balance at Feb. 03, 2007	$72	$2,387	$13,417		($247)	$4		$15,633
Net earnings			2,849				2,849	2,849
Other comprehensive income
Pension and other benefit liability adjustments, net of taxes of $17, $242, and $38 during 2009, 2008 and 2007					59		59	59
Unrealized losses (gains) on cash flow hedges, net of taxes of $2, $2, and $31 during 2009, 2008 and 2007						(48)	(48)	(48)
Total comprehensive income							2,860	2,860
Cumulative effect of adopting new accounting pronouncements			(31)		54			23
Dividends declared			(454)	[1]				(454)	[1]
Repurchase of stock	(4)		(2,689)					(2,693)
Repurchase of stock (in shares)	-46.2
Premiums on call options			(331)					(331)
Stock options and awards		269						269
Stock options and awards (in shares)	5.1
Shareholders' investment ending balance at Feb. 02, 2008	68	2,656	12,761		(134)	(44)		15,307
Ending balance (in shares) at Feb. 02, 2008	818.7
Net earnings			2,214				2,214	2,214
Other comprehensive income
Pension and other benefit liability adjustments, net of taxes of $17, $242, and $38 during 2009, 2008 and 2007					(376)		(376)	(376)
Unrealized losses (gains) on cash flow hedges, net of taxes of $2, $2, and $31 during 2009, 2008 and 2007						(2)	(2)	(2)
Total comprehensive income							1,836	1,836
Dividends declared			(471)	[1]				(471)	[1]
Repurchase of stock	(5)		(3,061)					(3,066)
Repurchase of stock (in shares)	-67.2
Stock options and awards		106						106
Stock options and awards (in shares)	1.2
Shareholders' investment ending balance at Jan. 31, 2009	63	2,762	11,443		(510)	(46)		13,712
Ending balance (in shares) at Jan. 31, 2009	752.7
Net earnings			2,488				2,488	2,488
Other comprehensive income
Pension and other benefit liability adjustments, net of taxes of $17, $242, and $38 during 2009, 2008 and 2007					(27)		(27)	(27)
Unrealized losses (gains) on cash flow hedges, net of taxes of $2, $2, and $31 during 2009, 2008 and 2007						4	4	4
Currency translation adjustment, net of taxes of $0						(2)	(2)	(2)
Total comprehensive income							2,463	2,463
Dividends declared			(503)	[1]				(503)	[1]
Repurchase of stock	(1)		(481)					(482)
Repurchase of stock (in shares)	-9.9
Stock options and awards		157						157
Stock options and awards (in shares)	1.8
Shareholders' investment ending balance at Jan. 30, 2010	$62	$2,919	$12,947		($537)	($44)		$15,347
Ending balance (in shares) at Jan. 30, 2010	744.6
[1]Dividends declared per share were $0.67, $0.62, and $0.54 in 2009, 2008, and 2007, respectively.

2_Consolidated Statements of Sh

Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $)
	12 Months Ended Jan. 30, 2010	12 Months Ended Jan. 31, 2009	12 Months Ended Feb. 02, 2008
Consolidated Statements of Shareholders' Investment
Pension and other benefit liability adjustments, taxes	$17,000,000	$242,000,000	$38,000,000
Unrealized losses on cash flow hedges, taxes	2,000,000	2,000,000	31,000,000
Currency translation adjustment, taxes	0
Dividends declared per share	0.67	0.62	0.54

Summary of Accounting Policies

Summary of Accounting Policies
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Summary of Accounting Policies	1. Summary of Accounting Policies OrganizationTarget Corporation (Target or the Corporation) operates two reportable segments: Retail and Credit Card. Our Retail Segment includes all of our merchandising operations, including our large-format general merchandise and food discount stores in the United States and our fully integrated online business. Our Credit Card Segment offers credit to qualified guests through our branded proprietary credit cards, the Target Visa and the Target Card (collectively, REDcards). Our Credit Card Segment strengthens the bond with our guests, drives incremental sales and contributes to our results of operations. ConsolidationThe consolidated financial statements include the balances of the Corporation and its subsidiaries after elimination of intercompany balances and transactions. All material subsidiaries are wholly owned. We consolidate variable interest entities where it has been determined that the Corporation is the primary beneficiary of those entities' operations. The variable interest entity consolidated is a bankruptcy-remote subsidiary through which we sell certain accounts receivable as a method of providing funding for our accounts receivable. Use of estimatesThe preparation of our consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions affecting reported amounts in the consolidated financial statements and accompanying notes. Actual results may differ significantly from those estimates. Fiscal yearOur fiscal year ends on the Saturday nearest January31. Unless otherwise stated, references to years in this report relate to fiscal years, rather than to calendar years. Fiscal year 2009 (2009) ended January30, 2010 and consisted of 52weeks. Fiscal year 2008 (2008) ended January31, 2009 and consisted of 52weeks. Fiscal year 2007 (2007) ended February2, 2008 and consisted of 52weeks. ReclassificationsCertain prior year amounts have been reclassified to conform to the current year presentation. Accounting policies applicable to the items discussed in the Notes to the Consolidated Financial Statement are described in the respective notes.

Revenues

Revenues
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Revenues	2. Revenues Our retail stores generally record revenue at the point of sale. Sales from our online business include shipping revenue and are recorded upon delivery to the guest. Total revenues do not include sales tax as we consider ourselves a pass through conduit for collecting and remitting sales taxes. Generally, guests may return merchandise within 90days of purchase. Revenues are recognized net of expected returns, which we estimate using historical return patterns as a percentage of sales. Commissions earned on sales generated by leased departments are included within sales and were $18million in 2009, $19million in 2008, and $17million in 2007. Revenue from gift card sales is recognized upon gift card redemption. Our gift cards do not have expiration dates. Based on historical redemption rates, a small and relatively stable percentage of gift cards will never be redeemed, referred to as "breakage." Estimated breakage revenue is recognized over time in proportion to actual gift card redemptions and was immaterial in 2009, 2008, and 2007. Credit card revenues are recognized according to the contractual provisions of each credit card agreement. When accounts are written off, uncollected finance charges and late fees are recorded as a reduction of credit card revenues. Target retail sales charged to our credit cards totaled $3,277million, $3,883million, and $4,139million in 2009, 2008, and 2007, respectively. We offer new account discounts and rewards programs on our REDcard products. These discounts are redeemable only on purchases made at Target. The discounts associated with our REDcard products are included as reductions in sales in our Consolidated Statements of Operations and were $94million in 2009, $114million in 2008, and $110million in 2007.

