Target (TGT) 10-Q22 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Oct. 28, 2023	Nov. 17, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 28, 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		461,661,800
Entity Central Index Key	0000027419
Amendment Flag	false
Current Fiscal Year End Date	--02-03
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Revenue	$ 25,398	$ 26,518	$ 75,493	$ 77,725
Cost of sales	18,149	19,680	54,333	58,283
Selling, general and administrative expenses	5,316	5,219	15,525	14,983
Depreciation and amortization (exclusive of depreciation included in cost of sales)	616	597	1,793	1,770
Operating income	1,317	1,022	3,842	2,689
Net interest expense	107	125	395	349
Net other income	(25)	(12)	(64)	(35)
Earnings before income taxes	1,235	909	3,511	2,375
Provision for income taxes	264	197	755	471
Net earnings	$ 971	$ 712	$ 2,756	$ 1,904
Basic earnings per share (in dollars per share)	$ 2.10	$ 1.55	$ 5.97	$ 4.11
Diluted earnings per share (in dollars per share)	$ 2.10	$ 1.54	$ 5.96	$ 4.09
Weighted average common shares outstanding
Basic (in shares)	461.6	460.3	461.4	462.6
Diluted (in shares)	462.6	462.5	462.7	465.3
Antidilutive shares (in shares)	3	1.3	2.6	1.1
Sales
Revenue	$ 25,004	$ 26,122	$ 74,336	$ 76,605
Other revenue
Revenue	$ 394	$ 396	$ 1,157	$ 1,120

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 971	$ 712	$ 2,756	$ 1,904
Other comprehensive income, net of tax
Pension benefit liabilities	0	11	3	33
Cash flow hedges and currency translation adjustment	(5)	150	(14)	312
Other comprehensive income (loss)	(5)	161	(11)	345
Comprehensive income	$ 966	$ 873	$ 2,745	$ 2,249

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Millions	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022
Assets
Cash and cash equivalents	$ 1,910	$ 2,229	$ 954
Inventory	14,731	13,499	17,117
Other current assets	1,958	2,118	2,322
Total current assets	18,599	17,846	20,393
Property and equipment
Land	6,520	6,231	6,214
Buildings and improvements	36,627	34,746	34,279
Fixtures and equipment	8,490	7,439	7,184
Computer hardware and software	3,312	3,039	2,899
Construction-in-progress	2,000	2,688	2,358
Accumulated depreciation	(23,781)	(22,631)	(22,013)
Property and equipment, net	33,168	31,512	30,921
Operating lease assets	3,086	2,657	2,596
Other noncurrent assets	1,376	1,320	1,705
Total assets	56,229	53,335	55,615
Liabilities and shareholders’ investment
Accounts payable	14,291	13,487	15,438
Accrued and other current liabilities	6,099	5,883	6,138
Current portion of long-term debt and other borrowings	1,112	130	2,207
Total current liabilities	21,502	19,500	23,783
Long-term debt and other borrowings	14,883	16,009	14,237
Noncurrent operating lease liabilities	3,031	2,638	2,590
Deferred income taxes	2,447	2,196	2,240
Other noncurrent liabilities	1,852	1,760	1,746
Total noncurrent liabilities	22,213	22,603	20,813
Shareholders’ investment
Common stock	38	38	38
Additional paid-in capital	6,681	6,608	6,558
Retained earnings	6,225	5,005	4,631
Accumulated other comprehensive loss	(430)	(419)	(208)
Total shareholders’ investment	12,514	11,232	11,019
Total liabilities and shareholders’ investment	$ 56,229	$ 53,335	$ 55,615

