10-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
	Washington, D.C. 20549
FORM 10-K

(Mark One)
x	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended February 2, 2019
OR
o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                                    to
Commission file number 1-6049

TARGET CORPORATION

(Exact name of registrant as specified in its charter)

Minnesota (State or other jurisdiction of incorporation or organization)	41-0215170 (I.R.S. Employer Identification No.)
1000 Nicollet Mall, Minneapolis, Minnesota (Address of principal executive offices)	55403 (Zip Code)

Registrant's telephone number, including area code: 612/304-6073

Securities Registered Pursuant To Section 12(B) Of The Act:

Title of Each Class	Name of Each Exchange on Which Registered
Common Stock, par value $0.0833 per share	New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  x No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company (as defined in Rule 12b-2 of the Exchange Act).

Large accelerated filer  x	Accelerated filer  o		Non-accelerated filer  o
Smaller reporting company  o		Emerging growth company  o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No  x

The aggregate market value of the voting stock held by non-affiliates of the registrant as of August 4, 2018, was $42,763,636,334 based on the closing price of $81.45 per share of Common Stock as reported on the New York Stock Exchange Composite Index.

Indicate the number of shares outstanding of each of registrant's classes of Common Stock, as of the latest practicable date. Total shares of Common Stock, par value $0.0833, outstanding at March 7, 2019, were 516,333,213.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of Target's Proxy Statement for the Annual Meeting of Shareholders to be held on June 12, 2019, are incorporated into Part III.

TABLE OF CONTENTS

PART I
Item 1	Business	2
Item 1A	Risk Factors	5
Item 1B	Unresolved Staff Comments	10
Item 2	Properties	11
Item 3	Legal Proceedings	12
Item 4	Mine Safety Disclosures	12
Item 4A	Executive Officers	13
PART II
Item 5	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	14
Item 6	Selected Financial Data	16
Item 7	Management's Discussion and Analysis of Financial Condition and Results of Operations	17
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	31
Item 8	Financial Statements and Supplementary Data	32
Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	64
Item 9A	Controls and Procedures	64
Item 9B	Other Information	64
PART III
Item 10	Directors, Executive Officers and Corporate Governance	65
Item 11	Executive Compensation	65
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	65
Item 13	Certain Relationships and Related Transactions, and Director Independence	65
Item 14	Principal Accountant Fees and Services	65
PART IV
Item 15	Exhibits, Financial Statement Schedules	66
Signatures		70

1

PART I

Item 1.    Business

General

Target Corporation (Target, the Corporation or the Company) was incorporated in Minnesota in 1902. We offer our customers, referred to as "guests," everyday essentials and fashionable, differentiated merchandise at discounted prices. Our ability to deliver a preferred shopping experience to our guests is supported by our supply chain and technology, our devotion to innovation, our loyalty offerings and suite of fulfillment options, and our disciplined approach to managing our business and investing in future growth. We operate as a single segment designed to enable guests to purchase products seamlessly in stores or through our digital channels. Since 1946, we have given 5 percent of our profit to communities.

Financial Highlights

For information on key financial highlights, see Item 6, Selected Financial Data, and Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A).

Seasonality

A larger share of annual revenues and earnings traditionally occurs in the fourth quarter because it includes the November and December holiday sales period.

Merchandise

We sell a wide assortment of general merchandise and food. The majority of our general merchandise stores offer an edited food assortment, including perishables, dry grocery, dairy, and frozen items. Nearly all of our stores larger than 170,000 square feet offer a full line of food items comparable to traditional supermarkets. Our small format stores, generally smaller than 50,000 square feet, offer curated general merchandise and food assortments. Our digital channels include a wide merchandise assortment, including many items found in our stores, along with a complementary assortment.

A significant portion of our sales is from national brand merchandise. Approximately one-third of 2018 sales is related to our owned and exclusive brands, including but not limited to the following:

Owned Brands
A New Day™	JoyLab™	Smartly™
Archer Farms®	Knox Rose™	Smith & Hawken®
Art Class™	Kona Sol™	Sonia Kashuk®
Ava & Viv®	Made By Design™	Spritz™
Boots & Barkley®	Market Pantry®	Sutton & Dodge®
Bullseye's Playground™	Opalhouse™	Threshold™
Cat & Jack™	Original Use™	Universal Thread™
Cloud Island™	Pillowfort™	up & up®
Embark®	Prologue™	Who What Wear™
Gilligan & O'Malley®	Project 62™	Wild Fable™
Goodfellow & Co.™	Room Essentials®	Wine Cube®
heyday™	Shade & Shore™	Wondershop™
Hyde & Eek! Boutique™	Simply Balanced™	Xhilaration®
Exclusive Brands
C9 by Champion®	Hand Made Modern®	Kid Made Modern®
DENIZEN® from Levi's®	Hearth & Hand™ with Magnolia	Nate Berkus™ for Target
Fieldcrest®	Isabel Maternity™ by Ingrid & Isabel®	Oh Joy!® for Target
Genuine Kids® from OshKosh®	Just One You® made by carter's®	Umbro™ for Target

2

We also sell merchandise through periodic exclusive design and creative partnerships and generate revenue from in-store amenities such as Target Café and leased or licensed departments such as Target Optical, Starbucks, and other food service offerings. CVS Pharmacy, Inc. (CVS) operates pharmacies and clinics in our stores under a perpetual operating agreement from which we generate annual occupancy income.

Distribution

The vast majority of merchandise is distributed to our stores through our network of 40 distribution centers. Common carriers ship general merchandise to and from our distribution centers. Vendors or third party distributors ship certain food items and other merchandise directly to our stores. Merchandise sold through our digital channels is distributed to our guests via common carriers (from stores, distribution centers, vendors, and third party distributors), delivery via our wholly-owned subsidiary, Shipt, Inc. (Shipt), and through guest pick-up at our stores. Using our stores as fulfillment points allows improved product availability and delivery times and also reduces shipping costs.

Employees

At February 2, 2019, we employed approximately 360,000 full-time, part-time and seasonal employees, referred to as "team members." Because of the seasonal nature of the retail business, employment levels peak in the holiday season. We offer a broad range of company-paid benefits to our team members. Eligibility for and the level of benefits vary depending on team members' full-time or part-time status, compensation level, date of hire, and/or length of service. Company-paid benefits include a 401(k) plan, medical and dental plans, disability insurance, paid vacation, tuition reimbursement, various team member assistance programs, life insurance, a pension plan (closed to new participants, with limited exceptions), and merchandise and other discounts. We believe our team member relations are good.

Working Capital

Effective inventory management is key to our ongoing success, and we use various techniques including demand forecasting and planning and various forms of replenishment management. We achieve effective inventory management by staying in-stock in core product offerings, maintaining positive vendor relationships, and carefully planning inventory levels for seasonal and apparel items to minimize markdowns.

The Liquidity and Capital Resources section in MD&A provides additional details.

Competition

We compete with traditional and internet retailers, including off-price general merchandise retailers, apparel retailers, wholesale clubs, category specific retailers, drug stores, supermarkets, and other forms of retail commerce. Our ability to positively differentiate ourselves from other retailers and provide compelling value to our guests largely determines our competitive position within the retail industry.

Intellectual Property

Our brand image is a critical element of our business strategy. Our principal trademarks, including Target, SuperTarget and our "Bullseye Design," have been registered with the United States (U.S.) Patent and Trademark Office. We also seek to obtain and preserve intellectual property protection for our owned brands.

Geographic Information

Nearly all of our revenues are generated within the U.S. The vast majority of our property and equipment is located within the U.S.

3

Available Information

Our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available free of charge at investors.target.com as soon as reasonably practicable after we file such material with, or furnish it to, the U.S. Securities and Exchange Commission (SEC). Our Corporate Governance Guidelines, Code of Ethics, Corporate Responsibility Report, and the charters for the committees of our Board of Directors are also available free of charge in print upon request or at investors.target.com.

4

Item 1A.    Risk Factors

Our business is subject to many risks. Set forth below are the material risks we face. Risks are listed in the categories where they primarily apply, but other categories may also apply.

Competitive and Reputational Risks

Our continued success is dependent on positive perceptions of Target which, if eroded, could adversely affect our business and our relationships with our guests and team members.

We believe that one of the reasons our guests prefer to shop at Target, our team members choose Target as a place of employment, and our vendors choose to do business with us is the reputation we have built over many years for serving our four primary constituencies: guests, team members, shareholders, and the communities in which we operate. To be successful in the future, we must continue to preserve Target's reputation. Reputational value is based in large part on perceptions, and broad access to social media makes it easy for anyone to provide public feedback that can influence perceptions of Target. It may be difficult to control negative publicity, regardless of whether it is accurate. Target’s position or perceived lack of position on social, environmental, public policy or other sensitive issues, and any perceived lack of transparency about those matters, could harm our reputation with certain groups or guests. While reputations may take decades to build, negative incidents can quickly erode trust and confidence and can result in consumer boycotts, governmental investigations, or litigation. In addition, vendors and others with whom we do business may affect our reputation. For example, CVS operates clinics and pharmacies within our stores, and our guests’ perceptions of and experiences with CVS may affect our reputation. Negative reputational incidents could adversely affect our business through lost sales, loss of new store and development opportunities, or team member retention and recruiting difficulties.

If we are unable to positively differentiate ourselves from other retailers, our results of operations could be adversely affected.

In the past, we have been able to compete successfully by differentiating our guests’ shopping experience through a careful combination of price, merchandise assortment, store environment, convenience, guest service, loyalty programs, and marketing efforts. Guest perceptions regarding the cleanliness and safety of our stores, the functionality, reliability, and speed of our digital channels and fulfillment options, our in-stock levels, and the value of our promotions are among the factors that affect our ability to compete. In addition, our ability to create a personalized guest experience through the collection and use of accurate and relevant guest data is important to our ability to differentiate from other retailers. No single competitive factor is dominant, and actions by our competitors on any of these factors or the failure of our strategies could adversely affect our sales, gross margins, and expenses.

Our owned and exclusive brand products help differentiate us from other retailers, generally carry higher margins than equivalent national brand products and represent a significant portion of our overall sales. If we are unable to successfully develop, support, and evolve our owned and exclusive brands, if one or more of these brands experiences a loss of consumer acceptance or confidence, or if we are unable to successfully protect our intellectual property rights, our sales and gross margins could be adversely affected.

The retail industry's continuing migration to digital channels has affected the ways we differentiate ourselves from other retailers. In particular, consumers are able to quickly and conveniently comparison shop and determine real-time product availability using digital tools, which can lead to decisions based solely on price or the functionality of the digital tools. Consumers may also use third-party channels or devices, such as voice assistants and smart home devices, to initiate shopping searches and place orders, which could sometimes make us dependent on the capabilities and search algorithms of those third parties to reach those consumers. Any difficulties in executing our differentiation efforts, actions by our competitors in response to these efforts, or failures by vendors in managing their own channels, content and technology systems to support these efforts could adversely affect our sales, gross margins, and expenses.

5

If we are unable to successfully provide a relevant and reliable experience for our guests across multiple channels, our sales, results of operations and reputation could be adversely affected.

Our business has evolved from an in-store experience to interaction with guests across multiple channels (in-store, online, mobile, social media, voice assistants, and smart home devices, among others). Our guests are using those channels to shop with us and provide feedback and public commentary about our business. We must anticipate and meet changing guest expectations and counteract developments and investments by our competitors. Our evolving retailing efforts include implementing technology, software and processes to be able to conveniently and cost-effectively fulfill guest orders directly from any point within our system of stores and distribution centers and from our vendors. We also need to collect accurate, relevant, and usable guest data to personalize our offerings. Providing flexible fulfillment options and implementing new technology is complex and may not meet expectations for accurate order fulfillment, faster and guaranteed delivery times, low-price or free shipping, and desired payment methods. Even when we are successful in meeting expectations for fulfillment, if we are unable to offset increased costs of fulfilling orders outside of our traditional in-store channel with efficiencies, cost-savings or expense reductions, our results of operations could be adversely affected.

If we do not anticipate and respond quickly to changing consumer preferences, our sales and profitability could suffer.

A large part of our business is dependent on our ability to make trend‑right decisions and effectively manage our inventory in a broad range of merchandise categories, including apparel, accessories, home décor, electronics, toys, seasonal offerings, food, and other merchandise. If we do not obtain accurate and relevant data on guest preferences, predict changing consumer tastes, preferences, spending patterns and other lifestyle decisions, emphasize the correct categories, implement competitive and effective pricing and promotion strategies, or personalize our offerings to our guests, we may experience lost sales, spoilage, and increased inventory markdowns, which could adversely affect our results of operations by reducing our profitability.

Investments and Infrastructure Risks

If our capital investments in remodeling existing stores, building new stores, and improving technology and supply chain infrastructure do not achieve appropriate returns, our competitive position, financial condition and results of operations could be adversely affected.

Our business depends, in part, on our ability to remodel existing stores and build new stores in a manner that achieves appropriate returns on our capital investment. Our current store remodel program is larger than historic levels and is being implemented using a custom approach based on the condition of each store and characteristics of the surrounding neighborhood. When building new stores, we compete with other retailers and businesses for suitable locations for our stores. Many of our expected new store sites are smaller, non-standard footprints located in fully developed markets, which require changes to our supply chain practices and are generally more time-consuming, expensive and uncertain undertakings than expansion into undeveloped suburban and ex-urban markets. Pursuing the wrong remodel or new store opportunities and any delays, cost increases, disruptions or other uncertainties related to those opportunities could adversely affect our results of operations.

We are currently making, and expect to continue to make, significant investments in technology and selective acquisitions to improve guest experiences across multiple channels and improve our supply chain and inventory management systems. The effectiveness of these investments can be less predictable than remodeling stores, and might not provide the anticipated benefits or desired rates of return. In addition, if we are unable to successfully protect any intellectual property rights resulting from our investments, the value received from those investments may be eroded, which could adversely affect our financial condition.

Pursuing the wrong investment opportunities, being unable to make new concepts scalable, making an investment commitment significantly above or below our needs, or failing to effectively incorporate acquired businesses into our business could result in the loss of our competitive position and adversely affect our financial condition or results of operations.

6

A significant disruption in our computer systems and our inability to adequately maintain and update those systems could adversely affect our operations and negatively affect our guests.

We rely extensively on our computer systems to manage and account for inventory, process guest transactions, manage and maintain the privacy of guest data, communicate with our vendors and other third parties, service Target-branded credit and debit card accounts, and summarize and analyze results. We also rely on continued and unimpeded access to the Internet to use our computer systems. Our systems are subject to damage or interruption from power outages, telecommunications failures, computer viruses, malicious attacks, security breaches, and catastrophic events. If our systems are damaged or fail to function properly or reliably, we may incur substantial repair or replacement costs, experience data loss or theft and impediments to our ability to manage inventories or process guest transactions, and encounter lost guest confidence, which could require additional promotional activities to attract guests and otherwise adversely affect our results of operations.

We continually invest to maintain and update our computer systems. Implementing significant system changes increases the risk of computer system disruption. The potential problems and interruptions associated with implementing technology initiatives, as well as providing training and support for those initiatives, could disrupt or reduce our operational efficiency, and could negatively impact guest experience and guest confidence.

Data Security and Privacy Risks

If our efforts to provide information security are unsuccessful or if we are unable to meet increasingly demanding regulatory requirements, we may face additional costly government enforcement actions and private litigation, and our reputation and results of operations could suffer.

We regularly receive and store information about our guests, team members, vendors and other third parties. We have programs in place to detect, contain, and respond to data security incidents. However, because the techniques used to obtain unauthorized access, disable or degrade service, or sabotage systems change frequently and may be difficult to detect for long periods of time, we may be unable to anticipate these techniques or implement adequate preventive measures. In addition, hardware, software, or applications we develop or procure from third parties may contain defects in design or manufacture or other problems that could unexpectedly compromise information security. Unauthorized parties may also attempt to gain access to our systems or facilities, or those of third parties with whom we do business, through fraud, trickery, or other forms of deceiving our team members, contractors, and vendors.

Prior to 2013, all data security incidents we encountered were insignificant. Our 2013 data breach was significant and went undetected for several weeks. Both we and our vendors have had data security incidents since the 2013 data breach; however, to date these other incidents have not been material to our results of operations. Based on the prominence and notoriety of the 2013 data breach, even minor additional data security incidents could draw greater scrutiny. If we, our vendors, or other third parties with whom we do business experience additional significant data security incidents or fail to detect and appropriately respond to significant incidents, we could be exposed to additional government enforcement actions and private litigation. In addition, our guests could lose confidence in our ability to protect their information, discontinue using our REDcards or loyalty programs, or stop shopping with us altogether, which could adversely affect our sales, reputation and results of operations.

The legal and regulatory environment regarding information security, cybersecurity, and privacy is increasingly demanding and has enhanced requirements for handling personal data. Complying with new data protection requirements may cause us to incur substantial costs, require changes to our business practices, limit our ability to obtain data used to provide a differentiated guest experience, and expose us to further litigation and regulatory risks, each of which could adversely affect our results of operations.

Supply Chain and Third Party Risks

Changes in our relationships with our vendors, changes in tax or trade policy, interruptions in our supply chain or increased commodity or supply chain costs could adversely affect our results of operations.

We are dependent on our vendors to supply merchandise to our distribution centers, stores, and guests. As we continue to add capabilities, operating our fulfillment network becomes more complex and challenging. If our fulfillment network does not operate properly or if a vendor fails to deliver on its commitments, we could experience merchandise out-of-stocks, delivery delays or increased delivery costs, which could lead to lost sales and decreased guest confidence, and adversely affect our results of operations.

7

A large portion of our merchandise is sourced, directly or indirectly, from outside the U.S., with China as our single largest source, so any major changes in tax or trade policy, such as the imposition of additional tariffs or duties on imported products, could require us to take certain actions, such as raising prices on products we sell, which could adversely affect our results of operations.

Political or financial instability, currency fluctuations, the outbreak of pandemics, labor unrest, transport capacity and costs, port security, weather conditions, natural disasters or other events that could slow or disrupt port activities and affect foreign trade are beyond our control and could materially disrupt our supply of merchandise, increase our costs, and/or adversely affect our results of operations. There have been periodic labor disputes impacting the U.S. ports that have caused us to make alternative arrangements to continue the flow of inventory, and if these types of disputes recur, worsen, or occur in other countries through which we source products, it may have a material impact on our costs or inventory supply. Changes in the costs of procuring commodities used in our merchandise or the costs related to our supply chain, could adversely affect our results of operations.

A disruption in relationships with third party service providers could adversely affect our operations.

We rely on third parties to support our business, including portions of our technology infrastructure, development and support, our digital platforms and fulfillment operations, credit and debit card transaction processing, extensions of credit for our 5% REDcard Rewards loyalty program, the clinics and pharmacies operated by CVS within our stores, the infrastructure supporting our guest contact centers, aspects of our food offerings, and delivery services. If we are unable to contract with third parties having the specialized skills needed to support those strategies or integrate their products and services with our business, or if they fail to meet our performance standards and expectations, then our reputation and results of operations could be adversely affected. For example, if our guests unfavorably view CVS’s operations, our ability to discontinue the relationship is limited and our results of operations could be adversely affected.

Legal, Regulatory, Global and Other External Risks

Our earnings depend on the state of macroeconomic conditions and consumer confidence in the U.S.

Nearly all of our sales are in the U.S., making our results highly dependent on U.S. consumer confidence and the health of the U.S. economy. In addition, a significant portion of our total sales is derived from stores located in five states: California, Texas, Florida, Minnesota and Illinois, resulting in further dependence on local economic conditions in these states. Deterioration in macroeconomic conditions or consumer confidence could negatively affect our business in many ways, including slowing sales growth, reducing overall sales, and reducing gross margins.

These same considerations impact the success of our credit card program. Although we no longer own a consumer credit card receivables portfolio, we share in the profits generated by the credit card program with TD Bank Group (TD), which owns the receivables generated by our proprietary credit cards. Deterioration in macroeconomic conditions or changes in consumer preferences concerning our credit card program could adversely affect the volume of new credit accounts, the amount of credit card program balances, and the ability of credit card holders to pay their balances. These conditions could result in us receiving lower profit‑sharing payments.

Uncharacteristic or significant weather conditions, alone or together with natural disasters, could adversely affect our operations.

Uncharacteristic or significant weather conditions can affect consumer shopping patterns, particularly in apparel and seasonal items, which could lead to lost sales or greater than expected markdowns and adversely affect our short-term results of operations. In addition, our three largest states by total sales are California, Texas and Florida, areas where natural disasters are more prevalent. Natural disasters in those states or in other areas where our sales are concentrated could result in significant physical damage to or closure of one or more of our stores, distribution centers or key vendors, and cause delays in the distribution of merchandise from our vendors to our distribution centers, stores, and guests, which could adversely affect our results of operations by increasing our costs and lowering our sales.

8

We rely on a large, global and changing workforce of team members, contractors and temporary staffing. If we do not effectively manage our workforce and the concentration of work in certain global locations, our labor costs and results of operations could be adversely affected.

With over 300,000 team members, our workforce costs represent our largest operating expense, and our business is dependent on our ability to attract, train, and retain the appropriate mix of qualified team members, contractors, and temporary staffing and effectively organize and manage those resources as our business and strategic priorities change. Many team members are in entry-level or part-time positions with historically high turnover rates. Our ability to meet our changing labor needs while controlling our costs is subject to external factors such as labor laws and regulations, unemployment levels, prevailing wage rates, benefit costs, changing demographics, and our reputation and relevance within the labor market. If we are unable to attract and retain a workforce meeting our needs, our operations, guest service levels, support functions, and competitiveness could suffer and our results of operations could be adversely affected. We are periodically subject to labor organizing efforts. If we become subject to one or more collective bargaining agreements in the future, it could adversely affect our labor costs and how we operate our business. We also have support offices in India and China, and any extended disruption of our operations in those locations, whether due to labor difficulties or otherwise, could adversely affect our operations and financial results.

Failure to address product safety and sourcing concerns could adversely affect our sales and results of operations.

If our merchandise offerings do not meet applicable safety standards or Target's or our guests’ expectations regarding safety, supply chain transparency and responsible sourcing, we could experience lost sales and increased costs and be exposed to legal and reputational risk. All of our vendors must comply with applicable product safety laws, and we are dependent on them to ensure that the products we buy comply with all safety standards. Events that give rise to actual, potential or perceived product safety concerns, including food or drug contamination, could expose us to government enforcement action or private litigation and result in costly product recalls and other liabilities. Our sourcing vendors must also meet our expectations across multiple areas of social compliance, including supply chain transparency and responsible sourcing. We have a social compliance audit process, but we are also dependent on our vendors to ensure that the products we buy comply with our standards. Negative guest perceptions regarding the safety of the products we sell and events that give rise to actual, potential or perceived compliance concerns could hurt our reputation, result in lost sales, cause our guests to seek alternative sources for their needs, and make it difficult and costly for us to regain the confidence of our guests.

Our failure to comply with federal, state, local, and international laws, or changes in these laws could increase our costs, reduce our margins, and lower our sales.

Our business is subject to a wide array of laws and regulations in the U.S. and other countries in which we operate. Our expenses could increase, and our operations could be adversely affected by significant legislative changes or other legal developments on workforce-related issues, including an employer's obligation to recognize collective bargaining units, the process by which collective bargaining agreements are negotiated or imposed, the classification of exempt and non-exempt employees, the distinction between employees and contractors, minimum wage requirements, advance scheduling notice requirements, and health care mandates. Changes in the legal or regulatory environment affecting data privacy and information security, product safety, payment methods and related fees, responsible sourcing, supply chain transparency, or environmental protection, among others, could cause our expenses to increase without an ability to pass through any increased expenses through higher prices. In addition, if we fail to comply with other applicable laws and regulations, including wage and hour laws, the Foreign Corrupt Practices Act and local anti-bribery laws, we could be subject to reputation and legal risk, including government enforcement action and class action civil litigation, which could adversely affect our results of operations by increasing our costs, reducing our margins, and lowering our sales.

Financial Risks

Increases in our effective income tax rate could adversely affect our business, results of operations, liquidity, and net income.

A number of factors influence our effective income tax rate, including changes in tax law and related regulations, tax treaties, interpretation of existing laws, and our ability to sustain our reporting positions on examination. Changes in any of those factors could change our effective tax rate, which could adversely affect our net income. In addition, our operations outside of the U.S. may cause greater volatility in our effective tax rate.

9

If we are unable to access the capital markets or obtain bank credit, our financial position, liquidity, and results of operations could suffer.

We are dependent on a stable, liquid, and well-functioning financial system to fund our operations and capital investments. Our continued access to financial markets depends on multiple factors including the condition of debt capital markets, our operating performance, and maintaining strong credit ratings. If rating agencies lower our credit ratings, it could adversely affect our ability to access the debt markets, our cost of funds, and other terms for new debt issuances. Each of the credit rating agencies reviews its rating periodically, and there is no guarantee our current credit rating will remain the same. In addition, we use a variety of derivative products to manage our exposure to market risk, principally interest rate and equity price fluctuations. Disruptions or turmoil in the financial markets could reduce our ability to fund our operations and capital investments, and lead to losses on derivative positions resulting from counterparty failures, which could adversely affect our financial position and results of operations.

Item 1B.    Unresolved Staff Comments

Not applicable.

10

Item 2.    Properties

Stores at February 2, 2019	Stores	Retail Sq. Ft. (in thousands)		Stores	Retail Sq. Ft. (in thousands)
Alabama	22	3,132	Montana	7	777
Alaska	3	504	Nebraska	14	2,006
Arizona	47	6,187	Nevada	17	2,242
Arkansas	9	1,165	New Hampshire	9	1,148
California	287	36,042	New Jersey	47	5,992
Colorado	42	6,245	New Mexico	10	1,185
Connecticut	20	2,672	New York	82	10,134
Delaware	3	440	North Carolina	51	6,540
District of Columbia	1	179	North Dakota	4	554
Florida	123	17,015	Ohio	63	7,703
Georgia	50	6,820	Oklahoma	15	2,168
Hawaii	7	1,111	Oregon	20	2,312
Idaho	6	664	Pennsylvania	75	9,094
Illinois	94	11,926	Rhode Island	4	517
Indiana	31	4,174	South Carolina	19	2,359
Iowa	20	2,835	South Dakota	5	580
Kansas	17	2,385	Tennessee	30	3,816
Kentucky	13	1,551	Texas	150	20,919
Louisiana	15	2,120	Utah	14	1,979
Maine	5	630	Vermont	1	60
Maryland	39	4,860	Virginia	59	7,714
Massachusetts	46	5,388	Washington	37	4,329
Michigan	53	6,370	West Virginia	6	755
Minnesota	73	10,315	Wisconsin	36	4,430
Mississippi	6	743	Wyoming	2	187
Missouri	35	4,608
			Total	1,844	239,581

Stores and Distribution Centers at February 2, 2019	Stores	Distribution Centers (a)
Owned	1,525	33
Leased	161	7
Owned buildings on leased land	158	—
Total	1,844	40

^(a)    The 40 distribution centers have a total of 51,688 thousand square feet.

We own our corporate headquarters buildings located in and around Minneapolis, Minnesota, and we lease and own additional office space elsewhere in the U.S. We also lease office space in 11 countries for various support functions. Our properties are in good condition, well maintained, and suitable to carry on our business.

For additional information on our properties, see the Capital Expenditures section in MD&A and Notes 11 and 18 of Item 8, Financial Statements and Supplementary Data (the Financial Statements).

11

Item 3.    Legal Proceedings

The following proceedings are being reported pursuant to Item 103 of Regulation S-K:

The Federal Securities Law Class Actions and ERISA Class Actions defined below relate to certain prior disclosures by Target about its expansion of retail operations into Canada (the Canada Disclosure). Target intends to continue to vigorously defend these actions.

Federal Securities Law Class Actions

On May 17, 2016 and May 24, 2016, Target Corporation and certain present and former officers were named as defendants in two purported federal securities law class actions filed in the U.S. District Court for the District of Minnesota (the Court). The lead plaintiff filed a Consolidated Amended Class Action Complaint (First Complaint) on November 14, 2016, alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 relating to the Canada Disclosure and naming Target, its former chief executive officer, its present chief operating officer, and the former president of Target Canada as defendants. On March 19, 2018, the Court denied the plaintiff's motion to alter or amend the final judgment issued on July 31, 2017, dismissing the Federal Securities Law Class Actions. On April 18, 2018, the plaintiff appealed the Court's final judgment. That appeal has not yet been heard or decided.

ERISA Class Actions

On July 12, 2016 and July 15, 2016, Target Corporation, the Plan Investment Committee and Target’s current chief operating officer were named as defendants in two purported Employee Retirement Income Security Act of 1974 (ERISA) class actions filed in the Court. The plaintiffs filed an Amended Class Action Complaint (the First ERISA Class Action) on December 14, 2016, alleging violations of Sections 404 and 405 of ERISA relating to the Canada Disclosure and naming Target, the Plan Investment Committee, and seven present or former officers as defendants. The plaintiffs sought to represent a class consisting of all persons who were participants in or beneficiaries of the Target Corporation 401(k) Plan or the Target Corporation Ventures 401(k) Plan (collectively, the Plans) at any time between February 27, 2013 and May 19, 2014 and whose Plan accounts included investments in Target stock. The plaintiffs sought damages, an injunction and other unspecified equitable relief, and attorneys’ fees, expenses, and costs, based on allegations that the defendants breached their fiduciary duties by failing to take action to prevent Plan participants from continuing to purchase Target stock during the class period at prices that allegedly were artificially inflated. After the Court dismissed the First ERISA Class Action on July 31, 2017, the plaintiffs filed a new ERISA Class Action (the Second ERISA Class Action) with the Court on August 30, 2017, which had substantially similar allegations, defendants, class representation, and damages sought as the First ERISA Class Action, except that the class period was extended to August 6, 2014. On June 15, 2018, the Court granted the motion by Target and the other defendants to dismiss the Second ERISA Class Action. On July 16, 2018, the plaintiffs appealed the Court's dismissal. That appeal has not yet been heard or decided.

The following governmental enforcement proceedings relating to environmental matters are reported pursuant to instruction 5(C) of Item 103 of Regulation S-K because they involve potential monetary sanctions in excess of $100,000:

On February 27, 2015, the California Attorney General sent us a letter alleging, based on a series of compliance checks, that we have not achieved compliance with California’s environmental laws and the provisions of the injunction that was part of a settlement reached in 2011. On December 5, 2018, the Alameda County Superior Court entered judgment approving a settlement regarding those allegations. The settlement requires Target to pay $4.4 million for civil penalties, enforcement costs and supplemental environmental projects, and spend $3 million on certain past and future additional internal compliance measures.

For a description of other legal proceedings, see Note 15 of the Financial Statements.

Item 4.    Mine Safety Disclosures

Not applicable.

12

Item 4A.    Executive Officers

Executive officers are elected by, and serve at the pleasure of, the Board of Directors. There are no family relationships between any of the officers named and any other executive officer or member of the Board of Directors, or any arrangement or understanding pursuant to which any person was selected as an officer.

Name	Title and Business Experience	Age
Brian C. Cornell	Chairman of the Board and Chief Executive Officer since August 2014. Chief Executive Officer of PepsiCo Americas Foods, a division of PepsiCo, Inc., a multinational food and beverage corporation, from March 2012 to July 2014.	60
Rick H. Gomez	Executive Vice President and Chief Marketing & Digital Officer since January 2019. Executive Vice President and Chief Marketing Officer from January 2017 to January 2019. Senior Vice President, Brand and Category Marketing from April 2013 to January 2017.	49
Melissa K. Kremer	Executive Vice President and Chief Human Resources Officer since January 2019. Senior Vice President, Talent and Organizational Effectiveness from October 2017 to January 2019. Vice President, Human Resources, Merchandising, Strategy & Innovation, from September 2015 to October 2017. From February 2012 until September 2015, Ms. Kremer held several leadership positions in Human Resources, supporting Merchandising, Target.com & Mobile, Enterprise Strategy & Multichannel.	41
Don H. Liu	Executive Vice President, Chief Legal & Risk Officer and Corporate Secretary since October 2017. Executive Vice President, Chief Legal Officer and Corporate Secretary from August 2016 to September 2017. Executive Vice President, General Counsel and Corporate Secretary of Xerox Corporation from July 2014 to August 2016, and Senior Vice President, General Counsel and Corporate Secretary from March 2007 to July 2014.	57
Stephanie A. Lundquist	Executive Vice President and President, Food & Beverage since January 2019. Executive Vice President and Chief Human Resources Officer from February 2016 to January 2019. Senior Vice President, Human Resources from January 2015 to February 2016. Senior Vice President, Stores and Distribution Human Resources from February 2014 to January 2015.	43
Michael E. McNamara	Executive Vice President and Chief Information Officer since January 2019. Executive Vice President and Chief Information & Digital Officer from September 2016 to January 2019. Executive Vice President and Chief Information Officer from June 2015 to September 2016. Officer of Tesco PLC, a multinational grocery and general merchandise retailer, from March 2011 to May 2015.	54
John J. Mulligan	Executive Vice President and Chief Operating Officer since September 2015. Executive Vice President and Chief Financial Officer from April 2012 to August 2015.	53
Minsok Pak	Executive Vice President and Chief Strategy & Innovation Officer since August 2017. Senior Vice President of Shopper Marketing & Channel Development, LEGO Retail, LEGO Group, a developer and producer of toys, from April 2016 to July 2017. Partner, Digital Transformation, McKinsey & Company, a global management consulting firm, from April 2014 to April 2016. Managing Director, Actium Corporation, a private equity firm, from June 2010 to April 2014.	50
Janna A. Potts	Executive Vice President and Chief Stores Officer since January 2016. Senior Vice President, Stores and Supply Chain Human Resources from February 2015 to January 2016. Senior Vice President, Target Canada Stores and Distribution from March 2014 to January 2015.	51
Cathy R. Smith	Executive Vice President and Chief Financial Officer since September 2015. Executive Vice President and Chief Financial Officer of Express Scripts Holding Company, a pharmacy benefit manager, from February 2014 to December 2014.	55
Mark J. Tritton	Executive Vice President and Chief Merchandising Officer since June 2016. President of Nordstrom Product Group, of Nordstrom Inc., a fashion specialty retailer, from June 2009 to June 2016.	55
Laysha L. Ward	Executive Vice President and Chief External Engagement Officer since January 2017. Chief Corporate Social Responsibility Officer from December 2014 to January 2017. President, Community Relations and Target Foundation from July 2008 to December 2014.	51

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PART II

Item 5.    Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Our common stock is listed on the New York Stock Exchange under the symbol "TGT." We are authorized to issue up to 6,000,000,000 shares of common stock, par value $0.0833, and up to 5,000,000 shares of preferred stock, par value $0.01. At March 7, 2019, there were 14,331 shareholders of record. Dividends declared per share for each fiscal quarter during 2018 and 2017 are disclosed in Note 26 of the Financial Statements.

On September 20, 2016, our Board of Directors authorized a $5 billion share repurchase program. We began repurchasing shares under this authorization during the fourth quarter of 2016. There is no stated expiration for the share repurchase program. Under this program, we repurchased 48.6 million shares of common stock through February 2, 2019, at an average price of $69.13, for a total investment of $3.4 billion. The table below presents information with respect to Target common stock purchases made during the three months ended February 2, 2019, by Target or any "affiliated purchaser" of Target, as defined in Rule 10b-18(a)(3) under the Exchange Act.

Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs	Dollar Value of Shares that May Yet Be Purchased Under Publicly Announced Programs
November 4, 2018 through December 1, 2018
Open market and privately negotiated purchases	—	$	—	—	$	1,808,949,841
December 2, 2018 through January 5, 2019
Open market and privately negotiated purchases	1,242,920	64.83		1,242,920	1,728,366,804
October 2018 ASR (a)	2,224,074	77.98		2,224,074	1,731,980,648
January 6, 2019 through February 2, 2019
Open market and privately negotiated purchases	1,285,280	69.74		1,285,280	1,642,349,966
Total	4,752,274	$	72.31	4,752,274	$	1,642,349,966

^(a)  Represents the incremental shares received upon final settlement of the accelerated share repurchase (ASR) agreement initiated in third quarter 2018.

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	Fiscal Years Ended
	February 1, 2014		January 31, 2015		January 30, 2016		January 28, 2017		February 3, 2018		February 2, 2019
Target	$	100.00	$	134.13	$	135.76	$	123.33	$	147.22	$	148.42
S&P 500 Index	100.00		114.22		113.46		137.14		168.46		168.36
Peer Group	100.00		124.37		135.70		150.68		217.62		226.48

The graph above compares the cumulative total shareholder return on our common stock for the last five fiscal years with (i) the cumulative total return on the S&P 500 Index and (ii) the peer group consisting of 17 online, general merchandise, department store, food, and specialty retailers (Amazon.com, Inc., Best Buy Co., Inc., Costco Wholesale Corporation, CVS Health Corporation, Dollar General Corporation, Dollar Tree, Inc., The Gap, Inc., The Home Depot, Inc., Kohl's Corporation, The Kroger Co., Lowe's Companies, Inc., Macy's, Inc., Rite Aid Corporation, Sears Holdings Corporation, The TJX Companies, Inc., Walgreens Boots Alliance, Inc., and Walmart Inc.) (Peer Group). The Peer Group is consistent with the retail peer group used for our definitive Proxy Statement for the Annual Meeting of Shareholders to be held on June 12, 2019, excluding Publix Super Markets, Inc., which is not quoted on a public stock exchange.

The peer group is weighted by the market capitalization of each component company. The graph assumes the investment of $100 in Target common stock, the S&P 500 Index, and the Peer Group on February 1, 2014, and reinvestment of all dividends.

15

Item 6.    Selected Financial Data

	For the Fiscal Year
(millions, except per share data)	2018		2017 As Adjusted (a)(b)		2016 As Adjusted (b)		2015 As Adjusted (b)		2014(b)
Sales	$	74,433	$	71,786	$	69,414	$	73,717	$	72,618
Total revenue	75,356		72,714		70,271		74,494		72,618
Net Earnings/(Loss)
Continuing operations	2,930		2,908		2,666		3,321		2,449
Discontinued operations	7		6		68		42		(4,085		)
Net earnings /(loss)	2,937		2,914		2,734		3,363		(1,636		)
Basic Earnings/(Loss) Per Share
Continuing operations	5.54		5.32		4.61		5.29		3.86
Discontinued operations	0.01		0.01		0.12		0.07		(6.44		)
Basic earnings /(loss) per share	5.55		5.32		4.73		5.35		(2.58		)
Diluted Earnings/(Loss) Per Share
Continuing operations	5.50		5.29		4.58		5.25		3.83
Discontinued operations	0.01		0.01		0.12		0.07		(6.38		)
Diluted earnings /(loss) per share	5.51		5.29		4.69		5.31		(2.56		)
Cash dividends declared per share	2.54		2.46		2.36		2.20		1.99
	As of
	February 2, 2019		February 3, 2018 As Adjusted (b)		January 28, 2017 As Adjusted (b)		January 30, 2016 (b)		January 31, 2015 (b)
Total assets	41,290		40,303		38,724		40,262		41,172
Long-term debt, including current portion	11,275		11,398		12,591		12,760		12,725

Note: This information should be read in conjunction with MD&A and the Financial Statements. Per share amounts may not foot due to rounding.

^(a)  Consisted of 53 weeks.

^(b)  The selected financial data for fiscal years 2017, 2016, and 2015 and as of February 3, 2018 and January 28, 2017, reflect the adoption of Accounting Standards Update (ASU) No. 2014-09—Revenue from Contracts with Customers (Topic 606). The selected financial data for fiscal years 2017 and 2016 and as of February 3, 2018 and January 28, 2017, reflect the adoption of ASU No. 2016-02—Leases (Topic 842). Note 2 of the Financial Statements provides additional information. The selected financial data for fiscal year 2014 and as of January 30, 2016, and January 31, 2015, do not reflect adoption of Topic 606 and Topic 842.

16

Item 7.   Management's Discussion and Analysis of Financial Condition and Results of Operations

Executive Summary

Fiscal 2018 included the following notable items:

• GAAP earnings per share from continuing operations were $5.50.

• Adjusted earnings per share were $5.39.

• Total revenue increased 3.6 percent, driven by a comparable sales increase and sales from new stores, partially offset by fiscal 2017 containing 53 weeks.

• Comparable sales increased 5.0 percent, driven by a 5.0 percent increase in traffic.

◦ Comparable store sales grew 3.2 percent.

◦ Comparable digital channel sales increased 36 percent, contributing 1.8 percentage points to comparable sales growth.

• We returned $3.4 billion to shareholders through dividends and share repurchases.

As described in Note 2 to the Financial Statements, certain prior-year amounts have been adjusted to reflect the impact of adopting Accounting Standards Update (ASU) No. 2014-09—Revenue from Contracts with Customers (Topic 606), ASU No. 2016-02—Leases (Topic 842), andASU No. 2017-07—Compensation – Retirement Benefits (Topic 715) throughout this document to conform to the current year presentation.

Sales were $74,433 million for 2018, an increase of $2,647 million or 3.7 percent from the prior year, due to a comparable sales increase of 5.0 percent and the contribution from new stores, partially offset by the impact of the extra week in 2017. Operating income in 2018 decreased by $114 million or 2.7 percent from 2017 to $4,110 million. The Analysis of Results of Operations discussion provides more information. Operating cash flow provided by continuing operations was $5,970 million for 2018, a decrease of $891 million, or 13.0 percent, from $6,861 million for 2017. Refer to the Cash Flows discussion within the Liquidity and Capital Resources section of MD&A on page 24 for additional information.

Earnings Per Share From Continuing Operations									Percent Change
	2018			2017 As Adjusted (a)(b)			2016 As Adjusted (b)		2018/2017		2017/2016
GAAP diluted earnings per share	$	5.50		$	5.29		$	4.58	4.0	%	15.5	%
Adjustments	(0.10		)	(0.60		)	0.42
Adjusted diluted earnings per share	$	5.39		$	4.69		$	5.00	15.1	%	(6.3	)%

Note:  Amounts may not foot due to rounding. Adjusted diluted earnings per share from continuing operations (Adjusted EPS), a non-GAAP metric, excludes the impact of certain items. Management believes that Adjusted EPS is useful in providing period-to-period comparisons of the results of our continuing operations. A reconciliation of non-GAAP financial measures to GAAP measures is provided on page 21.

^(a)  Consisted of 53 weeks.

^(b)  Lease standard adoption resulted in a $0.03 and $0.02 reduction in GAAP and Adjusted EPS, respectively, for 2017, and a less than $0.01 and $0.01 reduction in GAAP and Adjusted EPS, respectively, for 2016.

We report after-tax return on invested capital (ROIC) from continuing operations because we believe ROIC provides a meaningful measure of our capital-allocation effectiveness over time. For the trailing twelve months ended February 2, 2019, ROIC was 14.7 percent, compared with 15.4 percent for the trailing twelve months ended February 3, 2018. Excluding the discrete impacts of the Tax Cuts and Jobs Act (Tax Act), ROIC was 14.6 percent and 13.6 percent for the trailing twelve months ended February 2, 2019, and February 3, 2018, respectively. A reconciliation of ROIC is provided on page 23.

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Analysis of Results of Operations

							Percent Change
(dollars in millions)	2018		2017 As Adjusted (a)		2016As Adjusted		2018/2017		2017/2016
Sales	$	74,433	$	71,786	$	69,414	3.7	%	3.4	%
Other revenue	923		928		857		(0.5	)	8.3
Total revenue	75,356		72,714		70,271		3.6		3.5
Cost of sales	53,299		51,125		49,145		4.3		4.0
SG&A expenses	15,723		15,140		14,217		3.9		6.5
Depreciation and amortization (exclusive of depreciation included in cost of sales)	2,224		2,225		2,045		(0.1	)	8.8
Operating income	$	4,110	$	4,224	$	4,864	(2.7	)%	(13.1	)%

^(a)  Consisted of 53 weeks.

Rate Analysis	2018		2017 As Adjusted (a)		2016As Adjusted
Gross margin rate	28.4	%	28.8	%	29.2	%
SG&A expense rate	20.9		20.8		20.2
Depreciation and amortization (exclusive of depreciation included in cost of sales) expense rate	3.0		3.1		2.9
Operating income margin rate	5.5		5.8		6.9

Note: Gross margin rate is calculated as gross margin (sales less cost of sales) divided by sales. All other rates are calculated by dividing the applicable amount by total revenue.

^(a)  Consisted of 53 weeks.

Sales

Sales include all merchandise sales, net of expected returns, and gift card breakage. Note 3 of the Financial Statements defines gift card "breakage". Comparable sales is a measure that highlights the performance of our stores and digital channel sales by measuring the change in sales for a period over the comparable, prior-year period of equivalent length. Comparable sales include all sales, except sales from stores open less than 13 months, digital acquisitions we have owned less than 13 months, stores that have been closed, and digital acquisitions that we no longer operate. Comparable sales measures vary across the retail industry. As a result, our comparable sales calculation is not necessarily comparable to similarly titled measures reported by other companies. Digital channel sales include all sales initiated through mobile applications and our websites. Our stores fulfill the majority of digital channel sales, including through store pick up or drive up and delivery via our wholly owned subsidiary, Shipt. Digital channel sales may also be fulfilled through our distribution centers, our vendors, or other third parties.

The increase in 2018 sales compared with 2017 is due to a 5.0 percent comparable sales increase and the contribution from new stores, partially offset by the extra week in 2017, which contributed $1,167 million of sales, or 1.6 percent of 2017 sales.The increase in 2017 sales is due to a comparable sales increase of 1.3 percent, the extra week in 2017, and the contribution from new stores. The extra week contributed 1.7 percentage points of increase over 2016. Inflation did not materially affect sales in any period presented.

Comparable Sales	2018		2017		2016
Comparable sales change	5.0	%	1.3	%	(0.5	)%
Drivers of change in comparable sales
Number of transactions	5.0		1.6		(0.8	)
Average transaction amount	0.1		(0.3	)	0.3

Note: Amounts may not foot due to rounding.

18

Contribution to Comparable Sales Change	2018		2017		2016
Stores channel comparable sales change	3.2	%	0.1	%	(1.5	)%
Digital channel percentage points contribution to comparable sales change	1.8		1.2		1.0
Total comparable sales change	5.0	%	1.3	%	(0.5	)%

Note: Amounts may not foot due to rounding.

Sales by Channel	2018		2017		2016
Stores originated	92.9	%	94.5	%	95.6	%
Digitally originated	7.1		5.5		4.4
Total	100	%	100	%	100	%

Note 3 to the Financial Statements provides sales by product category. The collective interaction of a broad array of macroeconomic, competitive, and consumer behavioral factors, as well as sales mix and transfer of sales to new stores makes further analysis of sales metrics infeasible.

TD Bank Group (TD) offers credit to qualified guests through Target-branded credit cards: the Target Credit Card and the Target MasterCard Credit Card (Target Credit Cards). Additionally, we offer a branded proprietary Target Debit Card. Collectively, we refer to these products as REDcards^®. Guests receive a 5 percent discount on nearly all purchases and free shipping when they use a REDcard at Target. We monitor the percentage of purchases that are paid for using REDcards (REDcard Penetration) because our internal analysis has indicated that a meaningful portion of incremental purchases on our REDcards are also incremental sales for Target.

REDcard Penetration	2018		2017		2016
Target Debit Card	13.0	%	13.1	%	13.0	%
Target Credit Cards	10.9		11.3		11.2
Total REDcard Penetration	23.8	%	24.5	%	24.2	%

Note: Amounts may not foot due to rounding. In 2018, we refined our calculation of REDcard Penetration. The prior period amounts have been updated to conform with the current methodology, resulting in an increase of 0.2 percentage points to the Total REDcard Penetration for 2017 and 2016.

Gross Margin Rate

Our gross margin rate was 28.4 percent in 2018, 28.8 percent in 2017, and 29.2 percent in 2016. The 2018 decrease was primarily due to increased digital fulfillment and supply chain costs. The benefit of merchandising strategies, including cost savings initiatives and efforts to improve pricing and promotions, was partially offset by the impact of our sales mix.

19

The 2017 decrease was primarily due to increased digital fulfillment costs and supply chain costs. Benefits from cost savings initiatives were offset by net investments in pricing and promotions.

Selling, General and Administrative Expense Rate

Our SG&A expense rate was 20.9 percent in 2018, 20.8 percent in 2017, and 20.2 percent in 2016. The increase in 2018 was primarily due to higher compensation, primarily driven by store wages, partially offset by cost savings across multiple expense categories.

The increase in 2017 was primarily due to higher compensation costs, including both bonus expense and store wages, partially offset by cost savings primarily driven by efficiency in our technology operations.

Depreciation and Amortization Expense Rate

Our depreciation and amortization (exclusive of depreciation included in cost of sales) expense rate was 3.0 percent in 2018, 3.1 percent in 2017, and 2.9 percent in 2016. The 2018 decrease was primarily due to the rate impact of higher sales. The 2017 increase was primarily due to higher accelerated depreciation for planned store remodels, partially offset by the rate impact of the 53rd week of sales.

Store Data

Change in Number of Stores	2018		2017
Beginning store count	1,822		1,802
Opened	29		32
Closed	(7	)	(12	)
Ending store count	1,844		1,822

Number of Stores and Retail Square Feet	Number of Stores		Retail Square Feet(a)
	February 2, 2019	February 3, 2018	February 2, 2019	February 3, 2018
170,000 or more sq. ft.	272	274	48,604	48,966
50,000 to 169,999 sq. ft.	1,501	1,500	188,900	189,030
49,999 or less sq. ft.	71	48	2,077	1,359
Total	1,844	1,822	239,581	239,355

^(a)  In thousands, reflects total square feet less office, distribution center, and vacant space.

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Other Performance Factors

Net Interest Expense

Net interest expense from continuing operations was $461 million, $653 million, and $991 million for 2018, 2017, and 2016, respectively. Net interest expense for 2017 and 2016 included losses on early retirement of debt of $123 million and $422 million, respectively.

