Target (TGT) 10-Q31 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	May 04, 2024	May 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 04, 2024
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		462,636,573
Entity Central Index Key	0000027419
Amendment Flag	false
Current Fiscal Year End Date	--02-01
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Revenue	$ 24,531	$ 25,322
Cost of sales	17,449	18,386
Selling, general and administrative expenses	5,168	5,025
Depreciation and amortization (exclusive of depreciation included in cost of sales)	618	583
Operating income	1,296	1,328
Net interest expense	106	147
Net other income	(29)	(23)
Earnings before income taxes	1,219	1,204
Provision for income taxes	277	254
Net earnings	$ 942	$ 950
Basic earnings per share (in dollars per share)	$ 2.04	$ 2.06
Diluted earnings per share (in dollars per share)	$ 2.03	$ 2.05
Weighted average common shares outstanding
Basic (in shares)	462.2	460.9
Diluted (in shares)	463.9	462.9
Antidilutive shares (in shares)	1.6	1.2
Sales
Revenue	$ 24,143	$ 24,948
Other revenue
Revenue	$ 388	$ 374

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 942	$ 950
Other comprehensive (loss) / income, net of tax
Pension benefit liabilities	0	2
Cash flow hedges and currency translation adjustment	(5)	(5)
Other comprehensive loss	(5)	(3)
Comprehensive income	$ 937	$ 947

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Millions	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Assets
Cash and cash equivalents	$ 3,604	$ 3,805	$ 1,321
Inventory	11,730	11,886	12,616
Other current assets	1,744	1,807	1,836
Total current assets	17,078	17,498	15,773
Property and equipment
Land	6,544	6,547	6,493
Buildings and improvements	37,587	37,066	35,198
Fixtures and equipment	8,341	8,765	7,473
Computer hardware and software	3,265	3,428	3,067
Construction-in-progress	1,538	1,703	2,822
Accumulated depreciation	(24,161)	(24,413)	(22,657)
Property and equipment, net	33,114	33,096	32,396
Operating lease assets	3,486	3,362	2,640
Other noncurrent assets	1,439	1,400	1,341
Total assets	55,117	55,356	52,150
Liabilities and shareholders’ investment
Accounts payable	11,561	12,098	11,935
Accrued and other current liabilities	5,684	6,090	5,732
Current portion of long-term debt and other borrowings	2,614	1,116	200
Total current liabilities	19,859	19,304	17,867
Long-term debt and other borrowings	13,487	14,922	16,010
Noncurrent operating lease liabilities	3,392	3,279	2,621
Deferred income taxes	2,543	2,480	2,289
Other noncurrent liabilities	1,996	1,939	1,758
Total noncurrent liabilities	21,418	22,620	22,678
Shareholders’ investment
Common stock	39	38	38
Additional paid-in capital	6,747	6,761	6,541
Retained earnings	7,519	7,093	5,448
Accumulated other comprehensive loss	(465)	(460)	(422)
Total shareholders’ investment	13,840	13,432	11,605
Total liabilities and shareholders’ investment	$ 55,117	$ 55,356	$ 52,150

Consolidated Statements of Fi_2

Consolidated Statements of Financial Position (Parenthetical) - $ / shares	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
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)	462,635,539	461,675,441	461,552,843
Common stock, shares outstanding (in shares)	462,635,539	461,675,441	461,552,843
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000	5,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Feb. 03, 2024	Jul. 29, 2023	Apr. 29, 2023
Operating activities
Net earnings	$ 942	$ 1,382	$ 835	$ 950
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization	718			667
Share-based compensation expense	72			43
Deferred income taxes	64			95
Noncash (gains) / losses and other, net	(31)			(11)
Changes in operating accounts:
Inventory	156			883
Other assets	43			34
Accounts payable	(524)			(1,463)
Accrued and other liabilities	(339)			67
Cash provided by operating activities	1,101			1,265
Investing activities
Expenditures for property and equipment	(674)			(1,605)
Proceeds from disposal of property and equipment	1			2
Other investments	2			1
Cash required for investing activities	(671)			(1,602)
Financing activities
Change in commercial paper, net	0			90
Reductions of long-term debt	(32)			(46)
Dividends paid	(508)			(497)
Shares withheld for taxes on share-based compensation	(91)			(118)
Cash required for financing activities	(631)			(571)
Net decrease in cash and cash equivalents	(201)			(908)
Cash and cash equivalents at beginning of period	3,805		$ 1,321	2,229
Cash and cash equivalents at end of period	3,604	$ 3,805		1,321
Supplemental information
Leased assets obtained in exchange for new finance lease liabilities	122			15
Leased assets obtained in exchange for new operating lease liabilities	$ 214			$ 54