Consolidated Statements of Fi_2

Consolidated Statements of Financial Position (Parenthetical) - $ / shares	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 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)	461,651,176	460,346,947	460,297,654
Common stock, shares outstanding (in shares)	461,651,176	460,346,947	460,297,654
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	9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022
Operating activities
Net earnings	$ 2,756	$ 1,904
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization	2,072	2,004
Share-based compensation expense	176	177
Deferred income taxes	252	548
Noncash losses / (gains) and other, net	101	141
Changes in operating accounts:
Inventory	(1,232)	(3,215)
Other assets	(208)	(205)
Accounts payable	887	(224)
Accrued and other liabilities	528	(578)
Cash provided by operating activities	5,332	552
Investing activities
Expenditures for property and equipment	(3,952)	(4,323)
Proceeds from disposal of property and equipment	24	4
Other investments	18	16
Cash required for investing activities	(3,910)	(4,303)
Financing activities
Change in commercial paper, net	0	2,104
Additions to long-term debt	0	991
Reductions of long-term debt	(114)	(139)
Dividends paid	(1,503)	(1,339)
Repurchase of stock	0	(2,646)
Shares withheld for taxes on share-based compensation	(124)	(179)
Stock option exercises	0	2
Cash required for financing activities	(1,741)	(1,206)
Net decrease in cash and cash equivalents	(319)	(4,957)
Cash and cash equivalents at beginning of period	2,229	5,911
Cash and cash equivalents at end of period	1,910	954
Supplemental information
Leased assets obtained in exchange for new finance lease liabilities	86	116
Leased assets obtained in exchange for new operating lease liabilities	$ 679	$ 203

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Investment - USD ($) $ in Millions	3 Months Ended							9 Months Ended
	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023	Jan. 28, 2023	Oct. 29, 2022	Jul. 30, 2022	Apr. 30, 2022	Oct. 28, 2023	Oct. 29, 2022
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)			460,346,947	460,297,654				460,346,947
Beginning balance	$ 11,990	$ 11,605	$ 11,232	$ 11,019	$ 10,592	$ 10,774	$ 12,827	$ 11,232	$ 12,827
Net earnings	971	835	950	876	712	183	1,009	2,756	1,904
Other comprehensive income (loss)	(5)	(3)	(3)	(211)	161	(17)	201	$ (11)	$ 345
Dividends declared	$ (513)	(516)	(507)	(502)	$ (502)	(502)	(426)
Repurchase of stock (in shares)	0				0			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	$ 71	69	(67)	$ 50	$ 56	40	(77)
Ending balance (in shares)	461,651,176			460,346,947	460,297,654			461,651,176	460,297,654
Ending balance	$ 12,514	$ 11,990	$ 11,605	$ 11,232	$ 11,019	$ 10,592	$ 10,774	$ 12,514	$ 11,019
Common Stock
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	461,600,000	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	$ 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)	100,000		1,300,000		100,000	100,000	1,400,000
Stock options and awards							$ 1
Ending balance (in shares)	461,700,000	461,600,000	461,600,000	460,300,000	460,300,000	460,200,000	463,700,000	461,700,000	460,300,000
Ending balance	$ 38	$ 38	$ 38	$ 38	$ 38	$ 38	$ 39	$ 38	$ 38
Additional Paid-in Capital
Increase (Decrease) in Shareholders' Investment
Beginning balance	6,610	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	71	69	(67)	50	56	40	(78)
Ending balance	6,681	6,610	6,541	6,608	6,558	6,502	5,592	6,681	6,558
Retained Earnings
Increase (Decrease) in Shareholders' Investment
Beginning balance	5,767	5,448	5,005	4,631	4,421	5,495	6,920	5,005	6,920
Net earnings	971	835	950	876	712	183	1,009
Dividends declared	(513)	(516)	(507)	(502)	(502)	(502)	(426)
Repurchase of stock						(755)	(10)
Accelerated share repurchase pending final settlement							(1,998)
Ending balance	6,225	5,767	5,448	5,005	4,631	4,421	5,495	6,225	4,631
Accumulated Other Comprehensive (Loss)/Income
Increase (Decrease) in Shareholders' Investment
Beginning balance	(425)	(422)	(419)	(208)	(369)	(352)	(553)	(419)	(553)
Other comprehensive income (loss)	(5)	(3)	(3)	(211)	161	(17)	201
Ending balance	$ (430)	$ (425)	$ (422)	$ (419)	$ (208)	$ (369)	$ (352)	$ (430)	$ (208)

