Target 2003 Annual Report Download - page 31

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29
Accumulated
Common Additional Other
Stock Common Paid-in Retained Comprehensive
(millions, except footnotes) Shares Stock Capital Earnings Income Total
February 3, 2001 897.8 $75 $ 902 $ 5,542 $ – $ 6,519
Consolidated net earnings – – – 1,368 – 1,368
Dividends declared – – – (203) – (203)
Repurchase of stock (.5) – – (20) – (20)
Issuance of stock for ESOP 2.6 – 89 – – 89
Stock options and awards:
Tax benefit – – 63 – – 63
Proceeds received, net 5.3 – 44 – – 44
February 2, 2002 905.2 75 1,098 6,687 – 7,860
Consolidated net earnings – – – 1,654 – 1,654
Other comprehensive income ––––44
Total comprehensive income 1,658
Dividends declared – – – (218) – (218)
Repurchase of stock (.5) – – (16) – (16)
Issuance of stock for ESOP 3.0 1 105 – – 106
Stock options and awards:
Tax benefit – – 26 – – 26
Proceeds received, net 2.1 – 27 – – 27
February 1, 2003 909.8 76 1,256 8,107 4 9,443
Consolidated net earnings – – – 1,841 – 1,841
Other comprehensive income ––––(1)(1)
Total comprehensive income 1,840
Dividends declared – – – (246) – (246)
Repurchase of stock (1.5) – – (57) – (57)
Issuance of stock for ESOP 0.6 – 17 – – 17
Stock options and awards:
Tax benefit – – 28 – – 28
Proceeds received, net 2.9 – 40 – – 40
January 31, 2004 911.8 $76 $1,341 $9,645 $3 $11,065
Common Stock Authorized 6,000,000,000 shares, $.0833 par value; 911,808,051 shares issued and outstanding at January 31, 2004; 909,801,560 shares
issued and outstanding at February 1, 2003; 905,164,702 shares issued and outstanding at February 2, 2002.
In January 1999 and March 2000, our Board of Directors authorized the aggregate repurchase of $2 billion of our common stock. In 2001, common stock
repurchases under our program were essentially suspended. Our common stock repurchases are recorded net of the premium received from put options.
Repurchases are made primarily in open market transactions, subject to market conditions.
Our common stock repurchase program has included the sale of put options that entitle the holder to sell shares of our common stock to us, at a specified
price, if the holder exercises the option. No put options were sold during or were outstanding at the end of 2003, 2002 or 2001.
Preferred Stock Authorized 5,000,000 shares, $.01 par value; no shares were issued or outstanding at January 31, 2004, February 1, 2003 or February 2, 2002.
Junior Preferred Stock Rights In 2001, we declared a distribution of preferred share purchase rights. Terms of the plan provide for a distribution of one
preferred share purchase right for each outstanding share of our common stock. Each right will entitle shareholders to buy one twelve-hundredth of a share
of a new series of junior participating preferred stock at an exercise price of $125.00, subject to adjustment. The rights will be exercisable only if a person or
group acquires ownership of 20 percent or more of our common stock or announces a tender offer to acquire 30 percent or more of our common stock.
Dividends Dividends declared per share were $0.27, $0.24 and $0.225 in 2003, 2002 and 2001, respectively.
See Notes to Consolidated Financial Statements throughout pages 30-39.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ INVESTMENT