Provision for Income Taxes

Our 2018 effective income tax rate from continuing operations increased to 20.3 percent from 19.9 percent in 2017, primarily due to lower discrete favorable benefits of the Tax Act, which were $36 million in 2018 compared with $343 million in 2017, and less rate benefit from our global sourcing operations in 2018 compared with 2017. The lower 2018 benefit of discrete Tax Act-related items was substantially offset by the full-year benefit of a 21 percent federal statutory rate in 2018 compared with a 33.7 percent blended federal statutory rate in 2017.

Our 2017 effective income tax rate from continuing operations decreased to 19.9 percent, from 32.7 percent in 2016, driven primarily by the impact of the Tax Act.

Note 19 of the Financial Statements provides additional information.

Reconciliation of Non-GAAP Financial Measures to GAAP Measures

To provide additional transparency, we have disclosed non-GAAP adjusted diluted earnings per share from continuing operations (Adjusted EPS). This metric excludes certain items presented below. We believe this information is useful in providing period-to-period comparisons of the results of our continuing operations. This measure is not in accordance with, or an alternative to, generally accepted accounting principles in the U.S. (GAAP). The most comparable GAAP measure is diluted earnings per share from continuing operations. Adjusted EPS should not be considered in isolation or as a substitution for analysis of our results as reported under GAAP. Other companies may calculate Adjusted EPS differently than we do, limiting the usefulness of the measure for comparisons with other companies.

	2018								2017 As Adjusted (a)(b)									2016 As Adjusted (b)
(millions, except per share data)	Pretax		Net of Tax			Per Share Amounts			Pretax			Net of Tax			Per Share Amounts			Pretax			Net of Tax			Per Share Amounts
GAAP diluted earnings per share from continuing operations						$	5.50								$	5.29								$	4.58
Adjustments
Tax Act (c)	$	—	$	(36	)	$	(0.07	)	$	—		$	(343	)	$	(0.62	)	$	—		$	—		$	—
Loss on early retirement of debt	—		—			—			123			75			0.14			422			257			0.44
Other (d)	—		—			—			(5		)	(3		)	(0.01		)	(4		)	(2		)	—
Other income tax matters (e)	—		(18		)	(0.03		)	—			(57		)	(0.10		)	—			(7		)	(0.01		)
Adjusted diluted earnings per share from continuing operations						$	5.39								$	4.69								$	5.00

Note: Amounts may not foot due to rounding.

^(a)  Consisted of 53 weeks.

^(b)  Lease standard adoption resulted in a $0.03 and $0.02 reduction in GAAP and Adjusted EPS, respectively, for 2017, and a less than $0.01 and $0.01 reduction in GAAP and Adjusted EPS, respectively, for 2016. Refer to Note 2 to the Consolidated Financial Statements.

^(c)   Represents discrete items related to the Tax Act. Refer to the Provision for Income Taxes discussion within MD&A and Note 19 of the Financial Statements.

^(d)  For 2017, represents an insurance recovery related to the 2013 data breach. For 2016, represents items related to the 2015 sale of our pharmacy and clinic businesses.

^(e)  Represents income from certain income tax matters not related to current period operations.

21

Earnings from continuing operations before interest expense and income taxes (EBIT) and earnings before interest expense, income taxes, depreciation and amortization (EBITDA) are non-GAAP financial measures which we believe provide meaningful information about our operational efficiency compared with our competitors by excluding the impact of differences in tax jurisdictions and structures, debt levels, and, for EBITDA, capital investment. These measures are not in accordance with, or an alternative for, GAAP. The most comparable GAAP measure is net earnings from continuing operations. EBIT and EBITDA should not be considered in isolation or as a substitution for analysis of our results as reported under GAAP. Other companies may calculate EBIT and EBITDA differently, limiting the usefulness of the measure for comparisons with other companies.

EBIT and EBITDA							Percent Change
(dollars in millions)	2018		2017 As Adjusted (a)(b)		2016As Adjusted (b)		2018/2017		2017/2016
Net earnings from continuing operations	$	2,930	$	2,908	$	2,666	0.7	%	9.1	%
+ Provision for income taxes	746		722		1,295		3.5		(44.3	)
+ Net interest expense	461		653		991		(29.3	)	(34.1	)
EBIT (b)	$	4,137	$	4,283	$	4,952	(3.4	)%	(13.5	)%
+ Total depreciation and amortization (c)	2,474		2,476		2,318		(0.1	)	6.8
EBITDA (b)	$	6,611	$	6,759	$	7,270	(2.2	)%	(7.0	)%

^(a) Consisted of 53 weeks.

^(b)  Adoption of the new accounting standards resulted in a $29 million and $17 million decrease in EBIT and a $2 million and $3 million increase in EBITDA for 2017 and 2016, respectively.

^(c)  Represents total depreciation and amortization, including amounts classified within Depreciation and Amortization and within Cost of Sales.

22

We have also disclosed after-tax ROIC, which is a ratio based on GAAP information. We believe this metric is useful in assessing the effectiveness of our capital allocation over time. Other companies may calculate ROIC differently, limiting the usefulness of the measure for comparisons with other companies.

After-Tax Return on Invested Capital
	Trailing Twelve Months
Numerator (dollars in millions)	February 2, 2019		February 3, 2018 As Adjusted (a)
Operating income	$	4,110	$	4,224
+ Net other income / (expense)	27		59
EBIT	4,137		4,283
+ Operating lease interest (b)	83		79
- Income taxes (c)(d)	856		867
Net operating profit after taxes	$	3,364	$	3,495

Denominator (dollars in millions)	February 2, 2019		February 3, 2018 As Adjusted		January 28, 2017 As Adjusted
Current portion of long-term debt and other borrowings	$	1,052	$	281	$	1,729
+ Noncurrent portion of long-term debt	10,223		11,117		10,862
+ Shareholders' equity	11,297		11,651		10,915
+ Operating lease liabilities (e)	2,170		2,072		1,970
- Cash and cash equivalents	1,556		2,643		2,512
- Net assets of discontinued operations (f)	—		2		62
Invested capital	$	23,186	$	22,476	$	22,902
Average invested capital (g)	$	22,831	$	22,689

After-tax return on invested capital (d)(h)	14.7	%	15.4	%
After-tax return on invested capital excluding discrete impacts of Tax Act (d)	14.6	%	13.6	%

^(a)  Consisted of 53 weeks.

^(b)  Represents the add-back to operating income driven by the hypothetical interest expense we would incur if the property under our operating leases were owned or accounted for as finance leases. Calculated using the discount rate for each lease and recorded as a component of rent expense within SG&A Expenses. Operating lease interest is added back to Operating Income in the ROIC calculation to control for differences in capital structure between us and our competitors.

^(c)  Calculated using the effective tax rates for continuing operations, which were 20.3 percent and 19.9 percent for the trailing twelve months ended February 2, 2019, and February 3, 2018, respectively. For the trailing twelve months ended February 2, 2019, and February 3, 2018, includes tax effect of $839 million and $851 million, respectively, related to EBIT, and $17 million and $16 million, respectively, related to operating lease interest.

^(d)  The effective tax rate for the trailing twelve months ended February 2, 2019, and February 3, 2018, includes discrete tax benefits of $36 million and $343 million, respectively, related to the Tax Act.

^(e)  Total short-term and long-term operating lease liabilities included within Accrued and Other Current Liabilities and Noncurrent Operating Lease Liabilities on the Consolidated Statements of Financial Position.

^(f)  Included in Other Assets and Liabilities on the Consolidated Statements of Financial Position.

^(g)  Average based on the invested capital at the end of the current period and the invested capital at the end of the comparable prior period.

^(h)  Adoption of the new lease standard reduced ROIC by approximately 0.5 percentage points for all periods presented.

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Analysis of Financial Condition

Liquidity and Capital Resources

Our period-end cash and cash equivalents balance decreased to $1,556 million from $2,643 million in 2017 primarily because we repatriated cash previously held by entities located outside the U.S. and deployed it during 2018 in support of our business objectives. Our cash and cash equivalents balance includes short-term investments of $769 million and $1,906 million as of February 2, 2019, and February 3, 2018, respectively. Our investment policy is designed to preserve principal and liquidity of our short-term investments. This policy allows investments in large money market funds or in highly rated direct short-term instruments that mature in 60 days or less. We also place dollar limits on our investments in individual funds or instruments.

Capital Allocation

We follow a disciplined and balanced approach to capital allocation based on the following priorities, ranked in order of importance: first, we fully invest in opportunities to profitably grow our business, create sustainable long-term value, and maintain our current operations and assets; second, we maintain a competitive quarterly dividend and seek to grow it annually; and finally, we return any excess cash to shareholders by repurchasing shares within the limits of our credit rating goals.

Operating Cash Flows

Operating cash flow provided by continuing operations was $5,970 million in 2018 compared with $6,861 million in 2017 and $5,337 million in 2016. The 2018 operating cash flow decrease was primarily due to a larger increase in inventory in 2018 compared with 2017, partially offset by lower income tax payments in 2018 due to the Tax Act.

The 2017 operating cash flow increase was due to increased payables leverage primarily driven by changes in vendor payment terms in 2017, partially offset by an inventory increase in 2017 compared with a decrease during 2016. The operating cash flow increase was also partially due to the payment of approximately $500 million of taxes during 2016 related to the sale of our pharmacy and clinic businesses.

Inventory

Year-end inventory was $9,497 million, compared with $8,597 million in 2017. We increased inventory in 2018 to support higher sales, including market share opportunities in toys and baby-related merchandise. In addition, inventory levels were increased to support new brand launches and our efforts to improve in-stock levels.

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Capital Expenditures

Capital expenditures increased in 2018 from the prior year primarily due to increased investments in existing stores as we further accelerated our current store remodel program. This investment acceleration follows an increase in 2017 as we accelerated our store remodel program.

In addition to these cash investments, we entered into leases related to new stores in 2018, 2017, and 2016 with total future minimum lease payments of $473 million, $438 million, and $550 million, respectively.

We expect capital expenditures in 2019 at a level consistent with 2018 as we continue the current store remodel program, open additional small-format stores, and make other investments in our business. We also expect to continue our current rate of investment in store leases.

Dividends

We paid dividends totaling $1,335 million ($2.52 per share) in 2018 and $1,338 million ($2.44 per share) in 2017, a per share increase of 3.3 percent. We declared dividends totaling $1,347 million ($2.54 per share) in 2018, a per share increase of 3.3 percent over 2017. We declared dividends totaling $1,356 million ($2.46 per share) in 2017, a per share increase of 4.2 percent over 2016. We have paid dividends every quarter since our 1967 initial public offering, and it is our intent to continue to do so in the future.

Share Repurchases

During 2018, 2017, and 2016 we returned $2,067 million, $1,026 million, and $3,686 million, respectively, to shareholders through share repurchase. See Part II, Item 5 of this Annual Report on Form 10-K and Note 21 to the Financial Statements for more information.

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Financing

Our financing strategy is to ensure liquidity and access to capital markets, to maintain a balanced spectrum of debt maturities, and to manage our net exposure to floating interest rate volatility. Within these parameters, we seek to minimize our borrowing costs. Our ability to access the long-term debt and commercial paper markets has provided us with ample sources of liquidity. Our continued access to these markets depends on multiple factors, including the condition of debt capital markets, our operating performance, and maintaining strong credit ratings. As of February 2, 2019, our credit ratings were as follows:

Credit Ratings	Moody's	Standard and Poor's	Fitch
Long-term debt	A2	A	A-
Commercial paper	P-1	A-1	F2

If our credit ratings were lowered, our ability to access the debt markets, our cost of funds, and other terms for new debt issuances could be adversely impacted. Each of the credit rating agencies reviews its rating periodically and there is no guarantee our current credit ratings will remain the same as described above.

In 2018, we funded our holiday sales period working capital needs through internally generated funds and the issuance of commercial paper. In 2017, we funded our holiday sales period working capital needs through internally generated funds.

We have additional liquidity through a committed $2.5 billion revolving credit facility obtained through a group of banks. In October 2018, we extended this credit facility by one year to October 2023. No balances were outstanding at any time during 2018, 2017, or 2016.

Most of our long-term debt obligations contain covenants related to secured debt levels. In addition to a secured debt level covenant, our credit facility also contains a debt leverage covenant. We are, and expect to remain, in compliance with these covenants. Additionally, at February 2, 2019, no notes or debentures contained provisions requiring acceleration of payment upon a credit rating downgrade, except that certain outstanding notes allow the note holders to put the notes to us if within a matter of months of each other we experience both (i) a change in control and (ii) our long-term credit ratings are either reduced and the resulting rating is non-investment grade, or our long-term credit ratings are placed on watch for possible reduction and those ratings are subsequently reduced and the resulting rating is non-investment grade.

Note 16 of the Financial Statements provides more information about financing activities.

We believe our sources of liquidity will continue to be adequate to maintain operations, finance anticipated expansion and strategic initiatives, fund debt maturities, pay dividends, and execute purchases under our share repurchase program for the foreseeable future. We continue to anticipate ample access to commercial paper and long-term financing.

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Commitments and Contingencies

Contractual Obligations as of	Payments Due by Period
February 2, 2019			Less than		1-3		3-5		After 5
(millions)	Total		1 Year		Years		Years		Years
Recorded contractual obligations:
Long-term debt (a)	$	10,336	$	1,002	$	2,150	$	63	$	7,121
Finance lease liabilities (b)	1,461		98		196		193		974
Operating lease liabilities (b)	2,904		245		470		443		1,746
Deferred compensation (c)	518		59		116		111		232
Real estate liabilities (d)	121		121		—		—		—
Tax contingencies (e)	—		—		—		—		—
Unrecorded contractual obligations:
Interest payments – long-term debt	5,893		407		724		628		4,134
Purchase obligations (f)	992		532		170		75		215
Real estate obligations (g)	1,013		487		59		67		400
Future contributions to retirement plans (h)	—		—		—		—		—
Contractual obligations	$	23,238	$	2,951	$	3,885	$	1,580	$	14,822

^(a)  Represents principal payments only. See Note 16 of the Financial Statements for further information.

^(b)  Finance and operating lease payments include $127 million and $778 million, respectively, related to options to extend lease terms that are reasonably certain of being exercised. See Note 18 of the Financial Statements for further information.

^(c)  The timing of deferred compensation payouts is estimated based on payments currently made to former employees and retirees and the projected timing of future retirements.

^(d)  Real estate liabilities include costs incurred but not paid related to the construction or remodeling of real estate and facilities.

^(e)  Estimated tax contingencies of $334 million, including interest and penalties and primarily related to continuing operations, are not included in the table above because we are not able to make reasonably reliable estimates of the period of cash settlement. See Note 19 of the Financial Statements for further information.

^(f)  Purchase obligations include all legally binding contracts such as firm minimum commitments for inventory purchases, merchandise royalties, equipment purchases, marketing-related contracts, software acquisition/license commitments, and service contracts. We issue inventory purchase orders in the normal course of business, which represent authorizations to purchase that are cancelable by their terms. We do not consider purchase orders to be firm inventory commitments; therefore, they are excluded from the table above. If we choose to cancel a purchase order, we may be obligated to reimburse the vendor for unrecoverable outlays incurred prior to cancellation. We also issue trade letters of credit in the ordinary course of business, which are excluded from this table as these obligations are conditioned on terms of the letter of credit being met.

^(g)  Real estate obligations include legally binding minimum lease payments for leases signed but not yet commenced, and commitments for the purchase, construction, or remodeling of real estate and facilities.

^(h)  We have not included obligations under our pension plans in the contractual obligations table above because no additional amounts are required to be funded as of February 2, 2019. Our historical practice regarding these plans has been to contribute amounts necessary to satisfy minimum pension funding requirements, plus periodic discretionary amounts determined to be appropriate.

Off Balance Sheet Arrangements:    Other than the unrecorded contractual obligations noted above, we do not have any arrangements or relationships with entities that are not consolidated into the financial statements.

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Critical Accounting Estimates

Our consolidated financial statements are prepared in accordance with GAAP, which requires us to make estimates and apply judgments that affect the reported amounts. In the Notes to Consolidated Financial Statements, we describe the significant accounting policies used in preparing the consolidated financial statements. Our management has discussed the development, selection, and disclosure of our critical accounting estimates with the Audit & Finance Committee of our Board of Directors. The following items require significant estimation or judgment:

Inventory and cost of sales:    The vast majority of our inventory is accounted for under the retail inventory accounting method using the last-in, first-out method. Our inventory is valued at the lower of cost or market. We reduce inventory for estimated losses related to shrink and markdowns. Our shrink estimate is based on historical losses verified by physical inventory counts. Historically, our actual physical inventory count results have shown our estimates to be reliable. Market adjustments for markdowns are recorded when the salability of the merchandise has diminished. We believe the risk of inventory obsolescence is largely mitigated because our inventory typically turns in less than three months. Inventory was $9,497 million and $8,597 million at February 2, 2019 and February 3, 2018, respectively, and is further described in Note 9 of the Financial Statements.

Vendor income:    We receive various forms of consideration from our vendors (vendor income), principally earned as a result of volume rebates, markdown allowances, promotions, and advertising allowances. Substantially all vendor income 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 the agreements in place, this receivable is computed by estimating when we have completed our performance and when the amount is earned. The majority of the year-end vendor income receivables are collected within the following fiscal quarter, and we do not believe there is a reasonable likelihood that the assumptions used in our estimate will change significantly. Historically, adjustments to our vendor income receivable have not been material. Vendor income receivable was $468 million and $416 million at February 2, 2019 and February 3, 2018, respectively. Vendor income is described further in Note 5 of the Financial Statements.

Long-lived assets:    Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The evaluation is performed at the lowest level of identifiable cash flows independent of other assets, which is primarily at the store level. An impairment loss would be recognized when estimated undiscounted future cash flows from the operation and/or disposition of the assets are less than their carrying amount. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset group over its fair value. Fair value is measured using discounted cash flows or independent opinions of value, as appropriate. We recorded impairments of $92 million, $91 million, and $43 million in 2018, 2017, and 2016, respectively, which are described further in Note 11 of the Financial Statements.

We applied the hindsight practical expedient for measurement of lease assets and liabilities, and associated leasehold improvement assets, in our adoption of ASU No. 2016-02—Leases (Topic 842), which required significant judgment to determine the reasonably certain lease term for existing leases in transition to the new standard. Using hindsight shortened lease terms for many leases. Operating lease assets and liabilities were $1,965 million and $2,170 million, respectively, at February 2, 2019. Finance lease assets and liabilities were $872 million and $1,021 million, respectively, at February 2, 2019. Leases are described further in Notes 2 and 18 of the Financial Statements.

Insurance/self-insurance:    We retain a substantial portion of the risk related to certain general liability, workers' compensation, property loss, and team member medical and dental claims. However, we maintain stop-loss coverage to limit the exposure related to certain risks. Liabilities associated with these losses include estimates of both claims filed and losses incurred but not yet reported. We use actuarial methods which consider a number of factors to estimate our ultimate cost of losses. General liability and workers' compensation liabilities are recorded at our estimate of their net present value; other liabilities referred to above are not discounted. Our workers' compensation and general liability accrual was $423 million and $419 million at February 2, 2019 and February 3, 2018, respectively. We believe that the amounts accrued are appropriate; however, our liabilities could be significantly affected if future occurrences or loss developments differ from our assumptions. For example, a 5 percent increase or decrease in average claim costs would impact our self-insurance expense by $21 million in 2018. Historically, adjustments to our estimates have not been material. Refer to Item 7A, Quantitative and Qualitative Disclosures About Market Risk, for further disclosure of the market risks associated with these exposures. We maintain insurance coverage to limit our exposure to certain events, including network security matters.

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Income taxes:    We pay income taxes based on the tax statutes, regulations, and case law of the various jurisdictions in which we operate. Significant judgment is required in determining the timing and amounts of deductible and taxable items, and in evaluating the ultimate resolution of tax matters in dispute with tax authorities.

We recognized the income tax effects of the Tax Act in our 2018 and 2017 financial statements in accordance with Staff Accounting Bulletin No. 118, which provides SEC staff guidance for the application of ASC Topic 740, Income Taxes. Note 19 of the Financial Statements provides additional information.

The benefits of uncertain tax positions are recorded in our financial statements only after determining it is likely the uncertain tax positions would withstand challenge by taxing authorities. We periodically reassess these probabilities and record any changes in the financial statements as appropriate. Liabilities for uncertain tax positions, including interest and penalties, were $334 million and $363 million at February 2, 2019 and February 3, 2018, respectively, and primarily relate to continuing operations. We believe the resolution of these matters will not have a material adverse impact on our consolidated financial statements. Income taxes are described further in Note 19 of the Financial Statements.

Pension accounting:    We maintain a funded, qualified defined benefit pension plan, as well as several smaller and unfunded nonqualified plans for certain current and retired team members. The costs for these plans are determined based on actuarial calculations using the assumptions described in the following paragraphs. Eligibility and the level of benefits varies depending on team members' full-time or part-time status, date of hire, age, and/or length of service. The benefit obligation and related expense for these plans are determined based on actuarial calculations using assumptions about the expected long-term rate of return, the discount rate, and compensation growth rates. The assumptions, with adjustments made for any significant plan or participant changes, are used to determine the period-end benefit obligation and establish expense for the next year.

Our 2018 expected long-term rate of return on plan assets of 6.30 percent is determined by the portfolio composition, historical long-term investment performance, and current market conditions. A 1 percentage point decrease in our expected long-term rate of return would increase annual expense by $39 million.

The discount rate used to determine benefit obligations is adjusted annually based on the interest rate for long-term high-quality corporate bonds, using yields for maturities that are in line with the duration of our pension liabilities. Our benefit obligation and related expense will fluctuate with changes in interest rates. A 1 percentage point decrease to the weighted average discount rate would increase annual expense by $68 million.

Based on our experience, we use a graduated compensation growth schedule that assumes higher compensation growth for younger, shorter-service pension-eligible team members than it does for older, longer-service pension-eligible team members.

Pension benefits are further described in Note 24 of the Financial Statements.

Legal and other contingencies:    We believe the accruals recorded in our consolidated financial statements properly reflect loss exposures that are both probable and reasonably estimable. We do not believe any of the currently identified claims or litigation may materially affect our results of operations, cash flows, or financial condition. However, litigation is subject to inherent uncertainties, and unfavorable rulings could occur. If an unfavorable ruling were to occur, it may cause a material adverse impact on the results of operations, cash flows, or financial condition for the period in which the ruling occurs, or future periods. Refer to Note 15 of the Financial Statements for further information on contingencies.

New Accounting Pronouncements

Refer to Note 2, Note 3, and Note 18, of the Financial Statements for a description of new accounting pronouncements related to revenues, leases, and pension expense. We do not expect any other recently issued accounting pronouncements will have a material effect on our financial statements.

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Forward-Looking Statements

This report contains forward-looking statements, which are based on our current assumptions and expectations. These statements are typically accompanied by the words "expect," "may," "could," "believe," "would," "might," "anticipates," or words of similar import. The principal forward-looking statements in this report include: our financial performance, statements regarding the adequacy of and costs associated with our sources of liquidity, the continued execution of our share repurchase program, our expected capital expenditures and new lease commitments, the impact of changes in the expected effective income tax rate on net income, including those resulting from the Tax Act, the expected compliance with debt covenants, the expected impact of new accounting pronouncements, our intentions regarding future dividends, contributions and payments related to our pension plan, the expected returns on pension plan assets, the expected timing and recognition of compensation expenses, the effects of macroeconomic conditions, the adequacy of our reserves for general liability, workers' compensation and property loss, the expected outcome of, and adequacy of our reserves for investigations, inquiries, claims and litigation, expected changes to our contractual obligations and liabilities, the expected ability to recognize deferred tax assets and liabilities and the timing of such recognition, the resolution of tax matters, the expected impact of changes in information technology systems, and changes in our assumptions and expectations.

All such forward-looking statements are intended to enjoy the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, as amended. Although we believe there is a reasonable basis for the forward-looking statements, our actual results could be materially different. The most important factors which could cause our actual results to differ from our forward-looking statements are set forth on our description of risk factors in Item 1A to this Form 10-K, which should be read in conjunction with the forward-looking statements in this report. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update any forward-looking statement.

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Item 7A.    Quantitative and Qualitative Disclosures About Market Risk

At February 2, 2019, our exposure to market risk was primarily from interest rate changes on our debt obligations, some of which are at a London Interbank Offered Rate (LIBOR)-plus floating-rate. Our interest rate exposure is primarily due to differences between our floating rate debt obligations compared to our floating rate short-term investments. At February 2, 2019, our floating rate debt exceeded our floating rate short-term investments by approximately $700 million. Based on our balance sheet position at February 2, 2019, the annualized effect of a 0.1 percentage point increase in floating interest rates on our floating rate debt obligations, net of our floating rate short-term investments, would not be significant. In general, we expect our floating rate debt to exceed our floating rate short-term investments over time, but that may vary in different interest rate environments. See further description of our debt and derivative instruments in Notes 16 and 17 to the Financial Statements.

We record our general liability and workers' compensation liabilities at net present value; therefore, these liabilities fluctuate with changes in interest rates. Based on our balance sheet position at February 2, 2019, the annualized effect of a 0.5 percentage point decrease in interest rates would be to decrease earnings before income taxes by $6 million.

In addition, we are exposed to market return fluctuations on our qualified defined benefit pension plans. The value of our pension liabilities is inversely related to changes in interest rates. A 1 percentage point decrease to the weighted average discount rate would increase annual expense by $68 million. To protect against declines in interest rates, we hold high-quality, long-duration bonds and interest rate swaps in our pension plan trust. At year-end, we had hedged 60 percent of the interest rate exposure of our funded status.

As more fully described in Notes 12 and 23 to the Financial Statements, we are exposed to market returns on accumulated team member balances in our nonqualified, unfunded deferred compensation plans. We control the risk of offering the nonqualified plans by making investments in life insurance contracts and prepaid forward contracts on our own common stock that substantially offset our economic exposure to the returns on these plans.

There have been no other material changes in our primary risk exposures or management of market risks since the prior year.

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Item 8.   Financial Statements and Supplementary Data

Report of Management on the Consolidated Financial Statements

Management is responsible for the consistency, integrity, and presentation of the information in the Annual Report. The consolidated financial statements and other information presented in this Annual Report have been prepared in accordance with accounting principles generally accepted in the United States and include necessary judgments and estimates by management.

To fulfill our responsibility, we maintain comprehensive systems of internal control designed to provide reasonable assurance that assets are safeguarded and transactions are executed in accordance with established procedures. The concept of reasonable assurance is based upon recognition that the cost of the controls should not exceed the benefit derived. We believe our systems of internal control provide this reasonable assurance.

The Board of Directors exercised its oversight role with respect to the Corporation's systems of internal control primarily through its Audit Committee, which is comprised of independent directors. The Committee oversees the Corporation's systems of internal control, accounting practices, financial reporting and audits to assess whether their quality, integrity, and objectivity are sufficient to protect shareholders' investments.

In addition, our consolidated financial statements have been audited by Ernst & Young LLP, independent registered public accounting firm, whose report also appears on this page.

/s/ Brian C. Cornell	/s/ Cathy R. Smith
Brian C. Cornell Chairman and Chief Executive Officer March 13, 2019	Cathy R. Smith Executive Vice President and Chief Financial Officer

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of

Target Corporation

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial position of Target Corporation (the Corporation) as of February 2, 2019 and February 3, 2018, the related consolidated statements of operations, comprehensive income, cash flows and shareholders' investment for each of the three years in the period ended February 2, 2019, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Corporation at February 2, 2019 and February 3, 2018, and the results of its operations and its cash flows for each of the three years in the period ended February 2, 2019, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Corporation's internal control over financial reporting as of February 2, 2019, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated March 13, 2019, expressed an unqualified opinion thereon.

Adoption of New Accounting Standards

ASU No. 2014-09

As discussed in Note 2 to the consolidated financial statements, the Corporation changed its method for recognizing revenue in 2018 due to the adoption of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), as amended, effective February 4, 2018, using the full retrospective approach.

ASU No. 2016-02

As discussed in Note 2 to the consolidated financial statements, the Corporation changed its method of accounting for leases in 2018 due to the adoption of ASU No. 2016-02, Leases (Topic 842), as amended, effective February 4, 2018, using the modified retrospective approach.

Basis for Opinion

These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Corporation's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

32

/s/ Ernst & Young LLP

We have served as the Corporation's auditor since 1931.

Minneapolis, Minnesota

March 13, 2019

33

Report of Management on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f). Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we assessed the effectiveness of our internal control over financial reporting as of February 2, 2019, based on the framework in Internal Control—Integrated Framework (2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). Based on our assessment, we conclude that the Corporation's internal control over financial reporting is effective based on those criteria.

Our internal control over financial reporting as of February 2, 2019, has been audited by Ernst & Young LLP, the independent registered public accounting firm who has also audited our consolidated financial statements, as stated in their report which appears on this page.

/s/ Brian C. Cornell	/s/ Cathy R. Smith
Brian C. Cornell Chairman and Chief Executive Officer March 13, 2019	Cathy R. Smith Executive Vice President and Chief Financial Officer

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of

Target Corporation

Opinion on Internal Control over Financial Reporting

We have audited Target Corporation’s internal control over financial reporting as of February 2, 2019, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Target Corporation (the Corporation) maintained, in all material respects, effective internal control over financial reporting as of February 2, 2019, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Corporation as of February 2, 2019 and February 3, 2018, the related consolidated statements of operations, comprehensive income, cash flows and shareholders' investment for each of the three years in the period ended February 2, 2019, and the related notes and our report dated March 13, 2019 expressed an unqualified opinion thereon.

Basis for Opinion

The Corporation’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Report of Management on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Corporation’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Minneapolis, Minnesota
March 13, 2019

34

Consolidated Statements of Operations

(millions, except per share data)	2018			2017 As Adjusted (a)			2016 As Adjusted (a)
Sales	$	74,433		$	71,786		$	69,414
Other revenue	923			928			857
Total revenue	75,356			72,714			70,271
Cost of sales	53,299			51,125			49,145
Selling, general and administrative expenses	15,723			15,140			14,217
Depreciation and amortization (exclusive of depreciation included in cost of sales)	2,224			2,225			2,045
Operating income	4,110			4,224			4,864
Net interest expense	461			653			991
Net other (income) / expense	(27		)	(59		)	(88		)
Earnings from continuing operations before income taxes	3,676			3,630			3,961
Provision for income taxes	746			722			1,295
Net earnings from continuing operations	2,930			2,908			2,666
Discontinued operations, net of tax	7			6			68
Net earnings	$	2,937		$	2,914		$	2,734
Basic earnings per share
Continuing operations	$	5.54		$	5.32		$	4.61
Discontinued operations	0.01			0.01			0.12
Net earnings per share	$	5.55		$	5.32		$	4.73
Diluted earnings per share
Continuing operations	$	5.50		$	5.29		$	4.58
Discontinued operations	0.01			0.01			0.12
Net earnings per share	$	5.51		$	5.29		$	4.69
Weighted average common shares outstanding
Basic	528.6			546.8			577.6
Diluted	533.2			550.3			582.5
Antidilutive shares	—			4.1			0.1

Note: Per share amounts may not foot due to rounding.

See accompanying Notes to Consolidated Financial Statements.

^(a)  Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

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Consolidated Statements of Comprehensive Income

(millions)	2018			2017 As Adjusted (a)		2016 As Adjusted (a)
Net earnings	$	2,937		$	2,914	$	2,734
Other comprehensive (loss)/income, net of tax
Pension and other benefit liabilities, net of tax	(52		)	2		(13		)
Currency translation adjustment and cash flow hedges, net of tax	(6		)	6		4
Other comprehensive (loss)/income	(58		)	8		(9		)
Comprehensive income	$	2,879		$	2,922	$	2,725

See accompanying Notes to Consolidated Financial Statements.

^(a)  Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

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Consolidated Statements of Financial Position

(millions, except footnotes)	February 2, 2019			February 3, 2018 As Adjusted (a)
Assets
Cash and cash equivalents	$	1,556		$	2,643
Inventory	9,497			8,597
Other current assets	1,466			1,300
Total current assets	12,519			12,540
Property and equipment
Land	6,064			6,095
Buildings and improvements	29,240			28,131
Fixtures and equipment	5,912			5,623
Computer hardware and software	2,544			2,645
Construction-in-progress	460			440
Accumulated depreciation	(18,687		)	(18,398		)
Property and equipment, net	25,533			24,536
Operating lease assets	1,965			1,884
Other noncurrent assets	1,273			1,343
Total assets	$	41,290		$	40,303
Liabilities and shareholders' investment
Accounts payable	$	9,761		$	8,677
Accrued and other current liabilities	4,201			4,094
Current portion of long-term debt and other borrowings	1,052			281
Total current liabilities	15,014			13,052
Long-term debt and other borrowings	10,223			11,117
Noncurrent operating lease liabilities	2,004			1,924
Deferred income taxes	972			693
Other noncurrent liabilities	1,780			1,866
Total noncurrent liabilities	14,979			15,600
Shareholders' investment
Common stock	43			45
Additional paid-in capital	6,042			5,858
Retained earnings	6,017			6,495
Accumulated other comprehensive loss	(805		)	(747		)
Total shareholders' investment	11,297			11,651
Total liabilities and shareholders' investment	$	41,290		$	40,303

Common StockAuthorized 6,000,000,000 shares, $0.0833 par value; 517,761,600 shares issued and outstanding at February 2, 2019; 541,681,670 shares issued and outstanding at February 3, 2018.

Preferred StockAuthorized 5,000,000 shares, $0.01 par value; no shares were issued or outstanding at February 2, 2019 or February 3, 2018.

See accompanying Notes to Consolidated Financial Statements.

^(a)  Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

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Consolidated Statements of Cash Flows

(millions)	2018			2017 As Adjusted (a)			2016 As Adjusted (a)
Operating activities
Net earnings	$	2,937		$	2,914		$	2,734
Earningsfrom discontinued operations, net of tax	7			6			68
Net earnings from continuing operations	2,930			2,908			2,666
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation and amortization	2,474			2,476			2,318
Share-based compensation expense	132			112			113
Deferred income taxes	322			(188		)	40
Loss on debt extinguishment	—			123			422
Noncash losses/(gains) and other, net	95			208			(11		)
Changes in operating accounts:
Inventory	(900		)	(348		)	293
Other assets	(299		)	(156		)	56
Accounts payable	1,127			1,307			(166		)
Accrued and other liabilities	89			419			(394		)
Cash provided by operating activities—continuing operations	5,970			6,861			5,337
Cash provided byoperating activities—discontinued operations	3			74			107
Cash provided by operations	5,973			6,935			5,444
Investing activities
Expenditures for property and equipment	(3,516		)	(2,533		)	(1,547		)
Proceeds from disposal of property and equipment	85			31			46
Cash paid for acquisitions, net of cash assumed	—			(518		)	—
Other investments	15			(55		)	28
Cash required for investing activities	(3,416		)	(3,075		)	(1,473		)
Financing activities
Additions to long-term debt	—			739			1,977
Reductions of long-term debt	(281		)	(2,192		)	(2,649		)
Dividends paid	(1,335		)	(1,338		)	(1,348		)
Repurchase of stock	(2,124		)	(1,046		)	(3,706		)
Stock option exercises	96			108			221
Cash required for financing activities	(3,644		)	(3,729		)	(5,505		)
Net (decrease)/increase in cash and cash equivalents	(1,087		)	131			(1,534		)
Cash and cash equivalents at beginning of period	2,643			2,512			4,046
Cash and cash equivalents at end of period	$	1,556		$	2,643		$	2,512
Supplemental information
Interest paid, net of capitalized interest	$	476		$	678		$	999
Income taxes paid	373			934			1,514
Leased assets obtained in exchange for new finance lease liabilities	130			139			252
Leased assets obtained in exchange for new operating lease liabilities	246			212			148

See accompanying Notes to Consolidated Financial Statements.

^(a)  Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

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Consolidated Statements of Shareholders' Investment

(millions)	Common Stock Shares		Stock Par Value			Additional Paid-in Capital		Retained Earnings As Adjusted (a)			Accumulated Other Comprehensive (Loss)/Income			Total
January 30, 2016	602.2		$	50		$	5,348	$	8,196		$	(629	)	$	12,965
Adoption of ASC Topic 842 (Leases)	—		—			—		(43		)	—			(43		)
Net earnings	—		—			—		2,734			—			2,734
Other comprehensive loss	—		—			—		—			(9		)	(9		)
Dividends declared	—		—			—		(1,359		)	—			(1,359		)
Repurchase of stock	(50.9	)	(4		)	—		(3,682		)	—			(3,686		)
Stock options and awards	4.9		—			313		—			—			313
January 28, 2017	556.2		$	46		$	5,661	$	5,846		$	(638	)	$	10,915
Net earnings	—		—			—		2,914			—			2,914
Other comprehensive income	—		—			—		—			8			8
Dividends declared	—		—			—		(1,356		)	—			(1,356		)
Repurchase of stock	(17.6	)	(1		)	—		(1,026		)	—			(1,027		)
Stock options and awards	3.1		—			197		—			—			197
Reclassification of tax effects to retained earnings	—		—			—		117			(117		)	—
February 3, 2018	541.7		$	45		$	5,858	$	6,495		$	(747	)	$	11,651
Net earnings	—		—			—		2,937			—			2,937
Other comprehensive loss	—		—			—		—			(58		)	(58		)
Dividends declared	—		—			—		(1,347		)	—			(1,347		)
Repurchase of stock	(27.2	)	(2		)	—		(2,068		)	—			(2,070		)
Stock options and awards	3.3		—			184		—			—			184
February 2, 2019	517.8		$	43		$	6,042	$	6,017		$	(805	)	$	11,297

We declared $2.54, $2.46, and $2.36 dividends per share for the twelve months ended February 2, 2019, February 3, 2018, and January 28, 2017, respectively.

See accompanying Notes to Consolidated Financial Statements.

^(a)  Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

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Notes to Consolidated Financial Statements

1. Summary of Accounting Policies

Organization    We are a general merchandise retailer selling products to our guests through our stores and digital channels.

We operate as a single segment that includes all of our continuing operations, which are designed to enable guests to purchase products seamlessly in stores or through our digital channels. Nearly all of our revenues are generated in the United States (U.S.). The vast majority of our long-lived assets are located within the U.S.

Consolidation    The consolidated financial statements include the balances of Target 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 Target is the primary beneficiary of those entities' operations.

Use of estimates    The 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 year    Our fiscal year ends on the Saturday nearest January 31. Unless otherwise stated, references to years in this report relate to fiscal years, rather than to calendar years. Fiscal 2018 ended February 2, 2019, and consisted of 52 weeks. Fiscal 2017 ended February 3, 2018, and consisted of 53 weeks. Fiscal 2016 ended January 28, 2017, and consisted of 52 weeks. Fiscal 2019 will end February 1, 2020, and will consist of 52 weeks.

Accounting policies    Our accounting policies are disclosed in the applicable Notes to the Consolidated Financial Statements. Certain prior-year amounts have been reclassified to conform to the current year presentation. Note 2 provides information about our adoption of new accounting standards for revenue recognition, leases, and pensions.

2. Accounting Standards Adopted

Revenue Recognition

We adopted Accounting Standards Update (ASU) No. 2014-09—Revenue from Contracts with Customers (Topic 606), as amended, as of February 4, 2018, using the full retrospective approach. The new standard did not materially affect our consolidated net earnings, financial position, or cash flows. The new standard resulted in minor changes to the timing of recognition of revenues for certain promotional gift card programs.

For 2017 and 2016, we reclassified profit-sharing income under our credit card program agreement to Other Revenue from Selling, General and Administrative Expenses (SG&A Expenses). In addition, we reclassified certain advertising, rental, and other miscellaneous revenues, none of which was individually significant, from Sales and SG&A Expenses to Other Revenue.

Leases

We adopted ASU No. 2016-02—Leases (Topic 842), as amended, as of February 4, 2018, using the modified retrospective approach. The modified retrospective approach provides a method for recording existing leases at adoption and in comparative periods that approximates the results of a full retrospective approach. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification. We also elected the practical expedient related to land easements, allowing us to carry forward our accounting treatment for land easements on existing agreements.

In addition, we elected the hindsight practical expedient to determine the lease term for existing leases. Our election of the hindsight practical expedient resulted in the shortening of lease terms for certain existing leases and the useful lives of corresponding leasehold improvements. In our application of hindsight, we evaluated the performance of the leased stores and the associated markets in relation to our overall real estate strategies, which resulted in the determination that most renewal options would not be reasonably certain in determining the expected lease term.

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Adoption of the new standard resulted in the recording of additional net lease assets and lease liabilities of approximately $1.3 billion and $1.4 billion respectively, as of February 4, 2018. The difference between the additional lease assets and lease liabilities, net of the deferred tax impact, was recorded as an adjustment to retained earnings. The standard did not materially impact our consolidated net earnings and had no impact on cash flows.

Pensions

In 2018, we adopted ASU No. 2017-07—Compensation – Retirement Benefits (Topic 715) using the full retrospective approach. The new standard requires employers to disaggregate and present separately the current service cost component from the other components of net benefit cost within the Consolidated Statement of Operations. For 2017 and 2016, we reclassified $(59) million and $(88) million, respectively, of non-service cost components of net benefit cost to Net Other (Income)/Expense from SG&A Expenses on our Consolidated Statements of Operations.

Effect of Accounting Standards Adoption on Consolidated Statement of Operations
	2017 As Previously Reported		Effect of the Adoption of
			ASC Topic 606 (Revenue Recognition)				ASC Topic 842 (Leases)				ASU 2017-07 (Pension)
(millions, except per share data) (unaudited)															2017 As Adjusted
Sales	$	71,879	$	(93	)	(a)	$	—			$	—			$	71,786
Other revenue	—		928			(a)	—				—				928
Total revenue	71,879		835				—				—				72,714
Cost of sales	51,125		—				—				—				51,125
Selling, general and administrative expenses	14,248		835			(a)	(2		)	(b)	59			(c)	15,140
Depreciation and amortization (exclusive of depreciation included in cost of sales)	2,194		—				31			(b)	—				2,225
Operating income	4,312		—				(29		)		(59		)		4,224
Net interest expense	666		—				(13		)	(b)	—				653
Net other (income) / expense	—		—				—				(59		)	(c)	(59		)
Earnings from continuing operations before income taxes	3,646		—				(16		)		—				3,630
Provision for income taxes	718		(2		)		6				—				722
Net earnings from continuing operations	2,928		2				(22		)		—				2,908
Discontinued operations, net of tax	6		—				—				—				6
Net earnings	$	2,934	$	2			$	(22	)		$	—			$	2,914
Basic earnings per share
Continuing operations	$	5.35													$	5.32
Discontinued operations	0.01														0.01
Net earnings per share	$	5.36													$	5.32
Diluted earnings per share
Continuing operations	$	5.32													$	5.29
Discontinued operations	0.01														0.01
Net earnings per share	$	5.33													$	5.29

Note: 2017 was a 53-week year. Per share amounts may not foot due to rounding. The sum of "As Previously Reported" amounts and effects of the adoption of the new standards may not equal "As Adjusted" amounts due to rounding.

Footnote explanations are provided on page 42.

41

Effect of Accounting Standards Adoption on Consolidated Statement of Operations
	2016 As Previously Reported		Effect of the Adoption of
			ASC Topic 606 (Revenue Recognition)				ASC Topic 842 (Leases)				ASU 2017-07 (Pension)
(millions, except per share data) (unaudited)															2016 As Adjusted
Sales	$	69,495	$	(80	)	(a)	$	—			$	—			$	69,414
Other revenue	—		857			(a)	—				—				857
Total revenue	69,495		777				—				—				70,271
Cost of sales	49,145		—				—				—				49,145
Selling, general and administrative expenses	13,356		777			(a)	(4		)	(b)	88			(c)	14,217
Depreciation and amortization (exclusive of depreciation included in cost of sales)	2,025		—				20			(b)	—				2,045
Operating income	4,969		—				(16		)		(88		)		4,864
Net interest expense	1,004		—				(13		)	(b)	—				991
Net other (income) / expense	—		—				—				(88		)	(c)	(88		)
Earnings from continuing operations before income taxes	3,965		—				(3		)		—				3,961
Provision for income taxes	1,296		—				(1		)		—				1,295
Net earnings from continuing operations	2,669		—				(2		)		—				2,666
Discontinued operations, net of tax	68		—				—				—				68
Net earnings	$	2,737	$	—			$	(2	)		$	—			$	2,734
Basic earnings per share
Continuing operations	$	4.62													$	4.61
Discontinued operations	0.12														0.12
Net earnings per share	$	4.74													$	4.73
Diluted earnings per share
Continuing operations	$	4.58													$	4.58
Discontinued operations	0.12														0.12
Net earnings per share	$	4.70													$	4.69

Note: Per share amounts may not foot due to rounding. The sum of "As Previously Reported" amounts and effects of the adoption of the new standards may not equal "As Adjusted" amounts due to rounding.

^(a)  For 2017 and 2016, we reclassified $694 million and $663 million, respectively, of profit-sharing income under our credit card program agreement to Other Revenue from SG&A Expenses. In addition, we reclassified certain advertising, rental, and other miscellaneous revenues, none of which was individually significant, from Sales and SG&A Expenses to Other Revenue.

^(b)  Relates to lease-term changes under the hindsight practical expedient.

^(c)  Relates to non-service cost components reclassified to Net Other (Income) / Expense from SG&A Expenses.

42

Effect of Accounting Standards Adoption on Consolidated Statement of Financial Position
				Effect of the Adoption of
(millions) (unaudited)	February 3, 2018 As Previously Reported			ASC Topic 606 (Revenue Recognition)				ASC Topic 842 (Leases)				February 3, 2018 As Adjusted
Assets
Cash and cash equivalents	$	2,643		$	—			$	—			$	2,643
Inventory	8,657			(60		)	(a)	—				8,597
Other current assets	1,264			60			(a)	(24		)	(b)	1,300
Total current assets	12,564			—				(24		)		12,540
Property and equipment
Land	6,095			—				—				6,095
Buildings and improvements	28,396			—				(265		)	(c)	28,131
Fixtures and equipment	5,623			—				—				5,623
Computer hardware and software	2,645			—				—				2,645
Construction-in-progress	440			—				—				440
Accumulated depreciation	(18,181		)	—				(217		)	(c)	(18,398		)
Property and equipment, net	25,018			—				(482		)		24,536
Operating lease assets	—			—				1,884			(d)	1,884
Other noncurrent assets	1,417			—				(74		)	(e)	1,343
Total assets	$	38,999		$	—			$	1,304			$	40,303
Liabilities and shareholders’ investment
Accounts payable	$	8,677		$	—			$	—			$	8,677
Accrued and other current liabilities	4,254			(14		)	(k)	(146		)	(f)	4,094
Current portion of long-term debt and other borrowings	270			—				11			(g)	281
Total current liabilities	13,201			(14		)		(135		)		13,052
Long-term debt and other borrowings	11,317			—				(200		)	(g)	11,117
Noncurrent operating lease liabilities	—			—				1,924			(h)	1,924
Deferred income taxes	713			4				(24		)		693
Other noncurrent liabilities	2,059			—				(192		)	(i)	1,866
Total noncurrent liabilities	14,089			4				1,508				15,600
Shareholders’ investment
Common stock	45			—				—				45
Additional paid-in capital	5,858			—				—				5,858
Retained earnings	6,553			10			(k)	(69		)	(j)	6,495
Accumulated other comprehensive loss	(747		)	—				—				(747		)
Total shareholders’ investment	11,709			10				(69		)		11,651
Total liabilities and shareholders’ investment	$	38,999		$	—			$	1,304			$	40,303

Note: The sum of "As Previously Reported" amounts and effects of the adoption of the new standards may not equal "As Adjusted" amounts due to rounding.

^(a)  Represents estimated merchandise returns, which were reclassified from Inventory to Other Current Assets.

^(b)  Represents prepaid rent reclassified to Operating Lease Assets.

^(c)  Represents impact of changes in finance lease terms and related leasehold improvements (net of accumulated depreciation) under the hindsight practical expedient and derecognition of approximately $135 million of non-Target owned properties that were consolidated under previously existing build-to-suit accounting rules.

^(d)  Represents capitalization of operating lease assets and reclassification of leasehold acquisition costs, straight-line rent accrual, and tenant incentives.

43

^(e)  Represents reclassification of leasehold acquisition costs to Operating Lease Assets.

^(f)  Represents reclassification of straight-line rent accrual to Operating Lease Assets, partially offset by recognition of the current portion of operating lease liabilities.

^(g)  Represents the impact of changes in financing lease terms for certain leases due to the election of the hindsight practical expedient.

^(h)  Represents recognition of operating lease liabilities.

⁽ⁱ⁾  Represents derecognition of approximately $135 million of liabilities related to non-Target owned properties that were consolidated under previously existing build-to-suit accounting rules and reclassification of tenant incentives to Operating Lease Assets.

^(j)  Represents the retained earnings impact of lease-term changes due to the use of hindsight, primarily from the shortening of lease terms for certain existing leases and useful lives of corresponding leasehold improvements.

^(k)  Primarily represents the impact of a change in timing of revenue recognition for certain promotional gift card programs.

3. Revenues

General merchandise sales represent the vast majority of our revenues. We also earn revenues from a variety of other sources, most notably credit card profit sharing income from our arrangement with TD Bank Group (TD).

During 2018, we reclassified certain income streams, including credit card profit sharing income, to Other Revenue on our Consolidated Statements of Operations and conformed prior periods. Note 2 provides additional information.

Revenues (millions)	2018		2017		2016
Apparel and accessories	$	15,004	$	14,662	$	14,304
Beauty and household essentials	17,726		17,025		16,550
Food and beverage	14,585		14,256		13,831
Hardlines	12,709		12,062		11,507
Home furnishings and décor	14,298		13,672		13,130
Other	111		109		92
Sales	74,433		71,786		69,414
Credit card profit sharing	673		694		663
Other	250		234		194
Other revenue	923		928		857
Total revenue	$	75,356	$	72,714	$	70,271

Merchandise sales – We record almost all retail store revenues at the point of sale. Digital channel originated sales may include shipping revenue and are recorded upon delivery to the guest or upon guest pickup at the store. Total revenues do not include sales tax because we are a pass-through conduit for collecting and remitting sales taxes. Generally, guests may return national brand merchandise within 90 days of purchase and owned and exclusive brands within one year of purchase. Sales are recognized net of expected returns, which we estimate using historical return patterns and our expectation of future returns. As of February 2, 2019, February 3, 2018, and January 28, 2017, the liability for estimated returns was $116 million, $110 million, and $103 million, respectively. We have not historically had material adjustments to our returns estimates.