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Investment (Parenthetical) - $ / shares	3 Months Ended		12 Months Ended
	Oct. 28, 2023	Oct. 29, 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	9 Months Ended
Accounting Policies	Oct. 28, 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	9 Months Ended
Revenue	Oct. 28, 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 Nine Months Ended (millions) October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Apparel & accessories (a) $ 4,007 $ 4,367 $ 12,075 $ 13,223 Beauty & household essentials (b) 7,619 7,465 22,814 21,726 Food & beverage (c) 5,736 5,748 17,125 16,521 Hardlines (d) 3,192 3,665 9,966 11,244 Home furnishings & décor (e) 4,420 4,832 12,230 13,750 Other 30 45 126 141 Sales 25,004 26,122 74,336 76,605 Credit card profit sharing 165 184 508 550 Other 229 212 649 570 Other revenue 394 396 1,157 1,120 Total revenue $ 25,398 $ 26,518 $ 75,493 $ 77,725 (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 October 28, 2023, January 28, 2023, and October 29, 2022, the accrual for estimated returns was $207 million, $174 million, and $209 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 October 28, (millions) Gift card liability (a) $ 1,240 $ 466 $ (796) $ 910 (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	9 Months Ended
Fair Value Measurements	Oct. 28, 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 October 28, 2023 January 28, 2023 October 29, 2022 Assets Short-term investments Cash and Cash Equivalents Level 1 $ 1,004 $ 1,343 $ — Prepaid forward contracts Other Current Assets Level 1 18 27 27 Interest rate swaps Other Current Assets Level 2 — — 53 Interest rate swaps Other Noncurrent Assets Level 2 — 7 341 Liabilities Interest rate swaps Other Current Liabilities Level 2 7 — — Interest rate swaps Other Noncurrent Liabilities Level 2 190 81 147 Significant Financial Instruments Not Measured at Fair Value (a) (millions) October 28, 2023 January 28, 2023 October 29, 2022 Carrying Fair Carrying Fair Carrying Fair Long-term debt, including current portion (b) $ 14,149 $ 12,485 $ 14,141 $ 13,688 $ 12,505 $ 11,291 (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	9 Months Ended
Supplier Finance Programs	Oct. 28, 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	9 Months Ended
Property and Equipment	Oct. 28, 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 $64 million and $98 million for the three and nine months ended October 28, 2023, respectively. We recognized impairment charges of $5 million and $55 million for the three and nine months ended October 29, 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	9 Months Ended
Commercial Paper and Long-Term Debt	Oct. 28, 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 three months ended October 28, 2023, there were no commercial paper amounts outstanding. For the three months ended October 29, 2022, the maximum amount outstanding was $2.1 billion and the average daily amount outstanding was $1.1 billion, at a weighted average annual interest rate of 2.8 percent. For the nine months ended October 28, 2023 and October 29, 2022, the maximum amounts outstanding were $90 million and $2.1 billion, respectively, and the average daily amounts outstanding were $1 million and $713 million, respectively, at a weighted average annual interest rate of 4.8 percent and 1.9 percent, respectively. No balances were outstanding as of October 28, 2023. As of October 29, 2022, $2.1 billion was outstanding and is classified within Current Portion of Long-Term Debt and Other Borrowings on our Consolidated Statements of Financial Position. In October 2023, we obtained a new committed $1.0 billion 364-day unsecured revolving credit facility that will expire in October 2024 and terminated our prior 364-day credit facility. We also exercised our option to extend our existing five-year unsecured revolving credit facility, which has a maximum committed capacity of $3.0 billion and now expires in October 2028. No balances were outstanding under either credit facility at any time during 2023 or 2022.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
Derivative Financial Instruments	Oct. 28, 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 October 28, 2023, January 28, 2023, and October 29, 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 nine months ended October 28, 2023 and October 29, 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 $1.45 billion as of October 29, 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) October 28, 2023 January 28, 2023 October 29, 2022 Long-term debt and other borrowings Carrying amount of hedged debt $ 2,245 $ 2,366 $ 2,294 Cumulative hedging adjustments, included in carrying amount (197) (74) (146) Effect of Hedges on Net Interest Expense Three Months Ended Nine Months Ended (millions) October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Gain (loss) on fair value hedges recognized in Net Interest Expense Interest rate swaps designated as fair value hedges $ (60) $ (168) $ (123) $ (223) Hedged debt 60 168 123 223 Gain on cash flow hedges recognized in Net Interest Expense 6 — 18 — Total $ 6 $ — $ 18 $ —

Share Repurchase

Share Repurchase	9 Months Ended
Share Repurchase	Oct. 28, 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 nine months ended October 28, 2023. Share Repurchase Activity Three Months Ended Nine Months Ended (millions, except per share data) October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Number of shares purchased — — — 12.5 Average price paid per share $ — $ — $ — $ 211.57 Total investment $ — $ — $ — $ 2,646