Cost of Sales and Selling, Gene

Cost of Sales and Selling, General and Administrative Expenses
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Cost of Sales and Selling, General and Administrative Expenses	3. Cost of Sales and Selling, General and Administrative Expenses The following table illustrates the primary costs classified in each major expense category: Cost of Sales Selling, General and Administrative Expenses Total cost of products sold including Compensation and benefit costs including Freight expenses associated with moving Stores merchandise from our vendors to our Headquarters distribution centers and our retail stores, and Occupancy and operating costs of retail and among our distribution and retail facilities headquarters facilities Vendor income that is not reimbursement of Advertising, offset by vendor income that is a specific, incremental and identifiable costs reimbursement of specific, incremental and Inventory shrink identifiable costs Markdowns Preopening costs of stores and other facilities Outbound shipping and handling expenses Other administrative costs associated with sales to our guests Terms cash discount Distribution center costs, including compensation and benefits costs The classification of these expenses varies across the retail industry.

Consideration Received from Ven

Consideration Received from Vendors
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Consideration Received from Vendors	4. Consideration Received from Vendors We receive consideration for a variety of vendor-sponsored programs, such as volume rebates, markdown allowances, promotions and advertising allowances and for our compliance programs, referred to as "vendor income." Vendor income reduces either our inventory costs or SGA expenses based on the provisions of the arrangement. Promotional and advertising allowances are intended to offset our costs of promoting and selling merchandise in our stores. Under our compliance programs, vendors are charged for merchandise shipments that do not meet our requirements (violations), such as late or incomplete shipments. These allowances are recorded when violations occur. Substantially all consideration received is recorded as a reduction of cost of sales. We establish a receivable for vendor income that is earned but not yet received. Based on provisions of the agreements in place, this receivable is computed by estimating the amount earned when we have completed our performance. We perform detailed analyses to determine the appropriate level of the receivable in the aggregate. The majority of year-end receivables associated with these activities are collected within the following fiscal quarter.

Advertising Costs

Advertising Costs
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Advertising Costs	5. Advertising Costs Advertising costs are expensed at first showing or distribution of the advertisement and were $1,167million in 2009, $1,233million in 2008, and $1,195million in 2007. Advertising vendor income that offset advertising expenses was approximately $130million, $143million, and $123million 2009, 2008, and 2007, respectively. Newspaper circulars and media broadcast made up the majority of our advertising costs in all three years.

Earnings per Share

Earnings per Share
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Earnings per Share	6. Earnings per Share Basic earnings per share (EPS) is net earnings divided by the weighted average number of common shares outstanding during the period. Diluted EPS includes the incremental shares assumed to be issued upon the exercise of stock options and the incremental shares assumed to be issued under performance share and restricted stock unit arrangements. Earnings Per Share Basic EPS Diluted EPS (millions, except per share data) 2009 2008 2007 2009 2008 2007 Net earnings $ 2,488 $ 2,214 $ 2,849 $ 2,488 $ 2,214 $ 2,849 Adjustment for prepaid forward contracts (11 ) Net earnings for EPS calculation $ 2,488 $ 2,214 $ 2,849 $ 2,488 $ 2,214 $ 2,838 Basic weighted average common shares outstanding 752.0 770.4 845.4 752.0 770.4 845.4 Incremental stock options, performance share units and restricted stock units 2.8 3.2 6.0 Adjustment for prepaid forward contracts (0.6 ) Weighted average common shares outstanding 752.0 770.4 845.4 754.8 773.6 850.8 Earnings per share $ 3.31 $ 2.87 $ 3.37 $ 3.30 $ 2.86 $ 3.33 For the 2009, 2008, and 2007 EPS computations, 16.8million, 10.5million, and 6.3million stock options, respectively, were excluded from the calculation of weighted average shares for diluted EPS because their effects were antidilutive. Refer to Note26 for a description of the prepaid forward contracts referred to in the table above.

Other Comprehensive Income

Other Comprehensive Income (Loss)
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Other Comprehensive Income/(Loss)	7. Other Comprehensive Income/(Loss) Other comprehensive income/(loss) includes revenues, expenses, gains and losses that are excluded from net earnings under GAAP and are recorded directly to shareholders' investment. In 2009, 2008, and 2007, other comprehensive income/(loss) included gains and losses on certain hedge transactions, foreign currency translation adjustments and amortization of pension and postretirement plan amounts, net of related taxes. Significant items affecting other comprehensive income/(loss) are shown in the Consolidated Statements of Shareholders' Investment.

Fair Value Measurements

Fair Value Measurements
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Fair Value Measurements	8. Fair Value Measurements Fair value is the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. A liability's fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Fair value measurements are categorized into one of three levels based on the lowest level of significant input used: Level1 (unadjusted quoted prices in active markets); Level2 (observable market inputs available at the measurement date, other than quoted prices included in Level1); and Level3 (unobservable inputs that cannot be corroborated by observable market data). The following table presents financial assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements Recurring Basis Fair Value at January30, 2010 Fair Value at January31, 2009 (millions) Level1 Level2 Level3 Level1 Level2 Level3 Assets Cash and cash equivalents Marketable securities $ 1,617 $ $ $ 302 $ $ Other current assets Prepaid forward contracts 79 68 Equity swaps 1 Other noncurrent assets Interest rate swaps(a) 131 163 Company-owned life insurance investments(b) 305 296 Total $ 1,696 $ 436 $ $ 371 $ 459 $ Liabilities Other noncurrent liabilities Interest rate swaps $ $ 23 $ $ $ 30 $ Total $ $ 23 $ $ $ 30 $ (a) There were no interest rate swaps designated as accounting hedges at January30, 2010 or January31, 2009. (b) Company-owned life insurance investments consist of equity index funds and fixed income assets. Amounts are presented net of loans that are secured by some of these policies of $244million at January30, 2010 and $197million at January31, 2009. Position Valuation Technique Marketable securities Initially valued at transaction price. Carrying value of cash equivalents (including money market funds) approximates fair value because maturities are less than three months. Prepaid forward contracts Initially valued at transaction price. Subsequently valued by reference to the market price of Target common stock. Interest rate swaps/forward and equity swaps Valuation models are calibrated to initial trade price. Subsequent valuations are based on observable inputs to the valuation model (e.g., interest rates and credit spreads). Model inputs are changed only when corroborated by market data. A credit risk adjustment is made on each swap using observable market credit spreads. Company-owned life insurance investments Includes investments in separate accounts that are valued based on market rates credited by the insurer. Certain assets are measured at fair value on a nonrecurring basis; that is, the instrumen