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Investment - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Feb. 03, 2024	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	461,675,441			461,552,843
Beginning balance	$ 13,432	$ 12,514	$ 11,990	$ 11,605	$ 11,232
Net earnings	942	1,382	971	835	950
Other comprehensive income (loss)	(5)	(30)	(5)	(3)	(3)
Dividends declared	(516)	(514)	(513)	(516)	(507)
Stock options and awards	$ (13)	$ 80	71	69	$ (67)
Ending balance (in shares)	462,635,539	461,675,441			461,552,843
Ending balance	$ 13,840	$ 13,432	$ 12,514	$ 11,990	$ 11,605
Common Stock
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	461,700,000	461,700,000	461,600,000	461,600,000	460,300,000
Beginning balance	$ 38	$ 38	$ 38	$ 38	$ 38
Stock options and awards (in shares)	900,000		100,000		1,300,000
Stock options and awards	$ 1
Ending balance (in shares)	462,600,000	461,700,000	461,700,000	461,600,000	461,600,000
Ending balance	$ 39	$ 38	$ 38	$ 38	$ 38
Additional Paid-in Capital
Increase (Decrease) in Shareholders' Investment
Beginning balance	6,761	6,681	6,610	6,541	6,608
Stock options and awards	(14)	80	71	69	(67)
Ending balance	6,747	6,761	6,681	6,610	6,541
Retained Earnings
Increase (Decrease) in Shareholders' Investment
Beginning balance	7,093	6,225	5,767	5,448	5,005
Net earnings	942	1,382	971	835	950
Dividends declared	(516)	(514)	(513)	(516)	(507)
Ending balance	7,519	7,093	6,225	5,767	5,448
Accumulated Other Comprehensive (Loss)/Income
Increase (Decrease) in Shareholders' Investment
Beginning balance	(460)	(430)	(425)	(422)	(419)
Other comprehensive income (loss)	(5)	(30)	(5)	(3)	(3)
Ending balance	$ (465)	$ (460)	$ (430)	$ (425)	$ (422)

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Investment (Parenthetical) - $ / shares	3 Months Ended		12 Months Ended
	May 04, 2024	Apr. 29, 2023	Feb. 03, 2024
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 1.10	$ 1.08	$ 4.38

Accounting Policies

Accounting Policies	3 Months Ended
Accounting Policies	May 04, 2024
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	3 Months Ended
Revenue	May 04, 2024
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 (millions) May 4, 2024 April 29, 2023 Apparel & accessories (a) $ 3,897 $ 3,967 Beauty (b) 3,119 3,016 Food & beverage (c) 5,853 5,997 Hardlines (d) 3,160 3,391 Home furnishings & décor (e) 3,519 3,855 Household essentials (f) 4,549 4,666 Other 46 56 Sales 24,143 24,948 Credit card profit sharing 142 174 Other 246 200 Other revenue 388 374 Total revenue $ 24,531 $ 25,322 (a) Includes apparel for women, men, young adults, kids, toddlers, and babies, as well as jewelry, accessories, and shoes. (b) Includes skin and bath care, cosmetics, hair care, oral care, deodorant, and shaving products. (c) Includes dry and perishable grocery, including snacks, candy, beverages, deli, bakery, meat, produce and food service (primarily Starbucks) in our stores. (d) Includes electronics, including video games and consoles, toys, sporting goods, entertainment, and luggage. (e) Includes bed and bath, home décor, school/office supplies, storage, small appliances, kitchenware, greeting cards, party supplies, furniture, lighting, home improvement, and seasonal merchandise. (f) Includes household cleaning, paper products, over-the-counter healthcare, vitamins and supplements, baby gear, and pet supplies. 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 May 4, 2024, February 3, 2024, and April 29, 2023, the accrual for estimated returns was $198 million, $170 million, and $206 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 February 3, Gift Cards Issued During Current Period But Not Redeemed (b) Revenue Recognized From Beginning Liability May 4, (millions) Gift card liability (a) $ 1,162 $ 318 $ (413) $ 1,067 (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, commissions earned on third-party sales through Target.com, Shipt membership and service revenues, rental income, and other miscellaneous revenues.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	May 04, 2024
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 May 4, 2024 February 3, 2024 April 29, 2023 Assets Short-term investments Cash and Cash Equivalents Level 1 $ 2,726 $ 2,897 $ 408 Prepaid forward contracts Other Current Assets Level 1 27 25 25 Interest rate swaps Other Noncurrent Assets Level 2 — — 7 Liabilities Interest rate swaps Other Current Liabilities Level 2 3 3 — Interest rate swaps Other Noncurrent Liabilities Level 2 154 123 72 Significant Financial Instruments Not Measured at Fair Value (a) (millions) May 4, 2024 February 3, 2024 April 29, 2023 Carrying Fair Carrying Fair Carrying Fair Long-term debt, including current portion (b) $ 14,155 $ 13,123 $ 14,151 $ 13,467 $ 14,144 $ 13,672 (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	3 Months Ended
Supplier Finance Programs	May 04, 2024
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.

