Target 10-Q 2024-08-03

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 3, 2024

OR

☐ 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)

1000 Nicollet Mall, Minneapolis, Minnesota

(Address of principal executive offices)

41-0215170

(I.R.S. Employer Identification No.)

55403

(Zip Code)

612-304-6073

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class						Trading Symbol(s)						Name of each exchange on which registered
Common stock, par value $0.0833 per share						TGT						New York Stock Exchange

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 ☒ No ☐

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 ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer						☒															Accelerated filer						☐
Non-accelerated filer						☐															Smaller reporting company						☐
															Emerging growth company												☐

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. ☐

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

Total shares of common stock, par value $0.0833, outstanding at August 23, 2024, were 460,674,666.

						Table of Contents
						Index to Notes

TARGET CORPORATION

TABLE OF CONTENTS

PART I			FINANCIAL INFORMATION
Item 1.			Financial Statements (unaudited)
			Consolidated Statements of Operations			1
			Consolidated Statements of Comprehensive Income			2
			Consolidated Statements of Financial Position			3
			Consolidated Statements of Cash Flows			4
			Consolidated Statements of Shareholders’ Investment			5
			Notes to Consolidated Financial Statements			8
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			13
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			23
Item 4.			Controls and Procedures			23
PART II			OTHER INFORMATION
Item 1.			Legal Proceedings			24
Item 1A.			Risk Factors			24
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			24
Item 3.			Defaults Upon Senior Securities			24
Item 4.			Mine Safety Disclosures			24
Item 5.			Other Information			24
Item 6.			Exhibits			25
Signatures						26

			FINANCIAL STATEMENTS			Table of Contents
						Index to Notes

PART I. FINANCIAL INFORMATION

Consolidated Statements of Operations
			Three Months Ended												Six Months Ended
(millions, except per share data) (unaudited)			August 3, 2024						July 29, 2023						August 3, 2024						July 29, 2023
Sales			$	25,021					$	24,384					$	49,164					$	49,332
Other revenue			431						389						819						763
Total revenue			25,452						24,773						49,983						50,095
Cost of sales			17,799						17,798						35,248						36,184
Selling, general and administrative expenses			5,392						5,184						10,560						10,209
Depreciation and amortization (exclusive of depreciation included in cost of sales)			626						594						1,244						1,177
Operating income			1,635						1,197						2,931						2,525
Net interest expense			110						141						216						288
Net other income			(20)						(16)						(49)						(39)
Earnings before income taxes			1,545						1,072						2,764						2,276
Provision for income taxes			353						237						630						491
Net earnings			$	1,192					$	835					$	2,134					$	1,785
Basic earnings per share			$	2.58					$	1.81					$	4.62					$	3.87
Diluted earnings per share			$	2.57					$	1.80					$	4.60					$	3.86
Weighted average common shares outstanding
Basic			462.5						461.6						462.4						461.3
Diluted			463.5						462.5						463.7						462.7
Antidilutive shares			2.3						2.9						1.8						2.4

See accompanying Notes to Consolidated Financial Statements.

TARGET CORPORATION						Q2 2024 Form 10-Q			1

			FINANCIAL STATEMENTS			Table of Contents
						Index to Notes

Consolidated Statements of Comprehensive Income
			Three Months Ended												Six Months Ended
(millions) (unaudited)			August 3, 2024						July 29, 2023						August 3, 2024						July 29, 2023
Net earnings			$	1,192					$	835					$	2,134					$	1,785
Other comprehensive (loss) / income, net of tax
Pension benefit liabilities			—						1						—						3
Cash flow hedges and currency translation adjustment			(5)						(4)						(10)						(9)
Other comprehensive loss			(5)						(3)						(10)						(6)
Comprehensive income			$	1,187					$	832					$	2,124					$	1,779

See accompanying Notes to Consolidated Financial Statements.