Cash Equivalents

Cash Equivalents
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Cash Equivalents	9. Cash Equivalents Cash equivalents include highly liquid investments with an original maturity of three months or less from the time of purchase. Cash equivalents also include amounts due from credit card transactions with settlement terms of less than five days. Receivables resulting from third-party credit card sales within our Retail Segment are included within cash equivalents and were $313million and $323million at January30, 2010 and January31, 2009, respectively. Payables resulting from the use of the Target Visa at third-party merchants are included within cash equivalents and were $40million and $53million at January30, 2010 and January31, 2009, respectively.

Credit Card Receivables

Credit Card Receivables
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Credit Card Receivables	10. Credit Card Receivables Credit card receivables are recorded net of an allowance for doubtful accounts. The allowance, recognized in an amount equal to the anticipated future write-offs of existing receivables, was $1,016million at January30, 2010 and $1,010million at January31, 2009. This allowance includes provisions for uncollectible finance charges and other credit-related fees. We estimate future write-offs based on historical experience of delinquencies, risk scores, aging trends, and industry risk trends. Substantially all accounts continue to accrue finance charges until they are written off. Total receivables past due ninety days or more and still accruing finance charges were $371million at January30, 2010 and $393million at January31, 2009. Accounts are written off when they become 180days past due. Under certain circumstances, we offer cardholder payment plans that modify finance charges and minimum payments, which meet the accounting definition of a troubled debt restructuring (TDRs). These concessions are made on an individual cardholder basis for economic or legal reasons specific to each individual cardholder's circumstances. As a percentage of period-end gross receivables, receivables classified as TDRs were 6.7percent at January30, 2010 and 4.9percent at January31, 2009. Receivables classified as TDRs are treated consistently with other aged receivables in determining our allowance for doubtful accounts. As a method of providing funding for our credit card receivables, we sell on an ongoing basis all of our consumer credit card receivables to Target Receivables Corporation (TRC), a wholly owned, bankruptcy remote subsidiary. TRC then transfers the receivables to the Target Credit Card Master Trust (the Trust), which from time to time will sell debt securities to third parties either directly or through a related trust. These debt securities represent undivided interests in the Trust assets. TRC uses the proceeds from the sale of debt securities and its share of collections on the receivables to pay the purchase price of the receivables to the Corporation. We consolidate the receivables within the Trust and any debt securities issued by the Trust, or a related trust, in our Consolidated Statements of Financial Position based upon the applicable accounting guidance. The receivables transferred to the Trust are not available to general creditors of the Corporation. The payments to the holders of the debt securities issued by the Trust or the related trust are made solely from the assets transferred to the Trust or the related trust and are nonrecourse to the general assets of the Corporation. Upon termination of the securitization program and repayment of all debt securities, any remaining assets could be distributed to the Corporation in a liquidation of TRC. In the second quarter of 2008, we sold an interest in our credit card receivables to JPMC. The interest sold represented 47percent of the receivables portfolio at the time of the transaction. This transaction was accounted for as a secured borrowing, and accordingly, the credit card receivables within the Trust and the note payable issued are reflect

Inventory

Inventory
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Inventory	11. Inventory Substantially all of our inventory and the related cost of sales are accounted for under the retail inventory accounting method (RIM) using the last-in, first-out (LIFO) method. Inventory is stated at the lower of LIFO cost or market. Cost includes purchase price as reduced by vendor income. Inventory is also reduced for estimated losses related to shrink and markdowns. The LIFO provision is calculated based on inventory levels, markup rates and internally measured retail price indices. Under RIM, inventory cost and the resulting gross margins are calculated by applying a cost-to-retail ratio to the retail value inventory. RIM is an averaging method that has been widely used in the retail industry due to its practicality. The use of RIM will result in inventory being valued at the lower of cost or market because permanent markdowns are currently taken as a reduction of the retail value of inventory. We routinely enter into arrangements with vendors whereby we do not purchase or pay for merchandise until the merchandise is ultimately sold to a guest. Revenues under this program are included in sales in the Consolidated Statements of Operations, but the merchandise received under the program is not included in inventory in our Consolidated Statements of Financial Position because of the virtually simultaneous purchase and sale of this inventory. Sales made under these arrangements totaled $1,820million in 2009, $1,524million in 2008, and $1,643million in 2007.

Other Current Assets

Other Current Assets
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Other Current Assets	12. Other Current Assets Other Current Assets(millions) January30, 2010 January31, 2009 Deferred taxes $ 724 $ 693 Other receivables(a) 526 433 Vendor income receivable 390 236 Other 439 473 Total $ 2,079 $ 1,835 (a) Includes pharmacy receivables and income taxes receivable.

Property and Equipment

Property and Equipment
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Property and Equipment	13. Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over estimated useful lives or lease term if shorter. We amortize leasehold improvements purchased after the beginning of the initial lease term over the shorter of the assets' useful lives or a term that includes the original lease term, plus any renewals that are reasonably assured at the date the leasehold improvements are acquired. Depreciation expense for 2009, 2008, and 2007 was $1,999million, $1,804million, and $1,644million, respectively. For income tax purposes, accelerated depreciation methods are generally used. Repair and maintenance costs are expensed as incurred and were $632million in 2009, $609million in 2008, and $592million in 2007. Facility preopening costs, including supplies and payroll, are expensed as incurred. Estimated Useful Lives Life (in years) Buildings and improvements 8-39 Fixtures and equipment 3-15 Computer hardware and software 4-7 Long-lived assets are reviewed for impairment annually and also when events or changes in circumstances indicate that the asset's carrying value may not be recoverable. Impairments of $49million in 2009, $2million in 2008 and $7million in 2007 were recorded as a result of the tests performed. Additionally, we wrote off $37million in 2009, $26million in 2008 and $4million in 2007 of capitalized construction in progress costs due to project scope changes.