Commercial Paper and Long-Term

Commercial Paper and Long-Term Debt	3 Months Ended
Commercial Paper and Long-Term Debt	May 04, 2024
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. There was no commercial paper outstanding at any time during the three months ended May 4, 2024, For the three months ended April 29, 2023, the maximum amount outstanding was $90 million, and the average daily amount outstanding was $2 million, at a weighted average annual interest rate of 4.8 percent. As of April 29, 2023, $90 million was outstanding and is classified within Current Portion of Long-Term Debt and Other Borrowings on our Consolidated Statements of Financial Position.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
Derivative Financial Instruments	May 04, 2024
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 May 4, 2024, February 3, 2024, and April 29, 2023. We pay a floating rate and receive a fixed rate under each of these agreements. All of the agreements are designated as fair value hedges, and all were considered to be perfectly effective under the shortcut method during the three months ended May 4, 2024 and April 29, 2023. Effect of Hedges on Debt (millions) May 4, 2024 February 3, 2024 April 29, 2023 Long-term debt and other borrowings Carrying amount of hedged debt $ 2,285 $ 2,316 $ 2,376 Cumulative hedging adjustments, included in carrying amount (157) (126) (65) Effect of Hedges on Net Interest Expense Three Months Ended (millions) May 4, 2024 April 29, 2023 Gain (loss) on fair value hedges recognized in Net Interest Expense Interest rate swaps designated as fair value hedges $ (31) $ 9 Hedged debt 31 (9) Gain on cash flow hedges recognized in Net Interest Expense 6 6 Total $ 6 $ 6

Pension Benefits

Pension Benefits	3 Months Ended
Pension Benefits	May 04, 2024
Retirement Benefits [Abstract]
Pension Benefits	Pension Benefits We provide pension plan benefits to eligible team members. Net Pension Benefits Expense Three Months Ended (millions) Classification May 4, 2024 April 29, 2023 Service cost benefits earned Selling, General, and Administrative (SG&A) Expenses $ 20 $ 20 Interest cost on projected benefit obligation Net Other Income 41 41 Expected return on assets Net Other Income (70) (67) Prior service cost Net Other Income — 3 Total $ (9) $ (3)

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
Accumulated Other Comprehensive Income (Loss)	May 04, 2024
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) February 3, 2024 $ 283 $ (24) $ (719) $ (460) Amounts reclassified from AOCI, net of tax (5) — — (5) May 4, 2024 $ 278 $ (24) $ (719) $ (465)