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. Under the vast majority of these arrangements, which represent less than 5 percent of consolidated sales, we record revenue and related costs gross. We concluded that we are the principal in these transactions for a number of reasons, most notably because we 1) control the overall economics of the transactions, including setting the sales price and realizing the majority of cash flows from the sale, 2) control the relationship with the customer, and 3) are responsible for fulfilling the promise to provide goods to the customer. Merchandise received under these arrangements is not included in Inventory in our Consolidated Statements of Financial Position because the purchase and sale of this inventory are virtually simultaneous.

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Revenue from Target gift card sales is recognized upon gift card redemption, which is typically within one year of issuance. Our gift cards do not expire. 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.

(millions)	February 3, 2018		Gift Cards Issued During Current Period But Not Redeemed (a)		Revenue Recognized From Beginning Liability			February 2, 2019
Gift card liability	$	727	$	645	$	(532	)	$	840

^(a)  Net of estimated breakage.

Guests receive a 5 percent discount on nearly all purchases and receive free shipping at Target.com when they use their Target Debit Card, Target Credit Card, or Target MasterCard (REDcards). The discount is included as a sales reduction in our Consolidated Statements of Operations and was $953 million, $933 million, and $899 million in 2018, 2017, and 2016, respectively.

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 rental income, advertising, membership fees, and other miscellaneous revenues, none of which are individually significant.

4. Cost of Sales and Selling, General and Administrative Expenses

The following table illustrates the primary items classified in each major expense category:

Cost of Sales

Selling, General and Administrative Expenses

Total cost of products sold including •   Freight expenses associated with moving     merchandise from our vendors to and between our     distribution centers and our retail stores •   Vendor income that is not reimbursement of     specific, incremental, and identifiable costs Inventory shrink Markdowns Outbound shipping and handling expenses     associated with sales to our guests Payment term cash discounts Distribution center costs, including compensation     and benefits costs and depreciation Import costs

Compensation and benefit costs for stores and     headquarters Occupancy and operating costs of retail and     headquarters facilities Advertising, offset by vendor income that is a     reimbursement of specific, incremental, and     identifiable costs Pre-opening and exit costs of stores and other facilities Credit cards servicing expenses Costs associated with accepting 3rd party bank issued     payment cards Litigation and defense costs and related insurance     recovery Other administrative costs

Note: The classification of these expenses varies across the retail industry.

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5. 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." Additionally, under our compliance programs, vendors are charged for merchandise shipments that do not meet our requirements (violations), such as late or incomplete shipments. 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. We have not historically had significant write-offs for these receivables.

6. Advertising Costs

Advertising costs, which primarily consist of newspaper circulars, digital advertisements, and media broadcast, are generally expensed at first showing or distribution of the advertisement.

Advertising Costs (millions)	2018		2017			2016
Gross advertising costs	$	1,494	$	1,476		$	1,503
Vendor income	—		(19		)	(38		)
Net advertising costs	$	1,494	$	1,457		$	1,465

7. Fair Value Measurements

Fair value measurements are reported in one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data).

Fair Value Measurements - Recurring Basis			Fair Value at
(millions)	Classification	Pricing Category	February 2, 2019		February 3, 2018
Assets
Short-term investments (a)	Cash and Cash Equivalents	Level 1	$	769	$	1,906
Prepaid forward contracts (b)	Other Current Assets	Level 1	19		23
Interest rate swaps (c)	Other Noncurrent Assets	Level 2	10		—
Liabilities
Interest rate swaps (c)	Other Current Liabilities	Level 2	3		—
Interest rate swaps (c)	Other Noncurrent Liabilities	Level 2	—		6

^(a)  Carrying value approximates fair value because maturities are less than three months.

^(b)  Initially valued at transaction price. Subsequently valued by reference to the market price of Target common stock.

^(c)  Valuations are based on observable inputs to the valuation model (e.g., interest rates and credit spreads). See Note 17 for additional information on interest rate swaps.

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Significant Financial Instruments not Measured at Fair Value (a) (millions)	2018				2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion (b)	$	10,247	$	10,808	$	10,440	$	11,155

^(a)  The carrying amounts of certain other current assets, commercial paper, accounts payable, and certain accrued and other current liabilities approximate fair value due to their short-term nature.

^(b)  The fair value of debt is generally measured using a discounted cash flow analysis based on current market interest rates for the same or similar types of financial instruments and would be classified as Level 2. These amounts exclude commercial paper, unamortized swap valuation adjustments, and lease liabilities.

8. Cash and 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 third-party financial institutions for credit and debit card transactions. These receivables typically settle in five days or less.

(millions)	February 2, 2019		February 3, 2018
Cash	$	359	$	337
Short-term investments	769		1,906
Receivables from third-party financial institutions for credit and debit card transactions	428		400
Cash and cash equivalents (a)	$	1,556	$	2,643

^(a)    We have access to these funds without any significant restrictions, taxes or penalties.

At February 2, 2019 and February 3, 2018, we reclassified book overdrafts of $242 million and $358 million, respectively, to Accounts Payable and $25 million and $29 million, respectively, to Accrued and Other Current Liabilities.

9. Inventory

The vast majority of our inventory is 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. Inventory cost includes the amount we pay to our suppliers to acquire inventory, freight costs incurred to deliver product to our distribution centers and stores, and import costs, reduced by vendor income and cash discounts. Distribution center operating costs, including compensation and benefits, are expensed in the period incurred. 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 inventory retail value. 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 taken as a reduction of the retail value of inventory.

10. Other Current Assets

Other Current Assets (millions)	February 2, 2019		February 3, 2018 As Adjusted
Income tax and other receivables	$	632	$	513
Vendor income receivable	468		416
Prepaid expenses	157		157
Other	209		214
Total	$	1,466	$	1,300

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11. Property and Equipment

Property and equipment, including assets acquired under finance leases, is depreciated using the straight-line method over estimated useful lives or lease terms 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 certain at the date the leasehold improvements are acquired. Depreciation expense for 2018, 2017, and 2016 was $2,460 million, $2,462 million, and $2,305 million, respectively, including depreciation expense included in Cost of Sales. For income tax purposes, accelerated depreciation methods are generally used. Repair and maintenance costs are expensed as incurred. Facility pre-opening costs, including supplies and payroll, are expensed as incurred.

Estimated Useful Lives	Life (Years)
Buildings and improvements	8-39
Fixtures and equipment	2-15
Computer hardware and software	2-7

We review long-lived assets for impairment when events or changes in circumstances—such as a decision to relocate or close a store or distribution center, make significant software changes or discontinue projects—indicate that the asset's carrying value may not be recoverable. We recognized impairment losses of $92 million, $91 million, and $43 million during 2018, 2017, and 2016, respectively. The impairment losses primarily resulted from planned or completed store closures, and for 2017, supply chain changes. For asset groups classified as held for sale, the carrying value is compared with the fair value less cost to sell. We estimate fair value by obtaining market appraisals, valuations from third party brokers, or other valuation techniques. Impairments are recorded in SG&A Expenses on the Consolidated Statements of Operations.

12. Other Noncurrent Assets

Other Noncurrent Assets (millions)	February 2, 2019		February 3, 2018 As Adjusted
Goodwill and intangible assets	$	699	$	709
Company-owned life insurance investments, net of loans	380		383
Pension asset	11		46
Other	183		205
Total	$	1,273	$	1,343

13. Goodwill and Intangible Assets

Goodwill totaled $633 million and $630 million at February 2, 2019 and February 3, 2018, respectively. In December 2017, we acquired Shipt, Inc., an online same-day delivery service platform, for approximately $550 million. We identified intangible assets of $40 million, primarily related to the tradename, customer relationships, and shopper lists, net tangible assets of $10 million, and goodwill of $500 million. The goodwill recorded primarily represents the value of significantly accelerating our ability to provide same-day delivery services to our guests.

No impairments were recorded in 2018, 2017, or 2016 as a result of the annual goodwill impairment tests performed.

Intangible assets, net of accumulated amortization, totaled $66 million and $79 million as of February 2, 2019, and February 3, 2018, respectively, primarily related to trademarks and customer relationships. We use both accelerated and straight-line methods to amortize definite-lived intangible assets over 4 to 15 years. The weighted average life of intangible assets was 8 years at February 2, 2019. Amortization expense was $14 million, $14 million, and $13 million in 2018, 2017, and 2016, respectively, and is estimated to be less than $15 million annually through 2023.

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14. Accrued and Other Current Liabilities

Accrued and Other Current Liabilities (millions)	February 2, 2019		February 3, 2018 As Adjusted
Wages and benefits	$	1,229	$	1,209
Gift card liability, net of estimated breakage	840		727
Real estate, sales, and other taxes payable	601		670
Dividends payable	331		336
Current portion of operating lease liabilities	166		148
Workers' compensation and general liability (a)	142		141
Interest payable	62		67
Other	830		796
Total	$	4,201	$	4,094

^(a)  We retain a substantial portion of the risk related to general liability and workers' compensation claims. 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.

15. Commitments and Contingencies

Contingencies

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. When a loss is probable, we record an accrual based on the reasonably estimable loss or range of loss. When no point of loss is more likely than another, we record the lowest amount in the estimated range of loss and, if material, disclose the estimated range of loss. We do not record liabilities for reasonably possible loss contingencies, but do disclose a range of reasonably possible losses if they are material and we are able to estimate such a range. If we cannot provide a range of reasonably possible losses, we explain the factors that prevent us from determining such a range. Historically, adjustments to our estimates have not been material. 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 these identified claims or litigation will be material to our results of operations, cash flows, or financial condition.

Commitments

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 $992 million and $1,225 million at February 2, 2019 and February 3, 2018, respectively. These purchase obligations are primarily due within three years and recorded as liabilities when goods are received or services rendered. Real estate obligations, which include legally binding minimum lease payments for leases signed but not yet commenced, and commitments for the purchase, construction, or remodeling of real estate and facilities, were $1,134 million and $1,110 million at February 2, 2019 and February 3, 2018, respectively. Over half of these real estate obligations are due within five years, a portion of which are recorded as liabilities.

We issue letters of credit and surety bonds in the ordinary course of business. Trade letters of credit totaled $1,746 million and $1,757 million at February 2, 2019 and February 3, 2018, respectively, a portion of which are reflected in accounts payable. Standby letters of credit and surety bonds, relating primarily to insurance and regulatory requirements, totaled $403 million and $372 million at February 2, 2019 and February 3, 2018, respectively.

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16. Commercial Paper and Long-Term Debt

At February 2, 2019, the carrying value and maturities of our debt portfolio were as follows:

Debt Maturities	February 2, 2019
(dollars in millions)	Rate (a)		Balance
Due 2019-2023	3.4	%	$	3,207
Due 2024-2028	3.3		2,179
Due 2029-2033	6.6		561
Due 2034-2038	6.8		1,109
Due 2039-2043	4.0		1,465
Due 2044-2048	3.7		1,726
Total notes and debentures	4.1		10,247
Swap valuation adjustments			7
Finance lease liabilities			1,021
Less: Amounts due within one year			(1,052		)
Long-term debt and other borrowings			$	10,223

^(a)  Reflects the weighted average stated interest rate as of year-end.

Required Principal Payments  (millions)	2019		2020		2021		2022		2023
Total required principal payments	$	1,002	$	1,094	$	1,056	$	63	$	—

In October 2017, we issued unsecured fixed rate debt of $750 million at 3.9 percent that matures in November 2047. In addition to debt repaid at its maturity during 2017, during October 2017, we repurchased $344 million of debt before its maturity at a market value of $463 million. We recognized a loss on early retirement of approximately $123 million, which was recorded in Net Interest Expense in our Consolidated Statements of Operations.

In April 2016, we issued unsecured fixed rate debt of $1 billion at 2.5 percent that matures in April 2026 and $1 billion at 3.625 percent that matures in April 2046. In addition to debt repaid at its maturity during 2016, during the first half of 2016, we repurchased $1,389 million of debt before its maturity at a market value of $1,800 million. We recognized a loss on early retirement of approximately $422 million, which was recorded in Net Interest Expense in our Consolidated Statements of Operations.

We obtain short-term financing from time to time under our commercial paper program.

Commercial Paper (dollars in millions)	2018			2017			2016
Maximum daily amount outstanding during the year	$	658		$	—		$	89
Average amount outstanding during the year	63			—			1
Amount outstanding at year-end	—			—			—
Weighted average interest rate	2.00		%	—		%	0.43		%

In October 2018, we extended a committed $2.5 billion revolving credit facility by one year to October 2023. No balances were outstanding under our credit facility at any time during 2018, 2017, or 2016.

Substantially all of our outstanding borrowings are senior, unsecured obligations. Most of our long-term debt obligations contain covenants related to secured debt levels. In addition to a secured debt level covenant, our credit facility also contains a debt leverage covenant. We are, and expect to remain, in compliance with these covenants, which have no practical effect on our ability to pay dividends.

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17. Derivative Financial Instruments

Our derivative instruments primarily consist of interest rate swaps, which we use to mitigate interest rate risk. As a result of our use of derivative instruments, we have counterparty credit exposure to large global financial institutions. We monitor this concentration of counterparty credit risk on an ongoing basis. Note 7 provides the fair value and classification of these instruments.

During 2018, we entered into two interest rate swaps, each with a notional amount of $250 million, under which we pay a variable rate and receive a fixed rate. We designated these swaps as fair value hedges. Under the swap agreements, we pay a floating rate equal to 1-month London Interbank Offered Rate (LIBOR) and receive a weighted average fixed rate of 2.9 percent. The agreements have a weighted average remaining maturity of 6.3 years. Under the two previously existing swap agreements, which mature during 2019, we pay a floating rate equal to 3-month LIBOR and receive a weighted average fixed rate of 1.8 percent. With the addition of the two swaps entered into during 2018, as of February 2, 2019, four interest rate swaps with notional amounts totaling $1,500 million were designated as fair value hedges. As of February 3, 2018, two interest rate swaps with notional amounts totaling $1,000 million were designated as fair value hedges. No ineffectiveness was recognized in 2018 or 2017.

$10 million of interest rate swap-related assets were classified within Other Noncurrent Assets and $3 million of interest rate swap-related liabilities were classified within Other Current Liabilities as of February 2, 2019. $6 million of designated interest rate swap-related liabilities were classified within Other Noncurrent Liabilities as of February 3, 2018.

We recorded expense of $3 million during 2018 and income of $9 million and $24 million during 2017 and 2016, respectively, within Net Interest Expense on our Consolidated Statements of Operations related to periodic payments, valuation adjustments, and amortization of gains or losses on our interest rate swaps.

18. Leases

We lease certain retail stores, warehouses, distribution centers, office space, land, and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. For lease agreements entered into or reassessed after the adoption of Topic 842, we combine lease and nonlease components.

Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 50 years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Certain of our lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

We rent or sublease certain real estate to third parties. Our lease and sublease portfolio consists mainly of operating leases with CVS Pharmacy Inc. (CVS) for space within our stores.

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Leases (millions)	Classification	February 2, 2019		February 3, 2018
Assets
Operating	Operating Lease Assets	$	1,965	$	1,884
Finance	Buildings and Improvements, net of Accumulated Depreciation (a)	872		836
Total leased assets		$	2,837	$	2,720
Liabilities
Current
Operating	Accrued and Other Current Liabilities	$	166	$	148
Finance	Current Portion of Long-term Debt and Other Borrowings	53		80
Noncurrent
Operating	Noncurrent Operating Lease Liabilities	2,004		1,924
Finance	Long-term Debt and Other Borrowings	968		885
Total lease liabilities		$	3,191	$	3,037

Note: As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the incremental borrowing rate on January 31, 2016, for operating leases that commenced prior to that date.

^(a)  Finance lease assets are recorded net of accumulated amortization of $371 million and $317 million as of February 2, 2019 and February 3, 2018, respectively.

Lease Cost (millions)	Classification	2018			2017			2016
Operating lease cost (a)	SG&A Expenses	$	251		$	221		$	199
Finance lease cost
Amortization of leased assets	Depreciation and Amortization (b)	65			63			87
Interest on lease liabilities	Net Interest Expense	42			42			36
Sublease income (c)	Other Revenue	(11		)	(9		)	(7		)
Net lease cost		$	347		$	317		$	315

^(a)  Includes short-term leases and variable lease costs, which are immaterial.

^(b)  Supply chain-related amounts are included in Cost of Sales.

^(c)  Sublease income excludes rental income from owned properties of $47 million for 2018, 2017, and 2016, which is included in Other Revenue.

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Maturity of Lease Liabilities (millions)	Operating  Leases (a)		Finance Leases (b)		Total
2019	$	245	$	98	$	343
2020	238		98		336
2021	232		98		330
2022	226		99		325
2023	217		94		311
After 2023	1,746		974		2,720
Total lease payments	$	2,904	$	1,461	$	4,365
Less: Interest	734		440
Present value of lease liabilities	$	2,170	$	1,021

^(a)  Operating lease payments include $778 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $341 million of legally binding minimum lease payments for leases signed but not yet commenced.

^(b)  Finance lease payments include $127 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $193 million of legally binding minimum lease payments for leases signed but not yet commenced.

Lease Term and Discount Rate	February 2, 2019		February 3, 2018
Weighted average remaining lease term (years)
Operating leases	14.2		15.2
Finance leases	15.4		15.4
Weighted average discount rate
Operating leases	3.91	%	3.88	%
Finance leases	4.64	%	4.64	%

Other Information (millions)	2018		2017		2016
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	231	$	198	$	188
Operating cash flows from finance leases	45		42		36
Financing cash flows from finance leases	80		45		94

19. Income Taxes

In December 2017, the U.S. government enacted the Tax Cuts and Jobs Act tax reform legislation (the Tax Act), which among other matters reduced the U.S. corporate income tax rate from 35 percent to 21 percent effective January 1, 2018.

In 2017, we recorded a provisional $343 million net tax benefit primarily related to the remeasurement of certain deferred tax assets and liabilities, including $372 million of benefit from the new lower rate, partially offset by $29 million of deferred income tax expense from our foreign operations. During 2018, we completed our Tax Act accounting and recorded adjustments to previously-recorded provisional amounts, resulting in a $36 million tax benefit primarily related to the remeasurement of deferred tax assets and liabilities.

Beginning with 2018, we are subject to a new tax on global intangible low-taxed income that is imposed on foreign earnings. We have made an accounting election to record this tax as a period cost and thus have not adjusted any of the deferred tax assets or liabilities of our foreign subsidiaries for the new tax. Net impacts of this new tax were immaterial and are included in our provision for income taxes for 2018.

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Earnings from continuing operations before income taxes were $3,676 million, $3,630 million, and $3,961 million during 2018, 2017, and 2016, respectively, including $734 million, $722 million, and $336 million earned by our foreign entities subject to tax outside of the U.S.

Tax Rate Reconciliation – Continuing Operations	2018		2017 As Adjusted		2016 As Adjusted
Federal statutory rate	21.0	%	33.7	%	35.0	%
State income taxes, net of the federal tax benefit	3.6		2.2		2.7
International	(1.3	)	(4.6	)	(2.6	)
Tax Act (a)	(1.0	)	(9.5	)	—
Excess tax benefit related to share-based payments	(0.3	)	(0.1	)	(0.6	)
Federal tax credits	(1.1	)	(0.8	)	(0.7	)
Other	(0.6	)	(1.0	)	(1.1	)
Effective tax rate	20.3	%	19.9	%	32.7	%

^(a)  Represents the discrete benefit of remeasuring our net deferred tax liabilities at the new lower U.S. corporate income tax rate.

Provision for Income Taxes (millions)	2018		2017 As Adjusted			2016 As Adjusted
Current:
Federal	$	257	$	746		$	1,108
State	116		105			141
International	51		59			6
Total current	424		910			1,255
Deferred:
Federal	263		(229		)	20
State	57		27			21
International	2		14			(1		)
Total deferred	322		(188		)	40
Total provision	$	746	$	722		$	1,295

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Net Deferred Tax Asset/(Liability) (millions)	February 2, 2019			February 3, 2018 As Adjusted
Gross deferred tax assets:
Accrued and deferred compensation	$	248		$	262
Accruals and reserves not currently deductible	181			162
Self-insured benefits	114			109
Deferred occupancy income	157			164
Leased assets	92			87
Other	40			42
Total gross deferred tax assets	832			826
Gross deferred tax liabilities:
Property and equipment	(1,557		)	(1,264		)
Inventory	(140		)	(130		)
Other	(95		)	(91		)
Total gross deferred tax liabilities	(1,792		)	(1,485		)
Total net deferred tax liability	$	(960	)	$	(659	)

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 at the enactment date. We recognized a net tax benefit of $36 million and $372 million in 2018 and 2017, respectively, primarily because we remeasured our net deferred tax liabilities using the new lower U.S. corporate tax rate.

Beginning in 2017, due to changes effected by the Tax Act and other reasons, we have not asserted indefinite reinvestment in our foreign operations. Because of this change, we recorded a deferred tax charge of$29 millionduring 2017.

We file a U.S. federal income tax return and income tax returns in various states and foreign jurisdictions. The U.S. Internal Revenue Service has completed exams on the U.S. federal income tax returns for years 2015 and prior. With few exceptions, we are no longer subject to state and local or non-U.S. income tax examinations by tax authorities for years before 2009.

Reconciliation of Liability for Unrecognized Tax Benefits (millions)	2018			2017			2016
Balance at beginning of period	$	325		$	153		$	153
Additions based on tax positions related to the current year	58			112			12
Additions for tax positions of prior years	10			142			6
Reductions for tax positions of prior years	(91		)	(71		)	(16		)
Settlements	(2		)	(11		)	(2		)
Balance at end of period	$	300		$	325		$	153

If we were to prevail on all unrecognized tax benefits recorded, $252 million of the $300 million reserve would benefit the effective tax rate. In addition, the reversal of accrued penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. During the years ended February 2, 2019, February 3, 2018, and January 28, 2017, we recorded an expense/(benefit) from accrued penalties and interest of $3 million, $(12) million, and $1 million, respectively. As of February 2, 2019, February 3, 2018, and January 28, 2017 total accrued interest and penalties were $32 million, $29 million, and $45 million, respectively.

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It is reasonably possible that the amount of the unrecognized tax benefits with respect to our other unrecognized tax positions will increase or decrease during the next twelve months; however, an estimate of the amount or range of the change cannot be made at this time.

20. Other Noncurrent Liabilities

Other Noncurrent Liabilities (millions)	February 2, 2019		February 3, 2018 As Adjusted
Deferred occupancy income (a)	$	570	$	600
Deferred compensation	472		503
Income tax	312		332
Workers' compensation and general liability	281		278
Pension benefits	40		41
Other	105		112
Total	$	1,780	$	1,866

^(a)  To be amortized evenly through 2038.

21. 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.

In an ASR arrangement, in exchange for an up-front payment, we receive an initial delivery of shares of our common stock and at settlement may receive additional shares, cash, or a combination of both. The total number of shares ultimately repurchased and, therefore, the average repurchase price paid per share, is determined upon settlement of the ASR based on the volume-weighted average price of our common stock during the term of the contract, less an agreed-upon discount. We retire shares in the period they are received and account for the up-front payment as a reduction to shareholders’ equity.

Share Repurchases (millions, except per share data)	2018		2017		2016
Total number of shares purchased	27.2		17.6		50.9
Average price paid per share	$	75.88	$	58.44	$	72.35
Total investment	$	2,067	$	1,026	$	3,686

22. Share-Based Compensation

We maintain a long-term incentive plan (the Plan) for key team members and non-employee members of our Board of Directors. The Plan allows us to grant equity-based compensation awards, including stock options, stock appreciation rights, performance share units, restricted stock units, restricted stock awards, or a combination of awards (collectively, share-based awards). The number of unissued common shares reserved for future grants under the Plan was 19.3 million and 24.5 million at February 2, 2019 and February 3, 2018, respectively.

Compensation expense associated with share-based awards is recognized on a straight-line basis over the required service period and reflects estimated forfeitures. Share-based compensation expense recognized in SG&A Expenses was $134 million, $115 million, and $116 million in 2018, 2017, and 2016, respectively. The related income tax benefit was $26 million, $26 million, and $43 million in 2018, 2017, and 2016, respectively.

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Restricted Stock Units

We issue restricted stock units and performance-based restricted stock units generally with three-year cliff or four-year graduated vesting from the grant date (collectively restricted stock units) to certain team members. The final number of shares issued under performance-based restricted stock units is based on our total shareholder return relative to a retail peer group over a three-year performance period. We also regularly issue restricted stock units to our Board of Directors, which vest quarterly over a one-year period and are settled in shares of Target common stock upon departure from the Board. The fair value for restricted stock units is calculated based on the stock price on the date of grant, incorporating an analysis of the total shareholder return performance measure where applicable. The weighted average grant date fair value for restricted stock units was $72.65, $56.19, and $74.05 in 2018, 2017, and 2016, respectively.

Restricted Stock Unit Activity	Total Nonvested Units
	Restricted Stock (a)		Grant Date Fair Value (b)
February 3, 2018	3,763		$	64.35
Granted	2,269		72.65
Forfeited	(485	)	66.25
Vested	(1,732	)	68.62
February 2, 2019	3,815		$	66.86

^(a)  Represents the number of shares of restricted stock units, in thousands. For performance-based restricted stock units, assumes attainment of maximum payout rates as set forth in the performance criteria. Applying actual or expected payout rates, the number of outstanding restricted stock units and performance-based restricted stock units at February 2, 2019 was 3,708 thousand.

^(b)  Weighted average per unit.

The expense recognized each period is partially dependent upon our estimate of the number of shares that will ultimately be issued. At February 2, 2019, there was $125 million of total unrecognized compensation expense related to restricted stock units, which is expected to be recognized over a weighted average period of 2.7 years. The fair value of restricted stock units vested and converted to shares of Target common stock was $119 million, $87 million, and $75 million in 2018, 2017, and 2016, respectively.

Performance Share Units

We issue performance share units to certain team members that represent shares potentially issuable in the future. Issuance is based upon our performance relative to a retail peer group over a three-year performance period on certain measures including sales growth, return on invested capital, and EPS growth. The fair value of performance share units is calculated based on the stock price on the date of grant. The weighted average grant date fair value for performance share units was $70.94, $55.93, and $71.37 in 2018, 2017, and 2016, respectively.

Performance Share Unit Activity	Total Nonvested Units
	Performance Share Units (a)		Grant Date Fair Value (b)
February 3, 2018	3,824		$	68.23
Granted	1,121		70.94
Forfeited	(741	)	64.16
Vested	(581	)	74.15
February 2, 2019	3,623		$	67.47

^(a)  Represents the number of performance share units, in thousands. Assumes attainment of maximum payout rates as set forth in the performance criteria. Applying actual or expected payout rates, the number of outstanding performance share units at February 2, 2019 was 2,004 thousand.

^(b)  Weighted average per unit.

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The expense recognized each period is partially dependent upon our estimate of the number of shares that will ultimately be issued. Future compensation expense for unvested awards could reach a maximum of $144 million assuming payout of all unvested awards. The unrecognized expense is expected to be recognized over a weighted average period of 1.2 years. The fair value of performance share units vested and converted to shares of Target common stock was $43 million in 2018, $30 million in 2017, and $1 million in 2016.

Stock Options

In May 2017, we granted price-vested stock options (price-vested options) to certain team members, which have met the market condition and will become exercisable in 2020 pending service condition achievement. Shares received upon exercise, net of exercise costs and taxes, are subject to a one-year post-exercise holding period. The fair value of the price-vested options was estimated using a lattice model.

Through 2013, we granted nonqualified stock options to certain team members. All are vested and currently exercisable.

Stock Option Activity	Stock Options
	Total Outstanding						Exercisable
	Number of Options (a)		Exercise Price (b)		Intrinsic Value (c)		Number of Options (a)	Exercise Price (b)		Intrinsic Value (c)
February 3, 2018	5,938		$	54.53	$	109	3,913	$	53.97	$	74
Granted	—		—
Expired/forfeited	(89	)	53.85
Exercised/issued	(1,859	)	52.53
February 2, 2019	3,990		$	55.49	$	63	2,039	$	55.38	$	32

^(a)  In thousands.

^(b)  Weighted average per share.

^(c)  Represents stock price appreciation subsequent to the grant date, in millions.

Stock Option Exercises (millions)	2018		2017		2016
Cash received for exercise price	$	96	$	109	$	219
Intrinsic value	50		34		103
Income tax benefit	12		13		40

At February 2, 2019, there was $5 million of total unrecognized compensation expense related to nonvested price-vested options, which is expected to be recognized over a weighted average period of 1.3 years. The weighted average remaining life of exercisable options is 2.8 years, and the weighted average remaining life of all outstanding options is 4.0 years. No options vested in 2018 or 2017. The total fair value of options vested in 2016 was $9 million.

23. Defined Contribution Plans

Team members who meet eligibility requirements can participate in a defined contribution 401(k) plan by investing up to 80 percent of their eligible earnings, as limited by statute or regulation. We match 100 percent of each team member's contribution up to 5 percent of eligible earnings. Company match contributions are made to funds designated by the participant, none of which are based on Target common stock.

In addition, we maintain a nonqualified, unfunded deferred compensation plan for approximately 2,100 current and retired team members whose participation in our 401(k) plan is limited by statute or regulation. These team members choose from a menu of crediting rate alternatives that are generally the same as the investment choices in our 401(k) plan, but also includes a fund based on Target common stock. We credit an additional 2 percent per year to the accounts of all active participants, excluding executive officers, in part to recognize the risks inherent to their participation in this plan. We also maintain a frozen nonqualified, unfunded deferred compensation plan covering approximately 50 participants. Our total liability under these plans was $517 million and $542 million at February 2, 2019 and February 3, 2018, respectively.

58

We mitigate our risk of offering the nonqualified plans through investing in company-owned life insurance and prepaid forward contracts that substantially offset our economic exposure to the returns of these plans. These investments 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. See Note 12 for additional information.

Plan Expenses
(millions)	2018		2017			2016
401(k) plan matching contributions expense	$	229	$	219		$	197
Nonqualified deferred compensation plans
Benefits expense	18		83			58
Related investment expense (income)	6		(48		)	(38		)
Nonqualified plan net expense	$	24	$	35		$	20

24. Pension Plans

We have qualified defined benefit pension plans covering team members who meet age and service requirements, including date of hire in certain circumstances. Effective January 1, 2009, our U.S. qualified defined benefit pension plan was closed to new participants, with limited exceptions. 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 each team member's date of hire, length of service and/or team member compensation.

Funded Status	Qualified Plans					Nonqualified Plans
(millions)	2018			2017		2018			2017
Projected benefit obligations	$	3,928		$	4,092	$	30		$	32
Fair value of plan assets	3,925			4,117		—			—
Funded/(underfunded) status	$	(3	)	$	25	$	(30	)	$	(32	)

Contributions and Estimated Future Benefit Payments

Our obligations to plan participants can be met over time through a combination of company contributions to these plans and earnings on plan assets. We are not required to make any contributions to our qualified defined benefit pension plans in 2019. However, depending on investment performance and plan funded status, we may elect to make a contribution.

Estimated Future Benefit Payments (millions)	Pension Benefits
2019	$	284
2020	202
2021	211
2022	219
2023	226
2024-2028	1,235

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Cost of Plans

Net Pension Benefits Expense
(millions)	Classification	2018			2017			2016
Service cost benefits earned	SG&A Expenses	$	95		$	86		$	87
Interest cost on projected benefit obligation	Net Other (Income) / Expense	146			140			134
Expected return on assets	Net Other (Income) / Expense	(246		)	(250		)	(256		)
Amortization of losses	Net Other (Income) / Expense	82			61			46
Amortization of prior service cost	Net Other (Income) / Expense	(11		)	(11		)	(11		)
Settlement and special termination charges	Net Other (Income) / Expense	4			1			2
Total		$	70		$	27		$	2

Assumptions

Benefit Obligation Weighted Average Assumptions
	2018		2017
Discount rate	4.28	%	3.93	%
Average assumed rate of compensation increase	3.00		3.00

Net Periodic Benefit Expense Weighted Average Assumptions
	2018		2017		2016
Discount rate	3.93	%	4.40	%	4.70	%
Expected long-term rate of return on plan assets	6.30		6.55		6.80
Average assumed rate of compensation increase	3.00		3.00		3.00

The weighted average assumptions used to measure net periodic benefit expense each year are the rates as of the beginning of the year (i.e., the prior measurement date). Based on a stable asset allocation, our most recent compound annual rate of return on qualified plans' assets was 5.0 percent, 7.3 percent, 6.7 percent, and 6.0 percent for the 5-year, 10-year, 15-year, and 20-year time periods, respectively.

The market-related value of plan assets, which is used in calculating expected return on assets in net periodic benefit cost, is determined each year by adjusting the previous year's value by expected return, benefit payments, and cash contributions. The market-related value is adjusted for asset gains and losses in equal 20 percent adjustments over a 5-year period.

We review the expected long-term rate of return annually and revise it as appropriate. Additionally, we monitor the mix of investments in our portfolio to ensure alignment with our long-term strategy to manage pension cost and reduce volatility in our assets. Our 2018 expected annualized long-term rate of return assumptions were 6.5 percent for domestic equity securities, 7.5 percent for international equity securities, 4.5 percent for long-duration debt securities, 7.5 percent for balanced funds, and 8.5 percent for other investments. These estimates are a judgmental matter in which we consider the composition of our asset portfolio, our historical long-term investment performance, and current market conditions.

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Benefit Obligation

Change in Projected Benefit Obligation	Qualified Plans						Nonqualified Plans
(millions)	2018			2017			2018			2017
Benefit obligation at beginning of period	$	4,092		$	3,760		$	32		$	32
Service cost	94			85			1			1
Interest cost	145			139			1			1
Actuarial (gain)/loss	(168		)	270			—			1
Participant contributions	6			6			—			—
Benefits paid	(241		)	(168		)	(4		)	(3		)
Benefit obligation at end of period (a)	$	3,928		$	4,092		$	30		$	32

^(a)  Accumulated benefit obligation—the present value of benefits earned to date assuming no future salary growth—is materially consistent with the projected benefit obligation in each period presented.

Plan Assets

Change in Plan Assets	Qualified Plans						Nonqualified Plans
(millions)	2018			2017			2018			2017
Fair value of plan assets at beginning of period	$	4,117		$	3,785		$	—		$	—
Actual return on plan assets	(66		)	493			—			—
Employer contributions	109			1			4			3
Participant contributions	6			6			—			—
Benefits paid	(241		)	(168		)	(4		)	(3		)
Fair value of plan assets at end of period	$	3,925		$	4,117		$	—		$	—

Our asset allocation policy is designed to reduce the long-term cost of funding our pension obligations. The plan invests with both passive and active investment managers depending on the investment. The plan also seeks to reduce the risk associated with adverse movements in interest rates by employing an interest rate hedging program, which may include the use of interest rate swaps, total return swaps, and other instruments.

Asset Category	Current Targeted		Actual Allocation
	Allocation		2018		2017
Domestic equity securities (a)	14	%	13	%	16	%
International equity securities	9		9		10
Debt securities	45		47		44
Balanced funds	23		24		23
Other (b)	9		7		7
Total	100	%	100	%	100	%

^(a)  Equity securities include our common stock in amounts substantially less than 1 percent of total plan assets in both periods presented.

^(b)  Other assets include private equity, mezzanine and high-yield debt, natural resources and timberland funds, multi-strategy hedge funds, derivative instruments, and real estate.

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Fair Value Measurements		Fair Value at
(millions)	Pricing Category	January 31, 2019		January 31, 2018
Cash and cash equivalents	Level 1	$	3	$	4
Government securities (a)	Level 2	631		531
Fixed income (b)	Level 2	1,123		1,145
Derivatives	Level 2	12		19
		1,769		1,699
Investments valued using NAV per share (c)
Cash and cash equivalents		100		185
Common collective trusts		828		966
Fixed Income		54		55
Balanced funds		952		959
Private equity funds		84		97
Other		138		156
Total plan assets		$	3,925	$	4,117

^(a)  Investments in government securities and long-term government bonds.

^(b)  Investments in corporate and municipal bonds.

^(c)  In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.

Position	Valuation Technique
Cash and cash equivalents	Carrying value approximates fair value.
Government securities  and fixed income	Valued using matrix pricing models and quoted prices of securities with similar characteristics.
Derivatives	Swap derivatives - 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. Option derivatives - Valued at transaction price initially. Subsequent valuations are based on observable inputs to the valuation model (e.g., underlying investments).

Amounts Included in Shareholders' Equity

Amounts in Accumulated Other Comprehensive Income
(millions)	2018			2017
Net actuarial loss	$	1,060		$	1,001
Prior service credits	(24		)	(35		)
Amounts in Accumulated Other Comprehensive Income (a)(b)	$	1,036		$	966

^(a)  $772 million and $720 million, net of tax, at the end of 2018 and 2017, respectively.

^(b)  We expect 2019 net pension expense to include amortization expense of $51 million ($38 million, net of tax) related to net actuarial loss and prior service credit balances included in Accumulated Other Comprehensive Income.

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25. Accumulated Other Comprehensive Income

(millions)	Cash Flow Hedges				Currency Translation Adjustment			Pension and Other Benefit				Total
February 3, 2018	$	(14	)		$	(13	)	$	(720	)		$	(747	)
Other Comprehensive Income/(Loss) before reclassifications, net of tax	—				(7		)	(107		)		(114		)
Amounts reclassified from AOCI, net of tax	1			(a)	—			55			(b)	56
February 2, 2019	$	(13	)		$	(20	)	$	(772	)		$	(805	)

^(a)  Represents amortization of gains and losses on cash flow hedges, net of taxes, which is recorded in Net Interest Expense on the Consolidated Statements of Operations.

^(b)  Represents amortization of pension gains and losses, net of $19 million of taxes, which is recorded in SG&A Expenses on the Consolidated Statements of Operations. See Note 24 for additional information.

26. 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 the November and December holiday sales period. We follow the same accounting policies for preparing quarterly and annual financial data. The table below summarizes quarterly results for 2018 and 2017:

Quarterly Results	First Quarter						Second Quarter						Third Quarter						Fourth Quarter						Total Year
(millions, except per share data)	2018			2017			2018			2017			2018			2017			2018			2017 (a)			2018			2017 (a)
Sales	$	16,556		$	15,995		$	17,552		$	16,410		$	17,590		$	16,647		$	22,734		$	22,734		$	74,433		$	71,786
Other revenue	225			228			224			224			231			227			243			249			923			928
Total revenue	16,781			16,223			17,776			16,634			17,821			16,874			22,977			22,983			75,356			72,714
Cost of sales	11,625			11,199			12,239			11,419			12,535			11,712			16,900			16,795			53,299			51,125
Selling, general, and administrative expenses	3,545			3,353			3,865			3,601			3,937			3,733			4,376			4,454			15,723			15,140
Depreciation and amortization (exclusive of depreciation included in cost of sales)	570			516			539			521			530			582			584			605			2,224			2,225
Operating income	1,041			1,155			1,133			1,093			819			847			1,117			1,129			4,110			4,224
Net interest expense	121			140			115			131			115			251			110			131			461			653
Net other (income) / expense	(7		)	(15		)	(4		)	(15		)	(9		)	(15		)	(7		)	(14		)	(27		)	(59		)
Earnings from continuing operations before income taxes	927			1,030			1,022			977			713			611			1,014			1,012			3,676			3,630
Provision for income taxes	210			355			223			307			97			135			216			(76		)	746			722
Net earnings from continuing operations	717			675			799			670			616			476			798			1,088			2,930			2,908
Discontinued operations, net of tax	1			3			—			1			6			2			1			(1		)	7			6
Net earnings	$	718		$	678		$	799		$	671		$	622		$	478		$	799		$	1,087		$	2,937		$	2,914
Basic earnings per share
Continuing operations	$	1.34		$	1.22		$	1.50		$	1.22		$	1.17		$	0.87		$	1.53		$	2.01		$	5.54		$	5.32
Discontinued operations	—			0.01			—			—			0.01			—			—			—			0.01			0.01
Net earnings per share	$	1.34		$	1.23		$	1.50		$	1.22		$	1.18		$	0.88		$	1.54		$	2.01		$	5.55		$	5.32
Diluted earnings per share
Continuing operations	$	1.33		$	1.21		$	1.49		$	1.21		$	1.16		$	0.87		$	1.52		$	1.99		$	5.50		$	5.29
Discontinued operations	—			0.01			—			—			0.01			—			—			—			0.01			0.01
Net earnings per share	$	1.33		$	1.22		$	1.49		$	1.22		$	1.17		$	0.87		$	1.52		$	1.99		$	5.51		$	5.29
Dividends declared per share	$	0.62		$	0.60		$	0.64		$	0.62		$	0.64		$	0.62		$	0.64		$	0.62		$	2.54		$	2.46

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. 2017 amounts are adjusted to conform with current year presentation. Refer to Note 2.

^(a)  The fourth quarter and full year 2018 consisted of 13 weeks and 52 weeks, respectively, compared with 14 weeks and 53 weeks in the comparable prior-year periods.

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Item 9.    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Not applicable.

Item 9A.    Controls and Procedures

Changes in Internal Control Over Financial Reporting

During the most recently completed fiscal quarter, the following change to our information technology systems materially affected, or is reasonably likely to materially affect, our internal control over financial reporting:

• We are in the process of a broad migration of many mainframe-based systems and middleware products to a modern platform, including systems supporting inventory and supply chain-related transactions.

During the most recently completed fiscal quarter, no other change in our internal control over financial reporting materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Annual Report, we conducted an evaluation, under supervision and with the participation of management, including the chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rules 13a-15 and 15d-15 of the Securities Exchange Act of 1934, as amended (Exchange Act). Based upon that evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures are effective at a reasonable assurance level. Disclosure controls and procedures are defined by Rules 13a-15(e) and 15d-15(e) of the Exchange Act as controls and other procedures that are designed to ensure that information required to be disclosed by us in reports filed with the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

For the Report of Management on Internal Control and the Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting, see Item 8, Financial Statements and Supplementary Data.

Item 9B.    Other Information

Not applicable.

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PART III

Certain information required by Part III is incorporated by reference from Target's definitive Proxy Statement for the Annual Meeting of Shareholders to be held on June 12, 2019 (our Proxy Statement). Except for those portions specifically incorporated in this Form 10-K by reference to the Proxy Statement, no other portions of the Proxy Statement are deemed to be filed as part of this Form 10-K.

Item 10.    Directors, Executive Officers and Corporate Governance

The following sections of the Proxy Statement are incorporated herein by reference:

• Item one--Election of directors

• Stock ownership information--Section 16(a) beneficial ownership reporting compliance

• General information about corporate governance and the Board of Directors

◦ Business ethics and conduct

◦ Committees

• Questions and answers about our Annual Meeting and voting--Question 14

See also Item 4A, Executive Officers of Part I of this Form 10-K.

Item 11.    Executive Compensation

The following sections of the Proxy Statement are incorporated herein by reference:

• Compensation Discussion and Analysis

• Compensation tables

• Human Resources & Compensation Committee Report

Item 12.    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The following sections of the Proxy Statement are incorporated herein by reference:

• Stock ownership information--

◦ Beneficial ownership of directors and officers

◦ Beneficial ownership of Target’s largest shareholders

• Compensation tables--Equity compensation plan information

Item 13.    Certain Relationships and Related Transactions, and Director Independence

The following sections of the Proxy Statement are incorporated herein by reference:

• General information about corporate governance and the Board of Directors--

◦ Policy on transactions with related persons

◦ Director independence

◦ Committees

Item 14.    Principal Accountant Fees and Services

The following section of the Proxy Statement is incorporated herein by reference:

• Item two-- Ratification of appointment of Ernst & Young LLP as independent registered public accounting firm-audit and non-audit fees

65

PART IV

Item 15.    Exhibits, Financial Statement Schedules

The following information required under this item is filed as part of this report:

a) Financial Statements

• Consolidated Statements of Operations for the Years Ended February 2, 2019, February 3, 2018, and January 28, 2017

• Consolidated Statements of Comprehensive Income for the Years Ended February 2, 2019, February 3, 2018, and January 28, 2017

• Consolidated Statements of Financial Position at February 2, 2019 and February 3, 2018

• Consolidated Statements of Cash Flows for the Years Ended February 2, 2019, February 3, 2018, and January 28, 2017

• Consolidated Statements of Shareholders' Investment for the Years Ended February 2, 2019, February 3, 2018, and January 28, 2017

• Notes to Consolidated Financial Statements

• Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements

Financial Statement Schedules

None.

Other schedules have not been included either because they are not applicable or because the information is included elsewhere in this Report.

66

b) Exhibits

(3)A		Amended and Restated Articles of Incorporation (as amended through June 9, 2010)(1)
B		Bylaws (as amended through November 11, 2015)(2)
(4)A		Indenture, dated as of August 4, 2000 between Target Corporation and Bank One Trust Company, N.A.(3)
B		First Supplemental Indenture dated as of May 1, 2007 to Indenture dated as of August 4, 2000 between Target Corporation and The Bank of New York Trust Company, N.A. (as successor in interest to Bank One Trust Company N.A.)(4)
C		Target agrees to furnish to the Commission on request copies of other instruments with respect to long-term debt.
(10)A	*	Target Corporation Executive Officer Cash Incentive Plan(5)
B	*	Target Corporation Long-Term Incentive Plan (as amended and restated effective June 8, 2011)(6)
C	*	Amended and Restated Target Corporation 2011 Long-Term Incentive Plan (as amended and restated effective September 1, 2017)(7)
D	*	Target Corporation SPP I (2016 Plan Statement) (as amended and restated effective April 3, 2016)(8)
E	*	Target Corporation SPP II (2016 Plan Statement) (as amended and restated effective April 3, 2016)(9)
F	*	Target Corporation SPP III (2014 Plan Statement) (as amended and restated effective January 1, 2014)(10)
G	*	Amendment to Target Corporation SPP III (2014 Plan Statement) (effective April 3, 2016)(11)
H	*	Target Corporation Officer Deferred Compensation Plan (as amended and restated effective June 8, 2011) (12)
I	*	Target Corporation Officer EDCP (2017 Plan Statement) (as amended and restated effective May 1, 2017)(13)
J	*	Target Corporation Deferred Compensation Plan Directors(14)
K	*	Target Corporation DDCP (2013 Plan Statement) (as amended and restated effective December 1, 2013)(15)
L	*	Target Corporation Officer Income Continuation Plan (as amended and restated effective September 1, 2017)(16)
M	*	Target Corporation Executive Excess Long Term Disability Plan (as restated effective January 1, 2010)(17)
N	*	Director Retirement Program (18)
O	*	Target Corporation Deferred Compensation Trust Agreement (as amended and restated effective January 1, 2009)(19)
P	*	Amendment dated June 8, 2011 to Target Corporation Deferred Compensation Trust Agreement (as amended and restated effective January 1, 2009) (20)
Q	*	Amendment dated October 25, 2017 to Target Corporation Deferred Compensation Trust Agreement (as amended and restated effective January 1, 2009)(21)
R	*	Form of Amended and Restated Executive Non-Qualified Stock Option Agreement(22)
S	*	Form of Restricted Stock Unit Agreement
T	*	Form of Performance-Based Restricted Stock Unit Agreement
U	*	Form of Performance Share Unit Agreement
V	*	Form of Price-Vested Stock Option Agreement(23)
W	*	Form of Non-Employee Director Non-Qualified Stock Option Agreement (24)
X	*	Form of Non-Employee Director Restricted Stock Unit Agreement(25)
Y	*	Form of Cash Retention Award(26)
AA	*	Aircraft Time Sharing Agreement as of March 13, 2015 among Target Corporation and Brian C. Cornell(27)
BB	*	Transition Agreement dated January 7, 2019(28)

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CC		Five-Year Credit Agreement dated as of October 5, 2016 among Target Corporation, Bank of America, N.A. as Administrative Agent and the Banks listed therein(29)
DD		Extension Amendment dated August 7, 2017 to Five-Year Credit Agreement among Target Corporation, Bank of America, N.A. as Administrative Agent and the Banks listed therein(30)
EE		Second Extension Amendment dated August 6, 2018 to Five-Year Credit Agreement among Target Corporation, Bank of America, N.A. as Administrative Agent and the Banks listed therein(31)
FF	‡	Credit Card Program Agreement dated October 22, 2012 among Target Corporation, Target Enterprise, Inc. and TD Bank USA, N.A.(32)
GG	‡	First Amendment dated February 24, 2015 to Credit Card Program Agreement among Target Corporation, Target Enterprise, Inc. and TD Bank USA, N.A.(33)
HH	‡	Pharmacy Operating Agreement dated December 16, 2015 between Target Corporation and CVS Pharmacy, Inc.(34)
II	‡	First Amendment dated November 30, 2016 to Pharmacy Operating Agreement between Target Corporation and CVS Pharmacy, Inc.(35)
JJ		Second Amendment dated January 9, 2018 to Pharmacy Operating Agreement between Target Corporation and CVS Pharmacy, Inc.(36)
(21)		List of Subsidiaries
(23)		Consent of Independent Registered Public Accounting Firm
(24)		Powers of Attorney
(31)A		Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Q1) (Q2) (Q3) (10-K)
(31)B		Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Q1) (Q2) (Q3) (10-K)
(32)A		Certification of the Chief Executive Officer Pursuant to Section 18 U.S.C. Section 1350 Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Q1) (Q2) (Q3) (10-K)
(32)B		Certification of the Chief Financial Officer Pursuant to Section 18 U.S.C. Section 1350 Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Q1) (Q2) (Q3) (10-K)
101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema
101.CAL		XBRL Taxonomy Extension Calculation Linkbase
101.DEF		XBRL Taxonomy Extension Definition Linkbase
101.LAB		XBRL Taxonomy Extension Label Linkbase
101.PRE		XBRL Taxonomy Extension Presentation Linkbase

Copies of exhibits will be furnished upon written request and payment of Registrant's reasonable expenses in furnishing the exhibits.

