Target 2005 Annual Report Download - page 29

Download and view the complete annual report

Please find page 29 of the 2005 Target annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 46

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46

27
Accumulated
Common Stock Additional Other
Stock Par Paid-in Retained Comprehensive
(millions, except footnotes) Shares Value Capital Earnings Income/ (Loss) Total
February 1, 2003 909.8 $76 $1,400 $ 8,017 $ 4 $ 9,497
Consolidated net earnings — — — 1,809 — 1,809
Other comprehensive loss ————(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 loss ————(6) (6)
Total comprehensive income 3,192
Dividends declared — — — (280) — (280)
Repurchase of stock (28.9) (3) — (1,293) — (1,296)
Stock options and awards 7.7 1 280 — — 281
January 29, 2005 890.6 74 1,810 11,148 (3) 13,029
Consolidated net earnings — — — 2,408 — 2,408
Other comprehensive income ———— 1 1
Total comprehensive income 2,409
Dividends declared — — — (334) — (334)
Repurchase of stock (23.1) (2) — (1,209) — (1,211)
Stock options and awards 6.6 1 311 — — 312
January 28, 2006 874.1 $73 $2,121 $12,013 $(2) $14,205
In June 2004, our Board of Directors authorized the repurchase of $3 billion of our common stock. In November 2005, our Board increased the aggregate authorization by
$2 billion, for a total authorization of $5 billion. We expect the repurchase of our common stock to be made primarily in open market transactions, subject to market conditions,
and anticipate completion of the aggregate program in the next two to three years. In 2005, we repurchased a total of 23.1 million shares of our common stock for a total
investment of $1,197 million ($51.88 per share).
Junior Preferred Stock Rights In 2001, we declared a distribution of preferred share purchase rights which expire in September 2006. 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 $.38, $.31 and $.27 in 2005, 2004 and 2003, respectively.
See Notes to Consolidated Financial Statements throughout pages 28-39.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ INVESTMENT