TARGET CORPORATION						Q2 2024 Form 10-Q			2

			FINANCIAL STATEMENTS			Table of Contents
						Index to Notes

Consolidated Statements of Financial Position
(millions, except footnotes) (unaudited)			August 3, 2024						February 3, 2024						July 29, 2023
Assets
Cash and cash equivalents			$	3,497					$	3,805					$	1,617
Inventory			12,604						11,886						12,684
Other current assets			1,817						1,807						1,797
Total current assets			17,918						17,498						16,098
Property and equipment
Land			6,645						6,547						6,504
Buildings and improvements			38,324						37,066						35,889
Fixtures and equipment			8,690						8,765						7,936
Computer hardware and software			3,437						3,428						3,178
Construction-in-progress			830						1,703						2,641
Accumulated depreciation			(24,851)						(24,413)						(23,201)
Property and equipment, net			33,075						33,096						32,947
Operating lease assets			3,545						3,362						2,840
Other noncurrent assets			1,457						1,400						1,321
Total assets			$	55,995					$	55,356					$	53,206
Liabilities and shareholders’ investment
Accounts payable			$	12,595					$	12,098					$	12,278
Accrued and other current liabilities			5,749						6,090						5,948
Current portion of long-term debt and other borrowings			1,640						1,116						1,106
Total current liabilities			19,984						19,304						19,332
Long-term debt and other borrowings			13,654						14,922						14,926
Noncurrent operating lease liabilities			3,444						3,279						2,798
Deferred income taxes			2,495						2,480						2,334
Other noncurrent liabilities			1,989						1,939						1,826
Total noncurrent liabilities			21,582						22,620						21,884
Shareholders’ investment
Common stock			38						38						38
Additional paid-in capital			6,831						6,761						6,610
Retained earnings			8,030						7,093						5,767
Accumulated other comprehensive loss			(470)						(460)						(425)
Total shareholders’ investment			14,429						13,432						11,990
Total liabilities and shareholders’ investment			$	55,995					$	55,356					$	53,206

Common Stock Authorized 6,000,000,000 shares, $0.0833 par value; 461,600,215, 461,675,441, and 461,600,640 shares issued and outstanding as of August 3, 2024, February 3, 2024, and July 29, 2023, respectively.

Preferred Stock Authorized 5,000,000 shares, $0.01 par value; no shares were issued or outstanding during any period presented.

See accompanying Notes to Consolidated Financial Statements.

TARGET CORPORATION						Q2 2024 Form 10-Q			3

			FINANCIAL STATEMENTS			Table of Contents
						Index to Notes

Consolidated Statements of Cash Flows
			Six Months Ended
(millions) (unaudited)			August 3, 2024						July 29, 2023
Operating activities
Net earnings			$	2,134					$	1,785
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization			1,461						1,350
Share-based compensation expense			149						107
Deferred income taxes			16						141
Noncash losses / (gains) and other, net			22						11
Changes in operating accounts:
Inventory			(718)						815
Other assets			(53)						62
Accounts payable			522						(1,137)
Accrued and other liabilities			(194)						264
Cash provided by operating activities			3,339						3,398
Investing activities
Expenditures for property and equipment			(1,313)						(2,825)
Proceeds from disposal of property and equipment			2						6
Other investments			6						(2)
Cash required for investing activities			(1,305)						(2,821)
Financing activities
Reductions of long-term debt			(1,076)						(72)
Dividends paid			(1,017)						(996)
Repurchase of stock			(155)						—
Shares withheld for taxes on share-based compensation			(94)						(121)
Cash required for financing activities			(2,342)						(1,189)
Net decrease in cash and cash equivalents			(308)						(612)
Cash and cash equivalents at beginning of period			3,805						2,229
Cash and cash equivalents at end of period			$	3,497					$	1,617
Supplemental information
Leased assets obtained in exchange for new finance lease liabilities			$	304					$	20
Leased assets obtained in exchange for new operating lease liabilities			362						337

See accompanying Notes to Consolidated Financial Statements.

TARGET CORPORATION						Q2 2024 Form 10-Q			4

			FINANCIAL STATEMENTS			Table of Contents
						Index to Notes

Consolidated Statements of Shareholders’ Investment
			Common						Stock						Additional												Accumulated Other
			Stock						Par						Paid-in						Retained						Comprehensive
(millions) (unaudited)			Shares						Value						Capital						Earnings						(Loss) / Income						Total
January 28, 2023			460.3						$	38					$	6,608					$	5,005					$	(419)					$	11,232
Net earnings			—						—						—						950						—						950
Other comprehensive loss			—						—						—						—						(3)						(3)
Dividends declared			—						—						—						(507)						—						(507)
Stock options and awards			1.3						—						(67)						—						—						(67)
April 29, 2023			461.6						$	38					$	6,541					$	5,448					$	(422)					$	11,605
Net earnings			—						—						—						835						—						835
Other comprehensive loss			—						—						—						—						(3)						(3)
Dividends declared			—						—						—						(516)						—						(516)
Stock options and awards			—						—						69						—						—						69
July 29, 2023			461.6						$	38					$	6,610					$	5,767					$	(425)					$	11,990
Net earnings			—						—						—						971						—						971
Other comprehensive loss			—						—						—						—						(5)						(5)
Dividends declared			—						—						—						(513)						—						(513)
Stock options and awards			0.1						—						71						—						—						71
October 28, 2023			461.7						$	38					$	6,681					$	6,225					$	(430)					$	12,514
Net earnings			—						—						—						1,382						—						1,382
Other comprehensive loss			—						—						—						—						(30)						(30)
Dividends declared			—						—						—						(514)						—						(514)
Stock options and awards			—						—						80						—						—						80
February 3, 2024			461.7						$	38					$	6,761					$	7,093					$	(460)					$	13,432