Other Noncurrent Assets

Other Noncurrent Assets
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Other Noncurrent Assets	14. Other Noncurrent Assets Other Noncurrent Assets(millions) January30, 2010 January31, 2009 Cash surrender value of life insurance(a) $ 319 $ 305 Goodwill and intangible assets 239 231 Interest rate swaps(b) 131 163 Other 140 163 Total $ 829 $ 862 (a) Company-owned life insurance policies on approximately 4,000 team members who are designated highly compensated under the Internal Revenue Code and have given their consent to be insured. (b) See Notes8 and 20 for additional information relating to our interest rate swaps.

Goodwill and Intangible Assets

Goodwill and Intangible Assets
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Goodwill and Intangible Assets	15. Goodwill and Intangible Assets Goodwill and intangible assets are recorded within other noncurrent assets at cost less accumulated amortization. Goodwill totaled $59million at January30, 2010 and $60million at January31, 2009. Goodwill is not amortized; instead, it is tested at least annually or whenever an event or change in circumstances indicates the carrying value of the asset may not be recoverable. Discounted cash flow models are used in determining fair value for the purposes of the required annual impairment analysis. An impairment loss on a long-lived and identifiable intangible asset would be recognized when estimated undiscounted future cash flows from the operation and disposition of the asset are less than the asset carrying amount. No material impairments related to goodwill and intangible assets were recorded in 2009, 2008, or 2007 as a result of the tests performed. Intangible assets by major classes were as follows: Intangible Assets Leasehold Acquisition Costs Other(a) Total (millions) Jan.30, 2010 Jan.31, 2009 Jan.30, 2010 Jan.31, 2009 Jan.30, 2010 Jan.31, 2009 Gross asset $ 197 $ 196 $ 150 $ 129 $ 347 $ 325 Accumulated amortization (62 ) (54 ) (105 ) (100 ) (167 ) (154 ) Net intangible assets $ 135 $ 142 $ 45 $ 29 $ 180 $ 171 (a) Other intangible assets relate primarily to acquired trademarks and customer lists. Amortization is computed on intangible assets with definite useful lives using the straight-line method over estimated useful lives that typically range from 9 to 39years for leasehold acquisition costs and from 3 to 15years for other intangible assets. Amortization expense for 2009, 2008, and 2007 was $24million, $21million, and $15million, respectively. Estimated Amortization Expense(millions) 2010 2011 2012 2013 2014 Amortization expense $23 $18 $13 $11 $10

Accounts Payable

Accounts Payable
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Accounts Payable	16. Accounts Payable We reclassify book overdrafts to accounts payable at period end. Overdrafts reclassified to accounts payable were $539million at January30, 2010 and $606million at January31, 2009.

Accrued and Other Current Liabi

Accrued and Other Current Liabilities
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Accrued and Other Current Liabilities	17. Accrued and Other Current Liabilities Accrued and Other Current Liabilities(millions) January30, 2010 January31, 2009 Wages and benefits $ 959 $ 727 Taxes payable(a) 490 430 Gift card liability(b) 387 381 Straight-line rent accrual 185 167 Workers' compensation and general liability 163 176 Dividends payable 127 120 Interest payable 105 130 Construction in progress 72 182 Other 632 600 Total $ 3,120 $ 2,913 (a) Taxes payable consist of real estate, team member withholdings and sales tax liabilities. (b) Gift card liability represents the amount of gift cards that have been issued but have not been redeemed, net of estimated breakage.

Commitments and Contingencies

Commitments and Contingencies
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Commitments and Contingencies	18. Commitments and Contingencies Purchase obligations, which include all legally binding contracts, such as firm commitments for inventory purchases, merchandise royalties, equipment purchases, marketing-related contracts, software acquisition/license commitments and service contracts, were approximately $2,016million and $570million at January30, 2010 and January31, 2009, respectively. We issue inventory purchase orders, which represent authorizations to purchase that are cancelable by their terms. We do not consider purchase orders to be firm inventory commitments. We also issue trade letters of credit in the ordinary course of business, which are not firm commitments as they are conditional on the purchase order not being cancelled. If we choose to cancel a purchase order, we may be obligated to reimburse the vendor for unrecoverable outlays incurred prior to cancellation under certain circumstances. Trade letters of credit totaled $1,484million and $1,359million at January30, 2010 and January31, 2009, respectively, a portion of which are reflected in accounts payable. Standby letters of credit, relating primarily to retained risk on our insurance claims, totaled $72million and $64million at January30, 2010 and January31, 2009, respectively. We are exposed to claims and litigation arising in the ordinary course of business and use various methods to resolve these matters in a manner that we believe serves the best interest of our shareholders and other constituents. We believe the recorded reserves in our consolidated financial statements are adequate in light of the probable and estimable liabilities. We do not believe that any of the currently identified claims or litigation matters will have a material adverse impact on our results of operations, cash flows or financial condition.