Pension Benefits

Pension Benefits	9 Months Ended
Pension Benefits	Oct. 28, 2023
Retirement Benefits [Abstract]
Pension Benefits	Pension Benefits We provide pension plan benefits to eligible team members. Net Pension Benefits Expense Three Months Ended Nine Months Ended (millions) Classification October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Service cost benefits earned SG&A $ 19 $ 22 $ 58 $ 68 Interest cost on projected benefit obligation Net Other Income 42 29 125 88 Expected return on assets Net Other Income (67) (59) (201) (176) Amortization of losses Net Other Income — 16 1 46 Prior service cost Net Other Income — — 11 10 Total $ (6) $ 8 $ (6) $ 36

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
Accumulated Other Comprehensive Income (Loss)	Oct. 28, 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) Other comprehensive income (loss) before reclassifications, net of tax — (1) — (1) Amounts reclassified from AOCI, net of tax (13) — 3 (10) October 28, 2023 $ 287 $ (24) $ (693) $ (430)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended							9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023	Jan. 28, 2023	Oct. 29, 2022	Jul. 30, 2022	Apr. 30, 2022	Oct. 28, 2023	Oct. 29, 2022
Pay vs Performance Disclosure
Net earnings	$ 971	$ 835	$ 950	$ 876	$ 712	$ 183	$ 1,009	$ 2,756	$ 1,904

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
Accounting Policies (Policies)	Oct. 28, 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)	9 Months Ended
Revenue (Tables)	Oct. 28, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Revenue	Revenue Three Months Ended Nine Months Ended (millions) October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Apparel & accessories (a) $ 4,007 $ 4,367 $ 12,075 $ 13,223 Beauty & household essentials (b) 7,619 7,465 22,814 21,726 Food & beverage (c) 5,736 5,748 17,125 16,521 Hardlines (d) 3,192 3,665 9,966 11,244 Home furnishings & décor (e) 4,420 4,832 12,230 13,750 Other 30 45 126 141 Sales 25,004 26,122 74,336 76,605 Credit card profit sharing 165 184 508 550 Other 229 212 649 570 Other revenue 394 396 1,157 1,120 Total revenue $ 25,398 $ 26,518 $ 75,493 $ 77,725 (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 October 28, (millions) Gift card liability (a) $ 1,240 $ 466 $ (796) $ 910 (a) Included in Accrued and Other Current Liabilities. (b) Net of estimated breakage.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Oct. 28, 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 October 28, 2023 January 28, 2023 October 29, 2022 Assets Short-term investments Cash and Cash Equivalents Level 1 $ 1,004 $ 1,343 $ — Prepaid forward contracts Other Current Assets Level 1 18 27 27 Interest rate swaps Other Current Assets Level 2 — — 53 Interest rate swaps Other Noncurrent Assets Level 2 — 7 341 Liabilities Interest rate swaps Other Current Liabilities Level 2 7 — — Interest rate swaps Other Noncurrent Liabilities Level 2 190 81 147
Schedule of Significant Financial Instruments Not Measured at Fair Value	Significant Financial Instruments Not Measured at Fair Value (a) (millions) October 28, 2023 January 28, 2023 October 29, 2022 Carrying Fair Carrying Fair Carrying Fair Long-term debt, including current portion (b) $ 14,149 $ 12,485 $ 14,141 $ 13,688 $ 12,505 $ 11,291 (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)	9 Months Ended
Derivative Financial Instruments (Tables)	Oct. 28, 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) October 28, 2023 January 28, 2023 October 29, 2022 Long-term debt and other borrowings Carrying amount of hedged debt $ 2,245 $ 2,366 $ 2,294 Cumulative hedging adjustments, included in carrying amount (197) (74) (146) Effect of Hedges on Net Interest Expense Three Months Ended Nine Months Ended (millions) October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Gain (loss) on fair value hedges recognized in Net Interest Expense Interest rate swaps designated as fair value hedges $ (60) $ (168) $ (123) $ (223) Hedged debt 60 168 123 223 Gain on cash flow hedges recognized in Net Interest Expense 6 — 18 — Total $ 6 $ — $ 18 $ —

Share Repurchase (Tables)

