Target 10-Q 2024-11-02

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 November 2, 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 November 21, 2024, were 458,211,929.

						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			14
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												Nine Months Ended
(millions, except per share data) (unaudited)			November 2, 2024						October 28, 2023						November 2, 2024						October 28, 2023
Sales			$	25,228					$	25,004					$	74,392					$	74,336
Other revenue			440						394						1,259						1,157
Total revenue			25,668						25,398						75,651						75,493
Cost of sales			18,375						18,149						53,623						54,333
Selling, general and administrative expenses			5,486						5,316						16,046						15,525
Depreciation and amortization (exclusive of depreciation included in cost of sales)			639						616						1,883						1,793
Operating income			1,168						1,317						4,099						3,842
Net interest expense			105						107						321						395
Net other income			(28)						(25)						(77)						(64)
Earnings before income taxes			1,091						1,235						3,855						3,511
Provision for income taxes			237						264						867						755
Net earnings			$	854					$	971					$	2,988					$	2,756
Basic earnings per share			$	1.86					$	2.10					$	6.47					$	5.97
Diluted earnings per share			$	1.85					$	2.10					$	6.45					$	5.96
Weighted average common shares outstanding
Basic			460.1						461.6						461.6						461.4
Diluted			461.5						462.6						462.9						462.7
Antidilutive shares			0.5						3.0						0.5						2.6

See accompanying Notes to Consolidated Financial Statements.

TARGET CORPORATION						Q3 2024 Form 10-Q			1

			FINANCIAL STATEMENTS			Table of Contents
						Index to Notes

Consolidated Statements of Comprehensive Income
			Three Months Ended												Nine Months Ended
(millions) (unaudited)			November 2, 2024						October 28, 2023						November 2, 2024						October 28, 2023
Net earnings			$	854					$	971					$	2,988					$	2,756
Other comprehensive (loss) / income, net of tax
Pension benefit liabilities			—						—						—						3
Cash flow hedges and currency translation adjustment			(4)						(5)						(14)						(14)
Other comprehensive loss			(4)						(5)						(14)						(11)
Comprehensive income			$	850					$	966					$	2,974					$	2,745

See accompanying Notes to Consolidated Financial Statements.

TARGET CORPORATION						Q3 2024 Form 10-Q			2

			FINANCIAL STATEMENTS			Table of Contents
						Index to Notes

Consolidated Statements of Financial Position
(millions, except footnotes) (unaudited)			November 2, 2024						February 3, 2024						October 28, 2023
Assets
Cash and cash equivalents			$	3,433					$	3,805					$	1,910
Inventory			15,165						11,886						14,731
Other current assets			1,956						1,807						1,958
Total current assets			20,554						17,498						18,599
Property and equipment
Land			6,666						6,547						6,520
Buildings and improvements			38,666						37,066						36,627
Fixtures and equipment			8,840						8,765						8,490
Computer hardware and software			3,549						3,428						3,312
Construction-in-progress			758						1,703						2,000
Accumulated depreciation			(25,548)						(24,413)						(23,781)
Property and equipment, net			32,931						33,096						33,168
Operating lease assets			3,513						3,362						3,086
Other noncurrent assets			1,533						1,400						1,376
Total assets			$	58,531					$	55,356					$	56,229
Liabilities and shareholders’ investment
Accounts payable			$	14,419					$	12,098					$	14,291
Accrued and other current liabilities			5,738						6,090						6,099
Current portion of long-term debt and other borrowings			1,635						1,116						1,112
Total current liabilities			21,792						19,304						21,502
Long-term debt and other borrowings			14,346						14,922						14,883
Noncurrent operating lease liabilities			3,418						3,279						3,031
Deferred income taxes			2,419						2,480						2,447
Other noncurrent liabilities			2,067						1,939						1,852
Total noncurrent liabilities			22,250						22,620						22,213
Shareholders’ investment
Common stock			38						38						38
Additional paid-in capital			6,916						6,761						6,681
Retained earnings			8,009						7,093						6,225
Accumulated other comprehensive loss			(474)						(460)						(430)
Total shareholders’ investment			14,489						13,432						12,514
Total liabilities and shareholders’ investment			$	58,531					$	55,356					$	56,229