Notes Payable and Long-Term Deb

Notes Payable and Long-Term Debt
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Notes Payable and Long-Term Debt	19. Notes Payable and Long-Term Debt We obtain short-term financing throughout the year under our commercial paper program, a form of notes payable. Commercial Paper(millions) 2009 2008 Maximum amount outstanding during the year $ 112 $ 1,385 Average amount outstanding during the year 1 274 Amount outstanding at year-end Weighted average interest rate 0.2 % 2.1 % An additional source of liquidity is available to us through a committed $2billion unsecured revolving credit facility obtained through a group of banks in April 2007, which will expire in April 2012. No balances were outstanding at any time during 2009 or 2008 under this credit facility. As further explained in Note10, we maintain an accounts receivable financing program through which we sell credit card receivables to a bankruptcy remote, wholly owned subsidiary, which in turn transfers the receivables to a Trust. The Trust, either directly or through related trusts, sells debt securities to third parties. The following summarizes this activity for fiscal 2008 and 2009. Nonrecourse Debt Collateralized by Credit Card Receivables(millions) Amount At February2, 2008 $ 2,400 Issued, net of $268 discount 3,557 Accretion(a) 33 Repaid (500 ) At January31, 2009 5,490 Issued Accretion(a) 48 Repaid (163 ) At January30, 2010 $ 5,375 (a) Represents the accretion of the 7percent discount on the 47percent interest in credit card receivables sold to JPMC. Other than debt backed by our credit card receivables and other immaterial borrowings, all of our outstanding borrowings are senior, unsecured obligations. At January30, 2010, the carrying value and maturities of our debt portfolio, including swap valuation adjustments for our fair value hedges, was as follows: January30, 2010 Debt Maturities(millions) Rate(a) Balance Due fiscal 2010-2014 3.2 % $ 8,271 Due fiscal 2015-2019 5.7 3,232 Due fiscal 2020-2024 9.2 213 Due fiscal 2025-2029 6.7 326 Due fiscal 2030-2034 6.6 905 Due fiscal 2035-2037 6.8 3,500 Total notes and debentures 4.8 16,447 Unamortized swap valuation adjustments from terminated/de-designated swaps 197 Capital lease obligations 170 Less: Amounts due within one year (1,696 ) Long-term debt $ 15,118 (a) Reflects the weighted average stated interest rate as of year-end. Required principal payments on notes and debentures over the next five years, excluding capital lease obligations, are as follows: Required Principal Payments(a) (millions) 2010 2011 2012 2013 2014 Unsecured $ 786 $ 106 $ 1,501 $ 501 $ 1 Nonrecourse 900 750 3,903 Total required principal payments $ 1,686 $ 106 $ 2,251 $ 4,404 $ 1 (a) The required principal payments presented in this table do not consider the potential accelerated repayment requirements under our agreement w

Derivative Financial Instrument

Derivative Financial Instruments
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Derivative Financial Instruments	20. Derivative Financial Instruments Derivative financial instruments are reported at fair value on the Consolidated Statements of Financial Position. Our derivative instruments have been primarily interest rate swaps. We use these derivatives to mitigate our interest rate risk. We have counterparty credit risk resulting from our derivate instruments. This risk lies primarily with two global financial institutions. We monitor this concentration of counterparty credit risk on an ongoing basis. Prior to 2009, the majority of our derivative instruments qualified for fair value hedge accounting treatment. The changes in market value of an interest rate swap, as well as the offsetting change in market value of the hedged debt, were recognized within earnings in the current period. We assessed at the inception of the hedge whether the hedging derivatives were highly effective in offsetting changes in fair value or cash flows of hedged items. Ineffectiveness resulted when changes in the market value of the hedged debt were not completely offset by changes in the market value of the interest rate swap. For those derivatives whose terms met the conditions of the "short-cut method", 100percent hedge effectiveness was assumed. There was no ineffectiveness recognized in 2009, 2008, or 2007 related to our derivative instruments. As detailed below, at January30, 2010, there were no derivative instruments designated as accounting hedges. During the first quarter of 2008, we terminated certain "pay floating" interest rate swaps with a combined notional amount of $3,125million for cash proceeds of $160million, which are classified within other operating cash flows in the Consolidated Statements of Cash Flows. These swaps were designated as hedges; therefore, concurrent with their terminations, we were required to stop making market value adjustments to the associated hedged debt. Gains realized upon termination will be amortized into earnings over the remaining life of the associated hedge debt. Additionally, during 2008, we de-designated certain "pay floating" interest rate swaps, and upon de-designation, these swaps no longer qualified for hedge accounting treatment. As a result of the de-designation, the unrealized gains on these swaps determined at the date of de-designation will be amortized into earnings over the remaining lives of the previously hedged items. In 2009, 2008, and 2007, total net gains amortized into net interest expense for terminated and de-designated swaps were $60million, $55million, and $6million, respectively. The amount remaining on unamortized hedged debt valuation gains from terminated and de-designated interest rate swaps that will be amortized into earnings over the remaining lives totaled $197million, $263million, and $14million, at the end of 2009, 2008, and 2007, respectively. Simultaneous to the de-designations during 2008, we entered into "pay fixed" swaps to economically hedge the risks associated with the de-designated "pay floating" swaps. These swaps are not designated as hedging instruments and along with the de-designated "pay floating" swaps are measured at fair value on a quarterly basis. Chan

Leases

Leases
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Leases	21. Leases We lease certain retail locations, warehouses, distribution centers, office space, equipment and land. Assets held under capital lease are included in property and equipment. Operating lease rentals are expensed on a straight-line basis over the life of the lease beginning on the date we take possession of the property. At lease inception, we determine the lease term by assuming the exercise of those renewal options that are reasonably assured because of the significant economic penalty that exists for not exercising those options. The exercise of lease renewal options is at our sole discretion. The expected lease term is used to determine whether a lease is capital or operating and is used to calculate straight-line rent expense. Additionally, the depreciable life of buildings and leasehold improvements is limited by the expected lease term. Rent expense on buildings is included in SGA. Some of our lease agreements include rental payments based on a percentage of retail sales over contractual levels. Total rent expense was $174million in 2009, $169million in 2008, and $165million in 2007, including immaterial amounts of percentage rent expense in 2009, 2008 and 2007. Certain leases require us to pay real estate taxes, insurance, maintenance and other operating expenses associated with the leased premises. These expenses are classified in SGA consistent with similar costs for owned locations. Most long-term leases include one or more options to renew, with renewal terms that can extend the lease term from one to more than fifty years. Certain leases also include options to purchase the leased property. Future Minimum Lease Payments(millions) Operating Leases(a) Capital Leases 2010 $ 264 $ 16 2011 181 17 2012 143 18 2013 138 18 2014 127 17 After 2014 3,147 190 Total future minimum lease payments $ 4,000 276 Less: Interest(b) (106 ) Present value of future minimum capital lease payments(c) $ 170 (a) Total contractual lease payments include $2,016million related to options to extend lease terms that are reasonably assured of being exercised and also includes $88million of legally binding minimum lease payments for stores that will open in 2010 or later. (b) Calculated using the interest rate at inception for each lease. (c) Includes the current portion of $5 million.