Share Repurchase (Tables)	9 Months Ended
Share Repurchase (Tables)	Oct. 28, 2023
Equity [Abstract]
Schedule of Share Repurchase Activity (excluding ASR)	Share Repurchase Activity Three Months Ended Nine Months Ended (millions, except per share data) October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Number of shares purchased — — — 12.5 Average price paid per share $ — $ — $ — $ 211.57 Total investment $ — $ — $ — $ 2,646

Pension Benefits (Tables)

Pension Benefits (Tables)	9 Months Ended
Pension Benefits (Tables)	Oct. 28, 2023
Retirement Benefits [Abstract]
Schedule of Pension Plan Benefits	Net Pension Benefits Expense Three Months Ended Nine Months Ended (millions) Classification October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Service cost benefits earned SG&A $ 19 $ 22 $ 58 $ 68 Interest cost on projected benefit obligation Net Other Income 42 29 125 88 Expected return on assets Net Other Income (67) (59) (201) (176) Amortization of losses Net Other Income — 16 1 46 Prior service cost Net Other Income — — 11 10 Total $ (6) $ 8 $ (6) $ 36

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Oct. 28, 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) Other comprehensive income (loss) before reclassifications, net of tax — (1) — (1) Amounts reclassified from AOCI, net of tax (13) — 3 (10) October 28, 2023 $ 287 $ (24) $ (693) $ (430)

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 25,398	$ 26,518	$ 75,493	$ 77,725
Apparel & accessories
Disaggregation of Revenue [Line Items]
Revenue	4,007	4,367	12,075	13,223
Beauty & household essentials
Disaggregation of Revenue [Line Items]
Revenue	7,619	7,465	22,814	21,726
Food & beverage
Disaggregation of Revenue [Line Items]
Revenue	5,736	5,748	17,125	16,521
Hardlines
Disaggregation of Revenue [Line Items]
Revenue	3,192	3,665	9,966	11,244
Home furnishings and decor
Disaggregation of Revenue [Line Items]
Revenue	4,420	4,832	12,230	13,750
Other
Disaggregation of Revenue [Line Items]
Revenue	30	45	126	141
Sales
Disaggregation of Revenue [Line Items]
Revenue	25,004	26,122	74,336	76,605
Credit card profit sharing
Disaggregation of Revenue [Line Items]
Revenue	165	184	508	550
Other
Disaggregation of Revenue [Line Items]
Revenue	229	212	649	570
Other revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 394	$ 396	$ 1,157	$ 1,120

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022
Revenue from Contract with Customer [Abstract]
Accrual for estimated returns	$ 207	$ 174	$ 209

Revenue - Gift Card Liability (

Revenue - Gift Card Liability (Details) $ in Millions	9 Months Ended
Revenue - Gift Card Liability (Details) $ in Millions	Oct. 28, 2023 USD ($)
Change in Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 1,240
Gift Cards Issued During Current Period But Not Redeemed	466
Revenue Recognized From Beginning Liability	(796)
Ending balance	$ 910

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Millions	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022
Assets
Prepaid forward contracts and interest rate swaps classified as Other Current Assets	$ 1,958	$ 2,118	$ 2,322
Interest rate swaps classified as Other Noncurrent Assets	1,376	1,320	1,705
Liabilities
Interest rate swaps classified as Other Noncurrent Liabilities	1,852	1,760	1,746
Fair value measured on recurring basis \| Level 1 \| Prepaid forward contracts
Assets
Prepaid forward contracts and interest rate swaps classified as Other Current Assets	18	27	27
Fair value measured on recurring basis \| Level 1 \| Short-term investments
Assets
Short-term investments classified as Cash and Cash Equivalents	1,004	1,343	0
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	53
Interest rate swaps classified as Other Noncurrent Assets	0	7	341
Liabilities
Interest rate swaps classified as Other Current Liabilities	7	0	0
Interest rate swaps classified as Other Noncurrent Liabilities	$ 190	$ 81	$ 147

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Significant Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022
Carrying Amount
Financial Instruments, Balance Sheet Groupings
Long-term debt, including current portion	$ 14,149	$ 14,141	$ 12,505
Fair Value
Financial Instruments, Balance Sheet Groupings
Long-term debt, including current portion	$ 12,485	$ 13,688	$ 11,291