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
Accounting Policies (Policies)	May 04, 2024
Accounting Policies [Abstract]
Revenues	Merchandise sales — 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, commissions earned on third-party sales through Target.com, Shipt membership and service revenues, rental income, and other miscellaneous revenues.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	May 04, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue	Revenue Three Months Ended (millions) May 4, 2024 April 29, 2023 Apparel & accessories (a) $ 3,897 $ 3,967 Beauty (b) 3,119 3,016 Food & beverage (c) 5,853 5,997 Hardlines (d) 3,160 3,391 Home furnishings & décor (e) 3,519 3,855 Household essentials (f) 4,549 4,666 Other 46 56 Sales 24,143 24,948 Credit card profit sharing 142 174 Other 246 200 Other revenue 388 374 Total revenue $ 24,531 $ 25,322 (a) Includes apparel for women, men, young adults, kids, toddlers, and babies, as well as jewelry, accessories, and shoes. (b) Includes skin and bath care, cosmetics, hair care, oral care, deodorant, and shaving products. (c) Includes dry and perishable grocery, including snacks, candy, beverages, deli, bakery, meat, produce and food service (primarily Starbucks) in our stores. (d) Includes electronics, including video games and consoles, toys, sporting goods, entertainment, and luggage. (e) Includes bed and bath, home décor, school/office supplies, storage, small appliances, kitchenware, greeting cards, party supplies, furniture, lighting, home improvement, and seasonal merchandise. (f)
Schedule of Gift Card Liability	Revenue from Target gift card sales is recognized upon gift card redemption, which is typically within one year of issuance. Gift Card Liability Activity February 3, Gift Cards Issued During Current Period But Not Redeemed (b) Revenue Recognized From Beginning Liability May 4, (millions) Gift card liability (a) $ 1,162 $ 318 $ (413) $ 1,067 (a) Included in Accrued and Other Current Liabilities. (b) Net of estimated breakage.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	May 04, 2024
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 May 4, 2024 February 3, 2024 April 29, 2023 Assets Short-term investments Cash and Cash Equivalents Level 1 $ 2,726 $ 2,897 $ 408 Prepaid forward contracts Other Current Assets Level 1 27 25 25 Interest rate swaps Other Noncurrent Assets Level 2 — — 7 Liabilities Interest rate swaps Other Current Liabilities Level 2 3 3 — Interest rate swaps Other Noncurrent Liabilities Level 2 154 123 72
Schedule of Significant Financial Instruments Not Measured at Fair Value	Significant Financial Instruments Not Measured at Fair Value (a) (millions) May 4, 2024 February 3, 2024 April 29, 2023 Carrying Fair Carrying Fair Carrying Fair Long-term debt, including current portion (b) $ 14,155 $ 13,123 $ 14,151 $ 13,467 $ 14,144 $ 13,672 (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)	3 Months Ended
Derivative Financial Instruments (Tables)	May 04, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Effect of Hedges on Debt and Net Interest Expense	Effect of Hedges on Debt (millions) May 4, 2024 February 3, 2024 April 29, 2023 Long-term debt and other borrowings Carrying amount of hedged debt $ 2,285 $ 2,316 $ 2,376 Cumulative hedging adjustments, included in carrying amount (157) (126) (65) Effect of Hedges on Net Interest Expense Three Months Ended (millions) May 4, 2024 April 29, 2023 Gain (loss) on fair value hedges recognized in Net Interest Expense Interest rate swaps designated as fair value hedges $ (31) $ 9 Hedged debt 31 (9) Gain on cash flow hedges recognized in Net Interest Expense 6 6 Total $ 6 $ 6

Pension Benefits (Tables)

Pension Benefits (Tables)	3 Months Ended
Pension Benefits (Tables)	May 04, 2024
Retirement Benefits [Abstract]
Schedule of Pension Plan Benefits	Net Pension Benefits Expense Three Months Ended (millions) Classification May 4, 2024 April 29, 2023 Service cost benefits earned Selling, General, and Administrative (SG&A) Expenses $ 20 $ 20 Interest cost on projected benefit obligation Net Other Income 41 41 Expected return on assets Net Other Income (70) (67) Prior service cost Net Other Income — 3 Total $ (9) $ (3)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	May 04, 2024
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) February 3, 2024 $ 283 $ (24) $ (719) $ (460) Amounts reclassified from AOCI, net of tax (5) — — (5) May 4, 2024 $ 278 $ (24) $ (719) $ (465)

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 24,531	$ 25,322
Apparel & accessories
Disaggregation of Revenue [Line Items]
Revenue	3,897	3,967
Beauty
Disaggregation of Revenue [Line Items]
Revenue	3,119	3,016
Food & beverage
Disaggregation of Revenue [Line Items]
Revenue	5,853	5,997
Hardlines
Disaggregation of Revenue [Line Items]
Revenue	3,160	3,391
Home furnishings & decor
Disaggregation of Revenue [Line Items]
Revenue	3,519	3,855
Household essentials
Disaggregation of Revenue [Line Items]
Revenue	4,549	4,666
Other
Disaggregation of Revenue [Line Items]
Revenue	46	56
Sales
Disaggregation of Revenue [Line Items]
Revenue	24,143	24,948
Credit card profit sharing
Disaggregation of Revenue [Line Items]
Revenue	142	174
Other
Disaggregation of Revenue [Line Items]
Revenue	246	200
Other revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 388	$ 374

