Target 2004 Annual Report Download - page 29

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27
Accumulated
Common Stock Additional Other
Stock Par Paid-in Retained Comprehensive
(millions, except footnotes) Shares Value Capital Earnings Income Total
February 2, 2002 905.2 $75 $1,193 $ 6,628 $— $ 7,896
Consolidated net earnings — — — 1,623 — 1,623
Other comprehensive income ———— 4 4
Total comprehensive income 1,627
Dividends declared — — — (218) — (218)
Repurchase of stock (.5) — — (16) — (16)
Issuance of stock for ESOP 3.0 1 105 — — 106
Stock options and awards 2.1 — 102 — — 102
February 1, 2003 909.8 76 1,400 8,017 4 9,497
Consolidated net earnings — — — 1,809 — 1,809
Other comprehensive income ————(1) (1)
Total comprehensive income 1,808
Dividends declared — — — (246) — (246)
Repurchase of stock (1.5) — — (57) — (57)
Issuance of stock for ESOP 0.6 — 17 — — 17
Stock options and awards 2.9 — 113 — — 113
January 31, 2004 911.8 76 1,530 9,523 3 11,132
Consolidated net earnings — — — 3,198 — 3,198
Other comprehensive income ————(6) (6)
Total comprehensive income 3,192
Dividends declared — — — (280) — (280)
Repurchase of stock (28.9) (3) — (1,293) — (1,296)
Issuance of stock for ESOP ——————
Stock options and awards 7.7 1 280 — — 281
January 29, 2005 890.6 $74 $1,810 $11,148 $(3) $13,029
Common Stock Authorized 6,000,000,000 shares, $.0833 par value; 890,643,966 shares issued and outstanding at January 29, 2005; 911,808,051 shares issued and
outstanding at January 31, 2004; 909,801,560 shares issued and outstanding at February 1, 2003.
In June of 2004, our Board of Directors authorized the repurchase of $3 billion of our common stock. The repurchase of our common stock is expected to be made
primarily in open market transactions, subject to market conditions, and is expected to be completed over two to three years. This authorization replaced our previous
repurchase programs that were authorized by our Board of Directors in January 1999 and March 2000. In 2004, we repurchased a total of 29 million shares of our common
stock at a total cost of approximately $1,290 million ($44.68 per share).
Preferred Stock Authorized 5,000,000 shares, $.01 par value; no shares were issued or outstanding at January 29, 2005, January 31, 2004 or February 1, 2003.
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 $0.31, $0.27 and $0.24 in 2004, 2003 and 2002, respectively.
See Notes to Consolidated Financial Statements throughout pages 28-37.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ INVESTMENT