Income Taxes

Income Taxes
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Income Taxes	22. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted income tax rates in effect for the year the temporary differences are expected to be recovered or settled. Tax rate changes affecting deferred tax assets and liabilities are recognized in income at the enactment date. We have not recorded deferred taxes when earnings from foreign operations are considered to be indefinitely invested outside the U.S. Such amounts are not significant. Tax Rate Reconciliation 2009 2008 2007 Federal statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 3.8 4.0 4.0 Other (3.1 ) (1.6 ) (0.6 ) Effective tax rate 35.7 % 37.4 % 38.4 % The decrease in the effective rates between 2009 and 2008 is primarily due to nontaxable capital market returns on investments used to economically hedge the market risk in deferred compensation obligations in 2009 compared with nondeductible losses in 2008. The 2009 effective income tax rate is also lower due to federal and state discrete items. The decrease in 2008 was primarily due to tax reserve reductions resulting from audit settlements and the effective resolution of other issues. The 2008 effective income tax rate was also lower due to a comparatively greater proportion of earnings subject to rate differences between taxing jurisdictions. These rate declines were partially offset by lower capital market returns on investments used to economically hedge the market risk in deferred compensation plans. Gains and losses from these investments are not taxable. Provision for Income Taxes: Expense/(Benefit)(millions) 2009 2008 2007 Current: Federal $ 877 $ 1,034 $ 1,568 State/other 143 197 278 Total current 1,020 1,231 1,846 Deferred: Federal 339 88 (67 ) State/other 25 3 (3 ) Total deferred 364 91 (70 ) Total provision $ 1,384 $ 1,322 $ 1,776 Net Deferred Tax Asset/(Liability)(millions) January30, 2010 January31, 2009 Gross deferred tax assets: Accrued and deferred compensation $ 538 $ 420 Allowance for doubtful accounts 393 390 Accruals and reserves not currently deductible 380 349 Self-insured benefits 260 289 Other 92 223 Total gross deferred tax assets 1,663 1,671 Gross deferred tax liabilities: Property and equipment (1,543 ) (1,234 ) Deferred credit card income (166 ) (144 ) Other (64 ) (55 ) Total gross deferred tax liabilities (1,773 ) (1,433 ) Total net deferred tax asset/(liability) $ (110 ) $ 238 We filea U.S. federal income tax return and income tax returns in various states and foreign jurisdictions. We are no longer subje

Other Noncurrent Liabilities

Other Noncurrent Liabilities
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Other Noncurrent Liabilities	23. Other Noncurrent Liabilities Other Noncurrent Liabilities(millions) January30, 2010 January31, 2009 Income tax liability $ 579 $ 506 Workers' compensation and general liability 490 506 Deferred compensation 369 309 Pension and postretirement health care benefits 178 318 Other 290 298 Total $ 1,906 $ 1,937 We retain a substantial portion of the risk related to certain general liability and workers' compensation claims. Liabilities associated with these losses include estimates of both claims filed and losses incurred but not yet reported. We estimate our ultimate cost based on analysis of historical data and actuarial estimates. General liability and workers' compensation liabilities are recorded at our estimate of their net present value.

Share Repurchase

Share Repurchase
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Share Repurchase	24. Share Repurchase In November 2007, our Board of Directors approved a share repurchase program totaling $10billion that replaced a prior program. In November 2008, we announced that, in light of our business outlook, we were temporarily suspending our open-market share repurchase program. In January 2010, we resumed open-market purchases of shares under this program. Share repurchases for the last three years, repurchased primarily through open market transactions, were as follows: Share Repurchases(millions, except per share data) Total Number of Shares Purchased Average Price Paid per Share Total Investment 2007 Under a prior program 19.7 $ 60.72 $ 1,197 2007 Under the 2007 program 26.5 54.64 1,445 2008 67.2 50.49 3,395 2009 9.9 48.54 479 Total 123.3 $ 52.85 $ 6,516 Of the shares reacquired and included above, a portion was delivered upon settlement of prepaid forward contracts. The prepaid forward contracts settled in 2009 had a total cash investment of $56million and an aggregate market value of $60million at their respective settlement dates. The prepaid forward contracts settled in 2008 had a total cash investment of $249million and an aggregate market value of $251million at their respective settlement dates. The prepaid forward contracts settled in 2007 had a total cash investment of $165million and an aggregate market value of $215million at their respective settlement dates. These contracts are among the investment vehicles used to reduce our economic exposure related to our nonqualified deferred compensation plans. The details of our positions in prepaid forward contracts have been provided in Note26. Our share repurchases during 2008 included 30million shares that were acquired through the exercise of call options. Call Option Repurchase Details (amounts per share) Number of Options Exercised Total Cost (millions) Series Exercise Date Premium(a) Strike Price Total SeriesI 10,000,000 April 2008 $ 11.04 $ 40.32 $ 51.36 $ 514 SeriesII 10,000,000 May 2008 10.87 39.31 50.18 502 SeriesIII 10,000,000 June 2008 11.20 39.40 50.60 506 Total 30,000,000 $ 11.04 $ 39.68 $ 50.71 $ 1,522 (a) Paid in January 2008.