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Revenue from Contract with Customer [Abstract]
Accrual for estimated returns	$ 198	$ 170	$ 206

Revenue - Gift Card Liability (

Revenue - Gift Card Liability (Details) $ in Millions	3 Months Ended
Revenue - Gift Card Liability (Details) $ in Millions	May 04, 2024 USD ($)
Change in Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 1,162
Gift Cards Issued During Current Period But Not Redeemed	318
Revenue Recognized From Beginning Liability	(413)
Ending balance	$ 1,067

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Millions	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Assets
Prepaid forward contracts and interest rate swaps classified as Other Current Assets	$ 1,744	$ 1,807	$ 1,836
Interest rate swaps classified as Other Noncurrent Assets	1,439	1,400	1,341
Liabilities
Interest rate swaps classified as Other Noncurrent Liabilities	1,996	1,939	1,758
Fair value measured on recurring basis \| Level 1 \| Prepaid forward contracts
Assets
Prepaid forward contracts and interest rate swaps classified as Other Current Assets	27	25	25
Fair value measured on recurring basis \| Level 1 \| Short-term investments
Assets
Short-term investments classified as Cash and Cash Equivalents	2,726	2,897	408
Fair value measured on recurring basis \| Level 2 \| Interest rate swaps
Assets
Interest rate swaps classified as Other Noncurrent Assets	0	0	7
Liabilities
Interest rate swaps classified as Other Current Liabilities	3	3	0
Interest rate swaps classified as Other Noncurrent Liabilities	$ 154	$ 123	$ 72

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Significant Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Carrying Amount
Financial Instruments, Balance Sheet Groupings
Long-term debt, including current portion	$ 14,155	$ 14,151	$ 14,144
Fair Value
Financial Instruments, Balance Sheet Groupings
Long-term debt, including current portion	$ 13,123	$ 13,467	$ 13,672

Supplier Finance Programs (Deta

Supplier Finance Programs (Details) - USD ($) $ in Billions	3 Months Ended
Supplier Finance Programs (Details) - USD ($) $ in Billions	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Payables and Accruals [Abstract]
Payment timing (in days)	120 days
Maximum days for termination notice (in days)	120 days
Outstanding obligation	$ 3.3	$ 3.4	$ 3.3

Commercial Paper and Long-Ter_2

Commercial Paper and Long-Term Debt (Details) - USD ($)	3 Months Ended
Commercial Paper and Long-Term Debt (Details) - USD ($)	Apr. 29, 2023	May 04, 2024
Debt Instrument [Line Items]
Maximum amount outstanding during period	$ 90,000,000
Average daily amount outstanding	$ 2,000,000
Weighted average interest rate (in percent)	4.80%
Commercial Paper
Debt Instrument [Line Items]
Amount outstanding of short term debt		$ 0
Long-term debt, current maturity	$ 90,000,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Designated as Hedging Instrument \| Interest Rate Swaps
Derivative Contracts - Effect on Results of Operations (millions)
Notional amount	$ 2,450	$ 2,450	$ 2,450

Derivative Financial Instrume_4

Derivative Financial Instruments - Effect of Hedges on Debt (Details) - USD ($) $ in Millions	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying amount of hedged debt	$ 2,285	$ 2,316	$ 2,376
Cumulative hedging adjustments, included in carrying amount	$ (157)	$ (126)	$ (65)
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
	May 04, 2024	Apr. 29, 2023
Gain (loss) on fair value hedges recognized in Net Interest Expense
Interest rate swaps designated as fair value hedges	$ (31)	$ 9
Hedged debt	31	(9)
Gain on cash flow hedges recognized in Net Interest Expense	6	6
Total	$ 6	$ 6

Pension Benefits (Details)

Pension Benefits (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Net Pension Benefits Expense
Service cost benefits earned	$ 20	$ 20
Interest cost on projected benefit obligation	41	41
Expected return on assets	(70)	(67)
Prior service cost	0	3
Total	$ (9)	$ (3)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) $ in Millions	3 Months Ended
	May 04, 2024 USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 13,432
Amounts reclassified from AOCI, net of tax	(5)
Ending balance	13,840
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(460)
Ending balance	(465)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	283
Amounts reclassified from AOCI, net of tax	(5)
Ending balance	278
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(24)
Amounts reclassified from AOCI, net of tax	0
Ending balance	(24)
Pension
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(719)
Amounts reclassified from AOCI, net of tax	0
Ending balance	$ (719)