_____________________________________________________________________

‡ Certain portions of this exhibit have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission.

* Management contract or compensation plan or arrangement required to be filed as an exhibit to this Form 10-K.

(1) Incorporated by reference to Exhibit (3)A to Target's Form 8-K Report filed June 10, 2010.

(2) Incorporated by reference to Exhibit (3)A to Target's Form 8-K Report filed November 12, 2015.

(3) Incorporated by reference to Exhibit 4.1 to Target's Form 8-K Report filed August 10, 2000.

(4) Incorporated by reference to Exhibit 4.1 to the Registrant's Form 8-K Report filed May 1, 2007.

(5) Incorporated by reference to Exhibit (10)KK to Target's Form 8-K Report filed June 15, 2017.

(6) Incorporated by reference to Exhibit (10)B to Target's Form 10-Q Report for the quarter ended July 30, 2011.

(7) Incorporated by reference to Exhibit (10)C to Target's Form 10-Q Report for the quarter ended July 29, 2017.

(8) Incorporated by reference to Exhibit (10)C to Target's Form 10-Q Report for the quarter ended April 30, 2016.

(9) Incorporated by reference to Exhibit (10)D to Target's Form 10-Q Report for the quarter ended April 30, 2016.

(10) Incorporated by reference to Exhibit (10)E to Target's Form 10-K Report for the year ended February 1, 2014.

(11) Incorporated by reference to Exhibit (10)NN to Target's Form 10-Q Report for the quarter ended April 30, 2016.

(12) Incorporated by reference to Exhibit (10)F to Target's Form 10-Q Report for the quarter ended July 30, 2011.

(13) Incorporated by reference to Exhibit (10)I to Target's Form 10-K Report for the year ended January 28, 2017.

(14) Incorporated by reference to Exhibit (10)I to Target's Form 10-K Report for the year ended February 3, 2007.

68

(15) Incorporated by reference to Exhibit (10)I to Target's Form 10-K Report for the year ended February 1, 2014.

(16) Incorporated by reference to Exhibit (10)L to Target's Form 10-Q Report for the quarter ended July 29, 2017.

(17) Incorporated by reference to Exhibit (10)A to Target's Form 10-Q Report for the quarter ended October 30, 2010.

(18) Incorporated by reference to Exhibit (10)O to Target's Form 10-K Report for the year ended January 29, 2005.

(19) Incorporated by reference to Exhibit (10)O to Target's Form 10-K Report for the year ended January 31, 2009.

(20) Incorporated by reference to Exhibit (10)AA to Target's Form 10-Q Report for the quarter ended July 30, 2011.

(21) Incorporated by reference to Exhibit (10)MM to Target's Form 10-Q Report for the quarter ended October 28, 2017.

(22) Incorporated by reference to Exhibit (10)V to Target's Form 10-K Report for the year ended January 31, 2015.

(23) Incorporated by reference to Exhibit (10)JJ to Target's Form 10-Q Report for the quarter ended April 29, 2017.

(24) Incorporated by reference to Exhibit (10)EE to Target's Form 8-K Report filed January 11, 2012.

(25) Incorporated by reference to Exhibit (10)X to Target's Form 10-K Report for the year ended February 3, 2018.

(26) Incorporated by reference to Exhibit (10)W to Target's Form 10-K Report for the year ended February 2, 2013.

(27) Incorporated by reference to Exhibit (10)HH to Target's Form 10-K Report for the year ended January 31, 2015.

(28) Incorporated by reference to Exhibit (10)A to Target's Form 8-K Report filed January 10, 2019.

(29) Incorporated by reference to Exhibit (10)O to Target's Form 10-Q Report for the quarter ended October 29, 2016.

(30) Incorporated by reference to Exhibit (10)LL to Target's Form 10-Q Report for the quarter ended October 28, 2017.

(31) Incorporated by reference to Exhibit (10)II to Target's Form 10-Q Report for the quarter ended November 3, 2018.

(32) Incorporated by reference to Exhibit (10)X to Target's Form 10-Q/A Report for the quarter ended May 4, 2013.

(33) Incorporated by reference to Exhibit (10)II to Target's Form 10-Q Report for the quarter ended May 2, 2015.

(34) Incorporated by reference to Exhibit (10)KK to Target's Form 10-K Report for the year ended January 30, 2016.

(35) Incorporated by reference to Exhibit (10)CC to Target's Form 10-K Report for the year ended January 28, 2017.

(36) Incorporated by reference to Exhibit (10)HH to Target's Form 10-K Report for the year ended February 3, 2018.

69

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Target has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TARGET CORPORATION
	By:	/s/ Cathy R. Smith
Dated: March 13, 2019		Cathy R. Smith Executive Vice President and Chief Financial Officer

___________________________________________________________________________________________________________________

Pursuant to the requirements of the Securities Exchange Act of 1934, the report has been signed below by the following persons on behalf of Target and in the capacities and on the dates indicated.

	/s/ Brian C. Cornell
Dated: March 13, 2019	Brian C. Cornell Chairman of the Board and Chief Executive Officer

	/s/ Cathy R. Smith
Dated: March 13, 2019	Cathy R. Smith Executive Vice President and Chief Financial Officer

	/s/ Robert M. Harrison
Dated: March 13, 2019	Robert M. Harrison Senior Vice President, Chief Accounting Officer and Controller

ROXANNE S. AUSTIN DOUGLAS M. BAKER, JR. GEORGE S. BARRETT CALVIN DARDEN HENRIQUE DE CASTRO ROBERT L. EDWARDS MELANIE L. HEALEY DONALD R. KNAUSS MONICA C. LOZANO MARY E. MINNICK KENNETH L. SALAZAR DMITRI L. STOCKTON Constituting a majority of the Board of Directors

Cathy R. Smith, by signing her name hereto, does hereby sign this document pursuant to powers of attorney duly executed by the Directors named, filed with the Securities and Exchange Commission on behalf of such Directors, all in the capacities and on the date stated.

	By:	/s/ Cathy R. Smith
Dated: March 13, 2019		Cathy R. Smith Attorney-in-fact

70

EX-10.S

Exhibit (10)S

Amended and Restated Target Corporation 2011 Long-Term Incentive Plan

RESTRICTED STOCK UNIT AGREEMENT

(Officer & General)

THIS RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”) is made in Minneapolis, Minnesota as of the date of grant (the “Grant Date”) set forth in the award letter (the “Award Letter”) by and between the Company and the person (the “Team Member”) identified in the Award Letter. This award (the “Award”) of Restricted Stock Units (“RSUs”), provided to you as a Service Provider, is being issued under the Amended and Restated Target Corporation 2011 Long-Term Incentive Plan (the “Plan”), subject to the following terms and conditions. The intent of the Award is for the Team Member to earn the Award for providing Service to the Company or a Subsidiary over the four years starting on the Grant Date and, except for the specific circumstances described in this Agreement, receive one fourth (1/4) of the Shares issuable under the RSUs after each anniversary of the Grant Date.

1.    Definitions. Except as otherwise provided in this Agreement, the defined terms used in this Agreement shall have the same meaning as in the Plan. The term “Committee” shall also include those persons to whom authority has been delegated under the Plan.

2.    Grant of RSUs. Subject to the relevant terms of the Plan and this Agreement, as of the Grant Date, the Company has granted the Team Member the number of RSUs set forth in the Award Letter.

3.    Vesting Schedule.

(a)    Subject to Section 3(b), one fourth (1/4) of the Shares issuable under the RSUs shall vest on the first anniversary of the Grant Date and on each succeeding anniversary of the Grant Date until all of the Shares have been issued (after the fourth anniversary of the Grant Date).

(b)    Notwithstanding Section 3(a), the Shares issuable under the RSUs shall vest on the earlier of: (i) the date that the conditions for an Accelerated Vesting Event set forth in Section 4 are satisfied, in which case, all of the outstanding unvested RSUs shall become vested; or (ii) as specified in Section 5.

(c)    Each date of vesting is referred to as a “Vesting Date”. All vested RSUs shall be paid out as provided in Section 9, in accordance with and subject to any restrictions set forth in this Agreement, the Plan or any Release Agreement that the Team Member may be required to enter pursuant to Sections 4 or 5. “Release Agreement” means an agreement

containing a release of claims, a covenant not to engage in competitive employment, and/or other provisions deemed appropriate by the Committee in its sole discretion.

4.    Accelerated Vesting Events. Upon the occurrence of one of the following events (each, an “Accelerated Vesting Event”), the outstanding unvested RSUs subject to this Agreement shall vest as provided below:

(a)    Retirement. If the Retirement Conditions are satisfied any outstanding unvested RSUs shall vest in full as of the date the last of the Retirement Conditions is satisfied, as applicable. The “Retirement Conditions” are: (i) the Team Member attaining age 55 and completing at least 5 years of Service (which 5 years need not be continuous) on or prior to the Team Member’s voluntary termination of Service, (ii) the Company receiving a valid unrevoked Release Agreement from the Team Member, and (iii) if the Team Member is at the officer level or above on the date that is six months prior to such termination of Service, the Team Member must have commenced discussions with the Company’s Chief Executive Officer or most senior human resources executive regarding the Team Member’s consideration of termination at least six months prior to the Team Member’s voluntary termination of Service. For purposes of clarity, no requirement to commence discussions regarding consideration of termination applies to a Team Member who is not at the officer level or above on the date that is six months prior to the Team Member’s termination of Service.

(b)    Death. In the case of the Team Member’s death prior to the Team Member’s termination of Service, any outstanding unvested RSUs shall vest in full as of the date of the Team Member’s death.

(c)    Disability. In the case of the Team Member’s Disability prior to the Team Member’s termination of Service, any outstanding unvested RSUs shall vest in full as of the date of the Team Member’s Disability.

5.    Change in Control. If a Change in Control occurs and the Award is assumed or replaced pursuant to Section 11(b)(1) of the Plan, the Award will continue to be subject to the Vesting Schedule provided in Section 3. Notwithstanding the foregoing, if within two years after a Change in Control and prior to the fourth anniversary of the Grant Date, the Team Member’s Service terminates voluntarily by the Team Member for Good Reason or involuntarily without Cause, and provided that the Company has received a valid unrevoked Release Agreement from the Team Member, then any outstanding unvested RSUs subject to this Agreement shall vest in full as of the date of the Team Member’s termination of Service.

6.    Cause. Notwithstanding any other provisions of this Agreement to the contrary, if the Committee concludes, in its sole discretion, that the Team Member’s Service was terminated in whole or in part for Cause, all of the RSUs subject to the Award that have not previously been converted to Shares shall terminate immediately and the Team Member shall have no rights hereunder.

7.    Other Termination; Changes of Service. If at any time prior to the fourth anniversary of the Grant Date the Team Member’s Service is terminated involuntarily (even if

2.

the Team Member has satisfied the Retirement Conditions related to age and service), for Cause, or for any other reason not meeting all the conditions specified in Sections 4(b), 4(c) or 5, all of the outstanding unvested RSUs subject to the Award shall terminate effective as of the date of termination of Service and the Team Member shall have no rights hereunder. Service shall not be deemed terminated in the case of (a) any approved leave of absence, or (b) transfers among the Company and any Subsidiaries in the same Service Provider capacity; however, a termination of Service shall occur if (i) the relationship the Team Member had with the Company or a Subsidiary at the Grant Date terminates, even if the Team Member continues in another Service Provider capacity with the Company or a Subsidiary, or (ii) the Team Member experiences a “separation from service” within the meaning of Code Section 409A.

8.    Dividend Equivalents. The Team Member shall have the right to receive additional RSUs with a value equal to the regular cash dividend paid on one Share for each RSU held pursuant to this Agreement prior to the conversion of RSUs and issuance of Shares pursuant to Section 9. The number of additional RSUs to be received as dividend equivalents for each RSU held shall be determined by dividing the cash dividend per share by the Fair Market Value of one Share on the dividend payment date; provided, however, that for purposes of avoiding the issuance of fractional RSUs, on each dividend payment date the additional RSUs issued as dividend equivalents shall be rounded up to the nearest whole number. All such additional RSUs received as dividend equivalents shall be subject to forfeiture in the same manner and to the same extent as the original RSUs granted hereby, and shall be converted into Shares on the basis and at the time set forth in Section 9 hereof.

9.    Conversion of RSUs and Issuance of Shares.

(a)    Timing. Vested RSUs shall be converted to Shares and shall be issued within 90 days following the earliest to occur of (i) each anniversary of the Grant Date, (ii) the Team Member’s “separation from service” as such term is defined for purposes of Code Section 409A, (iii) the Team Member’s death, or (iv) the Team Member’s Disability (as determined by the Committee in its sole discretion, provided such determination complies with the definition of disability under Code Section 409A).

(b)    Limitation for Specified Employees. If any Shares shall be issuable with respect to the RSUs as a result of the Team Member’s “separation from service” at such time as the Team Member is a “specified employee” within the meaning of Code Section 409A, then no Shares shall be issued, except as permitted under Code Section 409A, prior to the first business day after the earlier of (i) the date that is six months after the Team Member’s “separation from service”, or (ii) the Team Member’s death.

(c)    Unvested RSUs. All of the RSUs subject to the Award that are unvested as of the time the vested RSUs are converted and Shares are issued under Section 9(a)(ii) shall terminate immediately and the Team Member shall have no rights hereunder with respect to those unvested RSUs.

(d)    Code Section 409A. The Committee in its sole discretion may accelerate

3.

or delay the distribution of any payment under this Agreement to the extent allowed or required under Code Section 409A. Payment of amounts under this Agreement are intended to comply with the requirements of Code Section 409A and this Agreement shall in all respects be administered and construed to give effect to such intent.

10.    Taxes. The Team Member acknowledges that (a) the ultimate liability for any and all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”) legally due by him or her is and remains the Team Member’s responsibility and may exceed the amount actually withheld by the Company and/or a Subsidiary to which the Team Member is providing Service (the “Service Recipient”) and (b) the Company and/or the Service Recipient or a former Service Recipient, as applicable, (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant, vesting and/or conversion of the RSUs and issuance of Shares; (ii) do not commit and are under no obligation to structure the terms of the grant or any aspect of the RSUs to reduce or eliminate the Team Member’s liability for Tax-Related Items; (iii) may be required to withhold or account for Tax-Related Items in more than one jurisdiction if the Team Member has become subject to tax in more than one jurisdiction between the Grant Date and the date of any relevant taxable event; and (iv) may refuse to deliver the Shares to the Team Member if he or she fails to comply with his or her obligations in connection with the Tax-Related Items as provided in this Section.

The Team Member authorizes and consents to the Company and/or the Service Recipient, or their respective agents, satisfying all applicable Tax-Related Items which the Company reasonably determines are legally payable by him or her by withholding from the Shares that would otherwise be delivered to the Team Member the highest number of whole Shares that the Company determines has a value less than or equal to the aggregate applicable Tax-Related Items. In lieu thereof, the Team Member may elect at the time of conversion of the RSUs such other then-permitted method or combination of methods established by the Company and/or the Service Recipient to satisfy the Team Member’s Tax-Related Items.

11.    Limitations on Transfer. The Award shall not be sold, assigned, transferred, exchanged or encumbered by the Team Member other than pursuant to the terms of the Plan.

12.    Recoupment Provision. The provisions of this Section 12 apply only if the Team Member is at the officer level or above on the Grant Date. In the event of intentional misconduct of the Team Member that causes the Company material financial or material reputational harm, or contributes a restatement of the Company’s consolidated financial statements, the Company may take one or more of the following actions with respect to the Award, as determined by the Human Resources & Compensation Committee of the Board in its sole discretion, and the Team Member shall be bound by such determination:

(a)    cancel all or a portion of the RSUs, whether vested or unvested, including any dividend equivalents related to the Award; and

4.

(b)    require repayment of all or any portion of the amounts realized or received by the Team Member resulting from the conversion of RSUs to Shares or the sale of Shares related to the Award.

The term “restatement” shall mean the result of revising financial statements previously filed with the Securities and Exchange Commission to reflect the correction of an error. The term “intentional misconduct” shall be limited to conduct that the Human Resources & Compensation Committee or its delegate determines indicates an intentional violation of law, an intentional violation of the Company’s Business Conduct Guide (or any successor or replacement code of conduct for employees), or an intentional violation of a significant ethics or compliance policy of the Company, but shall not include good faith errors in judgment made by the Team Member.

The Team Member agrees that the Company may setoff any amounts it is entitled to recover under this Section against any amounts owed by the Company to the Team Member under any of the Company’s deferred compensation plans to the extent permitted under Code Section 409A. The Team Member further agrees that the terms of this Section shall survive the Team Member’s termination of Service and any conversion of the Award into Shares. This Section 12 shall not apply, and no amounts may be recovered hereunder, following a Change in Control.

13.    No Employment Rights. Nothing in this Agreement, the Plan or the Award Letter shall confer upon the Team Member any right to continued Service with the Company or any Subsidiary, as applicable, nor shall it interfere with or limit in any way any right of the Company or any Subsidiary, as applicable, to terminate the Team Member’s Service at any time with or without Cause or change the Team Member’s compensation, other benefits, job responsibilities or title provided in compliance with applicable local laws and permitted under the terms of the Team Member’s service contract, if any.

(a)    The Team Member’s rights to vest in the RSUs or receive Shares after termination of Service shall be determined pursuant to Sections 3 through 9. Those rights and the Team Member’s date of termination of Service will not be extended by any notice period mandated under local law (e.g., active service would not include a period of “garden leave” or similar notice period pursuant to local law).

(b)    This Agreement, the Plan and the Award Letter are separate from, and shall not form, any part of the contract of Service of the Team Member, or affect any of the rights and obligations arising from the Service relationship between the Team Member and the Company and/or the Service Recipient.

(c)    No Service Provider has a right to participate in the Plan. All decisions with respect to future grants, if any, shall be at the sole discretion of the Company and/or the Service Recipient.

(d)    The Team Member will have no claim or right of action in respect of any decision, omission or discretion which may operate to the disadvantage of the Team Member.

5.

14.    Nature of Grant. In accepting the grant, the Team Member acknowledges, understands, and agrees that:

(a)    the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan and this Agreement, and any such modification, amendment, suspension or termination will not constitute a constructive or wrongful dismissal;

(b)    the RSUs are extraordinary items and are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or welfare or retirement benefits or similar payments;

(c)    in no event should the RSUs be considered as compensation for, or relating in any way to, past services for the Company or the Service Recipient, nor are the RSUs or the underlying Shares intended to replace any pension rights or compensation;

(d)    the future value of the underlying Shares is unknown and cannot be predicted with certainty;

(e)    the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Team Member’s participation in the Plan or the RSUs;

(f)    no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs resulting from termination of the Team Member’s Service (for any reason whatsoever and whether or not in breach of local labor laws), and in consideration of the grant of the RSUs to which the Team Member is otherwise not entitled, the Team Member irrevocably (i) agrees never to institute any such claim against the Company or the Service Recipient, (ii) waives the Team Member’s ability, if any, to bring any such claim, and (iii) releases the Company and the Service Recipient from any such claim. If, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the Team Member shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claims; and

(g)    the Team Member is hereby advised to consult with personal tax, legal and financial advisors regarding participation in the Plan before taking any action related to the RSUs or the Plan.

15.    Governing Law; Venue; Jurisdiction; Severability. To the extent that federal laws do not otherwise control, this Agreement, the Award Letter, the Plan and all determinations made and actions taken pursuant to the Plan shall be governed by the laws of the State of Minnesota without regard to its conflicts-of-law principles and shall be construed accordingly. The exclusive forum and venue for any legal action arising out of or related to this Agreement

6.

shall be the United States District Court for the District of Minnesota, and the parties submit to the personal jurisdiction of that court. If neither subject matter nor diversity jurisdiction exists in the United States District Court for the District of Minnesota, then the exclusive forum and venue for any such action shall be the courts of the State of Minnesota located in Hennepin County, and the Team Member, as a condition of this Agreement, consents to the personal jurisdiction of that court. If any provision of this Agreement, the Award Letter or the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Agreement, the Award Letter or the Plan, and the Agreement, the Award Letter and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

16.    Currencies and Dates. Unless otherwise stated, all dollars specified in this Agreement and the Award Letter shall be in U.S. dollars and all dates specified in this Agreement shall be U.S. dates.

17.    Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Team Member’s participation in the Plan, on the RSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with local law or facilitate the administration of the Plan, and to require the Team Member to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

18.    Plan and Award Letter Incorporated by Reference; Electronic Delivery. The Plan, as hereafter amended from time to time, and the Award Letter shall be deemed to be incorporated into this Agreement and are integral parts hereof. In the event there is any inconsistency between the provisions of this Agreement and the Plan, the provisions of the Plan shall govern. The Company or a third party designated by the Company may deliver to the Team Member by electronic means any documents related to his or her participation in the Plan. The Team Member acknowledges receipt of a copy of the Plan and the Award Letter.

[End of Agreement]

7.

EX-10.T

Exhibit (10)T

F

Amended and Restated Target Corporation 2011 Long-Term Incentive Plan

PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT

THIS PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”) is made in Minneapolis, Minnesota as of the date of grant (the “Grant Date”) set forth in the award letter (the “Award Letter”) by and between the Company and the person (the “Team Member”) identified in the Award Letter. This award (the “Award”) of Performance-Based Restricted Stock Units (“PBRSUs”), provided to you as a Service Provider, is being issued under the Amended and Restated Target Corporation 2011 Long-Term Incentive Plan (the “Plan”), subject to the following terms and conditions.

1.    Definitions. Except as otherwise provided in this Agreement, the defined terms used in this Agreement shall have the same meaning as in the Plan. The term “Committee” shall also include those persons to whom authority has been delegated under the Plan.

2.    Grant of PBRSUs.

(a)    Subject to the relevant terms of the Plan and this Agreement, as of the Grant Date, the Company has granted the Team Member the number of PBRSUs set forth in the Award Letter (the “Goal Payout”). The maximum number of Shares that may be earned is equal to 125% of the Goal Payout (the “Maximum Payout”). The number of Shares actually earned, if any, shall depend on the Company’s performance during the period comprised of the Company’s three consecutive fiscal years beginning with the first full fiscal year during which the Grant Date occurs (the “Performance Period”).

(b)    Except as set forth in Section 6, the actual number of Shares earned will be determined by the Committee pursuant to a formula established by the Committee to measure the Company’s performance during the Performance Period (the “Payout Formula”). The determination of the actual number of Shares earned, which shall not exceed the Maximum Payout, shall occur as soon as practicable after completion of the Performance Period, but in any event not later than November 30 of the calendar year in which the Performance Period ends (the date the Committee so determines, the “Determination Date”). A description of the Payout Formula and the percentage of Shares to be earned, if any, for the various levels of performance will be communicated to the Team Member. All decisions of the Committee regarding the application of the Payout Formula and the number of Shares earned shall be final and binding on the Team Member. Except as set forth in Section 6, the Award shall be cancelled and the Team Member shall have no rights hereunder if the Determination Date does not occur.

3.    Vesting Schedule. The PBRSUs shall vest on the earlier of: (a) the end of the Performance Period, in which case, the number of Shares earned shall be determined by the Committee pursuant to the Payout Formula; (b) the date that the conditions for an Accelerated Vesting Event set forth in Section 4 are satisfied, in which case, the number of Shares earned shall be determined by the Committee pursuant to the Payout Formula; or (c) as specified in Sections 5 or 6. The date of vesting is referred to as the “Vesting Date”. All such vested PBRSUs shall be paid out as provided in Section 10, in accordance with and subject to any restrictions set forth in this Agreement, the Plan or any Release Agreement that the Team Member may be required to enter pursuant to Sections 4, 5 or 6. “Release Agreement” means an agreement containing a release of claims, a covenant not to engage in competitive employment, and/or other provisions deemed appropriate by the Committee in its sole discretion.

4.    Accelerated Vesting Events. Upon the occurrence of one of the following events (each, an “Accelerated Vesting Event”), the PBRSUs subject to this Agreement shall vest as provided below:

(a)    Retirement. If the Retirement Conditions are satisfied the PBRSUs shall vest as of the date the last of the Retirement Conditions is satisfied and be settled in a number of Shares determined by the Committee pursuant to the Payout Formula. The “Retirement Conditions” are: (i) the Team Member attaining age 55 and completing at least 5 years of Service (which 5 years need not be continuous) on or prior to the Team Member’s voluntary termination of Service, (ii) the Company receiving a valid unrevoked Release Agreement from the Team Member, and (iii) the Team Member must have commenced discussions with the Company’s Chief Team Member Officer or most senior human resources Team Member regarding the Team Member’s consideration of termination at least six months prior to the Team Member’s voluntary termination of Service.

(b)    Death. In the case of the Team Member’s death prior to the Team Member’s termination of Service, the PBRSUs shall vest as of the date of the Team Member’s death and be settled in a number of Shares determined by the Committee pursuant to the Payout Formula.

(c)    Disability. In the case of the Team Member’s Disability prior to the Team Member’s termination of Service, the PBRSUs shall vest as of the date of the Team Member’s Disability and be settled in a number of Shares determined by the Committee pursuant to the Payout Formula.

5.    Involuntary Service Separation. Notwithstanding any other provisions of this Agreement to the contrary and provided that the Company has received a valid unrevoked Release Agreement from the Team Member, if the Team Member’s Service is involuntarily terminated by the Company or a Subsidiary to which the Team Member is providing Service (the “Service Recipient”) prior to the end of the Performance Period other than for Cause and under circumstances not covered in Section 6 below (an “Involuntary Service Separation”), then the 50% of the outstanding unvested PBRSUs shall vest as of the date of the Team Member’s Involuntary Service Separation and such 50% of the outstanding unvested PBRSUs shall be settled in a number of Shares equal to the amount determined by the Committee

2.

pursuant to the Payout Formula. All remaining PBRSUs shall be cancelled and the Team Member shall have no rights to such cancelled PBRSUs.

6.    Change in Control. If a Change in Control occurs prior to the Determination Date and the Award is assumed or replaced pursuant to Section 11(b)(1) of the Plan, the Award will continue to be subject to the Vesting Schedule provided in Section 3, but the total number of Shares earned under the Payout Formula shall be deemed to be equal to the Goal Payout. Notwithstanding the foregoing, if within two years after a Change in Control and prior to the end of the Performance Period, the Team Member’s Service terminates voluntarily by the Team Member for Good Reason or involuntarily without Cause, and provided that the Company has received a valid unrevoked Release Agreement from the Team Member, then the PBRSUs shall vest as of the date of the Team Member’s termination of Service and be settled in a number of Shares equal to the Goal Payout.

7.    Cause. Notwithstanding any other provisions of this Agreement to the contrary, if the Committee concludes, in its sole discretion, that the Team Member’s Service was terminated in whole or in part for Cause, all of the PBRSUs subject to the Award shall terminate immediately and the Team Member shall have no rights hereunder.

8.    Other Termination; Changes of Service. If the Team Member’s termination of Service occurs at any time prior to the end of the Performance Period for any reason not meeting the conditions specified in Sections 4 through 7, all of the PBRSUs subject to the Award shall terminate effective as of the date of termination of Service and the Team Member shall have no rights hereunder. Service shall not be deemed terminated in the case of (a) any approved leave of absence, or (b) transfers among the Company and any Subsidiaries in the same Service Provider capacity; however, a termination of Service shall occur if (i) the relationship the Team Member had with the Company or a Subsidiary at the Grant Date terminates, even if the Team Member continues in another Service Provider capacity with the Company or a Subsidiary, or (ii) the Team Member experiences a “separation from service” within the meaning of Code Section 409A.

9.    Dividend Equivalents. The Team Member shall have the right to receive additional PBRSUs with a value equal to the regular cash dividend paid on one Share for each PBRSU earned pursuant to this Agreement prior to the conversion of PBRSUs and issuance of Shares pursuant to Section 10. The dividend equivalents will be based on the actual number of PBRSUs earned pursuant to this Agreement. The number of additional PBRSUs to be received as dividend equivalents for each PBRSU held shall be determined by dividing the cash dividend per share by the Fair Market Value of one Share on the dividend payment date; provided, however, that for purposes of avoiding the issuance of fractional PBRSUs, on each dividend payment date the additional PBRSUs issued as dividend equivalents shall be rounded up to the nearest whole number. All such additional PBRSUs received as dividend equivalents shall be subject to forfeiture in the same manner and to the same extent as the original PBRSUs granted hereby, and shall be converted into Shares on the basis and at the time set forth in Section 10 hereof.

3.

10.    Conversion of PBRSUs and Issuance of Shares.

(a)    Timing. Vested PBRSUs shall be converted to Shares in accordance with the Payout Formula and shall be issued within 90 days following the Determination Date, but in any event not later than December 31 of the calendar year in which the Performance Period ends. Notwithstanding the foregoing, PBRSUs meeting the conditions specified in Section 6 involving termination of the Team Member’s Service voluntarily for Good Reason or involuntarily without Cause, shall be converted to Shares that shall be issued within 90 days following such termination.

(b)    Unvested PBRSUs. All of the PBRSUs subject to the Award that are unvested as of the time the vested PBRSUs are converted and Shares are issued under this Section 10 shall terminate immediately and the Team Member shall have no rights hereunder with respect to those unvested PBRSUs.

(c)    Code Section 409A. The Committee in its sole discretion may accelerate or delay the distribution of any payment under this Agreement to the extent allowed or required under Code Section 409A. Payment of amounts under this Agreement are intended to comply with the requirements of Code Section 409A and this Agreement shall in all respects be administered and construed to give effect to such intent.

11.    Taxes. The Team Member acknowledges that (a) the ultimate liability for any and all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”) legally due by him or her is and remains the Team Member’s responsibility and may exceed the amount actually withheld by the Company and/or the Service Recipient and (b) the Company and/or the Service Recipient or a former Service Recipient, as applicable, (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the PBRSUs, including, but not limited to, the grant, vesting and/or conversion of the PBRSUs and issuance of Shares; (ii) do not commit and are under no obligation to structure the terms of the grant or any aspect of the PBRSUs to reduce or eliminate the Team Member’s liability for Tax-Related Items; (iii) may be required to withhold or account for Tax-Related Items in more than one jurisdiction if the Team Member has become subject to tax in more than one jurisdiction between the Grant Date and the date of any relevant taxable event; and (iv) may refuse to deliver the Shares to the Team Member if he or she fails to comply with his or her obligations in connection with the Tax-Related Items as provided in this Section.

The Team Member authorizes and consents to the Company and/or the Service Recipient, or their respective agents, satisfying all applicable Tax-Related Items which the Company reasonably determines are legally payable by him or her by withholding from the Shares that would otherwise be delivered to the Team Member the highest number of whole Shares that the Company determines has a value less than or equal to the aggregate applicable Tax-Related Items. In lieu thereof, the Team Member may elect at the time of conversion of the PBRSUs such other then-permitted method or combination of methods established by the Company and/or the Service Recipient to satisfy the Team Member’s Tax-Related Items.

4.

12.    Limitations on Transfer. The Award shall not be sold, assigned, transferred, exchanged or encumbered by the Team Member other than pursuant to the terms of the Plan.

13.    Recoupment Provision. In the event of intentional misconduct of the Team Member that causes the Company material financial or material reputational harm, or contributes a restatement of the Company’s consolidated financial statements, the Company may take one or more of the following actions with respect to the Award, as determined by the Human Resources & Compensation Committee of the Board in its sole discretion, and the Team Member shall be bound by such determination:

(a)    cancel all or a portion of the PBRSUs, whether vested or unvested, including any dividend equivalents related to the Award; and

(b)    require repayment of all or any portion of the amounts realized or received by the Team Member resulting from the conversion of PBRSUs to Shares or the sale of Shares related to the Award.

The term “restatement” shall mean the result of revising financial statements previously filed with the Securities and Exchange Commission to reflect the correction of an error. The term “intentional misconduct” shall be limited to conduct that the Human Resources & Compensation Committee or its delegate determines indicates an intentional violation of law, an intentional violation of the Company’s Business Conduct Guide (or any successor or replacement code of conduct for employees), or an intentional violation of a significant ethics or compliance policy of the Company, but shall not include good faith errors in judgment made by the Team Member.

The Team Member agrees that the Company may setoff any amounts it is entitled to recover under this Section against any amounts owed by the Company to the Team Member under any of the Company’s deferred compensation plans to the extent permitted under Code Section 409A. The Team Member further agrees that the terms of this Section shall survive the Team Member’s termination of Service and any conversion of the Award into Shares. This Section 13 shall not apply, and no amounts may be recovered hereunder, following a Change in Control.

14.    No Employment Rights. Nothing in this Agreement, the Plan or the Award Letter shall confer upon the Team Member any right to continued Service with the Company or any Subsidiary, as applicable, nor shall it interfere with or limit in any way any right of the Company or any Subsidiary, as applicable, to terminate the Team Member’s Service at any time with or without Cause or change the Team Member’s compensation, other benefits, job responsibilities or title provided in compliance with applicable local laws and permitted under the terms of the Team Member’s Service contract, if any.

(a)    The Team Member’s rights to vest in the PBRSUs or receive Shares after termination of Service shall be determined pursuant to Sections 3 through 10. Those rights and the Team Member’s date of termination of Service will not be extended by any notice period

5.

mandated under local law (e.g., active service would not include a period of “garden leave” or similar notice period pursuant to local law).

(b)    This Agreement, the Plan and the Award Letter are separate from, and shall not form, any part of the contract of Service of the Team Member, or affect any of the rights and obligations arising from the Service relationship between the Team Member and the Company and/or the Service Recipient.

(c)    No Service Provider has a right to participate in the Plan. All decisions with respect to future grants, if any, shall be at the sole discretion of the Company and/or the Service Recipient.

(d)    The Team Member will have no claim or right of action in respect of any decision, omission or discretion which may operate to the disadvantage of the Team Member.

15.    Nature of Grant. In accepting the grant, the Team Member acknowledges, understands, and agrees that:

(a)    the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan and this Agreement, and any such modification, amendment, suspension or termination will not constitute a constructive or wrongful dismissal;

(b)    the PBRSUs are extraordinary items and are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or welfare or retirement benefits or similar payments;

(c)    in no event should the PBRSUs be considered as compensation for, or relating in any way to, past services for the Company or the Service Recipient, nor are the PBRSUs or the underlying Shares intended to replace any pension rights or compensation;

(d)    the future value of the underlying Shares is unknown and cannot be predicted with certainty;

(e)    the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Team Member’s participation in the Plan or the PBRSUs;

(f)    no claim or entitlement to compensation or damages shall arise from forfeiture of the PBRSUs resulting from termination of the Team Member’s Service (for any reason whatsoever and whether or not in breach of local labor laws), and in consideration of the grant of the PBRSUs to which the Team Member is otherwise not entitled, the Team Member irrevocably (i) agrees never to institute any such claim against the Company or the Service Recipient, (ii) waives the Team Member’s ability, if any, to bring any such claim, and (iii) releases the Company and the Service Recipient from any such claim. If, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by

6.

participating in the Plan, the Team Member shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claims; and

(g)    the Team Member is hereby advised to consult with personal tax, legal and financial advisors regarding participation in the Plan before taking any action related to the PBRSUs or the Plan.

16.    Governing Law; Venue; Jurisdiction; Severability. To the extent that federal laws do not otherwise control, this Agreement, the Award Letter, the Plan and all determinations made and actions taken pursuant to the Plan shall be governed by the laws of the State of Minnesota without regard to its conflicts-of-law principles and shall be construed accordingly. The exclusive forum and venue for any legal action arising out of or related to this Agreement shall be the United States District Court for the District of Minnesota, and the parties submit to the personal jurisdiction of that court. If neither subject matter nor diversity jurisdiction exists in the United States District Court for the District of Minnesota, then the exclusive forum and venue for any such action shall be the courts of the State of Minnesota located in Hennepin County, and the Team Member, as a condition of this Agreement, consents to the personal jurisdiction of that court. If any provision of this Agreement, the Award Letter or the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Agreement, the Award Letter or the Plan, and the Agreement, the Award Letter and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

17.    Currencies and Dates. Unless otherwise stated, all dollars specified in this Agreement and the Award Letter shall be in U.S. dollars and all dates specified in this Agreement shall be U.S. dates.

18.    Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Team Member’s participation in the Plan, on the PBRSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with local law or facilitate the administration of the Plan, and to require the Team Member to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

19.    Plan and Award Letter Incorporated by Reference; Electronic Delivery. The Plan, as hereafter amended from time to time, and the Award Letter shall be deemed to be incorporated into this Agreement and are integral parts hereof. In the event there is any inconsistency between the provisions of this Agreement and the Plan, the provisions of the Plan shall govern. The Company or a third party designated by the Company may deliver to the Team Member by electronic means any documents related to his or her participation in the Plan. The Team Member acknowledges receipt of a copy of the Plan and the Award Letter.

[End of Agreement]

7.

EX-10.U

Exhibit (10)U

Amended and Restated Target Corporation 2011 Long-Term Incentive Plan

PERFORMANCE SHARE UNIT AGREEMENT

(Officer)

THIS PERFORMANCE SHARE UNIT AGREEMENT (the “Agreement”) is made in Minneapolis, Minnesota as of the date of grant (the “Grant Date”) set forth in the award letter (the “Award Letter”) by and between the Company and the person (the “Team Member”) identified in the Award Letter. This award (the “Award”) of Performance Share Units (“PSUs”), provided to you as a Service Provider, is being issued under the Amended and Restated Target Corporation 2011 Long-Term Incentive Plan (the “Plan”), subject to the following terms and conditions.

1.    Definitions. Except as otherwise provided in this Agreement, the defined terms used in this Agreement shall have the same meaning as in the Plan. The term “Committee” shall also include those persons to whom authority has been delegated under the Plan.

2.    Grant of PSUs. Subject to the relevant terms of the Plan and this Agreement, as of the Grant Date, the Company has granted the Team Member the number of PSUs set forth in the Award Letter (the “Goal Payout”). The maximum number of Shares that may be earned is equal to 200% of the Goal Payout (the “Maximum Payout”). The number of Shares actually earned, if any, shall depend on the Company’s performance during the period comprised of the Company’s three consecutive fiscal years beginning with the first full fiscal year in which the Grant Date occurs (the “Performance Period”).

3.    Payout Formula. Except as set forth in Section 5, the actual number of Shares earned will be determined by the Committee pursuant to a formula established by the Committee to measure the Company’s performance during the Performance Period (the “Payout Formula”). The determination of the actual number of Shares earned, which shall not exceed the Maximum Payout, shall occur as soon as practicable after completion of the Performance Period, but in any event not later than November 30 of the calendar year in which the Performance Period ends (the date the Committee so determines, the “Determination Date”). A description of the Payout Formula and the percentage of Shares to be earned, if any, for the various levels of performance will be communicated to the Team Member. All decisions of the Committee regarding the application of the Payout Formula and the number of Shares earned shall be final and binding on the Team Member. Except as set forth in Section 5, the Award shall be cancelled and the Team Member shall have no rights hereunder if any of the following occur: (a) the Determination Date does not occur, or (b) the Committee determines on the Determination Date that no Shares have been earned.

4.    Continuous Service Requirement. In order to earn any Shares, the Team Member must be continuously providing Service from the Grant Date to the end of the Performance Period, except as described in this Section and Section 5. Even if the Team Member is not continuously providing Service through the end of the Performance Period, upon the occurrence of one of the events specified in Sections 4(a) through 4(d), the Shares that are earned during the Performance Period, if any, shall vest and be paid out as provided in Section 9, in accordance with and subject to any restrictions set forth in this Agreement, the Plan or any Release Agreement that the Team Member may be required to enter pursuant to this Section or Section 5. “Release Agreement” means an agreement containing a release of claims, a covenant not to engage in competitive employment, and/or other provisions deemed appropriate by the Committee in its sole discretion.

(a)    Early Retirement Date. The Team Member’s Service terminates on or after the Team Member’s Early Retirement Date and the Company receives a valid unrevoked Release Agreement from the Team Member. “Early Retirement Date” is the date that is (i) on or prior to the Team Member’s termination of Service, (ii) at or after attaining age 45 and prior to attaining age 55 and completing at least 15 years of Service (which 15 years need not be continuous), (iii) if the Team Member’s termination of Service is voluntary, at least six months after the Team Member commenced discussions with the Company’s Chief Executive Officer or most senior human resources executive regarding the Team Member’s consideration of termination, and (iv) the following additional requirements are satisfied, to the extent applicable: (A) if the Team Member’s Early Retirement Date occurs prior to the Team Member’s attainment of age 48, the Team Member was providing Service for at least the first 24 months of the Performance Period, (B) if the Team Member’s Early Retirement Date occurs prior to the Team Member’s attainment of age 52 and on or after attainment of age 48, the Team Member was providing Service for at least the first 18 months of the Performance Period, and (C) if the Team Member’s Early Retirement Date occurs prior to the Team Member’s attainment of age 55 and on or after attainment of age 52, the Team Member was providing Service for at least the first 12 months of the Performance Period.

(b)    Normal Retirement Date. The Team Member’s Service terminates on or after the Team Member’s Normal Retirement Date and the Company receives a valid unrevoked Release Agreement from the Team Member. “Normal Retirement Date” is the date that is (i) on or prior to the Team Member’s termination of Service, (ii) at or after attaining age 55 and completing at least 5 years of Service (which 5 years need not be continuous), and (iii) if the Team Member’s termination of Service is voluntary, at least six months after the Team Member commenced discussions with the Company’s Chief Executive Officer or most senior human resources executive regarding the Team Member’s consideration of termination.

(c)    Death. The Team Member’s death prior to the Team Member’s termination of Service.

(d)    Disability. The Team Member’s Disability (as determined by the Committee in its sole discretion, provided such determination complies with the definition of disability under Code Section 409A) prior to the Team Member’s termination of Service.

2.

5.    Change in Control. If a Change in Control occurs prior to the Determination Date and the Award is assumed or replaced pursuant to Section 11(b)(1) of the Plan, the Award will continue to be subject to the Continuous Service Requirement provided in Section 4, but the total number of Shares earned under the Payout Formula shall be deemed to be equal to the Goal Payout. Notwithstanding the foregoing if within two years after a Change in Control and prior to the end of the Performance Period the Team Member’s Service terminates voluntarily by the Team Member for Good Reason or involuntarily without Cause, provided that the Company has received a valid unrevoked Release Agreement from the Team Member, the total number of Shares earned under the Payout Formula shall be deemed to be equal to the Goal Payout.

6.    Cause. Notwithstanding any other provisions of this Agreement to the contrary, if the Committee concludes, in its sole discretion, that the Team Member’s Service was terminated in whole or in part for Cause, all of the PSUs subject to the Award shall terminate immediately and the Team Member shall have no rights hereunder.

7.    Other Termination; Changes of Service. If the Team Member’s termination of Service occurs at any time prior to the end of the Performance Period for any reason not meeting the conditions specified in Sections 4 or 5, all of the PSUs subject to the Award shall terminate effective as of the date of termination of Service and the Team Member shall have no rights hereunder. Service shall not be deemed terminated in the case of (a) any approved leave of absence, or (b) transfers among the Company and any Subsidiaries in the same Service Provider capacity; however, a termination of Service shall occur if (i) the relationship the Team Member had with the Company or a Subsidiary at the Grant Date terminates, even if the Team Member continues in another Service Provider capacity with the Company or a Subsidiary, or (ii) the Team Member experiences a “separation from service” within the meaning of Code Section 409A.

8.    Dividend Equivalents. The Team Member shall have the right to receive additional PSUs with a value equal to the regular cash dividend paid on one Share for each PSU earned pursuant to this Agreement prior to the conversion of PSUs and issuance of Shares pursuant to Section 9. The dividend equivalents will be based on the actual number of PSUs earned pursuant to this Agreement. The number of additional PSUs to be received as dividend equivalents for each PSU held shall be determined by dividing the cash dividend per share by the Fair Market Value of one Share on the dividend payment date; provided, however, that for purposes of avoiding the issuance of fractional PSUs, on each dividend payment date the additional PSUs issued as dividend equivalents shall be rounded up to the nearest whole number. All such additional PSUs received as dividend equivalents shall be subject to forfeiture in the same manner and to the same extent as the original PSUs granted hereby, and shall be converted into Shares on the basis and at the time set forth in Section 9 hereof.

9.    Time of Payout. Vested PSUs shall be converted to Shares in accordance with the Payout Formula and shall be issued as soon as practicable following the end of the Performance Period and after the Committee has determined on the Determination Date that they have been earned, but not later than 90 days following the Determination Date. Notwithstanding the foregoing, PSUs meeting the conditions specified in Section 5 involving

3.

termination of the Team Member’s Service voluntarily for Good Reason or involuntarily without Cause, shall be converted to Shares that shall be issued within 90 days following such termination. The Committee in its sole discretion may accelerate or delay the distribution of any payment under this Agreement to the extent allowed or required under Code Section 409A. Payment of amounts under this Agreement are intended to comply with the requirements of Code Section 409A and this Agreement shall in all respects be administered and construed to give effect to such intent.

10.    Taxes. The Team Member acknowledges that (a) the ultimate liability for any and all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”) legally due by him or her is and remains the Team Member’s responsibility and may exceed the amount actually withheld by the Company and/or a Subsidiary to which the Team Member is providing Service (the “Service Recipient”) and (b) the Company and/or the Service Recipient or a former Service Recipient, as applicable, (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the PSUs, including, but not limited to, the grant, vesting and/or conversion of the PSUs and issuance of Shares; (ii) do not commit and are under no obligation to structure the terms of the grant or any aspect of the PSUs to reduce or eliminate the Team Member’s liability for Tax-Related Items; (iii) may be required to withhold or account for Tax-Related Items in more than one jurisdiction if the Team Member has become subject to tax in more than one jurisdiction between the Grant Date and the date of any relevant taxable event; and (iv) may refuse to deliver the Shares to the Team Member if he or she fails to comply with his or her obligations in connection with the Tax-Related Items as provided in this Section.

The Team Member authorizes and consents to the Company and/or the Service Recipient, or their respective agents, satisfying all applicable Tax-Related Items which the Company reasonably determines are legally payable by him or her by withholding from the Shares that would otherwise be delivered to the Team Member the highest number of whole Shares that the Company determines has a value less than or equal to the aggregate applicable Tax-Related Items. In lieu thereof, the Team Member may elect at the time of conversion of the PSUs such other then-permitted method or combination of methods established by the Company and/or the Service Recipient to satisfy the Team Member’s Tax-Related Items.

11.    Limitations on Transfer. The Award shall not be sold, assigned, transferred, exchanged or encumbered by the Team Member other than pursuant to the terms of the Plan.

12.    Recoupment Provision. In the event of intentional misconduct of the Team Member that causes the Company material financial or material reputational harm, or contributes a restatement of the Company’s consolidated financial statements, the Company may take one or more of the following actions with respect to the Award, as determined by the Human Resources & Compensation Committee of the Board in its sole discretion, and the Team Member shall be bound by such determination:

4.

(a)    cancel all or a portion of the PSUs, whether earned or unearned, including any dividend equivalents related to the Award; and

(b)    require repayment of all or any portion of the amounts realized or received by the Team Member resulting from the conversion of PSUs to Shares or the sale of Shares related to the Award.

The term “restatement” shall mean the result of revising financial statements previously filed with the Securities and Exchange Commission to reflect the correction of an error. The term “intentional misconduct” shall be limited to conduct that the Human Resources & Compensation Committee or its delegate determines indicates an intentional violation of law, an intentional violation of the Company’s Business Conduct Guide (or any successor or replacement code of conduct for employees), or an intentional violation of a significant ethics or compliance policy of the Company, but shall not include good faith errors in judgment made by the Team Member.

The Team Member agrees that the Company may setoff any amounts it is entitled to recover under this Section against any amounts owed by the Company to the Team Member under any of the Company’s deferred compensation plans to the extent permitted under Code Section 409A. The Team Member further agrees that the terms of this Section shall survive the Team Member’s termination of Service and any conversion of the Award into Shares. This Section 12 shall not apply, and no amounts may be recovered hereunder, following a Change in Control.

13.    No Employment Rights. Nothing in this Agreement, the Plan or the Award Letter shall confer upon the Team Member any right to continued Service with the Company or any Subsidiary, as applicable, nor shall it interfere with or limit in any way any right of the Company or any Subsidiary, as applicable, to terminate the Team Member’s Service at any time with or without Cause or change the Team Member’s compensation, other benefits, job responsibilities or title provided in compliance with applicable local laws and permitted under the terms of the Team Member’s Service contract, if any.

(a)    The Team Member’s rights to vest in the PSUs or receive Shares after termination of Service shall be determined pursuant to Sections 3 through 9. Those rights and the Team Member’s date of termination of Service will not be extended by any notice period mandated under local law (e.g., active service would not include a period of “garden leave” or similar notice period pursuant to local law).

(b)    This Agreement, the Plan and the Award Letter are separate from, and shall not form, any part of the contract of Service of the Team Member, or affect any of the rights and obligations arising from the Service relationship between the Team Member and the Company and/or the Service Recipient.

(c)    No Service Provider has a right to participate in the Plan. All decisions with respect to future grants, if any, shall be at the sole discretion of the Company and/or the Service Recipient.

5.

(d)    The Team Member will have no claim or right of action in respect of any decision, omission or discretion which may operate to the disadvantage of the Team Member.

14.    Nature of Grant. In accepting the grant, the Team Member acknowledges, understands, and agrees that:

(a)    the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan and this Agreement, and any such modification, amendment, suspension or termination will not constitute a constructive or wrongful dismissal;

(b)    the PSUs are extraordinary items and are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or welfare or retirement benefits or similar payments;

(c)    in no event should the PSUs be considered as compensation for, or relating in any way to, past services for the Company or the Service Recipient, nor are the PSUs or the underlying Shares intended to replace any pension rights or compensation;

(d)    the future value of the underlying Shares is unknown and cannot be predicted with certainty;

(e)    the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Team Member’s participation in the Plan or the PSUs;

(f)    no claim or entitlement to compensation or damages shall arise from forfeiture of the PSUs resulting from termination of the Team Member’s Service (for any reason whatsoever and whether or not in breach of local labor laws), and in consideration of the grant of the PSUs to which the Team Member is otherwise not entitled, the Team Member irrevocably (i) agrees never to institute any such claim against the Company or the Service Recipient, (ii) waives the Team Member’s ability, if any, to bring any such claim, and (iii) releases the Company and the Service Recipient from any such claim. If, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the Team Member shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claims; and

(g)    the Team Member is hereby advised to consult with personal tax, legal and financial advisors regarding participation in the Plan before taking any action related to the PSUs or the Plan.