TARGET CORPORATION						Q2 2024 Form 10-Q			5

			FINANCIAL STATEMENTS			Table of Contents
						Index to Notes

Consolidated Statements of Shareholders’ Investment
			Common						Stock						Additional												Accumulated Other
			Stock						Par						Paid-in						Retained						Comprehensive
(millions) (unaudited)			Shares						Value						Capital						Earnings						(Loss) / Income						Total
February 3, 2024			461.7						$	38					$	6,761					$	7,093					$	(460)					$	13,432
Net earnings			—						—						—						942						—						942
Other comprehensive loss			—						—						—						—						(5)						(5)
Dividends declared			—						—						—						(516)						—						(516)
Stock options and awards			0.9						1						(14)						—						—						(13)
May 4, 2024			462.6						$	39					$	6,747					$	7,519					$	(465)					$	13,840
Net earnings			—						—						—						1,192						—						1,192
Other comprehensive loss			—						—						—						—						(5)						(5)
Dividends declared			—						—						—						(527)						—						(527)
Repurchase of stock			(1.1)						(1)						—						(154)						—						(155)
Stock options and awards			0.1						—						84						—						—						84
August 3, 2024			461.6						$	38					$	6,831					$	8,030					$	(470)					$	14,429

We declared $1.12 and $1.10 dividends per share for the three months ended August 3, 2024, and July 29, 2023, respectively, and $4.38 per share for the fiscal year ended February 3, 2024.

See accompanying Notes to Consolidated Financial Statements.

TARGET CORPORATION						Q2 2024 Form 10-Q			6

			FINANCIAL STATEMENTS			Table of Contents
			INDEX			Index to Notes

INDEX TO NOTES
Notes to Consolidated Financial Statements									8
Note 1						Accounting Policies			8
Note 2						Revenue			9
Note 3						Fair Value Measurements			10
Note 4						Property and Equipment			11
Note 5						Supplier Finance Programs			11
Note 6						Commercial Paper and Long-Term Debt			11
Note 7						Derivative Financial Instruments			11
Note 8						Share Repurchase			12
Note 9						Pension Benefits			12
Note 10						Accumulated Other Comprehensive Income (Loss)			12

TARGET CORPORATION						Q2 2024 Form 10-Q			7

			FINANCIAL STATEMENTS			Table of Contents
			NOTES			Index to Notes

Notes to Consolidated Financial Statements (unaudited)

1. Accounting Policies

These unaudited condensed consolidated financial statements are prepared in accordance with the rules and regulations of the Securities and Exchange Commission applicable to interim financial statements. While these statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by United States generally accepted accounting principles (U.S. GAAP) for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the financial statement disclosures in our most recent Form 10-K.

We use the same accounting policies in preparing quarterly and annual financial statements.

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

Due to the seasonal nature of our business, quarterly revenues, expenses, earnings, and cash flows are not necessarily indicative of the results that may be expected for the full year.

TARGET CORPORATION						Q2 2024 Form 10-Q			8

			FINANCIAL STATEMENTS			Table of Contents
			NOTES			Index to Notes

2. Revenue

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

Revenue			Three Months Ended												Six Months Ended
(millions)			August 3, 2024						July 29, 2023						August 3, 2024						July 29, 2023
Apparel & accessories (a)			$	4,261					$	4,101					$	8,158					$	8,068
Beauty (b)			3,384						3,085						6,503						6,101
Food & beverage (c)			5,538						5,392						11,391						11,389
Hardlines (d)			3,322						3,383						6,482						6,774
Home furnishings & décor (e)			3,908						3,955						7,427						7,810
Household essentials (f)			4,564						4,428						9,113						9,094
Other			44						40						90						96
Sales			25,021						24,384						49,164						49,332
Credit card profit sharing			144						169						286						343
Other			287						220						533						420
Other revenue			431						389						819						763
Total revenue			$	25,452					$	24,773					$	49,983					$	50,095

*(a)*Includes apparel for women, men, young adults, kids, toddlers, and babies, as well as jewelry, accessories, and shoes.