Supplier Finance Programs (Deta

Supplier Finance Programs (Details) - USD ($) $ in Billions	9 Months Ended
Supplier Finance Programs (Details) - USD ($) $ in Billions	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022
Payables and Accruals [Abstract]
Payment timing (in days)	120 days
Maximum days for termination notice (in days)	120 days
Outstanding obligation	$ 4.5	$ 3.4	$ 4.5

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Property and Equipment (Details) - USD ($) $ in Millions	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Property, Plant and Equipment [Abstract]
Impairment charges	$ 64	$ 5	$ 98	$ 55

Commercial Paper and Long-Ter_2

Commercial Paper and Long-Term Debt (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
Commercial Paper and Long-Term Debt (Details) - USD ($)	Oct. 31, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Debt Instrument [Line Items]
Maximum amount outstanding during period		$ 2,100,000,000	$ 90,000,000	$ 2,100,000,000
Average daily amount outstanding		$ 1,100,000,000	$ 1,000,000	$ 713,000,000
Weighted average interest rate (in percent)		2.80%	4.80%	1.90%
Line of credit facility, outstanding balance			$ 0	$ 0
Revolving Credit Facility \| Credit Facility Expiring October 2028 \| Subsequent Event \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity	$ 3,000,000,000
Expiration period (in days)	5 years
Commercial Paper
Debt Instrument [Line Items]
Amount outstanding of short term debt			0
Long-term debt, current maturity		$ 2,100,000,000	$ 0	$ 2,100,000,000
Line of Credit \| Revolving Credit Facility \| Credit Facility Expiring October 2024 \| Subsequent Event
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity	$ 1,000,000,000
Expiration period (in days)	364 days
Line of Credit \| Revolving Credit Facility \| Credit Facility Expiring October 2023 \| Subsequent Event
Debt Instrument [Line Items]
Expiration period (in days)	364 days

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022
Interest Rate Swaps
Derivative Contracts - Effect on Results of Operations (millions)
Notional amount	$ 2,450	$ 2,450	$ 2,450
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			$ 1,450

Derivative Financial Instrume_4

Derivative Financial Instruments - Effect of Hedges on Debt (Details) - USD ($) $ in Millions	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying amount of hedged debt	$ 2,245	$ 2,366	$ 2,294
Cumulative hedging adjustments, included in carrying amount	$ (197)	$ (74)	$ (146)
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		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Gain (loss) on fair value hedges recognized in Net Interest Expense
Interest rate swaps designated as fair value hedges	$ (60)	$ (168)	$ (123)	$ (223)
Hedged debt	60	168	123	223
Gain on cash flow hedges recognized in Net Interest Expense	6	0	18	0
Total	$ 6	$ 0	$ 18	$ 0

Share Repurchase - Schedule of

Share Repurchase - Schedule of Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Equity [Abstract]
Accelerated share repurchase pending final settlement (in shares)			0
Number of shares purchased (in shares)	0	0	0	12,500,000
Average price paid per share (in dollars per share)	$ 0	$ 0	$ 0	$ 211.57
Total investment	$ 0	$ 0	$ 0	$ 2,646

Pension Benefits (Details)

Pension Benefits (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Net Pension Benefits Expense
Service cost benefits earned	$ 19	$ 22	$ 58	$ 68
Interest cost on projected benefit obligation	42	29	125	88
Expected return on assets	(67)	(59)	(201)	(176)
Amortization of losses	0	16	1	46
Prior service cost	0	0	11	10
Total	$ (6)	$ 8	$ (6)	$ 36

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) $ in Millions	9 Months Ended
	Oct. 28, 2023 USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 11,232
Amounts reclassified from AOCI, net of tax	(10)
Ending balance	12,514
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(419)
Other comprehensive income (loss) before reclassifications, net of tax	(1)
Ending balance	(430)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	300
Other comprehensive income (loss) before reclassifications, net of tax	0
Amounts reclassified from AOCI, net of tax	(13)
Ending balance	287
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(23)
Other comprehensive income (loss) before reclassifications, net of tax	(1)
Amounts reclassified from AOCI, net of tax	0
Ending balance	(24)
Pension
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(696)
Other comprehensive income (loss) before reclassifications, net of tax	0
Amounts reclassified from AOCI, net of tax	3
Ending balance	$ (693)