15.    Governing Law; Venue; Jurisdiction; Severability. To the extent that federal laws do not otherwise control, this Agreement, the Award Letter, the Plan and all determinations

6.

made and actions taken pursuant to the Plan shall be governed by the laws of the State of Minnesota without regard to its conflicts-of-law principles and shall be construed accordingly. The exclusive forum and venue for any legal action arising out of or related to this Agreement shall be the United States District Court for the District of Minnesota, and the parties submit to the personal jurisdiction of that court. If neither subject matter nor diversity jurisdiction exists in the United States District Court for the District of Minnesota, then the exclusive forum and venue for any such action shall be the courts of the State of Minnesota located in Hennepin County, and the Team Member, as a condition of this Agreement, consents to the personal jurisdiction of that court. If any provision of this Agreement, the Award Letter or the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Agreement, the Award Letter or the Plan, and the Agreement, the Award Letter and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

16.    Currencies and Dates. Unless otherwise stated, all dollars specified in this Agreement and the Award Letter shall be in U.S. dollars and all dates specified in this Agreement shall be U.S. dates.

17.    Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Team Member’s participation in the Plan, on the PSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with local law or facilitate the administration of the Plan, and to require the Team Member to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

18.    Plan and Award Letter Incorporated by Reference; Electronic Delivery. The Plan, as hereafter amended from time to time, and the Award Letter shall be deemed to be incorporated into this Agreement and are integral parts hereof. In the event there is any inconsistency between the provisions of this Agreement and the Plan, the provisions of the Plan shall govern. The Company or a third party designated by the Company may deliver to the Team Member by electronic means any documents related to his or her participation in the Plan. The Team Member acknowledges receipt of a copy of the Plan and the Award Letter.

[End of Agreement]

7.

EX-21

Exhibit (21)

Target Corporation

(A Minnesota Corporation)

List of Significant Subsidiaries

(As of February 2, 2019)

Target Brands, Inc. (MN)

Target Enterprise, Inc. (MN)

Target General Merchandise, Inc. (MN)

Subsidiaries not included in the list are omitted because, considered in the aggregate as a single subsidiary, they do not constitute a significant subsidiary.

EX-23

Exhibit (23)

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:

• Form S-3 Nos. 333-224749 and 333-65347;

• Form S-8 No. 333-30311 pertaining to the Dayton Hudson Corporation Executive Deferred Compensation Plan, the Dayton Hudson Corporation Highly Compensated Capital Accumulation Plan, the Dayton Hudson Corporation SMG Executive Deferred Compensation Plan, and the Dayton Hudson Corporation Director Deferred Compensation Plan;

• Form S-8 No. 333-86373 pertaining to the Dayton Hudson Corporation Long-Term Incentive Plan of 1999;

• Form S-8 Nos. 333-112260 and 333-75782 pertaining to the Dayton Hudson Corporation Highly Compensated Capital Accumulation Plan, Target Corporation Director Deferred Compensation Plan, Target Corporation Executive Deferred Compensation Plan, and the Target Corporation SMG Executive Deferred Compensation Plan;

• Form S-8 No. 333-116096 pertaining to the Target Corporation Long-Term Incentive Plan;

• Form S-8 No. 333-131082 pertaining to the Target Corporation Director Deferred Compensation Plan, Target Corporation Executive Deferred Compensation Plan, and the Target Corporation SMG Executive Deferred Compensation Plan;

• Form S-8 No. 333-174921 pertaining to the Target Corporation 2011 Long-Term Incentive Plan; and

• Form S-8 No. 333-205027 pertaining to the Amended and Restated Target Corporation 2011 Long-Term Incentive Plan;

of our reports dated March 13, 2019, with respect to the consolidated financial statements of Target Corporation and the effectiveness of internal control over financial reporting of Target Corporation included in this Annual Report (Form 10-K) for the year ended February 2, 2019.

	/s/ Ernst & Young, LLP
Minneapolis, Minnesota March 13, 2019

EX-24

Exhibit (24)

TARGET CORPORATION

Power of Attorney

of Director and/or Officer

The undersigned director and/or officer of TARGET CORPORATION, a Minnesota corporation (the “Corporation”), does hereby make, constitute and appoint BRIAN C. CORNELL, CATHY R. SMITH, DON H. LIU, DAVID L. DONLIN, ANDREW J. NEUHARTH and MARA G. KAPLAN, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as director and/or officer of the Corporation to (1) a Form 10-K, Annual Report, or other applicable form, pursuant to the Securities Exchange Act of 1934, as amended (the “1934 Act”), including any and all exhibits, schedules, supplements, certifications and supporting documents thereto, including, but not limited to, the Form 11-K Annual Reports of the Corporation’s 401(k) Plan and similar plans pursuant to the 1934 Act, and all amendments, supplementations and corrections thereto, to be filed by the Corporation with the Securities and Exchange Commission (the “SEC”), as required in connection with its registration under the 1934 Act; (2) one or more Forms 3, 4, or 5 pursuant to the 1934 Act, or Forms 144 pursuant to the Securities Act of 1933, as amended (the “1933 Act”), and all related documents, amendments, supplementations and corrections thereto; and (3) one or more Registration Statements, on Form S-3, Form S-8, or other applicable forms, and all amendments, including post-effective amendments thereto, to be filed by the Corporation with the SEC in connection with the registration under the 1933 Act, as amended, of debt, equity and other securities of the Corporation, and to file the same, with all exhibits thereto and other supporting documents, with the SEC.

The undersigned also grants to said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted. This Power of Attorney shall remain in effect until revoked in writing by the undersigned.

The undersigned has executed this Power of Attorney as of this 18th day of January, 2019.

/s/ Roxanne S. Austin

Roxanne S. Austin

TARGET CORPORATION

Power of Attorney

of Director and/or Officer

The undersigned director and/or officer of TARGET CORPORATION, a Minnesota corporation (the “Corporation”), does hereby make, constitute and appoint BRIAN C. CORNELL, CATHY R. SMITH, DON H. LIU, DAVID L. DONLIN, ANDREW J. NEUHARTH and MARA G. KAPLAN, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as director and/or officer of the Corporation to (1) a Form 10-K, Annual Report, or other applicable form, pursuant to the Securities Exchange Act of 1934, as amended (the “1934 Act”), including any and all exhibits, schedules, supplements, certifications and supporting documents thereto, including, but not limited to, the Form 11-K Annual Reports of the Corporation’s 401(k) Plan and similar plans pursuant to the 1934 Act, and all amendments, supplementations and corrections thereto, to be filed by the Corporation with the Securities and Exchange Commission (the “SEC”), as required in connection with its registration under the 1934 Act; (2) one or more Forms 3, 4, or 5 pursuant to the 1934 Act, or Forms 144 pursuant to the Securities Act of 1933, as amended (the “1933 Act”), and all related documents, amendments, supplementations and corrections thereto; and (3) one or more Registration Statements, on Form S-3, Form S-8, or other applicable forms, and all amendments, including post-effective amendments thereto, to be filed by the Corporation with the SEC in connection with the registration under the 1933 Act, as amended, of debt, equity and other securities of the Corporation, and to file the same, with all exhibits thereto and other supporting documents, with the SEC.

The undersigned also grants to said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted. This Power of Attorney shall remain in effect until revoked in writing by the undersigned.

The undersigned has executed this Power of Attorney as of this 8th day of January, 2019.

/s/ Douglas M. Baker, Jr.

Douglas M. Baker, Jr.

TARGET CORPORATION

Power of Attorney

of Director and/or Officer

The undersigned director and/or officer of TARGET CORPORATION, a Minnesota corporation (the “Corporation”), does hereby make, constitute and appoint BRIAN C. CORNELL, CATHY R. SMITH, DON H. LIU, DAVID L. DONLIN, ANDREW J. NEUHARTH and MARA G. KAPLAN, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as director and/or officer of the Corporation to (1) a Form 10-K, Annual Report, or other applicable form, pursuant to the Securities Exchange Act of 1934, as amended (the “1934 Act”), including any and all exhibits, schedules, supplements, certifications and supporting documents thereto, including, but not limited to, the Form 11-K Annual Reports of the Corporation’s 401(k) Plan and similar plans pursuant to the 1934 Act, and all amendments, supplementations and corrections thereto, to be filed by the Corporation with the Securities and Exchange Commission (the “SEC”), as required in connection with its registration under the 1934 Act; (2) one or more Forms 3, 4, or 5 pursuant to the 1934 Act, or Forms 144 pursuant to the Securities Act of 1933, as amended (the “1933 Act”), and all related documents, amendments, supplementations and corrections thereto; and (3) one or more Registration Statements, on Form S-3, Form S-8, or other applicable forms, and all amendments, including post-effective amendments thereto, to be filed by the Corporation with the SEC in connection with the registration under the 1933 Act, as amended, of debt, equity and other securities of the Corporation, and to file the same, with all exhibits thereto and other supporting documents, with the SEC.

The undersigned also grants to said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted. This Power of Attorney shall remain in effect until revoked in writing by the undersigned.

The undersigned has executed this Power of Attorney as of this 21st day of January, 2019.

/s/ George S. Barrett

George S. Barrett

TARGET CORPORATION

Power of Attorney

of Director and/or Officer

The undersigned director and/or officer of TARGET CORPORATION, a Minnesota corporation (the “Corporation”), does hereby make, constitute and appoint CATHY R. SMITH, DON H. LIU, DAVID L. DONLIN, ANDREW J. NEUHARTH and MARA G. KAPLAN, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as director and/or officer of the Corporation to (1) a Form 10-K, Annual Report, or other applicable form, pursuant to the Securities Exchange Act of 1934, as amended (the “1934 Act”), including any and all exhibits, schedules, supplements, certifications and supporting documents thereto, including, but not limited to, the Form 11-K Annual Reports of the Corporation’s 401(k) Plan and similar plans pursuant to the 1934 Act, and all amendments, supplementations and corrections thereto, to be filed by the Corporation with the Securities and Exchange Commission (the “SEC”), as required in connection with its registration under the 1934 Act; (2) one or more Forms 3, 4, or 5 pursuant to the 1934 Act, or Forms 144 pursuant to the Securities Act of 1933, as amended (the “1933 Act”), and all related documents, amendments, supplementations and corrections thereto; and (3) one or more Registration Statements, on Form S-3, Form S-8, or other applicable forms, and all amendments, including post-effective amendments thereto, to be filed by the Corporation with the SEC in connection with the registration under the 1933 Act, as amended, of debt, equity and other securities of the Corporation, and to file the same, with all exhibits thereto and other supporting documents, with the SEC.

The undersigned also grants to said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted. This Power of Attorney shall remain in effect until revoked in writing by the undersigned.

The undersigned has executed this Power of Attorney as of this 15th day of January, 2019.

/s/ Brian C. Cornell

Brian C. Cornell

TARGET CORPORATION

Power of Attorney

of Director and/or Officer

The undersigned director and/or officer of TARGET CORPORATION, a Minnesota corporation (the “Corporation”), does hereby make, constitute and appoint BRIAN C. CORNELL, CATHY R. SMITH, DON H. LIU, DAVID L. DONLIN, ANDREW J. NEUHARTH and MARA G. KAPLAN, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as director and/or officer of the Corporation to (1) a Form 10-K, Annual Report, or other applicable form, pursuant to the Securities Exchange Act of 1934, as amended (the “1934 Act”), including any and all exhibits, schedules, supplements, certifications and supporting documents thereto, including, but not limited to, the Form 11-K Annual Reports of the Corporation’s 401(k) Plan and similar plans pursuant to the 1934 Act, and all amendments, supplementations and corrections thereto, to be filed by the Corporation with the Securities and Exchange Commission (the “SEC”), as required in connection with its registration under the 1934 Act; (2) one or more Forms 3, 4, or 5 pursuant to the 1934 Act, or Forms 144 pursuant to the Securities Act of 1933, as amended (the “1933 Act”), and all related documents, amendments, supplementations and corrections thereto; and (3) one or more Registration Statements, on Form S-3, Form S-8, or other applicable forms, and all amendments, including post-effective amendments thereto, to be filed by the Corporation with the SEC in connection with the registration under the 1933 Act, as amended, of debt, equity and other securities of the Corporation, and to file the same, with all exhibits thereto and other supporting documents, with the SEC.

The undersigned also grants to said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted. This Power of Attorney shall remain in effect until revoked in writing by the undersigned.

The undersigned has executed this Power of Attorney as of this 8th day of January, 2019.

/s/ Calvin Darden

Calvin Darden

TARGET CORPORATION

Power of Attorney

of Director and/or Officer

The undersigned director and/or officer of TARGET CORPORATION, a Minnesota corporation (the “Corporation”), does hereby make, constitute and appoint BRIAN C. CORNELL, CATHY R. SMITH, DON H. LIU, DAVID L. DONLIN, ANDREW J. NEUHARTH and MARA G. KAPLAN, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as director and/or officer of the Corporation to (1) a Form 10-K, Annual Report, or other applicable form, pursuant to the Securities Exchange Act of 1934, as amended (the “1934 Act”), including any and all exhibits, schedules, supplements, certifications and supporting documents thereto, including, but not limited to, the Form 11-K Annual Reports of the Corporation’s 401(k) Plan and similar plans pursuant to the 1934 Act, and all amendments, supplementations and corrections thereto, to be filed by the Corporation with the Securities and Exchange Commission (the “SEC”), as required in connection with its registration under the 1934 Act; (2) one or more Forms 3, 4, or 5 pursuant to the 1934 Act, or Forms 144 pursuant to the Securities Act of 1933, as amended (the “1933 Act”), and all related documents, amendments, supplementations and corrections thereto; and (3) one or more Registration Statements, on Form S-3, Form S-8, or other applicable forms, and all amendments, including post-effective amendments thereto, to be filed by the Corporation with the SEC in connection with the registration under the 1933 Act, as amended, of debt, equity and other securities of the Corporation, and to file the same, with all exhibits thereto and other supporting documents, with the SEC.

The undersigned also grants to said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted. This Power of Attorney shall remain in effect until revoked in writing by the undersigned.

The undersigned has executed this Power of Attorney as of this 8th day of February, 2019.

/s/ Henrique De Castro

Henrique De Castro

TARGET CORPORATION

Power of Attorney

of Director and/or Officer

The undersigned director and/or officer of TARGET CORPORATION, a Minnesota corporation (the “Corporation”), does hereby make, constitute and appoint BRIAN C. CORNELL, CATHY R. SMITH, DON H. LIU, DAVID L. DONLIN, ANDREW J. NEUHARTH and MARA G. KAPLAN, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as director and/or officer of the Corporation to (1) a Form 10-K, Annual Report, or other applicable form, pursuant to the Securities Exchange Act of 1934, as amended (the “1934 Act”), including any and all exhibits, schedules, supplements, certifications and supporting documents thereto, including, but not limited to, the Form 11-K Annual Reports of the Corporation’s 401(k) Plan and similar plans pursuant to the 1934 Act, and all amendments, supplementations and corrections thereto, to be filed by the Corporation with the Securities and Exchange Commission (the “SEC”), as required in connection with its registration under the 1934 Act; (2) one or more Forms 3, 4, or 5 pursuant to the 1934 Act, or Forms 144 pursuant to the Securities Act of 1933, as amended (the “1933 Act”), and all related documents, amendments, supplementations and corrections thereto; and (3) one or more Registration Statements, on Form S-3, Form S-8, or other applicable forms, and all amendments, including post-effective amendments thereto, to be filed by the Corporation with the SEC in connection with the registration under the 1933 Act, as amended, of debt, equity and other securities of the Corporation, and to file the same, with all exhibits thereto and other supporting documents, with the SEC.

The undersigned also grants to said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted. This Power of Attorney shall remain in effect until revoked in writing by the undersigned.

The undersigned has executed this Power of Attorney as of this 22nd day of January, 2019.

/s/ Robert L. Edwards

Robert L. Edwards

TARGET CORPORATION

Power of Attorney

of Director and/or Officer

The undersigned director and/or officer of TARGET CORPORATION, a Minnesota corporation (the “Corporation”), does hereby make, constitute and appoint BRIAN C. CORNELL, CATHY R. SMITH, DON H. LIU, DAVID L. DONLIN, ANDREW J. NEUHARTH and MARA G. KAPLAN, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as director and/or officer of the Corporation to (1) a Form 10-K, Annual Report, or other applicable form, pursuant to the Securities Exchange Act of 1934, as amended (the “1934 Act”), including any and all exhibits, schedules, supplements, certifications and supporting documents thereto, including, but not limited to, the Form 11-K Annual Reports of the Corporation’s 401(k) Plan and similar plans pursuant to the 1934 Act, and all amendments, supplementations and corrections thereto, to be filed by the Corporation with the Securities and Exchange Commission (the “SEC”), as required in connection with its registration under the 1934 Act; (2) one or more Forms 3, 4, or 5 pursuant to the 1934 Act, or Forms 144 pursuant to the Securities Act of 1933, as amended (the “1933 Act”), and all related documents, amendments, supplementations and corrections thereto; and (3) one or more Registration Statements, on Form S-3, Form S-8, or other applicable forms, and all amendments, including post-effective amendments thereto, to be filed by the Corporation with the SEC in connection with the registration under the 1933 Act, as amended, of debt, equity and other securities of the Corporation, and to file the same, with all exhibits thereto and other supporting documents, with the SEC.

The undersigned also grants to said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted. This Power of Attorney shall remain in effect until revoked in writing by the undersigned.

The undersigned has executed this Power of Attorney as of this 12th day of January, 2019.

/s/ Melanie L. Healey

Melanie L. Healey

TARGET CORPORATION

Power of Attorney

of Director and/or Officer

The undersigned director and/or officer of TARGET CORPORATION, a Minnesota corporation (the “Corporation”), does hereby make, constitute and appoint BRIAN C. CORNELL, CATHY R. SMITH, DON H. LIU, DAVID L. DONLIN, ANDREW J. NEUHARTH and MARA G. KAPLAN, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as director and/or officer of the Corporation to (1) a Form 10-K, Annual Report, or other applicable form, pursuant to the Securities Exchange Act of 1934, as amended (the “1934 Act”), including any and all exhibits, schedules, supplements, certifications and supporting documents thereto, including, but not limited to, the Form 11-K Annual Reports of the Corporation’s 401(k) Plan and similar plans pursuant to the 1934 Act, and all amendments, supplementations and corrections thereto, to be filed by the Corporation with the Securities and Exchange Commission (the “SEC”), as required in connection with its registration under the 1934 Act; (2) one or more Forms 3, 4, or 5 pursuant to the 1934 Act, or Forms 144 pursuant to the Securities Act of 1933, as amended (the “1933 Act”), and all related documents, amendments, supplementations and corrections thereto; and (3) one or more Registration Statements, on Form S-3, Form S-8, or other applicable forms, and all amendments, including post-effective amendments thereto, to be filed by the Corporation with the SEC in connection with the registration under the 1933 Act, as amended, of debt, equity and other securities of the Corporation, and to file the same, with all exhibits thereto and other supporting documents, with the SEC.

The undersigned also grants to said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted. This Power of Attorney shall remain in effect until revoked in writing by the undersigned.

The undersigned has executed this Power of Attorney as of this 18th day of January, 2019.

/s/ Donald R. Knauss

Donald R. Knauss

TARGET CORPORATION

Power of Attorney

of Director and/or Officer

The undersigned director and/or officer of TARGET CORPORATION, a Minnesota corporation (the “Corporation”), does hereby make, constitute and appoint BRIAN C. CORNELL, CATHY R. SMITH, DON H. LIU, DAVID L. DONLIN, ANDREW J. NEUHARTH and MARA G. KAPLAN, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as director and/or officer of the Corporation to (1) a Form 10-K, Annual Report, or other applicable form, pursuant to the Securities Exchange Act of 1934, as amended (the “1934 Act”), including any and all exhibits, schedules, supplements, certifications and supporting documents thereto, including, but not limited to, the Form 11-K Annual Reports of the Corporation’s 401(k) Plan and similar plans pursuant to the 1934 Act, and all amendments, supplementations and corrections thereto, to be filed by the Corporation with the Securities and Exchange Commission (the “SEC”), as required in connection with its registration under the 1934 Act; (2) one or more Forms 3, 4, or 5 pursuant to the 1934 Act, or Forms 144 pursuant to the Securities Act of 1933, as amended (the “1933 Act”), and all related documents, amendments, supplementations and corrections thereto; and (3) one or more Registration Statements, on Form S-3, Form S-8, or other applicable forms, and all amendments, including post-effective amendments thereto, to be filed by the Corporation with the SEC in connection with the registration under the 1933 Act, as amended, of debt, equity and other securities of the Corporation, and to file the same, with all exhibits thereto and other supporting documents, with the SEC.

The undersigned also grants to said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted. This Power of Attorney shall remain in effect until revoked in writing by the undersigned.

The undersigned has executed this Power of Attorney as of this 14th day of January, 2019.

/s/ Monica C. Lozano

Monica C. Lozano

TARGET CORPORATION

Power of Attorney

of Director and/or Officer

The undersigned director and/or officer of TARGET CORPORATION, a Minnesota corporation (the “Corporation”), does hereby make, constitute and appoint BRIAN C. CORNELL, CATHY R. SMITH, DON H. LIU, DAVID L. DONLIN, ANDREW J. NEUHARTH and MARA G. KAPLAN, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as director and/or officer of the Corporation to (1) a Form 10-K, Annual Report, or other applicable form, pursuant to the Securities Exchange Act of 1934, as amended (the “1934 Act”), including any and all exhibits, schedules, supplements, certifications and supporting documents thereto, including, but not limited to, the Form 11-K Annual Reports of the Corporation’s 401(k) Plan and similar plans pursuant to the 1934 Act, and all amendments, supplementations and corrections thereto, to be filed by the Corporation with the Securities and Exchange Commission (the “SEC”), as required in connection with its registration under the 1934 Act; (2) one or more Forms 3, 4, or 5 pursuant to the 1934 Act, or Forms 144 pursuant to the Securities Act of 1933, as amended (the “1933 Act”), and all related documents, amendments, supplementations and corrections thereto; and (3) one or more Registration Statements, on Form S-3, Form S-8, or other applicable forms, and all amendments, including post-effective amendments thereto, to be filed by the Corporation with the SEC in connection with the registration under the 1933 Act, as amended, of debt, equity and other securities of the Corporation, and to file the same, with all exhibits thereto and other supporting documents, with the SEC.

The undersigned also grants to said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted. This Power of Attorney shall remain in effect until revoked in writing by the undersigned.

The undersigned has executed this Power of Attorney as of this 9th day of January, 2019.

/s/ Mary E. Minnick

Mary E. Minnick

TARGET CORPORATION

Power of Attorney

of Director and/or Officer

The undersigned director and/or officer of TARGET CORPORATION, a Minnesota corporation (the “Corporation”), does hereby make, constitute and appoint BRIAN C. CORNELL, CATHY R. SMITH, DON H. LIU, DAVID L. DONLIN, ANDREW J. NEUHARTH and MARA G. KAPLAN, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as director and/or officer of the Corporation to (1) a Form 10-K, Annual Report, or other applicable form, pursuant to the Securities Exchange Act of 1934, as amended (the “1934 Act”), including any and all exhibits, schedules, supplements, certifications and supporting documents thereto, including, but not limited to, the Form 11-K Annual Reports of the Corporation’s 401(k) Plan and similar plans pursuant to the 1934 Act, and all amendments, supplementations and corrections thereto, to be filed by the Corporation with the Securities and Exchange Commission (the “SEC”), as required in connection with its registration under the 1934 Act; (2) one or more Forms 3, 4, or 5 pursuant to the 1934 Act, or Forms 144 pursuant to the Securities Act of 1933, as amended (the “1933 Act”), and all related documents, amendments, supplementations and corrections thereto; and (3) one or more Registration Statements, on Form S-3, Form S-8, or other applicable forms, and all amendments, including post-effective amendments thereto, to be filed by the Corporation with the SEC in connection with the registration under the 1933 Act, as amended, of debt, equity and other securities of the Corporation, and to file the same, with all exhibits thereto and other supporting documents, with the SEC.

The undersigned also grants to said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted. This Power of Attorney shall remain in effect until revoked in writing by the undersigned.

The undersigned has executed this Power of Attorney as of this 22nd day of January, 2019.

/s/ Kenneth L. Salazar

Kenneth L. Salazar

TARGET CORPORATION

Power of Attorney

of Director and/or Officer

The undersigned director and/or officer of TARGET CORPORATION, a Minnesota corporation (the “Corporation”), does hereby make, constitute and appoint BRIAN C. CORNELL, CATHY R. SMITH, DON H. LIU, DAVID L. DONLIN, ANDREW J. NEUHARTH and MARA G. KAPLAN, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as director and/or officer of the Corporation to (1) a Form 10-K, Annual Report, or other applicable form, pursuant to the Securities Exchange Act of 1934, as amended (the “1934 Act”), including any and all exhibits, schedules, supplements, certifications and supporting documents thereto, including, but not limited to, the Form 11-K Annual Reports of the Corporation’s 401(k) Plan and similar plans pursuant to the 1934 Act, and all amendments, supplementations and corrections thereto, to be filed by the Corporation with the Securities and Exchange Commission (the “SEC”), as required in connection with its registration under the 1934 Act; (2) one or more Forms 3, 4, or 5 pursuant to the 1934 Act, or Forms 144 pursuant to the Securities Act of 1933, as amended (the “1933 Act”), and all related documents, amendments, supplementations and corrections thereto; and (3) one or more Registration Statements, on Form S-3, Form S-8, or other applicable forms, and all amendments, including post-effective amendments thereto, to be filed by the Corporation with the SEC in connection with the registration under the 1933 Act, as amended, of debt, equity and other securities of the Corporation, and to file the same, with all exhibits thereto and other supporting documents, with the SEC.

The undersigned also grants to said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted. This Power of Attorney shall remain in effect until revoked in writing by the undersigned.

The undersigned has executed this Power of Attorney as of this 10th day of January, 2019.

/s/ Dmitri L. Stockton

Dmitri L. Stockton

EX-31.A

Exhibit (31)A

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

Certifications

I, Brian C. Cornell, certify that:

1. I have reviewed this Annual Report on Form 10-K of Target Corporation;

2.          Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.          Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.          The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.  designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.          The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 13, 2019

/s/ Brian C. Cornell

Brian C. Cornell

Chairman and Chief Executive Officer

EX-31.B

Exhibit (31)B

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

Certifications

I, Cathy R. Smith, certify that:

1. I have reviewed this Annual Report on Form 10-K of Target Corporation;

2.          Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.          Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.          The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.  designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.          The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 13, 2019

/s/ Cathy R. Smith

Cathy R. Smith

Executive Vice President and Chief Financial Officer

EX-32.A

Exhibit (32)A

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

AS ADOPTED PURSUANT TO 18 U.S.C. SECTION 1350

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report on Form 10-K of Target Corporation, a Minnesota corporation (“the Company”), for the year ended February 2, 2019, as filed with the Securities and Exchange Commission on the date hereof (“the Report”), the undersigned officer of the Company certifies pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:

1.the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

Date: March 13, 2019

/s/ Brian C. Cornell

Brian C. Cornell

Chairman and Chief Executive Officer

EX-32.B

Exhibit (32)B

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

AS ADOPTED PURSUANT TO 18 U.S.C. SECTION 1350

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report on Form 10-K of Target Corporation, a Minnesota corporation (“the Company”), for the year ended February 2, 2019, as filed with the Securities and Exchange Commission on the date hereof (“the Report”), the undersigned officer of the Company certifies pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to her knowledge:

1.the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

Date: March 13, 2019

/s/ Cathy R. Smith

Cathy R. Smith

Executive Vice President and Chief Financial Officer

XML

Document and Entity Information - USD ($)	12 Months Ended
	Feb. 02, 2019	Mar. 07, 2019	Aug. 04, 2018
Document and Entity Information
Entity Registrant Name	TARGET CORP
Entity Central Index Key	0000027419
Document Type	10-K
Document Period End Date	Feb. 02, 2019
Amendment Flag	false
Current Fiscal Year End Date	--02-02
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 42,763,636,334
Entity Common Stock, Shares Outstanding		516,333,213
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY

XML

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions		12 Months Ended
		Feb. 02, 2019	Feb. 03, 2018	[1]	Jan. 28, 2017	[1]
Total revenue		$ 75,356	$ 72,714		$ 70,271
Cost of sales		53,299	51,125		49,145
Selling, general and administrative expenses		15,723	15,140		14,217
Depreciation and amortization (exclusive of depreciation included in cost of sales)		2,224	2,225		2,045
Operating income		4,110	4,224		4,864
Net interest expense		461	653		991
Net other (income) / expense		(27)	(59)		(88)
Earnings from continuing operations before income taxes		3,676	3,630		3,961
Provision for income taxes		746	722		1,295
Net earnings from continuing operations		2,930	2,908		2,666
Discontinued operations, net of tax		7	6		68
Net earnings		$ 2,937	$ 2,914		$ 2,734
Basic earnings per share
Continuing operations (in dollars per share)	[2]	$ 5.54	$ 5.32		$ 4.61
Discontinued operations (in dollars per share)	[2]	0.01	0.01		0.12
Net earnings per share (in dollars per share)	[2]	5.55	5.32		4.73
Diluted earnings per share
Continuing operations (in dollars per share)	[2]	5.50	5.29		4.58
Discontinued operations (in dollars per share)	[2]	0.01	0.01		0.12
Net earnings per share (in dollars per share)	[2]	$ 5.51	$ 5.29		$ 4.69
Weighted average common shares outstanding
Basic (in shares)		528.6	546.8		577.6
Diluted (in shares)		533.2	550.3		582.5
Antidilutive shares (in shares)		0.0	4.1		0.1
Sales
Total revenue		$ 74,433	$ 71,786		$ 69,414
Other revenue
Total revenue		$ 923	$ 928		$ 857

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

[2] Per share amounts may not foot due to rounding

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018	[1]	Jan. 28, 2017	[1]
Statement of Comprehensive Income [Abstract]
Net earnings	$ 2,937	$ 2,914		$ 2,734
Other comprehensive (loss) / income, net of tax
Pension and other benefit liabilities, net of tax	(52)	2		(13)
Currency translation adjustment and cash flow hedges, net of tax	(6)	6		4
Other comprehensive (loss) / income	(58)	8		(9)
Comprehensive income	$ 2,879	$ 2,922		$ 2,725

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

XML

Consolidated Statements of Financial Position - USD ($) $ in Millions	Feb. 02, 2019	Feb. 03, 2018	[1]
Assets
Cash and cash equivalents	$ 1,556	$ 2,643
Inventory	9,497	8,597
Other current assets	1,466	1,300
Total current assets	12,519	12,540
Property and equipment
Land	6,064	6,095
Buildings and improvements	29,240	28,131
Fixtures and equipment	5,912	5,623
Computer hardware and software	2,544	2,645
Construction-in-progress	460	440
Accumulated depreciation	(18,687)	(18,398)
Property and equipment, net	25,533	24,536
Operating lease assets	1,965	1,884
Other noncurrent assets	1,273	1,343
Total assets	41,290	40,303
Liabilities and shareholders' investment
Accounts payable	9,761	8,677
Accrued and other current liabilities	4,201	4,094
Current portion of long-term debt and other borrowings	1,052	281
Total current liabilities	15,014	13,052
Long-term debt and other borrowings	10,223	11,117
Noncurrent operating lease liabilities	2,004	1,924
Deferred income taxes	972	693
Other noncurrent liabilities	1,780	1,866
Total noncurrent liabilities	14,979	15,600
Shareholders' investment
Common stock	43	45
Additional paid-in capital	6,042	5,858
Retained earnings	6,017	6,495
Accumulated other comprehensive loss	(805)	(747)
Total shareholders' investment	11,297	11,651
Total liabilities and shareholders' investment	$ 41,290	$ 40,303

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

XML

Consolidated Statements of Financial Position (Parenthetical) - $ / shares	Feb. 02, 2019	Feb. 03, 2018
Statement of Financial Position [Abstract]
Common Stock, shares authorized	6,000,000,000	6,000,000,000
Common Stock, par value (in dollars per share)	$ 0.0833	$ 0.0833
Common Stock, shares issued	517,761,600	541,681,670
Common Stock, shares outstanding	517,761,600	541,681,670
Preferred Stock, shares authorized	5,000,000	5,000,000
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0

XML

Consolidated Statements of Cash Flows - USD ($) $ in Millions		12 Months Ended
		Feb. 02, 2019	Feb. 03, 2018		Jan. 28, 2017
Operating activities
Net earnings		$ 2,937	$ 2,914	[1]	$ 2,734	[1]
Earnings from discontinued operations, net of tax		7	6	[1]	68	[1]
Net earnings from continuing operations		2,930	2,908	[1]	2,666	[1]
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation and amortization		2,474	2,476	[1]	2,318	[1]
Share-based compensation expense		132	112	[1]	113	[1]
Deferred income taxes		322	(188)	[1]	40	[1]
Loss on debt extinguishment		0	123	[1]	422	[1]
Noncash losses / (gains) and other, net		95	208	[1]	(11)	[1]
Changes in operating accounts:
Inventory		(900)	(348)	[1]	293	[1]
Other assets		(299)	(156)	[1]	56	[1]
Accounts payable		1,127	1,307	[1]	(166)	[1]
Accrued and other liabilities		89	419	[1]	(394)	[1]
Cash provided by operating activities—continuing operations		5,970	6,861	[1]	5,337	[1]
Cash provided by operating activities—discontinued operations		3	74	[1]	107	[1]
Cash provided by operations		5,973	6,935	[1]	5,444	[1]
Investing activities
Expenditures for property and equipment		(3,516)	(2,533)	[1]	(1,547)	[1]
Proceeds from disposal of property and equipment		85	31	[1]	46	[1]
Cash paid for acquisitions, net of cash assumed		0	(518)	[1]	0	[1]
Other investments		15	(55)	[1]	28	[1]
Cash required for investing activities		(3,416)	(3,075)	[1]	(1,473)	[1]
Financing activities
Additions to long-term debt		0	739	[1]	1,977	[1]
Reductions of long-term debt		(281)	(2,192)	[1]	(2,649)	[1]
Dividends paid		(1,335)	(1,338)	[1]	(1,348)	[1]
Repurchase of stock		(2,124)	(1,046)	[1]	(3,706)	[1]
Stock option exercises		96	108	[1]	221	[1]
Cash required for financing activities		(3,644)	(3,729)	[1]	(5,505)	[1]
Net (decrease) / increase in cash and cash equivalents		(1,087)	131	[1]	(1,534)	[1]
Cash and cash equivalents at beginning of period	[1]	2,643	2,512		4,046
Cash and cash equivalents at end of period		1,556	2,643	[1]	2,512	[1]
Supplemental information
Interest paid, net of capitalized interest		476	678	[1]	999	[1]
Income taxes paid		373	934	[1]	1,514	[1]
Leased assets obtained in exchange for new finance lease liabilities		130	139	[1]	252	[1]
Leased assets obtained in exchange for new operating lease liabilities		$ 246	$ 212	[1]	$ 148	[1]

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

XML

Consolidated Statements of Shareholders' Investment - USD ($) $ in Millions		3 Months Ended						12 Months Ended
		Feb. 02, 2019	May 05, 2018		Feb. 03, 2018		Apr. 29, 2017	Feb. 02, 2019		Feb. 03, 2018		Jan. 28, 2017		Jan. 30, 2016
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)			541,681,670					541,681,670
Beginning balance			$ 11,651	[1]			$ 10,915	$ 11,651	[1]	$ 10,915		$ 12,965
Net earnings		$ 799	$ 718		$ 1,087		$ 678	2,937		2,914	[1]	2,734	[1]
Other comprehensive income / (loss)								(58)		8	[1]	(9)	[1]
Dividends declared								$ (1,347)		$ (1,356)		$ (1,359)
Repurchase of stock (in shares)								(27,200,000)		(17,600,000)		(50,900,000)
Repurchase of stock								$ (2,070)		$ (1,027)		$ (3,686)
Stock options and awards								$ 184		$ 197		313
Ending balance (in shares)		517,761,600			541,681,670			517,761,600		541,681,670
Ending balance		$ 11,297			$ 11,651	[1]		$ 11,297		$ 11,651	[1]	$ 10,915
Adoption of ASC Topic 842 (Leases)
Increase (Decrease) in Stockholders' Equity
Adoption of ASU	[1]													$ (43)
Common Stock
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)			541,700,000				556,200,000	541,700,000		556,200,000		602,200,000
Beginning balance			$ 45				$ 46	$ 45		$ 46		$ 50
Repurchase of stock (in shares)								(27,200,000)		(17,600,000)		(50,900,000)
Repurchase of stock								$ (2)		$ (1)		$ (4)
Stock options and awards (in shares)								3,300,000		3,100,000		4,900,000
Stock options and awards								$ 0		$ 0		$ 0
Ending balance (in shares)		517,800,000			541,700,000			517,800,000		541,700,000		556,200,000
Ending balance		$ 43			$ 45			$ 43		$ 45		$ 46
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity
Beginning balance			5,858				5,661	5,858		5,661		5,348
Stock options and awards								184		197		313
Ending balance		6,042			5,858			6,042		5,858		5,661
Retained Earnings As Adjusted
Increase (Decrease) in Stockholders' Equity
Beginning balance	[1]		6,495				5,846	6,495		5,846		8,196
Net earnings	[1]							2,937		2,914		2,734
Dividends declared	[1]							(1,347)		(1,356)		(1,359)
Repurchase of stock	[1]							(2,068)		(1,026)		(3,682)
Reclassification of tax effects to Retained Earnings	[1]									117
Ending balance	[1]	6,017			6,495			6,017		6,495		5,846
Accumulated Other Comprehensive (Loss) / Income
Increase (Decrease) in Stockholders' Equity
Beginning balance			$ (747)				$ (638)	(747)		(638)		(629)
Other comprehensive income / (loss)								(58)		8		(9)
Reclassification of tax effects to Retained Earnings										(117)
Ending balance		$ (805)			$ (747)			$ (805)		$ (747)		$ (638)

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

XML

Consolidated Statements of Shareholders' Investment (Parenthetical) - $ / shares	3 Months Ended								12 Months Ended
	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Feb. 03, 2018	Oct. 28, 2017	Jul. 29, 2017	Apr. 29, 2017	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.64	$ 0.64	$ 0.64	$ 0.62	$ 0.62	$ 0.62	$ 0.62	$ 0.60	$ 2.54	$ 2.46	$ 2.36

XML

Summary of Accounting Policies

12 Months Ended

Feb. 02, 2019

Accounting Policies [Abstract]

Summary of Accounting Policies

Summary of Accounting Policies

Organization    We are a general merchandise retailer selling products to our guests through our stores and digital channels.

We operate as a single segment that includes all of our continuing operations, which are designed to enable guests to purchase products seamlessly in stores or through our digital channels. Nearly all of our revenues are generated in the United States (U.S.). The vast majority of our long-lived assets are located within the U.S.

Consolidation    The consolidated financial statements include the balances of Target 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 Target is the primary beneficiary of those entities' operations.

Use of estimates    The 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 year    Our fiscal year ends on the Saturday nearest January 31. Unless otherwise stated, references to years in this report relate to fiscal years, rather than to calendar years. Fiscal 2018 ended February 2, 2019, and consisted of 52 weeks. Fiscal 2017 ended February 3, 2018, and consisted of 53 weeks. Fiscal 2016 ended January 28, 2017, and consisted of 52 weeks. Fiscal 2019 will end February 1, 2020, and will consist of 52 weeks.

Accounting policies    Our accounting policies are disclosed in the applicable Notes to the Consolidated Financial Statements. Certain prior-year amounts have been reclassified to conform to the current year presentation. Note 2 provides information about our adoption of new accounting standards for revenue recognition, leases, and pensions.

XML

Accounting Standards Adopted

12 Months Ended

Feb. 02, 2019

Accounting Changes and Error Corrections [Abstract]

Accounting Standards Adopted

Accounting Standards Adopted

Revenue Recognition

We adopted Accounting Standards Update (ASU) No. 2014-09—Revenue from Contracts with Customers (Topic 606), as amended, as of February 4, 2018, using the full retrospective approach. The new standard did not materially affect our consolidated net earnings, financial position, or cash flows. The new standard resulted in minor changes to the timing of recognition of revenues for certain promotional gift card programs.

For 2017 and 2016, we reclassified profit-sharing income under our credit card program agreement to Other Revenue from Selling, General and Administrative Expenses (SG&A Expenses). In addition, we reclassified certain advertising, rental, and other miscellaneous revenues, none of which was individually significant, from Sales and SG&A Expenses to Other Revenue.

Leases

We adopted ASU No. 2016-02—Leases (Topic 842), as amended, as of February 4, 2018, using the modified retrospective approach. The modified retrospective approach provides a method for recording existing leases at adoption and in comparative periods that approximates the results of a full retrospective approach. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification. We also elected the practical expedient related to land easements, allowing us to carry forward our accounting treatment for land easements on existing agreements.

In addition, we elected the hindsight practical expedient to determine the lease term for existing leases. Our election of the hindsight practical expedient resulted in the shortening of lease terms for certain existing leases and the useful lives of corresponding leasehold improvements. In our application of hindsight, we evaluated the performance of the leased stores and the associated markets in relation to our overall real estate strategies, which resulted in the determination that most renewal options would not be reasonably certain in determining the expected lease term.

Adoption of the new standard resulted in the recording of additional net lease assets and lease liabilities of approximately $1.3 billion and $1.4 billion respectively, as of February 4, 2018. The difference between the additional lease assets and lease liabilities, net of the deferred tax impact, was recorded as an adjustment to retained earnings. The standard did not materially impact our consolidated net earnings and had no impact on cash flows.

Pensions

In 2018, we adopted ASU No. 2017-07—Compensation – Retirement Benefits (Topic 715) using the full retrospective approach. The new standard requires employers to disaggregate and present separately the current service cost component from the other components of net benefit cost within the Consolidated Statement of Operations. For 2017 and 2016, we reclassified $(59) million and $(88) million, respectively, of non-service cost components of net benefit cost to Net Other (Income)/Expense from SG&A Expenses on our Consolidated Statements of Operations.

Effect of Accounting Standards Adoption on Consolidated Statement of Operations
	2017 As Previously Reported		Effect of the Adoption of
			ASC Topic 606 (Revenue Recognition)				ASC Topic 842 (Leases)				ASU 2017-07 (Pension)
(millions, except per share data) (unaudited)															2017 As Adjusted
Sales	$	71,879	$	(93	)	(a)	$	—			$	—			$	71,786
Other revenue	—		928			(a)	—				—				928
Total revenue	71,879		835				—				—				72,714
Cost of sales	51,125		—				—				—				51,125
Selling, general and administrative expenses	14,248		835			(a)	(2		)	(b)	59			(c)	15,140
Depreciation and amortization (exclusive of depreciation included in cost of sales)	2,194		—				31			(b)	—				2,225
Operating income	4,312		—				(29		)		(59		)		4,224
Net interest expense	666		—				(13		)	(b)	—				653
Net other (income) / expense	—		—				—				(59		)	(c)	(59		)
Earnings from continuing operations before income taxes	3,646		—				(16		)		—				3,630
Provision for income taxes	718		(2		)		6				—				722
Net earnings from continuing operations	2,928		2				(22		)		—				2,908
Discontinued operations, net of tax	6		—				—				—				6
Net earnings	$	2,934	$	2			$	(22	)		$	—			$	2,914
Basic earnings per share
Continuing operations	$	5.35													$	5.32
Discontinued operations	0.01														0.01
Net earnings per share	$	5.36													$	5.32
Diluted earnings per share
Continuing operations	$	5.32													$	5.29
Discontinued operations	0.01														0.01
Net earnings per share	$	5.33													$	5.29

Note: 2017 was a 53-week year. Per share amounts may not foot due to rounding. The sum of "As Previously Reported" amounts and effects of the adoption of the new standards may not equal "As Adjusted" amounts due to rounding.

Footnote explanations are provided on page 42.

Effect of Accounting Standards Adoption on Consolidated Statement of Operations
	2016 As Previously Reported		Effect of the Adoption of
			ASC Topic 606 (Revenue Recognition)				ASC Topic 842 (Leases)				ASU 2017-07 (Pension)
(millions, except per share data) (unaudited)															2016 As Adjusted
Sales	$	69,495	$	(80	)	(a)	$	—			$	—			$	69,414
Other revenue	—		857			(a)	—				—				857
Total revenue	69,495		777				—				—				70,271
Cost of sales	49,145		—				—				—				49,145
Selling, general and administrative expenses	13,356		777			(a)	(4		)	(b)	88			(c)	14,217
Depreciation and amortization (exclusive of depreciation included in cost of sales)	2,025		—				20			(b)	—				2,045
Operating income	4,969		—				(16		)		(88		)		4,864
Net interest expense	1,004		—				(13		)	(b)	—				991
Net other (income) / expense	—		—				—				(88		)	(c)	(88		)
Earnings from continuing operations before income taxes	3,965		—				(3		)		—				3,961
Provision for income taxes	1,296		—				(1		)		—				1,295
Net earnings from continuing operations	2,669		—				(2		)		—				2,666
Discontinued operations, net of tax	68		—				—				—				68
Net earnings	$	2,737	$	—			$	(2	)		$	—			$	2,734
Basic earnings per share
Continuing operations	$	4.62													$	4.61
Discontinued operations	0.12														0.12
Net earnings per share	$	4.74													$	4.73
Diluted earnings per share
Continuing operations	$	4.58													$	4.58
Discontinued operations	0.12														0.12
Net earnings per share	$	4.70													$	4.69

Note: Per share amounts may not foot due to rounding. The sum of "As Previously Reported" amounts and effects of the adoption of the new standards may not equal "As Adjusted" amounts due to rounding.

^(a)  For 2017 and 2016, we reclassified $694 million and $663 million, respectively, of profit-sharing income under our credit card program agreement to Other Revenue from SG&A Expenses. In addition, we reclassified certain advertising, rental, and other miscellaneous revenues, none of which was individually significant, from Sales and SG&A Expenses to Other Revenue.

^(b)  Relates to lease-term changes under the hindsight practical expedient.

^(c)  Relates to non-service cost components reclassified to Net Other (Income) / Expense from SG&A Expenses.

Effect of Accounting Standards Adoption on Consolidated Statement of Financial Position
				Effect of the Adoption of
(millions) (unaudited)	February 3, 2018 As Previously Reported			ASC Topic 606 (Revenue Recognition)				ASC Topic 842 (Leases)				February 3, 2018 As Adjusted
Assets
Cash and cash equivalents	$	2,643		$	—			$	—			$	2,643
Inventory	8,657			(60		)	(a)	—				8,597
Other current assets	1,264			60			(a)	(24		)	(b)	1,300
Total current assets	12,564			—				(24		)		12,540
Property and equipment
Land	6,095			—				—				6,095
Buildings and improvements	28,396			—				(265		)	(c)	28,131
Fixtures and equipment	5,623			—				—				5,623
Computer hardware and software	2,645			—				—				2,645
Construction-in-progress	440			—				—				440
Accumulated depreciation	(18,181		)	—				(217		)	(c)	(18,398		)
Property and equipment, net	25,018			—				(482		)		24,536
Operating lease assets	—			—				1,884			(d)	1,884
Other noncurrent assets	1,417			—				(74		)	(e)	1,343
Total assets	$	38,999		$	—			$	1,304			$	40,303
Liabilities and shareholders’ investment
Accounts payable	$	8,677		$	—			$	—			$	8,677
Accrued and other current liabilities	4,254			(14		)	(k)	(146		)	(f)	4,094
Current portion of long-term debt and other borrowings	270			—				11			(g)	281
Total current liabilities	13,201			(14		)		(135		)		13,052
Long-term debt and other borrowings	11,317			—				(200		)	(g)	11,117
Noncurrent operating lease liabilities	—			—				1,924			(h)	1,924
Deferred income taxes	713			4				(24		)		693
Other noncurrent liabilities	2,059			—				(192		)	(i)	1,866
Total noncurrent liabilities	14,089			4				1,508				15,600
Shareholders’ investment
Common stock	45			—				—				45
Additional paid-in capital	5,858			—				—				5,858
Retained earnings	6,553			10			(k)	(69		)	(j)	6,495
Accumulated other comprehensive loss	(747		)	—				—				(747		)
Total shareholders’ investment	11,709			10				(69		)		11,651
Total liabilities and shareholders’ investment	$	38,999		$	—			$	1,304			$	40,303

Note: The sum of "As Previously Reported" amounts and effects of the adoption of the new standards may not equal "As Adjusted" amounts due to rounding.

^(a)  Represents estimated merchandise returns, which were reclassified from Inventory to Other Current Assets.

^(b)  Represents prepaid rent reclassified to Operating Lease Assets.

^(c)  Represents impact of changes in finance lease terms and related leasehold improvements (net of accumulated depreciation) under the hindsight practical expedient and derecognition of approximately $135 million of non-Target owned properties that were consolidated under previously existing build-to-suit accounting rules.

^(d)  Represents capitalization of operating lease assets and reclassification of leasehold acquisition costs, straight-line rent accrual, and tenant incentives.

^(e)  Represents reclassification of leasehold acquisition costs to Operating Lease Assets.

^(f)  Represents reclassification of straight-line rent accrual to Operating Lease Assets, partially offset by recognition of the current portion of operating lease liabilities.

^(g)  Represents the impact of changes in financing lease terms for certain leases due to the election of the hindsight practical expedient.

^(h)  Represents recognition of operating lease liabilities.

⁽ⁱ⁾  Represents derecognition of approximately $135 million of liabilities related to non-Target owned properties that were consolidated under previously existing build-to-suit accounting rules and reclassification of tenant incentives to Operating Lease Assets.