Common Stock Authorized 6,000,000,000 shares, $0.0833 par value; 459,244,995, 461,675,441, and 461,651,176 shares issued and outstanding as of November 2, 2024, February 3, 2024, and October 28, 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						Q3 2024 Form 10-Q			3

			FINANCIAL STATEMENTS			Table of Contents
						Index to Notes

Consolidated Statements of Cash Flows
			Nine Months Ended
(millions) (unaudited)			November 2, 2024						October 28, 2023
Operating activities
Net earnings			$	2,988					$	2,756
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization			2,215						2,072
Share-based compensation expense			229						176
Deferred income taxes			(58)						252
Noncash (gains) / losses and other, net			(1)						101
Changes in operating accounts:
Inventory			(3,279)						(1,232)
Other assets			(265)						(208)
Accounts payable			2,362						887
Accrued and other liabilities			(113)						528
Cash provided by operating activities			4,078						5,332
Investing activities
Expenditures for property and equipment			(1,968)						(3,952)
Proceeds from disposal of property and equipment			2						24
Other investments			24						18
Cash required for investing activities			(1,942)						(3,910)
Financing activities
Additions to long-term debt			741						—
Reductions of long-term debt			(1,112)						(114)
Dividends paid			(1,533)						(1,503)
Repurchase of stock			(506)						—
Shares withheld for taxes on share-based compensation			(98)						(124)
Cash required for financing activities			(2,508)						(1,741)
Net decrease in cash and cash equivalents			(372)						(319)
Cash and cash equivalents at beginning of period			3,805						2,229
Cash and cash equivalents at end of period			$	3,433					$	1,910
Supplemental information
Leased assets obtained in exchange for new finance lease liabilities			$	312					$	86
Leased assets obtained in exchange for new operating lease liabilities			416						679

See accompanying Notes to Consolidated Financial Statements.

TARGET CORPORATION						Q3 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						Q3 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
Net earnings			—						—						—						854						—						854
Other comprehensive loss			—						—						—						—						(4)						(4)
Dividends declared			—						—						—						(521)						—						(521)
Repurchase of stock			(2.4)						—						—						(354)						—						(354)
Stock options and awards			—						—						85						—						—						85
November 2, 2024			459.2						$	38					$	6,916					$	8,009					$	(474)					$	14,489

We declared $1.12 and $1.10 dividends per share for the three months ended November 2, 2024, and October 28, 2023, respectively, and $4.38 per share for the fiscal year ended February 3, 2024.

See accompanying Notes to Consolidated Financial Statements.

TARGET CORPORATION						Q3 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)			13

TARGET CORPORATION						Q3 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						Q3 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												Nine Months Ended
(millions)			November 2, 2024						October 28, 2023						November 2, 2024						October 28, 2023
Apparel & accessories (a)			$	4,003					$	4,007					$	12,161					$	12,075
Beauty (b)			3,226						3,013						9,729						9,114
Food & beverage (c)			5,917						5,736						17,308						17,125
Hardlines (d)			3,152						3,192						9,634						9,966
Home furnishings & décor (e)			4,185						4,420						11,612						12,230
Household essentials (f)			4,715						4,606						13,828						13,700
Other			30						30						120						126
Sales			25,228						25,004						74,392						74,336
Credit card profit sharing			148						165						433						508
Other			292						229						826						649
Other revenue			440						394						1,259						1,157
Total revenue			$	25,668					$	25,398					$	75,651					$	75,493

*(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 November 2, 2024, February 3, 2024, and October 28, 2023, the accrual for estimated returns was $204 million, $170 million, and $207 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						November 2, 2024
(millions)
Gift card liability (a)			$	1,162					$	493					$	(711)					$	944

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

*(b)*Net of estimated breakage.