Share-Based Compensation

Share-Based Compensation
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Share-Based Compensation	25. Share-Based Compensation We maintain a long-term incentive plan for key team members and nonemployee members of our Board of Directors. Our long-term incentive plan allows us to grant equity-based compensation awards, including stock options, stock appreciation rights, performance share unit awards, restricted stock unit awards, restricted stock awards or a combination of awards. A majority of granted awards are nonqualified stock options that vest annually in equal amounts over a four-year period and expire no later than 10years after the grant date. Options granted to the nonemployee members of our Board of Directors become exercisable after one year and have a 10-year term. We have issued performance share unit awards annually since January 2003. These awards represent shares potentially issuable in the future; historically, awards have been issued based upon the attainment of compound annual growth rates in revenue and EPS over a three year performance period. Beginning with the March 2009 grant, issuance is based upon the attainment of compound annual EPS growth rate and domestic market share change relative to a retail peer group over a three-year performance period. We regularly issue restricted stock units with three-year cliff vesting to select team members. We also regularly issue restricted stock units to our Board of Directors. The number of unissued common shares reserved for future grants under the share-based compensation plans was 21,450,009 at January30, 2010 and 25,755,800 at January31, 2009. Share-Based Compensation Award Activity Stock Options(a) Total Outstanding Exercisable (number of options and units in thousands) No. of Options Exercise Price(b) Intrinsic Value(c) No. of Options Exercise Price(b) Intrinsic Value(c) Performance Share Units(d) Restricted Stock Units February3, 2007 27,910 $ 41.95 $ 558 17,659 $ 35.32 $ 470 1,895 221 Granted 5,725 49.54 650 21 Expired/forfeited (434 ) 52.67 Exercised/issued (5,061 ) 28.00 (370 ) (4 ) February2, 2008 28,140 $ 45.84 $ 298 16,226 $ 41.07 $ 245 2,175 238 Granted 9,914 34.64 764 315 Expired/forfeited (756 ) 51.28 (176 ) (2 ) Exercised/issued (937 ) 33.36 (740 ) (2 ) January31, 2009 36,361 $ 43.00 $ 4 19,292 $ 43.80 $ 4 2,023 549 Granted 5,127 49.08 826 224 Expired/forfeited (1,507 ) 46.14 (662 ) Exercised/issued (1,767 ) 35.34 (14 ) (203 ) January30, 2010 38,214 $ 44.05 $ 331 22,446 $ 44.59 $ 189 2,173 (e) 570 (a) Includes Stock Appreciation Rights granted to certain non-U.S. team members. (b) Weighted average per share. (c) Represents stock price appreciation subsequent to the grant date, in millions. (d) Assumes attain

Defined Contribution Plans

Defined Contribution Plans
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Defined Contribution Plans	26. Defined Contribution Plans Team members who meet certain eligibility requirements can participate in a defined contribution 401(k) plan by investing up to 80percent of their compensation, as limited by statute or regulation. Generally, we match 100percent of each team member's contribution up to 5percent of total compensation. Company match contributions are made to the fund designated by the participant. In addition, we maintain nonqualified, unfunded deferred compensation plans for approximately 3,500 current and retired team members. These team members choose from a menu of crediting rate alternatives that are the same as the investment choices in our 401(k) plan, including Target common stock. We credit an additional 2percent per year to the accounts of all active participants, excluding executive officer participants, in part to recognize the risks inherent to their participation in a plan of this nature. We also maintain a nonqualified, unfunded deferred compensation plan that was frozen during 1996, covering 11 active and 50 retired participants. In this plan deferred compensation earns returns tied to market levels of interest rates, plus an additional 6percent return, with a minimum of 12percent and a maximum of 20percent, as determined by the plan's terms. The American Jobs Creation Act of 2004 added Section409A to the Internal Revenue Code, changing the federal income tax treatment of nonqualified deferred compensation arrangements. Failure to comply with the new requirements would result in early taxation of nonqualified deferred compensation arrangements, as well as a 20percent penalty tax and additional interest payable to the IRS. In response to these new requirements, we allowed participants to elect to accelerate the distribution dates for their account balances. Participant elections resulted in payments of $29million in 2009 and $86million in 2008. We control some of our risk of offering the nonqualified plans through investing in vehicles, including company-owned life insurance and prepaid forward contracts in our own common stock that offset a substantial portion of our economic exposure to the returns of these plans. These investment vehicles are general corporate assets and are marked to market with the related gains and losses recognized in the Consolidated Statements of Operations in the period they occur. The total change in fair value for contracts indexed to our own common stock recorded in earnings was pretax income/(loss) of $36million in 2009, $(19) million in 2008, and $6million in 2007. During 2009 and 2008, we invested approximately $34million and $215million, respectively, in such investment instruments, and these investments are included in the Consolidated Statements of Cash Flows within other investing activities. Adjusting our position in these investment vehicles may involve repurchasing shares of Target common stock when settling the forward contracts. In 2009, 2008, and 2007, these repurchases totaled 1.5million, 4.7million, and 3.4million shares, respectively, and are included in the total share repurchases described in Note24. Prepaid Forward Contracts o

Pension and Postretirement Heal

Pension and Postretirement Health Care Plans
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Pension and Postretirement Health Care Plans	27. Pension and Postretirement Health Care Plans We have qualified defined benefit pension plans covering all U.S. team members who meet age and service requirements, including in certain circumstances, date of hire. We also have unfunded nonqualified pension plans for team members with qualified plan compensation restrictions. Eligibility for, and the level of, these benefits varies depending on team members' date of hire, length of service and/or team member compensation. Upon retirement, team members also become eligible for certain health care benefits if they meet minimum age and service requirements and agree to contribute a portion of the cost. Effective January1, 2009, our qualified defined benefit pension plan was closed to new participants, with limited exceptions. We recognize that our obligations to plan participants can only be met over time through a combination of company contributions to these plans and earnings on plan assets. In light of this concept and as a result of declines in the market value of plan assets in 2008 (which were only partially offset by increases in 2009), we elected to contribute $252million to our qualified plans during 2009. This restored the qualified plans to a fully-funded status at year-end on an ABO (Accumulated Benefit Obligation) basis. During 2009 we amended our postretirement health care plan, resulting in a $46million reduction to our recorded liability, with a corresponding increase to shareholders' equity of $28million, net of taxes of $18million. The financial benefits of this amendment will be recognized though a reduction of benefit plan expense over the next 6years. The following tables provide a summary of the changes in the benefit obligations, fair value of plan assets, and funded status and amounts recognized in our Consolidated Statement of Financial Position for our postretirement benefit plans: Pension Benefits Postretirement Health Care Benefits Change in Projected Benefit Obligation (millions) Qualified Plans Nonqualified Plans 2009 2008 2009 2008 2009 2008 Benefit obligation at beginning of measurement period $1,948 $1,811 $36 $33 $117 $108 Service cost 99 93 1 1 7 5 Interest cost 123 114 2 2 6 7 Actuarial (gain)/loss 155 21 (3 ) 4 33 10 Participant contributions 1 6 6 Benefits paid (99 ) (94 ) (3 ) (4 ) (18 ) (19 ) Plan amendments 3 (64 ) Benefit obligation at end of measurement period $2,227 $1,948 $33 $36 $87 $117 Pension Benefits Postretirement Health Care Benefits Change in Plan Assets (millions) Qualified Plans Nonqualified Plans 2009 2008 2009 2008 2008 2008 Fair value of plan assets at beginning of measurement period $ 1,771 $ 2,192 $ $ $ $ Actual return on plan assets 232 (430 ) Employer contributions 252 103 3 4 12 13 Parti