^(j)  Represents the retained earnings impact of lease-term changes due to the use of hindsight, primarily from the shortening of lease terms for certain existing leases and useful lives of corresponding leasehold improvements.

^(k)  Primarily represents the impact of a change in timing of revenue recognition for certain promotional gift card programs.

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Revenues

12 Months Ended

Feb. 02, 2019

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

General merchandise sales represent the vast majority of our revenues. We also earn revenues from a variety of other sources, most notably credit card profit sharing income from our arrangement with TD Bank Group (TD).

During 2018, we reclassified certain income streams, including credit card profit sharing income, to Other Revenue on our Consolidated Statements of Operations and conformed prior periods. Note 2 provides additional information.

Revenues (millions)	2018		2017		2016
Apparel and accessories	$	15,004	$	14,662	$	14,304
Beauty and household essentials	17,726		17,025		16,550
Food and beverage	14,585		14,256		13,831
Hardlines	12,709		12,062		11,507
Home furnishings and décor	14,298		13,672		13,130
Other	111		109		92
Sales	74,433		71,786		69,414
Credit card profit sharing	673		694		663
Other	250		234		194
Other revenue	923		928		857
Total revenue	$	75,356	$	72,714	$	70,271

Merchandise sales – We record almost all retail store revenues at the point of sale. Digital channel originated sales may include shipping revenue and are recorded upon delivery to the guest or upon guest pickup at the store. Total revenues do not include sales tax because we are a pass-through conduit for collecting and remitting sales taxes. Generally, guests may return national brand merchandise within 90 days of purchase and owned and exclusive brands within one year of purchase. Sales are recognized net of expected returns, which we estimate using historical return patterns and our expectation of future returns. As of February 2, 2019, February 3, 2018, and January 28, 2017, the liability for estimated returns was $116 million, $110 million, and $103 million, respectively. We have not historically had material adjustments to our returns estimates.

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. Under the vast majority of these arrangements, which represent less than 5 percent of consolidated sales, we record revenue and related costs gross. We concluded that we are the principal in these transactions for a number of reasons, most notably because we 1) control the overall economics of the transactions, including setting the sales price and realizing the majority of cash flows from the sale, 2) control the relationship with the customer, and 3) are responsible for fulfilling the promise to provide goods to the customer. Merchandise received under these arrangements is not included in Inventory in our Consolidated Statements of Financial Position because the purchase and sale of this inventory are virtually simultaneous.

Revenue from Target gift card sales is recognized upon gift card redemption, which is typically within one year of issuance. Our gift cards do not expire. 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.

(millions)	February 3, 2018		Gift Cards Issued During Current Period But Not Redeemed (a)		Revenue Recognized From Beginning Liability			February 2, 2019
Gift card liability	$	727	$	645	$	(532	)	$	840

^(a)  Net of estimated breakage.

Guests receive a 5 percent discount on nearly all purchases and receive free shipping at Target.com when they use their Target Debit Card, Target Credit Card, or Target MasterCard (REDcards). The discount is included as a sales reduction in our Consolidated Statements of Operations and was $953 million, $933 million, and $899 million in 2018, 2017, and 2016, respectively.

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 rental income, advertising, membership fees, and other miscellaneous revenues, none of which are individually significant.

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Cost of Sales and Selling, General and Administrative Expenses

12 Months Ended

Feb. 02, 2019

Cost of Sales and Selling, General and Administrative Expenses [Abstract]

Cost of Sales and Selling, General and Administrative Expenses

Cost of Sales and Selling, General and Administrative Expenses

The following table illustrates the primary items classified in each major expense category:

Cost of Sales

Selling, General and Administrative Expenses

Total cost of products sold including •   Freight expenses associated with moving     merchandise from our vendors to and between our     distribution centers and our retail stores •   Vendor income that is not reimbursement of     specific, incremental, and identifiable costs Inventory shrink Markdowns Outbound shipping and handling expenses     associated with sales to our guests Payment term cash discounts Distribution center costs, including compensation     and benefits costs and depreciation Import costs

Compensation and benefit costs for stores and     headquarters Occupancy and operating costs of retail and     headquarters facilities Advertising, offset by vendor income that is a     reimbursement of specific, incremental, and     identifiable costs Pre-opening and exit costs of stores and other facilities Credit cards servicing expenses Costs associated with accepting 3rd party bank issued     payment cards Litigation and defense costs and related insurance     recovery Other administrative costs

Note: The classification of these expenses varies across the retail industry.

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Consideration Received from Vendors

12 Months Ended

Feb. 02, 2019

Consideration Received from Vendors

Consideration Received from Vendors

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." Additionally, under our compliance programs, vendors are charged for merchandise shipments that do not meet our requirements (violations), such as late or incomplete shipments. 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. We have not historically had significant write-offs for these receivables.

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Advertising Costs

12 Months Ended

Feb. 02, 2019

Advertising Costs

Advertising Costs

Advertising Costs

Advertising costs, which primarily consist of newspaper circulars, digital advertisements, and media broadcast, are generally expensed at first showing or distribution of the advertisement.

Advertising Costs (millions)	2018		2017			2016
Gross advertising costs	$	1,494	$	1,476		$	1,503
Vendor income	—		(19		)	(38		)
Net advertising costs	$	1,494	$	1,457		$	1,465

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Fair Value Measurements

12 Months Ended

Feb. 02, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Fair value measurements are reported in one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data).

Fair Value Measurements - Recurring Basis			Fair Value at
(millions)	Classification	Pricing Category	February 2, 2019		February 3, 2018
Assets
Short-term investments (a)	Cash and Cash Equivalents	Level 1	$	769	$	1,906
Prepaid forward contracts (b)	Other Current Assets	Level 1	19		23
Interest rate swaps (c)	Other Noncurrent Assets	Level 2	10		—
Liabilities
Interest rate swaps (c)	Other Current Liabilities	Level 2	3		—
Interest rate swaps (c)	Other Noncurrent Liabilities	Level 2	—		6

^(a)  Carrying value approximates fair value because maturities are less than three months.

^(b)  Initially valued at transaction price. Subsequently valued by reference to the market price of Target common stock.

^(c)  Valuations are based on observable inputs to the valuation model (e.g., interest rates and credit spreads). See Note 17 for additional information on interest rate swaps.

Significant Financial Instruments not Measured at Fair Value (a) (millions)	2018				2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion (b)	$	10,247	$	10,808	$	10,440	$	11,155

^(a)  The carrying amounts of certain other current assets, commercial paper, accounts payable, and certain accrued and other current liabilities approximate fair value due to their short-term nature.

^(b)  The fair value of debt is generally measured using a discounted cash flow analysis based on current market interest rates for the same or similar types of financial instruments and would be classified as Level 2. These amounts exclude commercial paper, unamortized swap valuation adjustments, and lease liabilities.

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Cash and Cash Equivalents

12 Months Ended

Feb. 02, 2019

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

Cash and 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 third-party financial institutions for credit and debit card transactions. These receivables typically settle in five days or less.

(millions)	February 2, 2019		February 3, 2018
Cash	$	359	$	337
Short-term investments	769		1,906
Receivables from third-party financial institutions for credit and debit card transactions	428		400
Cash and cash equivalents (a)	$	1,556	$	2,643

^(a)    We have access to these funds without any significant restrictions, taxes or penalties.

At February 2, 2019 and February 3, 2018, we reclassified book overdrafts of $242 million and $358 million, respectively, to Accounts Payable and $25 million and $29 million, respectively, to Accrued and Other Current Liabilities.

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Inventory

12 Months Ended

Feb. 02, 2019

Inventory Disclosure [Abstract]

Inventory

Inventory

The vast majority of our inventory is 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. Inventory cost includes the amount we pay to our suppliers to acquire inventory, freight costs incurred to deliver product to our distribution centers and stores, and import costs, reduced by vendor income and cash discounts. Distribution center operating costs, including compensation and benefits, are expensed in the period incurred. 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 inventory retail value. 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 taken as a reduction of the retail value of inventory.

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Other Current Assets

12 Months Ended

Feb. 02, 2019

Other Current Assets

Other Current Assets

Other Current Assets

Other Current Assets (millions)	February 2, 2019		February 3, 2018 As Adjusted
Income tax and other receivables	$	632	$	513
Vendor income receivable	468		416
Prepaid expenses	157		157
Other	209		214
Total	$	1,466	$	1,300

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Property and Equipment

12 Months Ended

Feb. 02, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

Property and equipment, including assets acquired under finance leases, is depreciated using the straight-line method over estimated useful lives or lease terms 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 certain at the date the leasehold improvements are acquired. Depreciation expense for 2018, 2017, and 2016 was $2,460 million, $2,462 million, and $2,305 million, respectively, including depreciation expense included in Cost of Sales. For income tax purposes, accelerated depreciation methods are generally used. Repair and maintenance costs are expensed as incurred. Facility pre-opening costs, including supplies and payroll, are expensed as incurred.

Estimated Useful Lives	Life (Years)
Buildings and improvements	8-39
Fixtures and equipment	2-15
Computer hardware and software	2-7

We review long-lived assets for impairment when events or changes in circumstances—such as a decision to relocate or close a store or distribution center, make significant software changes or discontinue projects—indicate that the asset's carrying value may not be recoverable. We recognized impairment losses of $92 million, $91 million, and $43 million during 2018, 2017, and 2016, respectively. The impairment losses primarily resulted from planned or completed store closures, and for 2017, supply chain changes. For asset groups classified as held for sale, the carrying value is compared with the fair value less cost to sell. We estimate fair value by obtaining market appraisals, valuations from third party brokers, or other valuation techniques. Impairments are recorded in SG&A Expenses on the Consolidated Statements of Operations.

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Other Noncurrent Assets

12 Months Ended

Feb. 02, 2019

Other Assets, Noncurrent [Abstract]

Other Noncurrent Assets

Other Noncurrent Assets

Other Noncurrent Assets (millions)	February 2, 2019		February 3, 2018 As Adjusted
Goodwill and intangible assets	$	699	$	709
Company-owned life insurance investments, net of loans	380		383
Pension asset	11		46
Other	183		205
Total	$	1,273	$	1,343

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Goodwill and Intangible Assets

12 Months Ended

Feb. 02, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill totaled $633 million and $630 million at February 2, 2019 and February 3, 2018, respectively. In December 2017, we acquired Shipt, Inc., an online same-day delivery service platform, for approximately $550 million. We identified intangible assets of $40 million, primarily related to the tradename, customer relationships, and shopper lists, net tangible assets of $10 million, and goodwill of $500 million. The goodwill recorded primarily represents the value of significantly accelerating our ability to provide same-day delivery services to our guests.

No impairments were recorded in 2018, 2017, or 2016 as a result of the annual goodwill impairment tests performed.

Intangible assets, net of accumulated amortization, totaled $66 million and $79 million as of February 2, 2019, and February 3, 2018, respectively, primarily related to trademarks and customer relationships. We use both accelerated and straight-line methods to amortize definite-lived intangible assets over 4 to 15 years. The weighted average life of intangible assets was 8 years at February 2, 2019. Amortization expense was $14 million, $14 million, and $13 million in 2018, 2017, and 2016, respectively, and is estimated to be less than $15 million annually through 2023.

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Accrued and Other Current Liabilities

12 Months Ended

Feb. 02, 2019

Accrued and Other Current Liabilities

Accrued and Other Current Liabilities

Accrued and Other Current Liabilities

Accrued and Other Current Liabilities (millions)	February 2, 2019		February 3, 2018 As Adjusted
Wages and benefits	$	1,229	$	1,209
Gift card liability, net of estimated breakage	840		727
Real estate, sales, and other taxes payable	601		670
Dividends payable	331		336
Current portion of operating lease liabilities	166		148
Workers' compensation and general liability (a)	142		141
Interest payable	62		67
Other	830		796
Total	$	4,201	$	4,094

^(a)  We retain a substantial portion of the risk related to general liability and workers' compensation claims. 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.

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Commitments and Contingencies

12 Months Ended

Feb. 02, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Contingencies

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. When a loss is probable, we record an accrual based on the reasonably estimable loss or range of loss. When no point of loss is more likely than another, we record the lowest amount in the estimated range of loss and, if material, disclose the estimated range of loss. We do not record liabilities for reasonably possible loss contingencies, but do disclose a range of reasonably possible losses if they are material and we are able to estimate such a range. If we cannot provide a range of reasonably possible losses, we explain the factors that prevent us from determining such a range. Historically, adjustments to our estimates have not been material. 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 these identified claims or litigation will be material to our results of operations, cash flows, or financial condition.

Commitments

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 $992 million and $1,225 million at February 2, 2019 and February 3, 2018, respectively. These purchase obligations are primarily due within three years and recorded as liabilities when goods are received or services rendered. Real estate obligations, which include legally binding minimum lease payments for leases signed but not yet commenced, and commitments for the purchase, construction, or remodeling of real estate and facilities, were $1,134 million and $1,110 million at February 2, 2019 and February 3, 2018, respectively. Over half of these real estate obligations are due within five years, a portion of which are recorded as liabilities.

We issue letters of credit and surety bonds in the ordinary course of business. Trade letters of credit totaled $1,746 million and $1,757 million at February 2, 2019 and February 3, 2018, respectively, a portion of which are reflected in accounts payable. Standby letters of credit and surety bonds, relating primarily to insurance and regulatory requirements, totaled $403 million and $372 million at February 2, 2019 and February 3, 2018, respectively.

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Commercial Paper and Long-Term Debt

12 Months Ended

Feb. 02, 2019

Debt Disclosure [Abstract]

Commercial Paper and Long-Term Debt

Commercial Paper and Long-Term Debt

At February 2, 2019, the carrying value and maturities of our debt portfolio were as follows:

Debt Maturities	February 2, 2019
(dollars in millions)	Rate (a)		Balance
Due 2019-2023	3.4	%	$	3,207
Due 2024-2028	3.3		2,179
Due 2029-2033	6.6		561
Due 2034-2038	6.8		1,109
Due 2039-2043	4.0		1,465
Due 2044-2048	3.7		1,726
Total notes and debentures	4.1		10,247
Swap valuation adjustments			7
Finance lease liabilities			1,021
Less: Amounts due within one year			(1,052		)
Long-term debt and other borrowings			$	10,223

^(a)  Reflects the weighted average stated interest rate as of year-end.

Required Principal Payments  (millions)	2019		2020		2021		2022		2023
Total required principal payments	$	1,002	$	1,094	$	1,056	$	63	$	—

In October 2017, we issued unsecured fixed rate debt of $750 million at 3.9 percent that matures in November 2047. In addition to debt repaid at its maturity during 2017, during October 2017, we repurchased $344 million of debt before its maturity at a market value of $463 million. We recognized a loss on early retirement of approximately $123 million, which was recorded in Net Interest Expense in our Consolidated Statements of Operations.

In April 2016, we issued unsecured fixed rate debt of $1 billion at 2.5 percent that matures in April 2026 and $1 billion at 3.625 percent that matures in April 2046. In addition to debt repaid at its maturity during 2016, during the first half of 2016, we repurchased $1,389 million of debt before its maturity at a market value of $1,800 million. We recognized a loss on early retirement of approximately $422 million, which was recorded in Net Interest Expense in our Consolidated Statements of Operations.

We obtain short-term financing from time to time under our commercial paper program.

Commercial Paper (dollars in millions)	2018			2017			2016
Maximum daily amount outstanding during the year	$	658		$	—		$	89
Average amount outstanding during the year	63			—			1
Amount outstanding at year-end	—			—			—
Weighted average interest rate	2.00		%	—		%	0.43		%

In October 2018, we extended a committed $2.5 billion revolving credit facility by one year to October 2023. No balances were outstanding under our credit facility at any time during 2018, 2017, or 2016.

Substantially all of our outstanding borrowings are senior, unsecured obligations. Most of our long-term debt obligations contain covenants related to secured debt levels. In addition to a secured debt level covenant, our credit facility also contains a debt leverage covenant. We are, and expect to remain, in compliance with these covenants, which have no practical effect on our ability to pay dividends.

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Derivative Financial Instruments

12 Months Ended

Feb. 02, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

Our derivative instruments primarily consist of interest rate swaps, which we use to mitigate interest rate risk. As a result of our use of derivative instruments, we have counterparty credit exposure to large global financial institutions. We monitor this concentration of counterparty credit risk on an ongoing basis. Note 7 provides the fair value and classification of these instruments.

During 2018, we entered into two interest rate swaps, each with a notional amount of $250 million, under which we pay a variable rate and receive a fixed rate. We designated these swaps as fair value hedges. Under the swap agreements, we pay a floating rate equal to 1-month London Interbank Offered Rate (LIBOR) and receive a weighted average fixed rate of 2.9 percent. The agreements have a weighted average remaining maturity of 6.3 years. Under the two previously existing swap agreements, which mature during 2019, we pay a floating rate equal to 3-month LIBOR and receive a weighted average fixed rate of 1.8 percent. With the addition of the two swaps entered into during 2018, as of February 2, 2019, four interest rate swaps with notional amounts totaling $1,500 million were designated as fair value hedges. As of February 3, 2018, two interest rate swaps with notional amounts totaling $1,000 million were designated as fair value hedges. No ineffectiveness was recognized in 2018 or 2017.

$10 million of interest rate swap-related assets were classified within Other Noncurrent Assets and $3 million of interest rate swap-related liabilities were classified within Other Current Liabilities as of February 2, 2019. $6 million of designated interest rate swap-related liabilities were classified within Other Noncurrent Liabilities as of February 3, 2018.

We recorded expense of $3 million during 2018 and income of $9 million and $24 million during 2017 and 2016, respectively, within Net Interest Expense on our Consolidated Statements of Operations related to periodic payments, valuation adjustments, and amortization of gains or losses on our interest rate swaps.

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Leases

12 Months Ended

Feb. 02, 2019

Leases [Abstract]

Leases

Leases

We lease certain retail stores, warehouses, distribution centers, office space, land, and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. For lease agreements entered into or reassessed after the adoption of Topic 842, we combine lease and nonlease components.

Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 50 years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Certain of our lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

We rent or sublease certain real estate to third parties. Our lease and sublease portfolio consists mainly of operating leases with CVS Pharmacy Inc. (CVS) for space within our stores.

Leases (millions)	Classification	February 2, 2019		February 3, 2018
Assets
Operating	Operating Lease Assets	$	1,965	$	1,884
Finance	Buildings and Improvements, net of Accumulated Depreciation (a)	872		836
Total leased assets		$	2,837	$	2,720
Liabilities
Current
Operating	Accrued and Other Current Liabilities	$	166	$	148
Finance	Current Portion of Long-term Debt and Other Borrowings	53		80
Noncurrent
Operating	Noncurrent Operating Lease Liabilities	2,004		1,924
Finance	Long-term Debt and Other Borrowings	968		885
Total lease liabilities		$	3,191	$	3,037

Note: As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the incremental borrowing rate on January 31, 2016, for operating leases that commenced prior to that date.

^(a)  Finance lease assets are recorded net of accumulated amortization of $371 million and $317 million as of February 2, 2019 and February 3, 2018, respectively.

Lease Cost (millions)	Classification	2018			2017			2016
Operating lease cost (a)	SG&A Expenses	$	251		$	221		$	199
Finance lease cost
Amortization of leased assets	Depreciation and Amortization (b)	65			63			87
Interest on lease liabilities	Net Interest Expense	42			42			36
Sublease income (c)	Other Revenue	(11		)	(9		)	(7		)
Net lease cost		$	347		$	317		$	315

^(a)  Includes short-term leases and variable lease costs, which are immaterial.

^(b)  Supply chain-related amounts are included in Cost of Sales.

^(c)  Sublease income excludes rental income from owned properties of $47 million for 2018, 2017, and 2016, which is included in Other Revenue.

Maturity of Lease Liabilities (millions)	Operating  Leases (a)		Finance Leases (b)		Total
2019	$	245	$	98	$	343
2020	238		98		336
2021	232		98		330
2022	226		99		325
2023	217		94		311
After 2023	1,746		974		2,720
Total lease payments	$	2,904	$	1,461	$	4,365
Less: Interest	734		440
Present value of lease liabilities	$	2,170	$	1,021

^(a)  Operating lease payments include $778 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $341 million of legally binding minimum lease payments for leases signed but not yet commenced.

^(b)  Finance lease payments include $127 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $193 million of legally binding minimum lease payments for leases signed but not yet commenced.

Lease Term and Discount Rate	February 2, 2019		February 3, 2018
Weighted average remaining lease term (years)
Operating leases	14.2		15.2
Finance leases	15.4		15.4
Weighted average discount rate
Operating leases	3.91	%	3.88	%
Finance leases	4.64	%	4.64	%

Other Information (millions)	2018		2017		2016
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	231	$	198	$	188
Operating cash flows from finance leases	45		42		36
Financing cash flows from finance leases	80		45		94

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Income Taxes

12 Months Ended

Feb. 02, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

In December 2017, the U.S. government enacted the Tax Cuts and Jobs Act tax reform legislation (the Tax Act), which among other matters reduced the U.S. corporate income tax rate from 35 percent to 21 percent effective January 1, 2018.

In 2017, we recorded a provisional $343 million net tax benefit primarily related to the remeasurement of certain deferred tax assets and liabilities, including $372 million of benefit from the new lower rate, partially offset by $29 million of deferred income tax expense from our foreign operations. During 2018, we completed our Tax Act accounting and recorded adjustments to previously-recorded provisional amounts, resulting in a $36 million tax benefit primarily related to the remeasurement of deferred tax assets and liabilities.

Beginning with 2018, we are subject to a new tax on global intangible low-taxed income that is imposed on foreign earnings. We have made an accounting election to record this tax as a period cost and thus have not adjusted any of the deferred tax assets or liabilities of our foreign subsidiaries for the new tax. Net impacts of this new tax were immaterial and are included in our provision for income taxes for 2018.

Earnings from continuing operations before income taxes were $3,676 million, $3,630 million, and $3,961 million during 2018, 2017, and 2016, respectively, including $734 million, $722 million, and $336 million earned by our foreign entities subject to tax outside of the U.S.

Tax Rate Reconciliation – Continuing Operations	2018		2017 As Adjusted		2016 As Adjusted
Federal statutory rate	21.0	%	33.7	%	35.0	%
State income taxes, net of the federal tax benefit	3.6		2.2		2.7
International	(1.3	)	(4.6	)	(2.6	)
Tax Act (a)	(1.0	)	(9.5	)	—
Excess tax benefit related to share-based payments	(0.3	)	(0.1	)	(0.6	)
Federal tax credits	(1.1	)	(0.8	)	(0.7	)
Other	(0.6	)	(1.0	)	(1.1	)
Effective tax rate	20.3	%	19.9	%	32.7	%

^(a)  Represents the discrete benefit of remeasuring our net deferred tax liabilities at the new lower U.S. corporate income tax rate.

Provision for Income Taxes (millions)	2018		2017 As Adjusted			2016 As Adjusted
Current:
Federal	$	257	$	746		$	1,108
State	116		105			141
International	51		59			6
Total current	424		910			1,255
Deferred:
Federal	263		(229		)	20
State	57		27			21
International	2		14			(1		)
Total deferred	322		(188		)	40
Total provision	$	746	$	722		$	1,295

Net Deferred Tax Asset/(Liability) (millions)	February 2, 2019			February 3, 2018 As Adjusted
Gross deferred tax assets:
Accrued and deferred compensation	$	248		$	262
Accruals and reserves not currently deductible	181			162
Self-insured benefits	114			109
Deferred occupancy income	157			164
Leased assets	92			87
Other	40			42
Total gross deferred tax assets	832			826
Gross deferred tax liabilities:
Property and equipment	(1,557		)	(1,264		)
Inventory	(140		)	(130		)
Other	(95		)	(91		)
Total gross deferred tax liabilities	(1,792		)	(1,485		)
Total net deferred tax liability	$	(960	)	$	(659	)

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 at the enactment date. We recognized a net tax benefit of $36 million and $372 million in 2018 and 2017, respectively, primarily because we remeasured our net deferred tax liabilities using the new lower U.S. corporate tax rate.

Beginning in 2017, due to changes effected by the Tax Act and other reasons, we have not asserted indefinite reinvestment in our foreign operations. Because of this change, we recorded a deferred tax charge of$29 millionduring 2017.

We file a U.S. federal income tax return and income tax returns in various states and foreign jurisdictions. The U.S. Internal Revenue Service has completed exams on the U.S. federal income tax returns for years 2015 and prior. With few exceptions, we are no longer subject to state and local or non-U.S. income tax examinations by tax authorities for years before 2009.

Reconciliation of Liability for Unrecognized Tax Benefits (millions)	2018			2017			2016
Balance at beginning of period	$	325		$	153		$	153
Additions based on tax positions related to the current year	58			112			12
Additions for tax positions of prior years	10			142			6
Reductions for tax positions of prior years	(91		)	(71		)	(16		)
Settlements	(2		)	(11		)	(2		)
Balance at end of period	$	300		$	325		$	153

If we were to prevail on all unrecognized tax benefits recorded, $252 million of the $300 million reserve would benefit the effective tax rate. In addition, the reversal of accrued penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. During the years ended February 2, 2019, February 3, 2018, and January 28, 2017, we recorded an expense/(benefit) from accrued penalties and interest of $3 million, $(12) million, and $1 million, respectively. As of February 2, 2019, February 3, 2018, and January 28, 2017 total accrued interest and penalties were $32 million, $29 million, and $45 million, respectively.

It is reasonably possible that the amount of the unrecognized tax benefits with respect to our other unrecognized tax positions will increase or decrease during the next twelve months; however, an estimate of the amount or range of the change cannot be made at this time.

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Other Noncurrent Liabilities

12 Months Ended

Feb. 02, 2019

Other Liabilities Disclosure [Abstract]

Other Noncurrent Liabilities

Other Noncurrent Liabilities

Other Noncurrent Liabilities (millions)	February 2, 2019		February 3, 2018 As Adjusted
Deferred occupancy income (a)	$	570	$	600
Deferred compensation	472		503
Income tax	312		332
Workers' compensation and general liability	281		278
Pension benefits	40		41
Other	105		112
Total	$	1,780	$	1,866

^(a)  To be amortized evenly through 2038.

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Share Repurchase

12 Months Ended

Feb. 02, 2019

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.

In an ASR arrangement, in exchange for an up-front payment, we receive an initial delivery of shares of our common stock and at settlement may receive additional shares, cash, or a combination of both. The total number of shares ultimately repurchased and, therefore, the average repurchase price paid per share, is determined upon settlement of the ASR based on the volume-weighted average price of our common stock during the term of the contract, less an agreed-upon discount. We retire shares in the period they are received and account for the up-front payment as a reduction to shareholders’ equity.

Share Repurchases (millions, except per share data)	2018		2017		2016
Total number of shares purchased	27.2		17.6		50.9
Average price paid per share	$	75.88	$	58.44	$	72.35
Total investment	$	2,067	$	1,026	$	3,686

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Share-Based Compensation

12 Months Ended

Feb. 02, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

Share-Based Compensation

We maintain a long-term incentive plan (the Plan) for key team members and non-employee members of our Board of Directors. The Plan allows us to grant equity-based compensation awards, including stock options, stock appreciation rights, performance share units, restricted stock units, restricted stock awards, or a combination of awards (collectively, share-based awards). The number of unissued common shares reserved for future grants under the Plan was 19.3 million and 24.5 million at February 2, 2019 and February 3, 2018, respectively.

Compensation expense associated with share-based awards is recognized on a straight-line basis over the required service period and reflects estimated forfeitures. Share-based compensation expense recognized in SG&A Expenses was $134 million, $115 million, and $116 million in 2018, 2017, and 2016, respectively. The related income tax benefit was $26 million, $26 million, and $43 million in 2018, 2017, and 2016, respectively.

Restricted Stock Units

We issue restricted stock units and performance-based restricted stock units generally with three-year cliff or four-year graduated vesting from the grant date (collectively restricted stock units) to certain team members. The final number of shares issued under performance-based restricted stock units is based on our total shareholder return relative to a retail peer group over a three-year performance period. We also regularly issue restricted stock units to our Board of Directors, which vest quarterly over a one-year period and are settled in shares of Target common stock upon departure from the Board. The fair value for restricted stock units is calculated based on the stock price on the date of grant, incorporating an analysis of the total shareholder return performance measure where applicable. The weighted average grant date fair value for restricted stock units was $72.65, $56.19, and $74.05 in 2018, 2017, and 2016, respectively.

Restricted Stock Unit Activity	Total Nonvested Units
	Restricted Stock (a)		Grant Date Fair Value (b)
February 3, 2018	3,763		$	64.35
Granted	2,269		72.65
Forfeited	(485	)	66.25
Vested	(1,732	)	68.62
February 2, 2019	3,815		$	66.86

^(a)  Represents the number of shares of restricted stock units, in thousands. For performance-based restricted stock units, assumes attainment of maximum payout rates as set forth in the performance criteria. Applying actual or expected payout rates, the number of outstanding restricted stock units and performance-based restricted stock units at February 2, 2019 was 3,708 thousand.

^(b)  Weighted average per unit.

The expense recognized each period is partially dependent upon our estimate of the number of shares that will ultimately be issued. At February 2, 2019, there was $125 million of total unrecognized compensation expense related to restricted stock units, which is expected to be recognized over a weighted average period of 2.7 years. The fair value of restricted stock units vested and converted to shares of Target common stock was $119 million, $87 million, and $75 million in 2018, 2017, and 2016, respectively.

Performance Share Units

We issue performance share units to certain team members that represent shares potentially issuable in the future. Issuance is based upon our performance relative to a retail peer group over a three-year performance period on certain measures including sales growth, return on invested capital, and EPS growth. The fair value of performance share units is calculated based on the stock price on the date of grant. The weighted average grant date fair value for performance share units was $70.94, $55.93, and $71.37 in 2018, 2017, and 2016, respectively.

Performance Share Unit Activity	Total Nonvested Units
	Performance Share Units (a)		Grant Date Fair Value (b)
February 3, 2018	3,824		$	68.23
Granted	1,121		70.94
Forfeited	(741	)	64.16
Vested	(581	)	74.15
February 2, 2019	3,623		$	67.47

^(a)  Represents the number of performance share units, in thousands. Assumes attainment of maximum payout rates as set forth in the performance criteria. Applying actual or expected payout rates, the number of outstanding performance share units at February 2, 2019 was 2,004 thousand.

^(b)  Weighted average per unit.

The expense recognized each period is partially dependent upon our estimate of the number of shares that will ultimately be issued. Future compensation expense for unvested awards could reach a maximum of $144 million assuming payout of all unvested awards. The unrecognized expense is expected to be recognized over a weighted average period of 1.2 years. The fair value of performance share units vested and converted to shares of Target common stock was $43 million in 2018, $30 million in 2017, and $1 million in 2016.

Stock Options

In May 2017, we granted price-vested stock options (price-vested options) to certain team members, which have met the market condition and will become exercisable in 2020 pending service condition achievement. Shares received upon exercise, net of exercise costs and taxes, are subject to a one-year post-exercise holding period. The fair value of the price-vested options was estimated using a lattice model.

Through 2013, we granted nonqualified stock options to certain team members. All are vested and currently exercisable.

Stock Option Activity	Stock Options
	Total Outstanding						Exercisable
	Number of Options (a)		Exercise Price (b)		Intrinsic Value (c)		Number of Options (a)	Exercise Price (b)		Intrinsic Value (c)
February 3, 2018	5,938		$	54.53	$	109	3,913	$	53.97	$	74
Granted	—		—
Expired/forfeited	(89	)	53.85
Exercised/issued	(1,859	)	52.53
February 2, 2019	3,990		$	55.49	$	63	2,039	$	55.38	$	32

^(a)  In thousands.

^(b)  Weighted average per share.

^(c)  Represents stock price appreciation subsequent to the grant date, in millions.

Stock Option Exercises (millions)	2018		2017		2016
Cash received for exercise price	$	96	$	109	$	219
Intrinsic value	50		34		103
Income tax benefit	12		13		40

At February 2, 2019, there was $5 million of total unrecognized compensation expense related to nonvested price-vested options, which is expected to be recognized over a weighted average period of 1.3 years. The weighted average remaining life of exercisable options is 2.8 years, and the weighted average remaining life of all outstanding options is 4.0 years. No options vested in 2018 or 2017. The total fair value of options vested in 2016 was $9 million.

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Defined Contribution Plans

12 Months Ended

Feb. 02, 2019

Defined Contribution Plans

Defined Contribution Plans

Defined Contribution Plans

Team members who meet eligibility requirements can participate in a defined contribution 401(k) plan by investing up to 80 percent of their eligible earnings, as limited by statute or regulation. We match 100 percent of each team member's contribution up to 5 percent of eligible earnings. Company match contributions are made to funds designated by the participant, none of which are based on Target common stock.

In addition, we maintain a nonqualified, unfunded deferred compensation plan for approximately 2,100 current and retired team members whose participation in our 401(k) plan is limited by statute or regulation. These team members choose from a menu of crediting rate alternatives that are generally the same as the investment choices in our 401(k) plan, but also includes a fund based on Target common stock. We credit an additional 2 percent per year to the accounts of all active participants, excluding executive officers, in part to recognize the risks inherent to their participation in this plan. We also maintain a frozen nonqualified, unfunded deferred compensation plan covering approximately 50 participants. Our total liability under these plans was $517 million and $542 million at February 2, 2019 and February 3, 2018, respectively.

We mitigate our risk of offering the nonqualified plans through investing in company-owned life insurance and prepaid forward contracts that substantially offset our economic exposure to the returns of these plans. These investments 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. See Note 12 for additional information.

Plan Expenses
(millions)	2018		2017			2016
401(k) plan matching contributions expense	$	229	$	219		$	197
Nonqualified deferred compensation plans
Benefits expense	18		83			58
Related investment expense (income)	6		(48		)	(38		)
Nonqualified plan net expense	$	24	$	35		$	20

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Pension Plans

12 Months Ended

Feb. 02, 2019

Retirement Benefits [Abstract]

Pension Plans

Pension Plans

We have qualified defined benefit pension plans covering team members who meet age and service requirements, including date of hire in certain circumstances. Effective January 1, 2009, our U.S. qualified defined benefit pension plan was closed to new participants, with limited exceptions. 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 each team member's date of hire, length of service and/or team member compensation.

Funded Status	Qualified Plans					Nonqualified Plans
(millions)	2018			2017		2018			2017
Projected benefit obligations	$	3,928		$	4,092	$	30		$	32
Fair value of plan assets	3,925			4,117		—			—
Funded/(underfunded) status	$	(3	)	$	25	$	(30	)	$	(32	)

Contributions and Estimated Future Benefit Payments

Our obligations to plan participants can be met over time through a combination of company contributions to these plans and earnings on plan assets. We are not required to make any contributions to our qualified defined benefit pension plans in 2019. However, depending on investment performance and plan funded status, we may elect to make a contribution.

Estimated Future Benefit Payments (millions)	Pension Benefits
2019	$	284
2020	202
2021	211
2022	219
2023	226
2024-2028	1,235

Cost of Plans

Net Pension Benefits Expense
(millions)	Classification	2018			2017			2016
Service cost benefits earned	SG&A Expenses	$	95		$	86		$	87
Interest cost on projected benefit obligation	Net Other (Income) / Expense	146			140			134
Expected return on assets	Net Other (Income) / Expense	(246		)	(250		)	(256		)
Amortization of losses	Net Other (Income) / Expense	82			61			46
Amortization of prior service cost	Net Other (Income) / Expense	(11		)	(11		)	(11		)
Settlement and special termination charges	Net Other (Income) / Expense	4			1			2
Total		$	70		$	27		$	2

Assumptions

Benefit Obligation Weighted Average Assumptions
	2018		2017
Discount rate	4.28	%	3.93	%
Average assumed rate of compensation increase	3.00		3.00

Net Periodic Benefit Expense Weighted Average Assumptions
	2018		2017		2016
Discount rate	3.93	%	4.40	%	4.70	%
Expected long-term rate of return on plan assets	6.30		6.55		6.80
Average assumed rate of compensation increase	3.00		3.00		3.00

The weighted average assumptions used to measure net periodic benefit expense each year are the rates as of the beginning of the year (i.e., the prior measurement date). Based on a stable asset allocation, our most recent compound annual rate of return on qualified plans' assets was 5.0 percent, 7.3 percent, 6.7 percent, and 6.0 percent for the 5-year, 10-year, 15-year, and 20-year time periods, respectively.

The market-related value of plan assets, which is used in calculating expected return on assets in net periodic benefit cost, is determined each year by adjusting the previous year's value by expected return, benefit payments, and cash contributions. The market-related value is adjusted for asset gains and losses in equal 20 percent adjustments over a 5-year period.

We review the expected long-term rate of return annually and revise it as appropriate. Additionally, we monitor the mix of investments in our portfolio to ensure alignment with our long-term strategy to manage pension cost and reduce volatility in our assets. Our 2018 expected annualized long-term rate of return assumptions were 6.5 percent for domestic equity securities, 7.5 percent for international equity securities, 4.5 percent for long-duration debt securities, 7.5 percent for balanced funds, and 8.5 percent for other investments. These estimates are a judgmental matter in which we consider the composition of our asset portfolio, our historical long-term investment performance, and current market conditions.

Benefit Obligation

Change in Projected Benefit Obligation	Qualified Plans						Nonqualified Plans
(millions)	2018			2017			2018			2017
Benefit obligation at beginning of period	$	4,092		$	3,760		$	32		$	32
Service cost	94			85			1			1
Interest cost	145			139			1			1
Actuarial (gain)/loss	(168		)	270			—			1
Participant contributions	6			6			—			—
Benefits paid	(241		)	(168		)	(4		)	(3		)
Benefit obligation at end of period (a)	$	3,928		$	4,092		$	30		$	32

^(a)  Accumulated benefit obligation—the present value of benefits earned to date assuming no future salary growth—is materially consistent with the projected benefit obligation in each period presented.

Plan Assets

Change in Plan Assets	Qualified Plans						Nonqualified Plans
(millions)	2018			2017			2018			2017
Fair value of plan assets at beginning of period	$	4,117		$	3,785		$	—		$	—
Actual return on plan assets	(66		)	493			—			—
Employer contributions	109			1			4			3
Participant contributions	6			6			—			—
Benefits paid	(241		)	(168		)	(4		)	(3		)
Fair value of plan assets at end of period	$	3,925		$	4,117		$	—		$	—

Our asset allocation policy is designed to reduce the long-term cost of funding our pension obligations. The plan invests with both passive and active investment managers depending on the investment. The plan also seeks to reduce the risk associated with adverse movements in interest rates by employing an interest rate hedging program, which may include the use of interest rate swaps, total return swaps, and other instruments.

Asset Category	Current Targeted		Actual Allocation
	Allocation		2018		2017
Domestic equity securities (a)	14	%	13	%	16	%
International equity securities	9		9		10
Debt securities	45		47		44
Balanced funds	23		24		23
Other (b)	9		7		7
Total	100	%	100	%	100	%

^(a)  Equity securities include our common stock in amounts substantially less than 1 percent of total plan assets in both periods presented.

^(b)  Other assets include private equity, mezzanine and high-yield debt, natural resources and timberland funds, multi-strategy hedge funds, derivative instruments, and real estate.

Fair Value Measurements		Fair Value at
(millions)	Pricing Category	January 31, 2019		January 31, 2018
Cash and cash equivalents	Level 1	$	3	$	4
Government securities (a)	Level 2	631		531
Fixed income (b)	Level 2	1,123		1,145
Derivatives	Level 2	12		19
		1,769		1,699
Investments valued using NAV per share (c)
Cash and cash equivalents		100		185
Common collective trusts		828		966
Fixed Income		54		55
Balanced funds		952		959
Private equity funds		84		97
Other		138		156
Total plan assets		$	3,925	$	4,117

^(a)  Investments in government securities and long-term government bonds.

^(b)  Investments in corporate and municipal bonds.

^(c)  In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.

Position	Valuation Technique
Cash and cash equivalents	Carrying value approximates fair value.
Government securities  and fixed income	Valued using matrix pricing models and quoted prices of securities with similar characteristics.
Derivatives	Swap derivatives - 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. Option derivatives - Valued at transaction price initially. Subsequent valuations are based on observable inputs to the valuation model (e.g., underlying investments).

Amounts Included in Shareholders' Equity

Amounts in Accumulated Other Comprehensive Income
(millions)	2018			2017
Net actuarial loss	$	1,060		$	1,001
Prior service credits	(24		)	(35		)
Amounts in Accumulated Other Comprehensive Income (a)(b)	$	1,036		$	966

^(a)  $772 million and $720 million, net of tax, at the end of 2018 and 2017, respectively.

^(b)  We expect 2019 net pension expense to include amortization expense of $51 million ($38 million, net of tax) related to net actuarial loss and prior service credit balances included in Accumulated Other Comprehensive Income.

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Accumulated Other Comprehensive Income

12 Months Ended

Feb. 02, 2019

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income

(millions)	Cash Flow Hedges				Currency Translation Adjustment			Pension and Other Benefit				Total
February 3, 2018	$	(14	)		$	(13	)	$	(720	)		$	(747	)
Other Comprehensive Income/(Loss) before reclassifications, net of tax	—				(7		)	(107		)		(114		)
Amounts reclassified from AOCI, net of tax	1			(a)	—			55			(b)	56
February 2, 2019	$	(13	)		$	(20	)	$	(772	)		$	(805	)

^(a)  Represents amortization of gains and losses on cash flow hedges, net of taxes, which is recorded in Net Interest Expense on the Consolidated Statements of Operations.

^(b)  Represents amortization of pension gains and losses, net of $19 million of taxes, which is recorded in SG&A Expenses on the Consolidated Statements of Operations. See Note 24 for additional information.

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Quarterly Results (Unaudited)

12 Months Ended

Feb. 02, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results (Unaudited)

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 the November and December holiday sales period. We follow the same accounting policies for preparing quarterly and annual financial data. The table below summarizes quarterly results for 2018 and 2017:

Quarterly Results	First Quarter						Second Quarter						Third Quarter						Fourth Quarter						Total Year
(millions, except per share data)	2018			2017			2018			2017			2018			2017			2018			2017 (a)			2018			2017 (a)
Sales	$	16,556		$	15,995		$	17,552		$	16,410		$	17,590		$	16,647		$	22,734		$	22,734		$	74,433		$	71,786
Other revenue	225			228			224			224			231			227			243			249			923			928
Total revenue	16,781			16,223			17,776			16,634			17,821			16,874			22,977			22,983			75,356			72,714
Cost of sales	11,625			11,199			12,239			11,419			12,535			11,712			16,900			16,795			53,299			51,125
Selling, general, and administrative expenses	3,545			3,353			3,865			3,601			3,937			3,733			4,376			4,454			15,723			15,140
Depreciation and amortization (exclusive of depreciation included in cost of sales)	570			516			539			521			530			582			584			605			2,224			2,225
Operating income	1,041			1,155			1,133			1,093			819			847			1,117			1,129			4,110			4,224
Net interest expense	121			140			115			131			115			251			110			131			461			653
Net other (income) / expense	(7		)	(15		)	(4		)	(15		)	(9		)	(15		)	(7		)	(14		)	(27		)	(59		)
Earnings from continuing operations before income taxes	927			1,030			1,022			977			713			611			1,014			1,012			3,676			3,630
Provision for income taxes	210			355			223			307			97			135			216			(76		)	746			722
Net earnings from continuing operations	717			675			799			670			616			476			798			1,088			2,930			2,908
Discontinued operations, net of tax	1			3			—			1			6			2			1			(1		)	7			6
Net earnings	$	718		$	678		$	799		$	671		$	622		$	478		$	799		$	1,087		$	2,937		$	2,914
Basic earnings per share
Continuing operations	$	1.34		$	1.22		$	1.50		$	1.22		$	1.17		$	0.87		$	1.53		$	2.01		$	5.54		$	5.32
Discontinued operations	—			0.01			—			—			0.01			—			—			—			0.01			0.01
Net earnings per share	$	1.34		$	1.23		$	1.50		$	1.22		$	1.18		$	0.88		$	1.54		$	2.01		$	5.55		$	5.32
Diluted earnings per share
Continuing operations	$	1.33		$	1.21		$	1.49		$	1.21		$	1.16		$	0.87		$	1.52		$	1.99		$	5.50		$	5.29
Discontinued operations	—			0.01			—			—			0.01			—			—			—			0.01			0.01
Net earnings per share	$	1.33		$	1.22		$	1.49		$	1.22		$	1.17		$	0.87		$	1.52		$	1.99		$	5.51		$	5.29
Dividends declared per share	$	0.62		$	0.60		$	0.64		$	0.62		$	0.64		$	0.62		$	0.64		$	0.62		$	2.54		$	2.46

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. 2017 amounts are adjusted to conform with current year presentation. Refer to Note 2.

^(a)  The fourth quarter and full year 2018 consisted of 13 weeks and 52 weeks, respectively, compared with 14 weeks and 53 weeks in the comparable prior-year periods.

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Summary of Accounting Policies (Policies)

12 Months Ended

Feb. 02, 2019

Accounting Policies [Abstract]

Organization

Organization    We are a general merchandise retailer selling products to our guests through our stores and digital channels.

We operate as a single segment that includes all of our continuing operations, which are designed to enable guests to purchase products seamlessly in stores or through our digital channels. Nearly all of our revenues are generated in the United States (U.S.). The vast majority of our long-lived assets are located within the U.S.

Consolidation

Consolidation    The consolidated financial statements include the balances of Target 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 Target is the primary beneficiary of those entities' operations.

Use of estimates

Use of estimates    The 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 year

Fiscal year    Our fiscal year ends on the Saturday nearest January 31. Unless otherwise stated, references to years in this report relate to fiscal years, rather than to calendar years. Fiscal 2018 ended February 2, 2019, and consisted of 52 weeks. Fiscal 2017 ended February 3, 2018, and consisted of 53 weeks. Fiscal 2016 ended January 28, 2017, and consisted of 52 weeks. Fiscal 2019 will end February 1, 2020, and will consist of 52 weeks.

Accounting policies

Accounting policies    Our accounting policies are disclosed in the applicable Notes to the Consolidated Financial Statements. Certain prior-year amounts have been reclassified to conform to the current year presentation. Note 2 provides information about our adoption of new accounting standards for revenue recognition, leases, and pensions.

Accounting Standards Adopted

Accounting Standards Adopted

Revenue Recognition

We adopted Accounting Standards Update (ASU) No. 2014-09—Revenue from Contracts with Customers (Topic 606), as amended, as of February 4, 2018, using the full retrospective approach. The new standard did not materially affect our consolidated net earnings, financial position, or cash flows. The new standard resulted in minor changes to the timing of recognition of revenues for certain promotional gift card programs.

For 2017 and 2016, we reclassified profit-sharing income under our credit card program agreement to Other Revenue from Selling, General and Administrative Expenses (SG&A Expenses). In addition, we reclassified certain advertising, rental, and other miscellaneous revenues, none of which was individually significant, from Sales and SG&A Expenses to Other Revenue.

Leases

We adopted ASU No. 2016-02—Leases (Topic 842), as amended, as of February 4, 2018, using the modified retrospective approach. The modified retrospective approach provides a method for recording existing leases at adoption and in comparative periods that approximates the results of a full retrospective approach. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification. We also elected the practical expedient related to land easements, allowing us to carry forward our accounting treatment for land easements on existing agreements.

In addition, we elected the hindsight practical expedient to determine the lease term for existing leases. Our election of the hindsight practical expedient resulted in the shortening of lease terms for certain existing leases and the useful lives of corresponding leasehold improvements. In our application of hindsight, we evaluated the performance of the leased stores and the associated markets in relation to our overall real estate strategies, which resulted in the determination that most renewal options would not be reasonably certain in determining the expected lease term.

Adoption of the new standard resulted in the recording of additional net lease assets and lease liabilities of approximately $1.3 billion and $1.4 billion respectively, as of February 4, 2018. The difference between the additional lease assets and lease liabilities, net of the deferred tax impact, was recorded as an adjustment to retained earnings. The standard did not materially impact our consolidated net earnings and had no impact on cash flows.

Pensions

In 2018, we adopted ASU No. 2017-07—Compensation – Retirement Benefits (Topic 715) using the full retrospective approach. The new standard requires employers to disaggregate and present separately the current service cost component from the other components of net benefit cost within the Consolidated Statement of Operations. For 2017 and 2016, we reclassified $(59) million and $(88) million, respectively, of non-service cost components of net benefit cost to Net Other (Income)/Expense from SG&A Expenses on our Consolidated Statements of Operations.

Revenues

Merchandise sales – We record almost all retail store revenues at the point of sale. Digital channel originated sales may include shipping revenue and are recorded upon delivery to the guest or upon guest pickup at the store. Total revenues do not include sales tax because we are a pass-through conduit for collecting and remitting sales taxes. Generally, guests may return national brand merchandise within 90 days of purchase and owned and exclusive brands within one year of purchase. Sales are recognized net of expected returns, which we estimate using historical return patterns and our expectation of future returns. As of February 2, 2019, February 3, 2018, and January 28, 2017, the liability for estimated returns was $116 million, $110 million, and $103 million, respectively. We have not historically had material adjustments to our returns estimates.

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. Under the vast majority of these arrangements, which represent less than 5 percent of consolidated sales, we record revenue and related costs gross. We concluded that we are the principal in these transactions for a number of reasons, most notably because we 1) control the overall economics of the transactions, including setting the sales price and realizing the majority of cash flows from the sale, 2) control the relationship with the customer, and 3) are responsible for fulfilling the promise to provide goods to the customer. Merchandise received under these arrangements is not included in Inventory in our Consolidated Statements of Financial Position because the purchase and sale of this inventory are virtually simultaneous.

Revenue from Target gift card sales is recognized upon gift card redemption, which is typically within one year of issuance. Our gift cards do not expire. 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.

Guests receive a 5 percent discount on nearly all purchases and receive free shipping at Target.com when they use their Target Debit Card, Target Credit Card, or Target MasterCard (REDcards). The discount is included as a sales reduction in our Consolidated Statements of Operations and was $953 million, $933 million, and $899 million in 2018, 2017, and 2016, respectively.

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 rental income, advertising, membership fees, and other miscellaneous revenues, none of which are individually significant.

