Target 2006 Annual Report Download - page 65

Download and view the complete annual report

Please find page 65 of the 2006 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 76

  • 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
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76

Estimated Future Benefit Payments
Benefit payments by the plans, which reflect expected future service as appropriate, are expected to be
paid as follows:
Postretirement
Pension Health Care
(millions) Benefits Benefits
2007 $83 $12
2008 94 13
2009 99 13
2010 104 14
2011 110 14
2012-2016 653 78
29. Quarterly Results (Unaudited)
Due to the seasonal nature of our business, fourth quarter operating results typically represent a
substantially larger share of total year revenues and earnings because they include our peak sales period
from Thanksgiving through the end of December. We follow the same accounting policies for preparing
quarterly and annual financial data. The table below summarizes quarterly results for 2006 and 2005:
First Quarter Second Quarter Third Quarter Fourth Quarter Total Year
(millions, except per share
data) 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005
Total revenues $12,863 $11,477 $13,347 $11,990 $13,570 $12,206 $19,710 $16,947 $59,490 $52,620
Gross margin $ 4,020 $ 3,615 $ 4,273 $ 3,839 $ 4,265 $ 3,829 $ 5,920 $ 5,061 $18,479 $16,344
Net earnings $ 554 $ 494 $ 609 $ 540 $ 506 $ 435 $ 1,119 $ 939 $ 2,787 $ 2,408
Basic earnings per share (a) $ .64 $ .56 $ .71 $ .61 $ .59 $ .49 $ 1.30 $ 1.07 $ 3.23 $ 2.73
Diluted earnings per share (a) $ .63 $ .55 $ .70 $ .61 $ .59 $ .49 $ 1.29 $ 1.06 $ 3.21 $ 2.71
Dividends declared per share $ .10 $ .08 $ .12 $ .10 $ .12 $ .10 $ .12 $ .10 $ .46 $ .38
Closing common stock price
High $ 55.80 $ 52.50 $ 54.71 $ 59.98 $ 59.72 $ 57.80 $ 62.35 $ 58.85 $ 62.35 $ 59.98
Low $ 50.85 $ 46.41 $ 45.53 $ 46.28 $ 45.28 $ 50.84 $ 56.03 $ 52.61 $ 45.28 $ 46.28
(a) Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year
amount due to the impact of changes in average quarterly shares outstanding.
47
PART II