*(b)*Includes skin and bath care, cosmetics, hair care, oral care, deodorant, and shaving products.

*(c)*Includes dry and perishable grocery, including snacks, candy, beverages, deli, bakery, meat, produce and food service (primarily Starbucks) in our stores.

*(d)*Includes electronics, including video games and consoles, toys, sporting goods, entertainment, and luggage.

*(e)*Includes bed and bath, home décor, school/office supplies, storage, small appliances, kitchenware, greeting cards, party supplies, furniture, lighting, home improvement, and seasonal merchandise.

*(f)*Includes household cleaning, paper products, over-the-counter healthcare, vitamins and supplements, baby gear, and pet supplies.

Merchandise sales — We record almost all retail store revenues at the point of sale. Digitally originated sales may include shipping revenue and are recorded upon delivery to the guest or upon guest pickup at the store. Sales are recognized net of expected returns, which we estimate using historical return patterns and our expectation of future returns. As of August 3, 2024, February 3, 2024, and July 29, 2023, the accrual for estimated returns was $193 million, $170 million, and $177 million, respectively.

Revenue from Target gift card sales is recognized upon gift card redemption, which is typically within one year of issuance.

Gift Card Liability Activity			February 3, 2024						Gift Cards Issued During Current Period But Not Redeemed (b)						Revenue Recognized From Beginning Liability						August 3, 2024
(millions)
Gift card liability (a)			$	1,162					$	431					$	(601)					$	992

*(a)*Included in Accrued and Other Current Liabilities.

*(b)*Net of estimated breakage.

TARGET CORPORATION						Q2 2024 Form 10-Q			9

			FINANCIAL STATEMENTS			Table of Contents
			NOTES			Index to Notes

Other Revenue

Credit card profit sharing — We receive payments under a credit card program agreement with TD. Under the agreement, we receive a percentage of the profits generated by the Target Circle Credit Card and Target MasterCard receivables in exchange for performing account servicing and primary marketing functions. TD underwrites, funds, and owns Target Circle Credit Card and Target MasterCard receivables, controls risk management policies, and oversees regulatory compliance.

Other — Includes advertising revenue, commissions earned on third-party sales through Target.com, Shipt membership and service revenues, rental income, and other miscellaneous revenues.

3. Fair Value Measurements

Fair value measurements are reported in one of three levels reflecting the significant inputs used to determine fair value.

Financial Instruments Measured On a Recurring Basis									Fair Value
(millions)			Classification			Measurement Level			August 3, 2024						February 3, 2024						July 29, 2023
Assets
Short-term investments			Cash and Cash Equivalents			Level 1			$	2,465					$	2,897					$	739
Prepaid forward contracts			Other Current Assets			Level 1			24						25						23
Interest rate swaps			Other Noncurrent Assets			Level 2			3						—						—
Liabilities
Interest rate swaps			Other Current Liabilities			Level 2			—						3						6
Interest rate swaps			Other Noncurrent Liabilities			Level 2			82						123						130

Significant Financial Instruments Not Measured at Fair Value (a) (millions)			August 3, 2024									February 3, 2024									July 29, 2023
Carrying Amount			Fair Value						Carrying Amount			Fair Value						Carrying Amount			Fair Value
Long-term debt, including current portion (b)			$	13,157		$	12,578					$	14,151		$	13,467					$	14,147		$	13,344

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

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

TARGET CORPORATION						Q2 2024 Form 10-Q			10

			FINANCIAL STATEMENTS			Table of Contents
			NOTES			Index to Notes

4. Property and Equipment

We review long-lived assets for impairment when store performance expectations, events, or changes in circumstances—such as a decision to relocate or close a store, office, or distribution center, discontinue a project, or make significant software changes—indicate that the asset’s carrying value may not be recoverable. We recognized impairment charges of $36 million for the three and six months ended August 3, 2024, and $33 million for the three and six months ended July 29, 2023. These impairment charges are included in Selling, General and Administrative (SG&A) Expenses.

5. Supplier Finance Programs

We have arrangements with several financial institutions to act as our paying agents to certain vendors. The arrangements also permit the financial institutions to provide vendors with an option, at our vendors' sole discretion, to sell their receivables from Target to the financial institutions. A vendor’s election to receive early payment at a discounted amount from the financial institutions does not change the amount that we must remit to the financial institutions or our payment date, which is up to 120 days from the invoice date.