Cost of Sales

Cost of Sales and Selling, General and Administrative Expenses

The following table illustrates the primary items classified in each major expense category:

Cost of Sales

Selling, General and Administrative Expenses

Total cost of products sold including •   Freight expenses associated with moving     merchandise from our vendors to and between our     distribution centers and our retail stores •   Vendor income that is not reimbursement of     specific, incremental, and identifiable costs Inventory shrink Markdowns Outbound shipping and handling expenses     associated with sales to our guests Payment term cash discounts Distribution center costs, including compensation     and benefits costs and depreciation Import costs

Compensation and benefit costs for stores and     headquarters Occupancy and operating costs of retail and     headquarters facilities Advertising, offset by vendor income that is a     reimbursement of specific, incremental, and     identifiable costs Pre-opening and exit costs of stores and other facilities Credit cards servicing expenses Costs associated with accepting 3rd party bank issued     payment cards Litigation and defense costs and related insurance     recovery Other administrative costs

Note: The classification of these expenses varies across the retail industry.

Cost of Sales

Total cost of products sold including
•   Freight expenses associated with moving
    merchandise from our vendors to and between our
    distribution centers and our retail stores
•   Vendor income that is not reimbursement of
    specific, incremental, and identifiable costs
Inventory shrink
Markdowns
Outbound shipping and handling expenses
    associated with sales to our guests
Payment term cash discounts
Distribution center costs, including compensation
    and benefits costs and depreciation
Import costs

Selling, General and Administrative Expenses

Cost of Sales and Selling, General and Administrative Expenses

The following table illustrates the primary items classified in each major expense category:

Cost of Sales

Selling, General and Administrative Expenses

Total cost of products sold including •   Freight expenses associated with moving     merchandise from our vendors to and between our     distribution centers and our retail stores •   Vendor income that is not reimbursement of     specific, incremental, and identifiable costs Inventory shrink Markdowns Outbound shipping and handling expenses     associated with sales to our guests Payment term cash discounts Distribution center costs, including compensation     and benefits costs and depreciation Import costs

Compensation and benefit costs for stores and     headquarters Occupancy and operating costs of retail and     headquarters facilities Advertising, offset by vendor income that is a     reimbursement of specific, incremental, and     identifiable costs Pre-opening and exit costs of stores and other facilities Credit cards servicing expenses Costs associated with accepting 3rd party bank issued     payment cards Litigation and defense costs and related insurance     recovery Other administrative costs

Note: The classification of these expenses varies across the retail industry.

Selling, General and Administrative Expenses

Compensation and benefit costs for stores and
    headquarters
Occupancy and operating costs of retail and
    headquarters facilities
Advertising, offset by vendor income that is a
    reimbursement of specific, incremental, and
    identifiable costs
Pre-opening and exit costs of stores and other facilities
Credit cards servicing expenses
Costs associated with accepting 3^rd party bank issued
    payment cards
Litigation and defense costs and related insurance
    recovery
Other administrative costs

Consideration Received from Vendors

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." Additionally, under our compliance programs, vendors are charged for merchandise shipments that do not meet our requirements (violations), such as late or incomplete shipments. 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. We have not historically had significant write-offs for these receivables.

Advertising Costs

Advertising Costs

Advertising costs, which primarily consist of newspaper circulars, digital advertisements, and media broadcast, are generally expensed at first showing or distribution of the advertisement.

Fair Value Measurements

Fair Value Measurements

Fair value measurements are reported in one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data).

Cash Equivalents

Cash and 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 third-party financial institutions for credit and debit card transactions. These receivables typically settle in five days or less.

Inventory

Inventory

The vast majority of our inventory is 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. Inventory cost includes the amount we pay to our suppliers to acquire inventory, freight costs incurred to deliver product to our distribution centers and stores, and import costs, reduced by vendor income and cash discounts. Distribution center operating costs, including compensation and benefits, are expensed in the period incurred. 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 inventory retail value. 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 taken as a reduction of the retail value of inventory.

Property and Equipment

Property and Equipment

Property and equipment, including assets acquired under finance leases, is depreciated using the straight-line method over estimated useful lives or lease terms 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 certain at the date the leasehold improvements are acquired. Depreciation expense for 2018, 2017, and 2016 was $2,460 million, $2,462 million, and $2,305 million, respectively, including depreciation expense included in Cost of Sales. For income tax purposes, accelerated depreciation methods are generally used. Repair and maintenance costs are expensed as incurred. Facility pre-opening costs, including supplies and payroll, are expensed as incurred.

Goodwill and Intangible Assets

We use both accelerated and straight-line methods to amortize definite-lived intangible assets over 4 to 15 years.

Commitments

Commitments and Contingencies

Contingencies

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. When a loss is probable, we record an accrual based on the reasonably estimable loss or range of loss. When no point of loss is more likely than another, we record the lowest amount in the estimated range of loss and, if material, disclose the estimated range of loss. We do not record liabilities for reasonably possible loss contingencies, but do disclose a range of reasonably possible losses if they are material and we are able to estimate such a range. If we cannot provide a range of reasonably possible losses, we explain the factors that prevent us from determining such a range. Historically, adjustments to our estimates have not been material. 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 these identified claims or litigation will be material to our results of operations, cash flows, or financial condition.

Commitments

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 $992 million and $1,225 million at February 2, 2019 and February 3, 2018, respectively.

Derivative Instruments

Derivative Financial Instruments

Our derivative instruments primarily consist of interest rate swaps, which we use to mitigate interest rate risk. As a result of our use of derivative instruments, we have counterparty credit exposure to large global financial institutions. We monitor this concentration of counterparty credit risk on an ongoing basis. Note 7 provides the fair value and classification of these instruments.

Leases

Leases

We lease certain retail stores, warehouses, distribution centers, office space, land, and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. For lease agreements entered into or reassessed after the adoption of Topic 842, we combine lease and nonlease components.

Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 50 years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Certain of our lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

We rent or sublease certain real estate to third parties. Our lease and sublease portfolio consists mainly of operating leases with CVS Pharmacy Inc. (CVS) for space within our stores.

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 at the enactment date.

Share-Based Compensation

The expense recognized each period is partially dependent upon our estimate of the number of shares that will ultimately be issued.

The fair value for restricted stock units is calculated based on the stock price on the date of grant, incorporating an analysis of the total shareholder return performance measure where applicable.

Pension Plans

Position	Valuation Technique
Cash and cash equivalents	Carrying value approximates fair value.
Government securities  and fixed income	Valued using matrix pricing models and quoted prices of securities with similar characteristics.
Derivatives	Swap derivatives - 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. Option derivatives - Valued at transaction price initially. Subsequent valuations are based on observable inputs to the valuation model (e.g., underlying investments).

The weighted average assumptions used to measure net periodic benefit expense each year are the rates as of the beginning of the year (i.e., the prior measurement date). Based on a stable asset allocation, our most recent compound annual rate of return on qualified plans' assets was 5.0 percent, 7.3 percent, 6.7 percent, and 6.0 percent for the 5-year, 10-year, 15-year, and 20-year time periods, respectively.

The market-related value of plan assets, which is used in calculating expected return on assets in net periodic benefit cost, is determined each year by adjusting the previous year's value by expected return, benefit payments, and cash contributions. The market-related value is adjusted for asset gains and losses in equal 20 percent adjustments over a 5-year period.

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Accounting Standards Adopted (Tables)

12 Months Ended

Feb. 02, 2019

Accounting Changes and Error Corrections [Abstract]

Schedule of Impact of New Accounting Pronouncements

Effect of Accounting Standards Adoption on Consolidated Statement of Operations
	2017 As Previously Reported		Effect of the Adoption of
			ASC Topic 606 (Revenue Recognition)				ASC Topic 842 (Leases)				ASU 2017-07 (Pension)
(millions, except per share data) (unaudited)															2017 As Adjusted
Sales	$	71,879	$	(93	)	(a)	$	—			$	—			$	71,786
Other revenue	—		928			(a)	—				—				928
Total revenue	71,879		835				—				—				72,714
Cost of sales	51,125		—				—				—				51,125
Selling, general and administrative expenses	14,248		835			(a)	(2		)	(b)	59			(c)	15,140
Depreciation and amortization (exclusive of depreciation included in cost of sales)	2,194		—				31			(b)	—				2,225
Operating income	4,312		—				(29		)		(59		)		4,224
Net interest expense	666		—				(13		)	(b)	—				653
Net other (income) / expense	—		—				—				(59		)	(c)	(59		)
Earnings from continuing operations before income taxes	3,646		—				(16		)		—				3,630
Provision for income taxes	718		(2		)		6				—				722
Net earnings from continuing operations	2,928		2				(22		)		—				2,908
Discontinued operations, net of tax	6		—				—				—				6
Net earnings	$	2,934	$	2			$	(22	)		$	—			$	2,914
Basic earnings per share
Continuing operations	$	5.35													$	5.32
Discontinued operations	0.01														0.01
Net earnings per share	$	5.36													$	5.32
Diluted earnings per share
Continuing operations	$	5.32													$	5.29
Discontinued operations	0.01														0.01
Net earnings per share	$	5.33													$	5.29

Note: 2017 was a 53-week year. Per share amounts may not foot due to rounding. The sum of "As Previously Reported" amounts and effects of the adoption of the new standards may not equal "As Adjusted" amounts due to rounding.

Footnote explanations are provided on page 42.

Effect of Accounting Standards Adoption on Consolidated Statement of Operations
	2016 As Previously Reported		Effect of the Adoption of
			ASC Topic 606 (Revenue Recognition)				ASC Topic 842 (Leases)				ASU 2017-07 (Pension)
(millions, except per share data) (unaudited)															2016 As Adjusted
Sales	$	69,495	$	(80	)	(a)	$	—			$	—			$	69,414
Other revenue	—		857			(a)	—				—				857
Total revenue	69,495		777				—				—				70,271
Cost of sales	49,145		—				—				—				49,145
Selling, general and administrative expenses	13,356		777			(a)	(4		)	(b)	88			(c)	14,217
Depreciation and amortization (exclusive of depreciation included in cost of sales)	2,025		—				20			(b)	—				2,045
Operating income	4,969		—				(16		)		(88		)		4,864
Net interest expense	1,004		—				(13		)	(b)	—				991
Net other (income) / expense	—		—				—				(88		)	(c)	(88		)
Earnings from continuing operations before income taxes	3,965		—				(3		)		—				3,961
Provision for income taxes	1,296		—				(1		)		—				1,295
Net earnings from continuing operations	2,669		—				(2		)		—				2,666
Discontinued operations, net of tax	68		—				—				—				68
Net earnings	$	2,737	$	—			$	(2	)		$	—			$	2,734
Basic earnings per share
Continuing operations	$	4.62													$	4.61
Discontinued operations	0.12														0.12
Net earnings per share	$	4.74													$	4.73
Diluted earnings per share
Continuing operations	$	4.58													$	4.58
Discontinued operations	0.12														0.12
Net earnings per share	$	4.70													$	4.69

Note: Per share amounts may not foot due to rounding. The sum of "As Previously Reported" amounts and effects of the adoption of the new standards may not equal "As Adjusted" amounts due to rounding.

^(a)  For 2017 and 2016, we reclassified $694 million and $663 million, respectively, of profit-sharing income under our credit card program agreement to Other Revenue from SG&A Expenses. In addition, we reclassified certain advertising, rental, and other miscellaneous revenues, none of which was individually significant, from Sales and SG&A Expenses to Other Revenue.

^(b)  Relates to lease-term changes under the hindsight practical expedient.

^(c)  Relates to non-service cost components reclassified to Net Other (Income) / Expense from SG&A Expenses.

Effect of Accounting Standards Adoption on Consolidated Statement of Financial Position
				Effect of the Adoption of
(millions) (unaudited)	February 3, 2018 As Previously Reported			ASC Topic 606 (Revenue Recognition)				ASC Topic 842 (Leases)				February 3, 2018 As Adjusted
Assets
Cash and cash equivalents	$	2,643		$	—			$	—			$	2,643
Inventory	8,657			(60		)	(a)	—				8,597
Other current assets	1,264			60			(a)	(24		)	(b)	1,300
Total current assets	12,564			—				(24		)		12,540
Property and equipment
Land	6,095			—				—				6,095
Buildings and improvements	28,396			—				(265		)	(c)	28,131
Fixtures and equipment	5,623			—				—				5,623
Computer hardware and software	2,645			—				—				2,645
Construction-in-progress	440			—				—				440
Accumulated depreciation	(18,181		)	—				(217		)	(c)	(18,398		)
Property and equipment, net	25,018			—				(482		)		24,536
Operating lease assets	—			—				1,884			(d)	1,884
Other noncurrent assets	1,417			—				(74		)	(e)	1,343
Total assets	$	38,999		$	—			$	1,304			$	40,303
Liabilities and shareholders’ investment
Accounts payable	$	8,677		$	—			$	—			$	8,677
Accrued and other current liabilities	4,254			(14		)	(k)	(146		)	(f)	4,094
Current portion of long-term debt and other borrowings	270			—				11			(g)	281
Total current liabilities	13,201			(14		)		(135		)		13,052
Long-term debt and other borrowings	11,317			—				(200		)	(g)	11,117
Noncurrent operating lease liabilities	—			—				1,924			(h)	1,924
Deferred income taxes	713			4				(24		)		693
Other noncurrent liabilities	2,059			—				(192		)	(i)	1,866
Total noncurrent liabilities	14,089			4				1,508				15,600
Shareholders’ investment
Common stock	45			—				—				45
Additional paid-in capital	5,858			—				—				5,858
Retained earnings	6,553			10			(k)	(69		)	(j)	6,495
Accumulated other comprehensive loss	(747		)	—				—				(747		)
Total shareholders’ investment	11,709			10				(69		)		11,651
Total liabilities and shareholders’ investment	$	38,999		$	—			$	1,304			$	40,303

Note: The sum of "As Previously Reported" amounts and effects of the adoption of the new standards may not equal "As Adjusted" amounts due to rounding.

^(a)  Represents estimated merchandise returns, which were reclassified from Inventory to Other Current Assets.

^(b)  Represents prepaid rent reclassified to Operating Lease Assets.

^(c)  Represents impact of changes in finance lease terms and related leasehold improvements (net of accumulated depreciation) under the hindsight practical expedient and derecognition of approximately $135 million of non-Target owned properties that were consolidated under previously existing build-to-suit accounting rules.

^(d)  Represents capitalization of operating lease assets and reclassification of leasehold acquisition costs, straight-line rent accrual, and tenant incentives.

^(e)  Represents reclassification of leasehold acquisition costs to Operating Lease Assets.

^(f)  Represents reclassification of straight-line rent accrual to Operating Lease Assets, partially offset by recognition of the current portion of operating lease liabilities.

^(g)  Represents the impact of changes in financing lease terms for certain leases due to the election of the hindsight practical expedient.

^(h)  Represents recognition of operating lease liabilities.

⁽ⁱ⁾  Represents derecognition of approximately $135 million of liabilities related to non-Target owned properties that were consolidated under previously existing build-to-suit accounting rules and reclassification of tenant incentives to Operating Lease Assets.

^(j)  Represents the retained earnings impact of lease-term changes due to the use of hindsight, primarily from the shortening of lease terms for certain existing leases and useful lives of corresponding leasehold improvements.

^(k)  Primarily represents the impact of a change in timing of revenue recognition for certain promotional gift card programs.

The following table illustrates the primary items classified in each major expense category:

Cost of Sales

Selling, General and Administrative Expenses

Total cost of products sold including •   Freight expenses associated with moving     merchandise from our vendors to and between our     distribution centers and our retail stores •   Vendor income that is not reimbursement of     specific, incremental, and identifiable costs Inventory shrink Markdowns Outbound shipping and handling expenses     associated with sales to our guests Payment term cash discounts Distribution center costs, including compensation     and benefits costs and depreciation Import costs

Compensation and benefit costs for stores and     headquarters Occupancy and operating costs of retail and     headquarters facilities Advertising, offset by vendor income that is a     reimbursement of specific, incremental, and     identifiable costs Pre-opening and exit costs of stores and other facilities Credit cards servicing expenses Costs associated with accepting 3rd party bank issued     payment cards Litigation and defense costs and related insurance     recovery Other administrative costs

Note: The classification of these expenses varies across the retail industry.

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Revenues (Tables)

12 Months Ended

Feb. 02, 2019

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenues (millions)	2018		2017		2016
Apparel and accessories	$	15,004	$	14,662	$	14,304
Beauty and household essentials	17,726		17,025		16,550
Food and beverage	14,585		14,256		13,831
Hardlines	12,709		12,062		11,507
Home furnishings and décor	14,298		13,672		13,130
Other	111		109		92
Sales	74,433		71,786		69,414
Credit card profit sharing	673		694		663
Other	250		234		194
Other revenue	923		928		857
Total revenue	$	75,356	$	72,714	$	70,271

Schedule of Gift Card Liability

(millions)	February 3, 2018		Gift Cards Issued During Current Period But Not Redeemed (a)		Revenue Recognized From Beginning Liability			February 2, 2019
Gift card liability	$	727	$	645	$	(532	)	$	840

^(a)  Net of estimated breakage.

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Cost of Sales and Selling, General and Administrative Expenses (Tables)

12 Months Ended

Feb. 02, 2019

Cost of Sales and Selling, General and Administrative Expenses [Abstract]

Schedule of Primary Items Classified in each Major Expense Category

Effect of Accounting Standards Adoption on Consolidated Statement of Operations
	2017 As Previously Reported		Effect of the Adoption of
			ASC Topic 606 (Revenue Recognition)				ASC Topic 842 (Leases)				ASU 2017-07 (Pension)
(millions, except per share data) (unaudited)															2017 As Adjusted
Sales	$	71,879	$	(93	)	(a)	$	—			$	—			$	71,786
Other revenue	—		928			(a)	—				—				928
Total revenue	71,879		835				—				—				72,714
Cost of sales	51,125		—				—				—				51,125
Selling, general and administrative expenses	14,248		835			(a)	(2		)	(b)	59			(c)	15,140
Depreciation and amortization (exclusive of depreciation included in cost of sales)	2,194		—				31			(b)	—				2,225
Operating income	4,312		—				(29		)		(59		)		4,224
Net interest expense	666		—				(13		)	(b)	—				653
Net other (income) / expense	—		—				—				(59		)	(c)	(59		)
Earnings from continuing operations before income taxes	3,646		—				(16		)		—				3,630
Provision for income taxes	718		(2		)		6				—				722
Net earnings from continuing operations	2,928		2				(22		)		—				2,908
Discontinued operations, net of tax	6		—				—				—				6
Net earnings	$	2,934	$	2			$	(22	)		$	—			$	2,914
Basic earnings per share
Continuing operations	$	5.35													$	5.32
Discontinued operations	0.01														0.01
Net earnings per share	$	5.36													$	5.32
Diluted earnings per share
Continuing operations	$	5.32													$	5.29
Discontinued operations	0.01														0.01
Net earnings per share	$	5.33													$	5.29

Note: 2017 was a 53-week year. Per share amounts may not foot due to rounding. The sum of "As Previously Reported" amounts and effects of the adoption of the new standards may not equal "As Adjusted" amounts due to rounding.

Footnote explanations are provided on page 42.

Effect of Accounting Standards Adoption on Consolidated Statement of Operations
	2016 As Previously Reported		Effect of the Adoption of
			ASC Topic 606 (Revenue Recognition)				ASC Topic 842 (Leases)				ASU 2017-07 (Pension)
(millions, except per share data) (unaudited)															2016 As Adjusted
Sales	$	69,495	$	(80	)	(a)	$	—			$	—			$	69,414
Other revenue	—		857			(a)	—				—				857
Total revenue	69,495		777				—				—				70,271
Cost of sales	49,145		—				—				—				49,145
Selling, general and administrative expenses	13,356		777			(a)	(4		)	(b)	88			(c)	14,217
Depreciation and amortization (exclusive of depreciation included in cost of sales)	2,025		—				20			(b)	—				2,045
Operating income	4,969		—				(16		)		(88		)		4,864
Net interest expense	1,004		—				(13		)	(b)	—				991
Net other (income) / expense	—		—				—				(88		)	(c)	(88		)
Earnings from continuing operations before income taxes	3,965		—				(3		)		—				3,961
Provision for income taxes	1,296		—				(1		)		—				1,295
Net earnings from continuing operations	2,669		—				(2		)		—				2,666
Discontinued operations, net of tax	68		—				—				—				68
Net earnings	$	2,737	$	—			$	(2	)		$	—			$	2,734
Basic earnings per share
Continuing operations	$	4.62													$	4.61
Discontinued operations	0.12														0.12
Net earnings per share	$	4.74													$	4.73
Diluted earnings per share
Continuing operations	$	4.58													$	4.58
Discontinued operations	0.12														0.12
Net earnings per share	$	4.70													$	4.69

Note: Per share amounts may not foot due to rounding. The sum of "As Previously Reported" amounts and effects of the adoption of the new standards may not equal "As Adjusted" amounts due to rounding.

^(a)  For 2017 and 2016, we reclassified $694 million and $663 million, respectively, of profit-sharing income under our credit card program agreement to Other Revenue from SG&A Expenses. In addition, we reclassified certain advertising, rental, and other miscellaneous revenues, none of which was individually significant, from Sales and SG&A Expenses to Other Revenue.

^(b)  Relates to lease-term changes under the hindsight practical expedient.

^(c)  Relates to non-service cost components reclassified to Net Other (Income) / Expense from SG&A Expenses.

Effect of Accounting Standards Adoption on Consolidated Statement of Financial Position
				Effect of the Adoption of
(millions) (unaudited)	February 3, 2018 As Previously Reported			ASC Topic 606 (Revenue Recognition)				ASC Topic 842 (Leases)				February 3, 2018 As Adjusted
Assets
Cash and cash equivalents	$	2,643		$	—			$	—			$	2,643
Inventory	8,657			(60		)	(a)	—				8,597
Other current assets	1,264			60			(a)	(24		)	(b)	1,300
Total current assets	12,564			—				(24		)		12,540
Property and equipment
Land	6,095			—				—				6,095
Buildings and improvements	28,396			—				(265		)	(c)	28,131
Fixtures and equipment	5,623			—				—				5,623
Computer hardware and software	2,645			—				—				2,645
Construction-in-progress	440			—				—				440
Accumulated depreciation	(18,181		)	—				(217		)	(c)	(18,398		)
Property and equipment, net	25,018			—				(482		)		24,536
Operating lease assets	—			—				1,884			(d)	1,884
Other noncurrent assets	1,417			—				(74		)	(e)	1,343
Total assets	$	38,999		$	—			$	1,304			$	40,303
Liabilities and shareholders’ investment
Accounts payable	$	8,677		$	—			$	—			$	8,677
Accrued and other current liabilities	4,254			(14		)	(k)	(146		)	(f)	4,094
Current portion of long-term debt and other borrowings	270			—				11			(g)	281
Total current liabilities	13,201			(14		)		(135		)		13,052
Long-term debt and other borrowings	11,317			—				(200		)	(g)	11,117
Noncurrent operating lease liabilities	—			—				1,924			(h)	1,924
Deferred income taxes	713			4				(24		)		693
Other noncurrent liabilities	2,059			—				(192		)	(i)	1,866
Total noncurrent liabilities	14,089			4				1,508				15,600
Shareholders’ investment
Common stock	45			—				—				45
Additional paid-in capital	5,858			—				—				5,858
Retained earnings	6,553			10			(k)	(69		)	(j)	6,495
Accumulated other comprehensive loss	(747		)	—				—				(747		)
Total shareholders’ investment	11,709			10				(69		)		11,651
Total liabilities and shareholders’ investment	$	38,999		$	—			$	1,304			$	40,303

Note: The sum of "As Previously Reported" amounts and effects of the adoption of the new standards may not equal "As Adjusted" amounts due to rounding.

^(a)  Represents estimated merchandise returns, which were reclassified from Inventory to Other Current Assets.

^(b)  Represents prepaid rent reclassified to Operating Lease Assets.

^(c)  Represents impact of changes in finance lease terms and related leasehold improvements (net of accumulated depreciation) under the hindsight practical expedient and derecognition of approximately $135 million of non-Target owned properties that were consolidated under previously existing build-to-suit accounting rules.

^(d)  Represents capitalization of operating lease assets and reclassification of leasehold acquisition costs, straight-line rent accrual, and tenant incentives.

^(e)  Represents reclassification of leasehold acquisition costs to Operating Lease Assets.

^(f)  Represents reclassification of straight-line rent accrual to Operating Lease Assets, partially offset by recognition of the current portion of operating lease liabilities.

^(g)  Represents the impact of changes in financing lease terms for certain leases due to the election of the hindsight practical expedient.

^(h)  Represents recognition of operating lease liabilities.

⁽ⁱ⁾  Represents derecognition of approximately $135 million of liabilities related to non-Target owned properties that were consolidated under previously existing build-to-suit accounting rules and reclassification of tenant incentives to Operating Lease Assets.

^(j)  Represents the retained earnings impact of lease-term changes due to the use of hindsight, primarily from the shortening of lease terms for certain existing leases and useful lives of corresponding leasehold improvements.

^(k)  Primarily represents the impact of a change in timing of revenue recognition for certain promotional gift card programs.

The following table illustrates the primary items classified in each major expense category:

Cost of Sales

Selling, General and Administrative Expenses

Total cost of products sold including •   Freight expenses associated with moving     merchandise from our vendors to and between our     distribution centers and our retail stores •   Vendor income that is not reimbursement of     specific, incremental, and identifiable costs Inventory shrink Markdowns Outbound shipping and handling expenses     associated with sales to our guests Payment term cash discounts Distribution center costs, including compensation     and benefits costs and depreciation Import costs

Compensation and benefit costs for stores and     headquarters Occupancy and operating costs of retail and     headquarters facilities Advertising, offset by vendor income that is a     reimbursement of specific, incremental, and     identifiable costs Pre-opening and exit costs of stores and other facilities Credit cards servicing expenses Costs associated with accepting 3rd party bank issued     payment cards Litigation and defense costs and related insurance     recovery Other administrative costs

Note: The classification of these expenses varies across the retail industry.

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Advertising Costs (Tables)

12 Months Ended

Feb. 02, 2019

Advertising Costs

Schedule of Advertising Costs

Advertising Costs (millions)	2018		2017			2016
Gross advertising costs	$	1,494	$	1,476		$	1,503
Vendor income	—		(19		)	(38		)
Net advertising costs	$	1,494	$	1,457		$	1,465

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Fair Value Measurements (Tables)

12 Months Ended

Feb. 02, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements - Recurring Basis

Fair value measurements are reported in one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data).

Fair Value Measurements - Recurring Basis			Fair Value at
(millions)	Classification	Pricing Category	February 2, 2019		February 3, 2018
Assets
Short-term investments (a)	Cash and Cash Equivalents	Level 1	$	769	$	1,906
Prepaid forward contracts (b)	Other Current Assets	Level 1	19		23
Interest rate swaps (c)	Other Noncurrent Assets	Level 2	10		—
Liabilities
Interest rate swaps (c)	Other Current Liabilities	Level 2	3		—
Interest rate swaps (c)	Other Noncurrent Liabilities	Level 2	—		6

^(a)  Carrying value approximates fair value because maturities are less than three months.

^(b)  Initially valued at transaction price. Subsequently valued by reference to the market price of Target common stock.

^(c)  Valuations are based on observable inputs to the valuation model (e.g., interest rates and credit spreads). See Note 17 for additional information on interest rate swaps.

Schedule of Significant Financial Instruments not Measured at Fair Value

Significant Financial Instruments not Measured at Fair Value (a) (millions)	2018				2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion (b)	$	10,247	$	10,808	$	10,440	$	11,155

^(a)  The carrying amounts of certain other current assets, commercial paper, accounts payable, and certain accrued and other current liabilities approximate fair value due to their short-term nature.

^(b)  The fair value of debt is generally measured using a discounted cash flow analysis based on current market interest rates for the same or similar types of financial instruments and would be classified as Level 2. These amounts exclude commercial paper, unamortized swap valuation adjustments, and lease liabilities.

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Cash and Cash Equivalents (Tables)

12 Months Ended

Feb. 02, 2019

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

(millions)	February 2, 2019		February 3, 2018
Cash	$	359	$	337
Short-term investments	769		1,906
Receivables from third-party financial institutions for credit and debit card transactions	428		400
Cash and cash equivalents (a)	$	1,556	$	2,643

^(a)    We have access to these funds without any significant restrictions, taxes or penalties.

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Other Current Assets (Tables)

12 Months Ended

Feb. 02, 2019

Other Current Assets

Other Current Assets

Other Current Assets (millions)	February 2, 2019		February 3, 2018 As Adjusted
Income tax and other receivables	$	632	$	513
Vendor income receivable	468		416
Prepaid expenses	157		157
Other	209		214
Total	$	1,466	$	1,300

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Property and Equipment (Tables)

12 Months Ended

Feb. 02, 2019

Property, Plant and Equipment [Abstract]

Schedule of Estimated Useful Lives

Estimated Useful Lives	Life (Years)
Buildings and improvements	8-39
Fixtures and equipment	2-15
Computer hardware and software	2-7

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Other Noncurrent Assets (Tables)

12 Months Ended

Feb. 02, 2019

Other Assets, Noncurrent [Abstract]

Schedule of Other Noncurrent Assets

Other Noncurrent Assets (millions)	February 2, 2019		February 3, 2018 As Adjusted
Goodwill and intangible assets	$	699	$	709
Company-owned life insurance investments, net of loans	380		383
Pension asset	11		46
Other	183		205
Total	$	1,273	$	1,343

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Accrued and Other Current Liabilities (Tables)

12 Months Ended

Feb. 02, 2019

Accrued and Other Current Liabilities

Schedule of Accrued and Other Current Liabilities

Accrued and Other Current Liabilities (millions)	February 2, 2019		February 3, 2018 As Adjusted
Wages and benefits	$	1,229	$	1,209
Gift card liability, net of estimated breakage	840		727
Real estate, sales, and other taxes payable	601		670
Dividends payable	331		336
Current portion of operating lease liabilities	166		148
Workers' compensation and general liability (a)	142		141
Interest payable	62		67
Other	830		796
Total	$	4,201	$	4,094

^(a)  We retain a substantial portion of the risk related to general liability and workers' compensation claims. 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.

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Commercial Paper and Long-Term Debt (Tables)

12 Months Ended

Feb. 02, 2019

Debt Disclosure [Abstract]

Schedule of Carrying Value and Maturities of Debt Portfolio

At February 2, 2019, the carrying value and maturities of our debt portfolio were as follows:

Debt Maturities	February 2, 2019
(dollars in millions)	Rate (a)		Balance
Due 2019-2023	3.4	%	$	3,207
Due 2024-2028	3.3		2,179
Due 2029-2033	6.6		561
Due 2034-2038	6.8		1,109
Due 2039-2043	4.0		1,465
Due 2044-2048	3.7		1,726
Total notes and debentures	4.1		10,247
Swap valuation adjustments			7
Finance lease liabilities			1,021
Less: Amounts due within one year			(1,052		)
Long-term debt and other borrowings			$	10,223

^(a)  Reflects the weighted average stated interest rate as of year-end.

Schedule of Required Principal Payments

Required Principal Payments  (millions)	2019		2020		2021		2022		2023
Total required principal payments	$	1,002	$	1,094	$	1,056	$	63	$	—

Schedule of Short-term Financing

Commercial Paper (dollars in millions)	2018			2017			2016
Maximum daily amount outstanding during the year	$	658		$	—		$	89
Average amount outstanding during the year	63			—			1
Amount outstanding at year-end	—			—			—
Weighted average interest rate	2.00		%	—		%	0.43		%

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Leases (Tables)

12 Months Ended

Feb. 02, 2019

Leases [Abstract]

Schedule of Leases

Leases (millions)	Classification	February 2, 2019		February 3, 2018
Assets
Operating	Operating Lease Assets	$	1,965	$	1,884
Finance	Buildings and Improvements, net of Accumulated Depreciation (a)	872		836
Total leased assets		$	2,837	$	2,720
Liabilities
Current
Operating	Accrued and Other Current Liabilities	$	166	$	148
Finance	Current Portion of Long-term Debt and Other Borrowings	53		80
Noncurrent
Operating	Noncurrent Operating Lease Liabilities	2,004		1,924
Finance	Long-term Debt and Other Borrowings	968		885
Total lease liabilities		$	3,191	$	3,037

Note: As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the incremental borrowing rate on January 31, 2016, for operating leases that commenced prior to that date.

^(a)  Finance lease assets are recorded net of accumulated amortization of $371 million and $317 million as of February 2, 2019 and February 3, 2018, respectively.

Other Information (millions)	2018		2017		2016
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	231	$	198	$	188
Operating cash flows from finance leases	45		42		36
Financing cash flows from finance leases	80		45		94

Schedule of Lease Cost

Lease Term and Discount Rate	February 2, 2019		February 3, 2018
Weighted average remaining lease term (years)
Operating leases	14.2		15.2
Finance leases	15.4		15.4
Weighted average discount rate
Operating leases	3.91	%	3.88	%
Finance leases	4.64	%	4.64	%

Lease Cost (millions)	Classification	2018			2017			2016
Operating lease cost (a)	SG&A Expenses	$	251		$	221		$	199
Finance lease cost
Amortization of leased assets	Depreciation and Amortization (b)	65			63			87
Interest on lease liabilities	Net Interest Expense	42			42			36
Sublease income (c)	Other Revenue	(11		)	(9		)	(7		)
Net lease cost		$	347		$	317		$	315

^(a)  Includes short-term leases and variable lease costs, which are immaterial.

^(b)  Supply chain-related amounts are included in Cost of Sales.

^(c)  Sublease income excludes rental income from owned properties of $47 million for 2018, 2017, and 2016, which is included in Other Revenue.

Schedule of Maturity of Operating Lease Liabilities

Maturity of Lease Liabilities (millions)	Operating  Leases (a)		Finance Leases (b)		Total
2019	$	245	$	98	$	343
2020	238		98		336
2021	232		98		330
2022	226		99		325
2023	217		94		311
After 2023	1,746		974		2,720
Total lease payments	$	2,904	$	1,461	$	4,365
Less: Interest	734		440
Present value of lease liabilities	$	2,170	$	1,021

^(a)  Operating lease payments include $778 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $341 million of legally binding minimum lease payments for leases signed but not yet commenced.

^(b)  Finance lease payments include $127 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $193 million of legally binding minimum lease payments for leases signed but not yet commenced.

Schedule of Maturity of Finance Lease Liabilities

Maturity of Lease Liabilities (millions)	Operating  Leases (a)		Finance Leases (b)		Total
2019	$	245	$	98	$	343
2020	238		98		336
2021	232		98		330
2022	226		99		325
2023	217		94		311
After 2023	1,746		974		2,720
Total lease payments	$	2,904	$	1,461	$	4,365
Less: Interest	734		440
Present value of lease liabilities	$	2,170	$	1,021

^(a)  Operating lease payments include $778 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $341 million of legally binding minimum lease payments for leases signed but not yet commenced.

^(b)  Finance lease payments include $127 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $193 million of legally binding minimum lease payments for leases signed but not yet commenced.

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Income Taxes (Tables)

12 Months Ended

Feb. 02, 2019

Income Tax Disclosure [Abstract]

Schedule of Tax Rate Reconciliation - Continuing Operations

Tax Rate Reconciliation – Continuing Operations	2018		2017 As Adjusted		2016 As Adjusted
Federal statutory rate	21.0	%	33.7	%	35.0	%
State income taxes, net of the federal tax benefit	3.6		2.2		2.7
International	(1.3	)	(4.6	)	(2.6	)
Tax Act (a)	(1.0	)	(9.5	)	—
Excess tax benefit related to share-based payments	(0.3	)	(0.1	)	(0.6	)
Federal tax credits	(1.1	)	(0.8	)	(0.7	)
Other	(0.6	)	(1.0	)	(1.1	)
Effective tax rate	20.3	%	19.9	%	32.7	%

^(a)  Represents the discrete benefit of remeasuring our net deferred tax liabilities at the new lower U.S. corporate income tax rate.

Schedule of Provision for Income Taxes

Provision for Income Taxes (millions)	2018		2017 As Adjusted			2016 As Adjusted
Current:
Federal	$	257	$	746		$	1,108
State	116		105			141
International	51		59			6
Total current	424		910			1,255
Deferred:
Federal	263		(229		)	20
State	57		27			21
International	2		14			(1		)
Total deferred	322		(188		)	40
Total provision	$	746	$	722		$	1,295

Schedule of Net Deferred Tax Asset/(Liability)

Net Deferred Tax Asset/(Liability) (millions)	February 2, 2019			February 3, 2018 As Adjusted
Gross deferred tax assets:
Accrued and deferred compensation	$	248		$	262
Accruals and reserves not currently deductible	181			162
Self-insured benefits	114			109
Deferred occupancy income	157			164
Leased assets	92			87
Other	40			42
Total gross deferred tax assets	832			826
Gross deferred tax liabilities:
Property and equipment	(1,557		)	(1,264		)
Inventory	(140		)	(130		)
Other	(95		)	(91		)
Total gross deferred tax liabilities	(1,792		)	(1,485		)
Total net deferred tax liability	$	(960	)	$	(659	)

Schedule of Reconciliation of Liability for Unrecognized Tax Benefits

Reconciliation of Liability for Unrecognized Tax Benefits (millions)	2018			2017			2016
Balance at beginning of period	$	325		$	153		$	153
Additions based on tax positions related to the current year	58			112			12
Additions for tax positions of prior years	10			142			6
Reductions for tax positions of prior years	(91		)	(71		)	(16		)
Settlements	(2		)	(11		)	(2		)
Balance at end of period	$	300		$	325		$	153

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Other Noncurrent Liabilities (Tables)

12 Months Ended

Feb. 02, 2019

Other Liabilities Disclosure [Abstract]

Schedule of Other Noncurrent Liabilities

Other Noncurrent Liabilities (millions)	February 2, 2019		February 3, 2018 As Adjusted
Deferred occupancy income (a)	$	570	$	600
Deferred compensation	472		503
Income tax	312		332
Workers' compensation and general liability	281		278
Pension benefits	40		41
Other	105		112
Total	$	1,780	$	1,866

^(a)  To be amortized evenly through 2038.

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Share Repurchase (Tables)

12 Months Ended

Feb. 02, 2019

Equity [Abstract]

Schedule of Share repurchases

Share Repurchases (millions, except per share data)	2018		2017		2016
Total number of shares purchased	27.2		17.6		50.9
Average price paid per share	$	75.88	$	58.44	$	72.35
Total investment	$	2,067	$	1,026	$	3,686

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Share-Based Compensation (Tables)

12 Months Ended

Feb. 02, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Restricted Stock Activity

Restricted Stock Unit Activity	Total Nonvested Units
	Restricted Stock (a)		Grant Date Fair Value (b)
February 3, 2018	3,763		$	64.35
Granted	2,269		72.65
Forfeited	(485	)	66.25
Vested	(1,732	)	68.62
February 2, 2019	3,815		$	66.86

^(a)  Represents the number of shares of restricted stock units, in thousands. For performance-based restricted stock units, assumes attainment of maximum payout rates as set forth in the performance criteria. Applying actual or expected payout rates, the number of outstanding restricted stock units and performance-based restricted stock units at February 2, 2019 was 3,708 thousand.

^(b)  Weighted average per unit.

Restricted Stock Unit Activity	Total Nonvested Units
	Restricted Stock (a)		Grant Date Fair Value (b)
February 3, 2018	3,763		$	64.35
Granted	2,269		72.65
Forfeited	(485	)	66.25
Vested	(1,732	)	68.62
February 2, 2019	3,815		$	66.86

^(a)  Represents the number of shares of restricted stock units, in thousands. For performance-based restricted stock units, assumes attainment of maximum payout rates as set forth in the performance criteria. Applying actual or expected payout rates, the number of outstanding restricted stock units and performance-based restricted stock units at February 2, 2019 was 3,708 thousand.

^(b)  Weighted average per unit.

Schedule of Performance Share Unit Activity

Performance Share Unit Activity	Total Nonvested Units
	Performance Share Units (a)		Grant Date Fair Value (b)
February 3, 2018	3,824		$	68.23
Granted	1,121		70.94
Forfeited	(741	)	64.16
Vested	(581	)	74.15
February 2, 2019	3,623		$	67.47

^(a)  Represents the number of performance share units, in thousands. Assumes attainment of maximum payout rates as set forth in the performance criteria. Applying actual or expected payout rates, the number of outstanding performance share units at February 2, 2019 was 2,004 thousand.

^(b)  Weighted average per unit.

Schedule of Stock Option Activity

Stock Option Activity	Stock Options
	Total Outstanding						Exercisable
	Number of Options (a)		Exercise Price (b)		Intrinsic Value (c)		Number of Options (a)	Exercise Price (b)		Intrinsic Value (c)
February 3, 2018	5,938		$	54.53	$	109	3,913	$	53.97	$	74
Granted	—		—
Expired/forfeited	(89	)	53.85
Exercised/issued	(1,859	)	52.53
February 2, 2019	3,990		$	55.49	$	63	2,039	$	55.38	$	32

^(a)  In thousands.

^(b)  Weighted average per share.

^(c)  Represents stock price appreciation subsequent to the grant date, in millions.

Stock Option Exercises (millions)	2018		2017		2016
Cash received for exercise price	$	96	$	109	$	219
Intrinsic value	50		34		103
Income tax benefit	12		13		40

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Defined Contribution Plans (Tables)

12 Months Ended

Feb. 02, 2019

Defined Contribution Plans

Schedule of Plan Expenses

Plan Expenses
(millions)	2018		2017			2016
401(k) plan matching contributions expense	$	229	$	219		$	197
Nonqualified deferred compensation plans
Benefits expense	18		83			58
Related investment expense (income)	6		(48		)	(38		)
Nonqualified plan net expense	$	24	$	35		$	20

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Pension Plans (Tables)

12 Months Ended

Feb. 02, 2019

Retirement Benefits [Abstract]

Schedule of Recognition of Funded/(Underfunded) Status

Funded Status	Qualified Plans					Nonqualified Plans
(millions)	2018			2017		2018			2017
Projected benefit obligations	$	3,928		$	4,092	$	30		$	32
Fair value of plan assets	3,925			4,117		—			—
Funded/(underfunded) status	$	(3	)	$	25	$	(30	)	$	(32	)

Schedule of Estimated Future Benefit Payments

Estimated Future Benefit Payments (millions)	Pension Benefits
2019	$	284
2020	202
2021	211
2022	219
2023	226
2024-2028	1,235

Schedule of Net Pension Benefits Expense

Net Pension Benefits Expense
(millions)	Classification	2018			2017			2016
Service cost benefits earned	SG&A Expenses	$	95		$	86		$	87
Interest cost on projected benefit obligation	Net Other (Income) / Expense	146			140			134
Expected return on assets	Net Other (Income) / Expense	(246		)	(250		)	(256		)
Amortization of losses	Net Other (Income) / Expense	82			61			46
Amortization of prior service cost	Net Other (Income) / Expense	(11		)	(11		)	(11		)
Settlement and special termination charges	Net Other (Income) / Expense	4			1			2
Total		$	70		$	27		$	2

Schedule of Benefit Obligation Weighted Average Assumptions

Benefit Obligation Weighted Average Assumptions
	2018		2017
Discount rate	4.28	%	3.93	%
Average assumed rate of compensation increase	3.00		3.00

Schedule of Net Periodic Benefit Expense Weighted Average Assumptions

Net Periodic Benefit Expense Weighted Average Assumptions
	2018		2017		2016
Discount rate	3.93	%	4.40	%	4.70	%
Expected long-term rate of return on plan assets	6.30		6.55		6.80
Average assumed rate of compensation increase	3.00		3.00		3.00

Schedule of Change in Projected Benefit Obligation

Change in Projected Benefit Obligation	Qualified Plans						Nonqualified Plans
(millions)	2018			2017			2018			2017
Benefit obligation at beginning of period	$	4,092		$	3,760		$	32		$	32
Service cost	94			85			1			1
Interest cost	145			139			1			1
Actuarial (gain)/loss	(168		)	270			—			1
Participant contributions	6			6			—			—
Benefits paid	(241		)	(168		)	(4		)	(3		)
Benefit obligation at end of period (a)	$	3,928		$	4,092		$	30		$	32

^(a)  Accumulated benefit obligation—the present value of benefits earned to date assuming no future salary growth—is materially consistent with the projected benefit obligation in each period presented.

Schedule of Change in Plan Assets

Change in Plan Assets	Qualified Plans						Nonqualified Plans
(millions)	2018			2017			2018			2017
Fair value of plan assets at beginning of period	$	4,117		$	3,785		$	—		$	—
Actual return on plan assets	(66		)	493			—			—
Employer contributions	109			1			4			3
Participant contributions	6			6			—			—
Benefits paid	(241		)	(168		)	(4		)	(3		)
Fair value of plan assets at end of period	$	3,925		$	4,117		$	—		$	—

Schedule of Asset Category

Asset Category	Current Targeted		Actual Allocation
	Allocation		2018		2017
Domestic equity securities (a)	14	%	13	%	16	%
International equity securities	9		9		10
Debt securities	45		47		44
Balanced funds	23		24		23
Other (b)	9		7		7
Total	100	%	100	%	100	%

^(a)  Equity securities include our common stock in amounts substantially less than 1 percent of total plan assets in both periods presented.

^(b)  Other assets include private equity, mezzanine and high-yield debt, natural resources and timberland funds, multi-strategy hedge funds, derivative instruments, and real estate.

Schedule of Fair Value Measurements

Fair Value Measurements		Fair Value at
(millions)	Pricing Category	January 31, 2019		January 31, 2018
Cash and cash equivalents	Level 1	$	3	$	4
Government securities (a)	Level 2	631		531
Fixed income (b)	Level 2	1,123		1,145
Derivatives	Level 2	12		19
		1,769		1,699
Investments valued using NAV per share (c)
Cash and cash equivalents		100		185
Common collective trusts		828		966
Fixed Income		54		55
Balanced funds		952		959
Private equity funds		84		97
Other		138		156
Total plan assets		$	3,925	$	4,117

^(a)  Investments in government securities and long-term government bonds.

^(b)  Investments in corporate and municipal bonds.

^(c)  In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.

Summary of Valuation Techniques for Each Position

Position	Valuation Technique
Cash and cash equivalents	Carrying value approximates fair value.
Government securities  and fixed income	Valued using matrix pricing models and quoted prices of securities with similar characteristics.
Derivatives	Swap derivatives - 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. Option derivatives - Valued at transaction price initially. Subsequent valuations are based on observable inputs to the valuation model (e.g., underlying investments).

Schedule of Amounts in Accumulated Other Comprehensive Income

Amounts in Accumulated Other Comprehensive Income
(millions)	2018			2017
Net actuarial loss	$	1,060		$	1,001
Prior service credits	(24		)	(35		)
Amounts in Accumulated Other Comprehensive Income (a)(b)	$	1,036		$	966

^(a)  $772 million and $720 million, net of tax, at the end of 2018 and 2017, respectively.

^(b)  We expect 2019 net pension expense to include amortization expense of $51 million ($38 million, net of tax) related to net actuarial loss and prior service credit balances included in Accumulated Other Comprehensive Income.

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Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Feb. 02, 2019

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Summary of Accumulated Other Comprehensive Income

(millions)	Cash Flow Hedges				Currency Translation Adjustment			Pension and Other Benefit				Total
February 3, 2018	$	(14	)		$	(13	)	$	(720	)		$	(747	)
Other Comprehensive Income/(Loss) before reclassifications, net of tax	—				(7		)	(107		)		(114		)
Amounts reclassified from AOCI, net of tax	1			(a)	—			55			(b)	56
February 2, 2019	$	(13	)		$	(20	)	$	(772	)		$	(805	)

^(a)  Represents amortization of gains and losses on cash flow hedges, net of taxes, which is recorded in Net Interest Expense on the Consolidated Statements of Operations.

^(b)  Represents amortization of pension gains and losses, net of $19 million of taxes, which is recorded in SG&A Expenses on the Consolidated Statements of Operations. See Note 24 for additional information.

Summary of Reclassification out of Accumulated Other Comprehensive Income

(millions)	Cash Flow Hedges				Currency Translation Adjustment			Pension and Other Benefit				Total
February 3, 2018	$	(14	)		$	(13	)	$	(720	)		$	(747	)
Other Comprehensive Income/(Loss) before reclassifications, net of tax	—				(7		)	(107		)		(114		)
Amounts reclassified from AOCI, net of tax	1			(a)	—			55			(b)	56
February 2, 2019	$	(13	)		$	(20	)	$	(772	)		$	(805	)

^(a)  Represents amortization of gains and losses on cash flow hedges, net of taxes, which is recorded in Net Interest Expense on the Consolidated Statements of Operations.

^(b)  Represents amortization of pension gains and losses, net of $19 million of taxes, which is recorded in SG&A Expenses on the Consolidated Statements of Operations. See Note 24 for additional information.