TARGET CORPORATION						Q3 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 receivables in exchange for performing account servicing and primary marketing functions. TD underwrites, funds, and owns Target Circle credit card 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			November 2, 2024						February 3, 2024						October 28, 2023
Assets
Short-term investments			Cash and Cash Equivalents			Level 1			$	2,456					$	2,897					$	1,004
Prepaid forward contracts			Other Current Assets			Level 1			26						25						18
Liabilities
Interest rate swaps			Other Current Liabilities			Level 2			—						3						7
Interest rate swaps			Other Noncurrent Liabilities			Level 2			105						123						190

Significant Financial Instruments Not Measured at Fair Value (a) (millions)			November 2, 2024									February 3, 2024									October 28, 2023
Carrying Amount			Fair Value						Carrying Amount			Fair Value						Carrying Amount			Fair Value
Long-term debt, including current portion (b)			$	13,901		$	13,029					$	14,151		$	13,467					$	14,149		$	12,485

*(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						Q3 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 $1 million and $37 million for the three and nine months ended November 2, 2024, and $64 million and $98 million for the three and nine months ended October 28, 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 $4.7 billion, $3.4 billion, and $4.5 billion as of November 2, 2024, February 3, 2024, and October 28, 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 September 2024, we issued $750 million of unsecured debt with a fixed rate of 4.5 percent that matures in September 2034.

We obtain short-term financing from time to time under our commercial paper program. There was no commercial paper outstanding at any time during the three and nine months ended November 2, 2024, or during the three months ended October 28, 2023. For the nine months ended October 28, 2023, the maximum amount outstanding was $90 million, and the average daily amount outstanding was $1 million, at a weighted average annual interest rate of 4.8 percent.

In October 2024, we obtained a new committed $1.0 billion 364-day unsecured revolving credit facility that will expire in October 2025 and terminated our prior 364-day facility. No balances were outstanding under our credit facilities at any time during 2024 or 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.

We were party to interest rate swaps with notional amounts totaling $2.20 billion as of November 2, 2024, and $2.45 billion as of both February 3, 2024, and October 28, 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 nine months ended November 2, 2024, and October 28, 2023.

TARGET CORPORATION						Q3 2024 Form 10-Q			11

			FINANCIAL STATEMENTS			Table of Contents
			NOTES			Index to Notes

Effect of Hedges on Debt (millions)						November 2, 2024						February 3, 2024						October 28, 2023
Long-term debt and other borrowings
Carrying amount of hedged debt						$	2,088					$	2,316					$	2,245
Cumulative hedging adjustments, included in carrying amount						(105)						(126)						(197)

Effect of Hedges on Net Interest Expense			Three Months Ended												Nine Months Ended
(millions)			November 2, 2024						October 28, 2023						November 2, 2024						October 28, 2023
Gain (loss) on fair value hedges recognized in Net Interest Expense
Interest rate swaps designated as fair value hedges			$	(26)					$	(60)					$	21					$	(123)
Hedged debt			26						60						(21)						123
Gain on cash flow hedges recognized in Net Interest Expense			6						6						18						18
Total			$	6					$	6					$	18					$	18

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 arrangements, and other privately negotiated transactions with financial institutions.

Share Repurchase Activity			Three Months Ended												Nine Months Ended
(millions, except per share data)			November 2, 2024						October 28, 2023						November 2, 2024						October 28, 2023
Number of shares purchased			2.4						—						3.5						—
Average price paid per share			$	147.43					$	—					$	146.97					$	—
Total investment			$	354					$	—					$	509					$	—

9. Pension Benefits

We provide pension plan benefits to eligible team members.

Net Pension Benefits Expense						Three Months Ended												Nine Months Ended
(millions)			Classification			November 2, 2024						October 28, 2023						November 2, 2024						October 28, 2023
Service cost benefits earned			SG&A Expenses			$	19					$	19					$	58					$	58
Interest cost on projected benefit obligation			Net Other Income			41						42						124						125
Expected return on assets			Net Other Income			(69)						(67)						(209)						(201)
Amortization of losses			Net Other Income			—						—						—						1
Prior service cost			Net Other Income			—						—						8						11
Total						$	(9)					$	(6)					$	(19)					$	(6)

TARGET CORPORATION						Q3 2024 Form 10-Q			12

			FINANCIAL STATEMENTS			Table of Contents
			NOTES			Index to Notes

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			(13)						—						—						(13)
November 2, 2024			$	270					$	(25)					$	(719)					$	(474)

TARGET CORPORATION						Q3 2024 Form 10-Q			13

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