We do not pay any fees or pledge any security to these financial institutions under these arrangements. The arrangements can be terminated by either party with notice ranging up to 120 days.

Our outstanding vendor obligations eligible for early payment under these arrangements totaled $3.7 billion, $3.4 billion, and $3.7 billion as of August 3, 2024, February 3, 2024, and July 29, 2023, respectively, and are included within Accounts Payable on our Consolidated Statements of Financial Position. Our outstanding vendor obligations do not represent actual receivables sold by our vendors to the financial institutions, which have historically been lower.

6. Commercial Paper and Long-Term Debt

In July 2024, we repaid $1.0 billion of 3.5 percent unsecured fixed rate debt at maturity.

We obtain short-term financing from time to time under our commercial paper program. There was no commercial paper outstanding at any time during the six months ended August 3, 2024. For the six months ended July 29, 2023, the maximum amount outstanding was $90 million, and the average daily amount outstanding was $2 million, at a weighted average annual interest rate of 4.9 percent. No balances were outstanding as of July 29, 2023.

7. Derivative Financial Instruments

Our derivative instruments consist of interest rate swaps used to mitigate interest rate risk. As a result, we have counterparty credit exposure to large global financial institutions, which we monitor on an ongoing basis. Note 3 to the Consolidated Financial Statements provides the fair value and classification of these instruments.

In July 2024, an interest rate swap with a notional amount of $250 million matured.

We were party to interest rate swaps with notional amounts totaling $2.20 billion as of August 3, 2024, and $2.45 billion as of both February 3, 2024, and July 29, 2023. We pay a floating rate and receive a fixed rate under each of these agreements. All of the agreements are designated as fair value hedges, and all were considered to be perfectly effective under the shortcut method during the three and six months ended August 3, 2024, and July 29, 2023.

Effect of Hedges on Debt (millions)						August 3, 2024						February 3, 2024						July 29, 2023
Long-term debt and other borrowings
Carrying amount of hedged debt						$	2,113					$	2,316					$	2,305
Cumulative hedging adjustments, included in carrying amount						(79)						(126)						(136)

TARGET CORPORATION						Q2 2024 Form 10-Q			11

			FINANCIAL STATEMENTS			Table of Contents
			NOTES			Index to Notes

Effect of Hedges on Net Interest Expense			Three Months Ended												Six Months Ended
(millions)			August 3, 2024						July 29, 2023						August 3, 2024						July 29, 2023
Gain (loss) on fair value hedges recognized in Net Interest Expense
Interest rate swaps designated as fair value hedges			$	78					$	(71)					$	47					$	(62)
Hedged debt			(78)						71						(47)						62
Gain on cash flow hedges recognized in Net Interest Expense			6						6						12						12
Total			$	6					$	6					$	12					$	12

8. 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.

Share Repurchase Activity			Three Months Ended												Six Months Ended
(millions, except per share data)			August 3, 2024						July 29, 2023						August 3, 2024						July 29, 2023
Number of shares purchased			1.1						—						1.1						—
Average price paid per share			$	145.94					$	—					$	145.94					$	—
Total investment			$	155					$	—					$	155					$	—

9. Pension Benefits

We provide pension plan benefits to eligible team members.

Net Pension Benefits Expense						Three Months Ended												Six Months Ended
(millions)			Classification			August 3, 2024						July 29, 2023						August 3, 2024						July 29, 2023
Service cost benefits earned			SG&A Expenses			$	19					$	19					$	39					$	39
Interest cost on projected benefit obligation			Net Other Income			42						42						83						83
Expected return on assets			Net Other Income			(70)						(67)						(140)						(134)
Amortization of losses			Net Other Income			—						1						—						1
Prior service cost			Net Other Income			8						8						8						11
Total						$	(1)					$	3					$	(10)					$	—

10. Accumulated Other Comprehensive Income (Loss)

Change in Accumulated Other Comprehensive Income (Loss)			Cash Flow Hedges						Currency Translation Adjustment						Pension						Total
(millions)
February 3, 2024			$	283					$	(24)					$	(719)					$	(460)
Other comprehensive income (loss) before reclassifications, net of tax			—						(1)						—						(1)
Amounts reclassified from AOCI, net of tax			(9)						—						—						(9)
August 3, 2024			$	274					$	(25)					$	(719)					$	(470)

TARGET CORPORATION						Q2 2024 Form 10-Q			12

			MANAGEMENT'S DISCUSSION AND ANALYSIS			Table of Contents
			FINANCIAL SUMMARY			Index to Notes