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Quarterly Results (Unaudited) (Tables)

12 Months Ended

Feb. 02, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Results

The table below summarizes quarterly results for 2018 and 2017:

Quarterly Results	First Quarter						Second Quarter						Third Quarter						Fourth Quarter						Total Year
(millions, except per share data)	2018			2017			2018			2017			2018			2017			2018			2017 (a)			2018			2017 (a)
Sales	$	16,556		$	15,995		$	17,552		$	16,410		$	17,590		$	16,647		$	22,734		$	22,734		$	74,433		$	71,786
Other revenue	225			228			224			224			231			227			243			249			923			928
Total revenue	16,781			16,223			17,776			16,634			17,821			16,874			22,977			22,983			75,356			72,714
Cost of sales	11,625			11,199			12,239			11,419			12,535			11,712			16,900			16,795			53,299			51,125
Selling, general, and administrative expenses	3,545			3,353			3,865			3,601			3,937			3,733			4,376			4,454			15,723			15,140
Depreciation and amortization (exclusive of depreciation included in cost of sales)	570			516			539			521			530			582			584			605			2,224			2,225
Operating income	1,041			1,155			1,133			1,093			819			847			1,117			1,129			4,110			4,224
Net interest expense	121			140			115			131			115			251			110			131			461			653
Net other (income) / expense	(7		)	(15		)	(4		)	(15		)	(9		)	(15		)	(7		)	(14		)	(27		)	(59		)
Earnings from continuing operations before income taxes	927			1,030			1,022			977			713			611			1,014			1,012			3,676			3,630
Provision for income taxes	210			355			223			307			97			135			216			(76		)	746			722
Net earnings from continuing operations	717			675			799			670			616			476			798			1,088			2,930			2,908
Discontinued operations, net of tax	1			3			—			1			6			2			1			(1		)	7			6
Net earnings	$	718		$	678		$	799		$	671		$	622		$	478		$	799		$	1,087		$	2,937		$	2,914
Basic earnings per share
Continuing operations	$	1.34		$	1.22		$	1.50		$	1.22		$	1.17		$	0.87		$	1.53		$	2.01		$	5.54		$	5.32
Discontinued operations	—			0.01			—			—			0.01			—			—			—			0.01			0.01
Net earnings per share	$	1.34		$	1.23		$	1.50		$	1.22		$	1.18		$	0.88		$	1.54		$	2.01		$	5.55		$	5.32
Diluted earnings per share
Continuing operations	$	1.33		$	1.21		$	1.49		$	1.21		$	1.16		$	0.87		$	1.52		$	1.99		$	5.50		$	5.29
Discontinued operations	—			0.01			—			—			0.01			—			—			—			0.01			0.01
Net earnings per share	$	1.33		$	1.22		$	1.49		$	1.22		$	1.17		$	0.87		$	1.52		$	1.99		$	5.51		$	5.29
Dividends declared per share	$	0.62		$	0.60		$	0.64		$	0.62		$	0.64		$	0.62		$	0.64		$	0.62		$	2.54		$	2.46

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. 2017 amounts are adjusted to conform with current year presentation. Refer to Note 2.

^(a)  The fourth quarter and full year 2018 consisted of 13 weeks and 52 weeks, respectively, compared with 14 weeks and 53 weeks in the comparable prior-year periods.

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Summary of Accounting Policies (Details)	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Fiscal period duration		364 days	71 days	364 days
Forecast
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Fiscal period duration	364 days

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Accounting Standards Adopted - Narrative (Details) - USD ($) $ in Millions	3 Months Ended									12 Months Ended
	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Feb. 03, 2018		Oct. 28, 2017	Jul. 29, 2017	Apr. 29, 2017	Feb. 02, 2019	Feb. 03, 2018		Jan. 28, 2017		Jan. 30, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net other (income) / expense	$ (7)	$ (9)	$ (4)	$ (7)	$ (14)		$ (15)	$ (15)	$ (15)	$ (27)	$ (59)	[1]	$ (88)	[1]
Buildings and improvements	$ 29,240				28,131	[1]				$ 29,240	28,131	[1]
Accounting Standards Update 2014-09 | Effect of the Adoption of
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Credit card profit sharing													694		$ 663
Adoption of ASC Topic 842 (Leases) | Effect of the Adoption of
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net lease assets					1,300						1,300
Net lease liabilities					1,400						1,400
Buildings and improvements					(265)						(265)
Liabilities derecognized associated with non-target owned properties					(135)						(135)
Adoption of ASC Topic 842 (Leases) | Effect of the Adoption of | Non-owned Properties Previously Consolidated
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Buildings and improvements					$ (135)						(135)
ASU 2017-07 (Pension) | Effect of the Adoption of
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net other (income) / expense											$ (59)		$ (88)

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

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Accounting Standards Adopted - Impact of New Accounting Standards on Revenue (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Feb. 03, 2018	Oct. 28, 2017	Jul. 29, 2017	Apr. 29, 2017	Feb. 02, 2019		Feb. 03, 2018		Jan. 28, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	$ 22,977	$ 17,821	$ 17,776	$ 16,781	$ 22,983	$ 16,874	$ 16,634	$ 16,223	$ 75,356		$ 72,714	[1]	$ 70,271	[1]
Cost of sales	16,900	12,535	12,239	11,625	16,795	11,712	11,419	11,199	53,299		51,125	[1]	49,145	[1]
Selling, general and administrative expenses	4,376	3,937	3,865	3,545	4,454	3,733	3,601	3,353	15,723		15,140	[1]	14,217	[1]
Depreciation and amortization (exclusive of depreciation included in cost of sales)	584	530	539	570	605	582	521	516	2,224		2,225	[1]	2,045	[1]
Operating income	1,117	819	1,133	1,041	1,129	847	1,093	1,155	4,110		4,224	[1]	4,864	[1]
Net interest expense	110	115	115	121	131	251	131	140	461		653	[1]	991	[1]
Net other (income) / expense	(7)	(9)	(4)	(7)	(14)	(15)	(15)	(15)	(27)		(59)	[1]	(88)	[1]
Earnings from continuing operations before income taxes	1,014	713	1,022	927	1,012	611	977	1,030	3,676		3,630	[1]	3,961	[1]
Provision for income taxes	216	97	223	210	(76)	135	307	355	746		722	[1]	1,295	[1]
Net earnings from continuing operations	798	616	799	717	1,088	476	670	675	2,930		2,908	[1]	2,666	[1]
Discontinued operations, net of tax	1	6	0	1	(1)	2	1	3	7		6	[1]	68	[1]
Net earnings	$ 799	$ 622	$ 799	$ 718	$ 1,087	$ 478	$ 671	$ 678	$ 2,937		$ 2,914	[1]	$ 2,734	[1]
Continuing operations (in dollars per share)	$ 1.53	$ 1.17	$ 1.50	$ 1.34	$ 2.01	$ 0.87	$ 1.22	$ 1.22	$ 5.54	[2]	$ 5.32	[1],[2]	$ 4.61	[1],[2]
Discontinued operations (in dollars per share)	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.01	0.01	[2]	0.01	[1],[2]	0.12	[1],[2]
Net earnings per share (in dollars per share)	1.54	1.18	1.50	1.34	2.01	0.88	1.22	1.23	5.55	[2]	5.32	[1],[2]	4.73	[1],[2]
Continuing operations (in dollars per share)	1.52	1.16	1.49	1.33	1.99	0.87	1.21	1.21	5.50	[2]	5.29	[1],[2]	4.58	[1],[2]
Discontinued operations (in dollars per share)	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.01	0.01	[2]	0.01	[1],[2]	0.12	[1],[2]
Net earnings per share (in dollars per share)	$ 1.52	$ 1.17	$ 1.49	$ 1.33	$ 1.99	$ 0.87	$ 1.22	$ 1.22	$ 5.51	[2]	$ 5.29	[1],[2]	$ 4.69	[1],[2]
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue											$ 71,879		$ 69,495
Cost of sales											51,125		49,145
Selling, general and administrative expenses											14,248		13,356
Depreciation and amortization (exclusive of depreciation included in cost of sales)											2,194		2,025
Operating income											4,312		4,969
Net interest expense											666		1,004
Net other (income) / expense											0		0
Earnings from continuing operations before income taxes											3,646		3,965
Provision for income taxes											718		1,296
Net earnings from continuing operations											2,928		2,669
Discontinued operations, net of tax											6		68
Net earnings											$ 2,934		$ 2,737
Continuing operations (in dollars per share)											$ 5.35		$ 4.62
Discontinued operations (in dollars per share)											0.01		0.12
Net earnings per share (in dollars per share)											5.36		4.74
Continuing operations (in dollars per share)											5.32		4.58
Discontinued operations (in dollars per share)											0.01		0.12
Net earnings per share (in dollars per share)											$ 5.33		$ 4.70
ASC Topic 606 (Revenue Recognition) | Effect of the Adoption of
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue											$ 835		$ 777
Selling, general and administrative expenses											835		777
Provision for income taxes											(2)
Net earnings from continuing operations											2
Net earnings											2
Adoption of ASC Topic 842 (Leases) | Effect of the Adoption of
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Selling, general and administrative expenses											(2)		(4)
Depreciation and amortization (exclusive of depreciation included in cost of sales)											31		20
Operating income											(29)		(16)
Net interest expense											(13)		(13)
Earnings from continuing operations before income taxes											(16)		(3)
Provision for income taxes											6		(1)
Net earnings from continuing operations											(22)		(2)
Net earnings											(22)		(2)
ASU 2017-07 (Pension) | Effect of the Adoption of
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Selling, general and administrative expenses											59		88
Operating income											(59)		(88)
Net other (income) / expense											(59)		(88)
Sales
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	$ 22,734	$ 17,590	$ 17,552	$ 16,556	$ 22,734	$ 16,647	$ 16,410	$ 15,995	$ 74,433		71,786	[1]	69,414	[1]
Sales | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue											71,879		69,495
Sales | ASC Topic 606 (Revenue Recognition) | Effect of the Adoption of
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue											(93)		(80)
Other revenue
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	$ 243	$ 231	$ 224	$ 225	$ 249	$ 227	$ 224	$ 228	$ 923		928	[1]	857	[1]
Other revenue | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue											0		0
Other revenue | ASC Topic 606 (Revenue Recognition) | Effect of the Adoption of
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue											$ 928		$ 857

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

[2] Per share amounts may not foot due to rounding

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Accounting Standards Adopted - Impact of New Accounting Standards on Financial Position (Details) - USD ($) $ in Millions	Feb. 02, 2019	Feb. 03, 2018		Jan. 28, 2017	Jan. 30, 2016
Assets
Cash and cash equivalents	$ 1,556	$ 2,643	[1]
Inventory	9,497	8,597	[1]
Other current assets	1,466	1,300	[1]
Total current assets	12,519	12,540	[1]
Property and equipment
Land	6,064	6,095	[1]
Buildings and improvements	29,240	28,131	[1]
Fixtures and equipment	5,912	5,623	[1]
Computer hardware and software	2,544	2,645	[1]
Construction-in-progress	460	440	[1]
Accumulated depreciation	(18,687)	(18,398)	[1]
Property and equipment, net	25,533	24,536	[1]
Operating lease assets	1,965	1,884	[1]
Other noncurrent assets	1,273	1,343	[1]
Total assets	41,290	40,303	[1]
Liabilities and shareholders' investment
Accounts payable	9,761	8,677	[1]
Accrued and other current liabilities	4,201	4,094	[1]
Current portion of long-term debt and other borrowings	1,052	281	[1]
Total current liabilities	15,014	13,052	[1]
Long-term debt and other borrowings	10,223	11,117	[1]
Noncurrent operating lease liabilities	2,004	1,924	[1]
Deferred income taxes		693
Other noncurrent liabilities	1,780	1,866	[1]
Total noncurrent liabilities	14,979	15,600	[1]
Shareholders’ investment
Common stock	43	45	[1]
Additional paid-in capital	6,042	5,858	[1]
Retained earnings	6,017	6,495	[1]
Accumulated other comprehensive loss	(805)	(747)	[1]
Total shareholders' investment	11,297	11,651	[1]	$ 10,915	$ 12,965
Total liabilities and shareholders' investment	$ 41,290	40,303	[1]
As Previously Reported
Assets
Cash and cash equivalents		2,643
Inventory		8,657
Other current assets		1,264
Total current assets		12,564
Property and equipment
Land		6,095
Buildings and improvements		28,396
Fixtures and equipment		5,623
Computer hardware and software		2,645
Construction-in-progress		440
Accumulated depreciation		(18,181)
Property and equipment, net		25,018
Operating lease assets		0
Other noncurrent assets		1,417
Total assets		38,999
Liabilities and shareholders' investment
Accounts payable		8,677
Accrued and other current liabilities		4,254
Current portion of long-term debt and other borrowings		270
Total current liabilities		13,201
Long-term debt and other borrowings		11,317
Noncurrent operating lease liabilities		0
Deferred income taxes		713
Other noncurrent liabilities		2,059
Total noncurrent liabilities		14,089
Shareholders’ investment
Common stock		45
Additional paid-in capital		5,858
Retained earnings		6,553
Accumulated other comprehensive loss		(747)
Total shareholders' investment		11,709
Total liabilities and shareholders' investment		38,999
ASC Topic 606 (Revenue Recognition) | Effect of the Adoption of
Assets
Inventory		(60)
Other current assets		60
Liabilities and shareholders' investment
Accrued and other current liabilities		(14)
Total current liabilities		(14)
Deferred income taxes		4
Total noncurrent liabilities		4
Shareholders’ investment
Retained earnings		10
Total shareholders' investment		10
Total liabilities and shareholders' investment		0
Adoption of ASC Topic 842 (Leases) | Effect of the Adoption of
Assets
Other current assets		(24)
Total current assets		(24)
Property and equipment
Buildings and improvements		(265)
Accumulated depreciation		(217)
Property and equipment, net		(482)
Operating lease assets		1,884
Other noncurrent assets		(74)
Total assets		1,304
Liabilities and shareholders' investment
Accrued and other current liabilities		(146)
Current portion of long-term debt and other borrowings		11
Total current liabilities		(135)
Long-term debt and other borrowings		(200)
Noncurrent operating lease liabilities		1,924
Deferred income taxes		(24)
Other noncurrent liabilities		(192)
Total noncurrent liabilities		1,508
Shareholders’ investment
Retained earnings		(69)
Total shareholders' investment		(69)
Total liabilities and shareholders' investment		1,304
Adoption of ASC Topic 842 (Leases) | Effect of the Adoption of | Non-owned Properties Previously Consolidated
Property and equipment
Buildings and improvements		$ (135)

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

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Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Feb. 03, 2018	Oct. 28, 2017	Jul. 29, 2017	Apr. 29, 2017	Feb. 02, 2019	Feb. 03, 2018		Jan. 28, 2017
Disaggregation of Revenue [Line Items]
Total revenue	$ 22,977	$ 17,821	$ 17,776	$ 16,781	$ 22,983	$ 16,874	$ 16,634	$ 16,223	$ 75,356	$ 72,714	[1]	$ 70,271	[1]
Apparel and accessories
Disaggregation of Revenue [Line Items]
Total revenue									15,004	14,662		14,304
Beauty and household essentials
Disaggregation of Revenue [Line Items]
Total revenue									17,726	17,025		16,550
Food and beverage
Disaggregation of Revenue [Line Items]
Total revenue									14,585	14,256		13,831
Hardlines
Disaggregation of Revenue [Line Items]
Total revenue									12,709	12,062		11,507
Home furnishings and décor
Disaggregation of Revenue [Line Items]
Total revenue									14,298	13,672		13,130
Other
Disaggregation of Revenue [Line Items]
Total revenue									111	109		92
Sales
Disaggregation of Revenue [Line Items]
Total revenue	22,734	17,590	17,552	16,556	22,734	16,647	16,410	15,995	74,433	71,786	[1]	69,414	[1]
Credit card profit sharing
Disaggregation of Revenue [Line Items]
Total revenue									673	694		663
Other
Disaggregation of Revenue [Line Items]
Total revenue									250	234		194
Other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 243	$ 231	$ 224	$ 225	$ 249	$ 227	$ 224	$ 228	$ 923	$ 928	[1]	$ 857	[1]

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

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Revenues - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
Disaggregation of Revenue [Line Items]
Liability for estimated returns	$ 116	$ 110	$ 103
Percentage of sales accounted for as vendor sales to customers (as percent)	5.00%
Description of timing for performance obligation	Revenue from Target gift card sales is recognized upon gift card redemption, which is typically within one year of issuance. Our gift cards do not expire. 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.
Discount on purchases (as a percent)	5.00%
Discounts associated with REDcard rewards program	$ 953	$ 933	$ 899
National brand merchandise
Disaggregation of Revenue [Line Items]
Product return period	90 days
Exclusive brands
Disaggregation of Revenue [Line Items]
Product return period	1 year

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Revenues - Gift Card Liability (Details) $ in Millions	12 Months Ended
	Feb. 02, 2019 USD ($)
Change in Contract with Customer, Liability [Roll Forward]
Gift card liability, beginning balance	$ 727
Gift Cards Issued During Current Period But Not Redeemed	645
Revenue Recognized From Beginning Liability	(532)
Gift card liability, ending balance	$ 840

XML

Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
Advertising Costs
Gross advertising costs	$ 1,494	$ 1,476	$ 1,503
Vendor income	0	(19)	(38)
Net advertising costs	$ 1,494	$ 1,457	$ 1,465

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Fair Value Measurements - Schedule of Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Millions	Feb. 02, 2019	Feb. 03, 2018
Assets
Other Current Assets	$ 1,466	$ 1,300	[1]
Other Noncurrent Assets	1,273	1,343	[1]
Liabilities
Other Noncurrent Liabilities	1,780	1,866	[1]
Level 1 | Fair Value Measurements - Recurring Basis
Assets
Cash and Cash Equivalents	769	1,906
Level 1 | Prepaid forward contracts | Fair Value Measurements - Recurring Basis
Assets
Other Current Assets	19	23
Level 2 | Interest rate swaps | Fair Value Measurements - Recurring Basis
Assets
Other Noncurrent Assets	10	0
Liabilities
Other Current Liabilities	3	0
Other Noncurrent Liabilities	$ 0	$ 6

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

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Fair Value Measurements - Schedule of Significant Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions	Feb. 02, 2019	Feb. 03, 2018
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 10,247	$ 10,440
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 10,808	$ 11,155

XML

Cash and Cash Equivalents (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018
Cash and Cash Equivalents [Abstract]
Credit and debit card transactions to be included in cash equivalents, maximum settlement period	5 days
Cash and Cash Equivalents [Line Items]
Cash	$ 359	$ 337
Short-term investments	769	1,906
Receivables from third-party financial institutions for credit and debit card transactions	428	400
Cash and cash equivalents	1,556	2,643	[1]
Accounts Payable
Cash and Cash Equivalents [Line Items]
Bank Overdrafts	242	358
Accrued and Other Current Liabilities
Cash and Cash Equivalents [Line Items]
Bank Overdrafts	$ 25	$ 29

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

XML

Other Current Assets (Details) - USD ($) $ in Millions	Feb. 02, 2019	Feb. 03, 2018
Other Current Assets
Income tax and other receivables	$ 632	$ 513
Vendor income receivable	468	416
Prepaid expenses	157	157
Other	209	214
Total	$ 1,466	$ 1,300	[1]

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

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Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2,460	$ 2,462	$ 2,305
Total impairments	$ 92	$ 91	$ 43
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	8 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	39 years
Fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	15 years
Computer hardware and software | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Computer hardware and software | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years

XML

Other Noncurrent Assets (Details) - USD ($) $ in Millions	Feb. 02, 2019	Feb. 03, 2018
Other Assets, Noncurrent [Abstract]
Goodwill and intangible assets	$ 699	$ 709
Company-owned life insurance investments, net of loans	380	383
Pension asset	11	46
Other	183	205
Total	$ 1,273	$ 1,343	[1]

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

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Goodwill and Intangible Assets - Goodwill (Details) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2017	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
Goodwill [Line Items]
Goodwill		$ 633,000,000	$ 630,000,000
Goodwill impairment charges		0	0	$ 0
Net intangible assets		$ 66,000,000	$ 79,000,000
Shipt
Goodwill [Line Items]
Goodwill	$ 500,000,000
Purchase price	550,000,000
Intangible assets acquired	40,000,000
Tangible assets acquired	$ 10,000,000

XML

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
Finite-Lived Intangible Assets [Line Items]
Net intangible assets	$ 66	$ 79
Amortization expense	14	$ 14	$ 13
Maximum
Estimated Amortization Expense
2019	15
2020	15
2021	15
2022	15
2023	$ 15
Other | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life of intangible assets	4 years
Other | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life of intangible assets	15 years
Other | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Useful life of intangible assets	8 years

XML

Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Feb. 02, 2019	Feb. 03, 2018
Accrued and Other Current Liabilities
Wages and benefits	$ 1,229	$ 1,209
Gift card liability, net of estimated breakage	840	727
Real estate, sales, and other taxes payable	601	670
Dividends payable	331	336
Current portion of operating lease liabilities	166	148
Workers' compensation and general liability	142	141
Interest payable	62	67
Other	830	796
Total	$ 4,201	$ 4,094	[1]

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

XML

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018
Loss Contingencies [Line Items]
Trade letters of credit	$ 1,746	$ 1,757
Standby Letters of Credit and Surety Bonds
Loss Contingencies [Line Items]
Trade letters of credit	403	372
Purchase Obligations
Loss Contingencies [Line Items]
Purchase obligations	$ 992	1,225
Purchase obligation term	3 years
Real Estate Obligations
Loss Contingencies [Line Items]
Real estate obligations	$ 1,134	$ 1,110
Real estate obligation period	5 years

XML

Commercial Paper and Long-Term Debt - Schedule of Carrying Value and Maturities of Debt Portfolio (Details) - USD ($) $ in Millions	Feb. 02, 2019	Feb. 03, 2018	[1]
Notes Payable and Long-Term Debt
Rate (as a percent)	4.10%
Total notes and debentures	$ 10,247
Swap valuation adjustments	7
Finance lease liabilities	1,021
Less: Amounts due within one year	(1,052)
Long-term debt and other borrowings	$ 10,223	$ 11,117
Due 2019-2023
Notes Payable and Long-Term Debt
Rate (as a percent)	3.40%
Total notes and debentures	$ 3,207
Due 2024-2028
Notes Payable and Long-Term Debt
Rate (as a percent)	3.30%
Total notes and debentures	$ 2,179
Due 2029-2033
Notes Payable and Long-Term Debt
Rate (as a percent)	6.60%
Total notes and debentures	$ 561
Due 2034-2038
Notes Payable and Long-Term Debt
Rate (as a percent)	6.80%
Total notes and debentures	$ 1,109
Due 2039-2043
Notes Payable and Long-Term Debt
Rate (as a percent)	4.00%
Total notes and debentures	$ 1,465
Due 2044-2048
Notes Payable and Long-Term Debt
Rate (as a percent)	3.70%
Total notes and debentures	$ 1,726

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

XML

Commercial Paper and Long-Term Debt - Schedule of Required Principal Payments (Details) $ in Millions	Feb. 02, 2019 USD ($)
Required Principal Payments
2019	$ 1,002
2020	1,094
2021	1,056
2022	63
2023	$ 0

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Commercial Paper and Long-Term Debt - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Oct. 28, 2017	Jul. 30, 2016	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017	Nov. 03, 2018	Apr. 30, 2016
Debt Instrument [Line Items]
Extension term			1 year
Balances outstanding			$ 0	$ 0	$ 0
Unsecured Debt
Debt Instrument [Line Items]
Unsecured fixed rate debt		$ 1,800,000,000
Repurchase amount of debt before maturity	$ 344,000,000	1,389,000,000
Payment of debt maturities	463,000,000
Loss on early retirement	123,000,000	$ 422,000,000
Unsecured Fixed Rate 3.9 Percent Debt, Maturing November 2047 | Unsecured Debt
Debt Instrument [Line Items]
Unsecured fixed rate debt	$ 750,000,000
Fixed interest rate (as percent)	3.90%
Unsecured Fixed Rate 2.5 Percent Debt, Maturing April 2026 | Unsecured Debt
Debt Instrument [Line Items]
Unsecured fixed rate debt							$ 1,000,000,000
Fixed interest rate (as percent)							2.50%
Unsecured Fixed Rate 3.625 Percent Debt, Maturing April 2046 | Unsecured Debt
Debt Instrument [Line Items]
Unsecured fixed rate debt							$ 1,000,000,000
Fixed interest rate (as percent)							3.625%
Credit Facility Expiring October 2021 | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility						$ 2,500,000,000

XML

Commercial Paper and Long-Term Debt - Schedule of Commercial Paper (Details) - Commercial Paper - USD ($) $ in Millions	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
Short-term Debt [Line Items]
Maximum daily amount outstanding during the year	$ 658	$ 0	$ 89
Average amount outstanding during the year	63	0	1
Amount outstanding at year-end	$ 0	$ 0	$ 0
Weighted average interest rate (as a percent)	2.00%	0.00%	0.43%

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Derivative Financial Instruments - Narrative (Details)	9 Months Ended	12 Months Ended
	Nov. 03, 2018 swap	Feb. 02, 2019 USD ($) swap	Feb. 03, 2018 USD ($) swap	Jan. 28, 2017 USD ($)
Interest Rate Swaps Acquired | Designated
Derivative Contracts - Types, Statements of Financial Position Classification and Fair Values
Derivative, Number of Instruments Acquired | swap	2	2
Average remaining maturity		6 years 3 months 18 days
Weighted average fixed rate (as percent)		2.90%
Interest Swap Acquired One | Designated
Derivative Contracts - Types, Statements of Financial Position Classification and Fair Values
Notional amount		$ 250,000,000
Interest Swap Acquired Two | Designated
Derivative Contracts - Types, Statements of Financial Position Classification and Fair Values
Notional amount		$ 250,000,000
Interest Rate Swaps Previous Agreement | Designated
Derivative Contracts - Types, Statements of Financial Position Classification and Fair Values
Derivative, Number of Instruments Acquired | swap		2
Weighted average fixed rate (as percent)		1.80%
Interest Rate Swap
Derivative Contracts - Types, Statements of Financial Position Classification and Fair Values
Net interest income (expense)		$ (3,000,000)	$ 9,000,000	$ 24,000,000
Interest Rate Swap | Designated
Derivative Contracts - Types, Statements of Financial Position Classification and Fair Values
Notional amount		$ 1,500,000,000	$ 1,000,000,000
Number of instruments | swap		4	2
Amount of ineffectiveness recognized		$ 0	$ 0
Interest Rate Swap | Designated | Other noncurrent assets
Derivative Contracts - Types, Statements of Financial Position Classification and Fair Values
Derivative asset		10,000,000	4,000,000
Interest Rate Swap | Designated | Other current liabilities
Derivative Contracts - Types, Statements of Financial Position Classification and Fair Values
Derivative liability		$ 3,000,000
Interest Rate Swap | Designated | Other noncurrent liabilities
Derivative Contracts - Types, Statements of Financial Position Classification and Fair Values
Derivative liability			$ 6,000,000

XML

Leases - Narrative (Details)	Feb. 02, 2019
Minimum
Lessee, Lease, Description [Line Items]
Finance lease, renewal term	1 year
Operating lease, renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Finance lease, renewal term	50 years
Operating lease, renewal term	50 years

XML

Leases - Lease Assets and LIabilities (Details) - USD ($) $ in Millions	Feb. 02, 2019	Feb. 03, 2018
Leases [Abstract]
Operating	$ 1,965	$ 1,884	[1]
Finance	872	836
Total leased assets	2,837	2,720
Liabilities, Current
Operating	166	148
Finance	53	80
Liabilities, noncurrent
Operating	2,004	1,924	[1]
Finance	968	885
Total lease liabilities	3,191	3,037
Property, Plant and Equipment [Line Items]
Finance lease accumulated amortization	18,687	18,398	[1]
Finance Lease Assets
Property, Plant and Equipment [Line Items]
Finance lease accumulated amortization	$ 371	$ 317

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

XML

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
Leases [Abstract]
Operating lease cost	$ 251	$ 221	$ 199
Amortization of leased assets	65	63	87
Interest on lease liabilities	42	42	36
Sublease income	(11)	(9)	(7)
Net lease cost	347	317	315
Rental income on owned properties	$ 47	$ 47	$ 47

XML

Leases - Maturity of Lease Liabilities (Details) $ in Millions	Feb. 02, 2019 USD ($)
Operating Leases
2019	$ 245
2020	238
2021	232
2022	226
2023	217
After 2023	1,746
Total lease payments	2,904
Less: Interest	734
Present value of lease liabilities	2,170
Operating lease option to extend reasonably certain of being exercised	778
Operating lease legally binding minimum payments for leases that have not yet commenced	341
Finance Leases
2019	98
2020	98
2021	98
2022	99
2023	94
After 2023	974
Total lease payments	1,461
Less: Interest	440
Present value of lease liabilities	1,021
Financing lease option to extend reasonably certain of being exercised	127
Financing lease legally binding minimum payments for leases that have not yet commenced	193
Total
2019	343
2020	336
2021	330
2022	325
2023	311
After 2023	2,720
Total lease payments	$ 4,365

XML

Leases - Lease Term and Discount Rate (Details)	Feb. 02, 2019	Feb. 03, 2018
Weighted average remaining lease term (years)
Operating leases	14 years 2 months 12 days	15 years 2 months 12 days
Finance leases	15 years 5 months	15 years 4 months 24 days
Weighted average discount rate
Operating leases	3.91%	3.88%
Finance leases	4.64%	4.64%

XML

Leases - Other Information (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
Leases [Abstract]
Operating cash flows from operating leases	$ 231	$ 198	$ 188
Operating cash flows from finance leases	45	42	36
Financing cash flows from finance leases	$ 80	$ 45	$ 94

XML

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Feb. 03, 2018	Oct. 28, 2017	Jul. 29, 2017	Apr. 29, 2017	Feb. 02, 2019	Feb. 03, 2018		Jan. 28, 2017		Jan. 30, 2016
Income Tax Disclosure [Abstract]
Provisional net tax benefit related to Tax Cuts and Jobs Act										$ 343
Income tax benefit related to lower rate									$ 36	372
State and foreign deferred income tax expense on cumulative foreign earnings										29
Adjustment to previously-recorded provisional amount, tax benefit									36
Earnings from continuing operations before income taxes	$ 1,014	$ 713	$ 1,022	$ 927	$ 1,012	$ 611	$ 977	$ 1,030	3,676	3,630	[1]	$ 3,961	[1]
Amount earned by foreign entities subject to tax									734	722		336
Unrecognized tax benefits that would impact effective tax rates	252								252
Unrecognized tax benefits reserve	300				325				300	325		153		$ 153
Net expense (benefit) from accrued penalties and interest									3	(12)		1
Total accrued interest and penalties	$ 32				$ 29				$ 32	$ 29		$ 45
Period of time, increase (decrease) in unrecognized tax benefit liability resulting from other unrecognized tax positions									12 months

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

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Income Taxes - Schedule of Tax Rate Reconciliation - Continuing Operations (Details)	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	33.70%	35.00%
State income taxes, net of the federal tax benefit	3.60%	2.20%	2.70%
International	(1.30%)	(4.60%)	(2.60%)
Tax Act	(1.00%)	(9.50%)	0.00%
Excess tax benefit related to share-based payments	(0.30%)	(0.10%)	(0.60%)
Federal tax credits	(1.10%)	(0.80%)	(0.70%)
Other	(0.60%)	(1.00%)	(1.10%)
Effective tax rate	20.30%	19.90%	32.70%

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Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Feb. 03, 2018	Oct. 28, 2017	Jul. 29, 2017	Apr. 29, 2017	Feb. 02, 2019	Feb. 03, 2018		Jan. 28, 2017
Current:
Federal									$ 257	$ 746		$ 1,108
State									116	105		141
International									51	59		6
Total current									424	910		1,255
Deferred:
Federal									263	(229)		20
State									57	27		21
International									2	14		(1)
Total deferred									322	(188)	[1]	40	[1]
Total provision	$ 216	$ 97	$ 223	$ 210	$ (76)	$ 135	$ 307	$ 355	$ 746	$ 722	[1]	$ 1,295	[1]

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

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Income Taxes - Schedule of Net Deferred Tax Asset/(Liability) (Details) - USD ($) $ in Millions	Feb. 02, 2019	Feb. 03, 2018
Gross deferred tax assets:
Accrued and deferred compensation	$ 248	$ 262
Accruals and reserves not currently deductible	181	162
Self-insured benefits	114	109
Deferred occupancy income	157	164
Leased assets	92	87
Other	40	42
Total gross deferred tax assets	832	826
Gross deferred tax liabilities:
Property and equipment	(1,557)	(1,264)
Inventory	(140)	(130)
Other	(95)	(91)
Total gross deferred tax liabilities	(1,792)	(1,485)
Total net deferred tax liability	$ (960)	$ (659)

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Income Taxes - Schedule of Reconciliation of Liability for Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
Reconciliation of Liability for Unrecognized Tax Benefits
Beginning balance	$ 325	$ 153	$ 153
Additions based on tax positions related to the current year	58	112	12
Additions for tax positions of prior years	10	142	6
Reductions for tax positions of prior years	(91)	(71)	(16)
Settlements	(2)	(11)	(2)
Ending balance	$ 300	$ 325	$ 153

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Other Noncurrent Liabilities (Details) - USD ($) $ in Millions	Feb. 02, 2019	Feb. 03, 2018
Other Liabilities Disclosure [Abstract]
Deferred occupancy income	$ 570	$ 600
Deferred compensation	472	503
Income tax	312	332
Workers' compensation and general liability	281	278
Pension benefits	40	41
Other	105	112
Total	$ 1,780	$ 1,866	[1]

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

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Share Repurchase - Schedule of Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
Equity [Abstract]
Total number of shares purchased	27.2	17.6	50.9
Average price paid per share (in dollars per share)	$ 75.88	$ 58.44	$ 72.35
Total investment	$ 2,067	$ 1,026	$ 3,686

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Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	12 Months Ended
	May 31, 2017	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unissued common shares reserved for future grants		19.3	24.5
Total share-based compensation expense		$ 134,000,000	$ 115,000,000	$ 116,000,000
Related income tax benefit		$ 26,000,000	26,000,000	43,000,000
Weighted-average remaining life of currently exercisable options		2 years 9 months 18 days
Weighted-average remaining life of currently outstanding options		4 years
Fair value of options vested		$ 0	$ 0	$ 9,000,000
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Grant date weighted average fair value (in dollars per share)		$ 72.65	$ 56.19	$ 74.05
Unrecognized compensation expenses		$ 125,000,000
Weighted-average period during which unrecognized compensation is expected to be recognized		2 years 8 months 12 days
Fair value of shares vested		$ 119,000,000	$ 87,000,000	$ 75,000,000
Restricted Stock Units | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Restricted Stock Units | Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Restricted Stock Units | Graduated Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Performance Share Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Grant date weighted average fair value (in dollars per share)		$ 70.94	$ 55.93	$ 71.37
Weighted-average period during which unrecognized compensation is expected to be recognized		1 year 2 months 12 days
Fair value of shares vested		$ 43,000,000	$ 30,000,000	$ 1,000,000
Future maximum compensation expense		144,000,000
Price-vested Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expenses		$ 5,000,000
Weighted-average period during which unrecognized compensation is expected to be recognized		1 year 3 months 18 days
Post-exercise holding period required	1 year

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Share-Based Compensation - Schedule of Restricted Stock Activity and Performance Share Unit Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	3,763
Granted (in shares)	2,269
Forfeited (in shares)	(485)
Vested (in shares)	(1,732)
Ending balance (in shares)	3,815	3,763
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share)	$ 64.35
Granted (in dollars per share)	72.65	$ 56.19	$ 74.05
Forfeited (in dollars per share)	66.25
Vested (in dollars per share)	68.62
Ending balance (in dollars per share)	$ 66.86	$ 64.35
Number of outstanding units after applying actual or expected payout rates	3,708
Performance Share Unit
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	3,824
Granted (in shares)	1,121
Forfeited (in shares)	(741)
Vested (in shares)	(581)
Ending balance (in shares)	3,623	3,824
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share)	$ 68.23
Granted (in dollars per share)	70.94	$ 55.93	$ 71.37
Forfeited (in dollars per share)	64.16
Vested (in dollars per share)	74.15
Ending balance (in dollars per share)	$ 67.47	$ 68.23
Number of outstanding units after applying actual or expected payout rates	2,004

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Share-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018
Stock Options Outstanding and Exercisable
Beginning balance (in shares)	5,938
Granted (in shares)	0
Expired/ forfeited (in shares)	(89)
Exercised/issued (in shares)	(1,859)
Ending balance (in shares)	3,990
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 54.53
Granted (in dollars per share)	0.00
Expired/forfeited (in dollars per share)	53.85
Exercised/issued (in dollars per share)	52.53
Ending balance (in dollars per share)	$ 55.49
Intrinsic value outstanding	$ 63	$ 109
Number of options exercisable (in shares)	2,039	3,913
Exercise price exercisable (in dollars per share)	$ 55.38	$ 53.97
Intrinsic value exercisable	$ 32	$ 74

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Share-Based Compensation - Schedule of Stock Option Exercises (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Cash received for exercise price	$ 96	$ 109	$ 219
Intrinsic value	50	34	103
Income tax benefit	$ 12	$ 13	$ 40

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Defined Contribution Plans (Details) $ in Millions	12 Months Ended
	Feb. 02, 2019 USD ($) individual	Feb. 03, 2018 USD ($)	Jan. 28, 2017 USD ($)
Defined Contribution Plans
Maximum invested percentage of compensation by participants in defined contribution 401(k) plan	80.00%
Percentage match by company to team member's contribution	100.00%
Maximum employer contribution match, percentage of total compensation	5.00%
Nonqualified unfunded deferred compensation plan for members whose participation in 401(k) plan is limited, number of employees (in number of individuals) | individual	2,100
Unfunded nonqualified deferred compensation plan for members whose participation in 401(k) plan is limited, percent credited to accounts of active participants	2.00%
Nonqualified unfunded deferred compensation plan frozen in 1996, number of current active and retired participants (in number of individuals) | individual	50
Total liability under the plans	$ 517	$ 542
Plan Expenses 401(k) plan
401(k) plan matching contributions expense	229	219	$ 197
Nonqualified deferred compensation plans
Benefits expense	18	83	58
Related investment expense (income)	6	(48)	(38)
Nonqualified plan net expense	$ 24	$ 35	$ 20

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Pension Plans - Schedule of Recognition of Funded/(Underfunded) Status (Details) - USD ($) $ in Millions	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 3,925	$ 4,117
Qualified Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations	3,928	4,092	$ 3,760
Fair value of plan assets	3,925	4,117	3,785
Funded / (underfunded) status	(3)	25
Nonqualified Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations	30	32	32
Fair value of plan assets	0	0	$ 0
Funded / (underfunded) status	$ (30)	$ (32)

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Pension Plans - Schedule of Estimated Future Benefit Payments (Details) $ in Millions	Feb. 02, 2019 USD ($)
Estimated Future Benefit Payments
2019	$ 284
2020	202
2021	211
2022	219
2023	226
2024-2028	$ 1,235

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Pension Plans - Schedule of Net Pension Benefit Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
Defined Benefit Plan Disclosure [Line Items]
Total	$ 70	$ 27	$ 2
SG&A Expenses
Defined Benefit Plan Disclosure [Line Items]
Service cost benefits earned during the period	95	86	87
Net Other (Income) / Expense
Defined Benefit Plan Disclosure [Line Items]
Interest cost on projected benefit obligation	146	140	134
Expected return on assets	(246)	(250)	(256)
Amortization of losses	82	61	46
Amortization of prior service cost	(11)	(11)	(11)
Settlement and special termination charges	$ 4	$ 1	$ 2

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Pension Plans - Schedule of Benefit Obligation Weighted Average Assumptions (Details)	Feb. 02, 2019	Feb. 03, 2018
Retirement Benefits [Abstract]
Discount rate	4.28%	3.93%
Average assumed rate of compensation increase	3.00%	3.00%

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Pension Plans - Schedule of Net Periodic Benefit Expense Weighted Average Assumptions (Details)	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
Retirement Benefits [Abstract]
Discount rate	3.93%	4.40%	4.70%
Expected long-term rate of return on plan assets	6.30%	6.55%	6.80%
Average assumed rate of compensation increase	3.00%	3.00%	3.00%

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Pension Plans - Narrative (Details)	12 Months Ended
	Feb. 02, 2019
Defined Benefit Plan Disclosure [Line Items]
Adjustments (as a percent)	20.00%
Adjustment period	5 years
Domestic equity securities
Defined Benefit Plan Disclosure [Line Items]
Securities expected annualized rate of return (as percent)	6.50%
International equity securities
Defined Benefit Plan Disclosure [Line Items]
Securities expected annualized rate of return (as percent)	7.50%
Debt Securities
Defined Benefit Plan Disclosure [Line Items]
Securities expected annualized rate of return (as percent)	4.50%
Balanced Funds
Defined Benefit Plan Disclosure [Line Items]
Securities expected annualized rate of return (as percent)	7.50%
Other
Defined Benefit Plan Disclosure [Line Items]
Securities expected annualized rate of return (as percent)	8.50%
5-Year
Defined Benefit Plan Disclosure [Line Items]
Annual rate of return on qualified plan assets (as percent)	5.00%
Annual rate of return on qualified plan assets period	5 years
10-Year
Defined Benefit Plan Disclosure [Line Items]
Annual rate of return on qualified plan assets (as percent)	7.30%
Annual rate of return on qualified plan assets period	10 years
15-Year
Defined Benefit Plan Disclosure [Line Items]
Annual rate of return on qualified plan assets (as percent)	6.70%
Annual rate of return on qualified plan assets period	15 years
20-Year
Defined Benefit Plan Disclosure [Line Items]
Annual rate of return on qualified plan assets (as percent)	6.00%
Annual rate of return on qualified plan assets period	20 years

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Pension Plans - Schedule of Change in Projected Benefit Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018
Qualified Plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Beginning balance	$ 4,092	$ 3,760
Service cost	94	85
Interest cost	145	139
Actuarial (gain)/loss	(168)	270
Participant contributions	6	6
Benefits paid	(241)	(168)
Ending balance	3,928	4,092
Nonqualified Plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Beginning balance	32	32
Service cost	1	1
Interest cost	1	1
Actuarial (gain)/loss	0	1
Participant contributions	0	0
Benefits paid	(4)	(3)
Ending balance	$ 30	$ 32

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Pension Plans - Schedule of Change in Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 02, 2019	Feb. 03, 2018
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Beginning balance	$ 4,117
Ending balance	3,925	$ 4,117
Qualified Plans
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Beginning balance	4,117	3,785
Actual return on plan assets	(66)	493
Employer contributions	109	1
Participant contributions	6	6
Benefits paid	(241)	(168)
Ending balance	3,925	4,117
Nonqualified Plans
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Beginning balance	0	0
Actual return on plan assets	0	0
Employer contributions	4	3
Participant contributions	0	0
Benefits paid	(4)	(3)
Ending balance	$ 0	$ 0

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Pension Plans - Schedule of Asset Category (Details)	Feb. 02, 2019	Feb. 03, 2018
Defined Benefit Plan Disclosure [Line Items]
Current Targeted Allocation	100.00%
Actual Allocation	100.00%	100.00%
Domestic equity securities
Defined Benefit Plan Disclosure [Line Items]
Current Targeted Allocation	14.00%
Actual Allocation	13.00%	16.00%
International equity securities
Defined Benefit Plan Disclosure [Line Items]
Current Targeted Allocation	9.00%
Actual Allocation	9.00%	10.00%
Debt securities
Defined Benefit Plan Disclosure [Line Items]
Current Targeted Allocation	45.00%
Actual Allocation	47.00%	44.00%
Balanced funds
Defined Benefit Plan Disclosure [Line Items]
Current Targeted Allocation	23.00%
Actual Allocation	24.00%	23.00%
Other
Defined Benefit Plan Disclosure [Line Items]
Current Targeted Allocation	9.00%
Actual Allocation	7.00%	7.00%
Equity Securities, Common Stock
Defined Benefit Plan Disclosure [Line Items]
Percentage of total plan assets (less than)	1.00%	1.00%

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Pension Plans - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions	Feb. 02, 2019	Feb. 03, 2018
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	$ 3,925	$ 4,117
Fair value, Levels 1 and 2
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	1,769	1,699
Level 1 | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	3	4
Level 2 | Government securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	631	531
Level 2 | Fixed income
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	1,123	1,145
Level 2 | Derivatives
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	12	19
NAV | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	100	185
NAV | Common collective trusts
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	828	966
NAV | Fixed income
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	54	55
NAV | Balanced funds
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	952	959
NAV | Private equity funds
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	84	97
NAV | Other
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	$ 138	$ 156

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Pension Plans - Schedule of Amounts in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	Feb. 02, 2019	Feb. 03, 2018
Retirement Benefits [Abstract]
Net actuarial loss	$ 1,060	$ 1,001
Prior service credits	(24)	(35)
Amounts in Accumulated Other Comprehensive Income (a)(b)	1,036	966
Amounts in AOCI, net of tax	772	$ 720
Amortization expense expected in next fiscal year, before tax	51
Amortization expense expected in next fiscal year, net of tax	$ 38

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Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended										12 Months Ended
	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018		Feb. 03, 2018		Oct. 28, 2017	Jul. 29, 2017	Apr. 29, 2017	Feb. 02, 2019		Feb. 03, 2018		Jan. 28, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance				$ 11,651	[1]					$ 10,915	$ 11,651	[1]	$ 10,915		$ 12,965
Ending balance	$ 11,297					$ 11,651	[1]				11,297		11,651	[1]	10,915
Income tax expense (benefit)	216	$ 97	$ 223	210		(76)		$ 135	$ 307	355	746		722	[1]	1,295	[1]
Net interest expense	110	115	115	121		131		251	131	140	461		653	[1]	991	[1]
Selling, general and administrative expenses	4,376	3,937	3,865	3,545		4,454		3,733	3,601	3,353	15,723		15,140	[1]	14,217	[1]
Net earnings	(799)	$ (622)	$ (799)	(718)		(1,087)		$ (478)	$ (671)	(678)	(2,937)		(2,914)	[1]	(2,734)	[1]
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Net earnings											56
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance				(14)							(14)
Other Comprehensive Income / (Loss) before reclassifications, net of tax											0
Amounts reclassified from AOCI, net of tax											1
Ending balance	(13)					(14)					(13)		(14)
Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Net interest expense											1
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance				(13)							(13)
Other Comprehensive Income / (Loss) before reclassifications, net of tax											(7)
Amounts reclassified from AOCI, net of tax											0
Ending balance	(20)					(13)					(20)		(13)
Pension and Other Benefit
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance				(720)							(720)
Other Comprehensive Income / (Loss) before reclassifications, net of tax											(107)
Amounts reclassified from AOCI, net of tax											55
Ending balance	(772)					(720)					(772)		(720)
Pension and Other Benefit | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Income tax expense (benefit)											19
Selling, general and administrative expenses											55
Accumulated Other Comprehensive (Loss) / Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance				$ (747)						$ (638)	(747)		(638)		(629)
Other Comprehensive Income / (Loss) before reclassifications, net of tax											(114)
Amounts reclassified from AOCI, net of tax											56
Ending balance	$ (805)					$ (747)					$ (805)		$ (747)		$ (638)

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

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Quarterly Results (Unaudited) - Schedule of Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Feb. 03, 2018	Oct. 28, 2017	Jul. 29, 2017	Apr. 29, 2017	Feb. 02, 2019		Feb. 03, 2018		Jan. 28, 2017
Disaggregation of Revenue [Line Items]
Total revenue	$ 22,977	$ 17,821	$ 17,776	$ 16,781	$ 22,983	$ 16,874	$ 16,634	$ 16,223	$ 75,356		$ 72,714	[1]	$ 70,271	[1]
Cost of sales	16,900	12,535	12,239	11,625	16,795	11,712	11,419	11,199	53,299		51,125	[1]	49,145	[1]
Selling, general, and administrative expenses	4,376	3,937	3,865	3,545	4,454	3,733	3,601	3,353	15,723		15,140	[1]	14,217	[1]
Depreciation and amortization (exclusive of depreciation included in cost of sales)	584	530	539	570	605	582	521	516	2,224		2,225	[1]	2,045	[1]
Operating income	1,117	819	1,133	1,041	1,129	847	1,093	1,155	4,110		4,224	[1]	4,864	[1]
Net interest expense	110	115	115	121	131	251	131	140	461		653	[1]	991	[1]
Net other (income) / expense	(7)	(9)	(4)	(7)	(14)	(15)	(15)	(15)	(27)		(59)	[1]	(88)	[1]
Earnings from continuing operations before income taxes	1,014	713	1,022	927	1,012	611	977	1,030	3,676		3,630	[1]	3,961	[1]
Provision for income taxes	216	97	223	210	(76)	135	307	355	746		722	[1]	1,295	[1]
Net earnings from continuing operations	798	616	799	717	1,088	476	670	675	2,930		2,908	[1]	2,666	[1]
Discontinued operations, net of tax	1	6	0	1	(1)	2	1	3	7		6	[1]	68	[1]
Net earnings	$ 799	$ 622	$ 799	$ 718	$ 1,087	$ 478	$ 671	$ 678	$ 2,937		$ 2,914	[1]	$ 2,734	[1]
Basic earnings per share
Continuing operations (in dollars per share)	$ 1.53	$ 1.17	$ 1.50	$ 1.34	$ 2.01	$ 0.87	$ 1.22	$ 1.22	$ 5.54	[2]	$ 5.32	[1],[2]	$ 4.61	[1],[2]
Discontinued operations (in dollars per share)	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.01	0.01	[2]	0.01	[1],[2]	0.12	[1],[2]
Net earnings per share (in dollars per share)	1.54	1.18	1.50	1.34	2.01	0.88	1.22	1.23	5.55	[2]	5.32	[1],[2]	4.73	[1],[2]
Diluted earnings per share
Continuing operations (in dollars per share)	1.52	1.16	1.49	1.33	1.99	0.87	1.21	1.21	5.50	[2]	5.29	[1],[2]	4.58	[1],[2]
Discontinued operations (in dollars per share)	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.01	0.01	[2]	0.01	[1],[2]	0.12	[1],[2]
Net earnings per share (in dollars per share)	1.52	1.17	1.49	1.33	1.99	0.87	1.22	1.22	5.51	[2]	5.29	[1],[2]	4.69	[1],[2]
Dividends declared per share (in dollars per share)	$ 0.64	$ 0.64	$ 0.64	$ 0.62	$ 0.62	$ 0.62	$ 0.62	$ 0.60	$ 2.54		$ 2.46		$ 2.36
Sales
Disaggregation of Revenue [Line Items]
Total revenue	$ 22,734	$ 17,590	$ 17,552	$ 16,556	$ 22,734	$ 16,647	$ 16,410	$ 15,995	$ 74,433		$ 71,786	[1]	$ 69,414	[1]
Other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 243	$ 231	$ 224	$ 225	$ 249	$ 227	$ 224	$ 228	$ 923		$ 928	[1]	$ 857	[1]

[1] Refer to Note 2 regarding the adoption of new accounting standards for revenue recognition, leases, and pensions.

[2] Per share amounts may not foot due to rounding