Segment Reporting

Segment Reporting
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Segment Reporting	28. Segment Reporting Our measure of profit for each segment is a measure that management considers analytically useful in measuring the return we are achieving on our investment. 2009 2008 2007 Business Segment Results Credit Card Credit Card Credit Card (millions) Retail Total Retail Total Retail Total Sales/Credit card revenues $ 63,435 $ 1,922 $ 65,357 $ 62,884 $ 2,064 $ 64,948 $ 61,471 $ 1,896 $ 63,367 Cost of sales 44,062 44,062 44,157 44,157 42,929 42,929 Bad debt expense(a) 1,185 1,185 1,251 1,251 481 481 Selling, general and administrative/ Operations and marketing expenses(a)(b) 12,989 425 13,414 12,838 474 13,312 12,557 469 13,026 Depreciation and amortization 2,008 14 2,023 1,808 17 1,826 1,643 16 1,659 Earnings before interest expense and income taxes 4,376 298 4,673 4,081 322 4,402 4,342 930 5,272 Interest expense on nonrecourse debt collateralized by credit card receivables 97 97 167 167 133 133 Segment profit $ 4,376 $ 201 $ 4,576 $ 4,081 $ 155 $ 4,236 $ 4,342 $ 797 $ 5,139 Unallocated (income)/expense: Other interest expense 707 727 535 Interest income (3 ) (28 ) (21 ) Earnings before income taxes $ 3,872 $ 3,536 $ 4,625 (a) The combination of bad debt expense and operations and marketing expenses within the Credit Card Segment represent credit card expenses on the Consolidated Statements of Operations. (b) New account and loyalty rewards redeemed by our guests reduce reported sales. Our Retail Segment charges the cost of these discounts to our Credit Card Segment, and the reimbursements of $89million in 2009, $117million in 2008, and $114million in 2007 are recorded as a reduction to SGA expenses within the Retail Segment and an increase to operations and marketing expenses within the Credit Card Segment. Note: The sum of the segment amounts may not equal the total amounts due to rounding. TotalAssetsbyBusinessSegment 2009 2008 (millions) Retail Credit Card Total Retail Credit Card Total Total assets $ 37,200 $ 7,333 $ 44,533 $ 35,651 $ 8,455 $ 44,106 Substantially all of our revenues are generated in, and long-lived assets are located in, the United States.

Quarterly Results

Quarterly Results (Unaudited)
	12 Months Ended Jan. 30, 2010
Notes to Consolidated Financial Statements
Quarterly Results (Unaudited)	29. Quarterly Results (Unaudited) Due to the seasonal nature of our business, fourth quarter operating results typically represent a substantially larger share of total year revenues and earnings because they include our peak sales period from Thanksgiving through the end of December. We follow the same accounting policies for preparing quarterly and annual financial data. The table below summarizes quarterly results for 2009 and 2008: Quarterly Results (millions,exceptpersharedata) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 Total revenues $ 14,833 $ 14,802 $ 15,067 $ 15,472 $ 15,276 $ 15,114 $ 20,181 $ 19,560 $ 65,357 $ 64,948 Earnings before income taxes 824 957 957 1,003 683 633 1,409 943 3,872 3,536 Net earnings 522 602 594 634 436 369 936 609 2,488 2,214 Basic earnings per share 0.69 0.75 0.79 0.82 0.58 0.49 1.25 0.81 3.31 2.87 Diluted earnings per share 0.69 0.74 0.79 0.82 0.58 0.49 1.24 0.81 3.30 2.86 Dividends declared per share 0.16 0.14 0.17 0.16 0.17 0.16 0.17 0.16 0.67 0.62 Closing common stock price High 41.26 54.89 43.79 55.10 51.35 57.89 52.02 41.35 52.02 57.89 Low 25.37 48.50 36.75 43.68 41.38 32.69 45.30 26.96 25.37 26.96 Note:Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding and all other quarterly amounts may not equal the total year due to rounding.

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts
	12 Months Ended Jan. 30, 2010
Valuation and Qualifying Accounts
Valuation and Qualifying Accounts	TARGET CORPORATION ScheduleII Valuation and Qualifying Accounts Fiscal Years 2009, 2008, and 2007 (millions) Column A Column B Column C Column D Column E Description Balanceat Beginningof Period Additions Chargedto Cost,Expenses Deductions BalanceatEnd ofPeriod Allowance for doubtful accounts: 2009 $ 1,010 1,185 (1,179 ) $ 1,016 2008 $ 570 1,251 (811 ) $ 1,010 2007 $ 517 481 (428 ) $ 570 Sales returns reserves(a): 2009 $ 29 1,118 (1,106 ) $ 41 2008 $ 29 1,088 (1,088 ) $ 29 2007 $ 31 1,103 (1,105 ) $ 29 (a) These amounts represent the gross margin effect of sales returns during the respective years. Expected merchandise returns after year end for sales made before year end were $99million, $100million and $93million for 2009, 2008 and 2007, respectively.

Document and Entity Information

Document and Entity Information (USD $)
	12 Months Ended Jan. 30, 2010	Mar. 10, 2010	Aug. 01, 2009
Document and Entity Information
Entity Registrant Name	TARGET CORP
Entity Central Index Key	0000027419
Document Type	10-K
Document Period End Date	2010-01-30
Amendment Flag	false
Current Fiscal Year End Date	--01-30
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$32,739,208,053
Entity Common Stock, Shares Outstanding		793,316,518